Grab’s Three Core Businesses Turn Profitable as It Expands Into E-Commerce
All three of Grab’s core businesses posted positive adjusted EBITDA for the first time in the third quarter of 2026. After regulators rejected its planned acquisition of foodpanda’s Taiwan business, Grab said it would remain focused on Southeast Asia and expand into retail through GrabMall.
Grab reported revenue of $1.1 billion for the third quarter of 2026, up 27% year on year, and adjusted EBITDA of $237 million, up 73%. Adjusted EBITDA was positive across its three main businesses—delivery, mobility and financial services—for the first time. Monthly transacting users rose 20% to 57 million. The company raised its full-year revenue forecast to $4.15 billion–$4.2 billion and its adjusted EBITDA forecast to $790 million–$800 million.
By business, delivery revenue was $561 million, up 21% year on year, with adjusted EBITDA of $123 million. Mobility revenue was $349 million, up 10%, with adjusted EBITDA of $207 million. Financial services revenue rose 124% year on year to $201 million, while adjusted EBITDA swung from negative $28 million a year earlier to positive $12 million.
Grab and Delivery Hero announced an agreement on March 23, 2026, under which Grab planned to acquire Delivery Hero’s foodpanda food delivery business in Taiwan for $600 million. Taiwan’s Fair Trade Commission rejected the deal on October 21, saying it could weaken competition in the local food delivery market. Grab said it expected to record a $60 million deal termination fee in the fourth quarter of 2026 because the transaction was not approved, and would continue to concentrate its resources on its Southeast Asian operations.
Grab’s planned acquisition of foodpanda’s Taiwan business was rejected by regulators.（VietVance）
Expanding into retail through its existing delivery network is another avenue for Grab to pursue growth. GrabMall extends its services to branded retail products, bringing its business into closer overlap with platforms such as Shopee and TikTok Shop. Grab already offers food delivery through GrabFood and grocery delivery through GrabMart.
Grab is expanding into branded retail products through GrabMall.（VietVance）
Consultancy Momentum Works says Grab’s instant delivery network can help it serve consumers who need products urgently and local merchants, but competing in e-commerce also requires capabilities in product search, recommendations, pricing, inventory and merchant management. It says GrabMall could focus on shopping needs suited to immediate delivery rather than compete with established e-commerce platforms across every product category.
Source: VietVance
