Grab Holdings Ltd (GRAB.O): Solid 2Q26 Print; FY26 Guidance Raise; US$750mn New REPO

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Grab Holdings Ltd (GRAB.O): Solid 2Q26 Print; FY26 Guidance Raise; US$750mn New REPO

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04 Aug 2026 06:28:36 ET │ 19 pages

Grab Holdings Ltd (GRAB.O)

Solid 2Q26 Print; FY26 Guidance Raise; US$750mn New REPO

CITI'S TAKE

Grab delivered a solid 2Q26 result broadly in-line with expectations, with total

revs/adjusted EBITDA growing at 22%/54% yoy to US$997mn/US$168mn.

Grab revised up FY2026 revs/EBITDA guidance to reflect consolidation of Buy

Superbank and Stash while factoring in 2-3% FX headwind and partner Price (03 Aug 26 16:00) US$3.67

incentive support. Core on-demand business continues to post solid and

resilient growth despite fuel-cost and macro headwinds, demonstrating, we Target price US$6.50↑

believe, Grab’s leading positioning and strong execution in driving lower cost from US$6.40

to serve, effective cross-sell initiatives and proven AI adoption. Looking into Expected share price return 77.1%2H26, mgmt reiterated continued sequential growth momentum of on-

demand GMV, stable mobility margins, despite implementation of Expected dividend yield 0.0%

commission cap for two-wheeler in Indonesia, and profitability of DFS. Post Expected total return 77.1%

estimate revisions, our TP is raised to US$6.50 (from US$6.40), reflecting the Market Cap US$15,010Maddition of Superbank and Stash, offset by lower on-demand multiple amid

peer group de-rating. Maintain Buy on solid execution and resilient

fundamentals and see support from new US$750mn REPO.

FY26 guidance raised — Grab raised its FY2026 IFRS revs guidance to US$4.10- Price Performance

4.15bn (from US$4.04-4.10bn) and its adj. EBITDA to US$720-740mn (from (RIC: GRAB.O, BB: GRAB US)

US$700-720mn) reflecting strong underlying business performance (inline with