Grab’s Adjusted EBITDA jumps 73% and Financial Services turns positive (NASDAQ: GRAB)

What happened

Grab Holdings Limited (NASDAQ: GRAB) lifted third-quarter Adjusted EBITDA 73% to $237 million from $136 million a year earlier. Adjusted EBITDA is a non-IFRS measure.

Revenue rose 27% to $1.11 billion from $873 million, or 30% in constant currency. The company said growth came across all its core segments. Adjusted EBITDA margin rose to 21.3% of revenue from 15.6%, up 565 basis points.

Key numbers

Metric	Latest	Change	Source
Revenue	$1.11 billion	from $873 million, +27%	Grab Q3 2026 earnings release (SEC 6-K, Exhibit 99.1)
Adjusted EBITDA	$237 million	from $136 million, +73%	Grab Q3 2026 earnings release (SEC 6-K, Exhibit 99.1)
Adjusted EBITDA margin	21.3%	from 15.6%, +565 basis points	Grab Q3 2026 earnings release (SEC 6-K, Exhibit 99.1)
Operating profit	$108 million	from $27 million, +297%	Grab Q3 2026 earnings release (SEC 6-K, Exhibit 99.1)
Profit for the period	$18 million	from $17 million, +5%	Grab Q3 2026 earnings release (SEC 6-K, Exhibit 99.1)
Financial Services Segment Adjusted EBITDA	$12 million	from -$28 million, +$40 million	Grab Q3 2026 earnings release (SEC 6-K, Exhibit 99.1)

Read more: Grab (GRAB) company research

Why it matters

OptimistFi has argued that Grab works if its Southeast Asian superapp density shifts the business from subsidized growth to self-funded, higher-margin monetization. The quarter supports that view.

By OptimistFi's calculation, Adjusted EBITDA rose $101 million on $239 million of added revenue. Operating profit rose to $108 million from $27 million, mainly on revenue growth, the filing says.

Cash points the same way. Adjusted Free Cash Flow was $286 million in the quarter, up from $203 million a year earlier. Over the trailing twelve months it was $533 million, nearly double the prior-year period. That measure excludes working capital swings in lending and bank deposits. Net cash liquidity was $5.0 billion on Sept. 30, down from $5.4 billion at the end of the prior quarter.

The subsidies have not gone away. Total incentives were $737 million. On-Demand incentives rose to 10.7% of On-Demand GMV, up 64 basis points from a year earlier. The filing blames driver supply investment and new product launches. The ratio fell 17 basis points from the prior quarter.

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Where segment margins came from

Deliveries Segment Adjusted EBITDA grew 58% to $123 million. As a share of GMV it reached 2.7%, up from 2.1%. The filing credits higher Advertising monetization and operating leverage. Active advertisers on the self-serve platform grew 39% and their average spend grew 13%.

Mobility Segment Adjusted EBITDA grew 15% to $207 million. Its margin held at 8.9% of Mobility GMV, the same as a year earlier.

Financial Services turns positive

Financial Services Segment Adjusted EBITDA turned positive for the first time, at $12 million against a loss of $28 million a year earlier. Segment revenue rose 124% to $201 million. The consolidation of Superbank in June and the Stash acquisition this quarter helped.

The loan book is the risk to watch. Gross loan portfolio reached $2.7 billion from $0.9 billion, up 200%, or 115% excluding Superbank. Non-performing loans at 90 days past due were 2.6% of the portfolio. Expected credit loss reserves of 6.5% covered them about 2.4 times.

Operating cash flow was $55 million against negative $127 million a year earlier. The filing credits a $404 million larger inflow of customer deposits in digital banking, partly offset by $294 million more in loan disbursals.

Why reported profit barely moved

Profit for the period was $18 million against $17 million a year earlier. Operating profit gains were offset by a $57 million net fair value loss on financial assets and liabilities and an impairment loss on an equity-accounted investee. The filing also cites lower finance income and higher income tax expense.

The conversion feature in Grab's $1.5 billion convertible notes is a derivative liability, re-measured each reporting period. The filing says this swings profit but does not affect underlying cash flows or Adjusted EBITDA.

What's next

In October, Taiwan's Fair Trade Commission rejected Grab's proposed acquisition of Delivery Hero's foodpanda Taiwan business. Grab will record a $60 million break fee in the fourth quarter of 2026. It will reduce IFRS profit for the period but is excluded from Adjusted EBITDA.

Fourth-quarter results are the next test. They will show whether Adjusted EBITDA margin holds its third-quarter gain while the break fee weighs on reported profit.

Grab repurchased $400 million of shares in September and October and has $500 million remaining. At the current share price, finishing the program would bring repurchases since the start of 2024 to $1.75 billion. That would retire more than 10% of shares outstanding, the company says.

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