Maplebear Inc at Nasdaq London Investor Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Brian Nowak - Morgan Stanley - Analyst : Two years this January, so happy, happy close to anniversary. Before we get to all of that, let's do the disclosures. Please note that all important disclosures, including personal holdings disclosures and Morgan Stanley disclosures, appear on the Morgan Stanley public website at They are also available at the registration desk. Some of the statements made today by Instacart may be considered forward-looking. These statements involve a number of risks and uncertainties that may cause actual results to differ materially. Any forward-looking statements made today by the company are based on assumptions as of today, and Instacart undertakes no obligation to update them. Please refer to Instacart's most recent Form 10-Q for a discussion of the risk factors that may impact actual results. Emily may also reference certain non-GAAP financial metrics, and reconciliations are included in Instacart shareholder letters, which are available on Instacart's Investor Relations website. Check, we're all good. Okay. So a lot of things to talk about in the grocery space. It's heavily evolving from competitive discussions, agentic discussions. So maybe let's sort of start with a big picture view. It's almost been two years with the company. You've done a lot of meetings with different types of investors, analysts like myself, consumer investors, tech investors. What do you think are sort of the one or two of the most misunderstood aspects of the company even today after like two years of talking it through with people?

Question: Brian Nowak - Morgan Stanley - Analyst : Yeah. Let me unpack a couple of those key factors you talked about. Let me start with affordability. Maybe give us some examples of investments, you've made in affordability that have driven more and more user growth and more frequency growth. And how do you think about the key drivers going forward to sort of keep the user growth going perhaps down middle to lower income cohorts.

Question: Brian Nowak - Morgan Stanley - Analyst : Got it. Okay. That's helpful. I want to get into some more of those efficiencies later on in the discussion. But maybe just to talk about exclusives. I know this is -- I know you get asked this question a lot. I know I get this question a lot. We've seen some of your partners sort of come off exclusives now. What can you tell us about the impact you've seen on volumes from your retail partners? And any changes you see as they move off exclusivity to also be offer on other platforms?

Question: Brian Nowak - Morgan Stanley - Analyst : No, I think you're right that the enterprise piece is one of the things we knew about at the time of the listing, but kind of forgot about it. And now as you sort of -- we look ahead and there's maybe a growing focus on enterprise a bit. So are there investments needed to sort of like grow that enterprise business further? Or is it more just sort of a source of leverage across the P&L and the base?

Question: Brian Nowak - Morgan Stanley - Analyst : Okay. Let's talk about Agentic. We've done a decent amount in kind of how we think about Agentic opportunities. And in our view, we think grocery and CPG may be the biggest bucket of consumer spend to be unlocked through Agentic. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 1:00PM, CART.OQ - Maplebear Inc at Nasdaq London Investor Conference I still have my utopian dream of Saturday morning, when an Instacart agent says to me, good morning, Brian. Here are the 25 things you and your family order every week. I found some dip that goes well with your favorite chips. Your almond milk is on sale. Anything else you want me to add, I will say Topo Chico and then you'll say Monday morning delivery and I will say sweet. How far away are we from that type of product with an Instacart agent like that being able to service your subscribers?

Question: Brian Nowak - Morgan Stanley - Analyst : Yeah. I think generic white socks are very different than a type of yogurt you are going to eat, right? What's the biggest gating factor to that? Is it inventory? Is it make sure the matching? Is it building the algorithms? As you're sort of thinking through the challenges of getting to that grocery agent, what are sort of some of the actual blocking and tackling hurdles that are particularly challenging?

Question: Brian Nowak - Morgan Stanley - Analyst : Yeah. I never have enough Topo Chico. And maybe this past week, I think it was yesterday, you have you announced a partnership with GPT, sort of an integration into GPT. So this is sort of the other question around Agentic. I do sort of always like to talk to the retail partners and the marketplace partners like yourself, how you're thinking philosophically about the disintermediation risk. How do you sort of philosophically ensure that it's not going to be a GPT grocery agent that's going to be reaching out to people on Saturday morning, as opposed to an Instacart agent where you have subscription revenue and advertising revenue and all those other opportunities. So what are some of the key safeguards you have in place?

Question: Brian Nowak - Morgan Stanley - Analyst : Is there an overemphasis externally, when you meet with investors or you meet with analysts like myself around basket size? I feel like we've gone through iterations of one player is large basket, one player is small basket. Now they're sort of colliding. Like how do you think about the large versus small basket potential at Instacart? What are you seeing now? And does it even matter?

Question: Brian Nowak - Morgan Stanley - Analyst : Got it. Okay. What about partnerships? You have other customer acquisition and volume acquisition partnerships you've signed over the course of the years. Any -- can you walk us through sort of where you've had success with those? And how do you think about further contributions from some of those third-party partnerships, traffic partnerships to come?

Question: Brian Nowak - Morgan Stanley - Analyst : I imagine the answer to this question is there's a lot of pieces that go into it, but maybe I can keep you away from that answer. Can you walk us through sort of how you think about the key drivers to user growth the next couple of years? What are going to be the key things that will bring on the next 3 million, 5 million, 10 million Instacart users and hopefully Instacart subscribers?

Question: Brian Nowak - Morgan Stanley - Analyst : So a lot of areas you're investing to improve the platform, improve the courier experience, the restaurant, the eater experience. Talk to us about sort of the sources of efficiency you still have in the model. Maybe areas in which you still can improve productivity, new products you're rolling out with GenAI. So what are sort of some of the levers there on the other side to offset some of the investments?

Question: Brian Nowak - Morgan Stanley - Analyst : Yeah.

Question: Brian Nowak - Morgan Stanley - Analyst : Let me wrap up on capital allocation. The 3Q earnings, you authorized a $1.5 billion repurchase program, I think a $250 million ASR accelerated program. It's a pretty meaningful percentage of the enterprise value or the market cap. So just sort of remind us like philosophically, how are you thinking about the timing of the repurchases, the focus on like share shrink and sort of a dilution? Like what is sort of the philosophy there?

Question: Brian Nowak - Morgan Stanley - Analyst : All right. Emily, thank you so much (inaudible).