This report does not constitute a rating action. After realizing a full year of positive EBITDA for the first time in 2024, Grab's rising gross merchandise value (GMV) amid disciplined cost measures have resulted in another quarter of positive EBITDA. With on-demand take rates (revenue as a proportion of GMV) improving marginally in the same period, we expect Grab?s EBITDA growth to continue over the next two years, reaffirming its focus to sustain profitable growth. Four consecutive quarters of positive OCF indicates Grab's ability to generate sufficient cash from its core operations, despite weakness in the quarter from Lunar New Year and Ramadan. Although excluding inflows from deposits in Grab's financial services still reveals negative OCF, we believe its OCF
