Grab Holdings has unveiled a stellar financial performance for the fourth quarter and the entirety of 2025, marking a significant milestone with its inaugural full year of net profitability. The company has articulated an ambitious multi-year strategy aimed at sustained expansion and enhanced financial health, projecting substantial increases in both revenue and adjusted EBITDA by 2028, underpinned by strategic investments in user engagement, technological advancements, and a notable share repurchase initiative.
In 2025, Grab achieved a net profit of $200 million and saw its adjusted free cash flow double to $290 million from the previous year. This robust performance is attributed to a product-centric affordability strategy that successfully broadened its user base and intensified platform interaction, leading to a 21% year-over-year growth in on-demand gross merchandise value (GMV) across its mobility and delivery segments. Furthermore, the company anticipates its adjusted EBITDA to reach between $700 million and $720 million in 2026, building on the $500 million recorded in 2025.
Looking ahead to 2028, Grab has established a comprehensive framework targeting a compound annual growth rate (CAGR) of approximately 20% for revenue. The company aims for an adjusted EBITDA of $1.5 billion and expects adjusted free cash flow to surpass $1.2 billion, reflecting an improved conversion rate of 80% from the 58% observed in 2025. These projections are supported by a focus on organic growth, continued refinement of on-demand service margins, the scaling of financial services towards profitability, and increased leverage from corporate cost efficiencies. The integration of artificial intelligence (AI) in over 90% of mobility ride dispatches underscores Grab's commitment to leveraging technology for operational optimization and productivity gains.
Grab's strategic initiatives include deepening engagement through loyalty programs like Grab Unlimited and GrabCoins, expanding its service offerings into more cities, and enhancing its grocery delivery segment, GrabMart, which witnessed a 30% surge in users in 2025. The company's expansion into financial services is also gaining traction, with its loan portfolio exceeding $1 billion and digital banks launching in key Southeast Asian markets. Additionally, Grab announced a new $500 million share repurchase program, bringing its total commitment to $1 billion, demonstrating a commitment to returning capital to shareholders while maintaining a strong balance sheet for future organic growth and strategic acquisitions, such as the recently announced acquisition of Stash, a U.S.-based digital investing platform.
Grab Holdings is a technology powerhouse based in Singapore, operating a comprehensive 'super app' across Southeast Asia. Its platform seamlessly connects consumers, drivers, merchants, and delivery partners through mobile applications, offering a wide array of services including ride-hailing, food and parcel delivery, and digital payments. This integrated ecosystem facilitates on-demand mobility, last-mile logistics, and food delivery through brands like GrabFood and GrabExpress. Beyond these core services, Grab has significantly expanded into financial solutions via Grab Financial Group, providing digital payment services through GrabPay, consumer lending, insurance distribution, and financial tools for small businesses. The company's sustained growth and strategic diversification underscore its pivotal role in the region's digital economy.