Grab Holdings Ltd (GRAB) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for joining us today. My name is Tyler, I will be your conference operator for this session. Welcome to Grab's Third Quarter 2025 Earnings Results Call. (Operator Instructions) I will now turn it over to Douglas Eu to start the call.

女士們、先生們，感謝各位今天蒞臨。我叫泰勒，我將擔任本次會議的接線生。歡迎參加Grab 2025年第三季財報電話會議。（操作員指示）現在我將把電話交給 Douglas Eu 開始通話。

Good day, everyone, and welcome to Grab's Third Quarter Earnings Call. I'm Douglas Eu, 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第三季財報電話會議。我是 Douglas Eu，Grab 的投資者關係和策略財務總監。今天與我一同出席的還有執行長 Anthony Tan；總裁兼營運長 Alex Hungate；以及財務長 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 in 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聲明，包括我們未來的業務和財務表現。這些陳述是基於我們目前的信念和預期。實際結果可能因諸多風險和不確定性而與預期存在重大差異，這些風險和不確定性已在本次盈利電話會議、盈利公告、20-F 表格以及我們向美國證券交易委員會提交的其他文件中進行了描述。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 supplement, but do not replace IFRS financial measures. Please refer to the earnings materials for a 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 website.

本次電話會議我們也將討論非國際財務報告準則下的財務指標。這些措施是國際財務報告準則（IFRS）財務指標的補充，但不能取代IFRS財務指標。有關非 IFRS 財務指標與 IFRS 財務指標的調節，請參閱收益資料。更多信息，請參閱我們網站上提供的盈利新聞稿、講話稿和補充演示文稿。

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

接下來，我將把電話交給安東尼，讓他作開場白，之後我們將開始提問環節。

Thank you so much, Doug. Really appreciate everyone being here with us. This quarter marks another vital step forward in our journey, not just in our financial performance, but in how we are building a more resilient tech-driven platform for the long term. Our growth was a key standout this quarter, accelerating to new records as product-led innovations drove nearly a $6 million year-over-year increase in monthly transacting users to $48 million. This fueled a 24% year-on-year increase in on-demand GMV or 20% on a constant currency basis. At the same time, we continue to maintain cost discipline and leverage our ecosystem scale to drive profitable growth.

非常感謝你，道格。非常感謝大家能來和我們在一起。本季標誌著我們在發展歷程中又向前邁出了重要一步，不僅體現在我們的財務表現上，也體現在我們如何建立一個更具韌性的、技術驅動的長期平台上。本季度，我們的成長表現尤為突出，產品創新推動月交易用戶數年增近 600 萬美元，達到 4,800 萬美元，創下新紀錄。這推動了隨選 GMV 年成長 24%，以固定匯率計算成長 20%。同時，我們繼續保持成本控制，並利用我們的生態系統規模來推動獲利成長。

Group adjusted EBITDA rose 51% year-on-year to a new record of $136 million, marking our 15th consecutive quarter of sequential profitability improvement. Our adjusted free cash flow also improved by $185 million year-on-year to EUR 283 million on a trailing 12-month basis. Now these achievements are the direct result of our consistent focus on improving accessibility, affordability and reliability. This has enabled us to continue growing earnings for our driver and merchant partners, while expanding our marketplace, bringing new users on the platform and deepening engagement and loyalty among our user base.

集團調整後 EBITDA 年增 51%，創下 1.36 億美元的新紀錄，標誌著我們連續第 15 個季度實現盈利能力環比提升。過去 12 個月，我們調整後的自由現金流也較去年同期成長 1.85 億美元，達到 2.83 億歐元。這些成就正是我們持續致力於提高可近性、可負擔性和可靠性的直接結果。這使我們能夠繼續提高司機和商家合作夥伴的收入，同時擴大我們的市場，為平台帶來新用戶，並加深用戶群的參與度和忠誠度。

As we head into the final stretch of 2025, we expect to exit the year on a high note. We remain on track for our financial services loan portfolio to exceed $1 billion and for full year on-demand GMV growth to accelerate from 2024 levels. As a result, both our Mobility and Delivery segments are well on track to exit the year at record GMV levels.

2025 年即將進入尾聲，我們期待以一個好的成績結束這一年。我們仍有望實現金融服務貸款組合超過 10 億美元的目標，並有望實現全年按需 GMV 成長速度超過 2024 年的水準。因此，我們的旅遊和配送業務板塊均預計在年底前創下GMV新高。

With our teams executing with focus and AI unlocking new growth and efficiency frontiers at unprecedented speed. We are confident in our ability to drive sustainable long-term value for our users, partners and shareholders.

我們的團隊以專注的態度執行任務，人工智慧以前所未有的速度解鎖了新的成長和效率領域。我們有信心為用戶、合作夥伴和股東創造可持續的長期價值。

With that, I'll now open the call for questions. Operator?

接下來，我將開始接受提問。操作員？

(Operator Instructions)

（操作說明）

Pang Vitt, Goldman Sachs.

Pang Vitt，高盛。

Hi, good morning management and thank you very much for the opportunities. Two questions from me. Number one, on the competitive landscape. Can you help us discuss some of the lasers that you've seen on the competitive landscape, especially in Indonesia, you delivered a strong 24% year-on-year in your on-demand service overall wondering whether there's any color you can share for what is the growth you have achieved in Indonesia? And what have led to your strong outperformance versus peers? That's question number one.

各位領導者早安，非​​常感謝你們提供的機會。我有兩個問題。第一，在競爭格局方面。您能否幫我們探討一下您在競爭格局中觀察到的一些雷射技術，尤其是在印尼？您的隨選服務整體實現了強勁的 24% 年成長，我們想知道您能否分享您在印尼取得的成長的具體情況？是什麼原因導致您比同業表現得更出色？這是第一個問題。

Question number two, can you discuss further on your latest update in guidance? What have led you to increase the guidance? And can you help us break down estimate by segment?

第二個問題，您能否進一步討論一下您最新的指導意見更新？是什麼原因促使您加強指導？您能幫我們按細分市場細分估算數據嗎？

Alex here. Let me take your first question, and Peter will take the second question. On Indonesia, it's a key market for us. Our business continues to perform strongly there. It remains a very competitive market. But what we're seeing is that the product-led growth strategy that we've been talking about for the last few quarters is driving an increase in MTUs for both deliveries and mobility, particularly the affordability, strategy is bringing in a lot of Grab bike and Grab car saver users at the lower end of the pricing ladder. And at the top end, Indonesia still has a lot of wealthy customers, and we've launched Grab executive there for mobility, and there's a lot of domestic tourism and business travel, which is helping drive our high-value rides and our priority food delivery services.

我是Alex。我來回答你的第一個問題，第二個問題由彼得來回答。印尼是我們的關鍵市場。我們在當地的業務持續表現強勁。這是一個競爭非常激烈的市場。但我們看到，過去幾季我們一直在談論的產品驅動成長策略正在推動配送和出行服務 MTU 的成長，尤其是價格實惠的策略，吸引了大量 Grab 自行車和 Grab 汽車優惠用戶，這些用戶的價格處於較低水平。在高端市場，印尼仍然有許多富裕的客戶，我們在那裡推出了 Grab Executive 旅遊服務，而且國內旅遊和商務旅行很多，這有助於推動我們的高價值乘車服務和優先送餐服務的發展。

We're also growing GrabMart, which is helping to drive those elevated levels of the delivery GMV growth that we're seeing. So overall, it's a reflection of microcosm of what we're doing across the group. I would say you can't see these in the numbers, but I can tell you that there's strong growth in Indonesia, and a strong sequential margin improvement as well. So we're very comfortable with what we're doing in terms of the market position and our penetration of the overall opportunity in Indonesia, which remains huge and something we continue to be excited about as we invest in that country.

我們也在發展 GrabMart，這有助於推動我們所看到的配送 GMV 的顯著成長。總的來說，這反映了我們整個集團所做工作的縮影。雖然從數字上看不出來，但我可以告訴你，印尼市場成長強勁，而且利潤率也實現了強勁的環比成長。因此，我們對我們在印尼的市場地位和整體市場滲透情況感到非常滿意，印尼的市場仍然非常巨大，我們將繼續對在該國的投資感到興奮。

Pang, on your guidance question, look, you've seen our numbers from Q1 to Q3, how we've been performing, we're continuing to have that consecutive quarter-on-quarter growth in our EBITDA guidance, and part of that is the top line growth that you're seeing in the business that Alex just talked about. You've got that nice momentum in our deliveries business, growing at 26% clip. You've got our mobility business also growing at 20%. So -- and let's not forget also our financial service is growing at 40% revenue and our loan book continues to hit all-time high. So you've got nice momentum just overall from the top line side. But also at the same time, we continue to be very disciplined on our cost structure. You see our regional corporate costs increasing only 8% on a year-over-year basis. But what's more important now that we're seeing about 150 basis points improvement in operating leverage as a percentage of revenue of our regional corporate costs. And that gets critical as we continue to make sure that we're spending in the right areas.

Pang，關於你的業績指引問題，你看，你已經看到了我們從第一季度到第三季度的業績數據，我們的表現如何，我們的 EBITDA 指引繼續保持著連續的季度環比增長，其中一部分原因是 Alex 剛才提到的業務盈利增長。我們的配送業務發展動能良好，成長率達 26%。我們的出行業務也以 20% 的速度成長。所以——而且別忘了，我們的金融服務收入成長了 40%，貸款總額也持續創歷史新高。所以從整體來看，你們的進攻勢頭不錯。但同時，我們在成本結構方面也持續保持非常嚴格的控制。您可以看到，我們區域企業成本比去年同期僅成長了 8%。但現在更重要的是，我們看到營運槓桿率（以收入佔區域公司成本的百分比計算）提高了約 150 個基點。這一點至關重要，因為我們需要繼續確保把錢花在正確的領域。

So we expect the strong top line growth to continue into the quarter where fourth quarter is usually our strongest quarter, we're on track to make sure that we deliver all the things that Alex mentioned about affordability, reliability, accessibility. And so with that, we are more confident in raising our EBITDA guidance to the $490 million and $500 million for the full year 2025, I do want to caveat that as we enter into Q1, which is around the corner for us. It's one of our more softer season, which is really very traditional for us. So -- but we do expect to maintain that profitable growth going into 2026.

因此，我們預計強勁的營收成長勢頭將推遲到第四季度，而第四季度通常是我們業績最好的季度。我們正按計劃推進，確保實現 Alex 提到的所有關於價格合理、可靠性和可及性的問題。因此，我們更有信心將 2025 年全年 EBITDA 預期上調至 4.9 億美元至 5 億美元。不過，我想提醒大家，隨著第一季即將到來，情況可能會有所改變。這是我們比較溫和的季節之一，這對我們來說非常傳統。所以——但我們預計到 2026 年將保持這種獲利成長動能。

Thank you.

謝謝。

Alicia Yap, Citigroup.

Alicia Yap，花旗集團。

Hello, good morning, management. Thanks for taking my questions. Congratulations on the solid set of results. Two questions. First, could you elaborate a little bit on your MTU growth? Have you seen any major differentiations in terms of the user profile you added this quarter compared to last few quarters. For example, is that more female this quarter, any more of the younger generations or any like the second or the lower-tier cities that contributed to the bigger additions of the new user this quarter? So any metrics that you could share would be helpful.

各位領導早安。謝謝您回答我的問題。祝賀你們取得如此優異的成績。兩個問題。首先，您能否詳細介紹一下您的 MTU 成長情況？與過去幾季相比，您在本季新增的使用者畫像方面是否觀察到任何重大差異？例如，本季新增用戶中女性用戶是否更多？年輕一代用戶是否更多？或者來自二線或低線城市的用戶更多？這些因素共同促成了本季新增用戶的大幅成長。所以，如果您能分享一些指標，將會很有幫助。

And then second question is, given the successful conversions of the product-led innovations to drive the order growth and also the higher frequency per user as well as your explorations into the GrabMart and also the grocery business, so following few quarters of the accelerated GMV growth for your delivery business, how should we be thinking about the growth rate for the fourth quarter this year and also into 2026? Should the growth rate be normalizing around maybe mid- to high teens or would that be possible to stay above the 20% growth for 2026?

第二個問題是，鑑於產品主導的創新成功推動了訂單增長，用戶單次購買頻率也更高，以及你們對 GrabMart 和雜貨業務的探索，在你們的配送業務 GMV 經歷了幾個季度的加速增長之後，我們應該如何看待今年第四季度以及到 2026 年的增長率？成長率應該穩定在十幾到二十幾的水平，還是有可能在 2026 年保持 20% 以上的成長率？

And then if you are able to grow faster than the high teens or even 20% mark, would that mean your margins expansion will be more gradual or even potentially see margin flattish or declining for next year? Thank you.

那麼，如果你能夠以超過 10% 甚至 20% 的速度成長，這是否意味著你的利潤率擴張會更加緩慢，甚至明年利潤率可能會持平或下降？謝謝。

Thanks, Alicia, for those questions. Let me take those two. So MTU growth, as you saw on demand MTUs grew 14% year-on-year. In fact, DTUs grew even faster. So our daily transaction are growing faster than our monthly transactions. So we are succeeding in our goal of being part of the daily lives of Southeast Asian. On demand transactions, the actual transactions grew 27%. So you can clearly see that increase in frequency effect as well. And this is very much part of our strategy for driving the flywheel of increased demand, increased supply, improved quality of services and driving further demand after that.

謝謝艾莉西亞提出這些問題。這兩個我來拿吧。因此，正如您所看到的，按需 MTU 同比增長了 14%。事實上，DTU 的成長速度甚至更快。因此，我們的每日交易量成長速度比月交易量成長速度更快。因此，我們正在成功地實現融入東南亞人民日常生活的目標。按需交易的實際交易量增加了 27%。所以你也可以清楚看到頻率增加所帶來的影響。而這正是我們推動需求成長、供應增加、服務品質提高並在此基礎上進一步刺激需求的策略的重要組成部分。

In terms of the demographics, saver deliveries obviously have been instrumental in acquiring new users, growing frequency as well over the past few quarters. So almost one-third of our deliveries MTUs, joining the platform, the new MTUs are coming through Saver deliveries. So that's an important driver of the flywheel again this quarter. It's similar for transport, where we see Grab bike saver and Grab car saver also bringing in a lot of MTUs. At the same time, as I mentioned earlier, when I was answering Bang's question, the high-value services are also growing fast. So high-value rides grew 66% year-on-year. And then priority delivery is also growing fast. So we're seeing growth at both ends of the pricing ladder, which is healthy. But the critical thing is that we're also being successful in cross-selling and retaining these new users to build long-term value, long-term customer value.

從人口統計數據來看，在過去的幾個季度裡，經濟實惠的配送方式顯然對吸引新用戶起到了重要作用，配送頻率也隨之增加。因此，我們近三分之一的送貨 MTU 加入了該平台，這些新的 MTU 是透過 Saver 送貨方式送來的。所以，這又是本季推動飛輪效應的重要因素。交通領域的情況也類似，我們看到 Grab 自行車優惠和 Grab 汽車優惠也帶來了大量的 MTU（行動終端用戶）。同時，正如我之前在回答 Bang 的問題時提到的那樣，高價值服務也在快速成長。因此，高價值乘車服務年增了 66%。優先配送服務也正在快速成長。因此，我們看到價格階梯兩端的產品都在成長，這是健康的。但關鍵在於，我們在交叉銷售和留住這些新用戶方面也取得了成功，從而建立了長期價值，即長期的客戶價值。

So what you can see overall, if you look at the GMV per MTU, so despite the strong growth in MTUs, the GMV spend per MTU grew 7% year-on-year. So I think that shows that your affordability strategy is both bringing in new customers, but also with our cross-sell is allowing us to deepen the value for each of those customers. So this growth effect is distributed both across big and small cities, you asked about that. But I would say that it skews to younger customers for the Saver products. But it does show that our product-led flywheel for deliveries and mobility is spinning faster and faster.

因此，從整體上看，如果你看一下每 MTU 的 GMV，你會發現，儘管 MTU 數量強勁增長，但每 MTU 的 GMV 支出同比增長了 7%。所以我認為這表明，你們的平價策略不僅帶來了新客戶，而且透過交叉銷售，也讓我們能夠加深對每個客戶的價值。所以，這種成長效應既分佈在大城市也分佈在小城市，你問過這個問題。但我認為，Saver 系列產品的消費者群更偏向年輕族群。但這表明，我們以產品為導向的配送和出行領域的飛輪正在加速運轉。

And then your next question about growth rates going forward. We still feel that the -- our MTU penetration of Southeast Asia is low, when you consider the size of the population and the growing spending power. So when you look at what's driving these elevated growth levels in the last three quarters where we've managed to accelerate quarter after quarter, you can see that there are three elements, which I feel are all sustainable going forward. One is the product-led viral growth. Without increasing consumer incentives, we're able with group orders and family accounts to bring in new users, so the ecosystem is self-generating and bringing in new users on its own. We've also got this very strong GU base, Grab Unlimited is the biggest subscription program, paid subscription program in Southeast Asia. The users grew again 14% year-on-year to another all-time high. So they now represent over 20% of our delivery MTU base. This is also a sustainable driver of future growth. And then we have this adjacent Grab Mart opportunity where now we have this functionality called Grab more where a food user can just add on a grocery order to the food delivery that they're about to receive, proving to be very popular, and that will allow us to penetrate more and more of our large food base so that we can keep GrabMart growing. It's already growing at 1.5 times the size of food, but we think there's potential to increase that penetration.

接下來，您問的是關於未來成長率的問題。我們仍然認為，考慮到東南亞的人口規模和不斷增長的消費能力，我們的 MTU 在東南亞的滲透率仍然很低。因此，當你觀察過去三個季度推動我們逐季加速成長的因素時，你會發現有三個要素，我認為這三個要素在未來都是可持續的。一種是產品驅動的病毒式成長。無需增加消費者獎勵措施，我們就能透過團購和家庭帳戶吸引新用戶，因此該生態系統能夠自我發展並自行吸引新用戶。我們也擁有非常強大的 GU 用戶基礎，Grab Unlimited 是東南亞最大的付費訂閱方案。用戶數量年增 14%，再創新高。因此，它們現在占我們交付 MTU 基礎的 20% 以上。這也是未來永續成長的驅動力。此外，我們還有 Grab Mart 的鄰近機會，現在我們推出了一項名為 Grab More 的功能，食品用戶可以將雜貨訂單添加到即將收到的食品配送中，事實證明這項功能非常受歡迎，這將使我們能夠滲透到我們龐​​大的食品用戶群中，從而使 Grab Mart 保持增長。它目前的生長速度已經是食品的 1.5 倍，但我們認為它還有提升滲透率的潛力。

In terms of the margin impact, we will be disciplined in driving sustainable growth, but also focusing on the absolute EBITDA growth. If you look at the margins this quarter, in fact, they've improved both for mobilities and for deliveries. As we've said in prior quarters, sometimes we'll launch new products and we'll promote those new products, and that will mean margins dip down. But overall, you can see that the margins this quarter have recovered to the average levels for the year. So there's no change in our margin outlook that we stated for the longer term. We still expect to get deliverers to 4% plus and mobility to 9% plus.

就利潤率影響而言，我們將嚴格控製成長，同時專注於實現永續成長，並專注於絕對 EBITDA 成長。事實上，如果你看一下本季的利潤率，你會發現出行和配送的利潤率都有提高。正如我們在前幾季所說，有時我們會推出新產品，我們會推廣這些新產品，這意味著利潤率會下降。但總體而言，可以看出本季利潤率已恢復到全年平均水準。因此，我們對長期利潤率的預期並沒有改變。我們仍然期望送貨員的比例達到 4% 以上，行動端的比例達到 9% 以上。

So we believe we can do this while not sacrificing growth. As you heard earlier, we expect fourth quarter on-demand GMV to grow sequentially from the third quarter. So we will exit 2025 at record GMV levels and make a healthy entry into 2026. And we do expect margins for deliveries to continue to grow from these levels into next year even while we invest into new product initiatives and the grocery growth where we're seeing stronger and stronger traction. Thanks, Alicia.

因此，我們相信我們可以在不犧牲成長的前提下做到這一點。正如您之前聽到的，我們預計第四季度按需GMV將比第三季度環比增長。因此，我們將以創紀錄的GMV水平結束2025年，並健康地進入2026年。我們預計，即使我們投資於新產品計劃和食品雜貨業務的成長（我們看到這方面的成長勢頭越來越強勁），明年配送業務的利潤率仍將繼續從目前的水平增長。謝謝你，艾莉西亞。

Thanks. Very helpful.

謝謝。很有幫助。

Navin Killa, UBS.

Navin Killa，瑞銀集團。

Hi, good morning, and thank you for giving me the opportunity. I had a couple of questions. One is with regards to your balance sheet. Obviously, strong cash balance, you raised the CBs earlier this year, and the business continues to be free cash flow positive. So how should we think about the use of this cash going into the next 12 to 18 months? And then secondly, in the context of some of the growth conversations that we have had, just wanted to understand how you are seeing the macro environment. And I mean, if you were to split this growth for this year between, let's say, macro market share gains and the impact of some of these initiatives that we have launched around new products, how would you qualitatively think of these three factors driving the growth?

您好，早安，感謝您給我這個機會。我有幾個問題。一是關於你的資產負債表。顯然，現金餘額充足，你們在今年早些時候籌集了可回收資金，而且公司繼續保持正自由現金流。那麼，我們該如何考慮在未來 12 到 18 個月內使用這筆資金呢？其次，結合我們之前進行的一些關於成長的討論，我想了解您是如何看待宏觀環境的。我的意思是，如果將今年的成長分解為宏觀市場份額的成長和我們圍繞新產品推出的一些舉措的影響，您會如何定性地看待這三個推動成長的因素？

Navin, it's Peter here. Let me kick it off with your first question around capital allocation, and I'll ask Anthony to chime in around the macro -- your question about macro. On the capital allocation framework, no change in terms of how we're thinking about it. And we've always been our focus as always on three pillars. The first one is around investing for organic growth. And you're seeing that in the business, the profitability of our business and the growth that you're seeing and some of that came from also some product adjacencies and tuck-ins that we've done as part of that profitable growth that you're seeing. But the organic growth has been really critical. One way that we've been deploying the balance sheet is on our loan book. If you look at the loan dispersal for Q3, for an example, we hit roughly $3.5 billion on an annualized basis on that dispersal. So Q3 alone was up roughly about 56% on a year-over-year. And that's a majority of that is on our balance sheet itself. So it's a great use of capital for us. It heals a higher rate of return. Actually, it returns above our average cost of capital for us, and we'll continue to use that balance sheet as we recycle those loans. That's just one example in terms of organic. We're also obviously deploying some of those capital in terms of investing in terms of new products that were earmarking for 2026.

納文，我是彼得。讓我先回答你關於資本配置的第一個問題，然後我會請 Anthony 就宏觀經濟方面發表一下看法——你關於宏觀經濟的問題。在資本配置框架方面，我們的想法並沒有改變。我們始終將重點放在三大支柱上。第一個方面是關於投資以實現有機成長。您在業務中看到了這一點，我們業務的盈利能力和增長，其中一些也來自我們為實現您所看到的盈利增長而進行的一些產品鄰近性和整合性調整。但有機成長至關重要。我們運用資產負債表的一種方式就是將其應用到我們的貸款帳簿上。以第三季的貸款發放為例，我們以年化計算的發放額約為 35 億美元。因此，僅第三季就年增了約 56%。而其中大部分都體現在我們自己的資產負債表上。所以這對我們來說是一筆非常划算的資金。它能帶來更高的報酬率。實際上，它的回報率高於我們的平均資本成本，我們將繼續利用該資產負債表來回收這些貸款。這只是有機食品的一個例子。我們顯然也將部分資金用於投資原計劃於 2026 年推出的新產品。

On the second pillar is around what we call very highly selective M&A, which are more opportunistic and those are a lot more where it's more speculative also. But those have a very high bar, as you know, and we've always talked about this. But where we have been investing in some of the longer-term bet that we're looking at for things such as autonomous vehicles. And we've deployed some of those capital in making in those critical investments that we're leaning into. You've seen the announcement that we made with ride for an example, may mobility as part of our strategic pillar in terms of making sure that we are the pioneer and we're leaning in, in terms of autonomous vehicles deployment here in Southeast Asia. But overall, as a framework that M&A is a very high bar for us, and we want to make sure that the synergies that we can extract is of a greater value.

第二支柱是所謂的高度選擇性併購，這類併購更具機會主義性質，也更具投機性。但你也知道，這些標準非常高，我們一直在討論這個問題。但我們一直在投資一些長期項目，例如自動駕駛汽車。我們已經將部分資金投入到我們正在重點關注的關鍵投資領域。例如，你們已經看到了我們發布的公告，我們將出行作為我們戰略支柱的一部分，以確保我們在東南亞自動駕駛汽車部署方面成為先驅並積極參與其中。但總的來說，併購對我們來說是一個很高的標準，我們希望確保我們能夠獲得的協同效應具有更大的價值。

And then third, where there's excess capital, Navin, we'll obviously look at returning it to our shareholders. So those remain critical. Those three things that we believe in the recent capital raise that it will give us strategic flexibility in the interest of our investors. We'll continue to look at and explore those longer-term growth that Alex mentioned and how do we create the best value for our shareholders. But we are always, always prudent in terms of how we are managing our capital and our balance sheet. So hopefully, that answers the question. Anthony, on the macro.

第三，納文，如果有多餘的資金，我們顯然會考慮將其返還給股東。所以這些仍然至關重要。我們相信，最近的這筆融資將賦予我們策略彈性，從而維護投資者的利益。我們將繼續關注並探索 Alex 提到的那些長期成長點，以及如何為我們的股東創造最大價值。但是，我們在管理資本和資產負債表方面始終保持謹慎。希望這能解答你的疑問。安東尼，關於宏觀經濟。

Thanks, Peter. And thanks, Navin, for a really good question, especially on the macro environment. So look, in Southeast Asia, there's been a lot of positive focus recently. As many of you are aware, Malaysia hosted the ASEAN Summit earlier this week, and President Trump visited a region to finalize trade negotiations with several of the Southeast Asian countries. I wanted to call out was the peace agreement between Thailand and Cambodia. These have been two very significant and positive events for the region, and we are seeing signs of tourism recovery in Thailand as the country heads into its seasonally strongest quarter of the year.

謝謝你，彼得。謝謝 Navin 提出了一個很好的問題，尤其是在宏觀環境方面。所以你看，最近東南亞有很多正面的關注點。正如許多人所知，馬來西亞在本週稍早主辦了東協峰會，川普總統訪問了該地區，與幾個東南亞國家敲定了貿易談判。我想強調的是泰國和柬埔寨之間的和平協議。這兩件事對該地區來說都是非常重要且積極的事件，隨著泰國進入一年中旅遊旺季，我們看到了泰國旅遊業復甦的跡象。

Now to Navin, your second part of your question, are we seeing weakness in consumption? The short answer is no. Our platform is proving to be highly resilient. We're not seeing a broad-based slowdown. In fact, our model is built for this exact environment point to two key reasons. One, our strategy is countercyclical. The uncertainty in many ways actually accelerates our flywheel. We are seeing a healthy increase in partners coming into our gig platform to find income. And that, of course, improves supply. This also enables us to reduce wait times and hunt reliability and most importantly, it lowers prices values as our users, which our users really appreciate. This increases our affordability and grows the overall user base, as you saw in our numbers, which is our key strength.

現在回答納文的第二個問題，我們是否看到消費疲軟？簡而言之，答案是否定的。事實證明，我們的平台具有很強的穩定性。我們並未看到普遍的經濟放緩。事實上，我們的模型正是為這種環境而建構的，這主要有兩個原因。第一，我們的策略是反週期的。不確定性在許多方面實際上加速了我們的發展進程。我們看到越來越多的合作夥伴加入我們的兼職平台尋找收入來源。當然，這會改善供應。這也有助於我們減少等待時間，提高搜尋可靠性，最重要的是，它降低了用戶的價格，我們的用戶對此非常感激。這提高了我們的性價比，並擴大了用戶群體，正如您從我們的數據中看到的那樣，這是我們的關鍵優勢。

Also, our focus on affordability is paying off. So this is a new. Our focus on affordability, which we began in 2023, with products like Saver delivery, Saver transport, that was explicitly designed for this purpose. These services are now essential for users, enabling them to manage their wallets effectively. So this makes us a must-have service not a nice to have, which protects us from a pullback in discretionary spending. Look, but the reality is we may not be immune to macro trends, but our strategy is designed to be resilient and even opportunistic in this landscape.

此外，我們對價格親民的重視也取得了成效。這是新的。我們從 2023 年開始關注價格實惠，推出了 Saver 送貨、Saver 運輸等產品，這些都是專門為此目的而設計的。這些服務現在對用戶來說至關重要，使他們能夠有效地管理自己的錢包。因此，這使我們成為一項必不可少的服務，而不是一項可有可無的服務，這保護我們免受可自由支配支出減少的影響。但現實情況是，我們可能無法免受宏觀趨勢的影響，但我們的策略旨在適應這種環境，甚至抓住機會。

So we continue to reinforce this by partnering with governments as well. For instance, in Indonesia, we've been running what we call the Gota Masa Dean, which is a future cities program in partnership with the Ministry of medium small and micro enterprises, where we have worked to support small businesses and digital upscaling across nearly 20 cities. And in Vietnam, our EV launch is really to design to drive better NPS and also lower partners costs. These on-site projects, they strengthen our ecosystem and create a more sustainable, profitable business for the long term. So we are confident in our strategy and our outlook.

因此，我們也將繼續透過與各國政府合作來加強這一點。例如，在印度尼西亞，我們一直在開展一個名為「Gota Masa Dean」的未來城市項目，該項目與中小微型企業部合作，致力於支持近 20 個城市的小型企業和數位化升級。在越南，我們推出電動車的真正目的是為了提高淨推薦值 (NPS) 並降低合作夥伴的成本。這些現場專案能夠增強我們的生態系統，並為長期發展創造更永續、更有利可圖的業務。因此，我們對我們的策略和前景充滿信心。

Venugopal Garre, Bernstein.

Venugopal Garre，Bernstein。

Hi, good morning and thanks for the opportunity. Two questions from me. First question, is more something that you discussed earlier in the call about the Grab mart business, the grocery business, which is outpacing the growth of full delivery. I wanted to really understand in terms of regions that are driving that growth for you, especially geographic regions and more importantly, I want to understand what are those big initiatives that you would need to incrementally take to make this a much, much larger segment? The reason I'm asking this is because grossery on an absolute basis is perhaps still relatively smaller in terms of penetration compared to the overall TAM that is there in the region. So newer models like with Commerce, any thoughts around any change in landscape around the models that you might use to really scale up this business? That's the first question.

您好，早安，感謝您給我這個機會。我有兩個問題。第一個問題，其實更像是您之前在電話會議中討論過的關於 Grab Mart 業務（雜貨業務）的內容，該業務的增長速度超過了全面配送業務。我想真正了解一下，在哪些地區推動了你們的成長，特別是地理區域；更重要的是，我想了解一下，你們需要逐步採取哪些重大舉措，才能使這個細分市場變得更大？我之所以這麼問，是因為就絕對值而言，與該地區的整體潛在市場規模相比，Grossery 的滲透率可能仍然相對較小。那麼像 Commerce 這樣的新模式，對於您可能用來真正擴大業務規模的模式格局是否有任何變化，您有什麼想法？這是第一個問題。

The second one is more of a follow-up on the investment side of question that was discussed. I wanted to understand the investments that you have done in the autonomous tech company. This is largely to secure tech? Or is it more in the nature of financial investment? And more importantly, could you also outline the current progress with respect to the rollout on autonomous. Thanks.

第二個問題更像是對先前討論的投資問題的後續探討。我想了解您在自動駕駛技術公司進行的投資情況。這主要是為了保障技術安全嗎？或者它更屬於金融投資的範疇？更重要的是，您能否概述一下目前在自動駕駛技術推廣方面的進展？謝謝。

Thanks, Venu. This is Alex. Let me take the first question. I think Anthony will take the question about AVs. So you're right. Our deliveries -- our Groceries business, GrabMart, is relatively small compared to the rest of deliveries. It's only about 10% of deliveries GMV today. So it's very small compared to the TAM that you correctly identified is out there. We are seeing GrabMart grow across all markets. And one of the drivers for that is the rollout of GrabMore, this capability that allows customers to add groceries to their food orders for the same delivery cost, proving to be very, very powerful for cross-sell into groceries. So GrabMark continues to outperform, growing 1.5 times faster than food delivery segment. And we've also seen that the users of both food and mart demonstrate order frequencies that are 1.8 times higher than food-only users. So we know that it's a great driver of stickiness and loyalty and long-term value.

謝謝你，維努。這是亞歷克斯。讓我來回答第一個問題。我認為安東尼會回答關於AV的問題。你說得對。我們的配送業務－我們的雜貨配送業務 GrabMart，與其他配送業務相比規模相對較小。如今，外送配送的商品交易總額僅佔總交易額的10%左右。所以，與您正確指出的潛在市場規模相比，它非常小。我們看到GrabMart在所有市場都實現了成長。其中一個驅動因素是 GrabMore 的推出，這項功能允許顧客以相同的配送費用將雜貨添加到他們的食品訂單中，事實證明，這對於向雜貨交叉銷售非常非常有效。因此，GrabMark 繼續表現出色，其成長速度是食品配送業的 1.5 倍。我們也發現，同時訂購食品和超市商品的用戶，其下單頻率比只訂購食品的用戶高出 1.8 倍。因此我們知道，它是增強用戶黏性、忠誠度和長期價值的重要驅動因素。

In terms of the various business models, we are experimenting about -- with some of the newer business models that would open up more TAM for us. So in Malaysia, where we have Jira we are experimenting with quick commerce around certain Jie stores where we can really sweat the inventory and store assets. So without increasing our fixed cost we're able to drive up the volume of orders quite significantly. Even though the experiments there are primarily grocery focused, but we have seen a nice step-up in demand when quick delivery is an option for customers. So I think there's something to build on there, and we've started to experiment in one or two other countries as well like Indonesia, where we work very closely with certain partners. So yes, I think watch this space, very early days for us. Grocery focus, but we are definitely exploring new models which can help us unlock future large TAM.

就各種商業模式而言，我們正在嘗試一些新的商業模式，這些模式將為我們開拓更大的潛在市場。所以在馬來西亞，我們有 Jira，我們正在圍繞某些 Jie 商店進行快速商務試驗，以便我們可以真正有效地管理庫存和商店資產。因此，在不增加固定成本的情況下，我們能夠大幅提高訂單量。儘管那裡的實驗主要集中在食品雜貨領域，但我們已經看到，當快速送貨成為顧客的選擇時，需求出現了明顯的增長。所以我認為這方面還有發展的空間，我們也開始在其他一兩個國家進行試驗，例如印度尼西亞，我們在那裡與一些合作夥伴密切合作。所以，是的，我想大家拭目以待，我們現在還處於起步階段。我們專注於食品雜貨領域，但我們絕對在探索新的模式，以幫助我們開拓未來龐大的潛在市場。

Now Anthony, on AVs.

現在是安東尼，關於AV。

Yes. Thank you, Venugopal. Let me talk about the plans and our strategy regards to AVs. Now our recent AV investments are all very deliberate. It's part of our long-term strategy to lead the adoption of AV and remote driving across Avis Asia and to secure the technology supply chain through strategic partnerships. While AVs are already a reality in parts of the world, we expect a longer ramp-up to mainstream adoption in Southeast Asia for a few reasons. One, Southeast Asia is still behind in the cost curve. Labor costs in Southeast Asia are significantly lower compared to the U.S. with Singapore being an exception. Now we believe, therefore, it will require considerable time for the unit economics to reach parity with human drivers.

是的。謝謝你，維努戈帕爾。讓我來談談我們在自動駕駛汽車方面的計畫和策略。我們最近對視聽設備的投資都是經過深思熟慮的。這是我們長期策略的一部分，旨在引領 Avis 亞洲地區採用自動駕駛汽車和遠端駕駛技術，並透過策略合作確保技術供應鏈的安全。雖然自動駕駛汽車在世界某些地區已經成為現實，但由於以下幾個原因，我們預計東南亞地區普及自動駕駛汽車需要更長的時間。第一，東南亞在成本方面仍落後。東南亞的勞動成本遠低於美國，新加坡是個例外。因此，我們現在認為，要使車輛的經濟效益與人類駕駛員的水平持平，還需要相當長的時間。

Second, the crossover point will occur when AVs become safer and even cheaper than alternative options before we see a huge transformation in the way current transportation is served. Now as the largest mobility platform in Southeast Asia, AVs and remote driving are something we must lean into. We'll continuously learn about the technical optimization of AV performance on our platform. We'll also maintain a hybrid fleet approach for the foreseeable future and intend to collaborate very closely with regulators across Southeast Asia. Now one of our top priorities as part of this I would say, essential part of this strategy is to work alongside regulators to upscale our driver partners as part of this shift.

其次，只有當自動駕駛汽車比其他交通方式更安全、更便宜時，才會出現轉折點，屆時我們將看到當前交通服務方式發生巨大變化。作為東南亞最大的出行平台，自動駕駛汽車和遠端駕駛是我們必須大力發展的領域。我們將持續學習如何優化我們平台上的AV效能。在可預見的未來，我們將繼續保持混合車隊模式，並計劃與東南亞各地的監管機構密切合作。現在，我認為，作為這項策略的重要組成部分，我們的首要任務之一是與監管機構合作，提升我們司機合作夥伴的水平，以此作為這一轉變的一部分。

Our focus is to find the new jobs that will be required as we shift towards a hybrid transport world. We see new kinds of jobs emerging. For example, drivers could be remote safety drivers, data labelers, they could change lidars, cameras and so forth. So as we lean into AVs and remote driving with several partnerships already under our belt and more underway, we remain very excited about the longer-term opportunity to build capabilities to operate a word-class hybrid human and autonomous fleet to deliver the best experiences for our customers.

我們的目標是找到隨著交通運輸向混合模式轉型而需要的新工作。我們看到一些新型工作正在湧現。例如，駕駛員可以是遠端安全駕駛員、資料標註員，他們可以更換雷射雷達、攝影機等等。因此，隨著我們大力發展自動駕駛汽車和遠端駕駛技術，我們已經建立了多個合作夥伴關係，並且還有更多合作夥伴關係正在進行中，我們仍然對長期發展機遇感到非常興奮，即構建運營世界一流的人機混合車隊的能力，從而為我們的客戶提供最佳體驗。

Wei Fang, Mizuho Securities.

魏芳，瑞穗證券。

Hello, can you hear me, okay?

你好，你聽得到我說話嗎？

Yes, we can go ahead.

好的，我們可以繼續。

Thank you. I have one quick one on the Financial Services segment. We've seen very strong growth there, right, but with sizable bad loan provisions, of course. I was just wondering if management can talk about what you have learned about the newly acquired customers in recent quarters? And how you are fine tuning your risk provisions going forward? That's it. Thank you.

謝謝。我還有一個關於金融服務領域的簡短問題。我們看到那裡的成長非常強勁，對吧，但當然，也伴隨著大量的壞帳撥備。我想請問管理階層能否談談你們在最近幾季從新客戶身上了解到的情況？那麼，你們將如何進一步調整風險準備金？就是這樣。謝謝。

Thanks, Wei. Let me take that one. You're right. We are accelerating our financial services growth, and we are reaffirming our goal to exceed a $1 billion loan book after excluding credit loss provisions by the end of 2025. And -- you can see in these -- in this quarter, there's been an acceleration of loan dispersals. So we're now at a $3.5 billion run rate on an annualized basis, growing 56% year-on-year, so very strong underlying growth.

謝謝你，魏。讓我來做吧。你說得對。我們正在加快金融服務業務的成長，並重申我們的目標，在扣除信貸損失準備金後，到 2025 年底實現超過 10 億美元的貸款規模。而且——從這些數據可以看出——本季貸款發放速度加快了。因此，我們目前的年化運作率為 35 億美元，年成長 56%，所以潛在成長非常強勁。

We do see, as you mentioned in your question, an increase in the expected credit losses coming out of the models that we run to make sure that we're providing well for the future growth. It's a natural consequence of that growth. it's an upfront provisioning that occurs in the lending -- accounting of lending. And it's obviously offset against the revenue generation from those loans over their lifetime. So you should expect with this kind of accelerated growth that the ECLs will run through the P&L and sit on the balance sheet as you're seeing in the current quarter.

正如您在問題中提到的那樣，我們確實看到，在我們運行的模型中，預期信貸損失有所增加，以確保我們為未來的成長提供良好的保障。這是成長的必然結果。這是貸款過程中預先提列的準備金－也就是貸款會計處理的一部分。顯然，這會抵消這些貸款在其存續期內產生的收入。因此，隨著這種加速成長，你應該預料到預期信用損失將計入損益表並出現在資產負債表上，就像你在本季看到的那樣。

What I would say though is if you look at the underlying performance of the Financial Services business without taking those provisions into account, then our Financial Services segment adjusted EBITDA improved actually quarter-on-quarter and year-on-year by about $4 million quarter-on-quarter and EUR 17 million year-on-year -- that's an important measure for you to see because it underlies that if we -- if we don't need to pull down all of those provisions, it underlies how we're getting operating leverage out of the growth of the business.

不過我想說的是，如果你在不考慮這些撥備的情況下觀察金融服務業務的基本業績，那麼我們金融服務部門的調整後 EBITDA 實際上環比和同比分別增長了約 400 萬美元和 1700 萬歐元——這是一個重要的指標，因為它表明，如果我們不需要扣除所有這些撥備，它就表明了我們如何從業務中獲得槓桿。

You asked what we were learning from the customers. We are, in many ways, a data science company. So we are learning every single second of every single day from how our models ingest all of the different data points that we can generate through our ecosystem. Unlike banks, we can access a lot of unconventional markers of likelihood to repay that allow us to underwrite segments of the population in Southeast Asia that currently cannot access credit. These are often known as underbanked, unbanked. So a lot of what we do is about financial inclusion, bringing people into the market, allowing them to actually establish a credit record. About one-third of our customers could not access data because they weren't on a credit bureau -- could not access credit because they weren't on a credit bureau prior to borrowing from Grab and our financial subsidiaries. This is very important to us and very much aligned with our mission.

你問我們從客戶身上學到了什麼。從很多方面來看，我們是一家數據科學公司。因此，我們每時每刻都在學習，了解我們的模型如何吸收我們透過生態系統產生的所有不同數據點。與銀行不同，我們可以獲得許多非常規的還款可能性指標，這使我們能夠為目前無法獲得信貸的東南亞部分人群提供擔保。這些人通常被稱為銀行服務不足者或無銀行服務者。所以我們所做的工作很多都與普惠金融有關，讓人們進入金融市場，讓他們真正建立信用記錄。約有三分之一的客戶無法取得數據，因為他們不在信用機構中——在向 Grab 和我們的金融子公司借款之前，由於不在信用機構中，所以無法獲得信貸。這對我們非常重要，也與我們的使命高度契合。

The repayment record actually from those customers is very pleasing. They know that when they repay us, they start to establish a credit record and they start to, therefore, become included in the financial and economic prosperity of Southeast Asia. So we're very pleased to learn more about those customers and to bring them into the financial services domain for the first time.

這些客戶的還款記錄實際上非常令人滿意。他們知道，當他們償還我們款項時，他們就開始建立信用記錄，因此，他們也開始融入東南亞的金融和經濟繁榮之中。因此，我們非常高興能夠更多地了解這些客戶，並首次將他們引入金融服務領域。

So the credit models every time we launch a new product, the credit models obviously take time to be established. But what you're seeing this quarter is that across the banks and GFI where you're starting to see that we've got credit models maturing. We've got new models being launched all the time. We're increasing the cycle speed with which our data science improves these models. So that's why going into this fourth quarter, if you run the numbers, we're predicting an acceleration of the loan book size. And we also are indicating that, that acceleration will continue into 2026. Thanks, Wei.

因此，每次我們推出新產品時，信用模型顯然都需要時間來建立。但本季我們看到的是，在銀行和全球金融機構中，信貸模型開始成熟。我們一直在推出新款車型。我們正在加快數據科學改進這些模型的週期速度。所以，進入第四季度，如果你計算數據，我們預測貸款規模將加速成長。我們也指出，這種加速成長的趨勢將持續到 2026 年。謝謝你，魏。

Mark Mahaney, Evercore ISI.

Mark Mahaney，Evercore ISI。

Okay, thank you. Two questions, please. One, on the consumer incentives. Just talk about how we should think about where those will hold going forward. There's been a little bit of volatility, some leverage on quarter, deleverage another quarter. Is it -- are you running them at a level that you think sustainable going forward? Or do you think we should expect to see leverage against those in the future?

好的，謝謝。請問兩個問題。第一，關於消費者激勵措施。就談談我們應該如何考慮這些措施在未來會如何實施。市場出現了一些波動，上個季度槓桿率有所上升，下個季度槓桿率有所下降。你目前經營它們的水平是否能夠持續發展？或者您認為我們未來可能會看到針對這些實體的槓桿作用嗎？

And then second, just talk about advertising intensity or what I mean by that is advertising revenue, the ramp that you're seeing? Just a little more color on where that is now? How much -- any new pockets of strength in there and how to think about growth for that particular segment over the next year or two? Thank you very much.

其次，談談廣告強度，或者我指的是廣告收入，你看到的成長趨勢？能否再詳細說說現在的情況？具體規模有多大？其中是否存在新的優勢領域？未來一兩年內，該特定領域的成長前景如何？非常感謝。

Mark, Alex here. Let me take that. On consumer incentives, you can see it's come down a little bit this quarter. We think that we can keep it at around this level going forward because we're getting a lot of boost from the viral product rollouts that we've been doing. And so we find that the incentive level doesn't have to be as high despite the fact we're accelerating growth for both deliveries and the mobility also staying relatively high and transaction volumes in mobility going up to 30%. That's all been achieved with a reduction in incentives quarter-on-quarter. But I would say for -- in terms of modeling, you can assume that the incentives stay at around this level on the consumer side.

馬克，我是亞歷克斯。讓我來拿吧。從消費者激勵措施來看，本季有所下降。我們認為未來可以將其保持在目前的水平，因為我們從病毒式產品推廣中獲得了巨大的推動作用。因此，我們發現，儘管配送和出行業務的成長速度都在加快，而且出行業務的交易量也保持在相對較高的水平，但激勵水平不必那麼高。這一切都是在逐季減少激勵措施的情況下實現的。但就建模而言，你可以假設消費者方面的激勵措施保持在這樣的水平左右。

In fact, this quarter, we've had to actually boost the driver incentives slightly because the growth in demand was so high. We needed to make sure that we can maintain the fulfillment quality and reliability of our services. So you can see that in contrast, there's a slight increase in driver incentives.

事實上，本季我們不得不稍微提高司機激勵措施，因為需求成長非常強勁。我們需要確保能夠維持我們服務的履行品質和可靠性。因此，與此相反，駕駛員的激勵措施略有增加。

So going to the core question, these incentives can go up and down a little bit quarter-to-quarter. But in terms of modeling steady state, I'd say we're about the right levels where we are today.

所以回到核心問題，這些激勵措施可能會每季略有波動。但就穩態建模而言，我認為我們目前的水平差不多合適。

The ads piece. The bigger we get, the more interesting we get for advertisers, whether those be the merchants on the platform or FMCG customers who want to advertise across the platform as well. I think for the food side, we see continued penetration of advertising. So we expect that to continue to move up gradually into next year. We've got total -- the total number of quarterly active advertisers joining our self-serve platform actually increased 15% year-on-year. So we're continuing to see new advertisers coming on to the platform, which is great. Many of them coming in through our self-serve capabilities. And then the average spend of the active advertisers on that self-serve platform grew 41%. So once people try the platform, they see it, it works very well for them in terms of ROS and they start to increase their spend. So these are both lead indicators of what we expect, which is a continued increase in the penetration of our deliveries GMV with ads.

廣告部分。我們規模越大，對廣告主就越有吸引力，無論是平台上的商家，或是希望在平台上投放廣告的快速消費品客戶。我認為在食品領域，廣告的滲透力道會持續增強。因此，我們預計這一趨勢將在明年繼續逐步上升。我們已經統計到，加入我們自助服務平台的季度活躍廣告商總數年增了 15%。因此，我們看到不斷有新的廣告商加入到這個平台上，這非常好。其中許多是透過我們的自助服務功能進入的。然後，活躍廣告商在該自助平台上的平均支出增加了 41%。所以一旦人們嘗試了這個平台，他們就會發現它在ROS方面對他們非常有效，於是他們就開始增加支出。所以，這些都是我們預期的領先指標，即我們的配送 GMV 中廣告的滲透率將持續成長。

As we grow the Grab Mart business, which we've talked about a lot on this call, we expect to be able to attract more and more FMCG advertisers. And there, if you look at some of the models in other parts of the world, you can see the penetration of advertising for grocery -- online grocery businesses is actually even higher than online food businesses. So that's something that as the scale increases, we should be able to improve as well. So we're very bullish about the advertising part of our business. In fact, I would say it's a key driver of margin growth in the longer run.

隨著我們不斷發展 Grab Mart 業務（我們在本次電話會議中多次談到這一點），我們預計將能夠吸引越來越多的快速消費品廣告商。而且，如果你看看世界其他地區的一些模式，你會發現食品雜貨廣告的滲透率——線上食品雜貨業務的滲透率實際上甚至高於線上食品業務。所以隨著規模的擴大，這方面我們也應該可以有所改進。因此，我們對公司廣告業務部分非常看好。事實上，我認為從長遠來看，這是利潤率成長的關鍵驅動因素。

Thank you very much, Alex.

非常感謝你，亞歷克斯。

Thanks, Mark.

謝謝你，馬克。

Divya Gangahar, Morgan Stanley.

Divya Gangahar，摩根士丹利。

Hi, good morning. I had two questions. One is actually a continuation of what you just said, Alex, on the advertising being a driver for deliveries. So my question is on deliveries margins path to 4%. Could you talk about how different are the margins across countries just qualitatively and the role of some of these countries lifting up the overall portfolio margins. In the past, we've thought that Indonesia has been a drag, but looking at the competitive dynamics there, the margins for delivery seem to be relatively healthy in Indonesia at least for our competitor. So trying to understand how we look at that path to 4% from an advertising country-wise perspective as well as Grab Mart and how dilutive that is to margins? So that's my first question.

您好，早安。我有兩個問題。其中一個實際上是你剛才所說的內容的延續，Alex，廣告是送貨的驅動力。所以我的問題是，配送利潤率能否達到 4%。您能否談談各國利潤率在性質上的差異，以及其中一些國家在提升整體投資組合利潤率方面所扮演的角色？過去，我們認為印尼市場一直是個拖累因素，但從那裡的競爭動態來看，至少對我們的競爭對手而言，印尼市場的交付利潤率似乎相對健康。所以，我們想了解從廣告業國家層級以及 Grab Mart 的角度來看，達到 4% 的利潤率路徑會對利潤率造成多大的稀釋？這是我的第一個問題。

And my second question is on financial services. Now that we're closer to the breakeven year for fintech, could you maybe just share the framework and the milestones we need to hit over the next six months to be able to meet the target? And what do you see as the key risks? Also, if you can talk about some typical use cases that you're seeing for this loan book expansion, especially on the digital bank side, that would be helpful. Thanks.

我的第二個問題是關於金融服務的。既然我們距離金融科技的損益平衡年份越來越近了，您能否分享一下我們在未來六個月內實現目標所需的框架和里程碑？您認為主要風險是什麼？另外，如果您能談談您在貸款組合擴張方面看到的一些典型用例，尤其是在數位銀行方面，那就太好了。謝謝。

Thanks, Divya. Yes. In general, the Mart business has a lower margin than the food deliveries at this point. But of course, that's a lot because of the speed of growth. And also because the dynamic with the FMCG advertisers is such that we get more valuable to them, the larger we are. So although we have a lot of interest from efficacy advertisers, I think we're relatively small compared to some other venues still in terms of commerce in general. And therefore, it's important that we continue this growth. And I think that's where you start to see improved margin on the Grab Mart side.

謝謝你，迪維亞。是的。整體而言，目前超市業務的利潤率低於食品配送業務。當然，這是因為成長速度很快。而且，由於我們與快速消費品廣告商之間的關係是這樣的：我們規模越大，對他們來說就越有價值。所以，儘管我們受到了效果廣告商的廣泛關注，但我認為，就整體商業而言，與其他一些平台相比，我們的規模仍然相對較小。因此，我們必須繼續保持這種成長勢頭。我認為，Grab Mart 的利潤率正是從這裡開始提高的。

In terms of Indonesia, I can confirm Indonesia continues to grow strongly again for us. Our deliveries business in Indonesia grew in the high teens in this year-on-year for this past quarter. So although the margin is stable, we're actually able to generate a lot of growth from that situation. And like I was just saying, we feel that it's important to get larger in order to really realize the full opportunity from the Mart business.

就印尼而言，我可以確認印尼在我們這裡繼續保持強勁成長。上個季度，我們在印尼的配送業務年增了兩位數以上。所以，儘管利潤率保持穩定，但我們實際上能夠從這種情況中獲得很大的成長。正如我剛才所說，我們認為擴大規模對於真正實現 Mart 業務的全部機會至關重要。

In other markets, for example, Malaysia, we've already -- of around 4%, and that's where we're starting to experiment with some of these other models around Instant Commerce, as I mentioned earlier because there, we can generate a lot more growth from entering into these adjacent markets based on the asset configuration that we have with Gyros doing very, very well in Malaysia, for example. So there are some differences across markets. You're absolutely right. But we're adopting a portfolio approach. So we're making sure we achieve our margin targets not just across different countries, but also across the verticals so that we can produce this kind of high growth but also maintain our margin progression towards those long-term targets that we've shared with you over the past quarters and years.

在其他市場，例如馬來西亞，我們已經達到了 4% 左右，正如我之前提到的，我們正在那裡開始嘗試一些其他的即時商務模式，因為在那裡，基於我們現有的資產配置，我們可以通過進入這些相鄰市場來獲得更大的增長，例如，Gyros 在馬來西亞做得非常好。因此，不同市場之間存在一些差異。你說得完全正確。但我們採取的是投資組合策略。因此，我們不僅要確保在不同國家實現利潤率目標，還要確保在各個垂直領域實現利潤率目標，這樣我們才能實現這種高增長，同時保持利潤率的增長，朝著我們在過去幾個季度和幾年裡與大家分享的長期目標邁進。

Moving to Financial Services. Yes, we're coming now towards our breakeven year. I can confirm that we are reiterating that we will break even overall as a segment in the second half. So it's a combination of banks and GFN and that the banks will break even in the fourth quarter. The milestones really relate to loan disposal growth, which, as you can see, is accelerating now through this annualized run rate of $3.5 billion in this current quarter. We started to see that the credit models are maturing nicely. We now have flexi loan products available for consumers in all three of the bank markets. We've just launched also a flexi loan product through our non-bank financial company in the Philippines, just in this last quarter. So we are able also to serve personal loan needs in other parts of the region beyond where we have those three banks using GFN as the vehicle.

轉行到金融服務業。是的，我們即將迎來損益平衡年。我可以確認，我們再次重申，下半年該業務板塊整體將達到收支平衡。所以這是銀行和 GFN 的組合，銀行將在第四季實現收支平衡。這些里程碑實際上與貸款處置成長有關，正如你所看到的，目前貸款處置成長正在加速，本季年化運作率為 35 億美元。我們開始看到信貸模型正在逐步成熟。我們現在在所有三個銀行市場都為消費者提供靈活的貸款產品。就在本季度，我們也透過我們在菲律賓的非銀行金融公司推出了一款靈活貸款產品。因此，我們也可以利用 GFN 作為平台，為該地區除這三家銀行以外的其他地區的個人貸款需求提供服務。

We can share expertise about the credit modeling across those countries, which has proven to be very, very successful. As I said, we are really a data science company. So the way in which those models advance is super important to us.

我們可以分享這些國家在信用建模方面的專業知識，事實證明，這種做法非常非常成功。正如我所說，我們實際上是一家數據科學公司。因此，這些模型的發展方式對我們來說至關重要。

You can see that EBITDA can fluctuate as the ECLs flow through the P&L and into the balance sheet. So I think the key thing to watch there is that the segment adjusted EBITDA excluding the credit loss provisions is continuing to improve. So that gives us line of sight and confidence that we're going to hit those breakeven targets. So the key thing for you to watch is the loan dispersal growth. We are seeing operating leverage on the cost base, too. So we're confident that we can continue to manage the cost very tightly going into 2026.

你可以看到，隨著預期信用損失 (ECL) 流入損益表並最終進入資產負債表，EBITDA 可能會出現波動。所以我認為需要關注的關鍵是，扣除信用損失準備金後的分公司調整後 EBITDA 持續改善。這樣一來，我們就能夠清楚地看到並有信心實現損益平衡目標。所以，你需要關注的關鍵是貸款發放成長情況。我們也看到了成本基礎的經營槓桿效應。因此我們有信心在 2026 年繼續嚴格控製成本。

In terms of U.S., I think the last part of your question was asking about the different use cases. We are serving on the SME side, we're serving merchants that are on the Grab ecosystem. So we have tremendous line of sight of cash flows. And therefore, the credit models have a unique advantage relative to a conventional bank that wouldn't have line of sight of those cash flows. So small businesses will be a big focus for us. The unbanked and underbanked as I mentioned, particularly gig workers were able to finance them very, very accurately. And you can see that -- well, I think we've said that the risk-adjusted returns from our lending activities are actually comfortably above our cost of capital, and they remain above that. And even as we grow at these rates, in fact, the returns improved slightly quarter-on-quarter. So we are continuing to grow very rapidly, but at the same time within the risk appetite that we've set for ourselves because of the performance of these credit models.

就美國而言，我認為你問題的最後一部分是在詢問不同的使用情境。我們服務中小企業，我們服務於Grab生態系統中的商家。因此，我們對現金流情況瞭如指掌。因此，與無法直接了解這些現金流的傳統銀行相比，信貸模型具有獨特的優勢。因此，小型企業將是我們關注的重點。正如我之前提到的，那些沒有銀行帳戶或銀行服務不足的人，特別是零工經濟從業者，能夠非常非常準確地為他們提供融資。你可以看到——嗯，我想我們已經說過，我們貸款業務的風險調整後收益實際上遠高於我們的資本成本，而且一直高於我們的資本成本。即使我們以這樣的速度成長，事實上，收益率也比上一季略有提高。因此，我們繼續保持快速成長，但同時也保持在我們根據這些信貸模型的表現而設定的風險承受範圍內。

I hope that helps in terms of some scenarios where we can provide unique capabilities to help the progress of Southeast Asia by bringing the -- bringing more and more people into the financial inclusion sphere.

我希望這能在某些方面有所幫助，在這些方面，我們可以提供獨特的能力，透過讓越來越多的人進入普惠金融領域，來幫助東南亞的發展。

Thank you very much.

非常感謝。

Jiong Shao, Barclays.

邵炯，巴克萊銀行。

Good morning. Can you hear me okay?

早安.你聽得清楚我說話嗎？

Good morning. Okay, yes, we can hear you, Jiong.

早安.好的，我們能聽到你說話，Jiong。

Great. Thank you for taking my questions. And congrats on a very strong set of results. So first question is really the follow-up on the previous one on the food margins. I think in the last quarter, you talked about Q4 delivery margins should be up sequentially from Q3. I want to confirm that's still the case, but more importantly, looking into 2026, just want to get a better understanding on the sort of the pace of the margin expansion for the food business? And what are some of the factors may kind of make it faster or slower in terms of expanding the margins for the delivery business for '26.

偉大的。謝謝您回答我的問題。恭喜你們取得了非常優異的成績。所以第一個問題其實是對先前關於食品利潤率問題的後續問題。我認為在上個季度，您提到第四季度的交付利潤率應該會比第三季度有所增長。我想確認情況是否仍然如此，但更重要的是，展望 2026 年，我想更了解食品業利潤率擴張的速度大概是多少？那麼，在 2026 年，有哪些因素可能會加快或減緩快遞業務利潤率的擴張速度呢？

And my second question is around another way to monetize the delivery business. I think a couple of quarters ago, you may have talked about some of your thoughts around in-store kind of newer monetization, I recall you might have mentioned something to stop at these trials in '26. I was just wondering if there's any update around that? What may be the sort of the modality around that type of in-store monetization. Thank you so much.

我的第二個問題是關於如何透過其他方式實現外送業務的獲利。我想幾個季度前，你可能談到一些關於店內新型盈利模式的想法，我記得你可能提到在 2026 年停止這些試驗。我只是想問一下這方面有沒有什麼新的進展？這種店內獲利模式可能是什麼類型的？太感謝了。

Jon, let me take the food margin question that you asked about. The way we approached deliveries is a portfolio play. And Alex kind of alluded also earlier when he answered the question to Divya. So as you know, the portfolio of delivery product is quite broad and quite wide competitive to say to our mobility business. So if you look at it, we have the food business, and we have the MAT which is a composite of the grocery business, but also there are some other parts of the non-grocery that we also serve there. We also have other forms of food products that we have, things like group orders. We have also dine out those omni commerce product features that we've also deployed in the marketplace. So it's a real broad portfolio.

喬恩，讓我來回答你之前問的關於食品利潤率的問題。我們採用的交付方式是一種組合策略。而且，Alex 在之前回答 Divya 的問題時也暗示過這一點。如您所知，我們的配送產品組合非常廣泛，與我們的旅遊業務相比，具有強大的競爭力。所以你看，我們有食品業務，我們有MAT（綜合食品雜貨業務），但我們也為一些非食品雜貨業務提供服務。我們還有其他形式的食品，例如團體訂單。我們也展示了我們在市場上部署的那些全通路商務產品功能。所以這是一個非常廣泛的投資組合。

So the way we think about it is the margins that you'll see in our overall deliveries is better to look at it as an overall deliveries business. It continues to be optimized. Now there will be times from quarter-to-quarter where we will invest and lean in into -- in adopting a product or when there's a product launch, and you've seen that in the previous quarters. But overall, food margin as our core business today continues to see improvement overall, which is exactly what we want to see because it's the most mature is about all deliveries, portfolio of products today.

所以我們考慮的方式是，從整體配送業務的角度來看，您在我們整體配送業務中看到的利潤率會更高。它仍在不斷優化。現在，每個季度我們都會在某些時候進行投資和投入——例如採用某個產品或推出新產品，你們在前幾個季度已經看到了這一點。但總體而言，作為我們目前核心業務的食品利潤率繼續整體改善，這正是我們所希望看到的，因為它是我們目前產品組合中最成熟的產品，涵蓋所有交付環節。

Where we are starting to invest also and also scale is in the area of grocery delivery or mart liberties that we've spoken a lot about is still underpenetrated. It's 10% from our overall deliveries business. We also have other products that we're pushing. If you look at our -- the cross-selling that we're doing also across our different footprint and mark products also, it continues to increase. And we want to see more adoption of those other products that we've introduced from the beginning of this year. So as a strategy overall, it's a portfolio play. You'll see that we'll -- as a mixture of portfolio, those margins will be pretty much on an upward trajectory, but the mix between those margins will change quite a fair bit because again, the way that we're just on strategy in terms of scaling our deliveries business, that growth that you're seeing is a combination of those factors that you see on our portfolio play.

我們也開始投資並擴大規模的領域是雜貨配送或超市自由市場，我們之前多次談過，這個領域目前滲透率仍然很低。這占我們整體配送業務的 10%。我們還有其他產品正在推廣。如果你看看我們——我們在不同的業務範圍和品牌產品中進行的交叉銷售，你會發現它還在不斷增長。我們希望看到今年年初推出的其他產品得到更廣泛的應用。所以從整體來看，這是一種投資組合策略。你會看到，作為投資組合的一部分，這些利潤率基本上都會呈上升趨勢，但這些利潤率之間的構成會發生相當大的變化，因為正如我們目前在擴大配送業務規模方面所採取的戰略一樣，你看到的增長是我們投資組合中各種因素共同作用的結果。

At the same time, also as the countries in each of our countries also continue to execute, you'll see also the margin profile of those countries also looks somewhat a little bit also from our portfolio, different from country to country as we put on the gas on certain things, and we pull back on certain things also at the same time. So -- but overall, the trajectory is moving up in the right direction. It's a portfolio that you'll see and the monetization that comes with that also becomes really critical. And that's where Mark asked the question on Divya on advertising also is really important because the advertising piece is a wrapper that goes around our deliveries play, which is really critical. And we're bringing in more and more advertisers on the platform itself.

同時，隨著我們各國繼續執行相關計劃，您也會看到，由於我們加大對某些項目的投入，同時減少對某些項目的投入，這些國家的利潤率情況也會因國家而異。所以——但整體而言，發展軌跡正朝著正確的方向上升。這是一個你會看到的投資組合，而隨之而來的獲利方式也變得至關重要。馬克正是在那時向迪維亞提出了這個問題，廣告也非常重要，因為廣告就像一個包裝，包裹著我們的配送業務，而配送業務才是真正關鍵的。我們正在平台上引入越來越多的廣告商。

So I hope that gives you a bit of a clarity. We don't do any in store. We don't have any in-store in terms of off-line retail or anything upside except for the Jia portfolio that we have in the supermarket business. We do have certain gray stores that we use today, which is really important. But in terms of how we work with the off-line retailers, especially is in the area of making sure we're bringing in more traffic to our food merchants. So the dine out that we do today brings today the -- all the ingredients for a user to transact from an online grab app to an off-line experience, whether it's through the in-store dining that we serve today, where they're also the reservation system that we're using now on the graph app also that omnicommerce play becomes really important in terms of monetization, but also our merchants are also continuing to increase their earnings and traffic at the same time.

希望這能讓你更清楚地了解情況。我們不做店內銷售。除了我們在超市業務中擁有的 Jia 品牌組合之外，我們在實體零售方面沒有任何店內資源或其他優勢。我們現在確實會使用一些灰色頻道，這非常重要。但就我們與線下零售商的合作而言，尤其是在確保為我們的食品商家帶來更多客流量方面。因此，我們今天提供的外出用餐服務，為用戶提供了從線上 Grab 應用到線下體驗的所有要素，無論是透過我們今天提供的店內用餐服務，還是透過我們現在在 Graph 應用上使用的預訂系統，這種全通路商務模式在盈利方面變得非常重要，同時我們的商家也在不斷增加他們的收入和流量。

Thank you very much, Peter.

非常感謝你，彼得。

Thanks, Jiong.

謝謝，Jiong。

Thank you. That concludes today's question-and-answer session. I will now turn the call back to Peter for closing remarks.

謝謝。今天的問答環節到此結束。現在我將把電話轉回給彼得，請他作總結發言。

Well, thanks very much, everyone, for dialing into the call. We always appreciate your time. Anthony, Alex and I would like to express all our appreciation to -- especially through our driver community all our merchant partners and also to our users and shareholders for their continued trust on all of our herein grab. I also want to thank you to all app team were a great quarter. Thank you all, and we're looking forward to closing the year stronger than ever. We'll be on the road together with the IR team, Ken, Doug and I -- we'll do our usual hitting the road, bringing the pavements. So we'll be attending various IR conferences across Europe, the U.S. and Hong Kong and Singapore over the next coming weeks. So if you wish to meet up, please just reach out to the IR team. We would love to see you in person. Until then, we'll speak at the next quarter earnings. Thanks, everyone.

非常感謝大家撥入電話會議。我們非常感謝您抽出時間。Anthony、Alex 和我想對所有人表示衷心的感謝，特別是我們的司機社群、所有商家合作夥伴，以及我們的用戶和股東，感謝他們一直以來對我們 Grab 的信任。我還要感謝所有應用程式團隊成員，他們這一季表現非常出色。謝謝大家，我們期待以比以往任何時候都更強大的姿態結束這一年。我們將和IR團隊一起上路，肯、道格和我——我們將像往常一樣上路，走遍大街小巷。因此，在接下來的幾周里，我們將參加在歐洲、美國、香港和新加坡舉行的各種投資者關係會議。所以如果您想見面，請聯絡投資者關係團隊。我們非常期待與您見面。在此之前，我們將在下一季財報發布會上討論這個問題。謝謝大家。

This concludes Grab's third quarter 2025 Earnings Conference Call. Thank you for your participation. You may now disconnect.

Grab 2025 年第三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了。