Grab Holdings: 2Q26 preview: Another stable quarter despite macro headwinds

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Grab Holdings: 2Q26 preview: Another stable quarter despite macro headwinds

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Grab Holdings

2Q26 preview: Another stable quarter

despite macro headwinds

Maintain Rating: BUY | PO: 5.20 USD | Price: 3.85 USD

18-21% GMV growth/flat qoq margins for core segments 07 July 2026

We expect Grab to report a good set of numbers in 2Q26 with stable momentum across Equity

both mobility and delivery business despite softer macro, currency fluctuations and

impact from higher oil prices. For mobility, we estimate 18% yoy/flat qoq GMV growth Sachin Salgaonkar >>

and adj. EBITDA margin of 8.9% (flat qoq). For delivery, we model 21% yoy/flat qoq GMV Research Analyst

BofAS India

growth and adj. EBITDA margin of 2.3% (flat qoq). Competition remains stable across +91 22 6632 8667

both the segments in this quarter. sachin.salgaonkar@bofa.com

Pankaj Mehendiratta >>

Financial services numbers will likely be impacted by consolidation of Superbank from Research Analyst

this quarter. We hence expect 51% yoy/19% qoq revenue growth for the segment. We +91 22 6632 8684

estimate marginal decline of EBITDA loss to -$16 mn (1Q: -$17 mn) as the company pankaj.mehendiratta@bofa.com

continues to grow its loan book. We expect regional costs also to decline qoq to $110 Sukriti Bansal >>

Research Analyst

mn (1Q: $114 mn) but remains high -primary driven by token costs. Overall, this Merrill Lynch (Singapore)

translates into consolidated adj. EBITDA of $168 mn, up 9% qoq. Maintain Buy on Grab +65sukriti.bansal@bofa.com6678 0454

as we find risk-reward favorable. Kaushik Gurumurthy, CFA >>

2W commission cuts implemented, we see limited impact BofAS+91 22India6632 8357

From July 1, Grab and other platforms implemented commission cuts for 2 wheelers kaushik.gurumurthy@bofa.com