Grab (GRAB) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue grew 17% year-over-year to $764M, with On-Demand GMV up 20% to $5.0B and profit for the quarter at $11M.

• FY 2024 revenue increased 19% to $2.8B, On-Demand GMV rose 16% to $18.4B, and net loss narrowed to $158M from $485M in FY 2023.

• Group Adjusted EBITDA reached $97M in Q4 2024 and $313M for FY 2024, both showing significant YoY improvement and turning positive from a loss in 2023.

• Adjusted Free Cash Flow was $61M in Q4 2024 and $136M for FY 2024, a $370M YoY increase.

• Operating cash flow for 2024 was $852M, with net cash liquidity at $5.76B–$6.1B at year-end.

Financial highlights

• Q4 2024 operating profit was $2M, a $48M improvement YoY; profit for the quarter was $11M.

• Q4 2024 Adjusted EBITDA $97M (up 173% YoY); FY 2024 Adjusted EBITDA $313M (vs. $(22)M in FY 2023).

• Q4 2024 Adjusted Free Cash Flow $61M; FY 2024 Adjusted Free Cash Flow $136M (vs. $(234)M in FY 2023).

• Share repurchases totaled $226M cumulatively, with 67M Class A shares retired by year-end.

• Net cash liquidity at year-end was $5.76B–$5.8B, with loans and borrowings reduced to $364M from $793M YoY.

Outlook and guidance

• FY 2025 revenue guidance is $3.33B–$3.40B, representing 19%–22% YoY growth on a constant currency basis.

• Adjusted EBITDA for FY 2025 is expected to be $440M–$470M, a 41%–50% YoY increase.

• Financial services segment expected to be profitable by H2 2025; digital banks profitable by Q4 2025.

• Group EBITDA to revenue margin expected to improve by 200–300 basis points in 2025.

• Guidance incorporates uncertainties such as seasonality, FX headwinds, and macroeconomic risks.