Thank you for being with us today. My name is Tyler, and I will be your operator for this session. Welcome to Grab's Third Quarter 2025 Earnings Results Call. I will now hand it over to Douglas Eu to begin.

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.

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, in response to your guidance question, you can see our performance from Q1 to Q3 shows consecutive quarter-on-quarter growth in our EBITDA guidance, supported by the top line growth Alex mentioned. Our deliveries business is growing at a rate of 26%, and our mobility business is seeing a 20% increase as well. Additionally, our financial services are experiencing a 40% revenue growth, and our loan book is reaching all-time highs. This indicates strong overall momentum from the top line. At the same time, we are disciplined about our cost structure, with regional corporate costs increasing only 8% year-over-year. More importantly, we are seeing about a 150 basis points improvement in operating leverage related to our regional corporate costs as a percentage of revenue. This will be crucial as we focus on spending wisely. We expect robust top line growth to continue into the fourth quarter, which historically is our strongest quarter, and we are on track to deliver on the commitments Alex made regarding affordability, reliability, and accessibility. Therefore, we are 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 approach Q1, which tends to be our softer season, we still anticipate maintaining 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 for those questions. Let me address them. Our MTU growth, particularly for on-demand services, increased by 14% year-on-year, and our daily transaction units outpaced monthly transactions, showing our success in integrating into the daily lives of people in Southeast Asia. On-demand transactions witnessed a 27% growth, indicating an increase in transaction frequency. This aligns with our strategy to enhance demand, supply, service quality, and further stimulate demand. In terms of demographics, Saver deliveries have played a crucial role in attracting new users, with nearly one-third of new MTUs joining through this channel. This trend is also evident in our transport services with GrabBike Saver and GrabCar Saver drawing in many MTUs. Furthermore, high-value services are experiencing rapid growth, with high-value rides up 66% year-on-year and priority delivery also performing well. This dual growth at different pricing levels is encouraging. It's essential to note that we are successfully cross-selling and retaining these newcomers, which builds long-term customer value. Even with this substantial MTU growth, the GMV spend per MTU rose 7% year-on-year, indicating that our affordability strategy is attracting new customers and enabling us to deepen our value proposition for existing ones. This growth is seen across both large and small cities, although it tends to lean towards younger customers for Saver products. Overall, our product-driven approach for deliveries and mobility is gaining momentum. Regarding future growth rates, we believe that our MTU penetration in Southeast Asia remains low given the population size and increasing spending power. The accelerated growth we've seen over the past three quarters can be attributed to three sustainable factors: product-led viral growth, the strength of our GrabUnlimited subscription program, which has grown by 14% year-on-year, and the expanding GrabMart opportunity, particularly with the GrabMore functionality that allows users to combine grocery orders with their food delivery. This development is proving popular and will help enhance GrabMart's growth. While we remain focused on sustainable growth and absolute EBITDA growth, we also see margin improvements this quarter for both mobility and delivery. Although new product launches can occasionally lead to margin fluctuations, we expect margins to recover to average levels for the year. Long-term, we anticipate achieving delivery margins of over 4% and mobility margins above 9% without compromising growth. We expect on-demand GMV in the fourth quarter to increase sequentially from the third quarter, leading to record GMV levels by the end of 2025 and a strong start to 2026. We also believe that delivery margins will continue to grow next year as we invest in new product initiatives and grocery expansion, which is gaining increasing 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 then I'll ask Anthony to discuss the macro aspect. Regarding our capital allocation framework, there haven't been any changes in our approach. Our focus remains on three key pillars. The first is investing for organic growth, which you can see reflected in our business's profitability and growth. Some of this growth has also come from product adjacencies and tuck-ins we've implemented. Organic growth is vital for us. For instance, in Q3, our loan dispersal hit around $3.5 billion on an annualized basis, marking a year-over-year increase of about 56%, primarily from our balance sheet. This is an excellent use of capital as it provides a higher return, exceeding our average cost of capital, and we plan to continue utilizing the balance sheet as we recycle those loans. This is just one instance of our organic investment. We're also allocating some capital towards new products that we plan to release in 2026. The second pillar involves highly selective M&A, which tends to be more opportunistic and speculative. We maintain a high standard for these investments, focusing on longer-term initiatives like autonomous vehicles. We've made significant investments, such as our announcements with WeRide and May Mobility, which align with our goal of leading in autonomous vehicle deployment in Southeast Asia. However, we ensure that any M&A opportunities provide significant synergies. For the third pillar, any excess capital will be returned to our shareholders. These three aspects are crucial for us, and we believe that our recent capital raise will enhance our strategic flexibility in the best interest of our investors. We'll keep exploring long-term growth opportunities, as Alex mentioned, to create maximum value for our shareholders. We're always careful in managing our capital and balance sheet. I hope this addresses your question. Anthony, could you provide insights on 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 designed 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. The first is related to the GrabMart business, particularly how it is growing faster than full delivery. I'm interested in which geographic regions are contributing to this growth and what major initiatives you plan to implement to expand this segment significantly. I'm asking because grocery has a relatively small penetration compared to the overall total addressable market in the region. Are there any thoughts on new models like quick commerce or changes in the landscape that could help scale this business? My second question is a follow-up regarding the investments in the autonomous tech company. I want to know if these investments are primarily for securing technology or are they more of a financial nature. Additionally, could you provide an update on the current progress regarding the rollout of autonomous technology?

Thanks, Venu. This is Alex. I'll take the first question, and then Anthony will address the one about autonomous vehicles. You're correct that our grocery business, GrabMart, is relatively small compared to our overall deliveries, accounting for only about 10 percent of total deliveries GMV. This is minor in relation to the total addressable market you've identified. However, we are witnessing growth in GrabMart across all markets. A key factor contributing to this growth is the introduction of GrabMore, which enables customers to add groceries to their food orders for no additional delivery cost, proving to be effective for cross-selling groceries. GrabMart is outpacing food delivery growth, expanding at 1.5 times faster. Additionally, users who order both food and groceries exhibit order frequencies that are 1.8 times higher than those who only order food, indicating it strengthens customer loyalty and long-term value. Regarding business models, we are testing some new approaches that could broaden our total addressable market. In Malaysia, for instance, we are experimenting with quick commerce around specific Jaya stores, effectively utilizing inventory without raising fixed costs, thereby significantly increasing order volumes. Even though these trials primarily focus on groceries, we have noted a rise in demand for quick delivery options. There is potential for further development in this area, and we are also starting trials in other countries like Indonesia in partnership with key players. So, stay tuned, as we are in the early stages of grocery-focused initiatives while exploring new models that can help us tap into larger future opportunities. Now, Anthony, over to you on autonomous vehicles.

Yes. Thank you, Venugopal. Let me talk about the plans and our strategy regarding 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.

Your next question comes from the line of Wei Fang with Mizuho Securities.

I have one 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.

Thank you, Wei. I appreciate your question. We are indeed accelerating our financial services growth and reaffirming our goal to surpass a $1 billion loan book, excluding credit loss provisions, by the end of 2025. This quarter has shown an increase in loan dispersals, reaching a $3.5 billion run rate annually, which reflects a 56% year-on-year growth, indicating strong underlying growth. As you've pointed out, we are seeing an uptick in expected credit losses based on the models we use to plan for future growth. This is a natural result of our expansion and involves upfront provisioning in our lending accounting. It's important to note that this will be balanced against the revenue generated from those loans over their lifespan. With this accelerated growth, you can expect the expected credit losses to flow through the profit and loss statement and be reflected on the balance sheet as seen this quarter. However, if we focus solely on the performance of the Financial Services business without accounting for those provisions, our adjusted EBITDA improved by about $4 million quarter-on-quarter and $17 million year-on-year. This is a significant indicator as it shows our operating leverage from the business's growth. Regarding what we've learned from our customers, we operate in many ways as a data science company, continuously analyzing various data points from our ecosystem. Unlike traditional banks, we can tap into unconventional markers to assess repayment likelihood, enabling us to underwrite segments of the Southeast Asian population that currently lack access to credit, often termed underbanked or unbanked. Our mission focuses heavily on financial inclusion, helping individuals establish a credit record. Approximately one-third of our customers previously could not access credit due to not being listed on credit bureaus before borrowing from Grab and our financial subsidiaries. It's crucial for us and aligns with our vision to help these individuals. Their repayment history has been encouraging, as they understand that by repaying us, they begin to build a credit record, allowing them to participate in Southeast Asia's financial and economic growth. As we introduce new products, our credit models require time to develop. However, this quarter, we see that our credit models across the banks and GFIN are maturing, with new models continuously being launched. We're also increasing the speed at which our data science enhances these models. Consequently, as we move into the fourth quarter, we anticipate an acceleration in the loan book size, and we expect that momentum to continue into 2026.

Your next question comes from the line of Mark Mahaney with Evercore ISI.

I have two questions. First, regarding consumer incentives, can you discuss how we should view their sustainability going forward? There has been some volatility with periods of leverage and deleverage. Are you operating at a sustainable level, or should we anticipate future leverage against these incentives? Second, I would like to know more about the intensity of advertising revenue and its current trajectory. Can you provide additional insights on that, including any new areas of strength and expectations for growth in this segment over the next year or two?

Mark, Alex here. Let me address that. We've seen a slight decrease in consumer incentives this quarter. We believe we can maintain these levels going forward, thanks to the positive impact from our recent viral product rollouts. This allows us to keep the incentive level lower while still driving growth in deliveries and maintaining high mobility transaction volumes, which have increased by 30%. Notably, we've achieved this reduction in incentives quarter-on-quarter. However, I should mention that we have had to slightly increase driver incentives due to a significant rise in demand, which is necessary to ensure we uphold our service quality and reliability. So, while consumer incentives may fluctuate from quarter to quarter, we feel we are at a stable level right now. Regarding our advertising efforts, as we expand, we become increasingly appealing to advertisers, including both platform merchants and FMCG customers. On the food front, we anticipate continued growth in advertising penetration, gradually increasing into next year. We have seen a 15% year-on-year rise in the number of quarterly active advertisers using our self-serve platform, demonstrating that more advertisers are joining us—many leveraging our self-serve features. Furthermore, the average expenditure of these active advertisers on the platform grew by 41%. Once advertisers experience the platform, they recognize its effectiveness in generating return on advertising spend and tend to increase their budget. These trends serve as positive indicators for our anticipated growth in advertising-related deliveries. As we develop the GrabMart business, we expect to draw in more FMCG advertisers, and looking at models from other regions, online grocery advertising penetration is often higher than that of online food businesses. Therefore, as we scale up, we expect to improve in this area as well. We are very optimistic about the advertising segment of our business, which we view as a key long-term driver of 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? So 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 six 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. Yes, generally, the Mart business has lower margins compared to food deliveries at this stage, largely due to the pace of growth. Additionally, as we become larger, we become more valuable to FMCG advertisers. While there's significant interest from efficacy advertisers, we remain relatively small in the broader commerce landscape. Thus, sustaining our growth is vital to improving margins on the GrabMart side. In Indonesia, our deliveries business continues to see strong growth, with year-on-year increases in the high teens for the past quarter. While margins are stable, we are generating considerable growth from this scenario. As I mentioned, expanding is essential to fully capitalize on the Mart business opportunities. In Malaysia, we've reached our target margin of around 4%, which allows us to experiment with new models in instant commerce. This approach enables us to drive further growth by leveraging the asset configuration we have with Jaya Grocer, for instance. There are variations across markets, but we're taking a portfolio approach to ensure we meet our margin targets across different countries and verticals. This way, we can achieve high growth while maintaining our margin progression towards our long-term goals shared previously. Moving on to Financial Services, we are approaching our breakeven year and reiterating that we will achieve breakeven overall as a segment in the second half of the year, with banks expected to break even in the fourth quarter. Key milestones relate to loan disposals, which are now accelerating toward an annualized run rate of $3.5 billion this quarter. Our credit models are maturing effectively, and we now offer flexi loan products in all three bank markets and have introduced a flexi loan product through our non-bank financial company in the Philippines. We’re also extending personal loan offerings in other areas beyond where our three banks operate, sharing expertise in credit modeling, which has proven very successful. Our focus on data science is critical as these models advance. You can observe that although EBITDA may fluctuate with ECLs impacting the P&L and balance sheet, the segment's adjusted EBITDA excluding credit loss provisions is consistently improving, indicating we're on track to hit breakeven targets. Keeping an eye on loan dispersal growth is essential; we are also achieving operating leverage on our cost base, which gives us confidence in effectively managing costs as we head into 2026. Regarding use cases, on the SME side, we are supporting merchants within the Grab ecosystem, which gives us excellent visibility into their cash flows. This position offers a unique advantage for our credit models compared to traditional banks. Small businesses will remain a significant focus for us, particularly gig workers, whom we can finance accurately. Our lending activities are yielding risk-adjusted returns comfortably above our cost of capital, and even as we grow, these returns have slightly improved quarter-on-quarter. We are expanding rapidly, yet still within our defined risk appetite given the performance of our credit models. I hope this clarifies how we can provide unique 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 that 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?

Let me address the question about food margins. Our approach to deliveries is a portfolio strategy. The delivery product range is extensive compared to our mobility business. We have the food business and the Mart, which combines grocery and some non-grocery items. Additionally, we offer various food products, such as group orders and dine-out options, all part of our comprehensive marketplace features. We believe it’s best to consider margins across our overall delivery operations as they continue to be optimized. There may be quarters where we invest more heavily during product launches or adoption phases, which you've witnessed in previous results. However, our core food margins are improving, which is what we aim for, as this sector is the most developed within our delivery offerings. We are also focusing on grocery or Mart deliveries, which remain under-penetrated, currently making up 10% of our overall delivery business. We’re actively promoting cross-selling among our diverse products, and we want to see increased adoption of these new offerings introduced this year. This strategy reflects a portfolio approach, and although the margins will show an upward trend, their composition may vary significantly as we grow our delivery sector. Different countries may exhibit varied margin profiles, adjusting our strategies based on specific market factors. Overall, we see a positive trend in margins, and the monetization aspect becomes crucial, especially regarding advertising, which enhances our delivery services. We're gaining more advertisers on our platform. The dine-out services we provide facilitate a seamless experience for users, linking online transactions through the Grab app to offline experiences, including in-store dining and reservations, making this omni-commerce approach vital for revenue growth and supporting our merchants in increasing their traffic and earnings simultaneously.

Thank you all for joining the call. We truly value your time. Anthony, Alex, and I want to extend our gratitude, especially to our driver community, merchant partners, and our users and shareholders for their ongoing trust in us at Grab. I also want to thank the entire Grab team for a successful quarter. We are eager to finish the year stronger than ever. Ken, Doug, and I will be on the road with the IR team, attending various investor relations conferences across Europe, the U.S., Hong Kong, and Singapore in the coming weeks. If you'd like to meet up, please reach out to the IR team. We would love to see you in person. Until then, we look forward to speaking at the next quarter earnings. Thank you, everyone.

This concludes Grab's Third Quarter 2025 Earnings Conference Call. Thank you for your participation. You may now disconnect.