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INVESTORUPDATE September 2026 1
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Non-IFRS Financial Measures This document and the investor webcast include references to non-IFRS financial measures, which include: Adjusted EBITDA, Segment Adjusted EBITDA, Segment Adjusted EBITDA margin, Total Segment Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Free Cash Flow, gross cash liquidity and net cash liquidity. Grab uses Adjusted EBITDA, Segment Adjusted EBITDA, Segment Adjusted EBITDA margin, Total Segment Adjusted EBITDA, and Adjusted EBITDA margin for financial and operational decision-making and as a means to evaluate period-to-period comparisons, and Grabʼs management believes that these non-IFRS financial measures provide meaningful supplemental information regarding its performance by excluding certain items that may not be indicative of its recurring core business operating results. For example, Grabʼs management uses Total Segment Adjusted EBITDA as a useful indicator of the economics of Grabʼs business segments, as it does not include regional corporate costs. Adjusted Free Cash Flow excludes changes in working capital related to loan and advances to customers, deposits from the digital banking business and net changes in treasury liquidity positions in the financial services segment. Grab uses Adjusted Free Cash Flow to monitor business performance and assess its cash flow activity other than its lending, deposit-taking and treasury liquidity management activities in the financial services segment, and Grabʼs management believes that the additional disclosure serves as a useful indicator for comparison with the cash flow reporting of certain of its peers. Grab uses gross cash liquidity and net cash liquidity to assess our ability to meet short-term obligations and invest in growth opportunities. However, there are a number of limitations related to the use of non-IFRS financial measures, and as such, the presentation of these non-IFRS financial measures should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with IFRS. In addition, these non-IFRS financial measures may differ from non-IFRS financial measures with comparable names used by other companies. See the supplemental slides for additional explanations about the non-IFRS financial measures, including their definitions and a reconciliation of these measures to the most directly comparable IFRS financial measures. With regard to forward-looking non-IFRS guidance and targets provided in this document and the investor webcast, Grab is unable to provide a reconciliation of these forward-looking non-IFRS measures to the most directly comparable IFRS measures without unreasonable efforts because the information needed to reconcile these measures is dependent on future events, many of which Grab is unable to control or predict. We compare the percent change in our current period results from the corresponding prior period using constant currency. We present constant currency growth rate information to provide a framework for assessing how our underlying GMV and revenue performed excluding the effect of foreign currency rate fluctuations. We calculate constant currency by translating our current period financial results using the corresponding prior periodʼs monthly exchange rates for our transacted currencies other than the U.S. dollar. Industry and Market Data This document and the investor webcast contain information, estimates and other statistical data derived from third party sources , including research, surveys or studies, some of which are preliminary drafts, conducted by third parties, information provided by customers and/or industry or general publications. Such information involves a number of assumptions and limitations due to the nature of the techniques and methodologies used in market research, and as such neither Grab nor the third-party sources can guarantee the accuracy of such information. You are cautioned not to give undue weight to such estimates. Grab has not independently verified such third-party information, and makes no representation as to the accuracy of such third-party information. INVESTOR UPDATE DISCLAIMER 2
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Forward-Looking Statements This document and the investor webcast contain “forward-looking statementsˮ within the meaning of the “safe harborˮ provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this document and the investor webcast, including, but not limited to, statements about Grabʼs goals, targets, projections, outlooks, beliefs, expectations, strategy, plans, objectives of management for future operations of Grab, growth opportunities and for the proposed acquisition of Atome, including statements regarding the benefits of the transaction, the anticipated timing of the transaction and the products, operations and financial condition of Grab and Atome after completing this transaction, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “anticipate,ˮ “expect,ˮ “suggest,ˮ “plan,ˮ “believe,ˮ “intend,ˮ “estimate,ˮ “target,ˮ “project,ˮ “should,ˮ “could,ˮ “would,ˮ “may,ˮ “will,ˮ “forecast,ˮ “opportunity,ˮ “annualized,ˮ “trajectory,ˮ or other similar expressions. Forward-looking statements are based upon estimates and forecasts and reflect the views, assumptions, expectations, and opinions of Grab, which involve inherent risks and uncertainties, and therefore should not be relied upon as being necessarily indicative of future results. A number of factors, including macro-economic, industry, business, regulatory and other risks, could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect Atomeʼs and Grabʼs business operations and financial prospects, (ii) the risk of any failure or delay to satisfy the conditions to the consummation of the transaction, including the receipt of certain governmental and regulatory approvals, and the risk that such approvals may result in the imposition of conditions or commitments that could adversely affect Grab or the expected benefits of the proposed transaction, (iii) the occurrence of any event, change or other circumstance that could give rise to the termination of the definitive agreements, (iv) the effect of the announcement, pendency or completion of the transaction on Atomeʼs business relationships, operating results, and business generally, (v) risks that the proposed transaction disrupts current plans and operations of Atome or Grab and potential difficulties in Atomeʼs employee retention as a result of the transaction, (vi) risks that the transaction may divert Grabʼs and Atomeʼs respective managements from their ongoing business operations, (vii) any legal proceedings or regulatory actions that may be instituted against Grab or against Atome related to the transaction agreements or the transaction, (viii) the ability to retain key personnel at Atome; (ix) the ability of Grab and Atome to successfully maintain, further improve and grow Atomeʼs operations, products, technology and customer base, and to realize the expected operational and financial benefits from the transaction, (x) the ability of Grab to implement its plans, forecasts, and other expectations with respect to Atomeʼs business after the completion of the proposed transaction and realize additional opportunities for growth and innovation, (xi) changes in law and regulations affecting Grab or Atome; (xii) unexpected costs, charges or expenses resulting from the acquisition. In addition to the foregoing factors, you should also carefully consider the other risks and uncertainties described under “Item 3. Key Information – D. Risk Factorsˮ and in other sections of Grabʼs annual report on Form 20F for the year ended December 31, 2025, as well as in other documents filed by Grab from time to time with the U.S. Securities and Exchange Commission (the “SECˮ). Forward-looking statements speak only as of the date they are made. Grab does not undertake any obligation to update any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required under applicable law. INVESTOR UPDATE DISCLAIMER 3
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Unaudited Financial Information Grabʼs and Atomeʼs unaudited selected financial data for the three months ended June 30, 2026 and 2025 included in this document and the investor webcast is based on financial data derived from Grabʼs and Atomeʼs respective management accounts that have not been reviewed or audited. Certain amounts and percentages that appear in this document may not sum due to rounding. INVESTOR UPDATE DISCLAIMER 4
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AGENDA Opening Remarks Anthony Tan Co-Founder and Chief Executive Officer Strategic Roadmap Alex Hungate President and Chief Operating Officer Financial Outlook Peter Oey Chief Financial Officer 5
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Chief Executive Officer Anthony Tan OPENING REMARKS 6
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INVESTOR UPDATE PROVEN IN ON-DEMAND, FINANCIAL SERVICES THE NEXT UNLOCK DeliveriesMobility Financial Services +28% Transaction Growth YoY (Q2 2026) +24% GMV1 Growth YoY (Q2 2026, Constant Currency2) $500M Segment Adjusted EBITDA3 (2028 Target) Note: 1. For the definition of Gross Merchandise Value GMV, see the section titled “Definitions of Operating Metricsˮ in the Appendix. 2. We calculate constant currency by translating our current period financial results using the corresponding prior periodʼs monthly exchange rates for our transacted currencies other than the U.S. dollar. 3. This is a non-IFRS financial measures. For the definition of this non-IFRS measure, see the section titled “Definitions of Non-IFRS Measuresˮ in the Appendix. 7
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SOUTHEAST ASIA STILL FACES A MASSIVE CREDIT GAP Of adults in Southeast Asia own a credit card 2024 34%14%5% Of adults borrowed from a formal bank or financial institution 2024 Of adults who borrowed relied on family or friends 2024 Note: World Bank Global Findex Database 2024 survey data, published 2025. Population-weighted averages across Philippines, Cambodia, Malaysia, Indonesia and Thailand. INVESTOR UPDATE 8
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INVESTOR UPDATE BUILDING A COMPREHENSIVE FINANCIAL SERVICES SUITE 9 Micro Investments Digital Banking Embedded Insurance Ecosystem Lending Cashless Payments
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INVESTOR UPDATE BUILDING A COMPREHENSIVE FINANCIAL SERVICES SUITE 10 Consumer Lending Micro Investments Digital Banking Embedded Insurance Ecosystem Lending Cashless Payments
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ANNOUNCING ATOME FINANCIAL ACQUISITION, A LEADING PURE-PLAY CONSUMER BNPL AND DIGITAL LENDING PLATFORM IN SOUTHEAST ASIA1 Note: Unaudited figures as of and for the six months ended 30 June 2026. 1. Based on number of Monthly Active Users, according to Sensor Tower. 2. Atomeʼs Gross Loan Portfolio refers to the total outstanding amount for all loan products (current up till 90 days past due) on a gross basis, before deducting expected credit loss allowances. 3. Refers to total number of unique, new transacting users who have transacted since 2019. 4. Based on Atomeʼs management accounts, which have not been reviewed or audited. Atomeʼs Adjusted EBITDA is defined as profit before tax, adjusted for non-operating income and expenses, withholding taxes on group cost allocations and licensing fees (intra group), finance costs unrelated to borrowings to fund the loan book, depreciation and amortisation, and share of results of associates. INVESTOR UPDATE $1B Gross Loan Portfolio2 Outstanding >25M Cumulative Transacted Users3 >30K Unique Brands Positive Profitable Adjusted EBITDA4 contributions 11
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ATOME’S DIVERSIFIED PORTFOLIO ADDRESSES EVERY CONSUMER SCENARIO Atome Cash Loans Accessible credit lines Atome BNPL Convenient and easy shop and split Atome Card Paylater, anywhere INVESTOR UPDATE 12
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Atome Gross Merchandise Value¹ In USD millions) 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 >9x Growth in 6 years INVESTOR UPDATE Note: 1. Atomeʼs Gross Merchandise Value refers to the total purchase value before deducting refunds. >9X GROWTH IN GMV IN 6 YEARS AND ADJUSTED EBITDA POSITIVE 13
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HIGHLY STICKY USER BASE AND STRONG CREDIT QUALITY Delinquency rates are improving across cohorts… …with Atome’s users also highly engaged 1Q24 2Q24 3Q24 4Q24 56x 55x 59x 59x 57x 62x 58x 53x 53x 61x Atomeʼs Delinquency Rate¹ - Months on Book (in %) Atomeʼs Annualised Repeat Frequency² by Cohorts In Multiples for Cards) 0 6 1293 2026 INVESTOR UPDATE 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 2026 cohort has the lowest delinquency rates than any prior cohort at 6 months on book 2021 2022 2023 2024 2025 Note: 1. Refers to delinquent amounts net of recoveries, as a percentage of original cohort Gross Merchandise Value. Delinquency is recognised from one day past due. 2. Refers to average annualised number of purchases per original cohort user after their first transaction month. 14
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AI-POWERED LENDING INFRASTRUCTURE, COMPOUNDING RESULTS INVESTOR UPDATE 15 Live AI Applications 131>100K Underwriting Engine Variables 22+ Credit models
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Enhanced credit underwriting ATOME GIVES GRAB WHAT WOULD TAKE YEARS TO BUILD: OFF PLATFORM CONSUMER CREDIT AT SCALE Grab Atome Indonesia ✓ ✓ Singapore ✓ ✓ Malaysia ✓ ✓ Philippines ✓ ✓ Thailand ✓ ✓ Vietnam ✓ Complementary product offerings Enhanced cross-sell opportunities Accelerates financial inclusion Overlaps in 5 out of 6 markets Strategic synergies INVESTOR UPDATE Opportunities to lower funding cost 16
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ENABLING US TO SCALE FROM THE 1% OF OUR 138M ANNUAL TRANSACTING USERS BORROWING FROM US TODAY Note: 1. Figures as of end-June 2026. Annual Transacting User is defined as a unique user who makes at least one transaction on Grabʼs platform in a given year. INVESTOR UPDATE Annual Transacting Users1 Millions of Users) ▉ Annual Transacting Users ATUs ▉ Grab Users with a Credit Product From Grab ▉ Atome & Grab Users with a Credit Product 1% Borrow from Grab from 138M ATUs1 >10x Potential growth in user lending in the longer term Expansion in lending penetration and ecosystem with Atome Today Today Pro Forma; With Atome) Mid Term With Atome) 17
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CREATING A SIZABLE REGIONAL PRESENCE IN CONSUMER FINANCE Grab and Atome Gross Loan Portfolio1 In USD millions) ▉ Atome ▉ Grab Financial Services Digibank MSME FinTech Driver Lending Digibank Retail FinTech Consumer Cash FinTech Consumer BNPL/Card >16x Increase in Consumer Cash Loans >4x Increase in Consumer BNPL/Cards FinTech Merchant Lending Note: 1. Figures as of end-June 2026, assuming the proposed transaction had completed. Atomeʼs Gross Loan Portfolio refers to the total outstanding amount for all loan products (current up till 90 days past due) on a gross basis, before deducting expected credit loss allowances. For the definition of Grabʼs Gross Loan Portfolio, see the section titled “Definitions of Operating Metricsˮ in the Appendix. INVESTOR UPDATE 18
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ATOME SERVES >30,000 BRANDS, EXPANDING THE SERVICEABLE MARKET FOR GRAB FashionElectronicsTravel Home & Lifestyle Beauty E-Commerce HighLow Mid-to-HighFrequency LowHigh Mid-to-HighAOV INVESTOR UPDATE 19
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SHARED VISION TO ACCELERATE FINANCIAL INCLUSION IN SOUTHEAST ASIA Accelerate financial inclusion by responsibly extending credit access to the unbanked and underbanked in Southeast Asia To drive Southeast Asia forward by creating economic empowerment for everyone To improve the lives of consumers through greater financial access and technology INVESTOR UPDATE 20
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PRICED ON PERFORMANCE, FUNDED WITH DISCIPLINE INVESTOR UPDATE 40%60% Phase 1 Phase 2 Funded entirely from existing cash, while intending to complete ~$900M buyback in the next 12 months Remaining stake priced on adjusted EBITDA and Revenue1 Expected to be 2 years after Phase 1 close Controlling 60% equity interest in Atome for $1.49 billion Expected to be completed by 3Q 2027 21Note: 1. The formula applies a multiple of 13.0x annualized adjusted EBITDA and 2.5x annualized Revenue, each measured based on the six-month period immediately prior to the Phase 2 closing and weighted at 75% and 25%, respectively. The resulting equity valuation is subject to a floor of $2.0 billion and a cap of $4.5 billion.
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DRIVING UPSIDES TO OUR GROUP OUTLOOK 2028 Gross Loan Portfolio1 N/A >$6B 2025-28 Revenue CAGR 20% 30%+ 2028 Financial Services Segment Adjusted EBITDA2 N/A $500M 2028 Adjusted EBITDA2 $1.5B $1.7B Prior Current INVESTOR UPDATE Note: 1. For the definition of Grabʼs Gross Loan Portfolio, see the section titled “Definitions of Operating Metricsˮ in the Appendix. 2. Adjusted EBITDA is a non-IFRS measure. For the definition of Grabʼs Adjusted EBITDA, see the section titled “Definitions of Non-IFRS Measuresˮ in the Appendix. 22
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Alex Hungate STRATEGICROADMAP President, Chief Operating Officer 23
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STRENGTH OF OUR ECOSYSTEM DRIVES A STRUCTURAL ADVANTAGE IN FINANCIAL SERVICES Remain highly selective on inorganic opportunities Remain highly selective on inorganic opportunities Remain highly selective on inorganic opportunities DATA Improves Credit Underwriting ECOSYSTEM Lowers cost of distribution COLLECTION Deducted from the Wallet INVESTOR UPDATE 24
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OUR DATA FLYWHEEL DRIVES COMPOUNDING RETURNS Increases Transaction Volumes Enables better pricing and rewards Enhances credit underwriting Increases Partners & Users Improves Data Insights INVESTOR UPDATE 25
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HIGH-FREQUENCY FINANCIAL SERVICES EMBEDDED IN EVERYDAY TRANSACTIONS GrabPay for Travel Payment capabilities for travelers Ride Cover Coverage on Grab Rides GXS Credit Card Fully integrated with GrabCoins INVESTOR UPDATE 26
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EMBEDDING DIGITAL BANKING INTO THE GRAB USER FLOW HAS ACCELERATED CUSTOMER ACQUISITION INVESTOR UPDATE Digital Banking Deposit Customers In millions of users) Note: Figures as of end-June 2026. 1. Grab consolidated Superbank in May 2026. GXS Singapore deposit customers who are Grab users76% 92% GXBank Malaysia deposit customers who are Grab users 60% Superbank1 deposit customers who are Grab or OVO users Dec-25 Jun-26Jun-25Dec-24Jun-24Dec-23Jun-23 >9M 27
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FINANCIAL SERVICES DRIVES ECOSYSTEM UPLIFTS INVESTOR UPDATE Note: 1. Studied users received loan disbursal between Oct 2025 and Feb 2026. Post-disbursal performance uplift was observed 3 months after disbursal. Data was refreshed in Jun 2026. 2. Studied users received loan disbursal between Oct 2025 and Mar 2026. Post-disbursal performance uplift was observed 3 months after disbursal. Data was refreshed in Jul 2026. 3. Based on Merchants in the Jan 2026 cohort, averaged uplift for following 6 months. +5% GMV uplift on Grab after drawdown +73% Spend uplift driven by Food Orders +11% GMV uplift on Grab after drawdown +54% Spend uplift via GXBank payment methods +2% Higher Grab Food commission +2% Higher Advertising adoption HIGHER SPEND DEEPER ENGAGEMENT Philippines Consumer Cash Loans1 Malaysia GXBank FlexiCredit2 Thailand Merchant Lending3 28
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PROPRIETARY ECOSYSTEM DATA FROM LOCAL COMMERCE Cumulative transactions2 >20B Ecosystem participants1 >50M INVESTOR UPDATE City-level Presence >900 Note: 1. Refers to all transacting users, drivers, and merchants on the Grab platform. 2. Refers to the total aggregate count of all completed transactions facilitated through the Grab platform since the companyʼs inception. 29
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GRAB’S UNDERWRITING WITH ECOSYSTEM DATA OUTPERFORMS CREDIT BUREAU DATA Cumulative repayment touch points¹ (in Millions) 90 dpd vs. Approval Rates² (in %, Philippines) INVESTOR UPDATE Non-Performing Loans NPL3 (in %, on a 90 days past due basis) 2020 2021 2022 2025 1H262023 2024 12 40 66 409 109 647 1 647 million repayment touchpoints lowers informational asymmetry… … increasing user understanding, and we make better lending decisions… … enabling us to maintain stable or improving asset quality ▉ Grab ▉ Bureau 0% Approval Rate 50% Approval Rate 100% Approval Rate Lower delinquency than bureau models at similar approval rates Jan 24 Jun 24 Jan 25 Jun 25 Jan 26 Jun 26 NPL improving or stable across portfolios 30Note: 1. Cumulative repayment touch points represent the total number of repayment events recorded from borrowers, accumulated over time. 2. Bureau score refers to the credit bureau score provided by CRIF Philippines, based on bureau credit information available for the borrower. The bureau benchmark is evaluated on the cash-loan cohort as the Grab model. Analysis is based on cash loans disbursed in the Philippines between Oct 2025 and Mar 2026. 3. Includes GrabFin, GXS, GXBank, and Superbank.
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A DEMONSTRATED ABILITY TO SCALE DRIVER LENDING WITHOUT COMPROMISING CREDIT QUALITY Driver Lending – Months on Book by Cohorts from Q1 2023 to Q4 20252 In US$ INVESTOR UPDATE Average cumulative balance per borrower1 across cohorts have consistently expanded… …while credit risk performances have been improving across cohorts Driver Lending - Cumulative charge-off by Cohorts from Q1 2024 to Q4 2025 90 DPD In % 0 Months 18 Months 24 Months 30 Months 36 Months 12 Months 6 Months 0 Months 18 Months 24 Months 30 Months 12 Months 6 Months 31Note: 1. Refers to the total outstanding loan balance across all active borrowers, divided by the number of those borrowers, measured at a point in time. 2. Each line shows the cumulative average balance per borrower.
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OUR ADVANTAGES ARE AMPLIFIED BY AI Merchant AI has driven a sharp increase in lending disbursals AI further supports portfolio growth, while driving operating leverage Collections Resourcing per $100M of Gross Loan Portfolio¹ (in USD Millions) 2022 2023 2024 Beyond2025 1H26 62% Improvement in collections productivity since 2022 INVESTOR UPDATE Note: 1. Data post 1H26 is indicative, based on Grabʼs projections. 32
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Chief Financial Officer Peter Oey FINANCIALOUTLOOK 33
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ACCELERATING GROWTH WHILE IMPROVING MONETIZATION Ads Expected Medium-term Revenue CAGR% Illustrative Segment Adj. EBITDA1 Margin% Financial Services Fastest growth verticals at Grab are also key monetization leversMobility Deliveries INVESTOR UPDATE Note: Size of the bubbles represents medium-term revenue contribution. 1. Segment Adjusted EBITDA is a non-IFRS financial measure. For the definition of Segment Adjusted EBITDA and Segment Adjusted EBITDA Margins, see the section titled “Definitions of Non-IFRS Measuresˮ in the Appendix. 34
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Consumer Lending Risk Adjusted Revenues In USD millions) ▉ Grab + Atome Trajectory ▉ Grab Standalone Trajectory 2026 2027 2028 Combined platform reaches greater scale in consumer lending with lower credit charges Key Factors: (i) Enlarged ecosystem (ii) Enhanced underwriting (iii) Lowered cost of funds (iv) Operating leverage INVESTOR UPDATE ATOME ADDS SUBSTANTIAL SCALE TO GRAB’S CONSUMER LENDING TRAJECTORY 35
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DRIVING TOWARDS $500M ADJUSTED EBITDA BY 2028 Illustrative Fin. Services Adjusted EBITDA1 In USD millions from 2025 to 2028 2025 Credit Cost Product Mix Operating Leverage User Growth 2028 Increase in consumer penetration Lowered ECL provisions as models improve Improving cost leverage $500M Shift to longer tenured products INVESTOR UPDATE Note: 1. Segment Adjusted EBITDA is a non-IFRS financial measure. For the definition of Segment Adjusted EBITDA, see the section titled “Definitions of Non-IFRS Measuresˮ in the Appendix. 36
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DOUBLING THE LOAN PORTFOLIO WITH A DIVERSIFIED FUNDING STRATEGY Gross Loan Portfolio In USD Billions) INVESTOR UPDATE Loan Portfolio1 to double to $6B by 2028 Less capital intensive funding strategy By 2028, majority of loan portfolio funded through deposits 2024 202820262025 $1.3B >$3B Target End-26 $0.6B >$6B Target End-28 Atome's book already funded through its own financing partners Room to further optimize funding cost as the platform scales Note: 1. For the definition of Grabʼs Gross Loan Portfolio, see the section titled “Definitions of Operating Metricsˮ in the Appendix. 37
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UPGRADING OUR GROUP OUTLOOK 2028 Gross Loan Portfolio1 N/A >$6B 2025-28 Revenue CAGR 20% 30%+ 2028 Financial Services Segment Adjusted EBITDA2 N/A $500M 2028 Adjusted EBITDA3 $1.5B $1.7B Prior Current INVESTOR UPDATE Note: 1. For the definition of Grabʼs Gross Loan Portfolio, see the section titled “Definitions of Operating Metricsˮ in the Appendix. 2. Adjusted EBITDA is a non-IFRS measure. For the definition of Grabʼs Adjusted EBITDA, see the section titled “Definitions of Non-IFRS Measuresˮ in the Appendix. 38
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DELIVERING $1.7B IN ADJUSTED EBITDA IN 2028 WHILE DEEPENING ECOSYSTEM MOATS INVESTOR UPDATE 2028 Adjusted EBITDA1 Guidance Bridge ($M) 2028 Adj. EBITDA Guidance Prior Foodpanda Taiwan Atome and Superbank 2028 Adj. EBITDA Guidance Current) 1,500 60 300 (160) 1,700 Note: 1. Adjusted EBITDA is a non-IFRS measure. For the definition of Grabʼs Adjusted EBITDA, see the section titled “Definitions of Non-IFRS Measuresˮ in the Appendix. Affordability and Groceries/Retail 39
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TRANSACTION IS ALIGNED WITH GRAB’S CAPITAL ALLOCATION FRAMEWORK Remain highly selective on inorganic opportunities Remain highly selective on inorganic opportunities Remain highly selective on inorganic opportunities Remain highly selective on inorganic opportunities Maintain a strong balance sheet with ample liquidity Disciplined in investing for organic and profitable growth Continue to enhance shareholder returns INVESTOR UPDATE 40
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INVESTOR UPDATE 2024 2025 Next 12 months 226 351 899 1,750 2026 Jan to Aug) Cumulative 274 Share Repurchases ($M) 41 INTENDING TO CANCEL ~10% OF SHARES OUTSTANDING SINCE 20241 Note: 1. Takes into account shares that have already been repurchased since 2024, and approximately $900 million to be completed within the next 12 months assuming Grabʼs share price stays at current levels.
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TRANSACTION OVERVIEW INVESTOR UPDATE Note: For additional details, refer to the press release announcing the proposed acquisition of Atome Financial, furnished as an exhibit to Grab's Form 6K filed with the U.S. Securities and Exchange Commission. 1. Adjusted EBITDA is a non-IFRS measure. For the definition of Grabʼs Adjusted EBITDA, see the section titled “Definitions of Non-IFRS Measuresˮ in the Appendix. 2. For the definition of Grabʼs Gross Loan Portfolio, see the section titled “Definitions of Operating Metricsˮ in the Appendix. 42 Transaction Summary ● Grab will acquire a controlling 60% equity interest in Atome Financial in cash for $1.49 billion, of which $0.26 billion is primary growth capital (“Phase 1ˮ).● Grab has also agreed with AIGL and the other sellers to acquire the remaining 40% equity interest in Atome Financial approximately two years after the completion of this transaction (“Phase 2ˮ). This is subject to regulatory approvals and other customary closing conditions and at a pre-agreed valuation framework rather than a fixed price, tying the consideration to Atome Financialʼs actual performance over the period between Phase 1 closing and Phase 2 closing. At least 50% of the consideration will be settled in cash.● The formula applies a multiple of 13.0x annualized adjusted EBITDA and 2.5x annualized Revenue, each measured based on the six-month period immediately prior to the Phase 2 closing and weighted at 75% and 25%, respectively. The resulting equity valuation is subject to a floor of $2.0 billion and a cap of $4.5 billion. Financial Impact ● Grab expects the Financial Services segment, including Atome Financial, to generate Adjusted EBITDA1 of $500 million and a Gross Loan Portfolio2 of over $6 billion by 2028, subject to the closing timeline. The transaction is expected to be accretive to Grab's Adjusted EBITDA and revenue, subject to the timing of closing and Atome Financial's operating performance.● In connection with the transaction, Grab has raised its 2028 Group targets to $1.7 billion in Adjusted EBITDA and a 30% Revenue CAGR from 2025 to 2028. ● The transaction will be funded from Grab's existing cash. Grab will remain net cash positive after the acquisition, and the transaction is not expected to change Grab's ongoing share repurchase program Closing ● The transaction is expected to complete by the third quarter of 2027, subject to regulatory approvals and other customary closing conditions.● Following completion of the transaction, Grab will financially consolidate Atome Financial into its Financial Services segment and Atome Financialʼs management team will continue to drive the growth of the Atome Financial business.
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CLOSE INVESTOR UPDATE 43
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Q&A INVESTOR UPDATE 44
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APPENDIX INVESTOR UPDATE 45
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Definition of Operating Metrics Gross Merchandise Value GMV) is an operating metric representing the sum of the total dollar value of transactions from Grabʼs products and services, including any applicable taxes, tips, tolls, surcharges and fees, over the period of measurement. GMV includes (i) sales made through offline stores reported under the deliveries segment; and (ii) revenues made from products and services provided to driver-partners, merchant-partners and other customers to support their businesses, such as GrabAds and GrabRentals, reported under the deliveries and/or mobility segment, as applicable. Mobility GMV is an operating metric representing the GMV of our Mobility segment. Deliveries GMV is an operating metric representing the GMV of our Deliveries segment. On-Demand GMV is an operating metric defined as the sum of Mobility GMV and Deliveries GMV. GMV is a metric by which Grab understands, evaluates and manages its business, and Grabʼs management believes is necessary for investors to understand and evaluate its business. GMV provides useful information to investors as it represents the amount of customer spend that is being directed through Grabʼs platform. This metric enables Grab and investors to understand, evaluate and compare the total amount of customer spending that is being directed through its platform over a period of time. Grab presents GMV as a metric to understand and compare, and to enable investors to understand and compare, Grabʼs aggregate operating results, which captures significant trends in its business over time. Monthly Transacting User MTUs is defined as the monthly number of unique users who transact via Grabʼs apps, where transact means to have successfully paid for or utilized any of Grabʼs products or services (including lending and offline Jaya Grocer transactions where users record their Jaya Grocer loyalty points on the Grab app). MTUs over a quarterly or annual period are calculated based on the average of the MTUs for each month in the relevant period. MTUs is a metric by which Grab understands, evaluates and manages its business, and Grabʼs management believes is necessary for investors to understand and evaluate its business. Partner incentives is an operating metric representing the dollar value of incentives granted to driver- and merchant-partners, the effect of which is to reduce revenue. For certain delivery offerings where Grab is contractually responsible for delivery services provided to end-users, incentives granted to driver-partners are recognized in cost of revenue. Consumer incentives is an operating metric representing the dollar value of discounts and promotions offered to consumers, the effect of which is to reduce revenue. Partner incentives and consumer incentives are metrics by which we understand, evaluate and manage our business, and we believe are necessary for investors to understand and evaluate our business. We believe these metrics capture significant trends in our business over time. Gross loan portfolio is an operating metric representing the total of current and non-current loan receivables in the financial services segment, gross of expected credit loss allowances as of a given date. Gross loan portfolio reflects the total credit extended to borrowers before deducting loss allowances, providing a measure of lending scale and volume growth that is more directly comparable with Grabʼs peers. Our management uses gross loan portfolio to assess origination momentum and portfolio mix, as it is not influenced by period-to-period movements in provisioning levels. APPENDIX INVESTOR UPDATE 46
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Definition of Non-IFRS Financial Measures Adjusted EBITDA is calculated as profit (loss) for the period adjusted to exclude: (i) net finance income (costs), including interest income (expenses), foreign exchange gain (loss) and changes in fair value of financial assets and liabilities, (ii) net other income (expenses), (iii) income tax expenses (credit), (iv) depreciation and amortization, (v) share-based compensation expenses, (vi) costs related to mergers and acquisitions, (vii) impairment losses on goodwill and non-financial assets, (viii) restructuring costs, (ix) legal, tax and regulatory settlement provisions, and (x) other items not indicative of our ongoing operating performance. Grabʼs management believes that this change enhances the comparison of Grab with certain of its peers. Adjusted EBITDA for all periods presented in this earnings release reflect this new definition of Adjusted EBITDA. Segment Adjusted EBITDA represents the Adjusted EBITDA of each of our four business segments, excluding, in each case, regional corporate costs. Total Segment Adjusted EBITDA represents the sum of Adjusted EBITDA of our four business segments. Segment Adjusted EBITDA margin is calculated as Segment Adjusted EBITDA divided by Gross Merchandise Value. For Financial Services and Others, Segment Adjusted EBITDA margin is calculated as Segment Adjusted EBITDA divided by Revenue. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Revenue. Adjusted Free Cash Flow is defined as net cash flows from operating activities less capital expenditures (including assets acquired under lease arrangements), plus proceeds from disposal of property, plant and equipment, and excluding changes in working capital related to loans and advances to customers, and deposits from the digital banking business. Starting with the second quarter 2026, Adjusted Free Cash Flow excludes net changes in treasury liquidity positions in the Financial Services segment. Cash liquidity includes cash on hand, short- and long-term time deposits, marketable securities and restricted cash. Net cash liquidity includes cash liquidity less loans and borrowings. INVESTOR UPDATE APPENDIX 47
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