Singapore-based superapp Grab announced Tuesday that its revenue grew 24 percent year-over-year to $955 million in the first quarter, driven by continued growth across its on-demand and financial services segments.

Grab said in a statement that its on-demand gross merchandise value (GMV) grew 24 percent year on year to $6.1 billion, as on-demand monthly transacting user (MTU) growth accelerated to 17 percent.

The firm’s profit for the period was $120 million, growing from $10 million in the prior year period.

On a year on year basis, the increase was driven by improvements in operating profit, a $118 million net gain on fair value of financial assets and liabilities, and a $10 million reduction of income tax expenses, partially offset by a reduction in net finance income and costs of $61 million.

Its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was $154 million for the quarter, up 46 percent year on year from $106 million in the prior year period, as it grew revenue and improved profitability across segments.

“We had a strong start to 2026. Typically the first quarter is our seasonally softest quarter, however our on-demand GMV growth accelerated to 24 percent year-over-year, marking another quarter of record profitability,

“Our results demonstrate the resilience of our platform, especially as Southeast Asia navigates an uncertain macroeconomic environment from the fuel crisis,” said Anthony Tan, Group Chief Executive Officer and Co-Founder of Grab.

“As we look ahead to the rest of the year, we remain committed to delivering durable, profitable growth while standing shoulder-to-shoulder with our communities — leaning deeply into AI to out serve our users with hyper-personalized experiences, while simultaneously unlocking more sustainable earnings opportunities for our ecosystem partners,” he added.

Meanwhile, Peter Oey, Chief Financial Officer of Grab, said the firm’s first quarter performance highlights its consistent execution and the growing operating leverage across its platform, with adjusted EBITDA growing 46 percent year on year to a record $154 million.

“This strong start keeps us firmly on track to deliver our 2026 revenue guidance of $4.04 billion to $4.10 billion and adjusted EBITDA guidance of $700 million to $720 million,

“With trailing Twelve Month Adjusted Free Cash Flow expanding to $489 million in the first quarter, we remain focused on disciplined capital allocation to drive profitable growth and maintain our commitment to return capital to shareholders,” he added.

Grab has maintained its full year revenue guidance at $4.04 billion to $4.1 billion, up 20 percent to 22 percent from a year ago.

Its full year adjusted EBITDA guidance is also maintained at $700 million to $720 million, up 40 percent to 44 percent year on year.

The firm’s deliveries revenue grew 23 percent year on year to $510 million in the first quarter of 2026.

The growth was primarily driven by GMV expansion and strong momentum in its advertising business despite seasonal softness typically associated with the Lunar New Year and Ramadan festive periods.

Its mobility revenue grew 19 percent year on year to $337 million in the first quarter of 2026.

The growth was underpinned by strong increases in mobility GMV and continued expansion of mobility MTUs and transactions.

Its financial services revenue grew 43 percent year on year to $107 million in the first quarter of 2026.

The revenue growth was primarily driven by increased contributions from lending across GrabFin and its Digibanks.

Total loans disbursed surged 67 percent year on year to reach an all-time high of $1.1 billion during the quarter.

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