Southeast Asian superapp, Grab, has reported its strongest first quarter to date, with plans to expand beyond its home market for the first time. It plans to do so with an investment of $600 million.
Grab’s CEO and co-founder, Anthony Tan, expressed his satisfaction with the results, stating that the company achieved its objective of starting 2026 robustly. Grab recorded a revenue of US$955 million for the first quarter, which ended on March 31, representing a year-on-year increase of 24%. Its adjusted EBITDA reached US$154 million, up by 46% from the same period in the previous year, marking the company’s seventeenth consecutive quarter of EBITDA growth.
Despite the period being typically quiet due to the Ramadan fasting month and Lunar New Year celebrations, the company managed to increase its number of monthly transacting users by 16% to 51.6 million.
The overall gross merchandise value of Grab’s deliveries and mobility segments rose to US$6.1 billion in the quarter, with the delivery sector growing by 25% and mobility by 23%, year-on-year. The company’s financial services also observed a 43% leap in revenue to US$107 million.
However, the company faces operational challenges due to the regional surge in fuel prices—an issue with no straightforward solution for a business model that depends on daily refuelling by millions of driver-partners. To navigate this issue, Grab launched various initiatives in March, including multi-partner fuel discount programs and restructuring incentive models to maximize driver earnings. Grab also collaborated with governments to ensure driver-partners could access available transport-worker fuel subsidies.
Recently, Grab became the first platform to offer point-to-point cross-border taxi services between Singapore and Malaysia, one of the world’s busiest international land border crossings.
During the quarter, Grab agreed to acquire Delivery Hero’s foodpanda delivery business in Taiwan for US$600 million in cash. This represents Grab’s first expansion beyond Southeast Asia in its 14-year history. The acquisition is expected to be finalised in the second half of the year, expanding Grab’s presence across 21 cities. Upon completion, Grab would hold a market share of just over 50%, positioning it as a formidable competitor to Uber Eats.
Moving forward, Grab’s full-year guidance remains unchanged, with predictions of 20% to 22% growth in revenue and 40% to 44% growth in adjusted EBITDA. The company expects in-demand GMV growth in each remaining quarter of this year.
What is Grab’s first quarter revenue for 2026?
Grab reported a revenue of US$955 million for the first quarter of 2026.
What operational challenges is Grab facing?
Grab is facing operational challenges due to the regional surge in fuel prices affecting millions of its driver-partners.
What is Grab’s expansion plan?
Grab plans to acquire Delivery Hero’s foodpanda delivery business in Taiwan, marking its first expansion beyond Southeast Asia.
