Grab Holdings Limited (GRAB) 2026 Q1 法說會逐字稿

Good day, everyone, and welcome to Grab's First Quarter 2026 Earnings Call. I'm Douglas Eu, Director of 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.

各位大家好，歡迎參加 Grab 2026 年第一季財報電話會議。我是 Douglas Eu，Grab 投資人關係與策略財務總監。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 regarding future events including our 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 our filings with the SEC.

在本次電話會議中，我們將就未來事件（包括我們的業務與財務表現）發表前瞻性陳述。這些陳述係基於我們目前的信念與預期。由於多項風險與不確定性（如本次財報電話會議、財報新聞稿，以及我們的 Form 20-F 與向美國證券交易委員會（SEC）提交之文件中所述），實際結果可能與前述陳述存在重大差異。

We do not undertake any duty to update any forward-looking statements. 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 material 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 IR website.

我們不承擔更新任何前瞻性陳述之義務。本次電話會議亦將討論非 IFRS 財務衡量指標。這些指標用以補充但不取代 IFRS 財務衡量指標。請參閱財報資料，以取得非 IFRS 與 IFRS 財務衡量指標之調節表。更多資訊請參閱我們在投資人關係網站上提供的財報新聞稿、講稿與補充簡報。

For today's call, Anthony will deliver opening remarks, after which we will open the floor to questions. As a reminder, we are accepting questions via IR and e-mail at investorrelations@grab.com. Do submit your questions ahead of time, and we will add them to the Q&A queue. And with that, I'll hand it over to Anthony.

今天的電話會議將由 Anthony 先行致開場致詞，之後我們將開放提問。提醒各位，我們透過投資人關係管道與電子郵件 investorrelations@grab.com 接受提問。請提前提交問題，我們會將其加入問答隊列。接下來我把時間交給 Anthony。

Great. Thanks, Doug. Good day, everyone, and thank you for joining us. We set out to start 2026 strongly, and we delivered against the backdrop of our seasonally softest quarter due to Ramadan and Chinese New Year, on-demand GMV growth accelerated to 24% year-on-year, while group MTUs increased to 52 million.

很好。謝謝你，Doug。各位大家好，感謝各位加入我們。我們希望在 2026 年有一個強勁的開局；儘管本季因齋戒月與農曆新年而屬於季節性最淡的一季，我們仍交出成績：即時服務（on-demand）GMV 年增加速至 24%，同時集團月活躍交易用戶（MTUs）增加至 5,200 萬。

In Financial Services, loan disbursals grew 67% to exceed $1 billion for the first time, and we remain on track for our Financial Services segment to achieve adjusted EBITDA breakeven in the second half of this year. We also delivered our 17th consecutive quarter of adjusted EBITDA growth, expanding our trailing 12-month adjusted free cash flow to $489 million.

在金融服務方面，放款撥付金額成長 67%，首次突破 10 億美元；我們仍按計畫推進，預期金融服務事業部將於今年下半年達到調整後 EBITDA 損益兩平。我們也實現了連續第 17 季調整後 EBITDA 成長，並將過去 12 個月的調整後自由現金流擴大至 4.89 億美元。

These results demonstrate the compounding nature of our strategy, which is increasingly being accelerated by our investments in AI. What truly sets our AI capabilities apart however, is the proprietary data foundation we spent the last 14 years building to power them. Today Grab operates as a system of record for local commerce across Southeast Asia. We capture highly localized real-time data on how over 50 million users and partners interact across eight markets.

這些成果展現了我們策略的複利效應，而這一效應正因我們在 AI 上的投資而日益加速。然而，真正讓我們的 AI 能力與眾不同的是，我們在過去 14 年打造的專有資料基礎，為這些能力提供動力。如今，Grab 作為東南亞在地商業的系統記錄（system of record）運作。我們在八個市場中，捕捉超過 5,000 萬名用戶與合作夥伴互動方式的高度在地化即時資料。

Over the years, this has generated a proprietary data set of over 20 billion transactions. We feed these multimodal signals from hyper local mapping to in-store payment terminals into our AI Grab intelligence layer to optimize our own marketplace efficiency from dynamic pricing to last mile routing. Crucially, we paired this data advantage with our massive through physical fulfillment network. That closed loop system or ecosystem is our biggest competitive mode, which is why our AI investments translate directly into measurable financial outcomes.

多年來，這累積出超過 200 億筆交易的專有資料集。我們將從超在地地圖到店內支付終端等多模態訊號，輸入至我們的 AI Grab Intelligence 層，以最佳化自家平台效率，涵蓋動態定價到最後一哩路徑規劃。關鍵在於，我們將此資料優勢與龐大的實體履約網路相結合。這個閉環系統或生態系是我們最大的競爭護城河，因此我們的 AI 投資能直接轉化為可衡量的財務成果。

We are already seeing significant tangible returns on these initiatives. For instance, I'm pleased to share driver partners who adopted Turbo, our AI-powered driving mode in our Grab Driver app to optimize driver earnings and efficiency, saw a 23% uplift in earnings per online hour compared to driver partners who have not adopted a feature. This has contributed to Mobility transactions growth outpacing Mobility GMV growth with transactions up 28% year-on-year.

我們已經看到這些計畫帶來顯著且具體的回報。例如，我很高興分享：採用 Turbo（我們在 Grab Driver 司機端 App 中的 AI 駕駛模式，用於最佳化司機收入與效率）的司機合作夥伴，相較於未採用該功能者，其每上線小時收入提升 23%。這也促使移動出行（Mobility）交易量成長快於移動出行 GMV 成長，交易量年增 28%。

Within a year of launch, our merchant AI Assistant, Mai has been adopted by approximately half of our active single store-merchant base, driving a 15% uplift in GMV for engaged users. This deepened engagement directly supports our ability to improve monetization with average advertiser spend growing 44% year-on-year as merchants see increasing measurable returns.

我們的商家 AI 助理 Mai 上線一年內，已被約一半的活躍單店商家採用，並為高互動用戶帶來 15% 的 GMV 提升。這種更深的互動直接支撐我們提升變現能力：隨著商家看到愈來愈多可量化的回報，平均廣告主支出年增 44%。

Following the launch of 13 new AI-powered experiences at GrabX this year, we are turning external AI interfaces into our newest growth engines by acting as the essential fulfillment layer for Southeast Asia, we ensure that whenever customers use AI agents to navigate their day, those interactions, act as top-of-funnel leads that drive transaction directly back to Grab.

在今年 GrabX 發布 13 項全新 AI 驅動體驗後，我們正把外部 AI 介面轉化為最新的成長引擎：透過扮演東南亞不可或缺的履約層，我們確保當客戶使用 AI 代理來安排日常時，這些互動能成為漏斗頂端（top-of-funnel）的線索，將交易直接導回 Grab。

We're also making steady progress on autonomous vehicles. In April, we successfully transitioned our private trials to full paying public operations. Our AIR service deployment partnership with WeRide is the first autonomous passenger service ever deployed within a Southeast Asian residential estate. The fleet has clocked over 40,000 kilometers and have safely served several thousand public rights.

我們在自動駕駛車輛（AV）方面也持續穩步推進。4 月，我們成功將私人測試轉換為面向大眾的全額付費營運。我們與 WeRide 的 AIR 服務部署合作，是東南亞首個在住宅社區內部署的自動駕駛載客服務。該車隊已累計行駛超過 40,000 公里，並安全服務了數千名公眾乘客。

That said, the adoption of AVs in Southeast Asia remains nascent. We see governments and regulators taking a measured approach in implementing AVs, which we believe is the right approach for our region. We will continue to incorporate AVs in our platform at a pace that reflects the trust communities place in us and our emphasis on customer safety.

不過，AV 在東南亞的採用仍處於萌芽階段。我們看到各國政府與監管機構在推動 AV 落地時採取審慎的步調，我們認為這對本區域而言是正確的做法。我們將持續以符合社群對我們的信任、並以客戶安全為核心的節奏，把 AV 納入我們的平台。

To be clear, we do not expect anyone to be able to deploy impactful disruption to our human driver network in the near future. Yet we remain firm believers in the technology. This has shaped how we have made small investments ahead of the curve to forge international partnerships while doubling down on ensuring our Singapore pilot succeed.

需要明確的是，我們不預期在可預見的未來，會有人能對我們的人類司機網路造成具影響力的顛覆。但我們仍堅信這項技術的長期潛力。這也形塑了我們的做法：在趨勢之前進行小規模投資以建立國際合作夥伴關係，同時加倍投入，確保我們在新加坡的試點計畫成功。

We intend to be the most experienced local hybrid AV and human operator in Southeast Asia, one able to amplify the efforts of any AV software player in bringing the smoothest, safest and most cost-efficient service when we eventually scale up in partnership with governments in this region.

我們的目標是成為東南亞最具經驗的在地混合型 AV 與人類營運者；當我們最終與本區域政府合作擴大規模時，我們能放大任何 AV 軟體業者的能力，提供最順暢、最安全且最具成本效率的服務。

Now beyond AI and AVs, the structural health of our driver partner supply base remains our top priority. When fuel price volatility emerged in early March, we acted decisively to protect partner livelihoods by deploying targeted fuel rebates and proactively engage with regulators across our markets.

除了 AI 與 AV 之外，我們司機合作夥伴供給基礎的結構性健康仍是我們的首要任務。當 3 月初出現燃油價格波動時，我們果斷採取行動，透過精準的燃油補貼來保障合作夥伴生計，並在各市場主動與監管機構溝通。

In April, we also launched the digital earnings tracker to provide driver partners with greater transparency over their earnings. In 2025, partners earned over $15 billion on our platform, up 19% year-on-year.

4 月，我們也推出數位收入追蹤器，讓司機合作夥伴能更透明地掌握其收入狀況。2025 年，合作夥伴在我們平台上的收入超過 150 億美元，年增 19%。

Looking ahead, our record start to the year is a testament to the resilience of our ecosystem. Whether we are leveraging AI to drive greater marketplace efficiencies today or piloting the autonomous networks of tomorrow, our focus remains on compounding sustainable growth and out serving our communities.

展望未來，我們今年創紀錄的開局證明了生態系的韌性。無論是我們今天運用 AI 推動更高的平台效率，或是試點明日的自動駕駛網路，我們的重點始終是累積可持續的成長，並更好地服務我們的社群。

Despite macroeconomic uncertainties particularly regarding inflation and fuel prices, our platform is structurally stronger than ever. Against that backdrop, we reiterate our 2026 full year guidance. Group revenue of $4.04 billion to $4.10 billion and adjusted EBITDA of $700 million to $720 million.

儘管宏觀經濟仍存在不確定性，特別是通膨與燃油價格方面，我們的平台在結構上比以往任何時候都更強健。在此背景下，我們重申 2026 年全年指引。集團營收為 40.4 億美元至 41.0 億美元，調整後 EBITDA 為 7.00 億美元至 7.20 億美元。

Our first quarter provides us with a strong foundation. In March, we announced that we are advancing our buyback mandate with a $400 million accelerated share repurchase program. This is a reflection of our conviction in Grab's long-term value at these dislocated prices. Thank you so much. Let's open it up for questions.

我們第一季的表現為全年奠定了堅實基礎。3 月，我們宣布透過 4 億美元的加速股份回購計畫，推進我們的回購授權。這反映了我們對 Grab 長期價值的信心，尤其是在目前價格偏離基本面的情況下。非常感謝。現在我們開放提問。

Thank you, Anthony. We will now transition to the Q&A session. [Operator Instructions] Our first and most apps question comes from the line of several analysts Divya at Morgan Stanley, Venu at Bernstein and Piyush of HSBC. As regard to the fuel crisis. So the question is, what's the impact of the ongoing Middle East conflict and higher fuel prices across your various operating countries?

謝謝你，Anthony。我們現在將進入問答環節。[Operator Instructions] 我們的第一個、也是最多人提問的問題，來自多位分析師：Morgan Stanley 的 Divya、Bernstein 的 Venu，以及 HSBC 的 Piyush。關於燃油危機。問題是：持續的中東衝突以及較高的燃油價格，對你們在各個營運國家的影響是什麼？

Has it started to impact business performance in the second quarter? And can you quantify the impact? And what is our strategy to manage long-term fuel risk? So this is a question for Alex.

這是否已開始影響第二季的業務表現？你們能否量化其影響？以及我們管理長期燃油風險的策略是什麼？這個問題請 Alex 回答。

Thanks, Divya, Venu, Piyush. This is a critical topic. And as I said in my prepared remarks, Q1 results actually give us a good solid foundation entering the year. And as you saw from the slide pack, the demand trends in April have remained resilient. Our Mobility business in April has seen weekly average transaction volumes sustained at plus 32% year-on-year.

謝謝，Divya、Venu、Piyush。這是一個關鍵議題。正如我在事先準備的發言中所說，第一季的結果其實為我們進入今年奠定了良好且穩固的基礎。而且如同你們在簡報中看到的，4 月的需求趨勢仍然具韌性。我們的移動出行（Mobility）業務在 4 月的每週平均交易量維持在年增 32%。

And our deliveries business continues to see record high daily transacting users in April.

而我們的外送業務在 4 月持續創下每日交易用戶數的新高紀錄。

So it's a good start to the year. The business, in fact, is in a structurally more resilient position today than it has been through our history. Product innovations we have made have really targeted affordability and reliability. Group orders, for example, has GMV up 74% year-on-year, and we launched group rides at GrabX last month, which is a similar concept for sharing rides to reduce pricing for individual consumers.

所以今年開局不錯。事實上，與過往相比，現在的業務在結構上更具韌性。我們所做的產品創新，確實是以可負擔性與可靠性為核心。例如，團購（Group orders）的 GMV 年增 74%；而我們上個月在 GrabX 推出了共乘（group rides），這是類似的概念，透過共享行程來降低個別消費者的價格。

And that's now available across all six of our core markets. GrabUnlimited, of course, is very good value for high-frequency customers, and it continues to account for one-third of our deliveries GMV. So all of these are highly affordable products, which keep the demand strong even when consumers are stretched. We're monitoring the fuel situation extremely closely. And of course, we will not hesitate to act further if needed.

目前這項服務已在我們六個核心市場全面上線。當然，GrabUnlimited 對高頻用戶而言非常划算，且其仍占我們外送 GMV 的三分之一。因此，這些都是高度可負擔的產品，即使消費者預算吃緊，也能維持強勁需求。我們正非常密切地監控燃油情勢。當然，如有需要，我們也會毫不猶豫採取進一步行動。

In the medium term, we are committed to accelerate the EV transition to reduce our driver partners exposure to fuel price volatility. So for example, in Thailand and Philippines, we have a drive-to-own program that connects our drivers with OEMs like BYD and GAC, where we have deals of up to 70,000 vehicles available across six markets with accessing to financing so they can own those more easily.

中期而言，我們承諾加速電動車（EV）轉型，以降低我們的司機夥伴暴露於燃油價格波動的風險。例如在泰國與菲律賓，我們有「以駕代購」（drive-to-own）計畫，協助司機與 BYD、GAC 等 OEM 車廠對接；我們在六個市場合計提供最多 70,000 輛車的方案，並可取得融資，讓他們更容易擁有這些車輛。

In Vietnam, we have secured preferential charging rates also through our charging network partners, EBOOST and Charge+, which helps our drivers in the transition also. And finally, in Thailand, I am pleased to say that our total fleet supply has crossed 30,000 EVs on the platform and demand for those from consumers is also strong, where they can select that EV option, and that demand has grown by over 35% year-on-year. So this fuel crisis has become an opportunity in the sense that it helps us to accelerate that EV transition.

在越南，我們也透過充電網路合作夥伴 EBOOST 與 Charge+，爭取到優惠的充電費率，協助司機完成轉型。最後，在泰國，我很高興地表示，我們平台上的電動車總車隊供給已突破 30,000 輛；消費者對電動車選項的需求也很強勁，他們可以選擇 EV 方案，而該需求年增超過 35%。因此，這次燃油危機在某種意義上成為一個機會，因為它幫助我們加速 EV 轉型。

Thank you, Alex. So move on to the next question. The next question is on financial services and comes from Zhiwei of Macquarie and Venu of Bernstein. So for the Financial Services segment, the loan portfolio showed a modest quarter-on-quarter growth, but there was a step improvement to your segment adjusted EBITDA. Could you describe the factors that led to these improvements?

謝謝你，Alex。接著進入下一個問題。下一題關於金融服務，來自 Macquarie 的 Zhiwei 與 Bernstein 的 Venu。就金融服務部門而言，貸款組合（loan portfolio）呈現溫和的季增，但你們部門調整後 EBITDA 有明顯改善。你能否說明促成這些改善的因素？

And what can we expect in coming quarters and how do you intend to drive that? So this is a question for Alex again.

以及未來幾季我們可以期待什麼，你們打算如何推動？這題同樣請 Alex 回答。

Thanks, Zhiwei, Venu. Yes, you're right. Strong EBITDA improvement in Financial Services, both quarter-on-quarter and year-on-year. So that is the operating leverage that we've been talking about starting to come through very strongly now as we scale up our loan portfolio. Revenue growth accelerated 43% year-on-year and 38% on a constant currency basis.

謝謝，Zhiwei、Venu。是的，你們說得沒錯。金融服務的 EBITDA 改善強勁，無論是季比或年比。這正是我們一直在談的營運槓桿，隨著我們擴大貸款組合規模，現在開始非常明顯地展現出來。營收年增加速至 43%，以固定匯率計則成長 38%。

And more than one-third of that incremental revenue dropped straight to the bottom line for Financial Services, demonstrating that operating leverage that we've been speaking about.

而且金融服務新增營收中，超過三分之一直接落到底線，展現了我們所提到的營運槓桿。

The loan book growth is strong year-on-year. And importantly, the credit quality is improving alongside that. So loan disbursals grew 67% year-on-year to over $1 billion but the growth was modest. You're right, this quarter because of seasonal factors, and that's a normal factor for first quarter.

貸款帳簿（loan book）年增成長強勁。更重要的是，信用品質也同步改善。因此，放款撥付（loan disbursals）年增 67% 至超過 10 億美元，但本季成長較為溫和，你們說得對，這是因為季節性因素，而這在第一季是正常現象。

The ECL as a percentage of our gross loan portfolio has improved year-on-year though. And that does show, I think the improving quality of our credit models. We've been proactive on risk management, though. So we've been tightening for some sectors. And in other sectors where conventional lenders have stepped away, we've seen more opportunity.

不過，ECL（預期信用損失）占我們總貸款組合的比例，年比有所改善。我認為這顯示我們的信用模型品質正在提升。同時，我們在風險管理上也相當積極。因此，我們對某些產業收緊了標準。而在其他一些傳統放款機構退出的領域，我們看到了更多機會。

In Q1, we applied those additional ECL overlays to account for that macroeconomic uncertainty with that selective tightening also part of our change in the risk appetite. Looking ahead, we do have some experience, of course, of managing these kinds of shocks to the macroeconomic situation. So our underwriting models have already been through the similar fuel price shock that we saw at the start of the Ukraine conflict, not to mention COVID as well. And in both instances, our credit quality remained within our risk appetite throughout. So we continue to monitor the portfolio performance super carefully.

在第一季，我們加計了額外的 ECL 覆蓋（overlays），以反映宏觀經濟不確定性；同時，這種選擇性收緊也是我們風險偏好調整的一部分。展望未來，我們當然也有管理此類宏觀衝擊的經驗。我們的承作（underwriting）模型已經歷過類似的燃油價格衝擊，例如俄烏衝突初期所見的情況，更不用說 COVID。而在這兩次事件中，我們的信用品質始終維持在風險偏好範圍內。因此，我們會持續非常謹慎地監控投組表現。

We aim to generate healthy returns on risk-adjusted returns for our loan portfolio and we are reiterating our second half 2026 breakeven target for financial services.

我們的目標是讓貸款組合在風險調整後（risk-adjusted）的基礎上產生健康回報；同時，我們重申金融服務在 2026 年下半年達到損益兩平的目標。

Thank you, Alex. So the next question is also another highly asked question, and it comes from several analysts. So from Alicia from Citi, Divya from Morgan Stanley, Zhiwei from Macquarie, Jiong for Barclays and Piyush from HSBC. So regarding recent news in Indonesia. So an Indonesia's cap on rider commissions to 8%, can you clarify if that is applicable to four-wheels?

謝謝你，Alex。下一題同樣是另一個被高度關注的問題，來自多位分析師：Citi 的 Alicia、Morgan Stanley 的 Divya、Macquarie 的 Zhiwei、Barclays 的 Jiong，以及 HSBC 的 Piyush。

What are the levers available to cushion the key negative impact from lower rider commission? What's the likely impact of profitability due to the proposed change? And what's the impact in the delivery segment, if any, from the proposed change? And if you can help to quantify it. So this is a very long questions as well posed questions for Alex.

有哪些槓桿可以用來緩衝騎士佣金降低所帶來的主要負面影響？這項擬議變更對獲利能力可能造成的影響為何？以及這項擬議變更對外送部門是否有任何影響？若可以的話，也請協助量化。這也是一個很長的問題，同樣請 Alex 回答。

Okay. Thank you to all of you, all five of you for the question. Let me see if I can cover section by section. Okay. So it does appear that the immediate regulatory exposure is highly specific.

好的。謝謝你們五位提出這個問題。我會嘗試分段逐一說明。好的。目前看起來，直接的監管曝險相當具有特定性。

So the recent announcements are explicitly focused on OJOL drivers, [O-Jek] online drivers, who are our two-wheel ride hailing partners, so two-wheel ride-hailing partners, the OJOL.

近期的公告明確聚焦於 OJOL 司機，[O-Jek] 線上司機，也就是我們的二輪叫車合作夥伴，因此是針對二輪叫車合作夥伴，也就是 OJOL。

The four-wheel drivers earn well above the minimum wage. And so we believe that they're less of a concern for government and regulators in Indonesia. That said, of course, we're engaging very proactively with the relevant ministries, and we try to seek absolute clarity and the technical aspects of how the decree will be implemented. It's essential we believe that, together with regulators, we shape a balanced implementation of these -- of this decree so that our Indonesia and mobility marketplace remains healthy and that driver partners earnings remain well supported.

四輪車司機的收入遠高於最低工資。因此，我們認為他們對印尼政府與監管機構而言較不構成主要疑慮。話雖如此，當然，我們正非常積極地與相關部會溝通，並努力就該法令將如何落實的技術細節取得完全明確的資訊。我們認為至關重要的是，與監管機構共同塑造對這些——對這項法令的均衡落地方式，讓我們在印尼的出行市場保持健康，同時也能充分支持司機夥伴的收入。

It's worth noting, as I mentioned in my prepared remarks, that two-wheel mobility, so the O2O drivers that the decree referred to in Indonesia is less than 6% of our total mobility GMV.

值得注意的是，正如我在事先準備的發言中提到的，在印尼，該法令所指的二輪出行（也就是 O2O 司機）占我們整體出行 GMV 的比例不到 6%。

So O2O drivers in Singapore represent less than 6% of our total mobility GMV. So we are, therefore, reiterating our expectations for Mobility margins to stabilize within the historical range and not to go outside of that range.

因此，新加坡的 O2O 司機占我們整體出行 GMV 的比例也不到 6%。因此，我們重申對出行業務利潤率將在歷史區間內趨於穩定的預期，不會超出該區間。

Thank you, Alex. So we'll move on to a related topic as well. This comes from the line of Venu from Bernstein, Sachin of DBS and Alicia of Citi. In relation to the 8% commission cap in Indonesia, is the likelihood of consolidation now looking higher in Indonesia as well. Does the shift in policy in Indonesia change your near- to medium-term investment or resource and capital allocation priorities.

謝謝你，Alex。那我們也轉到一個相關主題。這題來自 Bernstein 的 Venu、DBS 的 Sachin 以及 Citi 的 Alicia。就印尼 8% 佣金上限而言，印尼的整合可能性是否也正在提高？印尼的政策轉向是否改變你們在近期至中期的投資、資源與資本配置優先順序？

So just a question for Peter.

這題給 Peter。

Sure, yes. Look, I want to comment on specific M&A speculation. And -- but I'll speak to how we view our position in this evolving landscape. Within M&A, we always take into account the regulatory environment, it's really critical. And we want to work with the relevant agencies there also, because there's always synergies and dissynergies that we could accrue from any transactions.

好的，是的。我不想評論具體的併購（M&A）揣測。不過我會談談我們如何看待在這個持續演變的環境中的定位。在併購方面，我們一向會把監管環境納入考量，這非常關鍵。我們也希望與當地相關機構合作，因為任何交易都可能帶來協同效益與非協同效益。

And as we've -- I've always spoken in many, many quarter -- quarterly earnings, we always have a very high bar when it comes to M&A transaction itself.

而且正如我在很多很多個季度——在季度財報中一再提到的，我們對併購交易本身始終設有非常高的門檻。

When specifically to Indonesia, and also just our M&A portfolio, we've always been taking a very diversified approach. And you see that in the lines of our businesses, and you see that our product continues to expand also broadly. We're entering our ninth market, which also shows our diversification also in terms of geographies. So the way we always position the lens that we take is diversification and that's really important.

具體到印尼，以及我們整體的併購組合，我們一直採取非常多元化的方式。你可以從我們各條業務線看出來，也可以看到我們的產品持續在廣度上擴張。我們即將進入第九個市場，這也顯示我們在地理分布上的多元化。因此，我們一貫的視角就是多元化，而這點非常重要。

So specifically for Indonesia, as Alex just mentioned, it's really important that we have a very constructive and very healthy ecosystem both for our driver partners, consumers is also for our restaurants. So specifically to Indonesia, our strategy for Indonesia remains fundamentally unchanged despite what we've seen over the weekend and also the way we approach the strategies in Indonesia. Our Indonesian Mobility business continues to grow double digits year-over-year. Remains very, very -- remains stable quarter-on-quarter in spite of the seasonal headwinds. And as I'm always reiterating that we're very highly disciplined in our capital allocation.

因此，具體到印尼，正如 Alex 剛才提到的，建立一個對司機夥伴、消費者以及餐廳都非常建設性且健康的生態系統至關重要。所以就印尼而言，儘管我們在週末看到相關情況，我們的印尼策略以及我們在印尼的策略推進方式，基本上仍維持不變。我們的印尼出行業務仍保持年對年雙位數成長。即便面臨季節性逆風，季度對季度仍然——仍然穩定。而且我也一再強調，我們在資本配置上非常自律。

So when we evaluate any strategic opportunity, it's strictly through the lens of long-term shareholder value and also how can we diversify our Grab business.

因此，當我們評估任何策略性機會時，都是嚴格從長期股東價值的角度出發，同時也看它如何能讓 Grab 的業務更加多元化。

Thank you, Peter. So the next question comes from Alicia, Citi and Wei of Mizuho. So the question topic now moves back to the fuel crisis as well. Given the step-up in partner incentives to offset elevated fuel costs, how does this impact the demand elasticity and translated into revisions to your near-term financial outlook for mobility? Should we expect levels to remain elevated?

謝謝你，Peter。下一題來自 Citi 的 Alicia 與瑞穗（Mizuho）的 Wei。題目回到燃油危機。鑑於為抵消高油價而提高了合作夥伴激勵，這會如何影響需求彈性，並如何反映在你們對出行業務近期財務展望的修正上？我們是否應預期相關水準將維持在高位？

Or do you see offsetting the levers such as EV adoption and cross-border rights that could bring incentives back down in the second half and support the sequential EBITDA ramp-up implied by your full year $700 million to $720 million guidance?

或者你們是否看到一些對沖槓桿，例如電動車（EV）採用率提升與跨境權益，能在下半年把激勵拉回較低水準，並支撐你們全年 7 億至 7.2 億美元指引所隱含的 EBITDA 逐季爬升？

Thanks, Alicia, Wei. Great question. So yes, Q1, you can see that driver incentives was elevated. Two specific drivers there. One is and most importantly was the confluence of Lunar New Year and Ramadan within the first quarter, both in the first quarter this year, creating acute supply pressures as usual during those two festive periods.

謝謝你，Alicia、Wei。很好的問題。是的，在第一季你可以看到司機激勵偏高。主要有兩個具體驅動因素。第一個、也是最重要的，是農曆新年與齋戒月同時落在第一季——今年兩者都在第一季，像往常一樣在這兩個節慶期間造成了急性的供給壓力。

So it's -- the second factor was, of course, the fuel crisis. So towards the end of the quarter during March, we started a deliberate decision to support our driver partners with the elevated fuel prices across some countries in the region.

第二個因素當然就是燃油危機。因此在季度末的 3 月，我們開始有意識地做出決定，在區域內部分國家油價上升的情況下，支持我們的司機夥伴。

So as we move into the second quarter, of course, the festive-driven incentive pressure normalizes, but fuel does remain an important variable that we're watching very, very closely. The targeted earnings support was -- will continue through into the second quarter, but it no longer with the seasonal impact. We expect this first quarter to be a peak in the driver incentives.

隨著進入第二季，節慶帶動的激勵壓力當然會回歸正常，但燃油仍是一個我們非常、非常密切關注的重要變數。針對性的收入支持——將會延續到第二季，但不再受到季節性因素影響。我們預期第一季將是司機激勵的高峰。

We are reiterating the full year guidance, therefore, of $700 million to $720 million for adjusted EBITDA, assuming that peak and not that it's a run rate, but it's more like a peak. But I would say we've got multiple levers available to us, including, if necessary, more emphasis on advertising and financial services monetization to defend the overall margin trajectory for the full year of those fuel pressures persist through the full year.

因此，我們重申全年調整後 EBITDA 7 億至 7.2 億美元的指引，前提是假設那是高峰，而不是一個常態化的運行水準（run rate），更像是一個峰值。不過我想說的是，我們有多個可用槓桿，包括在必要時更著重於廣告與金融服務變現，以在燃油壓力若持續到全年時，捍衛全年整體利潤率走勢。

In the medium term, if those elevated fuel prices continue, we would have to pass some more of the costs on to consumers. But of course, we'll do that very judiciously because we want to maintain demand for our driver partners through this difficult time. Finally, I think it's worth emphasizing, we saw that the impact of AI marketplace optimization this quarter was very powerful. And we did use it to manage, for example, incentive spend for consumers. You can see that the incentive spend for consumers became more efficient during this quarter.

從中期來看，如果高油價持續，我們將不得不把更多成本轉嫁給消費者。但當然，我們會非常審慎地進行，因為我們希望在這段艱難時期維持需求，讓司機夥伴仍有單可接。最後，我認為值得強調的是，本季 AI 市場優化的影響非常顯著。我們也用它來管理例如面向消費者的激勵支出。你可以看到，本季面向消費者的激勵支出變得更有效率。

And so going into the full year, we will also have that powerful capability at our disposal to try and manage some of the volatility and incentive spend.

因此，展望全年，我們也將運用這項強大的能力，來嘗試管理部分波動與激勵支出。

Thank you, Alex. So the next question, the topic we'll now move into AI. This comes from Divya, Morgan Stanley and Wei at Mizuho. On AI monetization, are you building toward a merchant and driver SaaS revenue stream that sits outside the current commission rate structure or is going to be remaining bundled into the existing take rate? What AI tools are you investing in mainly into this quarter?

謝謝你，Alex。下一題我們將轉到 AI。這題來自 Morgan Stanley 的 Divya 與瑞穗（Mizuho）的 Wei。關於 AI 變現，你們是否在打造一條面向商戶與司機的 SaaS 收入流，並使其獨立於現有的佣金率結構之外？還是會繼續打包在既有的抽成率（take rate）之中？本季你們主要投資哪些 AI 工具？

So this is a question for Anthony.

這題給 Anthony。

Thanks so much, Divya and Wei. Appreciate the question. Look, our approach to tools like merchant AI and driver AI assistant coach has been to solve everyday promise that our drivers and merchant partners face. There's no reason why our partners should not have access to these tools that will enable them to grow their customers and earnings.

非常感謝你，Divya 和 Wei。謝謝提問。我們對商戶 AI、以及司機 AI 助理教練等工具的做法，是去解決司機與商戶夥伴每天面臨的日常痛點。我們的夥伴沒有理由不能使用這些工具，因為它們能幫助夥伴拓展客源並提升收入。

If we get that right, the tools and the partnership right, we build something competitors can't easily replicate and it creates high loyalty, high engagement, which results in them choosing us as their primary platform, not just because of the tech, but because of the trust and, of course, growing earnings for them.

如果我們把這件事做對——工具做對、合作夥伴關係也做對——我們就能打造出競爭對手不容易複製的東西，並且創造高度忠誠度與高度參與度，進而讓他們選擇我們作為其主要平台，不僅因為技術，更因為信任，當然也因為他們的收益持續成長。

This has translated into concrete results within our ecosystem. On a year-on-year basis, not only do we see the growth in a number of active merchant partners, but their earnings also grew 12% during the quarter. For our Mobility business, total active driver partners increased 4% quarter-on-quarter and 16% year-on-year to reach another all-time high in spite of macroeconomic uncertainty. So when we build these AI tools well and we may generally partner and outserve them, the economics tends to follow naturally.

這已在我們的生態系中轉化為具體成果。以年對年來看，我們不僅看到活躍商戶合作夥伴數量的成長，他們的收益在本季也成長了12%。在我們的移動出行（Mobility）業務方面，儘管宏觀經濟存在不確定性，活躍司機合作夥伴總數仍較上季成長4%、較去年同期成長16%，再創歷史新高。因此，當我們把這些AI工具做好，並且整體上與夥伴合作、提供更好的服務時，經濟效益往往會自然隨之而來。

Thank you, Anthony. So another highly asked question is on regional corporate costs and also related to AI. So this comes from several analysts, Jiong at Barclays, Wei at Mizuho, Divya of Morgan Stanley and Ranjan of JPMorgan. So regional corporate costs increased year-on-year to $114 million for the first quarter. Can you help us understand how much of the step-up is AI infrastructure costs, whether it's tokenization of cloud versus general inflation as well as FX?

謝謝你，Anthony。接下來另一個被頻繁提問的問題是關於區域公司成本，以及也與AI相關。這個問題來自多位分析師：Barclays 的 Jiong、Mizuho 的 Wei、Morgan Stanley 的 Divya，以及 JPMorgan 的 Ranjan。第一季區域公司成本年對年增加至1.14億美元。你能否協助我們理解，這個增幅中有多少是AI基礎設施成本（例如雲端的tokenization），以及一般通膨與匯率（FX）因素各占多少？

And how should we expect the AI spend to start translating into measurable cost savings elsewhere in the P&L that can offset this higher regional corporate cost run rate. So this is a question for Peter.

另外，我們應如何預期AI支出開始在損益表（P&L）其他項目中轉化為可衡量的成本節省，以抵銷較高的區域公司成本常態化水準？這題請 Peter 回答。

Sure. Let me just start by saying that the step-up that you saw in the first quarter of regional corporate costs was a conscious decision. We made that decision as a management team to invest in the AI infrastructure that we've been talking about for many quarters. And Anthony just answered the question regarding AI and what we will be deploying to our partners as well as now we're starting to deploy to our consumers also at the same time.

好的。我先說明，第一季你們看到的區域公司成本上升，是一個有意識的決策。我們管理團隊做出這個決定，是為了投資我們已談了好幾季的AI基礎設施。而 Anthony 也剛回答了關於AI的問題：我們將把這些能力部署給合作夥伴，同時也開始部署給消費者。

And that really underpins to the Grab intelligence layer that we spoke a lot about actually a few weeks ago, at the GrabX event regarding the new 13 new product AI experience features that we're rolling out. So we are investing in our -- in the AI specifically towards tokenization stack that we saw in the first quarter and the cloud capacity that needs to run that powers those tokenization at the same time.

這其實也奠基於我們所談到的 Grab intelligence layer（Grab 智慧層）。幾週前在 GrabX 活動上，我們也針對即將推出的13項新產品AI體驗功能做了大量說明。因此，我們在第一季的投資，特別是針對AI的tokenization技術堆疊，以及同時支撐這些tokenization所需運行的雲端容量。

Now the early returns on those investments is critical also we can't discount because that's also showing up in the numbers. And Anthony just also shared some of those on the driver side and the merchant assist by where they're seeing the impact on earnings, which is really a critical part of that healthy ecosystem. If you look at the adoption of these driver system, which is now over 50%, and we generated over 1.25 million interaction in just two months since we rolled it out.

此外，這些投資的早期回報也非常關鍵，我們不能忽視，因為它也反映在數據上。Anthony 也分享了其中一些成果，包含司機端與商戶助手（merchant assist）如何在收益上看到影響，而這正是健康生態系的重要一環。如果你看司機系統的採用率，目前已超過50%，而且自我們推出以來短短兩個月內，就產生了超過125萬次互動。

We've seen also for merchants that are using the AI assistant, their GMV is also up double digits on a year-over-year basis. So they're thriving as a merchant, and we're benefiting also as a platform from that. And this is the type of things that we want to see more and more coming out from these AI rolloutS, which is really critical. Now if you strip it all these AI investments, and we saw some FX headwind also from the weaker USD, the U.S. dollar and our underlying cost base, which is really important remains lean and disciplined.

我們也看到，使用AI助理的商戶，其GMV年對年也呈現雙位數成長。因此，他們作為商戶表現更好，而我們作為平台也同樣受益。這正是我們希望從這些AI推廣中看到越來越多的成果，這點非常關鍵。另外，如果把這些AI投資因素剔除，我們也看到因美元走弱帶來的一些匯率逆風（FX headwind），而我們的基礎成本結構——這點很重要——仍然精實且自律。

And that's been a mandate that how we run Grab. So I'm not expecting any further step-ups from regional cooper costs. We expect the regional copper cost to stabilize around the levels that you saw in the first quarter for the rest of 2026.

這一直是我們經營 Grab 的要求。因此，我不預期區域公司成本會再出現進一步的階梯式上升。我們預期區域公司成本在2026年剩餘期間，將穩定在你們第一季看到的水準附近。

Thank you, Peter. So the next question now moves to the share repurchase, and this comes from Ranjan of JPMorgan and Divya from Morgan Stanley. So Grab has announced that acceleration to repurchase $400 million of shares at the end of March itself. Nonetheless, the basic and diluted shares have increased quarter-on-quarter. So what is the impact of dilution from stock-based compensation?

謝謝你，Peter。下一題轉到庫藏股回購，問題來自 JPMorgan 的 Ranjan 與 Morgan Stanley 的 Divya。Grab 已宣布在3月底加速回購4億美元的股份。然而，基本與稀釋後股數仍較上季增加。那麼，股票基礎薪酬（stock-based compensation）造成的稀釋影響為何？

And with regard to the share repurchase program, would you consider upsizing this given the current stock price?

另外，關於股份回購計畫，鑑於目前股價，你們是否會考慮擴大回購規模？

Okay. So I'll take this one. If you step back, when we announced a $500 million buyback program earlier this year. And I announced also a $250 million accelerated share repurchase and an additional $150 million in contingent forward purchase on the March 24. So a total of $400 million has been accelerated, which means only in the market for five to five trading days in Q1 itself.

好的。這題我來回答。先退一步看，我們今年稍早宣布了5億美元的回購計畫。我也在3月24日宣布了2.5億美元的加速股份回購（ASR），以及額外1.5億美元的或有遠期購買（contingent forward purchase）。因此合計加速了4億美元，這代表在第一季本身，實際在市場上的交易天數只有四到五個交易日。

So you can't look at it in isolation.

所以不能把它孤立來看。

Now both these programs are expected to be executed over the next four months. So I'll share a lot more in the next quarterly earnings when we look at the Q2 results. Now in terms of share count, it would have amount to roughly around 2% of our total share count, which will more than offset for the dilution from stock-based compensation. So that's how we're viewing it. As a reminder, there's still another $100 million left to go in the share buyback program, and we'll continue to have discussions around capital allocations with our Board.

目前這兩個方案預期會在接下來四個月內執行完成。因此，等我們看第二季（Q2）結果、在下一次季度財報時，我會分享更多細節。就股數而言，這大約相當於我們總股本的2%，足以超過並抵銷股票基礎薪酬帶來的稀釋。這就是我們的看法。提醒一下，回購計畫中仍有另外1億美元尚未執行，我們也會持續與董事會討論資本配置。

Thanks, Peter. So the next question now moves to groceries. This question comes from Wei of Mizuho. So regarding to grocery contribution, you've mentioned that GrabMart is only 10% of deliveries GMV, but growing 1.7 times faster than food. When you look at the grocery TAM in Southeast Asia and the economics of the GrabMart model itself, where does GrabMart need to be to basically -- to contribute to delivery GMV by 2028 to underpin the $1.5 billion EBITDA target?

謝謝，Peter。下一題轉到雜貨（groceries）。這題來自 Mizuho 的 Wei。關於雜貨的貢獻，你們提到 GrabMart 目前僅占外送GMV的10%，但成長速度是餐飲外送的1.7倍。當你們看東南亞雜貨的TAM，以及 GrabMart 模式本身的經濟性時，為了支撐15億美元的EBITDA目標，到2028年 GrabMart 需要達到什麼程度，才能在外送GMV上作出貢獻？

And at what point does grocery become margin accretive to the segment rather than the drag to the blended deliveries economics? So this is a question for Alex.

另外，雜貨在什麼時點會對該分部的利潤率產生增益（margin accretive），而不再拖累整體外送的混合經濟性？這題請 Alex 回答。

So GrabMart is an exciting segment. I mean, the TAM is very large, arguably larger than food delivery altogether. So we are doing a lot to accelerate the product innovation particularly the front end, the AI-powered shopping agent, which we think will transform the ease with which consumers can, for example, create a weekly shopping basket and then improve the targeting for Grab more cross-sell as well. And by the way, Grab more grew more than double-digit quarter-on-quarter. So I think very, very good signs for both of those things.

GrabMart 是一個令人振奮的分部。我的意思是，TAM 非常大，可以說甚至比整體餐飲外送還大。因此，我們正在做很多事情來加速產品創新，特別是在前端，包括AI驅動的購物代理（shopping agent）。我們認為這將改變消費者的使用便利性，例如更容易建立每週的購物清單，並且也能改善 Grab 的交叉銷售（cross-sell）精準度。順帶一提，Grab more 的季度環比成長也超過雙位數。所以我認為這兩方面都出現非常、非常好的跡象。

Overall, as a result, the MTUs going into grocery at 2.6 times the rate of food MTU growth on a year-on-year basis. So that shows you that it's really expanding the top of our funnel, which is extra important in the age of AI in terms of generating data and deepening the long-term value relationships that we have with our consumers.

整體而言，結果是進入雜貨的MTU，其年對年成長速度是餐飲MTU成長的2.6倍。這顯示它確實在擴大我們漏斗頂端（top of funnel），而在AI時代，這對於產生數據、並加深我們與消費者之間的長期價值關係尤其重要。

And then the order frequency that we saw were 1.8 times higher than the food-only users, which illustrates that long-term value enhancement that I was speaking about. So over the long term, the North Star is very clear. We've got global peers, who have achieved like 20% to 40% mart penetration as a percentage of their deliveries business overall. So it's definitely the right model that we're pursuing. And with regards to the three-year guidance that you asked about, we expect that GrabMart will maintain its current growth momentum and outpace delivers growth throughout and therefore the higher basket sizes, the engagement and the lifetime value we can achieve reinforce our conviction to achieve a long-term sustainable economics alongside it as part of a comprehensive super app LTV relationship customers powered by AI.

接著，我們看到訂單頻率比僅使用外送餐飲的用戶高出 1.8 倍，這也說明了我剛才提到的長期價值提升。因此，從長期來看，我們的北極星目標非常清楚。我們有全球同業作為參照，他們在整體配送業務中，Mart 的滲透率已達約 20% 到 40%。所以我們所追求的模式絕對是正確的。至於你問到的三年指引，我們預期 GrabMart 將維持目前的成長動能，並在整段期間跑贏配送業務的成長；因此，更高的客單價、互動度與可實現的終身價值（LTV）將進一步強化我們的信心：在 AI 驅動下，作為一個全面型超級 App 的 LTV 關係的一部分，我們能夠在長期達成可持續的經濟模型。

So that's how we think about it rather than a stand-alone vertical by vertical. That's our -- the power of our approach and that power becomes enhanced in the AI world where our optimization across all those verticals to get to the right LTV customers is particularly powerful.

所以我們是用這樣的方式來思考，而不是把它當作一個個獨立的垂直業務來看。這就是我們方法的力量；而在 AI 的世界裡，這種力量會更被放大，因為我們能跨所有垂直業務進行最佳化，以觸及正確的 LTV 客戶，這點特別強大。

Thanks, Alex. So the next question, we'll move to Financial Services. This comes from Ranjan of JPMorgan. So a two-part question. So the first question is regarding the deposits.

謝謝你，Alex。接下來我們把問題轉到金融服務。這題來自摩根大通（JPMorgan）的 Ranjan。這是一個兩部分的問題。第一個問題是關於存款。

Deposits have remained flat quarter-on-quarter. The question is, what are the challenges that Grab is facing in growing it's deposit base. The second part of the question is on the loan book and securitization. So would Grab consider securitizing its loan book to free capital to grow the business forward as well. So perhaps the first question will be for Alex and deposits and Peter, a question on securitization.

存款季對季維持持平。問題是，Grab 在擴大存款基礎方面面臨哪些挑戰？第二部分是關於放款組合與證券化。Grab 是否會考慮將其放款組合進行證券化，以釋放資本、推動業務進一步成長？所以第一個關於 Alex 與存款的問題，以及 Peter 關於證券化的問題。

Okay. Well, first of all, we actually don't have any issue at all in raising deposits. We've been really gratified at the trust that consumers have in the Grab brand, the Grab ecosystem, our capabilities to protect their money. And if you look at the pricing of our deposits, we are never the most aggressive in the market. We're able to actually gather sufficient deposits to create the right shape of balance sheet.

好的。首先，我們在吸收存款方面其實完全沒有任何問題。我們對消費者對 Grab 品牌、Grab 生態系，以及我們保護其資金能力的信任感到非常欣慰。而且如果你看我們存款的定價，我們從來不是市場上最激進的。我們仍能實際吸收足夠的存款，以建立正確的資產負債表結構。

So there's no point having excess deposits, particularly in this yield curve environment. So what you're seeing is that's carefully managing the level of deposits to make sure that we optimize for P&L purposes. If we needed to raise more deposits, we're very confident that we can do that.

因此，持有過多存款沒有意義，尤其是在目前這種殖利率曲線環境下。所以你看到的是我們在審慎管理存款水位，確保以損益（P&L）最佳化為目標。如果我們需要吸收更多存款，我們非常有信心可以做到。

On the topic of securitization, it's a potential tool for us to be able to recapital recycle on a long-term basis, particularly as the loan book grows. Just to remind everyone, we have two parts of our lending book we have, the bank's piece also, which are backed by the customer deposits and then you've got also our Grab Financial Services nonbank side, which is on balance sheet equity-wise.

關於證券化，它可能是我們在長期基礎上進行資本再補充與循環運用的一項工具，特別是當放款組合成長之後。提醒大家，我們的放款業務有兩個部分：一部分是銀行端，由客戶存款作為資金來源支撐；另一部分是 Grab 金融服務的非銀行端，則是以權益資本在資產負債表上承作。

If you look at our current priorities, really scaling the lending through our digital banks, we have deposits of roughly $1.6 billion. There's still a lot of headroom in terms of the loan-to-deposit ratio that we could deploy towards those loans. And we are still on target to get to the $2 billion loan book by the end of the year. So our priority now is to use -- make sure that our digital banks capital structure is efficient, and those deposits are an important component of that. But long term, there could be options for us to recycle.

如果看我們目前的優先事項，主要是透過數位銀行來擴大放款規模；我們的存款約為 16 億美元。就放款對存款比（loan-to-deposit ratio）而言，我們仍有很大的空間可以用於投放這些貸款。而且我們仍按計畫在年底前達到 20 億美元的放款組合。因此，我們目前的優先事項是確保數位銀行的資本結構有效率，而存款是其中的重要組成。但從長期來看，我們可能會有一些循環運用資本的選項。

That's not an immediate priority right now.

但這不是我們眼前的優先事項。

Thank you. So now we'll move on to the final question for today. This comes from Piyush of HSBC. So regarding to Foodpanda Taiwan recently announced acquisition, can you share the progress and what are the key milestones to watch and likely timings of those milestones? So final question for Alex.

謝謝。接下來我們進入今天最後一個問題。這題來自匯豐（HSBC）的 Piyush。關於 Foodpanda 台灣近期宣布的收購案，你能否分享目前進度、有哪些關鍵里程碑值得關注，以及這些里程碑可能的時間點？所以最後一題給 Alex。

Well, maybe a very brief final answer then, Piyush, Thanks. So we're in the middle of the approval process to regulators. So no real updates today, but we'll make sure we provide updates as soon as we get any further feedback. Thank you.

好的，Piyush，那我就做一個非常簡短的最後回覆，謝謝。我們目前正在進行向監管機關申請核准的流程中。所以今天沒有太多更新，但一旦我們收到任何進一步回饋，我們一定會盡快提供最新進展。謝謝。

Okay. So thanks, everyone, for the questions. So that concludes today's earnings call. Let me hand over the time to Peter to deliver the closing remarks.

好的。謝謝大家的提問。今天的財報電話會議到此結束。接下來把時間交給 Peter 進行結語。

Thanks, everybody. Look, great, there's a lot going on, typically in Southeast Asia and in Grab. Hope you got a flavor in terms of how our performance are. Q1 is off to a fantastic start for us across all the financial fundamentals of our business. A lot of questions around fuel prices, obviously, which we hope we've addressed that.

謝謝大家。你看，東南亞以及 Grab 一向都有很多事情在進行中。希望你們已經對我們的表現有一定的了解。第一季對我們而言有一個非常出色的開局，涵蓋我們業務的所有財務基本面。大家也問了很多關於油價的問題，顯然我們希望已經回應到。

We are leaning in. We want to make sure our driver community are also benefiting and also I will be helping them along the way. And people are continuing to make sure that EV acceleration also happens within Southeast Asia. It's a great catalyst for that for us to lean in on EV adoption. A lot of questions around Indonesia, also around the 8% commission.

我們會加大投入。我們希望確保我們的司機社群也能受益，而我也會一路協助他們。同時，大家也持續確保電動車（EV）加速在東南亞推進。這對我們而言是一個很好的催化劑，讓我們更積極推動 EV 採用。也有很多關於印尼的問題，以及關於 8% 佣金的問題。

Just to reiterate, our demand or two-wheels business for Indonesia is less than 6% of our GMV. We continue to reiterate our full year guidance for the rest of the year. What makes us confident is the traction that we're seeing across the portfolios of our businesses today. So all the hard work.

再次重申，我們在印尼的兩輪需求／兩輪車業務占我們 GMV 的比重不到 6%。我們也再次重申我們對今年全年的指引，並維持對今年剩餘期間的展望。讓我們有信心的是，我們目前在各業務組合上看到的成長動能。所以，所有的辛勤努力。

Thank you very much for all the Grabbers. Thank you for all the support you gave us in the first quarter to all our driver partners, to all our merchants for all the things that we want to serve and help you also thrive. Thank you very much for the first quarter and also to our shareholders for our support. As usual, the IR team, Ken, Doug and I will be on the road over the next few weeks. We'll be in the U.S., We will be across Asia, Singapore, Hong Kong and also in Australia.

非常感謝所有 Grabbers。也非常感謝第一季所有支持我們的司機合作夥伴，以及所有商家；我們希望服務並協助你們也能蓬勃發展。非常感謝第一季，也感謝股東們對我們的支持。一如往常，接下來幾週 IR 團隊、Ken、Doug 和我會在外出差拜訪。我們會到美國，也會走訪亞洲各地，包括新加坡、香港，以及澳洲。

Don't feel -- please reach out to us if you want to meet with us or have a chat, have a coffee. We're more than happy to sit down with you. See you all next quarter.

請不要客氣——如果你想和我們見面或聊聊、喝杯咖啡，歡迎隨時聯絡我們。我們非常樂意坐下來和你交流。我們下個季度見。