Prepared remarks
Thank you for joining us today. My name is Tyler, and I will be your conference operator for this session. Welcome to Grab's Third Quarter 2025 Earnings Results Call. I will now turn it over to Douglas Eu to start the call.
Good day, everyone, and welcome to Grab's Third Quarter Earnings Call. I'm Douglas Eu, Director, Investor Relations and Strategic Finance at Grab. And joining me today are Anthony Tan, Chief Executive Officer; Alex Hungate, President and Chief Operating Officer; and Peter Oey, Chief Financial Officer. During this call, we will be making forward-looking statements about future events including our future business and financial performance. These statements are based on our current beliefs and expectations. Actual results could differ materially due to a number of risks and uncertainties as described on this earnings call, in the earnings release, and in our Form 20-F and other filings with the SEC. We do not undertake any duty to update any forward-looking statements. We will also be discussing non-IFRS financial measures on this call. These measures supplement, but do not replace IFRS financial measures. Please refer to the earnings materials for a reconciliation of non-IFRS to IFRS financial measures. For more information, please refer to our earnings press release, remarks and supplemental presentation available on our IR website. And with that, I will turn the call over to Anthony to deliver his opening remarks before we open it up for questions.
Thank you so much, Doug. Really appreciate everyone being here with us. This quarter marks another vital step forward in our journey, not just in our financial performance, but in how we are building a more resilient tech-driven platform for the long term. Our growth was a key standout this quarter, accelerating to new records as product-led innovations drove nearly a 6 million year-over-year increase in monthly transacting users to 48 million. This fueled a 24% year-on-year increase in on-demand GMV or 20% on a constant currency basis. At the same time, we continue to maintain cost discipline and leverage our ecosystem scale to drive profitable growth. Group adjusted EBITDA rose 51% year-on-year to a new record of $136 million, marking our 15th consecutive quarter of sequential profitability improvement. Our adjusted free cash flow also improved by $185 million year-on-year to $283 million on a trailing 12-month basis.
Now these achievements are the direct result of our consistent focus on improving accessibility, affordability and reliability. This has enabled us to continue growing earnings for our driver and merchant partners, while expanding our marketplace, bringing new users on the platform and deepening engagement and loyalty among our user base. As we head into the final stretch of 2025, we expect to exit the year on a high note. We remain on track for our financial services loan portfolio to exceed $1 billion and for full year on-demand GMV growth to accelerate from 2024 levels. As a result, both our Mobility and Delivery segments are well on track to exit the year at record GMV levels. With our teams executing with focus and AI unlocking new growth and efficiency frontiers at unprecedented speed, we are confident in our ability to drive sustainable long-term value for our users, partners and shareholders. With that, I'll now open the call for questions.
Questions and answers
And your first question comes from Pang Vitt with Goldman Sachs.
Two questions for me. Number one, on the competitive landscape. Can you help us discuss some of the latest that you've seen on the competitive landscape, especially in Indonesia? You delivered a strong 24% year-on-year in your on-demand service overall. Wondering whether there's any color you can share for what is the growth you have achieved in Indonesia? And what have led to your strong outperformance versus peers? That's question number one. Question number two, can you discuss further on your latest update in guidance? What have led you to increase the guidance? And can you help us break down estimate by segment?
Alex here. Let me take your first question, and Peter will take the second question. On Indonesia, it's a key market for us. Our business continues to perform strongly there. It remains a very competitive market. But what we're seeing is that the product-led growth strategy that we've been talking about for the last few quarters is driving an increase in MTUs for both deliveries and mobility, particularly the affordability strategy is bringing in a lot of GrabBike and GrabCar Saver users at the lower end of the pricing ladder. And at the top end, Indonesia still has a lot of wealthy customers, and we've launched GrabExecutive there for mobility, and there's a lot of domestic tourism and business travel, which is helping drive our high-value rides and our priority food delivery services. We're also growing GrabMart, which is helping to drive those elevated levels of the delivery at GMV growth that we're seeing. So overall, it's a reflection of microcosm of what we're doing across the group. I would say you can't see these in the numbers, but I can tell you that there's strong growth in Indonesia, and a strong sequential margin improvement as well. So we're very comfortable with what we're doing in terms of the market position and our penetration of the overall opportunity in Indonesia, which remains huge and something we continue to be excited about as we invest in that country.
Pang, regarding your guidance question, we've shown our performance from Q1 to Q3. We are experiencing continuous quarter-on-quarter growth in our EBITDA guidance, driven by the top line growth that Alex highlighted. Our deliveries business is growing at a rate of 26%, and our mobility business is up by 20%. Additionally, our financial services are seeing a 40% revenue increase, and our loan book is reaching all-time highs. This indicates strong overall momentum from the top line. Simultaneously, we are managing our cost structure diligently, with regional corporate costs rising only 8% year-over-year. More importantly, we’ve noted an improvement of about 150 basis points in operating leverage as a percentage of revenue concerning our regional corporate costs. This is crucial as we focus on spending appropriately. We anticipate strong top line growth to persist into the fourth quarter, which is typically our strongest, and we are ready to deliver on affordability, reliability, and accessibility as mentioned by Alex. Consequently, we feel confident in raising our EBITDA guidance to between $490 million and $500 million for the full year 2025. However, I want to note that as we move into Q1, which is a traditionally softer season for us, we still expect to sustain profitable growth into 2026.
Your next question comes from the line of Alicia Yap with Citigroup.
Congratulations on the solid set of results. Two questions. First, could you elaborate a little bit on your MTU growth? Have you seen any major differentiations in terms of the user profile you added this quarter compared to last few quarters? For example, is that more female this quarter, any more of the younger generations or any like the second or the lower-tier cities that contributed to the bigger additions of the new user this quarter? So any metrics that you could share would be helpful. And then second question is, given the successful conversions of the product-led innovations to drive the order growth and also the higher frequency per user as well as your explorations into the GrabMart and also the grocery business, so following few quarters of the accelerated GMV growth for your delivery business, how should we be thinking about the growth rate for the fourth quarter this year and also into 2026? Should the growth rate be normalizing around maybe mid- to high teens or would that be possible to stay above the 20% growth for 2026? And then if you are able to grow faster than the high teens or even 20% mark, would that mean your margins expansion will be more gradual or even potentially see margin flattish or declining for next year?
Thank you, Alicia, for those questions. Let me address those two points. First, our on-demand MTUs have increased by 14% year-on-year. In fact, our daily transactions are growing even faster than our monthly ones, reflecting our success in becoming a daily part of life in Southeast Asia. On-demand transactions have risen by 27%, illustrating the increase in frequency. This aligns with our strategy to enhance the cycle of growing demand, boosting supply, improving service quality, and stimulating further demand. Regarding demographics, Saver deliveries have played a crucial role in attracting new users and increasing frequency in recent quarters, with nearly one-third of our new MTUs joining through Saver deliveries. This is a key factor in driving growth this quarter. Similarly, in transportation, GrabBike Saver and GrabCar Saver are also contributing significantly to new MTUs. Furthermore, our high-value services are expanding rapidly, with high-value rides increasing by 66% year-on-year and priority delivery showing robust growth as well.
We are seeing positive growth across different pricing levels, which is encouraging. Importantly, we are successfully cross-selling and retaining these new users to create long-term customer value. Overall, despite the significant growth in MTUs, the GMV spend per MTU has also increased by 7% year-on-year. This indicates that our affordability strategy is not only attracting new customers but also enhancing the value we provide to each of them. This growth is occurring in both large and small cities, although it tends to skew towards younger customers for the Saver products. Our product-led strategy for deliveries and mobility is gaining momentum. Regarding future growth rates, we believe our MTU penetration in Southeast Asia is still relatively low, considering the population size and increasing spending power. The notable growth we have experienced over the past three quarters, consistently accelerating, can be attributed to three sustainable elements.
One is product-led viral growth, which allows us to attract new users without increasing consumer incentives, as group orders and family accounts generate their own growth. Our GrabUnlimited subscription program is also a significant growth driver, having grown by 14% year-on-year to reach a new all-time high, now constituting over 20% of our delivery MTU base. Additionally, the GrabMart opportunity is expanding, with the new GrabMore feature allowing food users to easily add grocery orders, leading to increased penetration of our large food user base. We will remain disciplined in ensuring sustainable growth while also focusing on increasing absolute EBITDA. Regarding margins, this quarter has seen improvements for both mobility and deliveries. As we have discussed before, launching and promoting new products can temporarily affect margins, but this quarter, margins have returned to average levels for the year.
Our long-term margin outlook remains unchanged, expecting deliveries to exceed 4% and mobility to surpass 9%. We are confident that we can achieve this without sacrificing growth. We anticipate that fourth-quarter on-demand GMV will grow sequentially from the third quarter, and we expect to end 2025 at record GMV levels, providing a strong start to 2026. We also foresee continued margin growth for deliveries into next year, even as we invest in new product initiatives and grocery expansion, which are gaining significant traction.
Your next question comes from the line of Navin Killa with UBS.
I had a couple of questions. One is with regards to your balance sheet. Obviously, strong cash balance, you raised the CBs earlier this year, and the business continues to be free cash flow positive. So how should we think about the use of this cash going into the next 12 to 18 months? And then secondly, in the context of some of the growth conversations that we have had, just wanted to understand how you are seeing the macro environment. And I mean, if you were to split this growth for this year between, let's say, macro market share gains and the impact of some of these initiatives that you've launched around new products, how would you qualitatively think of these three factors driving the growth?
Navin, it's Peter here. I'll start with your first question about capital allocation, and I'll ask Anthony to discuss the macro aspect. Regarding our capital allocation framework, there has been no change in how we approach it. Our focus remains on three main areas. The first is investing for organic growth, which you can see reflected in our profitability and the growth we're experiencing. Part of this growth has also come from product expansions and smaller acquisitions that contribute to our profitability. Organic growth remains a key focus. One way we've utilized our balance sheet is through our loan book. For Q3, we achieved approximately $3.5 billion in loan dispersal on an annualized basis, which was about a 56% increase year-over-year. Most of this amount is reflected on our balance sheet, making it an effective use of capital that delivers a return above our average cost of capital.
We will continue to leverage the balance sheet as we recycle these loans. This is just one example of our organic growth strategy. We're also investing capital in new products that we plan to launch in 2026. The second pillar involves very selective M&A, which tends to be more opportunistic. These opportunities have a high threshold, as we've previously discussed, but we are making strategic investments in long-term initiatives, such as autonomous vehicles. You may have seen our announcements regarding our partnerships with WeRide and May Mobility, which align with our strategic goal of leading in autonomous vehicle deployments in Southeast Asia. Overall, M&A has a very high bar for us, and we focus on ensuring the synergies generated are of significant value. Finally, in cases where we have excess capital, we will consider returning it to our shareholders. These three areas are critical to our strategy.
We believe that the recent capital raise will provide us with strategic flexibility to benefit our investors. We'll continue to explore long-term growth opportunities as Alex mentioned, ensuring we create the best value for our shareholders while being prudent in managing our capital and balance sheet. I hope that addresses your question. Anthony, would you like to discuss the macro environment?
Thanks, Peter. And thanks, Navin, for a really good question, especially on the macro environment. So look, in Southeast Asia, there's been a lot of positive focus recently. As many of you are aware, Malaysia hosted the ASEAN Summit earlier this week, and President Trump visited a region to finalize trade negotiations with several of the Southeast Asian countries. I want to call out was the peace agreement between Thailand and Cambodia. These have been two very significant and positive events for the region, and we are seeing signs of tourism recovery in Thailand as the country heads into its seasonally strongest quarter of the year. Now to, Navin, your second part of your question, are we seeing weakness in consumption? The short answer is no. Our platform is proving to be highly resilient. We're not seeing a broad-based slowdown. In fact, our motto is built for this exact environment point to two key reasons.
One, our strategy is countercyclical. The uncertainty in many ways actually accelerates our flywheel. We are seeing a healthy increase in partners coming into our gig platform to find income. And that, of course, improves supply. This also enables us to reduce wait times and enhance reliability and most importantly, it lowers prices for our users, which our users really appreciate. This increases our affordability and grows the overall user base, as you saw in our numbers, which is our key strength. Also, our focus on affordability is paying off. So this isn't new. Our focus on affordability, which we began in 2023, with products like Saver delivery, Saver transport, that was explicitly designed for this purpose. These services are now essential for users, enabling them to manage their wallets effectively. So this makes us a must-have service not a nice to have, which protects us from a pullback in discretionary spending.
Look, but the reality is we may not be immune to macro trends, but our strategy is designed to be resilient and even opportunistic in this landscape. So we continue to reinforce this by partnering with governments as well. For instance, in Indonesia, we've been running what we call the Kota Masa Depan, which is a future cities program in partnership with the Ministry of Micro, Small, and Medium Enterprises, where we have worked to support small businesses and digital upscaling across nearly 20 cities. And in Vietnam, our AV launch is really to design to drive better NPS and also lower partners costs. These on-site projects, they strengthen our ecosystem and create a more sustainable, profitable business for the long term. So we are confident in our strategy and our outlook.
Your next question comes from the line of Venugopal Garre with Bernstein.
I have two questions. First, I want to discuss the GrabMart business, specifically the grocery segment, which is growing faster than full delivery. Could you tell me which geographic regions are contributing most to this growth? Additionally, what key initiatives will you pursue to expand this segment? I'm curious because, in absolute terms, groceries seem to have lower penetration compared to the overall market potential in the area. Are there any new models, like those in commerce, that you're considering to scale this business further? My second question follows up on the investments you mentioned. Can you clarify the nature of your investment in the autonomous tech company? Is it primarily for securing technology, or is it more of a financial investment? Also, could you provide an update on the progress of the autonomous rollout?
Thanks, Venu. This is Alex. I'll address the first question, and then Anthony will handle the one about AVs. You're correct that our grocery business, GrabMart, is relatively small, making up only about 10% of our total deliveries. However, we see GrabMart growing in all markets, driven by the introduction of GrabMore, which allows customers to add groceries to their food orders for the same delivery fee. This has proven to be very effective in promoting grocery sales. GrabMart is outperforming, with growth 1.5 times faster than the food delivery segment, and users ordering both food and groceries show order frequencies that are 1.8 times higher than those ordering only food. This indicates it's a strong contributor to customer retention and long-term value. Regarding our business models, we are trying out some new strategies to expand our total addressable market. In Malaysia, we’re experimenting with quick commerce at certain Jaya stores, utilizing inventory more efficiently without increasing fixed costs to significantly boost order volume.
While these trials mainly focus on groceries, we have noticed a considerable increase in demand when quick delivery is available. We are also beginning to explore similar approaches in a couple of other countries, like Indonesia, in collaboration with select partners. So, stay tuned; it’s early for us in groceries, but we are definitely looking into new models to tap into larger markets in the future. Now, Anthony, onto the topic of AVs.
Yes. Thank you, Venugopal. Let me talk about the plans and our strategy regards to AVs. Now our recent AV investments are all very deliberate. It's part of our long-term strategy to lead the adoption of AV and remote driving across Southeast Asia and to secure the technology supply chain through strategic partnerships. While AVs are already a reality in parts of the world, we expect a longer ramp-up to mainstream adoption in Southeast Asia for a few reasons. One, Southeast Asia is still behind in the cost curve. Labor costs in Southeast Asia are significantly lower compared to the U.S. with Singapore being an exception. Now we believe, therefore, it will require considerable time for the unit economics to reach parity with human drivers. Second, the crossover point will occur when AVs become safer and even cheaper than alternative options before we see a huge transformation in the way current transportation is served.
Now as the largest mobility platform in Southeast Asia, AVs and remote driving are something we must lean into. We'll continuously learn about the technical optimization of AV performance on our platform. We'll also maintain a hybrid fleet approach for the foreseeable future and intend to collaborate very closely with regulators across Southeast Asia. Now one of our top priorities as part of this I would say, essential part of this strategy is to work alongside regulators to upscale our driver partners as part of this shift. Our focus is to find the new jobs that will be required as we shift towards a hybrid transport world. We see new kinds of jobs emerging. For example, drivers could be remote safety drivers, data labelers, they could change LiDARs, cameras and so forth. So as we lean into AVs and remote driving with several partnerships already under our belt and more underway, we remain very excited about the longer-term opportunity to build capabilities to operate a world-class hybrid human and autonomous fleet to deliver the best experiences for our customers.
I have 1 quick one on the Financial Services segment. We've seen very strong growth there, right, but with sizable bad loan provisions, of course. I was just wondering if management can talk about what you have learned about the newly acquired customers in recent quarters? And how you are fine tuning your risk provisions going forward? That's it.
Thanks, Wei. I appreciate your question. We are indeed accelerating our financial services growth and have reaffirmed our goal to surpass a $1 billion loan book, excluding credit loss provisions, by the end of 2025. In this quarter, we've seen an acceleration in loan dispersals, now at a $3.5 billion annualized run rate, reflecting a strong year-on-year growth of 56%. As you noted, we're also seeing an increase in expected credit losses based on our models, which is a natural outcome of this growth. This upfront provisioning occurs in our lending process and will ultimately offset revenue generation from these loans over their lifetime. With this accelerated growth, you can expect that the expected credit losses will impact our profit and loss statement and appear on the balance sheet, as seen this quarter. However, if we analyze the underlying performance of the Financial Services business, excluding those provisions, the adjusted EBITDA for our Financial Services segment improved by approximately $4 million from the previous quarter and $17 million year-on-year.
This is an important metric as it highlights our operating leverage from the growth of the business. Regarding what we’ve learned from our customers, we function much like a data science company, continuously learning from how our models use various data points from our ecosystem. Unlike traditional banks, we can access unconventional indicators of repayment ability, allowing us to underwrite portions of the population in Southeast Asia that are currently underbanked or unbanked. A significant aspect of our mission is financial inclusion, helping people enter the market and establish credit records. About one-third of our customers previously could not access credit due to not being listed on a credit bureau before borrowing from Grab and its financial subsidiaries. This initiative is crucial to us, and we are pleased with the repayment records from these customers, as they begin to build their credit profiles, thereby enhancing their economic participation in Southeast Asia.
Each new product launch takes time to develop our credit models, but this quarter shows that our credit models are maturing across both banks and GFIN, with new models being introduced regularly. We are accelerating the pace at which our data science enhances these models. As we enter the fourth quarter, we anticipate further growth in the loan book size, which we expect to continue into 2026.
I have two questions. First, regarding consumer incentives, can you clarify how we should view their sustainability moving forward? There has been some volatility, with leverage occurring one quarter and deleverage the next. Are you managing them at a level you believe is sustainable, or should we anticipate some leverage changes in the future? Second, could you provide insight into advertising intensity, specifically regarding advertising revenue and its growth? Where does that stand now, and are there any new areas of strength to consider? How should we evaluate the growth potential for that segment over the next year or two?
Mark, Alex here. Let me address that. On consumer incentives, they have decreased slightly this quarter. We believe we can maintain this level moving forward due to the positive impact of our viral product rollouts. This means we don’t need to offer as high incentives despite accelerating growth in deliveries and continued strength in mobility, which saw transaction volumes rise by 30%. This progress has been made with a quarter-on-quarter reduction in incentives. For modeling purposes, you can assume that consumer incentives will remain around this level. However, we have increased driver incentives slightly this quarter in response to high demand growth to ensure we maintain the quality and reliability of our services. As a result, there has been a small increase in driver incentives. To summarize, while incentives can vary from quarter to quarter, in terms of steady state modeling, we are currently at the right levels.
Regarding advertising, as we grow, we become more appealing to advertisers, both merchants on our platform and FMCG clients looking to advertise through us. We anticipate continued growth in advertising penetration in the food sector moving forward into next year. The total number of quarterly active advertisers on our self-serve platform has actually grown by 15% year-on-year, which indicates we are attracting new advertisers, particularly through our self-serve options. Additionally, the average spending of active advertisers on this platform increased by 41%, showing that once they utilize the platform, they find it effective for their return on ad spend and tend to increase their budgets. These trends are promising indicators of further growth in our advertising penetration coinciding with our deliveries GMV. As we expand the GrabMart business, we expect to attract more FMCG advertisers, especially since data from other regions shows that advertising penetration for online grocery services can surpass that of online food services. With this increase in scale, we are optimistic about improving our advertising business, which we consider a key driver of long-term margin growth.
Your next question comes from the line of Divya Gangahar with Morgan Stanley.
I had two questions. One is actually a continuation of what you just said, Alex, on the advertising being a driver for deliveries. So my question is on deliveries margins path to 4%, could you talk about how different are the margins across countries just qualitatively and the role of some of these countries lifting up the overall portfolio margins. In the past, we've thought that Indonesia has been a drag, but looking at the competitive dynamics there, the margins for delivery seem to be relatively healthy in Indonesia at least for our competitor. So trying to understand how we look at that path to 4% from an advertising country-wise perspective as well as GrabMart and how dilutive that is to margins? That's my first question. And my second question is on financial services. Now that we're closer to the breakeven year for fintech, could you maybe just share the framework and the milestones we need to hit over the next 6 months to be able to meet the target? And what do you see as the key risks? Also, if you can talk about some typical use cases that you're seeing for this loan book expansion, especially on the digital bank side, that would be helpful.
Thanks, Divya. Generally, the Mart business has a lower margin compared to food deliveries at this stage, mainly due to its rapid growth. The relationship with FMCG advertisers is such that our value increases as we grow larger. While there is significant interest from efficacy advertisers, we still consider ourselves relatively small within the overall commerce landscape, making continued growth essential for improving margins on the GrabMart side. In Indonesia, we’re experiencing strong growth, with our delivery business in Indonesia seeing year-on-year growth in the high teens this past quarter. Although margins are stable, this situation allows for substantial growth. It's crucial for us to scale up further to capitalize on the full potential of the Mart business. In Malaysia, we've already achieved a steady state margin target of around 4%, and we’re beginning to explore different models for instant commerce there, leveraging our success with Jaya Grocer.
There are variations across markets, but we're taking a portfolio approach to ensure we meet margin targets not only across countries but also across different verticals. This strategy will help us achieve high growth while also progressing towards our long-term margin goals. Regarding Financial Services, we are nearing our breakeven year and can confirm that we expect to break even as a segment in the second half. Both banks and GFIN contribute to this, with the banks projected to breakeven in the fourth quarter. The key milestones are around loan growth, which is currently accelerating to an annualized run rate of $3.5 billion for this quarter. Our credit models are maturing well, and we now offer flexi loan products in all three bank markets, with a new product launched through our non-bank financial company in the Philippines this past quarter. This expansion allows us to address personal loan needs in various regions.
We share knowledge on credit modeling across these countries, and the advancements in these models are crucial to us as a data science company. Although EBITDA can vary with credit loss flows into the balance sheet, segment adjusted EBITDA, excluding credit loss provisions, is on an upward trend, giving us confidence in reaching our breakeven targets. Key to monitor is our loan growth, and we're also seeing operational leverage on the cost side, positioning us well to manage expenses tightly as we approach 2026. On the SME front, we're serving merchants within the Grab ecosystem, providing us with clear insights into their cash flows, which enhances our credit models' effectiveness compared to traditional banks. Small businesses, particularly gig workers who are unbanked or underbanked, will be a significant focus area for us. Our lending activities yield risk-adjusted returns that comfortably exceed our cost of capital and have even seen slight improvements quarter-on-quarter.
We are growing rapidly while staying within the risk parameters we’ve established due to our credit models' performance. I hope this clarifies how we can leverage our capabilities to enhance financial inclusion in Southeast Asia.
And your final question comes from the line of Jiong Shao with Barclays.
Congrats on a very strong set of results. So first question is really the follow-up on the previous one on the food margins. I think in the last quarter, you talked about Q4 delivery margins should be up sequentially from Q3. I want to confirm that's still the case, but more importantly, looking into 2026, just want to get a better understanding on the sort of the pace of the margin expansion for the food business. And what are some of the factors may kind of make it faster or slower in terms of expanding the margins for the delivery business for '26. And my second question is around another way to monetize the delivery business. I think a couple of quarters ago, you may have talked about some of your thoughts around in-store kind of newer monetization, I recall you might have mentioned something to stop at these trials in '26. I was just wondering if there's any update around that? What may be the sort of the modality around that type of in-store monetization?
Jiong, I will address your question regarding food margins. Our approach to deliveries is a portfolio strategy. As Alex mentioned earlier in his response to Divya, our delivery product portfolio is extensive, especially when compared to our mobility business. We have the food business and Mart, which includes both grocery and non-grocery segments. Additionally, we offer other food products such as group orders and dine-out features that enhance our marketplace. Overall, our approach to the margins in deliveries is to consider it as a holistic deliveries business that we continue to optimize. There may be quarterly fluctuations where we invest more in adopting products or launching new ones, which you have seen in the past quarters. However, our core food margins are showing consistent improvement, which is essential as this segment is our most developed within the overall deliveries portfolio.
We're also focusing on grocery and Mart deliveries, which remain underrepresented, accounting for only 10% of our total deliveries. We are actively pushing our other offerings and increasing cross-selling across our footprint and Mart products. We aim to boost the adoption of the new products introduced this year. As a strategic move, our portfolio approach ensures that margins trend upward, although the composition of these margins will vary significantly as we grow our deliveries business. As different countries execute their strategies, each nation's margin profiles may differ, reflecting our selective investment in certain areas. Overall, the trajectory indicates positive growth. The monetization connected to our portfolio is crucial, and advertising plays a significant role in this. We're successfully bringing more advertisers onto our platform. The dine-out service today integrates online transactions through the Grab app with offline experiences, including in-store dining and reservations. This omni-commerce approach is vital for monetization while also supporting our merchants in increasing their earnings and traffic.
Thank you very much for joining the call. We truly value your time. Anthony, Alex, and I want to extend our gratitude, particularly to our driver community, our merchant partners, and our users and shareholders for their ongoing trust in us at Grab. I also want to thank the Grab team for a successful quarter. We're excited about finishing the year stronger than ever. The IR team, including Ken, Doug, and I, will be traveling to various IR conferences in Europe, the U.S., Hong Kong, and Singapore in the coming weeks, so if you'd like to meet, please reach out to the IR team. We would love to connect with you in person. Until then, we'll talk at the next quarterly earnings call. Thank you, everyone.
This concludes Grab's Third Quarter 2025 Earnings Conference Call. Thank you for your participation. You may now disconnect.