Singapore. Grab Holdings raised its full-year revenue and adjusted earnings guidance after posting another quarter of double-digit growth in demand for food delivery and ride-hailing services across Southeast Asia.

The Singapore-based company posted revenue of $873 million for the three months ended Sept. 30, up 22 percent from a year earlier --or 17 percent on a constant-currency basis-- driven by stronger spending in its core on-demand business and faster customer acquisition in financial services.

Adjusted EBITDA climbed 51 percent to $136 million during the quarter from $90 million a year ago, marking Grab’s 15th straight quarter of improvement in the measure.

Operating profit came in at $27 million, reversing losses recorded in previous years, while net profit was $17 million for the period.

“This quarter marks another vital step forward in our journey, not just in financial performance, but in how we are building a more resilient, technology-driven platform for the long term,” Chief Executive Officer and co-founder Anthony Tan said in a statement. Grab’s growth engine “continues to gain momentum,” he said.

Chief Financial Officer Peter Oey said the results highlight “the resilience of our counter-cyclical business model,” adding that the company is now generating sequential adjusted EBITDA margin improvement as it reduces subsidy intensity across the region.

Grab raised its 2025 full-year revenue forecast to a range of $3.38 billion to $3.40 billion, up slightly from earlier guidance of $3.33 billion to $3.40 billion. The company now expects adjusted EBITDA to reach between $490 million and $500 million, compared with prior guidance of $460 million to $480 million, implying 57 percent to 60 percent year-on-year growth.

On-Demand Growth
On-demand gross merchandise value, which includes ride-hailing and deliveries, grew 24 percent year-on-year to $5.8 billion in the third quarter. That strength was supported by a 16 percent increase in monthly transacting users and a 27 percent increase in total transactions.

Total incentives reached $585 million during the quarter. Incentives for the on-demand business accounted for 10.1 percent of GMV, up slightly from the previous year but unchanged from the previous quarter. Incentives or "cash burns" include promos, discounts, vouchers, and driver subsidies and bonuses per trip.

Deliveries revenue rose 23 percent year-on-year to $465 million. Grab said advertising spending on its self-serve platform surged, with the number of active advertisers climbing 15 percent and average spend per advertiser up 41 percent.

Mobility revenue gained 17 percent after a 30 percent jump in ride transactions. Average fares fell 7 percent as Grab reduced prices to boost volume and affordability. Despite lower prices, average driver earnings increased 4 percent, and the number of monthly active drivers reached a record high, the company said.

Financial Services and Banking
Financial services revenue rose 39 percent to $90 million, driven by lending through GrabFin and the company’s digital banks. In Indonesia, deposit customers at Superbank, Grab’s lending and digital banking partnership, grew more than 20 percent quarter-on-quarter through September. OVO, Grab’s wallet, is integrated into Superbank products, allowing users to earn bank-level yield while retaining OVO’s payment functionality.

Autonomous Vehicles Bets
Grab is also stepping up investment in autonomous driving technologies. The company plans to launch its first autonomous ride service in Singapore by early 2026. The “Ai.R” service, developed with WeRide, will operate on specific routes and offer access to public amenities such as supermarkets and commuter hubs.

Separately, Grab signed a multiyear technology integration partnership with US-based May Mobility to link autonomous routing, fleet management, and matching systems into Grab’s platform --a move intended to prepare the company for eventual wider deployment of driverless fleets in Southeast Asia.

Grab shares are up about 28 percent this year at Nasdaq, as investors price in continuing profitability improvements and reduced cash burn.

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