Grab Holdings Limited (GRAB) 2026 Q2 法說會逐字稿

Good day, everyone, and welcome to Grab's second quarter 2026 earnings call. I'm Ken Lek, Head of Strategic Finance and Investor Relations 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.

各位好，歡迎參加 Grab 2026 年第二季財報電話會議。我是 Ken Lek，Grab 策略財務與投資人關係主管。今天與我一同出席的有執行長 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 can differ materially due to a number of risks and uncertainties as described on this earnings call in the earnings release and in our Form 20-F and other filings with the SEC. We do not undertake any duty to update any forward-looking statements.

在本次電話會議中，我們將就未來事件發表前瞻性陳述，包括我們的業務與財務表現。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，以及我們向美國證券交易委員會（SEC）提交的 Form 20-F 與其他申報文件中所述），實際結果可能與前瞻性陳述存在重大差異。我們不承擔更新任何前瞻性陳述的義務。

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

我們也將在本次電話會議中討論非 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 財務衡量指標之間的調節表。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備註與補充簡報。

For today's call, Anthony will deliver opening remarks after which we will open the floor for questions. (Event Instructions)

今天的電話會議將由 Anthony 發表開場致詞，之後我們將開放提問。(活動說明)

With that, I'll hand it over to Anthony.

接下來我把時間交給 Anthony。

Thanks, Ken. Good day, everyone, and thank you for joining us. We delivered a record second quarter. Adjusted EBITDA grew 54% year over year to $168 million, more than twice our revenue growth rate, with margin expanding to 16.9% of revenue from $13.3, our 18th consecutive quarter of adjusted EBITDA growth. On-Demand GMV grew 21% year over year or 22% on a constant currency basis to $6.5 billion and group MTUs, monthly transacting users, reached another record high of 54 million, even as elevated fuel prices persisted across the region.

謝謝你，Ken。各位好，感謝各位加入我們。我們交出創紀錄的第二季成績。調整後 EBITDA 年增 54% 至 1.68 億美元，增速超過營收增長率的兩倍；利潤率擴大至營收的 16.9%，高於 13.3%，這也是我們連續第 18 個季度調整後 EBITDA 成長。隨需（On-Demand）GMV 年增 21%，按固定匯率計年增 22%，達 65 億美元；集團月交易用戶（MTUs，monthly transacting users）亦再創新高至 5,400 萬，即使區域內高油價仍持續。

On the strength of the first half, together with the consolidation of Superbank and the acquisition of Stash, we are raising our full-year 2026 guidance, which Peter will take you through in detail.

基於上半年表現，加上 Superbank 的併表以及收購 Stash，我們上調 2026 全年指引，Peter 將為各位詳細說明。

Before turning to the business, a brief update on our Board. As we disclosed on July 6, Dara stepped down from our Board effective that date as we continue to enhance our governance in connection with our proposed acquisition of foodpanda's Taiwan business. Dara joined us in 2018 in connection with the sale of Uber's Southeast Asia business to Grab and has been a valued voice in our Boardroom for eight years.

在談業務之前，先簡要更新董事會動態。如我們於 7 月 6 日披露，Dara 自該日起卸任董事職務；在我們擬議收購 foodpanda 台灣業務之際，我們持續強化公司治理。Dara 於 2018 年加入我們，當時係配合 Uber 將其東南亞業務出售予 Grab，過去八年他一直是董事會中重要且受重視的聲音。

On behalf of the Board and everyone at Grab, I want to thank him personally for his contributions. We maintain ongoing dialogue with Uber in their capacity as a shareholder in Grab.

我謹代表董事會及 Grab 全體同仁，親自感謝他所做的貢獻。我們也持續與 Uber 保持對話，Uber 目前為 Grab 的股東。

On our core business, we continue to demonstrate our ability to drive On-Demand growth acceleration, and we are confident that the structural, long-term modes we are investing in today will continue to expand our competitive advantage. What stands out this quarter is the health of that growth, led by transactions and users, not price.

就核心業務而言，我們持續展現推動隨需（On-Demand）成長加速的能力；我們也有信心，今天所投資的結構性長期護城河將持續擴大我們的競爭優勢。本季最突出的，是成長的健康度：主要由交易量與用戶帶動，而非價格。

Three structural modes are driving it. Regional penetration remains incredibly nascent, giving us a massive runway. Our affordability initiatives are profitably unlocking new user segments and building durable daily habits. And engagement is deepening, with daily transacting user growth actively outpacing monthly transacting user growth.

有三個結構性護城河在驅動這一切。區域滲透率仍非常初期，為我們提供龐大的成長跑道。我們的可負擔性（affordability）措施在維持獲利的前提下，開啟新的用戶族群並建立持久的日常使用習慣。同時互動與黏著度持續加深，每日交易用戶的成長正積極超越月交易用戶的成長。

The clearest expression of our growth runway is groceries. GrabMart grew at 1.7 times the rate of food deliveries this quarter as we push deeper into planned everyday grocery occasions. By enhancing the value propositions of our offline anchors, Jaya Grocer and Everrise, deepening supermarket partnerships and launching our own AI-powered Grab Shopping Agent, we are driving higher purchase frequency, growing basket sizes and expanding our advertising opportunities, all while remaining disciplined in driving profitability expansion.

最能體現我們成長跑道的，是雜貨（groceries）。本季 GrabMart 的成長速度為外送餐飲的 1.7 倍，我們持續深入布局「計畫型」的日常雜貨採買情境。透過強化我們線下核心據點 Jaya Grocer 與 Everrise 的價值主張、深化與超市的合作夥伴關係，以及推出自研的 AI 驅動 Grab Shopping Agent，我們正推動更高的購買頻率、提升客單（basket sizes）並擴大廣告機會，同時在推動獲利能力擴張方面保持紀律。

Our Financial Services segment is also fast approaching adjusted EBITDA profitability, expected in the second-half of 2026. Our lending playbook, acquiring users at minimal CAC, customer acquisition costs, underwriting with proprietary and behavioral transaction data and funding loans with low-cost deposits from our digital banks has enabled Financial Services to continue being our fastest growing segment.

我們的金融服務（Financial Services）部門也正快速接近調整後 EBITDA 損益兩平，預計將於 2026 年下半年達成。我們的放貸作戰手冊——以極低 CAC（customer acquisition costs，客戶取得成本）獲取用戶、以自有與行為交易數據進行授信（underwriting），並以數位銀行的低成本存款為貸款提供資金——使金融服務持續成為我們成長最快的部門。

We recently consolidated Superbank, which now serves over 7.4 million customers, and in July, we completed our acquisition of Stash, bringing a profitable AI-powered wealth platform and over $5 billion in AUM into our ecosystem.

我們近期完成 Superbank 的併表，目前其服務客戶已超過 740 萬；並於 7 月完成對 Stash 的收購，將一個已獲利、AI 驅動的財富管理平台以及超過 50 億美元的 AUM（資產管理規模）納入我們的生態系。

Underpinning all of this is our Grab AI intelligence layer, which now processes trillions of tokens every month. Our cost per AI interaction for driver and merchant partners has approximately halved versus a year ago, while monthly interactions grew tenfold, which is why we can deploy AI to every ecosystem partner rather than reserving it just for the premium tier and why we can continue to treat AI as a margin lever.

支撐上述一切的是我們的 Grab AI 智慧層（intelligence layer），目前每月處理數兆（trillions）個 tokens。相較一年前，我們針對司機與商戶夥伴的每次 AI 互動成本約減半，同時每月互動次數成長 10 倍；因此我們能將 AI 部署給每一位生態系夥伴，而非僅保留給高階方案，也能持續把 AI 視為提升利潤率的槓桿。

Internally, our engineers now coexist with autonomous coding agents in standard practice, cutting time to market by up to 30% year on year, while BriX, our internal analytics agent platform, cumulatively saves our sales teams approximately 40,000 hours every quarter.

在內部，我們的工程師如今已在標準作業中與自主程式撰寫代理（autonomous coding agents）共同協作，使產品上市時間（time to market）年減最多達 30%；同時 BriX——我們的內部分析代理平台——累計每季為銷售團隊節省約 40,000 小時。

Ultimately, our second-quarter results prove that our business model is successfully converting scale into expanding operating leverage. We enter the second half of the year with discipline, operating posture, and absolute confidence in our ability to keep compounding profitable, durable growth.

總體而言，我們第二季的成果證明，我們的商業模式正成功將規模轉化為持續擴大的營運槓桿。我們以紀律、營運姿態，以及對持續複利累積「可獲利且具韌性」成長的絕對信心，迎接下半年。

Thank you. Let's open it up for questions.

謝謝。我們開始進行提問。

(Event Instructions) And with that, our first question coming from several analysts, Divya from Morgan Stanley, Alicia from Citi, Jeong from Barclays, Ranjan from JPMorgan and [Tu Wei] of Macquarie. Question is, on our revised guidance -- upgraded guidance, question for Peter and Alex.

(活動說明) 接下來第一個問題來自多位分析師：Morgan Stanley 的 Divya、Citi 的 Alicia、Barclays 的 Jeong、JPMorgan 的 Ranjan，以及 Macquarie 的 [Tu Wei]。問題是關於我們修訂後——上調後的指引，提問對象是 Peter 與 Alex。

Peter, are they mainly reflect -- is the revised guidance mainly reflecting the consolidation of Superbank for 2H 2026? And second part for Alex, excluding Superbank's consolidation, were there any changes to the revised guidance based off our core business?

Peter，修訂後的指引主要是否反映 Superbank 在 2026 年下半年併表的影響？第二部分問 Alex：若排除 Superbank 併表，我們核心業務是否也有任何因素導致修訂後指引出現變動？

Sure, great question. If what you're seeing in the second half, it actually is momentum continuing from the second quarter. You saw where we saw great demand growth on our top-line business. Our On-Demand business continues to grow at over 20%-plus now. If you look at the number of rides, it was up 28% on a year-over-year basis.

好的，這是個很好的問題。你在下半年看到的，其實是第二季動能的延續。你也看到我們在營收端業務出現強勁的需求成長。我們的隨需（On-Demand）業務目前仍維持在 20% 以上的成長。若看乘車趟次（rides）數量，年增達 28%。

So you see momentum in transactions and you saw also in the momentum the number of users now touching the platform at 54 million. I'll let Alex talk a little bit more about that because that's a really important core factor as to how we feel about the second-half of this year.

所以你可以看到交易動能，而且你也看到目前觸及平台的用戶數動能已達 5,400 萬。我讓 Alex 再多談一點，因為這是我們對今年下半年看法的一個非常重要的核心因素。

And the other thing that we're seeing is also you've got the Superbank and also the stats consolidation into play. So you've got the On-Demand business and our Financial Services momentum. You've got now the consolidation of Superbank as well as also stats into the mix, which is the second pillar of our revised guidance.

另外我們也看到的是，Superbank 以及 Stash 的併表也開始發揮作用。因此你有隨選（On-Demand）業務以及我們金融服務的動能。現在也把 Superbank 以及 Stash 的併表納入其中，這是我們修訂後指引的第二支柱。

Also at the same time, we are baking in some FX headwind into the business. We've got some of the currencies, ASEAN currencies, unfortunately taking some pressure against the US dollars, and some of that also is mixed into the guidance itself. So I'll let Alex explain a little bit more around the momentum of the business.

同時，我們也在業務中納入一些外匯逆風。我們看到部分東協貨幣不幸相對美元承受一些壓力，而其中一部分也已反映在指引之中。所以我讓 Alex 再多說一些關於業務動能的情況。

Thanks, Peter. Yeah. So the Deliveries business accelerated again, this time to 24% year-on-year growth on a constant currency basis. Fintech is now moving convincingly towards profitability in the second half, which is what we had guided for. And finally, we're getting zillion growth of 18% from Mobility despite the elevated fuel prices that we've seen since March.

謝謝你，Peter。是的。所以 Deliveries（外送）業務再次加速，這次在固定匯率基礎上年增 24%。Fintech（金融科技）現在正明確朝向下半年獲利邁進，這也正是我們先前所給出的指引。最後，儘管自 3 月以來我們看到燃油價格仍處於高位，Mobility（出行）仍實現 18% 的成長。

So this guidance upgrade from the prior $700 million to $720 million does reflect the factors in -- the fuel price support that we provided for drivers continuing through second half. And it also includes the FX headwinds of between 2% to 3%, as Peter mentioned earlier. So basically, in summary, the core business is performing well and is in line with the prior guidance. And the new guidance includes the addition of both Superbank and Stash consolidation and these additional FX headwinds that Peter mentioned.

因此，這次將指引從先前的 7 億美元上調至 7.2 億美元，確實反映了幾項因素——包括我們為司機提供的燃油價格補貼將延續至下半年。同時也包含 Peter 先前提到的 2% 到 3% 的外匯逆風。所以總結來說，核心業務表現良好，並且符合先前的指引。而新的指引則納入了 Superbank 與 Stash 的併表，以及 Peter 提到的額外外匯逆風。

All right. The next question comes from Alicia from Citi and John of Daiwa. Question is on our financial services business for Alex.

好的。下一個問題來自花旗的 Alicia 以及大和的 John。問題是關於我們的金融服務業務，提問對象是 Alex。

After the consolidation of Superbank and completion of the Stash acquisition, what is management's near-term focus for the fintech business? Should we be expecting the loan book growth to continue? And as Superbank becomes more integrated into Grab's ecosystem, how should we think about the future growth prospect of Indonesia's fintech business and profitability?

在 Superbank 併表以及完成收購 Stash 之後，管理層對金融科技業務的短期重點是什麼？我們是否應預期放款餘額（loan book）仍將持續成長？以及隨著 Superbank 更加整合進 Grab 的生態系，我們應如何看待印尼金融科技業務未來的成長前景與獲利能力？

Okay, yes. So first, we are on track to achieve profitability for Financial Services in the second half of 2026. I remember it was back in September '22 that we promised this to the market. So we're very pleased to be delivering on our commitments.

好的，是的。首先，我們正按計畫在 2026 年下半年實現金融服務的獲利。我記得我們是在 2022 年 9 月向市場做出這項承諾。因此我們非常高興能夠兌現我們的承諾。

We are managing risk prudently. So we expect the loan book to exceed $3 billion by the end of this year, including now the Superbank book as well. We are pleased with this consolidation of Superbank in May and then Stash just in July.

我們以審慎的方式管理風險。因此我們預期到今年年底，放款餘額將超過 30 億美元，現在也包含 Superbank 的放款組合。我們對於 5 月完成 Superbank 併表，以及 7 月完成 Stash 併表感到滿意。

Grab has obviously been collaborating with Superbank since it was founded in 2022. So we know the business very well, we know the book very well. In fact, it's been a clear focus on the ecosystem since the start for Superbank, so it enables us to lower the customer acquisition costs and improve underwriting because of the deep data science that we can do together with them.

Grab 顯然自 Superbank 於 2022 年成立以來就一直與其合作。因此我們非常了解這項業務，也非常了解其放款組合。事實上，Superbank 從一開始就明確聚焦於生態系，這使我們能夠降低客戶取得成本，並且因為我們能與他們共同進行深度資料科學分析而改善授信審核（underwriting）。

Since the app launched in 2024, June, Superbank's grown very rapidly. So it had 1 million customers within the first year, that's 2024, and today has over 7 million customers with daily transactions of above 1 million. So with more than 60% of Superbank users also using Grab and OVO, it's very clear that that ecosystem strategy is working very well.

自 2024 年 6 月 App 上線以來，Superbank 成長非常迅速。因此它在第一年（也就是 2024 年）就達到 100 萬名客戶，而目前已超過 700 萬名客戶，且每日交易量超過 100 萬筆。由於超過 60% 的 Superbank 用戶也在使用 Grab 與 OVO，很明顯這個生態系策略運作得非常好。

Superbank is already delivering robust financials. So it's recorded its full-year profitability last year in 2025 already. Efficiency ratios since then have continued to improve. So we've got pre-tax return on equity already hitting 5.7% in this quarter. And cost of income ratio is already now at 55% and continuing to decrease. Bank's expect to continue to driving this ROE improvement, so by end of 2026. And the cost-income ratios will continue to track down, probably hitting below 50% by the end of the year.

Superbank 已經展現強勁的財務表現。因此它在去年 2025 年就已實現全年獲利。自那之後，效率比率持續改善。所以我們本季稅前股東權益報酬率（ROE）已達 5.7%。而成本收入比（cost of income ratio）目前已達 55%，並持續下降。我們預期銀行將持續推動 ROE 改善，到 2026 年底。而成本收入比也將持續下行，可能在今年年底降至 50% 以下。

The Stash acquisition, as I mentioned earlier, was completed in July. It's already profitable. It's a good team. We like them very much and they've got strong capabilities that they bring to the group. The asset management growth has continued to accelerate. So we're at 22% asset management growth year on year this quarter, reaching USD5.5 billion.

如我先前提到的，Stash 的收購已於 7 月完成。它已經是獲利的。團隊很不錯。我們非常喜歡他們，而且他們為集團帶來了強大的能力。資產管理的成長持續加速。因此本季資產管理規模年增 22%，達到 55 億美元。

And the best thing about it with the subscription model is a very high retention rate with over 1 million active subscribers. So both good acquisitions, fully consolidated now and helping us drive towards this second half breakeven for Financial Services.

而且訂閱模式最棒的一點是留存率非常高，活躍訂閱者超過 100 萬。因此這兩項收購都很成功，現在也已完全併表，並協助我們推動金融服務在下半年達到損益兩平。

All right. So next question is for Anthony. So question is about Uber and Grab relationship. Question comes from Divya from Morgan Stanley, Piyush from HSBC, Jeong from Barclays and Hussaini from Maybank.

好的。下一個問題是給 Anthony。問題是關於 Uber 與 Grab 的關係。問題來自摩根士丹利的 Divya、匯豐的 Piyush、巴克萊的 Jeong 以及馬銀行的 Hussaini。

Can you comment around Uber's proposed acquisition of Delivery Hero and how that could impact the competitive landscape in Southeast Asia through foodpanda?

你能否評論 Uber 擬收購 Delivery Hero 一事，以及這可能如何透過 foodpanda 影響東南亞的競爭格局？

Thank you for that question. On Uber specifically, we maintain ongoing dialogue with Uber in their capacity as a shareholder in Grab. As shared in our previous public filings, Uber is restricted from competing with Grab in our core markets until one year following a full sale of its Grab shareholding. Regardless of that, our markets have always been competitive. Through the years, we have demonstrated steady gains in category position across the region while driving profitable growth at the same time.

謝謝你的提問。就 Uber 而言，我們持續與 Uber 保持對話，因為他們是 Grab 的股東。如同我們先前的公開申報文件所揭露，Uber 在完全出售其持有的 Grab 股權後的一年內，仍受限制不得在我們的核心市場與 Grab 競爭。即便如此，我們的市場一向競爭激烈。多年來，我們在推動獲利成長的同時，也展現出在全區各品類地位上的穩健提升。

Our competitive strength stems from structural advantages that are hard to disrupt. We have continued to deepen our penetration with a record 54 million MTUs, as Peter shared, and we are seeing the highest level of DTUs on our platform. This is a result of our core focus on hyper-local execution and strong partnership with governments across eight distinct markets, which led us to win in the region. GrabMaps, for example, is one that we've shown hyper-local focus.

我們的競爭優勢源自難以被顛覆的結構性優勢。正如 Peter 所分享的，我們持續加深滲透率，MTU 創下 5,400 萬的紀錄，且我們也看到平台上的 DTU 達到歷史最高水準。這是因為我們核心聚焦於超在地化（hyper-local）的執行，以及與八個不同市場的政府建立強而有力的合作夥伴關係，這使我們在區域內勝出。例如 GrabMaps，就是我們展現超在地化聚焦的一個例子。

We also continue to double down on our product-led strategy targeted around improving affordability and reliability for partners and consumers.

我們也持續加碼以產品為導向的策略，聚焦於提升合作夥伴與消費者的可負擔性與可靠性。

Finally, we have a strong ecosystem flywheel that is reinforced by what Alex just talked about, our growing financial service business, which enhances the LTV of our customers from cross-sell across all our core services.

最後，我們擁有強勁的生態系飛輪，並由 Alex 剛才提到的、我們持續成長的金融服務業務所強化；透過在所有核心服務之間的交叉銷售，提升客戶的 LTV（終身價值）。

Thanks, Anthony. Next question is on grocery delivery for Alex. So for Mark, are we hitting near the inflection point this quarter with further acceleration of user penetration and transaction volume growth? How should we be thinking about the growth trajectory of the Mart business and contribution to total GMV in one year's time? Question is from Alicia from Citi.

謝謝，Anthony。下一題是給 Alex 的雜貨配送問題。那麼，Mark，我們是否在本季接近拐點，使用者滲透率與交易量成長進一步加速？我們應該如何看待 Mart 業務的成長軌跡，以及在一年後對總 GMV 的貢獻？問題來自花旗的 Alicia。

Okay. Thanks, Alicia. Thanks, Ranjan. Yes, it's true, grocery penetration is still nascent compared to deliveries overall. But of course, it's highly complementary to our food business and an important part also of our fintech distribution channel.

好的。謝謝你，Alicia。謝謝你，Ranjan。是的，與整體外送相比，雜貨滲透率仍處於早期階段。但當然，它與我們的餐飲外送業務高度互補，也同時是我們金融科技分銷渠道的重要一環。

So GrabMart users grew 42% year on year. But even then, Mart still only consists of about 14% of our food user base, there's still lots of upside there. We spent the year really strengthening the foundations to create the best possible consumer experience. So leveraging both the off-line anchors like Jaya Grocer and Everrise in Malaysia and also deepening our partnerships with leading supermarket chains in every country across the region.

因此，GrabMart 使用者年增 42%。但即便如此，Mart 仍僅約占我們餐飲使用者基礎的 14%，仍有很大的上行空間。過去一年我們著重強化基礎建設，以打造最佳的消費者體驗。因此，我們同時運用馬來西亞的 Jaya Grocer 與 Everrise 等線下主力據點，並在區域內各國深化與領先超市連鎖的合作。

We've been able to put together a broad everyday assortment of SKUs and then we're also cross-selling organically using GrabMore, which continues to improve in terms of its effectiveness as a cross-selling channel. We've got also we've introduced an AI-powered Grab Shopping Agent. So it's very, very convenient. It helps to build baskets for users and allows us to serve the recurring weekly shop better because of this easy automated basket building capability.

我們得以建立涵蓋日常所需的廣泛 SKU 組合，同時也透過 GrabMore 進行自然的交叉銷售；GrabMore 作為交叉銷售渠道的成效也持續提升。此外，我們也推出了 AI 驅動的 Grab 購物代理（Grab Shopping Agent）。因此使用上非常、非常方便。它能協助使用者建立購物籃，並藉由這項簡易的自動化建籃能力，讓我們更好地服務每週固定回購的採買需求。

Overall, GrabMart grew GMV at 1.7 times the rate of food deliveries this quarter. So we expect this kind of growth to outpace the overall Deliveries portfolio. And obviously, therefore, it will end the year slightly higher proportion of Deliveries GMV.

整體而言，本季 GrabMart 的 GMV 成長速度是餐飲外送的 1.7 倍。因此我們預期這類成長將會超越整體外送（Deliveries）組合。而顯然因此，它在年底時將占外送 GMV 略高的比重。

Longer term, we can see that some of the global peers are reporting something like 30% or even higher for grocery penetration. So there's obviously lots of upside there when you compare against best-in-class outside of Southeast Asia, and we'll continue to target that kind of much higher growth for grocery going forward.

從更長期來看，我們看到一些全球同業的雜貨滲透率約為 30% 甚至更高。因此，當你與東南亞以外的同級最佳業者相比，顯然仍有很大的上行空間；我們也將持續以更高的雜貨成長目標向前推進。

Most importantly for us, grocery already drives more frequent user behavior than food alone. And that's really important because we see that frequency expansion and transaction growth coming through this quarter with MTU growth at 54% year on year. So that really shows that consumers like the smart service and come back with multiyear kind of frequency increases for us.

對我們而言最重要的是，雜貨已經帶來比單純餐飲更高頻的使用者行為。這點非常關鍵，因為我們看到本季頻次擴張與交易成長已經反映出來，MTU 年增 54%。這確實顯示消費者喜歡這項智慧服務，並會回流，為我們帶來多年期的使用頻次提升。

So we're scaling groceries deliberately, but we're doing it within our commitment to grow Deliveries margins year on year. And you can see in this quarter, we did achieve that milestone also despite the large growth that we generated from groceries within the overall Deliveries segment.

因此，我們有節奏地擴張雜貨，但同時也遵守我們對外送（Deliveries）利潤率逐年提升的承諾。你可以看到，本季即使雜貨在整體外送分部帶來了大幅成長，我們仍達成了這項里程碑。

Okay. Next question is from Jeong from Barclays. It's in regards to Indonesia and the commission caps there.

好的。下一題來自 Barclays 的 Jeong。問題與印尼以及當地的佣金上限有關。

A question for Alex. What's the latest in regard to the regulations and commission caps from mobility in Indonesia? Is there any potential that this set of regulations will spill over to be implemented for deliveries or for four-wheelers in addition to two-wheel?

給 Alex 的問題。關於印尼出行（Mobility）的監管與佣金上限，最新進展如何？是否有可能這套法規外溢，進一步適用於外送，或除二輪車之外也適用於四輪車？

Right. Okay. So yeah. So the two-wheel taxi business, or as we call it ojol in Indonesia, represents 6% of our total Mobility GMV, so relatively small. It does contribute a positive adjusted EBITDA to our business today. The good news is that with the changes that have been implemented in July, we expect to be able to maintain this positive margin profile going forward for the ojol business in Indonesia.

對。好的。所以是的。印尼的二輪計程車業務（我們稱為 ojol）占我們出行（Mobility）總 GMV 的 6%，因此相對較小。目前它確實為我們的業務貢獻正向的調整後 EBITDA。好消息是，隨著 7 月已實施的變更，我們預期未來在印尼的 ojol 業務仍能維持這樣的正向利潤率結構。

It's very important that we continue to engage with ministries and with the driver groups themselves in terms of how the implementation goes into place because we are very focused on making sure that driver earnings remain sustainable and that therefore the ojol marketplace continues to remain healthy in Indonesia to provide earnings opportunities for those drivers.

我們必須持續與各部會以及司機團體本身保持溝通，確保落地執行順利，因為我們非常重視司機收入能夠維持可持續性；如此一來，印尼的 ojol 市場才能持續健康運作，為司機提供收入機會。

The full-year guidance, I can confirm, does assume that the commission structure remains as currently implemented for ojol only, and there's no information that we have to suggest that anything otherwise will occur. So overall, therefore, reiterating our group Mobility margins for the second-half will remain within the historical range of between 8.5% and 9%.

我可以確認，全年指引假設佣金結構將維持目前僅適用於 ojol 的已實施版本；我們也沒有任何資訊顯示會出現其他變化。因此整體而言，我們重申集團出行（Mobility）在下半年之利潤率將維持在歷史區間 8.5% 至 9% 之間。

Thanks, Alex. Sticking to Mobility, this time a question on fuel prices.

謝謝，Alex。同樣聚焦出行（Mobility），這次是關於油價的問題。

Question for Alex, what is your outlook for fuel prices and the timing for Mobility margins to go back to the higher end of the range?

給 Alex 的問題，你對油價的展望如何？出行（Mobility）利潤率何時能回到區間的較高端？

Well, I don't think any of us are going to stand here and try to predict fuel price through the rest of the year. It's obviously a very volatile situation. But I tell you what, we are committed to continuing to support our drivers no matter what happens. So we have committed $7 million already to build support programs since the spike began in March.

嗯，我想我們任何人都不會站在這裡試圖預測今年剩餘時間的油價。這顯然是非常波動的情況。但我可以告訴你的是，無論發生什麼事，我們都承諾會持續支持司機。因此，自 3 月油價飆升以來，我們已承諾投入 700 萬美元來建立支持方案。

And that's been successful because it has allowed us to keep -- maintain the health of the marketplace with more drivers coming into the marketplace to drive for Grab. And that's really our goal is to support them through this difficult time and make sure that marketplace health continues to flourish.

而這是成功的，因為它讓我們得以維持市場的健康度，並吸引更多司機進入市場為 Grab 駕駛。我們的目標就是在這段艱難時期支持他們，並確保市場健康度持續蓬勃發展。

It's already this kind of support through the rest of the year is already factored into our guidance. So just to confirm, Mobility margins this quarter were 8.6%, in other words, very much within the 8.5% to 9% guidance range. We expect to stay within that range through the second half, no matter what happens with fuel prices. Obviously, if fuel prices go down, that will be supportive for us to improve from that point.

今年剩餘時間的這類支持已經納入我們的指引之中。因此再確認一次，本季出行（Mobility）利潤率為 8.6%，也就是非常落在 8.5% 到 9% 的指引區間內。我們預期下半年將維持在該區間內，不論油價如何變動。當然，如果油價下跌，將有助於我們在此基礎上進一步改善。

So the monthly active drivers is up 19% actually at an all-time high now. So we're very happy with the results of the support that we've put into the marketplace. It's a relatively small number, 7 million, in comparison with our overall Mobility business. So you can see that we've been very targeted in how we use that support and therefore, we've been able to manage the margins accordingly.

因此，每月活躍司機實際上年增 19%，目前已達歷史新高。所以我們對投入市場的支持所帶來的成果非常滿意。相較於我們整體出行（Mobility）業務而言，700 萬美元是相對小的數字。因此你可以看到，我們在運用這些支持時非常有針對性，也因此能相應地管理利潤率。

Longer-term, obviously, EVs are coming into the marketplace in Southeast Asia in a very rapid rate. We're being a catalyst for that because we think that this is a structural buffer for volatility and oil prices going forward, and it fundamentally reduces the total cost of ownership for drivers. So EVs actually have lower costs once the initial investment is made in the vehicle.

從較長期來看，很明顯地，電動車（EV）正以非常快速的速度進入東南亞市場。我們正在成為這股趨勢的催化劑，因為我們認為這將在未來為波動與油價提供結構性的緩衝，而且從根本上降低駕駛者的總持有成本。因此，一旦完成車輛的初始投資，電動車實際上就具有更低的成本。

So this quarter, for example, we announced nine new fleet partnerships in Thailand. We've announced a new partnership with Wuling in Indonesia. And we've expanded charging access through the app for drivers in the Philippines. So in nearly every market, we have examples of how we're becoming a positive catalyst for the introduction of cleaner vehicles into Southeast Asia.

以本季為例，我們在泰國宣布了九項新的車隊合作夥伴關係。我們也在印尼宣布與五菱（Wuling）建立新的合作夥伴關係。此外，我們也透過 App 擴大了菲律賓駕駛者的充電使用權。因此，在幾乎每一個市場，我們都有例子顯示我們正成為推動更潔淨車輛導入東南亞的正向催化劑。

Speaking to Mobility still, a new question on Mobility growth this time around, specifically around the various metrics, GMV revenue and transactions. So Mobility GMV grew 18% while transactions grew 28%, but revenue only grew by 12%.

回到移動出行（Mobility）業務，這次有一個關於 Mobility 成長的新問題，特別是針對各項指標：GMV、營收與交易筆數。Mobility 的 GMV 成長 18%，交易筆數成長 28%，但營收僅成長 12%。

Can management help bridge the net take rate compression across lower average ticket size, product and country mix and higher driver incentives? And should take rate stabilize or recover in second half? And how should we think about mobility revenue growth going forward?

管理層能否協助說明：在平均客單價較低、產品與國家組合變化，以及更高的駕駛端激勵之下，淨抽成率（net take rate）被壓縮的原因？抽成率在下半年是否會趨於穩定或回升？以及我們應如何看待未來的 Mobility 營收成長？

Okay, let me take that one, give Alex a bit of a break. A lot went on in the second quarter into the mobility-business, and Alex actually referred to a lot of that. I think one critical metric that is one of the signals that we were watching for is the number of rides on the platform because as fuel prices went up, this is going back in March and April period, what were the number of drivers that we see on the platform as well as what does it mean for the riders themselves because they still need to do the commute. They still need to go to point A to point B.

好，我來回答這題，讓 Alex 稍微喘口氣。第二季在移動出行業務上發生了很多事情，而 Alex 其實已經提到其中不少。我認為一個關鍵指標、也是我們在觀察的訊號之一，是平台上的乘車次數；因為當燃油價格上升時——回到 3、4 月那段期間——我們關注的是平台上的駕駛數量，以及這對乘客本身意味著什麼，因為他們仍然需要通勤。他們仍然需要從 A 點到 B 點。

So we leaned in on a number of factors there. And that actually translated somewhat of the take rate that you're seeing here on the question itself. Alex talked about the $7 million that we leaned in. We're also leaning over and above that around partner incentives. And that was critical because we wanted to make sure that the supply was strong when it comes to drivers. And there were a few countries that we leaned in quite hard.

因此我們在多個面向加大投入。而這也在某種程度上反映在你提到的抽成率上。Alex 提到我們投入了 700 萬美元。除此之外，我們也在合作夥伴激勵上投入更多。這點很關鍵，因為我們希望確保駕駛供給維持強勁。而在少數幾個國家，我們投入得相當積極。

The Philippines was one of them. Thailand was the other one. We leaned in also in Singapore as well as in Vietnam. Now this is critical because as we wanted to bring the supply up and we saw that in the number of drivers, the monthly active drivers was up 19% on a year-over-year basis. We wanted to make sure the drivers were also earning and were not impacted. We actually saw our drivers earning up 4% on a year-over-year basis.

菲律賓是其中之一。泰國是另一個。我們也在新加坡以及越南加大投入。這很關鍵，因為當我們希望提升供給、並在駕駛數量上看到成效時，月活躍駕駛（monthly active drivers）年增 19%。我們也希望確保駕駛者同樣能夠賺到錢、不會受到影響。我們實際上看到駕駛者收入年增 4%。

Now as a marketplace, we wanted to make sure that the riders also are not impacted. What we saw was the number of rides were gone out 28%, yet the prices were actually being compressed, which is exactly what we wanted to do. We wanted to see the riders going, still using our transport services, which they were, while the average ticket size went down because we did implement a lot of the saver products while out there to keep the marketplace very healthy. And it worked. And you saw that in the numbers itself.

同時，作為一個市場平台，我們也希望確保乘客不會受到影響。我們看到乘車次數成長了 28%，但價格其實被壓縮，這正是我們想要達成的。我們希望乘客仍然持續使用我們的運輸服務——他們確實如此——而平均客單價下降，因為我們推出了許多省錢（saver）產品，以維持市場的健康。而這確實奏效。你也從數據中看到了。

Now, what we were focused was on the margin of the Mobility business. And margin was 8.6%, so well within historical ranges within what Alex talked about here. So it's a combination of really what we saw in keeping the marketplace healthy, which is really critical, keeping Mobility rights affordable for the customer, really important at the same time, more drivers on the platform, which we saw. And that's the setup that we want to see going into Q3.

我們當時關注的重點是 Mobility 業務的利潤率。利潤率為 8.6%，完全落在 Alex 所提到的歷史區間之內。因此，這是多項因素的綜合結果：維持市場健康（非常關鍵）、同時讓客戶能負擔得起 Mobility 乘車服務（也非常重要）、以及平台上有更多駕駛者（我們確實看到了）。這就是我們希望在第三季看到的布局。

Because we weren't sure whether the oil or the fuel crisis was going to end, but we wanted to have that set up going into the second half, and which we're actually going through right now. And we're seeing very similar pattern to what we're seeing in terms of the second quarter, with fuel prices in certain countries still a little bit elevated than we want it to be.

因為我們不確定石油或燃油危機是否會結束，但我們希望在下半年到來前先把這個布局建立好，而我們現在也正處於這個階段。我們看到的型態與第二季非常相似，在某些國家，燃油價格仍然比我們希望的水準略高。

So shifting our attention now to share buyback and capital allocation, question from Divya from Hong Stanley and Hussaini from Maybank.

接著把注意力轉到庫藏股回購與資本配置，這題來自 Hong Stanley 的 Divya 與 Maybank 的 Hussaini。

This is a question for Peter. Peter, you announced a $750 million share buyback taking total authorization up to $1.75 billion. How should investors think about the pace of execution and under what circumstances would you accelerate repurchases?

這是給 Peter 的問題。Peter，你宣布了 7.5 億美元的庫藏股回購，使總授權額提高到 17.5 億美元。投資人應如何看待執行節奏？在什麼情況下你們會加速回購？

Yeah. So let's go back to the first half. We announced the $500 million buyback in February earnings. So out of that, we've executed roughly about $400 million of that $500 million, of which some of those were accelerated and we felt that it was constructive for us to go in, given where the share price is, and some of them were also tied to contingent forward purchase.

是的。我們先回到上半年。我們在 2 月的財報中宣布了 5 億美元的回購。在這 5 億美元中，我們已執行約 4 億美元；其中一部分是加速回購，我們認為在當時股價水準下進場是有利的；另外一部分也與或有的遠期購買（contingent forward purchase）相關。

Now with the new $750 million which takes the whole program up to $1.75 billion of cumulative buyback, we'll keep deploying against that with the same discipline and the same focus on pace. We'll execute where we continue to see dislocation in the share price.

至於新增的 7.5 億美元，使整體計畫累計回購額達到 17.5 億美元，我們將以同樣的紀律與對節奏的同樣重視來持續部署。只要我們持續看到股價出現錯位（dislocation），就會執行回購。

As from a capital allocation framework, we remain very balanced between the organic growth that you're seeing in the business, which we're investing in, but also in M&A, which we keep a very high bar, but also returning capital back to our shareholders, which you're seeing also at the same time. We focus on generating cash flow in the business, which also you see, which actually translates to long-term shareholder value.

就資本配置框架而言，我們仍然在幾個方向之間保持非常平衡：一方面是你在業務中看到的有機成長（我們持續投資），另一方面是併購（M&A），我們維持非常高的門檻；同時也把資本回饋給股東，你也同樣看到了。我們專注於在業務中創造現金流，而這也會轉化為長期的股東價值。

All right. Next question is on autonomous vehicles from Piyush from HSBC.

好的。下一題是關於自動駕駛車輛，來自 HSBC 的 Piyush。

Question for Anthony. Anthony, Grab has done several partnerships and investments to be at the cutting edge of autonomous vehicles and remote driving. Can you please update us on the progress of various pilots and commercial rollout timeline in your region?

給 Anthony 的問題。Anthony，Grab 已進行多項合作與投資，以站在自動駕駛車輛與遠端駕駛的最前沿。能否請你更新各項試點（pilot）的進展，以及在你們所在區域的商業化推廣時間表？

Thank you, Piyush, for that question. Let me take a step back and start off with some facts. This region remains one where driver partners are the crux of our platform. So let me just share some numbers. Over 50% of all transactions in Southeast Asia are two-wheel, below $1 per ride, making AVs uneconomical for commercial rollout. And Singapore specifically is only 10% of all four-wheel transactions regionally.

謝謝你，Piyush，提出這個問題。我先退一步，從一些事實開始說起。在這個區域，駕駛合作夥伴仍然是我們平台的核心。我分享一些數字。在東南亞所有交易中，超過 50% 是兩輪車，每趟行程低於 1 美元，使得自動駕駛車輛（AV）在商業化推廣上不具經濟性。而新加坡特別地，在區域層面僅占所有四輪交易的 10%。

In Singapore, now, to answer specifically your question, we are leading the pace of innovation. We aim to build a hybrid ecosystem at whatever pace regulators and communities are ready for. We see global AV players as partners here. And as you said, many of them, we've partnered, we've invested with, not just Western players, but also Eastern players, which expands our options.

在新加坡，現在，為了具體回答你的問題，我們正引領創新的步伐。我們的目標是在監管機構與社群準備就緒的任何節奏下，打造一個混合式生態系。我們將全球自動駕駛（AV）業者視為在地的合作夥伴。而且如你所說，其中許多我們已經合作、共同投資，不僅是西方業者，也包括東方業者，這擴大了我們的選項。

Our edge beyond partnership is a decade of mapping POI high density regulatory and customer relationships centered on trust that actually makes this work at scale. Since January, our Ai.R shuttle, Ai.R shuttle, has served over 9,000 riders. We've moved through this deliberately with community rides first, then four public operations in April.

我們除了合作夥伴關係之外的優勢，在於十年來在高密度 POI（興趣點）地圖建置，以及以信任為核心、涵蓋監管與客戶的關係網絡，這些其實讓我們能把規模化落地。自一月以來，我們的 Ai.R 接駁車（Ai.R shuttle）已服務超過 9,000 名乘客。我們刻意循序推進，先從社區試乘開始，接著在四月展開四項公開營運。

When we surveyed rides [call], specifically riders with the government, 99% said they would recommend it to a friend. But riders told us what they actually want the next, more destinations, direct routes, flexible booking.

當我們針對搭乘體驗進行調查（電話訪談）時，特別是與政府一起的乘客，99% 表示會推薦給朋友。但乘客也告訴我們他們接下來真正想要的是：更多目的地、更直接的路線、以及更彈性的預約方式。

So two weeks ago, we announced the next phase. Supported by our government, our riders will now be able to book their own AV, go point to point and be able to go to -- directly straight to markets, pharmacies, schools, train stations instead of following a fixed loop. That opens the trial riders over the next few months and to the general public in Q4 when we start charging commercial fares. That makes Punggol our first point-to-point revenue generating autonomous service.

因此兩週前，我們宣布了下一階段。在政府支持下，我們的乘客現在將能自行預約自己的自動駕駛車輛（AV），點到點出行，並且能夠——直接前往市場、藥局、學校、火車站，而不是沿著固定迴圈行駛。這將在未來幾個月向試驗乘客開放，並在第四季（Q4）我們開始收取商業票價時向一般大眾開放。這使得榜鵝（Punggol）成為我們第一個點到點、可創收的自動駕駛服務。

So we are building this the right way, focused on not just the software, but people as well. We've set up a depot in Punggol adding more vehicles this year and through Grab Academy in partnership with the government, we've already certified more than 20 of our own driver partners as safety operators. Six of them have gone further and qualified as remote operators running fleet monitoring out of our AV operations command center. So when the AV moment comes in Singapore, we will be the most experienced hybrid operator in Southeast Asia.

因此我們正以正確的方式打造這件事，不只聚焦於軟體，也同樣重視人。我們已在榜鵝設立車輛基地（depot），今年將增加更多車輛；並透過 Grab Academy 與政府合作，我們已經認證超過 20 位自家司機夥伴成為安全操作員。其中有 6 位更進一步，取得遠端操作員資格，在我們的自動駕駛營運指揮中心進行車隊監控。因此當新加坡迎來自動駕駛的時刻，我們將成為東南亞最有經驗的混合式營運商。

All right, thanks, Anthony. And now our final question of the day, specifically on foodpanda Taiwan, question from Piyush of HSBC, Naveen from UBS and Jacqueline from CIMB.

好的，謝謝你，Anthony。接下來是我們今天最後一個問題，特別是關於 foodpanda 台灣，問題來自匯豐（HSBC）的 Piyush、瑞銀（UBS）的 Naveen，以及聯昌國際（CIMB）的 Jacqueline。

Question for Peter. On foodpanda Taiwan, can you share progress on your engagement with the regulators and the likely timeline for the deal? What's the likely upfront integration cost for Grab on deal completion? Is any upfront cost incorporated into your 2026 guidance?

給 Peter 的問題。關於 foodpanda 台灣，你能分享你們與監管機構溝通的進展，以及交易可能的時間表嗎？交易完成後，Grab 可能需要承擔的前期整合成本大約是多少？你們 2026 年的指引是否已納入任何前期成本？

Look, as much as I can say here is we remain on track with the progress on this transaction itself, we're keen to enter the Taiwan market. We're continuing to all to make the preparations behind the scenes. We continue to be very close discussions with the Taiwanese regulators and also expect to close by the end of the year.

你看，我在這裡能說的就是：我們在這筆交易本身的進展上仍按計畫推進，我們也很希望進入台灣市場。我們持續在幕後進行各項準備。我們也持續與台灣監管機構保持非常密切的討論，並且也預期在年底前完成交割。

Thanks, Peter. So with that -- that brings us to the end of our Q&A session. I'll now turn the time over to Peter for his closing remarks.

謝謝你，Peter。那麼——我們的問答環節就到此結束。接下來把時間交給 Peter 做結語。

Great. Look, before we wrap up, just to recap the headlines, scale converted into profitability in this business. You saw the EBITDA growing more than twice as fast as revenue. Our revenue margin expanded 360 basis points as a group. Our EBITDA is at 18th straight quarter of consecutive growth now. We back that with capital, $1.75 billion in cumulative buyback authorization since 2024. And we reflected it in our latest guidance, raising both revenue as well as EBITDA for the full year.

很好。在我們結束之前，先回顧一下重點：規模在這門生意中已轉化為獲利能力。你們看到 EBITDA 的成長速度超過營收的兩倍。以集團層面來看，我們的營收利潤率擴大了 360 個基點。我們的 EBITDA 現在已連續第 18 個季度持續成長。我們也以資本配置來支持這一點，自 2024 年以來累計回購授權達 17.5 億美元。並且我們也在最新指引中反映出來，上調了全年營收與 EBITDA。

Financial Services is turning profitable in the second half is the next real catalyst for us. And as always, remind the Grab team, this is not a one-quarter story. It's the trajectory that we're driving.

金融服務在下半年轉為獲利，將是我們下一個真正的催化劑。同時也一如既往地提醒 Grab 團隊：這不是一季的故事。我們推動的是一條持續向上的軌跡。

So I want to thank everyone for joining us today. Anthony, Alex and I want to genuinely thank you to our drivers. And to all our merchant partners, to all our users and customers, our Grabbers and our shareholders for sticking with us.

因此我要感謝今天加入我們的每一位。Anthony、Alex 和我也想真誠地向我們的司機致謝。也感謝所有商戶夥伴、所有使用者與客戶、我們的 Grabbers，以及一路支持我們的股東。

The IR and myself will be on the road for the next few weeks. We'll be in very few countries: US, London, Hong Kong and also hometown Singapore here. So reach out to us if you want to meet, have a coffee or have a conversation. We'd love to sit down with you. See you all next quarter.

接下來幾週，投資人關係（IR）團隊和我會外出拜訪。我們會去幾個地方：美國、倫敦、香港，以及我們的家鄉新加坡。如果你想見面、喝杯咖啡或聊聊，歡迎聯繫我們。我們很樂意和你坐下來交流。我們下個季度見。