GRAB Q4 2024 Earnings

Call Details

• Call Title: Grab Holdings Limited Q4 2024 Earnings Call
• Date: February 20, 2025
• Management Team:
  • Douglas Yu (Director, Investor Relations and Strategic Finance)
  • Anthony Tan (Chief Executive Officer)
  • Alex Hungate (President and Chief Operating Officer)
  • Peter Oey (Chief Financial Officer)

Call Summary

Financial Performance

• Grab reported on-demand GMV growth accelerated to 20% year-on-year in Q4 2024.
• The company delivered its first full year of positive group adjusted EBITDA of $313 million on a non-IFRS basis.
• Grab reported positive full-year adjusted free cash flow of $136 million, which improved by $370 million year-on-year on a non-IFRS basis.
• 44 million monthly transacting users (MTUs) were reported, representing approximately 17% growth year-on-year.
• The loans book grew to $536 million and financial services revenue reached $74 million in the quarter.
• Corporate costs fell 13% year-on-year in Q4 2024 in absolute terms.
• Advertising penetration of GMV increased to 1.7% in Q4 2024 from 1.4% in Q4 2023, with reported advertiser ROAS between 5x and 8x.

Guidance

• Full-year 2025 adjusted EBITDA is guided to grow 40% to 50% versus 2024 levels.
• Full-year 2025 revenue guidance is between 19% and 22% growth versus 2024 on the company outlook.
• The company stated it used prevailing spot FX rates when setting the 2025 outlook and reported a year-to-date FX headwind of roughly 30 basis points.
• Management reiterated a philosophy of issuing conservative starting guidance with a bias to beat and raise through the year.
• Grab stated it expects to continue on-demand GMV growth momentum into 2025 based on product and tech initiatives.
• The company expects group EBITDA margin to improve by about 200 to 300 basis points in 2025 through operating leverage.