ASEAN Internet Food delivery and e-commerce receipts continue to show healthy growth in May‘26

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ASEAN Internet Food delivery and e-commerce receipts continue to show healthy growth in May‘26

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ASEAN Internet Equities

Asia EmergingFood delivery and e-commerce receipts continue

to show healthy growth in May'26 Internet Services

Navin Killa

Analyst

navin.killa@ubs.com

What did we learn from the May'26 ASEAN Food Delivery and E-commerce +852-2971 7594

Receipts data?

Calvin Chur

Leveraging UBS Evidence Lab Food Delivery (> Access Dataset) and e-commerce receipts, Associate Analyst

we conclude that: 1) Grab's food delivery volume growth remained healthy at 21% YoY calvin.chur@ubs.com

in May'26, though moderating from 26-28% in Mar/Apr'26, partly due to weakness in +65-6495 3992

Indonesia; 2) Similarly, Shopee's e-commerce GMV growth also posted healthy +21%

YoY GMV growth, moderating from 22/33% in Mar/Apr'26, due to seasonality; 3)

Competitive intensity for both ASEAN food delivery and e-commerce sectors ticked up in

May'26, with discounts trending up MoM. We attribute part of the slowdown to

changing timing for Lebaran, but also see weak macro as a factor that needs to be

closely monitored.

Growth momentum remains healthy in May'26

Food delivery: Grab's ASEAN "GMV weighted average" order volumes grew

21% YoY in May'26, healthy albeit moderating from 26-28% in Mar-Apr'26. This

was partly due to continued weakness in Indonesia (-2.6% YoY orders) amid a

weak macro backdrop. AOV was flat MoM (-0.3%) and slightly down (-1.1%) YoY,

as Grab continues to push affordability focused products to drive growth. In

comparing peers, Grab gained 69/136bps market share vs foodpanda in

Philippines/Malaysia, although it lost some (17bps) share in Singapore.

E-commerce: Shopee's ASEAN e-commerce GMV grew 20.6% YoY in May'26 -