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Grab’s long-term story intact amid ongoing merger deal, AI push and robotaxi rollout

Khairani Afifi Noordin
Khairani Afifi Noordin • 10 min read
Grab’s long-term story intact amid ongoing merger deal, AI push and robotaxi rollout
Organic growth and scaling up profitably remain the fundamental thesis for investing in Grab and not consolidation with the likes of GoTo, says Maybank Securities. Photo: Bloomberg
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Following its first full-year profitability since its 2021 stock market debut, analysts remain positive on Grab, citing sustainable revenue growth. This is amid the company’s acquisition of Delivery Hero’s foodpanda operations in Taiwan, its focus on AI utilisation, the acquisition of the investing platform Stash, the rollout of its autonomous vehicle (AV) service in Singapore, and the ongoing possibility of a merger with Indonesia’s GoTo.

In FY2025 ended Dec 31, 2025, Grab reported a net profit of US$200 million ($255 million), driven by strong improvement in ebitda. Its on-demand gross merchandise value (GMV) grew 21% y-o-y, supported by an increase in monthly transacting users (MTUs) and operating leverage.

To this end, Grab expressed confidence in its long-term financial outlook, providing upbeat 2028 guidance. Maybank Securities analysts Hussaini Saifee and Etta Rusdiana Putra note that Grab’s introduction of extended financial targets is based on its belief that it has reached “escape velocity”, as evidenced by platform scale, deepening product-led engagement, and unlocking AI efficiencies.

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