Grab Holdings Ltd (GRAB) 2025 Q4 法說會逐字稿

Good morning, and good evening, everyone, and thank you for joining Grab's fourth-quarter and full-year 2025 earnings call. I'm Ken Lek, Head of Strategic Finance and Investor Relations, and joining me today are our Co-Founder and CEO, Anthony Tan; our Group CFO, Peter Oey; and our President and CEO, Alex Hungate.

各位早安，各位晚上好，感謝各位參加 Grab 2025 年第四季及全年財報電話會議。我是策略財務與投資者關係主管 Ken Lek，今天與我一起出席的有我們的共同創辦人兼執行長 Anthony Tan；我們的集團財務長 Peter Oey；以及我們的總裁兼執行長 Alex Hungate。

Now before we begin, please note that we are going to be making some forward-looking statements today. You should not place undue reliance on these forward-looking statements, and actual results may differ materially from these statements. And we do not undertake any obligation to update any forward-looking statements we make today, except as required by law.

在開始之前，請注意，我們今天將要發表一些前瞻性聲明。您不應過度依賴這些前瞻性陳述，實際結果可能與這些陳述有重大差異。除法律要求外，我們不承擔更新今天所作任何前瞻性聲明的義務。

We're also going to be presenting both IFRS and non-IFRS financial measures. Please see the supplemental slides and our earnings release for more disclosures about these non-IFRS financial measures, including a reconciliation of IFRS to non-IFRS measures.

我們也將展示符合國際財務報告準則 (IFRS) 和非國際財務報告準則 (non-IFRS) 的財務指標。有關這些非 IFRS 財務指標的更多揭露信息，請參閱補充幻燈片和我們的收益報告，包括 IFRS 指標與非 IFRS 指標的調節表。

We're doing things a little bit differently today, and many of you would have seen the detailed investor deck we published on our Investor Relations website, and also the video format to our earnings. Today's session will begin first with a 45-minute presentation from our management team, followed by a Q&A session where we do encourage all of you to submit questions via email throughout the presentation to investor.relationsatgrab.com.

今天我們採取了一些不同的做法，你們中的許多人可能已經在我們的投資者關係網站上看到了我們發布的詳細投資者演示文稿，以及我們收益報告的視頻版本。今天的會議將首先由我們的管理團隊進行 45 分鐘的演講，然後是問答環節，我們鼓勵大家在演講過程中透過電子郵件向 investor.relationsatgrab.com 提交問題。

And with that, I'll now turn it over to Anthony for his opening remarks.

接下來，我將把發言權交給安東尼，請他致開幕詞。

Thanks, Ken. Good day, everyone, and thank you for joining us. In 2025, Grab delivered its first full year of net profitability while accelerating GMV growth to 21% year on year across Mobility and Deliveries. This represents our highest growth in recent years as our team executed upon our product-led affordability strategy. This resulted in strong user growth and engagement, which has improved user lifetime values.

謝謝你，肯。大家好，感謝各位的參與。2025 年，Grab 實現了首個全年淨盈利，同時出行和配送業務的 GMV 年成長率達到 21%。這是我們近年來最高的成長，因為我們的團隊成功執行了以產品為主導的價格優勢策略。這帶來了強勁的用戶成長和用戶參與度，從而提高了用戶終身價值。

Today, I want to take a step back and talk about why this business now compounds, how our journey over the past four years since going public fits into that story, and how we think about the next phase of value creation through 2028.

今天，我想退一步，談談為什麼這家公司現在能夠實現複合成長，我們自上市以來的四年歷程如何融入這個故事中，以及我們如何看待到 2028 年的下一個價值創造階段。

Let's start with a few milestones to explain what they represent. When Grab went public, one of the most common questions we heard was could this business ever be profitable at scale? Since our IPO, Grab has now crossed over 20 billion rides and Deliveries, doubling from our first Investor Day. We delivered 16 consecutive quarters of adjusted EBITDA improvement.

讓我們先從幾個里程碑事件入手，解釋一下它們所代表的意義。Grab上市時，我們聽到最常見的問題之一是：這種業務規模化後能否獲利？自從我們上市以來，Grab 的旅行和配送次數已超過 200 億次，比我們第一個投資者日的數據翻了一番。我們連續16個季度實現了調整後EBITDA的成長。

We've achieved our first year of adjusted free cash flow in 2024, which has now doubled to $290 million in 2025, while we generated $200 million of net profit for the year. Along the way, we expanded our horizons. We launched digital banks in Indonesia, Singapore, and Malaysia. We crossed $1 billion in loan portfolio, and achieved our first major milestone with our Indonesian bank, Superbank, going public in an Indonesian stock exchange in December 2025 that was oversubscribed 318 times.

我們在 2024 年實現了第一年的調整後自由現金流，到 2025 年，這一數字翻了一番，達到 2.9 億美元，而我們當年的淨利潤為 2 億美元。在此過程中，我們開闊了視野。我們在印尼、新加坡和馬來西亞推出了數位銀行。我們的貸款組合規模突破了 10 億美元，並實現了第一個重大里程碑：我們的印尼銀行 Superbank 於 2025 年 12 月在印尼證券交易所上市，認購倍數高達 318 倍。

These are not isolated achievements. They're the outcome of a platform that's beginning to reach escape velocity, where scale, discipline, and product depth reinforce each other. Today, we've expanded our ecosystem to having over 129 million annual transacting users with Grab. 47 million transact monthly, growing 33% from 2023, and 7.8 million transact daily.

這些並非孤立的成就。它們是平台開始達到逃逸速度的產物，在這個平台上，規模、紀律和產品深度相互促進。如今，我們的生態系統已擴展至擁有超過 1.29 億年交易用戶，其中每月交易用戶達 4,700 萬，比 2023 年增長 33%，每日交易用戶達 780 萬。

In particular, monthly transacting user to annual transacting user conversion has grown to 37%, and in the years to come, you'll see us driving further conversion of our daily transacting users to monthly transacting users from the 17% today, which is actually the key opportunity as we increase the depth and affordability of our services. This matters because users who engage across Mobility, Deliveries, and Financial Services stay longer, spend more, and are meaningfully cheaper to serve over time, particularly as we amortize the acquisition costs over multiple segments.

尤其值得一提的是，每月交易用戶到年度交易用戶的轉換率已增長至 37%，在未來的幾年裡，您將會看到我們進一步推動日度交易用戶到月度交易用戶的轉換率從目前的 17% 增長，這實際上是我們提升服務深度和降低服務價格的關鍵機會。這很重要，因為同時參與出行、配送和金融服務的用戶停留時間更長、消費更多，而且從長遠來看，服務成本也明顯更低，尤其是在我們將獲客成本分攤到多個細分市場的情況下。

We've talked about users. Now let's talk about product. When we first came up with the concept of the Super App, we focused on breadth, but not so much on depth. What we realized early on was that while users were trying our new services, the level of stickiness was still lacking. The product was not customized to their individual preferences.

我們已經討論過用戶了。現在我們來談談產品。當我們最初提出超級應用的概念時，我們注重的是廣度，而不是深度。我們很快意識到，雖然用戶正在嘗試我們的新服務，但用戶黏性仍然不足。該產品並未根據他們的個人喜好進行客製化。

Fast forward to today, we've expanded our product suite, multifold, and deepened our focus into the core categories: transport, food and mart, and financial services. Take Mobility, for example. We now have low-cost transportation options, but also executive services catered to corporates and travelers.

時至今日，我們的產品組合已成倍擴展，並且我們更加專注於核心類別：交通、食品和超市以及金融服務。以移動出行為例。我們現在不僅提供低成本的交通選擇，還提供企業和旅行者的行政服務。

At the same time, we have also integrated maps as well as family accounts, which provides more options even for teenagers to book a ride. As a result, customers no longer need to go elsewhere because they know we cater for different needs across the week.

同時，我們也整合了地圖和家庭帳戶，這為青少年預訂出行提供了更多選擇。因此，顧客不再需要去其他地方，因為他們知道我們能夠滿足一週內不同的需求。

This has been a core tenet of driving user growth and engagement in a profitable manner. This is how we drive growth re-acceleration in our business, where Grab today serves 1 in 15 Southeast Asians monthly, up from 1 in 20 just three years ago. More importantly, approximately two-thirds of our users now use two or more services on our platform.

這是以獲利方式推動用戶成長和參與度的核心原則。這就是我們推動業務成長重新加速的方式，如今 Grab 每月服務 15 分之一的東南亞人，而三年前這一比例僅為 20 分之一。更重要的是，我們平台上大約三分之二的用戶現在使用兩種或兩種以上的服務。

GMV growth has also significantly re-accelerated where we have achieved our fastest growth since 2022 and we are far from done in our growth journey. The newer users we have acquired continue to demonstrate a similar level of quality when it comes to DR spend levels relative to our older cohort. They are already increasingly sticky the longer they remain on the platform.

GMV 成長也顯著加速，我們實現了自 2022 年以來最快的成長速度，而我們的成長之旅遠未結束。我們新獲得的用戶在災難復原支出水準方面，與我們的老用戶群相比，繼續表現出相似的品質水準。用戶在平台上停留的時間越長，他們的黏性就越強。

Once you reach this level of density, growth stops being linear. It becomes self-reinforcing, and as we introduce more new products in the years to come, the ecosystem will compound further. I am confident that we will be able to sustain this growth momentum in the years to come.

一旦達到這種密度水平，成長就不再是線性的了。這會形成自我強化的效應，隨著我們在未來幾年推出更多新產品，這個生態系統將進一步發展壯大。我相信我們能夠在未來幾年保持這種成長勢頭。

One call-out I'd like to make is on group profitability. We have come a very, very long way to arrive at where we are today. We made tough decisions on business to optimize. And we spent hours with the team building a monetization engine across our various segments and set the bar high on talent and overheads, all while driving growth acceleration at the same time and improving our category position across the region.

我想特別指出一點，那就是集團的獲利能力。我們一路走來，歷經千辛萬苦才走到今天這一步。為了優化業務，我們做出了艱難的業務決策。我們花了幾個小時與團隊一起建立跨各個細分市場的獲利引擎，並對人才和管理費用設定了很高的標準，同時推動成長加速，並提高我們在整個地區的品類地位。

You see here on the slide the fruits of our labor, where we have demonstrated our ability to deliver consistent EBITDA improvement, generating our 16th straight quarter of adjusted EBITDA improvement, closing the year with continued momentum across growth and profitability. What matters here is not the slope of one quarter. It's the fact that incentives are no longer the primary driver of demand. Margins are expanding through operating leverage, not cost deferral. And cost discipline is now embedded in how we operate, not imposed after the fact.

您可以在這裡看到幻燈片中展示的是我們努力的成果，我們證明了我們有能力持續改善 EBITDA，實現了連續第 16 個季度的調整後 EBITDA 改善，並以持續的增長和盈利能力結束了這一年。這裡重要的不是四分之一的斜率。事實上，激勵措施不再是需求的主要驅動力。利潤率的提升是透過經營槓桿實現的，而不是透過成本遞延來實現的。成本控制現在已經融入我們的運作方式中，而不是事後強加的。

But the journey is far from over. We intend to continue driving profitable growth in the years to come. We do this while continuing to keep an eye sharp on the future, where we will be investing into AI as well as autonomous vehicle and robotics technologies, which Alex and Peter will share more in their sections.

但這段旅程遠未結束。我們計劃在未來幾年繼續實現獲利成長。我們這樣做的同時，也將繼續密切關注未來，我們將投資人工智慧、自動駕駛汽車和機器人技術，Alex 和 Peter 將在他們各自的章節中分享更多相關資訊。

The growth and profit acceleration we have driven today is a direct outcome of the strategy that we shared with you one year ago. And looking forward, our strategy will continue to be driven by the same three key pillars.

我們今天所取得的成長和利潤加速成長，是我們一年前與大家分享的策略的直接成果。展望未來，我們的策略將繼續由這三大支柱驅動。

We'll focus on affordability and reliability to widen the TAM of our audience and provide customers with a delightful experience. Secondly, deepening engagement within the ecosystem through product-led lens. And third, leveraging technology and AI to unlock efficiencies across the platform. Alex will go through in greater detail each of these priorities later in his section.

我們將專注於價格實惠和可靠性，以擴大我們的目標受眾群體，並為客戶提供愉悅的體驗。其次，透過產品導向的視角，加深與生態系統的互動。第三，利用科技和人工智慧來提高整個平台的效率。Alex 將在後面的章節中更詳細地介紹這些優先事項。

That brings me to how we're thinking about the next three years. Based on the trajectory of the business today, we are introducing a clear, long-term framework through 2028. From 2025 to 2028, we expect to drive 20% CAGR in group revenues, driven by deepening our penetration across our affordability and premium segments, improving monetization of our business, and increasing contributions from Financial Services.

這就引出了我們對未來三年的規劃。根據公司目前的業務發展軌跡，我們推出了一個清晰的、持續到 2028 年的長期框架。從 2025 年到 2028 年，我們預計集團收入將實現 20% 的複合年增長率，這主要得益於我們在經濟適用型和高端市場的滲透率不斷提高、業務貨幣化程度不斷提高以及金融服務業務貢獻不斷增加。

Adjusted EBITDA of $1.5 billion as a result of the growth we achieve, coupled with operating efficiencies we drive across the business. And then adjusted free cash flow conversion of 80%, 80% improving from 58% in 2025 as we continue to optimize efficiencies around capital expenditure, working capital, and tax. These targets are not aspirational, they're the logical outcome of the scale we've already built, the operating leverage already visible in the model, and the discipline we now apply to capital allocation, which Peter will share more about in this section.

由於我們實現的成長以及我們在整個業務中推動的營運效率提升，調整後 EBITDA 達到 15 億美元。然後，隨著我們繼續優化資本支出、營運資本和稅收方面的效率，2025 年調整後的自由現金流轉換率將達到 80%，比 58% 有所提高。這些目標並非空想，而是我們已經建立的規模、模型中已經顯現的營運槓桿以及我們現在對資本配置所採取的紀律的必然結果，Peter 將在本節中對此進行更詳細的介紹。

In closing, Grab exits 2025 as a very different company than the one we founded 14 years ago and to the one that went public four years ago. In our founding years, we proved that ride-hailing and delivery were real businesses.

最後，到 2025 年，Grab 已經與我們 14 年前創立的公司以及 4 年前上市的公司截然不同了。在公司創立初期，我們就證明了叫車和外送是真正的生意。

In the second era, post-IPO, we proved our business model, that we could be profitable and sustainable. And now in this third era, I'm determined to prove our long-term vision, that we can indeed continue to innovate, lean in on AI-first technologies, and become the platform of choice across the region while empowering our driver partners and merchant partners with heart.

在上市後的第二個階段，我們證明了我們的商業模式，即我們可以獲利並可持續發展。現在，在第三個時代，我決心證明我們的長期願景，即我們確實能夠繼續創新，依靠人工智慧優先技術，成為整個地區的首選平台，同時用心賦能我們的司機夥伴和商家夥伴。

I feel more invigorated today than I did when I started this business. And together with all our Grabbers, driver partners, and merchant partners, I am confident that we can continue to execute towards our triple bottom line in the years to come, generating profits, uplifting millions, while improving ways to serve in a more environmentally friendly way.

我感覺今天比剛開始創業時更有活力。我相信，在全體 Grabbers 司機、司機合作夥伴和商家合作夥伴的共同努力下，我們能夠在未來幾年繼續實現三重底線目標，創造利潤，造福數百萬人，同時改進服務方式，使其更加環保。

With that, I'll hand it over to Alex to walk through how this strategy is translating into execution on the ground.

接下來，我將把發言權交給 Alex，讓他來詳細介紹這項策略是如何在實際操作中落實的。

Thank you, Anthony. Anthony has set the vision for where we are going. Now I will go into the details of how we plan to get there.

謝謝你，安東尼。安東尼為我們未來的發展方向指明了方向。現在我將詳細介紹我們計劃如何到達那裡。

The growth acceleration we have driven today is a direct outcome of the strategy that we shared with you a year ago. And as we look ahead to the next three years, we are doubling down on this same strategy because we see that it is working and we believe that it is difficult for our competitors to respond.

我們今天所取得的成長加速，是我們一年前與大家分享的策略的直接成果。展望未來三年，我們將加倍投入這項策略，因為我們看到它行之有效，我們相信我們的競爭對手很難應付。

We are focused on affordability and reliability to widen the addressable market and provide customers with a delightful experience. Secondly, deepening engagement within the ecosystem to improve customer lifetime value. And third, investing in technology to translate increased demand density into greater operating leverage.

我們專注於價格實惠和性能可靠，以擴大目標市場，並為客戶提供愉悅的體驗。其次，加深與生態系統的互動，以提高客戶終身價值。第三，投資技術，將不斷增長的需求密度轉化為更大的營運槓桿。

Today I intend to update you on how we have been executing upon this strategy, and then share our plans of what we plan to do next in each priority.

今天我打算向大家報告我們是如何執行這項策略的，然後分享我們在每個優先事項上的下一步計畫。

So let's start with affordability. For me, This is a magical slide. Just look at how we've been able to reduce the fares for passengers by 16% while simultaneously improving driver earnings by 29%. This may sound counterintuitive to most, but it is the holy grail for on-demand platforms because it demonstrates that we can successfully leverage our tech to allow drivers to complete more trips in less time and improve their earnings without relying on high affairs. It is extremely difficult for smaller competitors who lack our network density and tech investments to keep up with this improvement in price performance.

那麼，我們先從價格負擔能力說起。對我來說，這是一架神奇的滑梯。看看我們是如何將乘客的票價降低了 16%，同時又將司機的收入提高了 29%。這聽起來可能與大多數人的直覺相悖，但對於按需平台而言，這卻是夢寐以求的目標，因為它表明我們可以成功地利用我們的技術，讓司機在更短的時間內完成更多的行程，並在不依賴高額佣金的情況下提高他們的收入。對於缺乏我們網路密度和技術投資的小型競爭對手來說，要跟上這種價格效能的提升是極其困難的。

The remarkable thing about Southeast Asia is how many big cities there are and the sheer density within these cities. Bangkok, Manila, Jakarta, for instance, all have a population of over 20 million, with a density that is perfectly suited for the ride hail business model. In the earlier years, Grab grew mainly within these capital cities. Now, with GenAI capabilities that we've developed, we are able to capture the undertapped opportunity beyond these capital cities.

東南亞最引人注目的地方在於它擁有許多大城市，而這些城市內部人口密度極高。例如，曼谷、馬尼拉、雅加達的人口都超過 2,000 萬，人口密度非常適合叫車商業模式。早年，Grab 主要在這些首府城市發展壯大。現在，憑藉我們開發的 GenAI 功能，我們能夠抓住這些首都城市以外尚未開發的機會。

Today we operate in almost double the number of cities that we did in 2021. And GMV in non-capital cities is growing over two times faster than in capital cities. So as you can see, there is still tremendous upside in the growth potential in the cities of Southeast Asia.

如今，我們的業務遍及的城市數量幾乎是 2021 年的兩倍。非首府城市的商品交易總額成長速度是首府城市的兩倍以上。由此可見，東南亞城市的發展潛力依然龐大。

Our affordability strategy has also accelerated. GMV growth and Deliveries is growing faster and more profitably than our peers in the region. Thanks to our laddered pricing strategy and viral product innovations. Our Grab Food customers are enjoying the perfect trifecta of better affordability, selection, and service quality today.

我們的價格親民策略也加快了腳步。GMV成長和交付量成長速度和獲利能力均高於該地區的同業。得益於我們的階梯式定價策略和病毒式產品創新。如今，我們的 Grab Food 用戶正在享受更實惠的價格、更豐富的選擇和更優質的服務這三重優勢。

We lowered the delivery cost per order by 8% since 2021. which has helped to drive a 41% increase in food transaction volumes. Merchant selection improved at the same time, 25% over the same period. And fulfillment service reliability has also improved by 3 percentage points in the past three years.

自 2021 年以來，我們將每筆訂單的配送成本降低了 8%，這有助於推動食品交易量成長 41%。同時，商家選擇也得到了改善，同期改善了 25%。過去三年，物流服務可靠性也提高了 3 個百分點。

Next is maximizing ecosystem value. The intent here is to grow the lifetime value of every user who joins us. We are focused on driving users into new categories and expanding how they use our platform every day. Every interaction is an opportunity to deepen their loyalty and capture more value across our entire business.

接下來是最大化生態系價值。我們的目標是提高每位加入我們用戶的終身價值。我們致力於引導用戶進入新的類別，並拓展他們每天使用我們平台的方式。每一次互動都是加深客戶忠誠度、為整個業務創造更多價值的機會。

We are cross-selling services to more of our user base every year. Today, approximately two-thirds of our MTUs use two or more services. We are also driving higher spend and frequency across user cohorts. Our 2021 Deliveries cohort transacts 1.5 times more often relative to their first year, while all post-COVID Deliveries cohorts demonstrate higher spend of up to 1.6 times relative to their initial year.

我們每年都在向更多用戶交叉銷售服務。目前，我們大約三分之二的 MTU 使用兩項或兩項以上的服務。我們也在推動各個用戶群提高消費額和消費頻率。與第一年相比，我們 2021 年的配送用戶交易頻率提高了 1.5 倍，而所有新冠疫情後的配送用戶消費額都比第一年提高了 1.6 倍。

To drive this engagement, we have built a powerful loyalty flywheel, combining three components. First, Grab Unlimited, the largest paid on-demand loyalty program in Southeast Asia, which now accounts for 35% of our Deliveries GMV. Next, Grab Coins, our awards program recently redesigned as an ecosystem currency to nudge cross-sell behaviors. And lastly, GrabVIP, an exclusive program reserving the best service quality and exclusive perks for our top spending users.

為了推動這種參與度，我們建立了一個強大的忠誠度飛輪，它結合了三個組成部分。首先是 Grab Unlimited，它是東南亞最大的付費按需忠誠度計劃，目前占我們外送 GMV 的 35%。接下來是 Grab Coins，這是我們最近重新設計的獎勵計劃，它是一種生態系統貨幣，旨在促進交叉銷售行為。最後，GrabVIP 是一項專屬計劃，為我們消費最高的用戶保留最佳服務品質和專屬特權。

Southeast Asia is becoming an increasingly popular travel destination. To capture this opportunity of growing demand, over the past two years, we have struck partnerships with regional airports, acquiring visitors from the moment they land.

東南亞正成為越來越受歡迎的旅遊目的地。為了抓住不斷增長的需求這一機遇，在過去的兩年裡，我們與區域機場建立了合作關係，從遊客落地的那一刻起就吸引他們。

We have also embedded in-app translation features, leveraging large language models to overcome language barriers. And we have integrated with global partners like Trip.com and Alipay to enhance brand visibility even before users land in the region. And as a result of these initiatives, travelers MTUs have grown over 10 times over the last three years, with airport rides driving over 10% of our Mobility GMV today.

我們也嵌入了應用程式內翻譯功能，利用大型語言模型來克服語言障礙。我們也與 Trip.com 和支付寶等全球合作夥伴進行了整合，以便在用戶抵達該地區之前就提升品牌知名度。由於這些舉措，過去三年旅客 MTU 成長了 10 倍以上，目前機場出行貢獻了我們出行 GMV 的 10% 以上。

GrabMart is growing 1.7 times faster than GrabFood, thanks to three important improvements to the customer proposition. First, deepening integration with major supermarkets to ensure that handling of fresh produce deliveries is reliable and consistent. Next, curating our merchant selection to shift user behavior from daily essentials to weekly stock-ups. And lastly, GrabMore has been launched, where users can add groceries to their food order at no additional cost.

由於對客戶體驗進行了三項重要改進，GrabMart 的成長速度比 GrabFood 快 1.7 倍。首先，深化與大型超市的整合，以確保生鮮產品配送的可靠性與一致性。接下來，我們將精心挑選商家，引導使用者行為從日常必需品轉向每週囤貨。最後，GrabMore 也已上線，用戶可以在食品訂單中添加雜貨，無需額外付費。

And as a result, we've seen a 30% year-on-year increase in GrabMart users in 2025, while usage frequency continues to improve. There is still plenty of upside with GrabMart, only accounting for 10% of our Deliveries GMV today.

因此，我們看到 GrabMart 用戶數量在 2025 年年增 30%，同時使用頻率也不斷提高。GrabMart 仍有很大的成長空間，目前僅占我們外送業務總交易額的 10%。

The success of our merchants has always been at the heart of our mission. The powerful integrated suite of offerings that we've built for them is intended to take them and the Grab platform to the next level.

商家的成功始終是我們使命的核心。我們為他們打造的強大整合產品套件旨在將他們和 Grab 平台提升到一個新的水平。

First, Grab offers merchants enterprise-level digital tools that help them maximize their return on advertising spend. Next, we provide integrated point of sale and payment systems to widen payments acceptance for them. And then we embed lending to improve cash flows. And finally, transform their transaction data into actionable insights to help them scale their businesses. With these capabilities, Grab will be able to deliver the one outcome that matters most to our merchant partners, which is, of course, sustained earnings growth.

首先，Grab 為商家提供企業級數位工具，幫助他們最大限度地提高廣告支出回報率。接下來，我們將提供整合的銷售點和支付系統，以擴大他們的支付接受範圍。然後我們透過引入貸款來改善現金流。最後，將他們的交易數據轉化為可操作的洞察，幫助他們擴大業務規模。憑藉這些能力，Grab 將能夠為我們的商家合作夥伴帶來最重要的結果，那就是持續的獲利成長。

In 2025, total active Deliveries merchants increased 9% year on year, while their earnings have seen a corresponding increase of 11%. Our Financial Services strategy is centered on embedded distribution that lowers customer acquisition costs with personalized offerings. For the majority of our users, drivers and merchants, GrabPay is their initial entry point into a range of financial services. And as they build a transactional history with us, we can also offer lending and insurance and even digital banking services in Singapore, Malaysia, and Indonesia.

2025年，活躍的配送商家總數較去年同期成長9%，而他們的營收也相應成長了11%。我們的金融服務策略以嵌入式分銷為中心，透過個人化產品和服務降低客戶獲取成本。對於我們的大多數用戶、司機和商家而言，GrabPay 是他們進入一系列金融服務領域的初始入口。隨著他們與我們建立交易記錄，我們還可以在新加坡、馬來西亞和印尼提供貸款、保險甚至數位銀行服務。

In just three years, we have grown to 7.4 million deposit customers across our three banks. We have not had to invest heavily in acquiring new users or offering high deposit rates as we are converting the users who are already on our platform.

短短三年內，我們旗下三家銀行的存款客戶數已成長至 740 萬人次。我們無需投入大量資金來獲取新用戶或提供高存款利率，因為我們正在轉換平台上已有的用戶。

This also drives our lending business because we see high-frequency daily transaction data on our platform. We can predict risk more accurately. And this allows us to scale our loan portfolio rapidly while risk-adjusted returns continue to track above our cost of capital and credit costs remain well within our risk appetite.

這也推動了我們的貸款業務發展，因為我們可以在我們的平台上看到高頻的每日交易數據。我們可以更準確地預測風險。這樣一來，我們就能迅速擴大貸款組合規模，同時風險調整後的收益繼續高於我們的資本成本，信貸成本也保持在我們的風險承受範圍內。

In 2025, our gross loan portfolio surpassed $1 billion for the first time, ending the year at $1.3 billion. Our goal is to exit 2026 with a gross loan book of over $2 billion.

2025 年，我們的貸款總額首次超過 10 億美元，年底達到 13 億美元。我們的目標是到 2026 年底，貸款總額超過 20 億美元。

I also want to touch on this morning's announcement on our acquisition of Stash, a US-based digital investing platform. While we remain firmly committed to Southeast Asia and the growth of our regional lending business, this acquisition achieves two specific objectives. First, it accelerates our wealth management road map with the addition of new capabilities and talent. And second, it has an attractive financial profile. Stash has the potential to grow into a high-margin subscription revenue stream contributing over $60 million in adjusted EBITDA by 2028.

我還想談談今天早上我們宣布收購美國數位投資平台 Stash 的公告。儘管我們仍然堅定致力於東南亞市場和區域貸款業務的成長，但此次收購實現了兩個具體目標。首先，它透過增加新的能力和人才，加快了我們的財富管理路線圖。其次，它的財務狀況也很有吸引力。Stash 有潛力發展成為高利潤的訂閱收入來源，到 2028 年，其調整後的 EBITDA 將超過 6000 萬美元。

The last part of our strategy is potentially the most important for the long term, that is how we harness technology, including AI for efficiency gains. We leverage AI to improve conversion at every stage of the funnel. For example, we automate menu translations to enhance conversion of high-value segments such as travelers. Over 97% of our merchant listings regionally are now available in English and Chinese.

我們策略的最後一部分可能對長遠發展最為重要，那就是我們如何利用技術，包括人工智慧，來提高效率。我們利用人工智慧來提高銷售漏斗每個階段的轉換率。例如，我們將菜單翻譯自動化，以提高旅行者等高價值客戶的轉換率。我們超過 97% 的區域商家清單現在都提供英文和中文版本。

Our credit scoring models are also increasingly robust as we were able to white list a greater proportion of ecosystem partners. We have also improved real-time personalization by collating a database of over 1,000 attributes and segmenting our users and ecosystem partners into 200,000 distinct segments. And finally, we have improved our search and basket conversion with AI semantic search and real-time personalization.

由於我們能夠將更多比例的生態系統合作夥伴列入白名單，我們的信用評分模型也變得越來越強大。我們還透過收集超過 1,000 個屬性的資料庫，並將我們的用戶和生態系統合作夥伴細分為 200,000 個不同的細分群體，從而改進了即時個人化。最後，我們透過人工智慧語意搜尋和即時個人化功能，提高了搜尋和購物車轉換率。

Our tech investments are helping us to gain operating leverage. We continue to lower our cloud costs per transaction by proactively retiring idle resources and transitioning to more cost-efficient solutions. And at the same time, payment processing costs as a proportion of total payment volumes is declining as we increase volumes through our wallets. And finally, we are maximizing head count efficiency by deploying in-house AI models.

我們的技術投資正在幫助我們獲得營運槓桿。我們透過主動淘汰閒置資源並過渡到更具成本效益的解決方案，不斷降低每筆交易的雲端成本。同時，隨著我們透過電子錢包進行的交易量增加，支付處理成本佔總支付量的比例也在下降。最後，我們正在透過部署內部人工智慧模型來最大限度地提高人力效率。

For example, you may be asking yourselves, how are we able to double the amount of cities in which we offer services with a reduction in operations head count at the same time. The answer is that we have been deploying auto adaptive technology to optimize our core marketplace in each city, enabling us to scale in a lean and agile fashion. In fact, today, more than 90% of our Mobility rights are dispatched by using AI.

例如，你們可能會問自己，我們如何在減少營運人員的同時，將我們提供服務的城市數量增加一倍。答案是，我們一直在部署自動自適應技術來優化我們在每個城市的核心市場，使我們能夠以精實敏捷的方式擴展規模。事實上，如今超過 90% 的出行權利都是透過人工智慧進行調度的。

Looking ahead to the future, we are investing in the next structural shift in On-Demand services. autonomous vehicles and robotics. In partnership with WeRide, we launched our first AV shuttle service for the public in Singapore. Our position as Southeast Asia's leading On-Demand marketplace makes us the preferred commercialization partner for global autonomous technology leaders.

展望未來，我們將投資於按需服務、自動駕駛汽車和機器人領域的下一輪結構性變革。我們與 WeRide 合作，在新加坡推出了首個面向大眾的自動駕駛汽車接駁服務。作為東南亞領先的隨選服務市場，我們成為全球自動駕駛技術領導者的首選商業化合作夥伴。

We are committed to serving two critical functions: first, acting as a key thought partner for regulators to help define safety standards and operational frameworks for driverless transport. And next, supporting our driver partners through the transition to our hybrid fleet by uplifting them to take on specialized roles in safety and fleet management within the autonomous ecosystem.

我們致力於發揮兩個關鍵作用：首先，作為監管機構的重要思想夥伴，協助制定無人駕駛運輸的安全標準和營運架構。接下來，我們將支持我們的司機合作夥伴過渡到我們的混合動力車隊，提升他們在自動駕駛生態系統中的安全和車隊管理方面的專業角色。

So in closing, I have updated on the strong progress we are making as we execute towards our strategy and share with you our priorities for the future. We will work closer than ever with a merchant and driver partners, government agencies, corporate partners and grabbers to execute this strategy. Thank you for your continued support.

最後，我向大家報告了我們在執行策略方面取得的顯著進展，並分享了我們未來的工作重點。我們將與商家和司機合作夥伴、政府機構、企業合作夥伴和叫車平台比以往任何時候都更加緊密地合作，以執行這項策略。感謝您一直以來的支持。

And with that, I will now turn the call over to Peter, who will discuss how these developments support our financial road map over the next three years.

接下來，我將把電話交給彼得，他將討論這些進展如何支持我們未來三年的財務路線圖。

Thanks, Alex. Anthony and Alex just laid a powerful strategic road map, focused on affordability, ecosystem-led lifetime values and G&A efficiency. I will now show you how that strategy is translating into our financial road map, which is driving durable, profitable growth at scale.

謝謝你，亞歷克斯。Anthony 和 Alex 制定了強而有力的策略路線圖，重點在於可負擔性、以生態系統為主導的終身價值和一般及行政效率。現在我將向你們展示這項策略是如何轉化為我們的財務路線圖的，從而推動可持續的、大規模的獲利成長。

Now what makes it particularly energized is how our execution over the past few years is already setting foundations to drive the financial outlook that we are setting today. Let me first deep dive into our fourth-quarter and 2025 results, which sets us up for the next chapter of our financial road map.

現在，真正令人振奮的是，過去幾年我們的執行力已經為我們今天設定的財務前景奠定了基礎。首先，讓我深入探討我們第四季和 2025 年的業績，這將為我們財務路線圖的下一個篇章奠定基礎。

We delivered a strong finish for the year in the fourth quarter, characterized by product-led demand-driven growth. Our On-Demand GMV increased 21% year over year or 20% on a constant currency basis. with transactions outpacing GMV growth at 24% year over year. The strong volume growth is underpinned by our affordability and ecosystem expansion strategies that drive both user acquisition and also drive higher transaction frequency.

我們在第四季度實現了強勁的業績收官，其特點是產品驅動需求成長。我們的按需交易商品交易總額較去年同期成長 21%，以固定匯率計算成長 20%。其中，交易量年增 24%，超過了商品交易總額的成長速度。強勁的交易量成長得益於我們價格親民和生態系統擴展的策略，這些策略既促進了用戶獲取，也提高了交易頻率。

Our group revenue grew 19%, or 17% year over year on a constant currency basis, to $906 million. This is fueled by this GMV momentum and also driven by increasing contributions from our Financial Services. Now Financial Services also achieved our goals with our gross loan portfolio hitting $1.3 billion and our net loan portfolio reaching $1.2 billion, well above our guidance of $1 billion, while maintaining healthy risk-adjusted returns.

集團營收成長19%，以固定匯率計算年增17%，達9.06億美元。這得益於GMV的成長勢頭，同時也得益於金融服務業務貢獻的不斷增加。現在，金融服務也實現了我們的目標，貸款總額達到 13 億美元，淨貸款總額達到 12 億美元，遠超過我們 10 億美元的預期，同時保持了健康的風險調整後收益。

Adjusted EBITDA reached $148 million for the fourth quarter marking our 16th consecutive quarter of EBITDA expansion. On a full-year basis, adjusted EBITDA grew by 60% year on year to $500 million. These profitability is being powered by our robust top-of-the-funnel growth and also our relentless focus on driving operating leverage as we scale. Finally, we generated $76 million in adjusted free cash flow for the quarter and $290 million for the full year, underscoring the efficiency of our platform.

第四季調整後 EBITDA 達到 1.48 億美元，標誌著我們連續第 16 季實現 EBITDA 成長。全年調整後 EBITDA 年成長 60%，達到 5 億美元。這些獲利能力得益於我們強勁的銷售漏斗頂端成長，以及我們在規模擴張過程中對提升營運槓桿的不懈追求。最後，我們本季產生了 7,600 萬美元的調整後自由現金流，全年產生了 2.9 億美元，凸顯了我們平台的效率。

The scalability of our ecosystem is delivering a clear trend of accelerating top-line growth, coupled with expanding profitability. And when we take a step back to review 2025, we hit several key milestones. Let me show you what they are.

我們生態系統的可擴展性帶來了明顯的趨勢，即營收加速成長，同時獲利能力也不斷擴大。當我們回顧 2025 年時，我們會發現我們達到了幾個關鍵里程碑。讓我來給你們展示一下它們是什麼。

First one, we have driven a strong acceleration in growth with On-Demand GMV growing by 21% year over year. We are able to do this as a result of years of effort to widen the top of the funnel and execute on the product-led strategies Alex just described. Our confidence in this momentum remains high because we are seeing a product-led and ecosystem-focused initiatives drive higher transaction frequency and also attract a broader user base than ever before.

首先，我們的按需GMV年成長21%，實現了強勁的成長加速。我們之所以能夠做到這一點，是因為我們多年來努力拓寬銷售漏斗的頂部，並執行 Alex 剛剛描述的產品主導策略。我們對這一發展勢頭依然充滿信心，因為我們看到以產品為主導、以生態系統為中心的舉措正在推動更高的交易頻率，並吸引比以往任何時候都更廣泛的用戶群。

Now as we continue to scale the ecosystem, it translates into operating leverage as we benefit from greater network scale efficiencies. From our first quarter of adjusted EBITDA profitability achieved in the third quarter of 2023, we subsequently recorded positive adjusted free cash flow for the full-year 2024. And I'm also proud to announce that in 2025, we achieved our first full year of net profit.

現在，隨著我們不斷擴大生態系統規模，這將轉化為營運槓桿效應，因為我們將受益於更大的網路規模效率。自 2023 年第三季實現調整後 EBITDA 獲利以來，我們隨後在 2024 年全年實現了正的調整後自由現金流。同時，我也很自豪地宣布，2025年，我們實現了第一個全年淨利。

As we look ahead, there are four core principles of our financial road map that will guide our execution in the medium term and serves as a framework for how we create long-term shareholder value.

展望未來，我們的財務路線圖有四個核心原則，這些原則將指導我們在中期內的執行，並為我們如何創造長期股東價值提供框架。

Firstly, we remain focused on growing in a sustainable and durable manner. We're not chasing growth at any cost. Instead, we are driving relentless improvements to the affordability and reliability of our core offerings to capture a larger share of our addressable market and also employing the product-led and ecosystem-focused approach to cross-sell high-margin services like Financial Services.

首先，我們將繼續專注於以可持續和持久的方式發展。我們不會不惜一切代價追求成長。相反，我們正不斷努力提高核心產品的經濟性和可靠性，以佔據更大的目標市場份額，同時採用以產品為主導、以生態系統為中心的策略，交叉銷售金融服務等高利潤服務。

Secondly, we will continue to drive improvements to operating leverage. Our priority is now to build on this foundation and compound the earnings growth of our ecosystem as we continue to benefit from the network efficiencies we've spent the last decade building.

其次，我們將持續努力提高營運槓桿。我們現在的首要任務是在此基礎上繼續發展，並隨著我們繼續受益於過去十年構建的網路效率，不斷提高我們生態系統的獲利成長。

Third, we are laser-focused on free cash flow conversion. We expect our adjusted free cash flow conversion rates to improve as our profitability grows and achieving operating leverage.

第三，我們將重點放在自由現金流轉換率。我們預計，隨著獲利能力的提高和經營槓桿的實現，我們調整後的自由現金流轉換率將會提高。

Finally, we will maintain a strong disciplined balance sheet. Our capital allocation framework is one which prioritizes organic growth with high returns and remaining disciplined on M&A while returning excess capital to shareholders.

最後，我們將保持穩健的資產負債表。我們的資本配置框架優先考慮高回報的內生成長，同時在併購方面保持謹慎，並將多餘的資本回饋給股東。

Now let's look at how this all comes together in our guidance for 2020. First, on the top line, we expect group revenues to grow between 20% and to 22% year over year to $4.04 billion and $4.1 billion, accelerating from the 20% growth in 2025. This is not just a byproduct but larger base It's a direct result of our sustained growth in our On-Demand GMV and Financial Services continuing to be our fastest-growing segment as we scale our loan portfolio.

現在讓我們來看看這一切是如何融入我們2020年的指導方針中的。首先，在營收方面，我們預期集團營收將年增 20% 至 22%，達到 40.4 億美元至 41 億美元，比 2025 年的 20% 增速加快。這不僅僅是副產品，而是更大的基礎。這是我們按需GMV持續成長的直接結果，隨著我們擴大貸款組合，金融服務仍然是我們成長最快的領域。

Now on adjusted EBITDA, we expect to grow by 40% to 44% year on year, reaching $700 million to $720 million in 2026. This step-up in profitability reflects that network-scale efficiencies and cost leverage we've been building into the platform. This is supported by the continued growth in our On-Demand EBITDA, but also Financial Services segment moving towards EBITDA breakeven in the second half of the year. As we continue to lean into technology and G&A also to drive the corporate efficiency and the operating leverage in the business.

現在，根據調整後的 EBITDA，我們預計每年增長 40% 至 44%，到 2026 年達到 7 億美元至 7.2 億美元。獲利能力的提升反映了我們一直在平台中建構的網路規模效率和成本槓桿。這得歸功於我們按需 EBITDA 的持續成長，以及金融服務部門在下半年朝著 EBITDA 收支平衡邁進。我們將繼續加大對技術和一般及行政管理的投入，以提高企業效率和業務營運槓桿。

Now I would also like to outline how we are thinking about the next three years and the goals we are focused to achieve. For the next three years, we expect robust momentum in revenue, growing at a 20% CAGR from 2025 to 2028, with adjusted EBITDA tripling from 2025 to reach $1.5 billion in 2028, and for adjusted free cash flow conversion to expand to 80%.

現在，我還想概述一下我們對未來三年的規劃以及我們致力於實現的目標。未來三年，我們預計營收將保持強勁成長勢頭，從 2025 年到 2028 年將以 20% 的複合年增長率增長，調整後的 EBITDA 將從 2025 年增長兩倍，到 2028 年達到 15 億美元，調整後的自由現金流轉換率將擴大到 80%。

Now let me discuss each of these in the next three slides. Looking ahead through 2028, our revenue outlook is defined by a demand-led strategy across several high-velocity levers.

接下來，我將在接下來的三張投影片中逐一討論這些問題。展望 2028 年，我們的收入前景取決於以需求為導向的策略，該策略涵蓋多個高速成長的槓桿。

First, for our On-Demand segments. We are very focused on new user growth by expanding our footprint into non-capital cities while broadening at the same time our product suite to capture the untapped segments of the market. This expanding base gives us our larger foundations to drive retention and frequency. And furthermore, we expect a gradual increase in basket sizes.

首先，針對我們的按需服務部分。我們非常注重透過拓展業務範圍到非首府城市來增加新用戶，同時擴大產品組合，以開拓尚未開發的市場領域。不斷擴大的用戶群為我們提供了更大的基礎，從而提高用戶留存率和用戶購買頻率。此外，我們預計購物籃的容量將逐步增加。

Secondly, our Financial Services engine. We expect Financial Services to become an increasingly larger contributor to our total revenue base. By leveraging our proprietary ecosystem data, we can scale lending dispersal with high confidence in our credit costs, creating a high-margin revenue stream.

其次，是我們的金融服務引擎。我們預期金融服務業將在我們的總收入中佔據越來越大的份額。透過利用我們專有的生態系統數據，我們可以在信貸成本方面擁有高度信心，從而擴大貸款發放規模，創造高利潤收入流。

Finally, on MSME and Merchant Solutions. We see significant upside from merchant-focused initiatives specifically in advertising and omni-commerce solutions like dining. These are services that allow us to enhance our value proposition to merchants. Collectively, these strategic pillars provide a clear trajectory towards our 2028 revenue targets.

最後，關於中小微型企業和商家解決方案。我們看到，以商家為中心的舉措，尤其是在廣告和餐飲等全通路商務解決方案方面，具有巨大的成長潛力。這些服務能夠幫助我們提升對商家的價值主張。這些策略支柱共同為我們實現 2028 年營收目標提供了一條清晰的路徑。

Now let's move on from revenue outlook to our EBITDA trajectory. Our focus is on driving operating leverage required to reach our target of $1.5 billion in adjusted EBITDA by 2028. Now to put it to context, this represents 3 times growth from our 2025 performance and a more than doubling of the EBITDA we've guided for 2026. This is anchored by three key pillars.

現在讓我們從營收展望轉向 EBITDA 走勢。我們的重點是推動營運槓桿，以實現 2028 年調整後 EBITDA 達到 15 億美元的目標。為了更好地理解這一數字，我們將其視為 2025 年業績的 3 倍增長，以及 2026 年 EBITDA 預期值的兩倍多。它由三大支柱支撐。

First, On-Demand. Our primary driver for absolute EBITDA growth is the expansional our top of the funnel. As we continue to expand this ecosystem, we are benefiting from compounding network scale efficiencies, particularly within fulfillment and fixed cost leverage. This enables us to track towards our long-term steady-state margins of 9%-plus of Mobility and 4%-plus for Deliveries.

首先是按需服務。我們實現 EBITDA 絕對成長的主要驅動力是漏斗頂端的擴張。隨著我們不斷擴展這個生態系統，我們正受益於網路規模帶來的效率提升，尤其是在履約和固定成本槓桿作用方面。這使我們能夠朝著長期穩定的利潤率目標邁進，即行動業務利潤率達到 9% 以上，配送業務利潤率達到 4% 以上。

Secondly, for our Financial Services. We are firmly on track to achieve EBITDA breakeven in the second half of 2026. And from that point onward, we will progressively expand margins. This transition will be fueled by the scaling of our loan book and the continuous maturation of our credit models, which allows us to grow interest income while keeping a tight lid on credit costs.

其次，針對我們的金融服務。我們正穩步朝著2026年下半年實現EBITDA損益平衡的目標邁進。從那時起，我們將逐步擴大利潤空間。這一轉變將得益於我們貸款組合的規模擴大和信貸模型的不斷成熟，這使我們能夠在嚴格控制信貸成本的同時增加利息收入。

Finally, on corporate cost. While absolute corporate cost will naturally increase as we scale, our focus is on driving operating leverage and ensuring that these costs grow at a significantly slower pace than group revenue. By executing across these three fronts, we will aim to become more efficient as our business scales.

最後，關於企業成本。隨著規模的擴大，絕對公司成本自然會增加，但我們的重點是提高營運槓桿，並確保這些成本的成長速度遠低於集團收入的成長速度。透過在上述三個方面同時推進，我們將力爭隨著業務規模的擴大而提高效率。

As we scale both our top and bottom lines, we are entering a phase of accelerated free cash flow growth. The key takeaway here is our conversion efficiency. We expect that adjusted free cash flow conversion to move from 58% in 2025 to a target of 80% by 2028. This is driven by capital expenditures and taxes growing at a much slower rate than EBITDA.

隨著我們營收和獲利的雙雙成長，我們正進入自由現金流加速成長階段。關鍵在於我們的轉換效率。我們預計，經調整的自由現金流轉換率將從 2025 年的 58% 提高到 2028 年的 80%。這是由於資本支出和稅收的成長速度遠低於 EBITDA 的成長速度所致。

While we remain disciplined in how we deploy capital into critical assets like our fleet, including autonomous vehicles, we are also aiming to decouple our revenue growth from our capital intensity. This ensures that even as we invest for the long term, we are seeing a much higher portion of our earnings converting directly into cash. By 2028, we expect this efficiency to generate over $1.2 billion in full-year adjusted free cash flow. This level of cash generation allows us to self-fund our continued innovation while maintaining a strong balance sheet.

儘管我們在將資金投入車隊等關鍵資產（包括自動駕駛汽車）方面仍然保持嚴謹的態度，但我們也致力於將收入成長與資本密集度脫鉤。這確保了即使我們進行長期投資，也能看到更高比例的收益直接轉化為現金。預計到 2028 年，這種效率將產生超過 12 億美元的全年調整後自由現金流。這種現金流水準使我們能夠在保持穩健資產負債表的同時，為持續創新提供自籌資金。

Finally, I want to discuss our capital allocation principles. As we move into this next chapter, our framework continues to be anchored on four priorities.

最後，我想談談我們的資本配置原則。進入下一個階段，我們的框架仍然以四個優先事項為基礎。

First, we remain disciplined in investing for organic and profitable growth. We are ensuring that our core segments have the resources needed to capture the deep market opportunities that we see. And also we'll be prudent towards deploying capital where it generates the highest returns.

首先，我們堅持以有機成長和獲利成長為目標進行投資，並保持嚴謹的投資策略。我們正在確保我們的核心業務部門擁有所需的資源，以抓住我們看到的巨大市場機會。同時，我們也會謹慎地將資金投入能產生最高回報的地方。

Second, we are staying highly selective on inorganic opportunities. We will maintain a high bar and only pursue acquisitions if they strategically accelerate our road map, bringing critical technology or talent and meet our strict return thresholds.

其次，我們對非有機成長機會仍保持高度選擇性。我們將堅持高標準，只有當收購能夠從策略上加速我們的發展路線圖，帶來關鍵技術或人才，並達到我們嚴格的回報門檻時，我們才會進行收購。

Third, we'll aim to maintain a strong balance sheet with ample liquidity. Our robust cash position is a competitive model. It ensures we can navigate macro volatility with ease while continuing to innovate.

第三，我們將努力維持穩健的資產負債表和充足的流動性。我們雄厚的現金儲備是一種具有競爭力的模式。它確保我們能夠輕鬆應對宏觀經濟波動，同時不斷進行創新。

And finally, where we have excess capital, we will continue to return capital to our shareholders. We're pleased to announce a new $500 million share repurchase program this quarter. This follows the completion of our previous $500 million share program last year and brings a total commitment to $1 billion in share repurchases.

最後，如有盈餘資金，我們將繼續向股東返還資金。我們很高興地宣布，本季將啟動一項新的5億美元股票回購計畫。繼去年完成 5 億美元的股票回購計畫後，此次回購使我們的股票回購總額達到 10 億美元。

To wrap things up, 2025 has been a milestone year for us. If our first decade was about proving that the Super App model could work then this past year was a critical proof point that we can scale this engine with durable growth and profitability. While we are proud of our progress, we recognize we are still in the early chapters of our long-term journey.

總而言之，2025 年對我們來說是個具有里程碑意義的一年。如果說我們第一個十年是為了證明超級應用模式的可行性，那麼過去一年就是一個關鍵的證明點，證明我們可以擴大這引擎的規模，實現永續成長和獲利。雖然我們為所取得的進展感到自豪，但我們也意​​識到，我們仍處於長期旅程的早期階段。

The Grab that you see today is a fundamentally different company than the one that went public four years ago. We have reached a stage where growth and profitability are no longer a trade-off. We are driving significant top-line expansion by maintaining strict discipline on our capital allocation.

你今天看到的Grab公司，與四年前上市的那家公司有著本質上的不同。我們已經到了成長和獲利能力不再是相互權衡的階段。我們透過嚴格控制資本配置，實現了營收的顯著成長。

What is most meaningful to me as well is that our financial progress is now the engine for our wider mission. By generating robust cash flow, we are in a strong position to deliver our triple bottom line. We are delivering sustainable value for our shareholders by building a profitable compounding business, enabling us to create positive societal impacts by expanding earnings opportunities for our partners and also at the same time, protecting the environment. We are more energized and ever to continue this work and keep growing the business for our users, our partners and shareholders.

對我而言，最有意義的是，我們的財務進展現在已成為我們更廣泛使命的引擎。透過產生強勁的現金流，我們有能力實現三重底線目標。我們透過打造獲利的複合型業務，為股東創造可持續的價值，從而為我們的合作夥伴擴大獲利機會，創造積極的社會影響，同時保護環境。我們更有動力繼續這項工作，並不斷發展業務，為我們的用戶、合作夥伴和股東創造更多價值。

Thank you for watching and listening to Anthony, Alex, and I. I will now turn it over to Ken Lek as we begin the Q&A session.

感謝各位收聽收聽我和安東尼、亞歷克斯的節目。現在我將把發言權交給肯·萊克，開始問答環節。

(Operator Instructions) With that, our first question comes from the line of Pang Vitt from Goldman Sachs as well as Horng Han from CLSA.

（操作說明）接下來，我們的第一個問題來自高盛的 Pang Vitt 和里昂證券的 Horng Han。

The question is about our EBITDA -- 2020 EBITDA guidance. Just a question for management. You provided a strong outlook of tripling EBITDA between 2025 and 2028, could you outline the key assumptions by segment? And what are the biggest drivers to this step up?

問題與我們的 EBITDA 有關—2020 年 EBITDA 預期。我有個問題想問管理層。您曾給出2025年至2028年間EBITDA成長三倍的強勁預期，能否依業務板塊概述一下關鍵假設？推動這轉變的最大因素是什麼？

Let me take this one here, Horng Han and Pang. There's really two key themes. If you really step back and in the last four units, we've actually got outline what they are.

讓我來處理這件事，洪漢和龐。其實有兩個關鍵主題。如果你退後一步，仔細看看最後四個單元，我們實際上已經概述了它們是什麼。

The first is sustainable growth. You're seeing the momentum of the revenue growth that you're seeing in the business, and that translates to what you see in the guide -- the 2026 guide in terms of revenue to 20% to 22%. And then also to even gone beyond that to 2028, where you see that 20% revenue CAGR growth from 2025 to 2028. So that's the first theme.

首先是永續成長。你已經看到了業務收入成長的勢頭，這反映在了指南中——2026 年指南預測收入將成長 20% 至 22%。而且，我們甚至可以展望到 2028 年，預計 2025 年至 2028 年的營收複合年增長率將達到 20%。這是第一個主題。

The second thing is operating leverage in the business and the cost structure. Now let's step back here. It's really -- if you look at how -- in terms of how we think about profitability, that $1.5 billion of EBITDA target that we're aiming for, there is four key things.

第二點是企業的經營槓桿和成本結構。現在我們退後一步。實際上——如果你仔細看看——就我們如何看待盈利能力而言，我們所追求的 15 億美元 EBITDA 目標，有四個關鍵因素。

The first thing on-demand revenue. the On-Demand engine is working. And you see that continued momentum in driving user growth at the top of the end of the funnel that we're seeing right now. Now that is going to translate into also absolute margin expansion and absolute margin dollar in the business. We are driving cost down so we can lower the cost of serving the business. That affordability that we're working on so focused on is working, and we're going to continue to extend that.

首先是按需收入。按需引擎正在運作。您可以看到，目前我們在漏斗頂端的用戶成長動能依然強勁。現在，這也將轉化為業務的絕對利潤率擴張和絕對利潤額成長。我們正在努力降低成本，以便降低服務企業的成本。我們一直致力於提高產品的可負擔性，目前看來效果不錯，我們將繼續擴大這一範圍。

But to do that and drive margin at the same time, you've got to drive also a lowering of cost to set up. So we're going to go and continue to double down on driving that top line, but also lowering our cost to serve so that we can deliver margin improvement in both the Deliveries in the Mobility business. So that's the first critical pillar that we're going to drive.

但要做到這一點並同時提高利潤率，你還必須降低啟動成本。因此，我們將繼續加倍努力提高營收，同時降低服務成本，從而在出行業務的配送和營運方面實現利潤率的提高。所以這是我們要著力推進的第一個關鍵支柱。

The second one is around Financial Services. You're seeing the engine working now. You're seeing that loan book now continuing to scale. We clipped the $1 billion in terms of loan book. And what you're going to see is that as the business turns breakeven in the second half 2026, you'll enter into a new inflection point. And you're going to see that profitability continuing to grow.

第二個主題是金融服務。現在你可以看到引擎在運轉了。現在您可以看到貸款規模持續擴大。我們從貸款帳簿中削減了10億美元。你會發現，隨著公司在 2026 年下半年實現損益平衡，公司將進入一個新的轉折點。你會看到獲利能力持續成長。

We're very bullish in the way where financial service is going as that low -- as we lower the credit cost also of that business. And the risk-adjusted return that you're seeing is already tracking above our cost of capital. So you got the Financial Services segment and also the On-Demand business working together to really lift that operating margin in the business at the same time.

我們非常看好金融服務業的發展趨勢，因為隨著信貸成本的降低，該產業的信貸成本也會隨之降低。而您目前看到的風險調整後收益已經高於我們的資本成本。因此，金融服務部門和隨選業務部門攜手合作，共同提升了公司的營業利潤率。

Now the third and the fourth is really a combination of operating leverage in the business, which is the corporate cost side of the house. And you're seeing that corporate cost coming down. If you look at 2023, it was roughly about 17% as a percentage of revenue. In 2025, we just -- we've gone down to 11%. So you see a 600 basis points of margin improvement of that business. So as we continue to drive cost in the business, whether we -- it's our cloud cost, whether it's the cost of funds or just using more AI to drive productivity in the business, you are going to see that absolute margin improve overall as a business.

第三點和第四點其實是企業經營槓桿的組合，也就是公司成本方面。而且你會看到企業成本正在下降。如果以 2023 年為例，它約佔收入的 17%。到 2025 年，我們已經——我們已經下降到 11%。因此，該業務的利潤率提高了 600 個基點。因此，隨著我們不斷降低業務成本，無論是雲端成本、資金成本，還是利用更多人工智慧來提高業務生產力，您都會看到業務的絕對利潤率整體上有所提高。

So that's how you think about it. Two pillars, continuing to drive that growth across all our core segments of our business, drive operating leverage, and that generates the margin continued absolute dollar improvement to that $1.5 billion.

所以你是這樣想的。兩大支柱持續推動我們所有核心業務部門的成長，提高營運槓桿，使利潤率持續絕對美元成長至 15 億美元。

Okay. Our second question and then related one comes from Venugopal from Bernstein. And this is a question for Peter as well.

好的。我們的第二個問題以及相關的問題來自伯恩斯坦的Venugopal。這個問題也應該問彼得。

What prompted us to provide a 2025 -- 2028 guidance as such long-term guidance is typically not common? How predictable is the business model? And is this all going to be driven by organic growth?

是什麼促使我們提供 2025 年至 2028 年的績效指引？因為這種長期指引通常並不常見。這種商業模式的可預測性如何？這一切都將由內生成長驅動嗎？

So Venu, yes, it's all organic growth. That's what we've given out here today. If you look at the strategy actually hasn't changed in terms of how we're going to continue that momentum. Just to earlier point the previous question, we're continuing that momentum in the revenue side of the business. And we feel that the timing is right.

所以 Venu，是的，這完全是自然成長。這就是我們今天在這裡分發的。如果你仔細觀察，你會發現我們的策略其實並沒有改變，我們將繼續保持這種勢頭。回到先前的問題，我們在業務收入方面繼續保持這種成長勢頭。我們覺得時機正好。

The last time that we provided a three-year guidance was back in September 2022. And now the business has changed. The business has continued to scale. We're seeing a momentum. It's an inflection point. And we are seeing all the ingredients that we've been building over the last two years now are coming into action, and 2025 was the year demonstration of that. Then we want to continue to expand that.

我們上一次提供三年期業績指引是在 2022 年 9 月。現在，商業環境已經改變了。企業規模持續擴大。我們看到了一種發展勢頭。這是一個轉捩點。我們看到過去兩年我們一直在建構的所有要素現在都開始發揮作用，而 2025 年就是這項成果的展示之年。然後我們希望繼續擴大規模。

But we also we want to provide our investors our longer-term long-term financial road map. What are we heading for over the next three years? And really, the acceleration of growth that we're seeing, we're going to continue to maintain that.

但我們也想為投資人提供我們更長遠的財務路線圖。未來三年我們將走向何方？事實上，我們目前看到的這種加速成長勢頭，我們將繼續保持下去。

We clipped over $50 million of MTUs today, and we think there is still a lot more MTUs that we can reach in South Asia. If you look at the number of cities added in the last four years, we had over 400 cities. Imagine that in Southeast Asia, out of more than 400 cities, these are non-capital cities, and there are more cities that we want to go and enter and serve the Southeast Asians. So we want to continue to maintain that growth.

今天我們斬獲了超過 5000 萬美元的 MTU，我們認為在南亞還有更多 MTU 可以接觸。如果看一下過去四年新增的城市數量，我們有超過 400 個城市。想像一下，在東南亞的 400 多個城市中，這些都不是首都城市，還有更多城市我們想要進入並為東南亞人民服務。所以我們希望繼續保持這種成長勢頭。

But at the same time also, we know that we have to grow the profitability and the free cash flow conversion. So we've given up all ourselves as a management team as well as a Grab as a target to go for, and that is that $1.5 billion EBITDA that we want to reach from 2028 and the free cash flow conversion of our business.

但同時，我們也知道我們必須提高獲利能力和自由現金流轉換率。因此，我們管理團隊以及 Grab 都放棄了一切，我們的目標是到 2028 年實現 15 億美元的 EBITDA，並實現業務的自由現金流轉換。

On the right, all the cylinders are firing the engine is going, which is great to see. And with 2025 was a testament. We're able to demonstrate we can do that. And now we're in 2026, we feel confident in the next three years.

右側所有汽缸都在點火，引擎運轉正常，真是太好了。而2025年就是最好的證明。我們能夠證明我們能做到這一點。現在已是2026年，我們對未來三年充滿信心。

All right. We'll move on to a few questions on Indonesia. The next question comes from Navin Killa from UBS as well as Pang Vitt from Goldman Sachs.

好的。接下來我們將討論幾個關於印尼的問題。下一個問題來自瑞銀集團的納文·基拉和高盛集團的龐·維特。

A question for Alex. Is there any update on Indonesia's proposal to lower ride-hailing commissions? And if implemented, how would this impact take rates and segment margins? And what levers do you have to offset that potential pressure?

問Alex一個問題。印尼降低叫車佣金的提議有任何最新進展嗎？如果實施，這將對費率和細分市場利潤率產生什麼影響？那麼，你有哪些手段可以抵銷這種潛在壓力呢？

Okay. Thanks for this question, Navin and Pang. This is actually a great opportunity to clarify because there's been a lot of speculation in the media about what might happen in Indonesia.

好的。謝謝Navin和Pang提出這個問題。這其實是一個很好的澄清機會，因為媒體對印尼可能發生的事情有很多猜測。

So we can confirm that the government have not proposed any changes in commission caps. We're in close consultation with them. And we're aligned and committed to their ultimate goal, which is improving the welfare of drivers in Indonesia. So those of you that have been following closely will know that we have unveiled so social security initiatives for our hardworking drivers, plus Hari Raya Bonus coming up as well.

因此我們可以確認，政府並未提議對佣金上限進行任何更改。我們正在與他們密切磋商。我們與他們的目標一致，並致力於實現他們的最終目標，即改善印尼司機的福利。一直密切關注我們動態的各位都知道，我們已經為辛勤工作的司機們推出了一些社會保障計劃，此外還有開齋節獎金即將發放。

And we're able to use the technology that we've developed, particularly AI and a product called RideGuide, to help them get more productive so that they can get more orders and earnings for every hour that they choose to work. We'll continue to do this because both ourselves and the government have aligned interest to develop a sustainable platform that operates reliably for our customers and affordably for our customers to enable us to continue to create and enhance livelihoods for drive partners and micro SMEs across Indonesia.

我們能夠利用我們開發的技術，特別是人工智慧和一款名為 RideGuide 的產品，來幫助他們提高工作效率，從而讓他們在選擇工作的每一小時都能獲得更多訂單和收入。我們將繼續這樣做，因為我們和政府的利益一致，即開發一個可持續的平台，為我們的客戶提供可靠且價格合理的服務，使我們能夠繼續為印尼各地的合作夥伴和微型中小企業創造和改善生計。

And then a follow-up question on the margins? I think from Divya is coming up. So Ken, do you want to read the question?

然後還有一個關於邊緣問題的後續問題？我覺得迪維亞那邊要出場了。肯，你想讀題目嗎？

So Divya asked a follow-up question in Indonesia.

於是，迪維亞在印尼提出了一個後續問題。

Also for Alex, could you provide updates on Grab's GMV growth and market share trends in Indonesia in the fourth quarter? Do you expect margins for Indonesia to be impacted by higher driver welfare costs in 2026?

另外，Alex，你能否提供一下Grab在印尼第四季GMV成長和市佔率趨勢的最新情況？您認為到 2026 年，印尼的利潤率會受到司機福利成本上升的影響嗎？

Yes, Divya, thanks. So despite the macroeconomic headwinds, we have driven affordability as a key part of our strategy and the product-led strategy in Indonesia. So we've been able to improve our category leadership across all verticals in Indonesia. It's growing about in line with the overall group and faster than the market in Indonesia.

是的，迪維婭，謝謝。因此，儘管面臨宏觀經濟逆風，我們仍然將價格可負擔性作為我們在印尼的策略和產品主導策略的關鍵組成部分。因此，我們得以在印尼所有垂直領域提升品類領先地位。它的成長速度與集團整體成長速度大致相同，並且比印尼市場成長速度更快。

So we've been able to demonstrate a sustainable double-digit GMV growth for our On-Demand segment, and we've expanded the profitability year on year. So in answer to your question, we do not expect margins to be impacted by the social programs that I just described because we're getting more operating leverage as we scale up in the country because of our scale.

因此，我們已經能夠證明我們的按需服務業務實現了可持續的兩位數 GMV 成長，並且盈利能力逐年提高。所以，回答你的問題，我們預計我剛才描述的社會計畫不會對利潤率產生影響，因為隨著我們在全國範圍內擴大規模，我們的營運槓桿作用也會增強。

So probably the most important aspect of the results in the fourth quarter for Indonesia were the increased velocity in Financial Services for us in the country. The highlight was, of course, the IPO of Superbank in December, which came out now, I think, with a $1.8 billion market cap and was incredibly successful, 300 times over subscribed with over 1 million shareholders. And I believe at this point, we've got more shareholders in Superbank than any other stock on the IDX.

因此，第四季印尼業績中最重要的方面可能是我們在該國金融服務業務的成長速度。當然，最引人注目的是 Superbank 在 12 月的 IPO，我記得當時它的市值達到了 18 億美元，而且非常成功，認購倍數高達 300 倍，股東人數超過 100 萬。我相信，目前 Superbank 的股東人數比 IDX 上任何其他股票的股東人數都多。

So that's just an indication of the potential of the market for Financial Services. And we're just getting going now with an increase in velocity to be expected in 2026.

這足以顯示金融服務市場的巨大潛力。我們現在才剛起步，預計到 2026 年速度將會加快。

Okay. With that, we now have a two-pronged question from Piyush Choudhary from HSBC. We'll take the first question first before we pause for the second.

好的。由此，匯豐銀行的 Piyush Choudhary 提出了一個包含兩個面向的問題。我們先回答第一個問題，然後再停下來回答第二個問題。

So first question is for Anthony on our AV initiative. So Grab has done various partnerships in cutting-edge AV companies. Can you provide an update on the progress of your various pilots? And apart from Singapore, do you see commercial rollout in other ASEAN countries in the next three years?

第一個問題問安東尼，關於我們的AV專案。因此，Grab與多家尖端影音公司建立了合作關係。能否提供一下貴公司各項試辦計畫的進度？除了新加坡，您認為未來三年內是否會在其他東協國家進行商業推廣？

Great question, Piyush. Piyush, our long-term strategy is centered on a single goal of building supply resilience. We view AVs not as a replacement for our driver partners, but as a critical buffer to ensure 100% reliability. That is the key driver for customer retention, especially during peak hours or in underserved areas.

問得好，Piyush。Piyush，我們的長期策略以建立供應鏈韌性為唯一目標。我們認為自動駕駛汽車不是取代我們的司機夥伴，而是確保 100% 可靠性的關鍵緩衝。這是提高客戶留存率的關鍵因素，尤其是在尖峰時段或服務不足的地區。

You may actually have seen us make, as you talked about just now, small minority investments. Now these position us in Southeast Asia in a way where we can have a geopolitical and technological hedge because we can partner global leaders across both US and China ecosystems, whether it's a WeRide, our main Mobility from the States, or Momenta and even hardware leaders like say in LiDAR.

正如你剛才所說，你可能已經看到我們進行了一些小額少數股權投資。現在，這些優勢使我們在東南亞地區佔據了有利地位，我們可以對沖地緣政治和技術風險，因為我們可以與美國和中國生態系統中的全球領導者合作，無論是我們來自美國的主要出行公司 WeRide，還是 Momenta，甚至是像 LiDAR 這樣的硬體領導者。

Now this agnostic approach allows us to leverage this unique position we are in with the ability to take the best technology from the world to adapt it to specific nuances of Southeast Asian Infra.

現在，這種不偏不倚的方法使我們能夠利用我們所處的獨特地位，將世界上最好的技術應用於東南亞基礎設施的特定細微差別。

Over the next three years, you asked, we see actually Singapore as our blueprint. You look at Ai.R, Ai.R is our first public AV shuttle service in Singapore's Punggol District. That's a great example. Ai.R has covered over 25,000 kilometers with zero safety-critical incidents on neo misses. This is the highest mileage recorder and the most data collected by any AV operator in Southeast Asia.

你問，未來三年，我們實際上將新加坡視為我們的藍圖。你看 Ai.R，Ai.R 是我們在新加坡榜鵝區推出的首個公共 AV 接駁服務。那是一個很好的例子。Ai.R 已累計飛行超過 25,000 公里，在 neo misses 上未發生任何安全重大事故。這是東南亞所有自動駕駛汽車業者中里程記錄最高、數據收集最多的設備。

Our in-house fleet operations tooling will also enable real-time alerting for AV issues, which allows our operations center to respond quickly to potential incidents. And most importantly, we strongly reiterate our commitment to transitioning our driver partners in the new and emerging roles as we move towards a hybrid human and autonomous fleet.

我們內部的車隊營運工具還可以對自動駕駛汽車問題進行即時警報，使我們的營運中心能夠快速回應潛在的事故。最重要的是，我們再次鄭重承諾，隨著我們向人工駕駛和自動駕駛混合車隊轉型，我們將致力於幫助我們的司機合作夥伴適應新的和正在發展的角色。

We are already retraining our strong Grab driver partners to form a pool of qualified safety operators during this pilot. They are part of our growing AV fleet operations ground team which also comprises customer support and deeper operations. And we do all this to ensure, as we move to a hybrid fleet, we maintain our operational heart while, as Peter just now shared, lowering our long-term cost per kilometer.

我們已經在對優秀的Grab司機合作夥伴進行再培訓，以便在試點期間組建一支合格的安全操作員隊伍。他們是我們不斷成長的自動駕駛汽車車隊營運地面團隊的一部分，該團隊還包括客戶支援和更深入的營運。我們這樣做是為了確保在向混合動力車隊過渡的過程中，我們能夠保持營運核心，同時，正如彼得剛才所說，降低我們每公里的長期成本。

We will, of course, continue to work hand in hand with regulators like Singapore's Ministry of Transport to collectively define the safety standards and operational frameworks that allow driverless transport to co-exist safely with traditional traffic. Ultimately, we see this transition as a way to future-proof our platform and network. And we ensure that we can remain the most efficient marketplace as we lead Southeast Asia into its next chapter of Mobility.

我們當然會繼續與新加坡交通部等監管機構攜手合作，共同製定安全標準和營運框架，使無人駕駛交通能與傳統交通安全共存。最終，我們認為這種轉型是確保我們的平台和網路面向未來的一種方式。我們將確保自身保持最高效的市場地位，引領東南亞邁入移動​​出行的新篇章。

Thank you, Anthony. So second part of Piyush's question is a two-part question for Alex.

謝謝你，安東尼。所以，Piyush問題的第二部分其實是向Alex提出的一個包含兩個部分的問題。

How is the performance of the various new product initiatives you launched in 2025? And what are the key learnings from these rollouts? As for 2026, what new products could we potentially anticipate? So first part of the second question.

您在 2025 年推出的各項新產品計畫的執行情況如何？從這些推廣活動中我們能獲得哪些關鍵經驗？至於 2026 年，我們可能會看到哪些新產品？所以，這是第二個問題的第一部分。

The second part of the question is, I note that Grab's MTUs has grown 15% year over year to now cross over 50 million users as of the fourth quarter of 2025. Could you share with us your outlook for MTU as a percentage of ATU penetration over the coming years?

問題的第二部分是，我注意到 Grab 的 MTU 同比增長了 15%，截至 2025 年第四季已超過 5000 萬用戶。您能否與我們分享您對未來幾年 MTU 佔 ATU 滲透率百分比的展望？

Thanks, Piyush. Yes. You're right, at the start of 2025, we did say that we would be focusing on user growth and frequency. And it was indeed a key driver of our growth acceleration in 2025. I remember two years ago, we were talking about Grab being used by 1 in 20 of folks here in Southeast Asia.

謝謝你，皮尤什。是的。你說得對，在 2025 年初，我們確實說過我們會專注於用戶成長和存取頻率。而這確實是我們在 2025 年加速成長的關鍵驅動因素。我記得兩年前，我們還在討論東南亞地區每 20 個人中就有 1 人使用 Grab 服務。

Now we're up 1 in 15. And I would make the same point, although we're growing very fast and penetrating very fast. We're still just scratching the surface. There's lots of upside left in this young, dynamic region for Grab to continue to penetrate.

現在我們領先1/15。我的觀點也是一樣，儘管我們的成長速度非常快，滲透速度也非常快。我們目前還只是略窺門徑。在這個年輕又充滿活力的地區，Grab 還有很大的發展空間，可以繼續深入開拓。

So our GMV growth accelerated by 21% year on year, but the transaction growth, which is key, grew even faster at 24% year on year in this last fourth quarter. That MTU to annual transacting user penetration is at 37%, as Anthony said, at the start of the presentation today. And that's an increase from last year. And ATU is the overall base has grown even further to 129 million users now.

因此，我們的 GMV 年成長了 21%，但關鍵的交易量成長速度更快，在上個第四季同比增長了 24%。正如安東尼在今天的演講開始時所說，MTU 與年度交易用戶滲透率達到 37%。這比去年有所增長。ATU 的總用戶數已進一步成長到 1.29 億。

So the product strategy is working. We will continue. We updated the new product initiatives in Deliveries when we last updated it at the half year contributed to about one-third of our GMV. On a full-year basis, I can tell you that now is represented by almost half. So 46% year-on-year GMV growth from our new products. So a massive contribution.

所以產品策略是有效的。我們將繼續。我們在上次更新時更新了「交付」中的新產品計劃，當時半年的業績貢獻了我們約三分之一的GMV。從全年來看，我可以告訴你，現在這種情況已經佔了近一半。因此，我們的新產品實現了 46% 的年成長 GMV。這是一項巨大的貢獻。

Just to summarize what the product strategy has been and what we will continue to focus on. So the latter pricing strategy is working. Affordability drives a lot better frequency. So Saver gives us 1.5% higher frequency than the average. And the high-value customers are here in Southeast Asia as well, less price sensitive looking for time rides to airports, et cetera. So we'll continue to grow at the top end of the latter also allowing us to manage the margin mix very nicely, as you saw in the overall results.

簡單總結一下我們的產品策略以及我們將繼續關注的重點。所以後一種定價策略是有效的。價格因素會顯著提高購買頻率。因此，Saver 的頻率比平均值高出 1.5%。東南亞也有很多高價值客戶，他們對價格較不敏感，主要尋找前往機場等地的短途旅行服務。因此，我們將繼續在後者的高端領域實現成長，從而使我們能夠很好地管理利潤率組合，正如您在整體業績中看到的那樣。

We like viral products for users. So we've been building viral products where usage brings in new users through the platform. So Group Order is a great example of that. We get to double the retention and frequency from Group Order that we get from the average. Family Account is another example of that. And then GrabMore the cross-sell from food into GrabMart is also operating extremely well for us to help build long-term value. And then the last and probably the most important aspect is the focus on the merchants and their success.

我們喜歡能為用戶帶來爆款產品的商品。因此，我們一直在打造病毒式傳播的產品，透過平台的使用情況吸引新用戶。所以小組排序就是一個很好的例子。團體訂購帶來的顧客留存率和訂購頻率是平均訂購率的兩倍。家庭帳戶就是另一個例子。此外，GrabMore（食品與GrabMart的交叉銷售）也運作得非常好，這有助於我們建立長期價值。最後，也是最重要的一點，就是專注於商家及其成功。

So now we've got a whole suite of integrated solutions, as I was describing earlier that go from demand generation on delivery, dining in loyalty as a service, all the way through to payments, fintech lending, et cetera. We are the only -- the only provider in Southeast Asia that can bring all of those together for the merchants. And the more successful those merchants are, with Grab, the more successful Grab will be in the long run as well.

所以現在我們擁有一整套整合解決方案，正如我之前描述的那樣，涵蓋了從交付需求產生、餐飲忠誠度服務，一直到支付、金融科技貸款等等。我們是東南亞唯一一家能夠為商家提供所有這些服務的供應商。商家與 Grab 的合作越成功，Grab 長遠來看也會越成功。

In the future, we're not only talking about penetration of MTUs into ATUs, but we're now increasingly inside Grab talking about daily usage. We want to Grab to be embedded in the daily lives of people in Southeast Asia every single day. So the frequency of once per day is how we think about the challenge in 2026, and we're making good progress towards that. Thank you.

未來，我們不僅要討論 MTU 向 ATU 的滲透率，而且現在我們越來越多地在 Grab 內部討論每日使用情況。我們希望Grab能融入東南亞人民的日常生活，成為他們每天的必需品。所以，我們認為每天一次的頻率是應對 2026 年挑戰的方式，而我們正朝著這個目標取得良好進展。謝謝。

Next question comes from Alicia Yap from Citi.

下一個問題來自花旗銀行的Alicia Yap。

This is a three-part question on our three-year revenue guidance. So first part of the question, could you provide us with the breakdown by segments of how this will contribute to your revenue growth? Second part to the question, could you also provide color on Delivery's EBITDA margin by 2028? And third part to the question, will you still achieve Financial Services breakeven by the second half of 2026? So all pointed questions, and this is a question for you, Peter.

這是一個關於我們三年營收預期的三部分問題。首先，能否請您按業務板塊細分一下，說明這將如何促進您的收入成長？在問題的第二部分，您能否也提供一下 Delivery 公司到 2028 年的 EBITDA 利潤率？問題的第三部分是，您能否在 2026 年下半年實現金融服務業務的損益兩平？所以，所有問題都很有針對性，彼得，這個問題是問你的。

Alicia, if you look at the top line, what you're going to see over the next three years is, with the Financial Services of our business, is going to be growing much faster than On-Demand. And this is the product that just scaling. You've got the banks now on fire, going really on our in building their loan book. We've clipped a $1 billion loan book. We expect to double that loan book by exiting 2026 and continue to increase from that.

艾莉西亞，如果你看總收入，你會發現未來三年，我們業務中的金融服務部門的成長速度將遠遠超過按需服務部門。這就是正在規模化發展的產品。現在銀行都忙得不可開交，都在拼命擴張貸款規模。我們剝離了價值 10 億美元的貸款組合。我們預計到 2026 年底貸款規模將翻一番，並在此基礎上持續成長。

So with the banks continuing to increase their penetration in the marketplace and also with some of the other products that are coming up, where we expect that growth to continue to accelerate, outpacing the growth of our On-Demand business. That's not to say that our On-Demand business will also continue to grow, which there will be.

因此，隨著銀行不斷提高其在市場上的滲透率，以及一些其他產品的推出，我們預計這種成長將繼續加速，超過我們按需業務的成長速度。但這並不意味著我們的按需業務也會繼續成長，事實上它肯定會成長。

If you look at what Alex has been sharing across the product portfolio of our Deliveries business, we're seeing strong growth on our grocery business, which is growing 1.7 times faster than our food business, and that will continue to also to be maintained and sustained as we go into 2026 and beyond in the Deliveries segment.

如果你看看 Alex 在我們配送業務的產品組合中分享的內容，你會發現我們的雜貨業務增長強勁，其增長速度比食品業務快 1.7 倍，而且隨著我們進入 2026 年及以後，配送業務的這一增長勢頭也將繼續保持。

We still have work to do also in affordability. We're not stopping on affordability. There's still a lot of things that we want to do on the right side of the house as well as on the delivery side that will continue to also fuel the momentum on the growth business of our On-Demand.

我們在提高住房可負擔性方面仍有許多工作要做。我們不會止步於價格實惠。在房屋右側以及配送方面，我們仍然有很多事情要做，這些都將繼續推動我們按需業務的成長勢頭。

Margin, you'll see margin expansion, as I said earlier, while we Pang asked about the margin side, the On-Demand business will continue to grow for that for both On-Demand. But also you'll see the Financial Services margin continuing to grow faster than our On-Demand business also, and also when it comes to the absolute margin versus my portfolio of our business. And then also, we're continuing to double down on our advertising business at the same pace to supplement and complement our On-Demand business, which is really critical also as we continue to grow.

利潤率方面，正如我之前所說，你會看到利潤率擴張。雖然龐先生問到了利潤率方面的問題，但按需業務將繼續成長，無論是按需業務還是其他業務。但您也會看到，金融服務業務的利潤率將繼續比我們的按需業務增長得更快，而且就我們業務組合的絕對利潤率而言也是如此。此外，我們也將繼續以同樣的速度加大對廣告業務的投入，以補充和完善我們的點播業務，這對於我們持續成長而言也至關重要。

I there was one more question from Alicia, which I haven't answered. I've lost track.

艾莉西亞還有一個問題，我還沒回答。我已經記不清了。

Fintech breakeven.

金融科技實現損益平衡。

Fintech breakeven, that's right. Alicia, I can tell you right now, second half 2026, it will happen.

金融科技實現損益平衡，沒錯。艾莉西亞，我現在就可以告訴你，2026年下半年，這件事一定會發生。

All right. Thanks, Peter. So we're getting a couple of questions on AI from both Alicia from Citi as well as Navin from UBS.

好的。謝謝你，彼得。我們收到了來自花旗銀行的艾莉西亞和瑞銀集團的納文關於人工智慧的一些問題。

So Anthony, a question for you. Given the rapid evolution of AI models and increasing penetration of AI chat bots, what is management's view on the positioning of per strategy in light of this orders Grab anticipate potential shifts in user behavior and the use of AI chatbots as discovery funnels and ordering gateways, which could disrupt its services?

安東尼，我有個問題想問你。鑑於人工智慧模型的快速發展和人工智慧聊天機器人的日益普及，管理階層對Grab的策略定位有何看法？ Grab預計用戶行為可能會發生潛在變化，人工智慧聊天機器人將被用作發現管道和訂購入口，這可能會對其服務造成衝擊。

Great question, Navin and Alicia. Look, we view the evolution of AI, not as a threat to the Super App model, but as a high-velocity engine that will scale our model. Now to address your point of disruption, we see three strategic pillars that strengthen our position rather than positive trip.

納文和艾莉西亞，問得好。我們並不把人工智慧的發展視為對超級應用模式的威脅，而是將其視為能夠擴展我們模式的高速引擎。現在針對您提出的顛覆性問題，我們認為有三個策略支柱可以鞏固我們的地位，而不是帶來正面的轉變。

Let's talk about LLMs. LLMs are exceptional at discovery and digital commerce. We have now become embedded. We, as Grab, have now become embedded in the everyday lives of Southeast Asians. And this is the beauty of how we use and leverage this embedding. The hyperlocal physical infrastructure that we've built by being embedded across Southeast Asia, it allows mobility, food delivery services to become our strong mall, and Grab has become the indispensable fulfillment partner.

我們來聊聊法學碩士吧。法學碩士在發現和數位商務方面表現出色。我們現在已經融入了。我們 Grab 已經融入了東南亞人的日常生活。這就是我們使用和利用這種嵌入技術的妙處所在。我們在東南亞各地建立的超本地化實體基礎設施，使旅遊和食品配送服務成為我們強大的購物中心，而 Grab 已成為不可或缺的物流合作夥伴。

So LLMs can be a great channel, but we are the indispensable fulfillment partner. We own real-time mapping, the merchant relationships, and the fleet logistics across Southeast Asia. And these assets, these -- a lot of them are physical on-the-ground assets are incredibly difficult to disintermediate.

因此，LLM（銷售經理）可以是一個很好的管道，但我們是不可或缺的執行合作夥伴。我們擁有東南亞地區的即時地圖、商家關係和車隊物流。而且這些資產，其中很多都是實體資產，很難透過中間商進行交易。

Number two, you mentioned earlier about search engines are directing traffic. Now our partnerships to open AI now -- or as your first lighthouse partner some time ago, and Anthropic aren't just for internal efficiency. They allow us to ensure that when a user ask a third-party AI, for example, how do I get home or what should I eat, Grab is the integrated fulfillment engine behind that answer.

第二點，你之前提到搜尋引擎會引導流量。現在，我們與開放人工智慧的合作夥伴——或者說，作為你們的第一個燈塔合作夥伴，以及 Anthropic，不僅僅是為了提高內部效率。它們使我們能夠確保當用戶向第三方人工智慧詢問諸如「我該如何回家」或「我應該吃什麼」之類的問題時，Grab 就是答案背後的整合履行引擎。

I would say the third part, now for users, they want deep personalization. They want efficiency. So we are deploying semantic search and generative AI to turn our Super App into a personalized concierge, if you may. We aren't just waiting for search. We are leveraging the data we have, leveraging generative AI and the best foundational models, to predict intent.

我認為第三點是，現在對於使用者來說，他們想要深度個人化。他們追求的是效率。因此，我們正在部署語義搜尋和生成式人工智慧，將我們的超級應用程式變成一個個人化的管家服務平台。我們並非只是在等待搜尋結果。我們正在利用我們擁有的數據，利用生成式人工智慧和最好的基礎模型來預測意圖。

For our ecosystem, with over 1,000 proprietary AI models, as Alex shared before, we're already powering merchants with our AI agent. We talked about Maya before. We are powering drivers with an AI ride guide that Alex talked about as a coach. We've dispatched over 90% of our rides are fully dispatched with AI, and we continue to improve credit underwriting with AI. This has directly translated into higher retention and improved unit economics.

正如 Alex 之前分享的那樣，我們的生態系統擁有超過 1000 個專有 AI 模型，我們已經透過我們的 AI 代理為商家提供支援。我們之前討論過瑪雅。我們正在利用 Alex 所說的作為教練的 AI 乘車嚮導來為司機提供支援。我們超過 90% 的行程都是透過人工智慧完成調度的，我們也將繼續利用人工智慧來改善信用審核。這直接轉化為更高的客戶留存率和更好的單位經濟效益。

If you remember from 2022 to 2024, head count basically stayed flat but revenues doubled. That's what we see. We've seen the power AI. Ultimately, we continue to build the AI-led operating system for Southeast Asia. We're excited to showcase the next generation of these tools at our upcoming GrabX Product Day, so we hope to see all of you there.

如果你還記得的話，從 2022 年到 2024 年，員工人數基本上保持不變，但收入翻了一番。這就是我們所看到的。我們已經見識到了人工智慧的力量。最終，我們將繼續為東南亞打造人工智慧作業系統。我們很高興能在即將舉行的 GrabX 產品日上展示這些工具的下一代產品，希望屆時能見到大家。

Okay. So the next question is actually on our new acquisition, Stash. As a reminder to the audience, we announced this morning that we are acquiring a digital investing platform, Stash, based in US, which Alex shared more details on earlier.

好的。那麼下一個問題其實是關於我們新收購的公司 Stash。再次提醒各位，我們今天早上宣布，我們將收購位於美國的數位投資平台 Stash，Alex 早些時候分享了更多細節。

So two questions, one from Ranjan Sharma from JPMorgan and another from Venugopal from Bernstein.

所以有兩個問題，一個來自摩根大通的 Ranjan Sharma，另一個來自伯恩斯坦的 Venugopal。

So firstly, could you share reverse management some of the financial metrics of this business, including its burn as well as its near-term earnings? What did you pay for these assets on a valuation basis?

首先，您能否反向分析這家公司的一些財務指標，包括其資金消耗以及近期收益？你為這些資產支付了多少估值？

And second question, what does this signal? Is it a platform that's meant to be rolled out in Asia? Or is it a formal entry into the US market? Does our 2028 guidance include contributions from Stash?

第二個問題，這代表什麼訊號？這是一個計劃在亞洲推廣的平台嗎？或者說，這是正式進軍美國市場？我們的 2028 年業績指引是否包含 Stash 的貢獻？

Lots of questions there. Let me just start. Our long-term strategy, it was very rooted in Southeast Asia. We still have a lot of work to do in Southeast Asia. It's our core markets, and there's still a lot of products and users that we want to touch, whether it's across all our different segments of our business today.

那裡有很多問題。讓我先開始吧。我們的長期戰略深植於東南亞。我們在東南亞還有很多工作要做。這是我們的核心市場，我們仍然有很多產品和用戶想要觸及，無論是在我們目前業務的各個不同領域。

Now why do we do Stash? It's really a unique asset. If you look at the trend of when we do acquisitions, if you looked at the last unique asset that we acquired was around supermarkets, the giant Everrise. We see Stash as a very unique asset with a few things. One is it's got a very strong IP. It's got a strong talent pool and a platform that we don't have today.

那我們為什麼要進行 Stash 操作呢？這真是一筆獨特的財富。如果你看看我們進行收購的趨勢，如果你看看我們最近收購的獨特資產，那就是超市巨頭 Everrise。我們認為 Stash 是一項非常獨特的資產，它具備以下幾個特質。其一是它擁有非常強大的智慧財產權。它擁有強大的人才儲備和我們目前所不具備的平台。

If you look at Financial Services as a business, what do we have? We have a very strong payments. We have a strong lending message which is continuing to scale. We have a big deposit base of 7 million customers on the deposit side -- on the banking side of the house. What's missing?

如果把金融服務看成一項業務，我們擁有什麼？我們的支付能力非常強。我們擁有強大的貸款業務訊息，並且正在不斷擴大規模。我們在存款方面擁有700萬龐大的客戶群－也就是銀行業務方面。還缺什麼？

We don't have an investing platform today. And that's really critical for us as we continue to feel -- complete the full picture of Financial Services in Southeast Asia, also in other parts of the market where Stash operates today.

我們目前還沒有投資平台。這對我們來說至關重要，因為我們將繼續努力——完善東南亞乃至 Stash 目前營運的其他市場地區的金融服務全貌。

Now it is a positive EBITDA business today. It is generating free cash flow positive, and we see this business generating $60 million in EBITDA in 2028. So it's an accretive business that we see. Really, it's important that we also serve our user base today not only in extending loans but also teaching them how to save. It's critical in terms of our mission for the underserved especially on Financial Services.

現在它是一家EBITDA為正的企業。它產生了正的自由現金流，我們預計該業務在 2028 年將產生 6,000 萬美元的 EBITDA。所以我們看到的是一個不斷成長的業務。事實上，如今我們不僅要向用戶提供貸款，還要教他們如何儲蓄，這一點非常重要。對於我們服務於弱勢群體（尤其是在金融服務領域）的使命而言，這一點至關重要。

So we're very excited to have the Stash family joining us, that we expect to close this transaction sometime in Q3 or Q4 with a great team. We already have over 1 million customers that we we're [continuing] to serve, that they continue to prove that the product works. And as they continue to build that product out -- product set out when they're going to continue to penetrate the US market. But also over time, we'll introduce the product here in Southeast Asia.

我們非常高興 Stash 家族加入我們，我們預計將在第三季或第四季與一支優秀的團隊一起完成這筆交易。我們已經擁有超過 100 萬客戶，我們將繼續為他們提供服務，他們也不斷證明該產品有效。隨著他們不斷完善該產品——該產品旨在繼續打入美國市場。但隨著時間的推移，我們也會將產品引入東南亞市場。

We're getting several questions now from various analysts on our grocery strategy. So notably, questions from Jiong from Barclays, Divya from MS, Wei from Mizuho, and Sachin from Bank of America.

現在我們收到了幾位分析師關於我們食品雜貨策略的提問。值得注意的是，巴克萊銀行的Jiong、摩根士丹利的Divya、瑞穗銀行的Wei以及美國銀行的Sachin都提出了問題。

This is likely a question for you, Alex. Can you provide us with an update on our grocery strategy and recent growth trends. What changes are you seeing in the competitive landscape across Southeast Asia? And how do you plan to invest capital into this vertical?

這可能是一個應該問你的問題，亞歷克斯。能否向我們介紹一下我們的食品雜貨策略和近期成長趨勢？您認為東南亞的競爭格局發生了哪些變化？您計劃如何向這個垂直領域投資資金？

Okay. Thanks. So our most upvoted question. Well, first of all, let me start with the market opportunity. In ASEAN, the modern retail penetration is less than 40% of the overall grocery market. And then online grocery penetration is even lower at less than 3% in the majority of our markets. That compares with much higher numbers in US, China, UK of 15%, 20%, even 30% in some of those markets.

好的。謝謝。這是我們按讚最多的問題。首先，讓我先談談市場機會。在東協，現代零售滲透率不到整體食品雜貨市場的40%。而且，在我們大多數市場中，網路雜貨滲透率甚至更低，不到 3%。相較之下，美國、中國、英國等國的數字則高得多，在某些市場甚至達到 15%、20%，甚至 30%。

So for Grab, currently, mart is only 10% of our Deliveries GMV, although it is growing a lot faster at 1.7 times faster than food year on year. So we're starting to get a lot of traction.

因此，目前 Grab 的 Mart 業務僅占我們配送 GMV 的 10%，儘管其成長速度比食品業務快得多，年增長率是食品業務的 1.7 倍。所以我們開始獲得很多進展。

The way that we are growing is that we are adding selection that is adjacent to the food consumption that we see, so beverages and groceries make a lot of sense when you're ordering food. And we're getting the input from the searches and the behaviors of customers on the food side to understand how to expand the SKU selection and using GrabMore to do the cross-sell from food users into mart. And when we do that, we see that the higher frequency is 1.5 times and the spend is 1.5 times when they're just a food-only user.

我們的發展方式是，我們增加了與食品消費相關的選擇，因此，當您訂購食品時，飲料和雜貨就顯得有意義了。我們正在從食品方面的搜尋和客戶行為中獲取回饋，以了解如何擴展 SKU 選擇，並利用 GrabMore 將食品用戶交叉銷售到超市。當我們這樣做時，我們發現，當他們只是食品使用者時，消費頻率是原來的 1.5 倍，消費金額也是原來的 1.5 倍。

We're also improving the integration with our partners using tech, and that's helped us to improve our reliability. So the fulfillment rate and the customer experience is getting better and better. So those of you out there that haven't used to GrabMart, please give it a go, and you'll see this tremendous improvement in selection and the availability of those items.

我們也透過技術手段改進與合作夥伴的整合，這有助於提高我們的可靠性。因此，訂單完成率和客戶體驗都在不斷提高。所以，還沒用過 GrabMart 的朋友們，請試試看吧，你們會發現商品種類和供應情況都有了巨大的提升。

When we do that, we get higher engagement, we get higher long-term value, and that reinforces our conviction to invest in this space. But we're investing with discipline. So we can get sustainable returns because we're leveraging our On-Demand capabilities.

這樣做可以提高用戶參與度，帶來更高的長期價值，從而增強我們投資該領域的信心。但我們的投資是有紀律的。因此，我們可以獲得可持續的回報，因為我們充分利用了我們的按需服務能力。

We're growing supply chain by integrating more deeply using our tech with the partners in each market, so we can leverage their supply chain assets, and that improves the financial performance. And then finally, we can enhance monetization through the Financial Services capabilities that we talked about earlier, so the pay laser capabilities moving into installment loan.

我們正在透過與各市場的合作夥伴更深入地運用我們的技術來發展供應鏈，這樣我們就可以利用他們的供應鏈資產，從而提高財務表現。最後，我們可以透過先前提到的金融服務功能來增強獲利能力，例如將支付雷射功能擴展到分期貸款領域。

So you can see that we got multiple levers to monetize, and that means that we can invest with discipline and continue to grow rapidly in the grocery space at the same time.

所以你可以看到我們有多種獲利手段，這意味著我們可以有條不紊地進行投資，同時在食品雜貨領域繼續快速成長。

Okay. With that, we now have time for one last question. The final question comes from Divya from Morgan Stanley on our capital allocation strategy.

好的。這樣，我們現在還有時間回答最後一個問題。最後一個問題來自摩根士丹利的 Divya，關於我們的資本配置策略。

So Peter, this one is for you. The cash on our balance sheet is notable and it will build up further with our improving free cash flow outlook. While we welcome the share repurchase, it does contribute a very small amount of your total capital you have today. Where do you expect to allocate capital? If there are no opportunities for inorganic growth in the region, are there new geographies to consider?

彼得，這首歌是給你的。我們資產負債表上的現金金額可觀，而且隨著自由現金流前景的改善，現金金額還會進一步增加。我們雖然歡迎股份回購，但這只佔您目前總資本的一小部分。您計劃將資金分配到哪些領域？如果該地區沒有非內生成長的機會，是否有新的地區可以考慮？

Divya, if you look at the -- there's one slide I had in my remarks earlier about capital allocation. And it hasn't actually changed. If you look at the previous comments that I made around capital allocation to what I just presented also, it hasn't changed a lot because we've been consistent in terms of how we think in capital allocation.

Divya，如果你看一下——我之前發言中提到過一張關於資本配置的幻燈片。實際上並沒有改變。如果你看看我之前關於資本配置的評論和我剛才展示的內容，你會發現並沒有太大變化，因為我們在資本配置方面的思考方式一直保持一致。

When it comes to inorganic opportunities, we're going to be continuing to be very disciplined, and that high buy is so important. So for every opportunity that we look at and using every dollar that we deploy, and you've seen a couple of examples that we deployed those assets, whether it's the Stash or whether it's the supermarkets, we've also deployed certain capital around autonomous vehicles product road map, robotics also., those come with a very high threshold in terms of valuing those companies, but also the synergies we can extract as well as the tick and the talent that we can bring to the ecosystem.

對於非有機成長機會，我們將繼續保持高度自律，高買入至關重要。因此，對於我們考察的每一個機會，以及我們投入的每一美元，你們已經看到了一些我們部署這些資產的例子，無論是 Stash 還是超市，我們還圍繞自動駕駛汽車產品路線圖和機器人技術投入了一定的資金。這些項目在公司估值方面都有很高的門檻，但我們也能從中獲得協同效應，以及我們能為生態系統帶來的活力和人才。

So that lens, Divya, is going to consider and maintain. It's not going to change.

所以，迪維婭，你要考慮並堅持這種觀點。情況不會改變。

The priority for us continues to be in organic growth, our existing businesses. And the bank is one that we're continuing to make sure that the scalability and the expansion continues. And it's where we do see opportunity in organic growth, we are going to double down.

我們目前的首要任務仍然是實現有機成長，也就是發展我們現有的業務。我們正在持續確保這家銀行的規模化和擴張能夠持續下去。而這正是我們看到有機成長機會的地方，我們將加倍投入。

We talked about -- Alex just talked about supermarket or grocery, the opportunity here that we see in modern retail in terms of where we can penetrate more. And we will have a high bar also when it comes to those organic opportunities. So we will continue to deploy those.

我們談到了——Alex 剛剛談到了超市或雜貨店，我們看到了現代零售業的機會，以及我們可以進一步滲透到哪些領域。對於這些自然成長的機會，我們也會設定很高的標準。所以我們會繼續部署這些設備。

Now the share repurchase program is important to us as we return capital back to our shareholders. So $1 billion, while we now our world is not small, that we've continued to make sure that we bring the commitment back to shareholders. We'll be sure to evaluate that over time. But what I want to finish up is that it's important that we always continue to have a strong balance sheet.

現在，股票回購計畫對我們來說非常重要，因為我們需要將資本回饋給股東。所以，儘管我們知道世界並不小，但我們仍然投入了 10 億美元，並繼續確保我們對股東的承諾不負眾望。我們會隨著時間的推移對此進行評估。最後我想強調的是，保持穩健的資產負債表至關重要。

That ample liquidity is important because it gives us flexibility, Divya. It gives us the leverage also in terms of how we going to invest in the right areas. So we're going to continue to maintain the very strong capital allocation framework.

充足的流動資金很重要，因為它能為我們帶來彈性，迪維亞。這也讓我們在如何投資於正確領域方面擁有了更大的優勢。因此，我們將繼續維持非常穩健的資本配置架構。

All right. With that, it brings us to the end of our Q&A session. I'll now turn the time over to Peter for his closing remarks.

好的。至此，我們的問答環節就結束了。現在我將時間交給彼得，請他作總結發言。

Great. Well, I know it's been a lot longer than our traditional calls and also this format, a little bit different, but I thought it was important for Anthony, Alex, and I here to really just go to a little bit of details in terms of how we think about the business over the next three years.

偉大的。我知道這次通話比我們以往的通話時間要長得多，而且形式也略有不同，但我認為，對於安東尼、亞歷克斯和我來說，重要的是要詳細討論一下我們對未來三年業務發展的看法。

We are entering as an inflection point as a business overall. The business that you look at today is very different to what we were 14 years ago, 10 years ago and when we went public, and that's important because we are going to continue to execute and out serve.

我們正步入一個整體業務的轉捩點。你今天看到的這家公司與我們 14 年前、10 年前以及上市時的情況截然不同，這一點很重要，因為我們將繼續努力，提供更優質的服務。

If you look at the number of the results that we just posted, what did we do? We exit 2025, much more stronger top-line growth, profitability and our first year net profit. And our three-year guidance is that reflection of our confidence. We are going to continue to drive sustainable and profitable growth.

如果你看看我們剛發布的結果數量，你就會明白我們做了什麼？到 2025 年底，我們將實現更強勁的營收成長、獲利能力和第一年的淨利潤。我們未來三年的業績指引正是我們信心的展現。我們將繼續推動可持續的獲利成長。

Now I just want to also just thank you all the partners, the drivers and the merchants that we serve today. I had the opportunity of visiting a few cities in the last three weeks and it's just being another just sobering moment for me just to talk to those drivers and the merchants and the sweat that they put through and the effort and the sacrifice it foot into the Grab ecosystem. So thank you to all the drivers and the merchants out there, for our beloved partners.

現在，我還要感謝我們今天服務的所有合作夥伴、司機和商家。過去三週我有機會走訪了幾個城市，與那些司機和商家交談，了解他們為加入 Grab 生態系統所付出的汗水、努力和犧牲，這讓我感到非常震撼。所以，我要感謝所有司機和商家，感謝你們成為我們親愛的合作夥伴。

To all our customers, we have 50 -- over 50 million monthly transacting users today. Thank you for continuing to support Grab, and I hope we are fulfilling the products and the services that you're continuing to use, to the Grabbers for the mighty effort in 2025 and to also for our shareholders for their continued support.

致我們所有客戶：我們目前擁有超過 5000 萬月活躍用戶。感謝您一直以來對 Grab 的支持，希望我們能繼續為您提供您所需的產品和服務，感謝 Grab 員工在 2025 年的辛勤付出，也感謝股東們的持續支持。

The IR team and myself will be on the road over the next few weeks. Look us up, visit us, knock on our doors, give us a call, we be in the US and across Asia in different parts. We'd love to meet up and sit down with you also as we go through our journey of 2026 and also go through our three-year guidance. So thank you again for listening and for watching us all today. See you at the next quarter.

接下來幾週，投資人關係團隊和我將出差。您可以搜尋我們、拜訪我們、敲我們的門、給我們打電話，我們在美國和亞洲各地都有辦事處。我們也希望能有機會與您見面坐下來，一起探討我們 2026 年的發展規劃以及我們未來三年的發展方向。再次感謝大家今天的收聽和收聽。下個季度見。