Grab Q3'25: Few Less Impressive Prints, Hold.
Stocks were red hot into earnings, I'll point straight to four areas that requires some attentions. The rest performed as expected.
GRAB, a position acquired in October 2024, reported good Q3’25.
However, the stock felt red hot into the earnings.
In this report, I dive straight into four underlying growth drivers that require owners’ attention.
On Q3’25. I invite you to skim the overall headlines (Q3’25 presentation here) — I won’t discuss the obvious. Then focus on:
Drivers and customers’ incentives
Financial services growth is not so remarkable
$5.5B cash position, $250M wasted.
Velocity of product release, and advertising’s growth.
Then we’ll revisit why Sleep Well owns Grab and whether a ~24x free cash flow valuation is attractive/unattractive for the Sleep Well Portfolio.
Read our previous write-up on Grab for more context.
Q1’25 - Tariff Review, Q1 Update
Q3’24 - Update
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