Grab Reiterates 2026 Revenue Guidance After 24% Q1 Growth — Ev Rollout
Grab’s ev rollout sits inside a quarter that also brought 24% year-over-year on-demand GMV growth in Q1. The company reiterated full-year 2026 revenue and Adjusted EBITDA guidance while pushing more money through its platform across eight Southeast Asian markets.
Grab Q1 on-demand GMV
Anthony Tan said on-demand GMV growth accelerated to 24% year over year, while group monthly transacting users reached 52 million. That mix suggests more people are using the platform and spending more through it, even as the quarter was seasonally softer because of Ramadan and Chinese New Year.
Tan's EBITDA streak
Grab posted its 17th consecutive quarter of Adjusted EBITDA growth, and Tan used the phrase “system of record for local commerce across Southeast Asia.” The company also reported trailing 12-month adjusted free cash flow of $489 million, which gives investors a firmer read on how much cash the business is generating beyond reported profit.
AI tools and loans
The Merchant AI Assistant Mai drove a 15% GMV uplift, and about half of active single-store merchants adopted it, while the driver Turbo mode lifted earnings per online hour by 23%. Grab also said average advertiser spend rose 44% year over year, loan disbursements grew 67% year over year to over $1 billion, and financial services revenue rose 43% year over year as digital banks held about $1.6 billion in deposits.
Grab's 2026 guidance
Grab reiterated full-year 2026 revenue guidance of $4.04 billion to $4.10 billion and Adjusted EBITDA guidance of $700 million to $720 million. The company advanced a $400 million accelerated share repurchase program in March, representing about 2% of shares, while it said Q1 driver incentives should peak and it is pursuing EV programs and monetization levers to manage fuel cost pressure.
The number investors will watch next is whether Grab can keep that pace without leaning harder on incentives, because the company is still targeting a $2 billion loan book by year-end and its financial services unit has not yet reached that mark.
