Grab Reports Fourth Quarter and Full Year 2024 Results

Grab Holdings Limited today announced unaudited financial results for the fourth quarter and full year ended December 31, 2024.

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“Fourth quarter was Grab’s strongest quarter ever. We finished 2024 with On-Demand GMV growth accelerating to 20% YoY, and as we continue to generate profitability at scale,” said Anthony Tan, Group Chief Executive Officer and Co-Founder of Grab. “We have more users on our platform than ever, and our unique platform advantages place us in a strong position to continue this growth momentum into 2025 and to deepen user engagement across our ecosystem.”

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“We outperformed Grab Revenue guidance for 2024, while demonstrating our ability to scale the platform profitably as we delivered a record full year Group Adjusted EBITDA of $313 million and Adjusted Free Cash Flow of $136 million,” said Peter Oey, Chief Financial Officer of Grab. “These are important milestones for us as we look to maintain our growth momentum and cash generation capabilities, while remaining disciplined in making strategic investments to strengthen our ecosystem, and enhancing shareholder value.”

Revenue

• Revenue grew 17% YoY to $764 million in the fourth quarter of 2024, or 15% on a constant currency basis3, driven by growth across all segments.
• On-Demand GMV grew 20% YoY, or 19% YoY on a constant currency basis, driven by YoY growth in On-Demand MTUs and transactions.
• Total incentives were $512 million in the fourth quarter of 2024, with On-Demand incentives as a proportion of On-Demand GMV at 10.1%, as compared to 9.4% in the fourth quarter of 2023.
• Operating profit in the fourth quarter was $2 million, representing an improvement of $48 million YoY, primarily attributed to higher Group Adjusted EBITDA and lower share-based compensation expenses.
• Profit for the quarter was stable YoY at $11 million, as an increase in foreign exchange losses and lower contribution from net changes in fair value of financial assets totalling $39 million YoY offset the improvement in operating profit.
• Group Adjusted EBITDA was $97 million for the quarter, an improvement of $61 million YoY compared to $35 million in the prior year period. This was primarily attributed to On-Demand GMV and Group revenue growth, improving profitability on a Segment Adjusted EBITDA basis, and lower regional corporate costs.
• Regional corporate costs4 for the quarter was $87 million compared to $100 million in the same period in 2023. We continued to optimize our cost base, with variable and staff costs declining 15% YoY.
• Cash liquidity5 totaled $6.1 billion at the end of the fourth quarter and was stable quarter-over-quarter (“QoQ”). Our net cash liquidity6 was $5.8 billion at the end of the fourth quarter, also remaining stable on a sequential basis.
• During the quarter, pursuant to our $500 million share repurchase program, we repurchased an additional 10.2 million Class A ordinary shares for an aggregate principal amount of $37.1 million. Cumulatively, Grab has repurchased and retired 67 million Class A ordinary shares with the aggregate principal amount of $226 million as of December 31, 2024.
• Net cash from operating activities was $253 million in the fourth quarter and $852 million for the full year 2024, an improvement of $279 million and $766 million YoY, mainly driven by an increase in deposits from customers in our digital banking business. Adjusted Free Cash Flow was positive at $61 million in the fourth quarter of 2024, improving by $60 million YoY. For the full year 2024, Adjusted Free Cash Flow improved by $370 million to $136 million.

• Revenue for the full year grew 19% YoY, or 21% YoY on a constant currency basis, to $2,797 million, exceeding our guidance of $2.76 billion to $2.78 billion. This was attributable to robust On-Demand GMV growth and increasing contributions from our Financial Services segment and Advertising business.
• Compared to 2023 YoY growth of 14% on a constant currency basis, On-Demand GMV re-accelerated with growth of 16% YoY, or 19% YoY on a constant currency basis, to $18,364 million. This was driven by growth in both Mobility and Deliveries. Notably, Deliveries GMV growth accelerated to 13% YoY, or 16% YoY on a constant currency basis, in comparison to the 4% YoY growth recorded in 2023.
• Loss for the year was $158 million, a 67% improvement YoY, attributed to improvements in Adjusted EBITDA, alongside lower restructuring costs and share-based compensation expenses. Non-cash expenses included $279 million in share-based compensation expenses, $147 million of depreciation and amortization and $8 million of losses from equity-accounted investees (net of tax).
• Group Adjusted EBITDA for the full year was positive at $313 million, an increase of $334 million compared to negative $22 million in 2023, and achieved the upper end of our guidance range of $308 million to $313 million.
• Operating Cash Flow was $852 million in 2024, a significant increase of $766 million YoY, with the improvement primarily driven by a $371 million reduction in loss before income tax and an increase in deposits from customers in the banking business.
• Adjusted Free Cash Flow was positive for the full year at $136 million in 2024, compared to negative $234 million in 2023, mainly driven by improvements in net cash from operating activities.

The above guidance and expected year-over-year growth is primarily attributable to the organic expansion of Grab business, and represents our expectations as of the date of this press release and may be subject to change.

Segment Financial and Operational Highlights

• Deliveries revenue grew 13% YoY, or 10% YoY on a constant currency basis, to an all-time high of $407 million in the fourth quarter of 2024. For the full year 2024, Deliveries revenue grew 14% YoY, or 17% YoY on a constant currency basis, to $1,493 million. The strong growth was primarily attributed to a re-acceleration in GMV growth and higher contributions from Advertising.
• Deliveries GMV grew 19% YoY, or 18% YoY on a constant currency basis, to $3,213 million in the fourth quarter of 2024, driven by growth in transactions and Deliveries MTUs, with both reaching an all-time high during the quarter. On a full year basis, Deliveries GMV recorded a growth re-acceleration of 13% YoY, or 16% YoY on a constant currency basis.
• In 2024, we continued to drive further adoption of Grab key affordability and high value product initiatives, while also expanding on newer features such as Group Orders and Dine-Out, to expand our product offerings and increase platform engagement. Saver and Priority deliveries now account for a third and 9% of Deliveries transactions, compared to 23% and 6%, respectively, in the same period in 2023.
• Advertising revenue as a proportion of Deliveries GMV increased to 1.7% in the fourth quarter from 1.4% in the prior year period. On a full year basis, Advertising revenues grew 60% YoY to $176 million, and is pacing at an annualized run-rate of $216 million in the fourth quarter.
• Deliveries segment adjusted EBITDA as a percentage of GMV was 1.8% in the fourth quarter of 2024 from 2.1% in the same period in 2023. For the full year 2024, Deliveries segment adjusted EBITDA was $196 million, improving 140% from $81 million in 2023, primarily driven by lower overhead expenses, and higher contributions from Advertising.

• Mobility revenue grew 19% YoY, or 17% YoY on a constant currency basis, to $282 million during the quarter. Fourth quarter revenue growth was underpinned by stronger demand levels, with Mobility MTUs increasing 22% YoY while average order frequency grew 5% YoY. For the full year 2024, Mobility revenue grew 20% YoY, or 22% YoY on a constant currency basis, to $1,047 million.
• Mobility GMV grew 23% YoY, or 22% YoY on a constant currency basis, to $1,815 million during the quarter. For the full year, Mobility GMV grew 23% YoY, or 25% YoY on a constant currency basis, to $6,640 million. 
• We focused on improving our active driver supply base and enhancing driver productivity to meet growing demand levels. In the fourth quarter of 2024, monthly active driver supply reached an all-time high, increasing by 16% YoY and surpassing pre-COVID levels. On a YoY basis, earnings per transit hour and transactions per active driver improved, resulting in surged Mobility rides⁸ as a proportion of total rides reducing by 12 percentage points YoY.
• Mobility segment adjusted EBITDA as a percentage of GMV was 8.4% in the fourth quarter, from 8.7% in the prior year period. For the full year 2024, Mobility segment adjusted EBITDA was $569 million, increasing 22% from $466 million in 2023, amid greater operational efficiencies and GMV growth.

• Financial Services revenue grew 38% YoY, or 36% YoY on a constant currency basis, to $74 million in the fourth quarter 2024, from $54 million in the prior year period. For the full year 2024, Financial services revenue grew by 44% YoY, or 46% YoY on a constant currency basis, to $253 million. The strong YoY growth was primarily attributed to increasing contributions from our lending business.
• Segment adjusted EBITDA for the quarter improved by 45% YoY to negative $27 million, supported by  strong revenue growth, along with a reduction in overhead expenses. For the full year 2024, segment adjusted EBITDA loss narrowed to $(105) million, improving 38% YoY.
• We focused on lending to our ecosystem partners through GrabFin and our digital banks, with total loans disbursed growing by 44% YoY and 13% QoQ to $639 million during the quarter. In November 2024, GX Bank Malaysia launched its first retail lending product, the GX FlexiCredit, which offers flexible repayments of up to 5 years. Total loan portfolio outstanding⁹ at the end of the fourth quarter grew 64% YoY to $536 million from $326 million at the end of the prior year period. 
• Customer deposits across our Singapore and Malaysia digital bank business continued to increase, reaching $1.2 billion as of the end of the fourth quarter from $1.1 billion at the end of the prior quarter.

• Revenue for Others was $1 million in the fourth quarter of 2024 while Segment Adjusted EBITDA turned positive to $3 million for 2024.

About Grab

Grab is a leading superapp in Southeast Asia, operating across the deliveries, mobility and digital financial services sectors. Serving over 700 cities in eight Southeast Asian countries – Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam – Grab enables millions of people everyday to order food or groceries, send packages, hail a ride or taxi, pay for online purchases or access services such as lending and insurance, all through a single app.

Grab was founded in 2012 with the mission to drive Southeast Asia forward by creating economic empowerment for everyone, and strives to serve a triple bottom line: to simultaneously deliver financial sustainability and have a positive social and environmental impact in Southeast Asia.