We now welcome the grab CFO Peter Uy joining us on the back of earnings, which well the full year revenue is what many have focused in on. The prediction for this year is 4.04% billion to $4.1% billion. That's slightly below analyst expectations, but some are saying you're conservative. Are you being conservative, Peter.We had a solid result. 2025, Carolyn And it was an amazing year for us. We achieved some new milestones in the business.We have now 50 million monthly transacting users using our app constan ...

Core Insights - The company reported a full-year revenue forecast of $4.04 billion to $4.1 billion, slightly below analyst expectations, indicating a conservative outlook for 2026 [1] - The company achieved 50 million monthly transacting users and over $500 million in adjusted EBITDA, marking its first year of net profit [2] - A long-term revenue growth guidance of 20% from 2025 to 2028 was provided, emphasizing a focus on profitability [3] Financial Performance - The company’s rides and deliveries business continues to grow, with grocery delivery growing 1.7 times faster than the food business [4][5] - The loan portfolio has surpassed $1 billion, with expectations to double by the end of 2026 [6] - A $500 million stock buyback program was announced, alongside a new $400 million buyback program [6][8] Strategic Initiatives - The acquisition of Stash, a financial services and investing platform, aims to enhance the product portfolio and democratize investing [8][11] - The company is cautious about capital allocation, balancing organic growth with potential M&A opportunities [7][8] Market Position and Growth - The company is piloting autonomous vehicles in Singapore, with plans to commercialize them in the coming months [13][14] - Demand for on-demand services grew by 21%, with the number of rides increasing by 27% year-over-year [16] - The company expanded its presence to over 900 cities in Southeast Asia, adding 400 cities in the last four years [17][18]

Company Overview - Grab Holdings Limited (GRAB) has been recently added to an investment portfolio, indicating a positive outlook on the company's potential for growth and value [1]. Investment Strategy - The focus is on analyzing undervalued and disliked companies or industries with strong fundamentals and good cash flows, particularly in sectors like Oil & Gas and consumer goods [1]. - The investment approach emphasizes long-term value investing while also exploring deal arbitrage opportunities in various sectors [1]. Market Sentiment - There is a noted interest in companies that have been overlooked or undervalued for unjustified reasons, suggesting a strategy to capitalize on market inefficiencies [1]. Personal Investment Preferences - The company tends to avoid high-tech businesses and certain consumer goods sectors, indicating a preference for more traditional and understandable investments [1]. - There is skepticism towards cryptocurrencies, reflecting a cautious approach to emerging and volatile asset classes [1].

Core Insights - SGA's Emerging Markets Growth Strategy experienced a divergence in performance during Q4 2025, with the portfolio returning 0.8% (Gross) and 0.6% (Net), underperforming the MSCI EM Net TR Index and MSCI EM Growth Net TR Index returns of 4.7% and 3.3% respectively [1] - For the full year 2025, the portfolio achieved returns of 23.8% (Gross) and 22.8% (Net), lagging behind the indexes which returned 33.6% and 34.3% respectively [1] - The portfolio anticipates annual revenue growth of 13% and earnings growth of 16% over the next three years [1] Company-Specific Insights - Grab Holdings Limited (NASDAQ:GRAB) was identified as a notable detractor in the Q4 2025 performance, with a one-month return of -3.64% and a 14.72% decline over the past twelve months, while its market capitalization stands at $17.288 billion [2] - Despite solid Q3 results and an increase in full-year revenue guidance, Grab faced challenges in its fintech segment, which saw increased operating losses due to higher provisions [3] - Management projects the fintech segment to reach breakeven by the second half of 2026, although there is uncertainty regarding this timeline [3] - A potential merger with competitor GoTo could enhance Grab's user base and fintech opportunities, while its delivery and ridesharing businesses are expected to benefit from predictable growth and margin expansion [3] - Grab is projected to achieve high-teens revenue growth over the next three years as it improves efficiency and expands monetization opportunities [3]

Core Insights - Diversification geographically is emphasized as a wise strategy for investors, especially in light of current geopolitical turmoil and rising American debt [1] - Observing megatrends can provide insights into societal advancements and potential investment opportunities, although identifying the right companies to capitalize on these trends is challenging [1] - The importance of fundamentals, quality of leadership, and product pipeline is highlighted as crucial for uncovering investment opportunities [1] Company Focus - The analysis has recently concentrated on marketing and business strategy for medium-sized companies and startups, indicating a focus on emerging industries and technologies [1] - The company has experience in international development and has evaluated startups, suggesting a broad understanding of market dynamics and innovation [1] Industry Trends - There is a growing interest in macrotrends, futurism, and emerging technologies, which are seen as key areas for investment insights [1] - The evolution of society and technology is expected to create advantages for certain companies, making it essential to identify those that will best leverage these opportunities [1]

Core Insights - The stock market in 2026 is experiencing significant volatility, particularly during the Q4 earnings season, leading investors to sell stocks quickly at minor provocations [1] Group 1 - The growth stock sector has faced sharp declines, indicating a challenging environment for investors [1] - Gary Alexander, an analyst with extensive experience in technology and startups, has been actively contributing insights on market trends since 2017 [1]

Core Viewpoint - SoftBank-backed ride-hailing firm Grab plans to initiate a $500 million share buyback to enhance shareholder returns [1] Group 1 - The CFO of Grab expressed optimism about the upcoming share buyback program [1] - The company aims to continue delivering returns to its shareholders through this initiative [1]

Core Insights - Southeast Asian ride-hailing platform Grab projects a revenue of $3.37 billion for 2025, representing a year-over-year growth of 20.5% [1] - The company has achieved its first annual profit of $268 million, with adjusted EBITDA reaching $500 million, marking an increase of nearly 60% [1] - In Q4, Grab reported a revenue of $906 million, a year-over-year increase of 18.6%, and a profit of $171 million, which is a 5.33-fold increase compared to the previous year, setting a new record [1] - Monthly active users reached 50.5 million, reflecting a year-over-year growth of 15% [1] - Grab announced a $500 million share buyback program [1]

Core Viewpoint - Grab is set to enhance its financial services portfolio by acquiring Stash Financial, a digital investing platform, with the transaction expected to close in the third quarter of the year, subject to customary conditions [2][6]. Group 1: Acquisition Details - Grab has signed definitive agreements to acquire Stash Financial, aiming to integrate its investing capabilities with Grab's existing services [2][6]. - The acquisition is anticipated to close in the third quarter, pending customary closing conditions [2]. Group 2: Strategic Goals - The acquisition is expected to provide Grab with high-margin subscription revenue and enhance its FinTech expertise through Stash's AI-powered investing app, which aligns with U.S. regulatory requirements [7]. - Grab's mission to democratize financial services is reinforced by this acquisition, while it continues to focus on scaling its regional loanbook in Southeast Asia [7]. Group 3: Stash Financial Overview - Stash is a U.S.-based digital financial services company with $5 billion in assets under management (AUM) and over 1 million paid subscribers [7]. - The company offers a subscription-based app that includes investing, banking, financial education tools, and a financial wellness solution called StashWorks for U.S. employers [8]. Group 4: Future Plans - Post-acquisition, Grab intends to support Stash's growth as an independent brand in the U.S. and explore opportunities to introduce Stash's investing solutions in Southeast Asia [9]. - Stash's co-founders will continue to lead the company, leveraging Grab's resources to accelerate their vision of personalized, AI-driven financial guidance [9][10].

Q4 2025 Earnings Supplemental Data February 2026 190 250 199 0 177 79 0 104 80 Disclaimer Non - IFRS Financial Measures This document and the investor webcast include references to non - IFRS financial measures, which include : Adjusted EBITDA, Segment Adjusted EBITDA, Segment Adjusted EBITDA margin, Total Segment Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Free Cash Flow, gross cash liquidity and net cash liquidity . Grab uses Adjusted EBITDA, Segment Adjusted EBITDA, Segment Adjusted EBITDA margin, ...