Grab: Incredible Growth Trajectory, But Watch Out For Valuation And Incentives Spending

  • Shares of Grab have rallied in 2025, while U.S. peers have lagged, and the company's recent Q1 earnings added additional enthusiasm for this rideshare leader. The company boosted its adjusted EBITDA outlook for the year and has so far cited no macro impact. We note, however, that the company is sustaining growth via higher incentive spending, particularly in its mobility segment, which is seeing more meaningful deceleration.