Grab Reports Fourth Quarter and Full Year 2022 Results
February 23, 2023
Q4 2022 Revenue grew 310% year-over-year to $502 million, and 2022 Revenue grew by 112% year-over-year to $1,433
million1
Q4 2022 GMV grew 11% year-over-year to $5.0 billion, and 2022 GMV grew by 24% year-over-year to $19.9 billion
Q4 2022 Loss for the period improved by 64% year-over-year to $391 million, with 2022 Loss for the year improving by
51% year-over-year to $1,740 million
Group Adjusted EBITDA breakeven guidance brought forward to the fourth quarter of 2023 from the second half of 2024
SINGAPORE--(BUSINESS WIRE)--Feb. 23, 2023-- Grab Holdings Limited (NASDAQ: GRAB) today announced unaudited financial results for the
fourth quarter and full year ended December 31, 2022.
“Our 2022 and fourth quarter results demonstrate our commitment to accelerating our path to profitability. In the fourth quarter, we achieved revenue
growth of 310% year-over-year (“YoY”) 1, while improving our Group and Deliveries Segment Adjusted EBITDA margins and maintaining regional
category leadership across our Mobility and Food Deliveries businesses. We achieved these results by focusing on capturing the rebound in Mobility
demand, optimizing our costs, reducing our cost-to-serve and innovating on products and services that drive stickiness and engagement within our
ecosystem. As we look ahead, we will remain laser-focused on driving sustainable growth, and improving the efficiency of our ecosystem,” said
Anthony Tan, Group Chief Executive Officer and Co-Founder of Grab.
“We are pleased to report a strong set of results, with full year revenues and second half 2022 Adjusted EBITDA coming in well above our guidance
ranges. In the fourth quarter, we recorded strong year-over-year growth in Mobility revenue of 78%, and in our Deliveries segment, we focused on
driving a more profitable and sustainable business, which resulted in Deliveries Segment Adjusted EBITDA margins improving substantially on a
year-over-year and quarter-over-quarter basis. This sets us up for a strong 2023 as we continue to focus on growing in a sustainable manner by
driving cost efficiencies across our organization, and driving margin improvements whilst being prudent with our capital. We are accelerating our groupbreakeven outlook on an Adjusted EBITDA basis to the fourth quarter of 2023, earlier than our prior expectations of the second half of 2024,” saidPeter Oey, Chief Financial Officer of Grab.
Group Fourth Quarter 2022 Key Operational and Financial Highlights($ in millions, unless otherwise stated) Q4 2022

Q4 2021

YoY%
ChangeYoY%
Change(Constant currency)(unaudited) (unaudited)
Operating metrics:
GMV

4,997

4,501

11%

MTUs (millions of users)
GMV per MTU ($)
Partner incentives
Consumer incentives

33.6
149
174
238

29.6
152
218
365

14%
-2%
-20%
-35%

Financial measures:
Revenue
Loss for the period
Total Segment Adjusted EBITDA
Adjusted EBITDA

502
(391)
112
(111)

122
(1,100)
(113)
(305)

310%
64%
NM
63%

20%

6%

346%

Revenue grew 310% YoY to $502 million in the fourth quarter of 2022, or 346% on a constant currency basis2, attributableto growth in our Mobility and Deliveries segments, a reduction in incentives and a change in business model for certain
delivery offerings in one of our markets3. Excluding the impact of the business model change, revenue growth would havebeen 255% YoY and 14% quarter-over-quarter (“QoQ”).
Total GMV grew 11% YoY, or 20% YoY on a constant currency basis, primarily due to the continued recovery in Mobility
and growth in Financial Services.
Foreign exchange currency fluctuations impacted our results during the quarter. QoQ revenue grew 31% and GMV
declined 2%, respectively, while on a constant currency basis, they grew by 36% and 2%, respectively.
During the quarter, total incentives were further reduced to 8.2% of GMV, compared to 13.0% for the same period in 2021

and 9.4% for the previous quarter, demonstrating our continued focus on sustainable growth.
Loss for the quarter was $391 million, a 64% improvement YoY, primarily due to the improvement in Group Adjusted
EBITDA, with Total Segment Adjusted EBITDA turning profitable, and the elimination of the non-cash interest expense ofGrab’s convertible redeemable preference shares that converted to ordinary shares in December 2021. Our loss for thequarter included a $119 million non-cash expense from fair value changes on investments, and $90 million in non-cash
stock-based compensation expense.
Group Adjusted EBITDA was negative $111 million for the quarter, an improvement of 63% compared to negative $305
million for the same period in 2021 as we continued to grow GMV while improving profitability on a Segment Adjusted
EBITDA basis from lowered incentive spend.
Group Adjusted EBITDA margin was (2.2)% for the quarter, an improvement from (6.8)% in the fourth quarter of 2021 andfrom (3.2)% in the third quarter of 2022.
Regional corporate costs4 for the quarter were $223 million, as compared to $192 million in the same period a year ago
and $208 million in the prior quarter. On a YoY basis, regional corporate costs were relatively flat after excluding a
non-recurring benefit recorded in the fourth quarter of 2021.
The QoQ increase in regional corporate costs was predominantly driven by an increase in direct marketing costs due toseasonally higher spend in the fourth quarter amidst the festive period, and an increase in professional fees due to higher
expenses associated with being a publicly-listed company, coupled with a one-off systems implementation cost to improveautomation.
Cash liquidity5 totaled $6.5 billion at the end of the fourth quarter, compared to $7.4 billion at the end of the prior quarter,with a substantial part of the cash outflow attributed to the repurchase of our Term Loan B in the aggregate principal
amount of $750 million for an aggregate consideration of $738 million completed in November 2022. Our net cash liquidity6
was $5.1 billion at the end of the fourth quarter, as compared to $5.3 billion in the prior quarter. Amidst our focus to
improve profitability and to preserve capital, the reduction in our net cash liquidity in H2 2022 was $430 million, and is 65%
lower than the reduction in our net cash liquidity of $1,223 million in H1 2022.
Leveraging the Grab ecosystem, we continue to attract more transacting users, while driving cross-sell rates, which in turnimproves retention and engagement.
i. Group MTUs grew 14% YoY in the fourth quarter, primarily driven by the continued recovery in Mobility MTUs.
ii. GMV per MTU declined by 2% in the fourth quarter compared to the same period of last year, but grew 6% on aconstant currency basis.
iii. Grab continues to drive cross-vertical penetration rates, with 61% of MTUs using two or more offerings on the Grab
platform in 2022, up from 56% in 2021.
iv. 74% of our two-wheel drivers7 performed both food delivery and mobility jobs on the Grab platform, up from 67% in
the fourth quarter 2021. On a full year basis, 71% of our two-wheel drivers7 performed both food delivery and mobility
jobs on the Grab platform in 2022, up from 69% in 2021.
Group Full Year 2022 Key Operational and Financial Highlights($ in millions, unless otherwise stated) FY 2022

FY 2021

YoY%
ChangeYoY%
Change(Constant currency)(unaudited) (unaudited)
Operating metrics:
GMV

19,937

16,061

24%

MTUs (millions of users)
GMV per MTU ($)
Partner incentives
Consumer incentives

32.7
610
801
1,169

28.1
571
717
1,065

16%
7%
12%
10%

Financial measures:
Revenue
Loss for the year
Total Segment Adjusted EBITDA
Adjusted EBITDA

1,433(1,740)
65
(793)

675
(3,555)
(125)
(842)

112%
51%
NM
6%

30%

12%

125%

Revenue for the full year grew 112% YoY, or 125% YoY on a constant currency basis, to $1,433 million. Excluding the $68
million uplift in revenues from the change in business model in certain Deliveries offerings in one of our markets, full year
revenues would be $1,365 million, which exceeded our guidance range of $1,320 million to $1,350 million.
Full year GMV was $19,937 million and grew 24% YoY, in line with our GMV growth guidance of 22% to 25% YoY. On a

constant currency basis, GMV grew 30% YoY.
Loss for the year was $1,740 million, a 51% improvement YoY, primarily due to the improvements in Adjusted EBITDA,
with Total Segment Adjusted EBITDA turning profitable, and the elimination of the non-cash interest expense of Grab’s
convertible redeemable preference shares that converted to ordinary shares in December 2021. Non-cash expenses
included a $412 million expense in stock-based compensation expenses, $294 million in fair value changes on investments
and $150 million of depreciation and amortization.
Full year Adjusted EBITDA was negative $793 million, an improvement of 6% compared to negative $842 million for 2021.
Adjusted EBITDA over the second half of 2022 was negative $272 million, above our guidance of negative $315 million.
Business Outlook
Financial Measure

Guidance

FY 2023
Revenue8
Adjusted EBITDA$2.20 billion - $2.30 billion
54% - 60% YoY$(275) million - $(325) million

Adjusted EBITDA Breakeven
Adjusted EBITDA Breakeven

Breakeven in Q4 2023,
from H2 2024 previously

The guidance represents our expectations as of the date of this press release, and may be subject to change.
Segment Financial and Operational Highlights
Deliveries($ in millions, unless otherwise stated) Q4 2022

Q4 2021

YoY%
Change(unaudited) (unaudited)
Operating metrics:
GMV
Commission Rate

2,350
23.8%

2,438
18.2%

268
47

1
(84)

YoY%
ChangeFY 2022

FY 2021

YoY%
Change(constant currency)(unaudited) (unaudited)
-4%

5%

YoY%
Change(constant currency)

9,827
21.4%

8,530
18.2%

15%

22%

663
(35)

148
(130)

349%
73%

380%

Financial measures:
Revenue9
Segment Adjusted EBITDA

NM
NM

NM

Deliveries revenue grew to $268 million in the fourth quarter 2022 from $1 million in the same period in 2021, and by
349% YoY for the full year 2022. The strong growth was primarily attributed to contributions from Jaya Grocer, a reduction
in incentives as a percentage of GMV, coupled with the change in business model of certain Deliveries offerings in one ofour markets9.
Commission rate for the quarter rose to 23.8%, up from 18.2% for the same period in 2021, and on a full year basis, roseto 21.4% from 18.2% in the prior year. The increase was primarily driven by contributions from Jaya Grocer and thechange in business model of certain Deliveries offerings in one of our markets.
Fourth quarter 2022 Deliveries GMV declined 4% YoY, but grew 5% YoY on a constant currency basis. On a full year
basis, Deliveries GMV grew 15% YoY, or 22% YoY on a constant currency basis.
Deliveries segment adjusted EBITDA as a percentage of GMV expanded to 2.0% in the fourth quarter of 2022 fromnegative 3.5% in the same period in 2021 and after achieving breakeven in the prior quarter. For full year 2022, Deliveries
segment adjusted EBITDA improved by 73% YoY.
In the fourth quarter of 2022, the majority of our six core markets were profitable on a Deliveries segment adjusted
EBITDA basis and in those respective markets, Deliveries segment adjusted EBITDA as a percentage of GMV were
nearing or exceeding 3%.
Mobility($ in millions, unless otherwise stated) Q4 2022

Q4 2021

YoY%
Change(unaudited) (unaudited)
Operating metrics:
GMV
Commission Rate

1,149
23.4%

765
23.8%

YoY%
ChangeFY 2022

FY 2021

YoY%
Change(constant currency) (unaudited) (unaudited)
50%

62%

4,103
23.3%

2,787
23.4%

YoY%
Change(constant currency)

47%

54%

Financial measures:
Revenue
Segment Adjusted EBITDA

189
152

106
76

78%
97%

91%

639
494

456
345

40%
43%

46%

Mobility revenues grew strongly and rose 78% YoY, or 91% YoY on a constant currency basis, in the fourth quarter 2022,
and grew by 40% YoY, or 46% YoY on a constant currency basis, for the full year 2022. The strong YoY growth in Mobility
was underpinned by the continued demand recovery amidst the reopening, which drove a normalization in local commutes
and increase in airport rides, and our efforts to improve supply across the region.
Commission rate for the quarter was 23.4% from 23.8% for the same period in 2021, and on a full year basis, was 23.3%
from 23.4% for the same period in 2021.
Mobility GMV was up 50% YoY, or 62% YoY on a constant currency basis, in the fourth quarter and grew 47% YoY, or 54%
YoY on a constant currency basis, on a full year basis.
Mobility segment adjusted EBITDA as a percentage of GMV was 13.2% in the fourth quarter of 2022 and 12.0% for fullyear 2022.
During the quarter, we continued our focus on increasing active driver supply and optimizing our existing supply to cater tothe strong demand recovery. We have re-launched GrabShare, our car-pooling service in the Philippines and Singapore, toprovide more affordable Mobility options for our users, while optimizing driver supply.
Financial Services($ in millions, unless otherwise stated)

Q4 2022

Q4 2021

YoY%
Change(unaudited) (unaudited)
Operating metrics:
Pre-Interco Total Payment Volume (TPV)
GMV
Commission Rate
Financial measures:
Revenue
Segment Adjusted EBITDA

YoY%
ChangeFY 2022

FY 2021

YoY%
Change(constant currency) (unaudited) (unaudited)

YoY%
Change(constant currency)

3,744
1,452
2.9%

3,395
1,247
2.4%

10%
16%

19%
25%

14,954
5,809
2.8%

12,149
4,591
2.3%

23%
27%

29%
31%

28
(93)

(1)
(110)

NM
16%

NM

71
(415)

27
(349)

166%
-19%

185%

Revenue for Financial Services grew to $28 million in the fourth quarter 2022, from negative $1 million in the same period
in 2021, and by 166% YoY or 185% YoY on a constant currency basis for the full year 2022. The strong YoY growth was
primarily attributed to higher contributions from our lending business, and lowered incentives as a percentage of GMV.
Commission rate increased to 2.9% in the fourth quarter of 2022 from 2.4% in the same period in 2021, and to 2.8% in thefull year 2022 from 2.3% in 2021. The increase in commission rates was primarily attributable to higher contributions fromour lending business.
GMV for Financial Services was up 16% YoY in the quarter, or 25% YoY on a constant currency basis, and by 27% YoY or
31% YoY on a constant currency basis for the full year.
Segment adjusted EBITDA loss for the quarter improved 16% YoY, but declined 19% YoY for the full year, primarily
attributed to higher expenses from Digibank operations. We have also continued to streamline our cost base in GrabFin,
which declined by 4% YoY and 11% QoQ.
Enterprise and New Initiatives($ in millions,
unless otherwise stated)

Q4 2022

Q4 2021

YoY%
Change(unaudited) (unaudited)

YoY%
ChangeFY 2022

FY 2021

YoY%
Change(constant currency) (unaudited) (unaudited)

YoY%
Change(constant currency)

Operating metrics:
GMV

46

51

-11%

-4%

198

153

30%

35%

Financial measures:
Revenue
Segment Adjusted EBITDA

17
6

16
5

10%
28%

20%

60
21

44
9

37%
121%

46%

Revenue from Enterprise and New Initiatives rose 10% YoY or 20% YoY on a constant currency basis for the fourth
quarter 2022, and by 37% YoY, or 46% YoY on a constant currency basis for the full year 2022, mainly driven by growing
contributions from our advertising services.
GMV for the fourth quarter declined 11% YoY, or 4% YoY on a constant currency basis, attributed to our focus on drivingprofitable transactions. On a full year basis, GMV grew 30% YoY, or 35% YoY on a constant currency basis.
Segment adjusted EBITDA grew 28% YoY in the quarter compared to the same period in 2021, and by 121% YoY for thefull year, primarily attributed to lowered incentives as a percentage of GMV.
About Grab
Grab is a leading superapp in Southeast Asia, operating across the deliveries, mobility and digital financial services sectors. Serving over 500 cities ineight Southeast Asian countries - Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam - Grab is the regional
category leader in food deliveries and mobility based on GMV in 2022, according to Euromonitor. Every day, Grab enables millions of people to orderfood or groceries, send packages, hail a ride or taxi, pay for online purchases or access services such as lending and insurance, all through a single
app. Grab was founded in 2012 with the mission to drive Southeast Asia forward by creating economic empowerment for everyone, and strives toserve a triple bottom line: to simultaneously deliver financial performance for its shareholders and have a positive social and environmental impact inSoutheast Asia.
Forward-Looking Statements
This document and the announced investor webcast contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the
U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this document and thewebcast, including but not limited to, statements about Grab’s goals, targets, projections, outlooks, beliefs, expectations, strategy, plans, objectives ofmanagement for future operations of Grab, and growth opportunities, are forward-looking statements. Some of these forward-looking statements canbe identified by the use of forward-looking words, including “anticipate,” “expect,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,”“should,” “could,” “would,” “may,” “will,” “forecast” or other similar expressions. Forward-looking statements are based upon estimates and forecasts
and reflect the views, assumptions, expectations, and opinions of Grab, which involve inherent risks and uncertainties, and therefore should not be
relied upon as being necessarily indicative of future results. A number of factors, including macro-economic, industry, business, regulatory and otherrisks, could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to: Grab’s ability togrow at the desired rate or scale and its ability to manage its growth; its ability to further develop its business, including new products and services; its
ability to attract and retain partners and consumers; its ability to compete effectively in the intensely competitive and constantly changing market; its
ability to continue to raise sufficient capital; its ability to reduce net losses and the use of partner and consumer incentives, and to achieve profitability;
potential impact of the complex legal and regulatory environment on its business; its ability to protect and maintain its brand and reputation; general
economic conditions, in particular as a result of COVID-19, currency exchange fluctuations and inflation; expected growth of markets in which Grab
operates or may operate; and its ability to defend any legal or governmental proceedings instituted against it. In addition to the foregoing factors, you
should also carefully consider the other risks and uncertainties described in the “Risk Factors” section of Grab’s registration statement on Form F-1
and the prospectus therein, and other documents filed by Grab from time to time with the U.S. Securities and Exchange Commission (the “SEC”).
Forward-looking statements speak only as of the date they are made. Grab does not undertake any obligation to update any forward-looking
statement, whether as a result of new information, future developments, or otherwise, except as required under applicable law.
Unaudited Financial Information
Grab’s unaudited selected financial data for the three months and twelve months ended December 31, 2022 and 2021 included in this document andthe investor webcast is based on financial data derived from the Grab’s management accounts that have not been reviewed or audited.
Non-IFRS Financial Measures
This document and the investor webcast include references to non-IFRS financial measures, which include: Adjusted EBITDA, Segment Adjusted
EBITDA, Total Segment Adjusted EBITDA and Adjusted EBITDA margin. Grab uses these non-IFRS financial measures for financial and operational
decision-making and as a means to evaluate period-to-period comparisons, and Grab’s management believes that these non-IFRS financial measuresprovide meaningful supplemental information regarding its performance by excluding certain items that may not be indicative of its recurring corebusiness operating results. For example, Grab’s management uses: Total Segment Adjusted EBITDA as a useful indicator of the economics of Grab’sbusiness segments, as it does not include regional corporate costs. However, there are a number of limitations related to the use of non-IFRS financial
measures, and as such, the presentation of these non-IFRS financial measures should not be considered in isolation from, or as an alternative to,financial measures determined in accordance with IFRS. In addition, these non-IFRS financial measures may differ from non-IFRS financial measureswith comparable names used by other companies. See below for additional explanations about the non-IFRS financial measures, including theirdefinitions and a reconciliation of these measures to the most directly comparable IFRS financial measures. With regard to forward-looking non-IFRS
guidance and targets provided in this document and the investor webcast, Grab is unable to provide a reconciliation of these forward-looking non-IFRS
measures to the most directly comparable IFRS measures without unreasonable efforts because the information needed to reconcile these measures
is dependent on future events, many of which Grab is unable to control or predict.
Explanation of non-IFRS financial measures:

Adjusted EBITDA is a non-IFRS financial measure calculated as net loss adjusted to exclude: (i) interest income(expenses), (ii) other income (expenses), (iii) income tax expenses (credit), (iv) depreciation and amortization, (v)share-based compensation expenses, (vi) costs related to mergers and acquisitions, (vii) unrealized foreign exchange gain
(loss), (viii) impairment losses on goodwill and non-financial assets, (ix) fair value changes on investments, (x) restructuringcosts, (xi) legal, tax and regulatory settlement provisions and (xii) share listing and associated expenses.
Segment Adjusted EBITDA is a non-IFRS financial measure, representing the Adjusted EBITDA of each of our fourbusiness segments, excluding, in each case, regional corporate costs.
Total Segment Adjusted EBITDA is a non-IFRS financial measure, representing the sum of Adjusted EBITDA of our fourbusiness segments.
Adjusted EBITDA margin is a non-IFRS financial measure calculated as Adjusted EBITDA divided by Gross Merchandise
Value.

($ in millions, unless otherwise stated)
Loss for the period

Three months ended For the year ended
December 31,
December 31,
2022
2021
2022
2021
$
$
$
$
(391)
(1,100) (1,740) (3,555)

Net interest expenses
Other (income) / expense
Income tax (credit) / expenses
Depreciation and amortization
Share-based compensation expenses
Unrealized foreign exchange loss
Impairment losses on goodwill and non-financial assets
Fair value changes on investments
Restructuring costs
Legal, tax and regulatory settlement provisions
Share listing and associated expenses

5
(6)
*
40
90
12
3
119
4
13
-

340
8
(3)
89
110
9
13
(103)
*
4
328

57
(7)
6
150
412
2
5
294
8
20
-

1,675
(12)
3
345
357
1
15
(37)
1
12
353

Adjusted EBITDA
Regional corporate costs

(111)
223

(305)
192

(793)
858

(842)
717

Total Segment Adjusted EBITDA

112

(113)

65

(125)

Segment Adjusted EBITDA
Deliveries
Mobility
Financial services
Enterprise and new initiatives

47
152
(93)
6

(84)
76
(110)
5

(35)
494
(415)
21

(130)
345
(349)
9

Total Segment Adjusted EBITDA

112

(113)

65

(125)

* Amount less than $1 million
This document and the investor webcast also includes “Pre-InterCo” data that does not reflect elimination of intragroup transactions, which means
such data includes earnings and other amounts from transactions between entities within the Grab group that are eliminated upon consolidation. Suchdata differs materially from the corresponding figures post-elimination of intra-group transactions.
We compare the percent change in our current period results from the corresponding prior period using constant currency. We present constantcurrency growth rate information to provide a framework for assessing how our underlying GMV and revenue performed excluding the effect of foreign
currency rate fluctuations. We calculate constant currency by translating our current period financial results using the corresponding prior period’s
monthly exchange rates for our transacted currencies other than the U.S. dollar.
Operating Metrics
Gross Merchandise Value (GMV) is an operating metric representing the sum of the total dollar value of transactions from Grab’s services, including
any applicable taxes, tips, tolls and fees, over the period of measurement. GMV is a metric by which Grab understands, evaluates and manages its
business, and Grab’s management believes is necessary for investors to understand and evaluate its business. GMV provides useful information toinvestors as it represents the amount of a consumer’s spend that is being directed through Grab’s platform. This metric enables Grab and investors tounderstand, evaluate and compare the total amount of customer spending that is being directed through its platform over a period of time. Grab
presents GMV as a metric to understand and compare, and to enable investors to understand and compare, Grab’s aggregate operating results, which
captures significant trends in its business over time.
Total Payments Volume (TPV) means total payments volume received from consumers, which is an operating metric defined as the value of
payments, net of payment reversals, successfully completed through our platform.
Monthly Transacting User (MTUs) is defined as the monthly transacting users, which is an operating metric defined as the monthly number of uniqueusers who transact via Grab’s products, where transact means to have successfully paid for any of Grab’s products. MTUs is a metric by which Grab
understands, evaluates and manages its business, and Grab’s management believes is necessary for investors to understand and evaluate its
business.
Commission rate represents the total dollar value paid to Grab in the form of commissions and fees from each transaction, without any adjustments forincentives paid to driver- and merchant-partners or promotions to end-users, as a percentage of GMV, over the period of measurement.
Partner incentives is an operating metric representing the dollar value of incentives granted to driver- and merchant-partners. The incentives granted
to driver- and merchant-partners include base incentives and excess incentives, with base incentives being the amount of incentives paid to driverand merchant-partners up to the amount of commissions and fees earned by Grab from those driver- and merchant-partners, and excess incentives
being the amount of payments made to driver- and merchant-partners that exceed the amount of commissions and fees earned by Grab from thosedriver- and merchant-partners.
Consumer incentives is an operating metric representing the dollar value of discounts and promotions offered to consumers. Partner incentives andconsumer incentives are metrics by which we understand, evaluate and manage our business, and we believe are necessary for investors tounderstand and evaluate our business. We believe these metrics capture significant trends in our business over time.

Industry and Market Data
This document also contains information, estimates and other statistical data derived from third party sources (including Euromonitor), including
research, surveys or studies, some of which are preliminary drafts, conducted by third parties, information provided by customers and/or industry or
general publications. Such information involves a number of assumptions and limitations and due to the nature of the techniques and methodologies
used in market research, and as such neither Grab nor the third-party sources (including Euromonitor) can guarantee the accuracy of suchinformation. You are cautioned not to give undue weight on such estimates. Grab has not independently verified such third-party information, andmakes no representation as to the accuracy of such third-party information.
Business Model Change Impact on Group Revenue
Deliveries and Group Revenues benefited by $68 million in Q4 2022 due to a business model change for certain delivery offerings in one of ourmarkets from being an agent arranging for delivery services to be provided by our driver-partners to end-users, to being a principal whereby Grab is
the delivery service provider contractually responsible for the delivery services provided to end-users. Revenue from these transactions is the amountof the delivery fees paid by end users for the delivery service, and the amount paid to driver-partners to carry out the delivery is recognised as an
expense under cost of revenue. Revenues, excluding the impact of business model change, would have been $434 million in Q4 2022.

($ in millions, unless otherwise stated)
Revenue (Excluding impact of business model change)
Add: Business model change impact
Revenue (As Reported)

Q4 2022
$
434
68
502

This business model change is a prospective change starting from and including Q4 2022. For reference purposes only, if the change in businessmodel had occurred with effect from Q4 2021, we estimate the impact on revenue for the previous four quarters to be as follows.

($ in millions, unless otherwise stated)
Revenue (As reported)
Add: Adjustment assuming business model change in prior periods
Revenue (assuming change in business model had occurred in the quarter)

Q3 2022Q2 2022Q1 2022Q4 2021
$
$
$
$
382
321
228
122
72
77
105
110
454
398
333
232

Unaudited Summary of Financial Results
Condensed consolidated statement of profit or loss and other comprehensive income
Three months ended For the year ended
December 31,
December 31,
2022
2021
2022
2021
($ in millions, except for share amounts which are reflected in thousands and per share data)$$$$
Revenue
502
122
1,433
675
Cost of revenue
(388)
(298)
(1,356) (1,070)
Sales and marketing expenses
(70)
(84)
(279)
(241)
General and administrative expenses
(166)
(176)
(647)
(545)
Research and development expenses
(110)
(95)
(466)
(356)
Net impairment losses on financial assets
(19)
(11)
(58)
(19)
(4)
(15)
*
1
Other expenses / (income)Operating loss
Finance costs (net)

(255)
(135)
-

(557)
(216)
(328)

(1,373)(353)-(1,555)(1,636)
(353)

(135)
(1)

(544)
(2)

(353)
(8)

(1,989)(8)

Income tax (expense) / credit

(391)
*

(1,103)
3(1,734)(6)(3,552)(3)

Loss for the period(391)(1,100)(1,740)(3,555)

2
(2)

1
-

2
(3)

1
-

64
64

(21)
(20)

(42)
(43)

(42)
(41)

(327)

(1,120)(1,783)(3,596)

Share listing and associated expenses
Net finance costs
Share of loss of equity-accounted investees (net of tax)
Loss before income tax

Items that will not be reclassified to profit or loss:
Defined benefit plan remeasurements
Equity investments at FVOCI – net change in fair value
Items that are or may be reclassified subsequently to profit or loss:
Foreign currency translation differences – foreign operations
Other comprehensive income / (loss) for the period, net of tax
Total comprehensive loss for the period*
Loss attributable to:Owners of the Company
Non-controlling interests

(386)
(5)

(1,055)(45)(1,683)(57)(3,449)(106)

Loss for the period(391)(1,100)(1,740)(3,555)

Non-controlling interests

(327)
*

(1,077)(43)(1,729)(54)(3,489)(107)

Total comprehensive loss for the period(327)(1,120)(1,783)(3,596)(0.10)$(0.10)$(0.74)(0.74)$(0.44)$$(0.44)$(6.39)(6.39)

Total comprehensive loss attributable to:
Owners of the Company

Loss per share:
Basic
Diluted$$Weighted-average ordinary shares outstanding:
Basic
Diluted

3,837,981 1,418,258 3,814,492 539,946
3,837,981 1,418,258 3,814,492 539,946* Amount less than $1 million
As we incurred net losses for the years ended December 31, 2022 and 2021, basic loss per share was the same as diluted loss per share.
The number of outstanding Class A and Class B ordinary shares was 3,736 million and 104 million, respectively, for the year ended December 31,
2022, and 3,619 million and 90 million, respectively, for the year ended December 31, 2021. 314 million and 224 million potentially dilutive outstanding
securities were excluded from the computation of diluted loss per ordinary share because their effects would have been antidilutive for the years
ended December 31, 2022 and 2021, respectively, or issuance of such shares is contingent upon the satisfaction of certain conditions which were notsatisfied by the end of the period.
Condensed consolidated statement of financial position($ in millions, unless otherwise stated)
Non-current assets
Property, plant, and equipment
Intangible assets and goodwill
Associates and joint venture
Deferred tax assets
Other investments
Prepayments and other assets
Current assets
Inventories
Trade and other receivables
Prepayments and other assets
Other investments
Cash and cash equivalents
Total assets
EquityShare capital and share premium
Reserves
Accumulated losses
Equity attributable to owners of the Company
Non-controlling interests
Total equity
Non-current liabilities
Loans and borrowings
Provisions
Other liabilities
Deferred tax liabilities
Current liabilities
Loans and borrowings

December 31, December 31,
2022
2021
$
$
492
904
107
20
1,742
217

441
675
14
5
1,241
127

3,482

2,503

48
372
182
3,134
1,952

4
255
185
3,240
4,991

5,688

8,675

9,170

11,17822,278602(16,277)

21,529606(14,402)

6,603
54
6,657

7,733
286
8,019

1,248
18
132
18

2,031
18
81
3

1,416

2,133

117

144

Provisions
Trade and other payables
Current tax liabilities

38
933
9

35
844
3

1,097

1,026

Total liabilities

2,513

3,159

Total equity and liabilities

9,170

11,178Condensed consolidated statement of cash flow($ in millions, unless otherwise stated)
Cash flows from operating activities
Loss before income tax
Adjustments for:
Amortization of intangible assets
Depreciation of property, plant and equipment
Impairment of intangible assets and goodwill
Impairment of property, plant and equipment
Equity-settled share-based payment
Finance costs
Net impairment loss on financial assets
Finance income
Gain on disposal of property, plant and equipment
Gain on disposal of associate
Gain on disposal of subsidiary
Share listing and associated expenses
Share of loss of equity-accounted investees(net of tax)

Three months ended For the year ended
December 31,
December 31,
2022
2021
2022
2021
$
$
$
$
(391)

(1,103)(1,734)(3,552)

6
33
3
90
173
19
(37)
(3)
(2)
-

59
30
8
5
110
206
11
10
(1)
353

21
129
3
3
412
460
58
(107)
(3)
(2)
-

236
109
8
7
357
1,701
19
(65)
(1)
(2)
353

1
3

2
10

8
3

8
15

(105)

(300)

(749)

(807)

(6)
(14)
(44)
141

1
(83)
(115)
128

6
(21)
(160)
131

(1)
(83)
(181)
137

Income tax paid

(28)
(6)

(369)
5

(793)
(26)

(935)
(3)

Net cash used in operating activities

(34)

(364)

(819)

(938)

Interest received

(24)
(8)
5
(98)
3
438
23

(37)
(7)
4
(7)
(1,642)
95
6

(58)
(16)
12
(266)
(109)
3
(683)
55

(73)
(12)
25
(16)
8
(2,717)28

Net cash from/ (used in) investing activities

339(1,588)(1,062)(2,757)

Cash flows from financing activities
Proceeds from share-based payment arrangements
Proceeds from the reverse recapitalization
Payment of share listing and associated expenses
Proceeds from bank loans
Repayment of bank loans
Payment of lease liabilities
Proceeds from issuance of convertible redeemable preference shares
Acquisition of non-controlling interests without change in control

8
21
(813)
(12)
(15)

2
4,425
20
(52)
(5)
200
(460)

8
(39)
109
(1,019)
(35)
(15)

46
4,425
1,980
(176)
(24)
463
(460)

Change in provisions
Changes in:- Inventories- Deposits pledged- Trade and other receivables- Trade and other payables
Cash used in operations

Cash flows from investing activities
Acquisition of property, plant and equipment
Purchase of intangible assets
Proceeds from disposal of property, plant and equipment
Acquisition of subsidiaries with non-controlling interests, net of cash acquired, and loan receivables
Acquisition of additional interests in associates and joint ventures
Proceeds from disposal of associate
Net proceeds from/ (acquisition of) other investments
Restricted cashProceeds from subscription of shares in subsidiaries by non-controlling interests without change in control
Deposit pledged
Interest paid

3
(40)

*
(23)
(32)

32
(3)
(160)

443
(23)
(108)

Net cash (used in)/ from financing activities

(848)

4,075

(1,122)

6,566

Net (decrease)/ increase in cash and cash equivalents
Cash and cash equivalents at beginning of the period
Effect of exchange rate fluctuations on cash held

(543)
2,284
37

2,123
2,702
13

(3,003)
4,838
(57)

2,871
2,004
(37)

Cash and cash equivalents at end of the period

1,778

4,838

1,778

4,838

* Amount less than $1 million
1 Deliveries Revenues benefited by $68 million in Q4 2022 due to a business model change for certain delivery offerings in one of our markets frombeing an agent arranging for delivery services provided by our driver-partners to end-users, to being a principal whereby Grab is the delivery service
provider contractually responsible for the delivery services provided to end-users. Excluding the change in business model, Q4 2022 and FY 2022
revenue growth would have been 255% YoY and 102% YoY, respectively. We expect this new business model to remain in place for those delivery
offerings in that market going forward. On a constant currency basis and excluding the change in business model, we estimate revenue growth in 2023
to be 45% to 55%.
2 We calculate constant currency by translating our current period financial results using the corresponding prior period’s monthly exchange rates forour transacted currencies other than the U.S. dollar.
3 Deliveries revenues benefited by $68 million in Q4 2022 due to a business model change for certain delivery offerings in one of our markets frombeing an agent arranging for delivery services provided by our driver-partners to end-users, to being a principal whereby Grab is the delivery service
provider contractually responsible for the delivery services provided to end-users.
4 Regional corporate costs are costs that are not attributed to any of the business segments, including certain regional research and development

expenses, general and administrative expenses and marketing expenses. These regional research and development expenses also include mapping
and payment technologies and support and development of the internal technology infrastructure. These general and administrative expenses also
include certain shared costs such as finance, accounting, tax, human resources, technology and legal costs. Regional corporate costs exclude
share-based compensation expenses.
5 Cash liquidity includes cash on hand, time deposits, marketable securities and restricted cash.
6 Net cash liquidity includes cash liquidity less loans and borrowings.
7 Based on Indonesia, Vietnam and Thailand driver base
8 Deliveries Revenues benefited by $68 million in Q4 2022 due to a business model change for certain delivery offerings in one of our markets frombeing an agent arranging for delivery services provided by our driver-partners to end-users, to being a principal whereby Grab is the delivery service
provider contractually responsible for the delivery services provided to end-users. We expect this new business model to remain in place for thosedelivery offerings in that market going forward. On a constant currency basis and excluding the change in business model, we estimate revenue
growth in 2023 to be 45% to 55%.
9 Deliveries revenues benefited by $68 million in Q4 2022 due to a business model change for certain delivery offerings in one of our markets frombeing an agent arranging for delivery services provided by our driver-partners to end-users, to being a principal whereby Grab is the delivery service
provider contractually responsible for the delivery services provided to end-users.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230223005467/en/
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Source: Grab Holdings Limited