Grab Holdings Ltd (GRAB) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for joining us today. My name is Fate, and I will be your conference operator for this session. Welcome to Grab's second-quarter 2025 earnings results call. After the speaker's remarks, there will be a question-and-answer session.

女士們、先生們，感謝你們今天的出席。我叫 Fate，我將擔任本次會議的主持人。歡迎參加 Grab 2025 年第二季財報結果電話會議。演講者發言後，將進行問答環節。

I will turn it over to Douglas Yu to start the call.

我將把電話會議交給 Douglas Yu 開始。

Good day, everyone, and welcome to Grab's second quarter earnings call. I'm Douglas Yu, Director, Investor Relations and Strategic Finance at Grab. And joining me today are Anthony Tan, Chief Executive Officer; Alex Hungate, President and Chief Operating Officer; and Peter Oey, Chief Financial Officer.

大家好，歡迎參加 Grab 第二季財報電話會議。我是 Douglas Yu，Grab 投資者關係和策略財務總監。今天與我一起的還有執行長 Anthony Tan、總裁兼營運長 Alex Hungate 和財務長 Peter Oey。

During this call, we will be making forward-looking statements about future events, including our future business and financial performance. These statements are based on our current beliefs and expectations. Actual results could differ materially due to a number of risks and uncertainties as described on this earnings call and the earnings release and in our Form 20-F and other filings with the SEC. We do not undertake any duty to update any forward-looking statements.

在本次電話會議中，我們將對未來事件做出前瞻性陳述，包括我們未來的業務和財務表現。這些聲明是基於我們當前的信念和期望。由於本次收益電話會議、收益發布以及我們向美國證券交易委員會提交的 20-F 表格和其他文件中所述的許多風險和不確定性，實際結果可能存在重大差異。我們不承擔更新任何前瞻性陳述的義務。

We will also be discussing non-IFRS financial measures on this call. These measures are supplement but do not replace IFRS financial measures. Please refer to the earnings materials for reconciliation of non-IFRS to IFRS financial measures. For more information, please refer to our earnings press release, remarks and supplemental presentation available on our IR website.

我們也將在本次電話會議上討論非國際財務報告準則的財務指標。這些措施是補充，但不能取代 IFRS 財務措施。請參閱收益資料以了解非國際財務報告準則與國際財務報告準則財務指標的調節。欲了解更多信息，請參閱我們的 IR 網站上的收益新聞稿、評論和補充介紹。

And with that, I will turn the call over to Anthony to deliver his opening remarks before we open it up for questions.

在我們開始提問之前，我會把電話交給安東尼發表開場白。

Thanks, Doug. Grab delivered yet another strong set of results in the second quarter with group MTUs scaling to another all-time high. Meanwhile, on-demand GMV accelerated to 21% year-on-year in US dollars growth or 18% year-on-year growth on a constant currency basis. These top line trends combined with our continued cost discipline, delivered our 14th consecutive quarter of adjusted EBITDA growth, while trailing 12 months adjusted free cash flow expanded to $229 million.

謝謝，道格。Grab 在第二季再次取得了強勁的業績，團體 MTU 創下歷史新高。同時，按需GMV以美元計算年增21%，以固定匯率計算年增18%。這些營收趨勢與我們持續的成本控制相結合，實現了我們連續第 14 個季度的調整後 EBITDA 成長，而過去 12 個月的調整後自由現金流擴大至 2.29 億美元。

This performance was powered by product- and tech-led innovations, drive our ecosystem flywheel faster and enable us to out serve everyday entrepreneurs across Southeast Asia.

這一業績得益於產品和技術主導的創新，推動了我們的生態系統飛輪更快發展，並使我們能夠為東南亞各地的日常企業家提供服務。

Growth continues to be demand-led with on-demand transactions outpacing GMV as we increase our focus on rolling out more affordable services and expanding the addressable market with more price-sensitive users.

隨著我們更加重視推出更實惠的服務，並透過更多對價格敏感的用戶來擴大潛在市場，成長仍然由需求主導，按需交易量超過 GMV。

We also continued to scale up our financial services business prudently with total loan dispersals across GrabFin and our Digitalbanks reaching close to $3 billion on an annualized run rate basis in the second quarter. At the same time, credit risks remain within our risk appetites.

我們也繼續謹慎地擴大金融服務業務，第二季 GrabFin 和我們的數位銀行的貸款總額以年化運行率計算接近 30 億美元。同時，信用風險仍在我們的風險承受範圍內。

Looking ahead to the second half, Grab remains well positioned with our investment solidifying our resilience in a face of potential macroeconomic uncertainties. As such, we expect to sustain this growth momentum to accelerate on-demand GMV growth rates relative to 2024. We will also maintain discipline on costs to drive profitable growth and free cash flow generation.

展望下半年，Grab 仍處於有利地位，我們的投資將鞏固我們在潛在宏觀經濟不確定性面前的韌性。因此，我們預計這一成長動能將持續，從而加速按需 GMV 相對於 2024 年的成長率。我們也將嚴格控製成本，以推動獲利成長和自由現金流的產生。

With that, I now open the call for questions.

現在我開始回答問題。

Operator?

操作員？

(Operator Instructions)

（操作員指示）

Pang Vittayaamnuaykoon, Goldman Sachs.

Pang Vittayaamnuaykoon，高盛。

Good morning, management. Congratulations on a good quarter and strong growth assertions. Two questions from me. Number one, with the uncertainty in the macro environment and what's happening in Thailand and Indonesia as well as Trump tariffs being implemented and negotiated, how are you thinking about the outlook for Grab and for the countries you operate in? Are you seeing any weakness in consumption right now? That's number one.

早安，管理層。恭喜本季業績良好並實現強勁成長。我有兩個問題。第一，鑑於宏觀環境的不確定性、泰國和印尼的情況以及川普關稅的實施和談判，您如何看待 Grab 以及您開展業務的國家的前景？您現在是否發現消費有任何疲軟跡象？這是第一點。

Number two, in mobility, number of transaction was 23% with significantly outpacing growth in MTUs. What strategies have you successfully implemented to drive this increase in frequency of usage? How should we anticipate this trend evolving in the future?

第二，在移動性方面，交易數量增加了 23%，遠遠超過 MTU 的成長。您成功實施了哪些策略來推動使用頻率的增加？我們該如何預測這一趨勢的未來發展？

Thank you.

謝謝。

Thanks, Pang. Great question, and you're right. It is top of mind, the macro environment, for all of us. Good news, Pang, is we have been leaning into affordability since 2023 with our first initial product launches of affordability like saver delivery, saver transport rides, which now has become even more critical with the ongoing uncertainty in a global macro landscape. Nonetheless, we believe we are very well positioned in this front end -- because of our product-led investments that continues to solidify our resilience.

謝謝，龐。這個問題問得好，你說得對。對我們所有人來說，宏觀環境是首要關注的問題。好消息是，Pang，自 2023 年以來，我們一直致力於經濟實惠型服務，並推出了首批經濟實惠型產品，例如節省配送費用和節省交通費用的出行服務，而隨著全球宏觀環境持續存在不確定性，這些產品現在變得更加重要。儘管如此，我們相信我們在這個前端處於非常有利的地位——因為我們以產品為主導的投資不斷鞏固了我們的韌性。

As you saw from the slides we shared, it drove the ecosystem flywheel faster, and it really positions us as a countercyclical company.

正如您從我們分享的幻燈片中看到的，它推動了生態系統飛輪的速度更快，並且真正使我們成為逆週期公司。

Over the past two years, we have enhanced affordability. We've enhanced reliability of our services, and that further deepens user engagement and retention, and brings new users to the Grab ecosystem. You saw this with the all-time high of MTUs. You saw this with another quarter of profitable growth and how our growth has reaccelerated to 21% year-on-year.

在過去的兩年裡，我們提高了負擔能力。我們提高了服務的可靠性，進一步加深了用戶參與度和保留率，並為 Grab 生態系統帶來了新用戶。您可以看到 MTU 達到了歷史最高水平。您可以看到我們又一個季度實現了盈利增長，並且我們的增長率已再次加速至同比增長 21%。

Now moving forward, we'll continue our track record of working very closely with government and regulators to ensure that our partners and users can navigate this here uncertainty well. For example, in Indonesia, we participated in the pilot phase of Makan Bergizi Gratis, which is the free nutritious meal program, very important for the Indonesian government. As part of this initiative, we delivered nutritious meals to over 1,500 students across 7 elementary schools across many parts in Indonesia, and we collaborated with 9 local MSME merchants in these areas to provide healthier meals but also fostered greater brand loyalty among our student and customer segment.

展望未來，我們將繼續與政府和監管機構密切合作，以確保我們的合作夥伴和使用者能夠很好地應對這種不確定性。例如，在印度尼西亞，我們參與了「Makan Bergizi Gratis」的試點階段，這是一項免費營養餐計劃，對印尼政府來說非常重要。作為該計劃的一部分，我們為印度尼西亞各地 7 所小學的 1,500 多名學生提供了營養餐，並與這些地區的 9 家當地中小微企業商家合作，在提供更健康膳食的同時，也培養了學生和客戶群體的品牌忠誠度。

You talked about Thailand as well. Thailand, we are actively working with the government to support the tourism sector. That's very important, especially during this time for Thailand. We established actually a private-public tourism task force to contribute the grand tourism year 2025. And this builds on the existing partnership we've had with tourism authority and transport authority and transport airport authority in Thailand.

您也談到了泰國。泰國，我們正在積極與政府合作，支持旅遊業。這非常重要，尤其是對於泰國。我們實際上成立了一個公私旅遊工作小組，為2025旅遊年做出貢獻。這是在我們與泰國旅遊局、交通局和交通機場局現有的合作關係的基礎上建立的。

So looking ahead, we are confident that our strategy of focusing on using partners with a very user and partner-centric lens for product development will continue to drive sustainable and profitable growth for the business. And this, you will continue to see, and that's why we are confident to say that our expectations for on-demand GMV growth in 2025 will accelerate from that of 2024 levels. And our adjusted EBITDA in the second half being substantially stronger than that out of the first half.

因此，展望未來，我們相信，我們的策略專注於利用合作夥伴，以用戶和合作夥伴為中心的視角進行產品開發，將繼續推動業務的可持續獲利成長。您將持續看到這一點，這就是為什麼我們有信心說，我們對 2025 年按需 GMV 成長的預期將從 2024 年的水平加速。我們下半年的調整後 EBITDA 明顯強於上半年。

Okay. Thanks, Anthony. Pang, let me take the second part of the question about mobility. Because we know there's untapped growth potential in Southeast Asia, we did choose to reinvest the benefits of our scale economies to drive broader accessibility and increased platform usage this half. As a result, as you said, we saw this growth of 23% year-on-year in mobility transactions, which we think is a good return for our mobility flywheel because it attracts new user cohorts and improves retention.

好的。謝謝，安東尼。龐先生，讓我來回答關於流動性問題的第二部分。因為我們知道東南亞有尚未開發的成長潛力，所以我們選擇重新投資規模經濟的優勢，以推動更廣泛的可及性和增加平台使用率。因此，正如您所說，我們看到行動交易量同比增長了 23%，我們認為這對我們的行動飛輪來說是一個很好的回報，因為它吸引了新的用戶群並提高了保留率。

And that, of course, creates more demand for partners so they can improve their utilization and driver earnings. So that supports better reliability and lower prices, and that, in turn, attracts even more users. So it's a great flywheel impact. Overall mobility MTUs grew 16% and GMV still continued to grow strongly at 19% year-on-year, 16% constant currency.

當然，這也為合作夥伴創造了更多的需求，以便他們可以提高使用率和司機收入。這樣可以實現更好的可靠性和更低的價格，進而吸引更多的用戶。所以這是一個巨大的飛輪效應。整體行動 MTU 成長了 16%，GMV 仍保持強勁成長，年成長 19%，以固定匯率計算成長 16%。

And of course, in our case, because we are a multi-vertical as an ecosystem, the benefits of having new users come in extends to the broader Grab ecosystem as then we can cross-sell into deliveries and financial services. So it's a broader benefit for us and it would be for a single vertical player.

當然，就我們而言，由於我們是一個多垂直生態系統，新用戶加入的好處可以延伸到更廣泛的 Grab 生態系統，因為我們可以交叉銷售送貨和金融服務。因此，這對我們來說是一個更廣泛的好處，而且對於單一垂直參與者也是如此。

There's not been much trade-off on profitability. If you look at the numbers, we still grew EBITDA profitability on an absolute dollar basis year-on-year and quarter-on-quarter. And we're still growing our higher-margin high-value rides which now have reached double-digit as a percentage of mobility GMV this quarter. So it helps us to balance off on a margin basis. So the margin this quarter was 8.7% for mobility, very close already to our steady-state margin target of 9% plus.

獲利能力方面並沒有太大的妥協。如果你看一下這些數字，你會發現我們的 EBITDA 盈利能力在絕對美元基礎上同比和環比都有所增長。我們仍在增加利潤率更高的高價值出行服務，本季該服務佔出行 GMV 的百分比已達到兩位數。因此它可以幫助我們在利潤基礎上實現平衡。因此，本季的行動利潤率為 8.7%，已經非常接近我們 9% 以上的穩定狀態利潤率目標。

So we think this is a very sustainable strategy going forward, and we'll continue to lean into growth.

因此，我們認為這是一個非常永續的未來策略，我們將繼續致力於成長。

Alicia Yap, Citigroup.

花旗集團的 Alicia Yap。

Hi, thank you. Good morning, management. Congrats on the great quarter. Two questions. First on delivery business. Just wondering, given the growth of the GrabFood for One, the Share Saver, all will result in potentially lower blended AOV. Will this volume have lower margins?

你好，謝謝。早安，管理層。恭喜本季取得如此出色的成績。兩個問題。首先是送貨業務。只是想知道，鑑於 GrabFood for One、Share Saver 的增長，所有這些都會導致混合 AOV 可能降低。這個數量的利潤會更低嗎？

So if excluding the contribution from the advertising revenue, can you walk us through how you balance between the faster volume driver of the GMV growth versus the lower ASP and the margin trend?

因此，如果不包括廣告收入的貢獻，您能否向我們介紹如何在 GMV 成長的更快銷售驅動力與較低的 ASP 和利潤率趨勢之間取得平衡？

Second question is, with the launch of your autonomous vehicle shuttles in Singapore recently, how soon do you think a commercial rollout of the AV vehicles in your market across the Southeast Asia will take? Any updates also on the partnership front to boost your innovations in this space?

第二個問題是，隨著您最近在新加坡推出自動駕駛汽車接駁車，您認為在東南亞市場上推出自動駕駛汽車商業化需要多長時間？在合作方面還有什麼進展來促進您在此領域的創新嗎？

Thank you.

謝謝。

Alicia, this is Alex again. Let me take the question on deliveries growth and margin. We really believe that Asia has still so much upside in digital consumption. So on the delivery side, we also decided to invest into product-led growth, delivered GMV accelerated to 19% year-on-year on a constant currency basis because of these product-led initiatives.

艾莉西亞，我又是亞歷克斯。讓我來回答有關交付成長和利潤率的問題。我們確實相信亞洲在數位消費方面仍有很大的發展空間。因此，在交付方面，我們也決定投資於產品主導的成長，由於這些產品主導的舉措，交付的 GMV 按固定匯率計算年增 19%。

So there was user acquisition from those affordable products that you mentioned has been strong, but we've also seen strong growth from what we think of as viral products such as Dine Out, Family Accounts, Group Orders.

因此，您提到的那些價格實惠的產品的用戶獲取情況一直很強勁，但我們也看到，我們所認為的病毒式產品（如外出就餐、家庭帳戶、團體訂單）也實現了強勁增長。

And those are proving very effective and attracting new users through network effects and shared experiences. So we've got a combination of those viral products and the affordable products bringing in new MTUs. So the GMV from all of these new product initiatives that we announced at GrabX earlier this year is growing 3 times faster than the existing products and now accounts in total for one-third of Deliveries GMV.

事實證明，這些方法非常有效，並透過網路效應和共享體驗吸引了新用戶。因此，我們將這些病毒式產品和價格實惠的產品結合起來，帶來了新的 MTU。因此，我們今年稍早在 GrabX 宣布的所有這些新產品計畫的 GMV 成長速度比現有產品快 3 倍，目前佔外送 GMV 的三分之一。

In addition, as you well know, we've got GrabUnlimited, which is now the largest paid loyalty program in Southeast Asia, driving almost 5 times higher spend and 3 times higher order frequency for its members. And we've reached new record highs in paid subscriber count there. So that's also a big impact on our -- the health of our ecosystem.

此外，眾所周知，我們擁有 GrabUnlimited，這是目前東南亞最大的付費忠誠度計劃，為其會員帶來了近 5 倍的消費額和 3 倍的訂購頻率。我們的付費用戶數也創下了新高。所以這對我們的生態系統的健康也有很大的影響。

And then finally, I'd just like to mention one of the other products that was launched at GrabX, which is GrabMore, which enables users of food to bundle food and grocery orders into a single transaction. So that's helped us with drive higher growth rates for GrabMart this quarter than for our core business, which is another quarter where that's been the impact. So there's lots of upside on GrabMart, also.

最後，我想提一下 GrabX 推出的另一款產品，即 GrabMore，它可以讓食品用戶將食品和雜貨訂單捆綁到一次交易中。因此，這幫助我們推動 GrabMart 本季的成長率高於我們的核心業務，這也是另一個受到這種影響的季度。因此，GrabMart 也有很多優點。

So overall, you mentioned Saver. It's contributed 34% of deliveries transactions in Q2. That's versus a number of 28% for prior year for comparison. So it has grown in terms of number of transactions. However, if you look year-on-year, our segment margins have continued to expand 34 basis points, in fact, from 1.5% last year to 1.8% this quarter.

總的來說，您提到了 Saver。它貢獻了第二季 34% 的配送交易量。相比之下，去年同期這一數字為 28%。因此，交易數量有所增加。然而，如果與去年同期相比，我們的分部利潤率實際上繼續擴大了 34 個基點，從去年的 1.5% 擴大到了本季的 1.8%。

So we are able to still improve margin despite the fact that the affordable products are accounting for a higher percentage of transactions. So what I would say is that margins will move from quarter-to-quarter. But overall, we still managed to grow absolute EBITDA in this segment by 50% year-on-year.

因此，儘管平價產品在交易中所佔的比例較高，我們仍能提高利潤率。所以我想說的是利潤率會逐季變動。但總體而言，我們仍然成功實現該部門絕對 EBITDA 年成長 50%。

Medium term, I think we can expect the margins as we scale the business to reduce the delivery cost and improve monetization, particularly through the growth of advertising, which this quarter reached 1.7% GMV penetration. So that's continued to show a deeper penetration there. And that will improve with scale in terms of its attractiveness to our advertising clients. So we still believe that we will reach margins of 4% plus in steady state. So there's no change in our longer-term outlook. Thanks.

從中期來看，我認為隨著業務規模的擴大，交付成本的降低和貨幣化程度的提高，我們可以預期利潤率，特別是透過廣告的成長，本季廣告的 GMV 滲透率達到了 1.7%。因此，這繼續顯示出更深層的滲透。隨著規模的擴大，它對我們的廣告客戶的吸引力也會增強。因此我們仍然相信，在穩定狀態下，我們的利潤率將達到 4% 以上。因此我們的長期前景並沒有改變。謝謝。

On the AV question, Alicia, thank you so much, and you're absolutely right, very, very top of mind for us. In fact, we are leaning heavily into the AV opportunity or what we think of as the driverless AV opportunity across Southeast Asia. We are in a fine position to support the AV transition over the next few years. We have a very significant role to play via a hybrid meaning both driverless with and drivers of fleet.

關於 AV 問題，艾莉西亞，非常感謝你，你說得完全正確，這是我們最關心的問題。事實上，我們非常重視 AV 機會，或者說我們認為的東南亞無人駕駛 AV 機會。我們有能力支持未來幾年的 AV 轉型。我們在混合動力車（即無人駕駛和車隊駕駛員）方面發揮著非常重要的作用。

When you think about our right-to-win, we think about, number one, we have, and continue to build, strong relationships with AV players as well as OEMs across the world. Second, our scale, our network across the region, that allows us to provide the best-in-class utilization rates, which is very important, as you imagine, because these cars, you have to make sure utilization rates are high to make the unit economics work.

當您考慮我們的獲勝權利時，我們會想到，首先，我們已經並將繼續與世界各地的 AV 播放器和 OEM 建立牢固的關係。其次，我們的規模，我們在整個地區的網絡，使我們能夠提供一流的利用率，這一點非常重要，正如你所想像的，因為對於這些汽車，你必須確保較高的利用率才能使單位經濟發揮作用。

Third, the brand trust and a long track record of safety and of working constructively with regulators and governments to really continue to ensure community safety. Passenger and driver safety is one that people really care about. And lastly, as you know, Alicia, we also built our own mapping tech with very rich local data sets that provides millions of real-world driving hours, real-world user pickup, drop-off points, patents, traffic flows, heat maps across highly complex Southeast Asian-specific urban environments.

第三，品牌信任和長期的安全記錄，以及與監管機構和政府的建設性合作，真正繼續確保社區安全。乘客和駕駛員的安全是人們真正關心的問題。最後，正如艾莉西亞你所知，我們還利用非常豐富的本地數據集構建了自己的繪圖技術，該數據集提供了數百萬個真實駕駛小時、真實用戶接送點、下車點、專利、交通流量以及東南亞特定高度複雜的城市環境的熱圖。

So that really positions us well.

所以這確實讓我們處於有利地位。

We also have several pilots we planned. At the moment, earlier this month, we announced the A2Z partnership with the Korean full-stack AV manufacturer. Now that culminated in the announcement of the first autonomous electric shuttle bus in Singapore.

我們也計劃進行幾項試點。目前，本月初，我們宣布與韓國全端 AV 製造商 A2Z 建立合作夥伴關係。如今，新加坡已宣布推出第一輛自動駕駛電動接駁巴士。

Now in Philippines, we are working with regulators closely and public developer Megaworld to launch a pilot study on drone-powered commercial delivery. Really, I just want to thank A2Z, Megaworld, Kevin and all the regulators across the region to work closely with us to roll out and think through the implications and how best to do it in a safe, affordable way.

目前在菲律賓，我們正在與監管機構和公共開發商 Megaworld 密切合作，啟動無人機商業配送的試點研究。真的，我只想感謝 A2Z、Megaworld、Kevin 以及該地區的所有監管機構與我們密切合作，仔細考慮其影響以及如何以安全、經濟的方式最好地做到這一點。

So now as we think about the communities we serve, we are always focused on safe, affordable, convenient services for all our customers.

因此，現在當我們考慮我們所服務的社區時，我們始終專注於為所有客戶提供安全、實惠、便利的服務。

So looking ahead, what are we going to do? One, you can expect to hear new partnerships with more global AI and driverless AV partners. We'll continue to explore potential high-value, new job opportunities that this sector could create for the communities we serve; expect to hear more pilots to understand the operational conditions for different driverless vehicle services in the region; and of course, we want to continuously work with regulators to improve transport connectivity, using and leveraging the innovative technologies together. So all in all, we are leaning in the AV path moving forward.

那麼展望未來，我們該做什麼？首先，您可以期待聽到與更多全球人工智慧和無人駕駛 AV 合作夥伴建立新的合作夥伴關係。我們將繼續探索該行業可能為我們服務的社區創造的潛在高價值新就業機會；期望聽到更多試點的聲音，以了解該地區不同無人駕駛汽車服務的運營條件；當然，我們希望繼續與監管機構合作，改善交通連通性，共同使用和利用創新技術。總而言之，我們正傾向於沿著 AV 路徑前進。

Thank you.

謝謝。

Divya Gangahar, Morgan Stanley.

摩根士丹利的 Divya Gangahar。

Thank you very much and good morning. So my first question is just getting some more details on competition by market and segment. Specifically, if you can comment maybe on the mobility GMV growth was a bit slower in second quarter versus first quarter, and the trip fares were down about 4%. Which market specifically are we seeing some slowdown in? And if you can help us contextualize the [stripe] size being down 4% and how to think of it going forward?

非常感謝，早安。因此，我的第一個問題是了解市場和細分市場競爭的更多細節。具體來說，如果您可以評論一下，也許第二季度的行動 GMV 成長與第一季相比略有放緩，行程費用下降了約 4%。我們具體看到哪個市場出現了放緩？您能否幫助我們理解 [條紋] 大小下降 4% 的原因以及如何考慮未來的發展？

And also Vietnam, specifically, if you have any comments on a new player entering food delivery, if you're seeing any more competition there. So that's my first question.

還有越南，具體來說，如果您對進入食品配送領域的新參與者有任何評論，如果您看到那裡有更多競爭。這是我的第一個問題。

And my second question is just on capital allocation, especially after the raise of the [$1.5 billion]. I mean, beyond the obvious M&A that has been on and off for a long time, what are the other segments that this capital can be deployed into? Do you have any updated thoughts on buybacks?

我的第二個問題是關於資本配置，特別是在提高[15億美元]。我的意思是，除了長期以來斷斷續續的明顯的併購之外，這些資本還可以部署到哪些其他領域？您對回購有什麼最新的想法嗎？

Thank you.

謝謝。

Hi, Divya, Alex here. Thanks for your questions. Let me take the first part. We have chosen to lean into reinvesting the scale economies from our ecosystem back into volume. So the AOV drop of 4% in mobility is something that we have decided upon ourselves rather than being driven by competitive activity.

嗨，Divya，我是 Alex。感謝您的提問。我先講第一部分。我們選擇傾向於將生態系統的規模經濟重新投資於產量。因此，移動性方面 AOV 下降 4% 是我們自己決定的，而不是由競賽活動所驅動的。

We think the returns have been good. So a transaction growth of 23% means that we're creating future growth pipeline. And the reason we've taken this stance is because of the potential in Southeast Asia. A lot of the growth has come from new users and higher frequency in Tier 1 cities. And we are also growing in some of the smaller centers using the auto adaptive technologies that we've developed, which means that we can manage small cities without having team members present in those cities that gives us lots of cost efficiencies.

我們認為回報是不錯的。因此，23% 的交易成長意味著我們正在創造未來的成長管道。我們之所以採取這一立場是因為東南亞的潛力。很大一部分成長來自於一線城市的新用戶和更高的使用頻率。而且，我們也利用我們開發的自適應技術在一些較小的中心不斷發展，這意味著我們可以管理小城市，而無需在這些城市派遣團隊成員，從而大大提高我們的成本效率。

So our strategy is to continue to drive that growth, top line growth. The margin trade-offs, as I mentioned earlier, are not considerable. We think that it's a good trade-off to make, and therefore, it's sustainable. Market by market, always, there's always competitors in every market and the market dynamics for different competitors go up and down. But I think, overall, we are about 3 times -- 3.5 times larger than our next largest competitor in the region.

因此，我們的策略是繼續推動成長，即營收成長。正如我之前提到的，利潤權衡並不大。我們認為這是一個很好的權衡，因此它是可持續的。每個市場都存在競爭對手，不同競爭對手的市場動態有起有落。但我認為，總體而言，我們的規模比該地區第二大競爭對手大約大 3 倍到 3.5 倍。

And that means that our scale economies are quite considerable. And that's why we've been reinvesting in AI and other capabilities, which means that our efficiencies and the savings we can pass on to consumers are much higher than those of smaller competitors. So we think the sustainable competitive strategy, no matter whether from, time to time, there might be surges and competitive activity in particular markets.

這意味著我們的規模經濟相當可觀。這就是我們一直在對人工智慧和其他能力進行再投資的原因，這意味著我們的效率和可以轉嫁給消費者的節省比規模較小的競爭對手高得多。因此，我們認為可持續的競爭策略，無論特定市場是否不時出現激增和競爭活動。

Divya, your capital allocation question, our stand has always been consistent. We take a very prudent approach when it comes to capital allocation. So what do we look at, we always want to create, generate shareholder value on a long-term basis. And if you look at where we've been deploying our capital, it's really fueling the growth of our business through organic growth. And that's going to be [fueled] for us.

Divya，關於你的資本配置問題，我們的立場始終一致。在資本配置方面，我們採取非常謹慎的方法。那我們所關注的是什麼呢？我們總是希望長期創造、產生股東價值。如果你看看我們的資本部署情況，你會發現它確實透過有機成長推動了我們的業務成長。這將會給我們帶來動力。

It's going to be high top of the list for us, and you're seeing that playing out in this result, which is fueled by the previous deployment of capital towards all the product innovations and the tech innovation that we've been doing. And that will continue. That will continue to fuel the growth that we're going to see in the business as we move forward.

這將是我們最優先考慮的事情，您可以從這個結果中看到這一點，這要歸功於我們先前對所有產品創新和技術創新的資本投入。這種情況將會持續下去。這將繼續推動我們未來業務的成長。

Now with that being said, with M&A, we're always on the lookout. With a strong balance sheet and with the recent capital raise, it does give us that strategic flexibility. And the flexibility is important because M&A comes and goes. So we'll be continuing to scout the market in terms of what's available. But at the same time, also the barriers are so much higher when you compare it to the organic growth that we continue to prioritize over our business today.

話雖如此，對於併購，我們始終保持警惕。憑藉強勁的資產負債表和最近的資本增加，我們確實獲得了策略靈活性。由於併購活動時有發生，因此靈活性非常重要。因此，我們將繼續探索市場上可用的資源。但同時，與我們今天繼續優先考慮的有機成長相比，障礙也高得多。

Now in terms of buyback, we did complete the $500 million buyback -- it was done concurrently with the recent convertible note that we raised. There's no plans for new buyback programs. This continue -- that's something that we'll continue to explore with our Board. But in this quarterly earnings, there's nothing for us to announce. Again, it's all about, for us, prioritizing the right sort of capital management in our business.

現在就回購而言，我們確實完成了 5 億美元的回購——這是與我們最近籌集的可轉換票據同時進行的。目前沒有新的回購計劃。這種情況會持續下去——這是我們將繼續與董事會一起探討的。但在本季收益中，我們沒有什麼可以宣布的。再說一次，對我們來說，這一切都是為了在我們的業務中優先考慮正確的資本管理。

And when we have a new buyback, we'll definitely share it with all of you.

當我們有新的回購時，我們一定會與大家分享。

Thank you very much.

非常感謝。

Piyush Choudhary, HSBC.

匯豐銀行的 Piyush Choudhary。

Yeah, hi, good morning, management team and congrats on good set of results. Two questions, please. Firstly, on delivery segment. What's the outlook of consumer incentive spending as it remains at around 7% of GMV in 2Q?

是的，嗨，早安，管理團隊，恭喜你們取得的良好成績。請問兩個問題。首先，關於配送環節。鑑於消費者激勵支出在第二季仍佔 GMV 的 7% 左右，其前景如何？

Alex, you talked about the midterm margin outlook. But should we expect the pace of margin expansion in delivery segment to be slower going forward due to these new product launches and a focus on driving user engagement?

亞歷克斯，你談到了中期利潤率前景。但是，由於這些新產品的推出以及對推動用戶參與的關注，我們是否應該預期未來配送部門的利潤率擴張速度會放緩？

Second question on Mobility. If you can share what's the contribution mix between premium rides and affordable rights? How has that proportion changed over the last one year because that dynamics have an impact on the margins.

第二個問題關於移動性。您能否分享一下高級乘車權和平價權利之間的貢獻組合是怎樣的？過去一年中該比例發生了怎樣的變化，因為這種動態對利潤率有影響。

Thank you.

謝謝。

Thanks, Piyush. So first one on the deliveries product investment. Yeah, we'll continue to see opportunities there for further product investment. I can tell you that in terms of the medium term, for the next two quarters of this year for deliveries, we do expect the margin to improve from the current quarter. So we see sequential improvement in margin for the rest of this year.

謝謝，Piyush。首先是關於交付產品投資。是的，我們將繼續看到進一步產品投資的機會。我可以告訴你，從中期來看，對於今年接下來兩個季度的交付量，我們確實預計利潤率將比本季有所提高。因此，我們預計今年剩餘時間內利潤率將持續改善。

So hopefully, that's helpful for you all with your model.

希望這對你們的模型有幫助。

Ad penetration will obviously contribute to that typically, third and fourth quarter are big quarters for advertising. And as you can see from our results, both the self-serve ad channel penetration and the sales force sold directly to enterprise larger clients, both continue to grow. And so we're very bullish about what Grab has to offer as a retail media network to advertisers given our first-party data and the closed-loop effectiveness that we can show to those advertisers. We are committed to the 4% steady-state margins in the longer run as well.

廣告滲透率顯然會有所貢獻，通常第三季和第四季是廣告業務的旺季。從我們的結果可以看出，自助廣告管道滲透率和直接向企業大客戶銷售的銷售團隊都在持續成長。因此，鑑於我們擁有第一方數據以及可以向廣告商展示的閉環有效性，我們非常看好 Grab 作為零售媒體網絡能夠為廣告商提供的服務。我們也致力於長期維持 4% 的穩定利潤率。

So just confirming all of that.

所以只是確認所有這些。

Moving to mobility, the mix between Saver and Premium. Saver now is about one-third of mobility transaction. So we're continuing to scale that, particularly in the lower tier cities, but we're still seeing growth in numbers of users, attracting new users into Tier 1 cities and higher frequency, both in Tier 1 and in the smaller cities. So we're consciously focusing on affordability so that we can continue to drive that frequency and growth of new users into the ecosystem.

轉向移動性，Saver 和 Premium 之間的混合。Saver 目前約佔行動交易的三分之一。因此，我們正在繼續擴大規模，特別是在低線城市，但我們仍然看到用戶數量的成長，吸引新用戶進入一線城市，並且無論是在一線城市還是在小城市，使用頻率都更高。因此，我們有意識地專注於可負擔性，以便我們能夠繼續推動新用戶進入生態系統的頻率和成長。

On the Premium end, we're also continuing to grow at the same time. So it's not just the affordability someone which is growing Premium now is in double digits as a percentage of transactions. And we expect that to continue to grow with the advanced booking and other features that we've been launching recently.

在高端領域，我們也持續成長。因此，這不僅僅是人們的負擔能力正在增長，現在優質服務在交易中所佔的百分比已達到兩位數。我們預計，隨著我們最近推出的提前預訂和其他功能，這一數字將繼續增長。

We've done a lot of work with airports around the region so that we can get better access into airports. And therefore, we can balance that margin between the affordable products and the high-value products for the less sensitive users.

我們與該地區的機場進行了大量合作，以便我們能夠更好地進入機場。因此，我們可以為不太敏感的用戶平衡廉價產品和高價值產品之間的利潤。

So I can reiterate that we are committed to the 9% steady state mobility margins, which, as you're probably aware, would remain industry-leading when you look across the world. Thanks, Piyush, great question.

因此我可以重申，我們致力於實現 9% 的穩定狀態移動利潤率，正如您可能知道的，放眼全球，這一利潤率仍將保持行業領先地位。謝謝，Piyush，這個問題問得好。

Jiong Shao, Barclays.

邵炯，巴克萊銀行。

Thank you very much for taking my questions. 1st, I have 4 around autonomous driving more [robotaxi] on our prepared remarks and on earlier, you're talking about the trial of this kind of Singapore. Given what over is doing in group with [Axon] the world that [TD] is doing in China. I was wondering if you can comment about what's your plan over robotaxi in the region. My question -- the first is around the regional cost. Hoping perhaps, can you comment about your expectations to the vision cost for the second half of this year?

非常感謝您回答我的問題。首先，我有 4 個關於自動駕駛 [robotaxi] 的更多問題，關於我們準備好的發言，以及之前您談到的新加坡這種試點計畫。鑑於 [Axon] 在全球的業務，[TD] 在中國的業務也是如此。我想知道您是否可以評論一下您對該地區的自動駕駛計程車有何計劃。我的問題——第一個是關於區域成本。希望您能評論一下您對今年下半年願景成本的期望嗎？

And I have another question around the GrabMart. Could you talk about sort of a longer term, how do you anticipate the TAM for GrabMart vis-a-vis more traditional food delivery. And do you expect the long-term margins for the Mart business to being close to the above 4% target as well?

我還有一個關於 GrabMart 的問題。您能否從長遠角度談談，您如何預測 GrabMart 相對於更傳統的食品配送的 TAM。您是否預期 Mart 業務的長期利潤率也將接近 4% 以上的目標？

Thank you so much.

太感謝了。

Thanks, Jiong. So I'll take the AV one. And well, good news is -- with Uber, we have a good sense of what's happening. And you're right, we see also a lot of AV action taking place also in China. And we've actually seen experience gone there multiple times to experience actual robotaxis on the streets.

謝謝，囧。所以我會選擇 AV。好消息是──有了 Uber，我們就能清楚了解正在發生的事情。你說得對，我們也看到中國也發生了很多 AV 行動。事實上，我們已經多次去那裡體驗過街上真正的自動駕駛計程車。

Now as I talked about the partnerships, we -- I have nothing to announce today, but we can assure you that we are really looking very seriously at how to expand pilots across the region. We are talking to a number of partners, and we will announce more when we are ready. And of course, all this is done very closely with the government. But you can foresee in the next matter of months, you'll hear more announcements on this.

現在，當我談到合作關係時，我們——我今天沒有什麼可以宣布的，但我們可以向你們保證，我們正在非常認真地考慮如何在整個地區擴大試點。我們正在與一些合作夥伴進行洽談，準備就緒後我們將公佈更多消息。當然，這一切都是與政府密切合作完成的。但你可以預見，在接下來的幾個月裡，你會聽到更多關於此的公告。

Jiong, on your question around regional corporate costs. So what you saw in the second quarter in the increase, which is roughly about a 9.5% Q-on-Q increase in regional corporate cost is pretty much on tandem with the strong on-demand GMV growth momentum in the second quarter.

Jiong，關於您提出的區域企業成本問題。因此，您在第二季度看到的成長，即區域企業成本環比增長約 9.5％，與第二季度強勁的按需 GMV 增長勢頭基本同步。

If you look at the on-demand GMV, it was growing at 21% on actual currency, but our regional corporate cost was growing at 9.5%. So as you're growing much slower than our top line business growth overall, which is what we're actually driving. We're driving operating leverage in the business.

如果你看一下按需 GMV，它的實際貨幣成長率為 21%，但我們區域公司成本的成長率為 9.5%。因此，你們的成長速度比我們整體的營收業務成長速度慢得多，而這正是我們實際推動的。我們正在推動業務的營運槓桿。

And a lot of the cost that's tied to the increase Q-on-Q is pretty much a variable cost. We're looking at more cloud costs, software costs, as you would expect from just the volume of growth that we're driving the transactions in our business. Our transaction was up 23% on a year-over-year basis.

與季度環比增長相關的許多成本基本上都是變動成本。我們正在考慮更多的雲端成本和軟體成本，正如您從我們推動的業務交易量成長中所預料的那樣。我們的交易量年增了23%。

Now as we think about moving forward, overall, regional corporate costs will probably be somewhere around that 10% or 12% increase on a year-over-year basis. What's important though is driving operating leverage. And I would expect that somewhere around 100 basis points to about 150 basis points of margin improvement in terms of regional corporate costs as a percentage of revenue, which is really critical as we drive that cost efficiency throughout the business, both on variable as well as on fixed costs. So hopefully, that gives you a bit of color on corporate costs.

現在，當我們考慮未來時，總體而言，區域企業成本可能將年增 10% 或 12% 左右。但重要的是提高經營槓桿。我預計，區域公司成本佔收入的百分比的利潤率將提高約 100 個基點到 150 個基點，這對於我們推動整個業務的成本效率（包括變動成本和固定成本）至關重要。希望這能讓您了解一些企業成本。

And I'll turn it over to Alex on Mart.

我將把它交給 Mart 上的 Alex。

Thanks, Peter, and thanks, Jiong, for the question. I'm glad you've asked us about GrabMart because this is an area where the TAM is very large potentially, much larger than the food delivery market in the longer run. Online groceries is still barely penetrated in Southeast Asia, probably less than 5% penetrated. And it's a context where many of our countries in Southeast Asia have a very low penetration also of the modern retail off-line business. So the user experience is not great.

謝謝 Peter，也謝謝 Jiong 提出這個問題。我很高興您向我們詢問有關 GrabMart 的問題，因為這個領域的 TAM 潛力非常大，從長遠來看比食品配送市場要大得多。網路雜貨在東南亞的普及率仍然很低，大概不到 5%。在東南亞，許多國家的現代零售線下業務滲透率都很低。所以使用者體驗不是很好。

So the chance to leapfrog that with the digital market experience is strong.

因此，利用數位市場經驗實現跨越式發展的機會很大。

Mart is only currently less than 10% of our deliveries business but already growing faster than food deliveries. So it's about 1.5 times in terms of growth rate. And the MTUs for Mart are hitting all-time highs this quarter. So it's a very active and growing user base now, shows the potential of the digital experience.

目前，Mart 僅占我們配送業務的不到 10%，但成長速度已經超過了食品配送。所以成長率大約是1.5倍。本季度，Mart 的 MTU 創下了歷史新高。因此，現在的用戶群非常活躍且不斷增長，顯示了數位體驗的潛力。

We're taking our partnership-first approach. Yes, as you know, we own Jaya Grocer and we just purchased Everrise in Malaysia. So we have a we have an off-line, online experience there, which is probably the leading edge of the customer experience that we're developing with the O2O opportunity. That's working well. We can extend that to partnerships in other markets.

我們採取的是合作夥伴優先的方式。是的，如您所知，我們擁有 Jaya Grocer，並且剛剛在馬來西亞收購了 Everrise。因此，我們擁有線下和線上體驗，這可能是我們利用 O2O 機會開發的客戶體驗的前沿。效果很好。我們可以將其擴展到其他市場的合作。

And the goal there is to make sure we can replicate the very best customer experience that we can.

我們的目標是確保我們能夠複製最好的客戶體驗。

And already in Jaya, we are heading towards 15% online penetration of GMV, which is great and shows what can be done. That would be -- that's an industry-leading number. So it's obviously attractive for partners in other markets to work with us to try to get to those types of levels of online penetration.

在 Jaya，我們已開始朝著 GMV 15% 的線上滲透率邁進，這非常棒，也展現了我們所能取得的成就。那將是——這是一個行業領先的數字。因此，對於其他市場的合作夥伴來說，與我們合作以達到這種程度的線上滲透率顯然具有吸引力。

In terms of margins, currently, the Mart margin is embedded within our overall expectations for the deliveries margin, which, as we talked about earlier, is 4% plus in steady state. There's a huge ad opportunity for Mart. Many of the FMCGs in Southeast Asia find it hard to get strong data on their sales because of multi-tier distribution of the rather traditional retail environment here.

就利潤率而言，目前，Mart 的利潤率已包含在我們對配送利潤率的總體預期之內，正如我們之前所討論的，在穩定狀態下，配送利潤率將達到 4% 以上。這對 Mart 來說是一個巨大的廣告機會。東南亞的許多快速消費品公司發現很難獲得有關其銷售的有力數據，因為這裡零售環境相當傳統，分銷方式是多層次的。

So we are able to give them first-party data, which they find very valuable. So as we work with the FMCGs with our digital-first approach for Mart, then, of course, that's something very attractive from an ad perspective as well.

因此，我們能夠向他們提供他們認為非常有價值的第一方數據。因此，當我們與快速消費品公司合作，為 Mart 採取數位優先的方法時，從廣告角度來看，這當然也是非常有吸引力的。

So the penetration of 1.7% for food deliveries or for ads is something that we think we can improve upon it, particularly for Mart. Thanks, Jiong.

因此，我們認為我們可以改善食品配送或廣告 1.7% 的滲透率，特別是對於 Mart 而言。謝謝，Jiong。

Mark Mahaney, Evercore ISI.

馬克‧馬哈尼 (Mark Mahaney)，Evercore ISI。

I just wanted to ask about the advertising revenue. You got that $236 million run rate, I think, in the 45% growth. Just talk about the sustainability of that growth and then think about or talk about the long-term ceiling or marker for where advertising as a percentage of GMV could go.

我只是想問廣告收入。我認為，在 45% 的成長率下，你的運行率達到了 2.36 億美元。只需談論這種增長的可持續性，然後思考或談論廣告佔 GMV 百分比的長期上限或標誌。

Thank you very much.

非常感謝。

Thanks, Mark. Yeah. You can see that the advertising business has doubled a couple of times over the last couple of years. So you can see that we're growing super-fast. There's an exponential impact in here that I should explain.

謝謝，馬克。是的。您可以看到，過去幾年廣告業務成長了好幾倍。所以你可以看到我們正在快速成長。這裡有一個指數影響，我應該要解釋一下。

One is the number of advertisers that are actually trying Grab as a retail media network for the first time continues to grow. We're still at less than 50% penetration of our merchant base in terms of those that have tried us. So there's still upside there in terms of expanding the penetration of our merchant base. And because their return on advertising sales is averaging 8 times, we know that it's a great product for them, and it can help them grow.

一是首次嘗試將 Grab 作為零售媒體網路的廣告主數量持續成長。就嘗試過我們的商家而言，我們的滲透率仍不到 50%。因此，在擴大我們的商家基礎滲透率方面仍有上升空間。由於他們的廣告銷售回報率平均為 8 倍，我們知道這對他們來說是一款很棒的產品，可以幫助他們成長。

So as the retention of those that do try us is very high, and therefore, we're getting that exponential impact of existing advertisers spending more while we grow the penetration at the same time.

因此，嘗試過我們的用戶的保留率非常高，因此，我們獲得了現有廣告商支出增加的指數級影響，同時我們也在同時提高滲透率。

So the penetration year-on-year grew 42%. So that's the first part of the exponential. And then those existing advertisers on the self-serve platform also increased 31%. So a really good opportunity for us there.

因此滲透率較去年同期成長了42%。這就是指數的第一部分。那麼自助平台上的現有廣告商也增加了31%。這對我們來說確實是一個好機會。

Advertisers, as you know, want reach. So the bigger we get, the more attractive we are on a cost per point basis as well. So the pricing on the network gets larger, gets higher as we get larger simply because they -- all they care about is the returns ultimately to their investment. So this is why you're seeing those kinds of exponential growth rates on advertising.

如您所知，廣告商希望覆蓋面廣。因此，我們的規模越大，以每點成本計算，我們的吸引力就越大。因此，隨著我們規模的擴大，網路定價也會變得越來越高，只是因為他們——他們所關心的只是最終的投資回報。這就是為什麼你會看到廣告呈現如此指數級的成長率。

If you look across the world, a penetration of advertising to GMV in various markets can get much higher than where we are today. We're seeing examples of 2% penetration, 3% penetration, even 4% penetration, particularly when you get into the Mart type of ecosystems.

如果你放眼全球，各市場的廣告對 GMV 的滲透率可以比現在高很多。我們看到滲透率達到 2%、3% 甚至 4% 的例子，特別是當你進入 Mart 類型的生態系統時。

So I think depending on our different verticals, including mobility, by the way, where we've now introduced ads, we see opportunity to increase advertising penetration much higher than the current penetration that we have of 1.7%.

因此，我認為，根據我們不同的垂直領域，包括行動領域，順便說一下，我們現在推出了廣告，我們看到了將廣告滲透率提高到遠高於目前 1.7% 的滲透率的機會。

Thank you very much.

非常感謝。

Ranjan Sharma, JP Morgan.

摩根大通的 Ranjan Sharma。

Hi, good morning and thank you for the presentation. My first question. I know a lot has been said about deliveries and the margins. But can I get a bit deeper into it? If I remove the ad revenues, then the delivery EBITDA ex ads seems to be a bit softer. Now I appreciate that you are doing a lot of growth investments, and you're seeing tremendous expansion in your monthly transacting users and new services.

你好，早安，謝謝你的演講。我的第一個問題。我知道關於交付和利潤已經討論了很多。但我能否更深入地了解呢？如果我去掉廣告收入，那麼不含廣告的 EBITDA 似乎會稍微弱一些。現在，我很欣賞你們正在進行大量的成長投資，並且你們的月交易用戶和新服務都在大幅擴張。

But is there a point here where we should think that the underlying deliveries EBITDA ex ads could start reflecting upwards? Or do you see the focus on the near term or the midterm as well will be on growing the business rather than monetizing it to its potential?

但是，我們是否應該認為基礎交付 EBITDA（不含廣告）可能會開始向上反映？或者您認為短期或中期的重點將放在業務成長上，而不是將其潛力貨幣化？

Second, on fintech, since no one has asked, let me ask. Tremendous growth in the loan portfolio. If you can help understand where you're making these loans?

第二，關於金融科技，既然沒有人問，那我就問一下。貸款組合大幅成長。您能否協助了解您從哪裡獲得這些貸款？

Thanks, Ranjan. Yes. Let me take both of those. On the deliveries, we do see considerable upside in penetration and volume in Southeast Asia in the medium term. We think that the current strategy leaning into growth and reinvesting the economies we're getting from our scale is sustainable.

謝謝，Ranjan。是的。讓我把這兩個都拿走。就交付而言，我們確實看到中期內東南亞的滲透率和銷售量將有相當大的上升空間。我們認為，當前傾向於成長並重新投資我們規模所獲得的經濟的策略是可持續的。

We haven't had to make considerable trade-offs in margin. We don't see the advertising upside as separate from the margin of the business. We see them as a combined opportunity. And as I mentioned in the response to Mark on the last question, the return to advertisers is what's key. So as we get more scale, the returns to them improve, and therefore, the value of our advertising inventory increases.

我們不必在利潤方面做出重大的權衡。我們認為廣告收益與業務利潤是密不可分的。我們將它們視為一個綜合機會。正如我在回答馬克的上一個問題時提到的那樣，廣告商的回報才是關鍵。因此，隨著我們規模的擴大，他們的回報也會提高，我們的廣告資源價值也會增加。

So scale itself or the delivery segment, including Mart is an important driver of value for advertisers. And therefore, we don't separate it from the deliveries margin. So we'll continue with this strategy. As you can see, it's created an acceleration of our deliveries growth. And there's -- and Southeast Asia is a region where there's still lots of untapped potential.

因此，規模本身或包括 Mart 在內的配送部分是廣告主價值的重要驅動力。因此，我們不會將其與交付利潤分開。因此我們將繼續這項策略。如您所見，它加速了我們的交付成長。而且東南亞地區還有很多未開發的潛力。

So we want to drive further into that.

因此，我們希望進一步推動這項進程。

Moving to your second question on Financial Services. It's the first time that we've given an outlook for the loan book size. So I hope that's helpful for you all. So we've said that by the end of the year, we'll hit $1 billion. We're at about $700 million in the end of quarter two.

轉到您關於金融服務的第二個問題。這是我們第一次對貸款規模做出展望。我希望這對大家有幫助。所以我們說過，到今年年底，我們的收入將達到 10 億美元。截至第二季末，我們的營收約為 7 億美元。

And the reason why we're very confident that we can exceed $1 billion is because of the very strong product lineup we have, both for GrabFin, our fintech arm, and for the digital banks. So for the first time, we've got personal lending products available for all three banks. We've got BNPL available through GrabFin in multiple markets.

我們之所以非常有信心能夠超過 10 億美元，是因為我們擁有非常強大的產品陣容，包括我們的金融科技部門 GrabFin 和數位銀行。因此，我們首次為這三家銀行提供個人貸款產品。我們透過 GrabFin 在多個市場提供 BNPL。

And as of the middle of this year, so going forward for the full second half, we have the supply chain financing capability that we got by acquiring the Validus business in Singapore, which has now been rebranded GXS Capital through GXS Bank. So we've been financing SMEs through the supply chain.

從今年年中開始，也就是整個下半年，我們透過收購新加坡的 Validus 業務獲得了供應鏈融資能力，該業務現已透過 GXS 銀行更名為 GXS Capital。因此，我們一直透過供應鏈為中小企業提供融資。

In other words, with a well-managed risk profile because based on the risk of larger corporate off-takers, and it's a very good fit with our ecosystem. So that's a capability that not only will we grow in Singapore, but we'll start to expand across the region as well.

換句話說，由於基於較大企業承購商的風險，因此具有良好管理的風險狀況，並且非常適合我們的生態系統。因此，我們不僅在新加坡發展這項能力，而且還將開始擴展到整個地區。

If you look at the numbers carefully, the $1 billion represents an acceleration half-on-half. So the half-on-half growth was 32% in the first half and $1 billion with us reaching 41% in the second half. And that's because of this product lineup that I mentioned earlier and also our increasing faith in the system data advantage that we have for underwriting and distribution.

如果你仔細看這些數字，你會發現 10 億美元代表一半的加速。因此，上半年的年成長率為 32%，下半年的年成長率為 10 億美元，達到 41%。這是因為我之前提到的產品陣容，以及我們對承保和分銷系統資料優勢的信心日益增強。

So our credit models are performing well. The performance, the gene coefficients that we're managing to generate are significantly higher than they were when we first started this journey.

因此我們的信用模型表現良好。我們設法產生的表現和基因係數明顯高於我們剛開始這趟旅程時的水平。

And we're getting more and more capabilities there as we ingest more data fields from across our ecosystem.

隨著我們從整個生態系統中獲取越來越多的資料字段，我們獲得的功能也越來越強大。

I can reiterate also the breakeven target. So for our financial services overall, we expect to break even in the second half of 2026. And for the three banks, we expect to break even in the fourth quarter of 2026. So our approach overall is high growth. This is still the fastest-growing business that we have.

我也可以重申損益平衡目標。因此，就我們的整體金融服務而言，我們預計在 2026 年下半年達到收支平衡。對於這三家銀行，我們預計它們將在 2026 年第四季實現收支平衡。因此，我們的總體方針是高成長。這仍然是我們成長最快的業務。

We remain focused on balancing risk management as well as scale as we grow this business.

在發展業務的同時，我們仍將重點放在平衡風險管理和規模。

Ranjan, just to add on the deliveries margin. If you look at some of the countries that probably operate in today, a majority of those countries are already in the ZIP code of 4% to 5% deliveries margin. and it's been very consistent throughout many quarters now.

Ranjan，只是為了增加交付利潤。如果你看目前可能開展業務的一些國家，你會發現其中大多數國家的郵遞區號已經處於 4% 到 5% 的配送利潤率範圍內。而且現在很多季度的利潤率都非常穩定。

So we have some work to do in terms of closing the gap on some of the other countries, which we're very focused on. Also, at the same time, we're balancing the under penetration of deliveries, which Alex spoke about, which we feel that we're balancing with also fueling that growth on the top line as we bring new users into the platform.

因此，我們在縮小與其他一些國家的差距方面還有很多工作要做，我們對此非常關注。此外，與此同時，我們正在平衡 Alex 提到的配送滲透率不足的問題，我們認為，隨著我們將新用戶引入平台，我們正在平衡這個問題，同時也在推動營收成長。

And also with advertising, scaling up that Alex also spoke about, we feel that we're very confident we can get to a margin improvement in deliveries but also we're not going to sacrifice the growth that we're seeing at the same time also. It's a balancing act. We've got some countries already north of 4%. We're also balancing us overall as an ecosystem as a business, a deliveries business. We also want to make sure we're also fueling that 20% growth rate that we're seeing across deliveries.

而且，透過亞歷克斯談到的廣告和擴大規模，我們非常有信心提高交付量的利潤率，但我們也不會犧牲同時看到的成長。這是一種平衡行為。有些國家的比例已經超過 4%了。我們也在整體上平衡我們的生態系統、業務和配送業務。我們也希望確保我們能夠實現交付量 20% 的成長率。

All right. So we're going to wrap up the call here. So thank you very much, everyone, for dialling in. Anthony, Alex and I really want to express our appreciation to all our drivers and to all our merchant partners and all our customers and users and shareholders for really just continuing the trust in Grab. Thank you also to the Grab team for a great quarter; looking forward to delivering a strong second half.

好的。因此，我們的通話就到此結束。非常感謝各位的撥入。安東尼、亞歷克斯和我真心想向所有司機、所有商家夥伴、所有客戶、用戶和股東表示感謝，感謝他們一直以來對 Grab 的信任。也要感謝 Grab 團隊在本季的出色表現；期待下半年取得強勁進展。

Together with our IR team, Doug, Ken and I, we'll be on the road over the next few weeks. We'll be attending various IR conferences across US, Hong Kong and Singapore in the coming weeks. So if you wish to meet up, please reach out to any of us here. We'd love to see you in person and catch up then.

我將與 Doug、Ken 和我們的 IR 團隊一起在接下來的幾週內上路。我們將在未來幾週內參加美國、香港和新加坡的各種 IR 會議。因此，如果您想見面，請聯絡我們中的任何一個人。我們很高興能親自見到您並與您敘舊。

Thank you for this morning. And for those dialling in, in a different time zone, we appreciate it, and we'll talk over the next few weeks. Thank you, everyone.

謝謝你今天早上的陪伴。對於那些在不同時區撥打電話的人，我們表示感謝，我們將在接下來的幾週內進行交談。謝謝大家。

Thank you. This concludes Grab's second-quarter 2025 earnings conference call. Thank you for your participation. You may now disconnect.

謝謝。Grab 2025 年第二季財報電話會議到此結束。感謝您的參與。您現在可以斷開連線。