Grab is spending $1.49 billion of cash on a lender

Grab runs one app across eight Southeast Asian countries and more than 900 cities. People use it to order food, send parcels, book a ride and pay for things. It already sells money services too. Those include payments, insurance, loans to its drivers, and digital banks in Singapore, Malaysia and Indonesia. [C4][C4] About GrabGrab is a leading superapp in Southeast Asia, operating across the deliveries, mobility and digital financial services sectors. Serving over 900 cities in eight Southeast Asian countries – Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam – Grab enables millions of people every day to order food or groceries, send packages, hail a ride or taxi, pay for online purchases or access services such as lending and insurance, all through a single app. ... As part of our financial services offerings, we also provide digital banking services through GXS Bank in Singapore, GXBank in Malaysia and Superbank in Indonesia.Grab Holdings Limited announcement of the Atome Financial purchase, filed as an exhibit September 15, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1855612/000185561226000133/exhibit991-atometransactio.htm Nearly 54 million people use the app in a typical month. [C5][C5] Complementary Capabilities and VisionCombining these strengths means greater access to flexible payment options for Grab's ecosystem of nearly 54 million Monthly Transacting Users, and more cross-sell opportunities for Grab into Atome Financial's network of over 30,000 brands.Grab Holdings Limited announcement of the Atome Financial purchase, filed as an exhibit September 15, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1855612/000185561226000133/exhibit991-atometransactio.htm

Atome Financial lends money. It offers pay-later credit at checkout, cash loans and cards. It works in Singapore, Malaysia, the Philippines, Indonesia and Thailand. Advance Intelligence Group owns it. Grab says Atome has served 25 million people in eight years. It says Atome has about $1 billion of loans out. Those figures come from Atome's own books and have not been audited. [C6][C6] Announcement summaryAtome Financial operates in Singapore, Malaysia, the Philippines, Indonesia and Thailand 3 and serves 25 million cumulative transacted users 4.Grab Holdings Limited announcement of the Atome Financial purchase, filed as an exhibit September 15, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1855612/000185561226000133/exhibit991-atometransactio.htm [C7][C7] Enhancing credit capabilities to drive scale, and footnotesAtome Financial's $1 billion gross loan portfolio 6 has maintained disciplined credit quality, with delinquency rates improving or stable across borrower cohorts. Its loan book has been managed with prudent loss provisioning throughout its growth.Grab Holdings Limited announcement of the Atome Financial purchase, filed as an exhibit September 15, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1855612/000185561226000133/exhibit991-atometransactio.htm

Atome's parent is backed by SoftBank Vision Fund 2, Warburg Pincus, Ares and Singapore's EDBI. [C14][C14] About Atome FinancialAtome Financial is part of Singapore-headquartered Advance Intelligence Group, which is backed by top tier investors SoftBank Vision Fund 2, Warburg Pincus, Ares, and Singapore-based global investor EDBI.Grab Holdings Limited announcement of the Atome Financial purchase, filed as an exhibit September 15, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1855612/000185561226000133/exhibit991-atometransactio.htm

The first promise is the purchase. Grab pays $1.49 billion in cash for 60% of Atome Financial. About $0.26 billion of that does not go to the sellers. It goes into Atome as new money to grow with. Grab expects the deal to close by the third quarter of 2027. Regulators have to agree first. Atome's own managers stay and keep running it. [C1][C1] Transaction DetailsGrab will acquire a controlling 60% equity interest in Atome Financial in cash for $1.49 billion, of which $0.26 billion is primary growth capital ("Phase 1"). The transaction is expected to complete by the third quarter of 2027, subject to regulatory approvals and other customary closing conditions.Grab Holdings Limited announcement of the Atome Financial purchase, filed as an exhibit September 15, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1855612/000185561226000133/exhibit991-atometransactio.htm [C8][C8] Transaction DetailsFollowing completion of the transaction, Grab will financially consolidate Atome Financial into its Financial Services segment and Atome Financial's management team will continue to drive the growth of the Atome Financial business.Grab Holdings Limited announcement of the Atome Financial purchase, filed as an exhibit September 15, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1855612/000185561226000133/exhibit991-atometransactio.htm

The second promise is the rest of the company. This is the part with no price on it. About two years after the first deal closes, Grab buys the remaining 40%. What it pays turns on how Atome does in the six months before that day. The formula takes 13 times Atome's yearly earnings before interest, tax and write-downs. It also takes 2.5 times its yearly revenue. It leans three quarters on the first number. Whatever comes out, the value is capped at $4.5 billion and floored at $2.0 billion. At least half of it has to be cash. [C2][C2] Transaction DetailsGrab has also agreed with AIGL and the other sellers to acquire the remaining 40% equity interest in Atome Financial approximately two years after the completion of this transaction ("Phase 2"). This is subject to regulatory approvals and other customary closing conditions and at a pre-agreed valuation framework rather than a fixed price, tying the consideration to Atome Financial's actual performance over the period between Phase 1 closing and Phase 2 closing. At least 50% of the consideration will be settled in cash. The formula applies a multiple of 13.0x annualized adjusted EBITDA and 2.5x annualized Revenue, each measured based on the six-month period immediately prior to the Phase 2 closing and weighted at 75% and 25%, respectively. The resulting equity valuation is subject to a floor of $2.0 billion and a cap of $4.5 billion.Grab Holdings Limited announcement of the Atome Financial purchase, filed as an exhibit September 15, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1855612/000185561226000133/exhibit991-atometransactio.htm

Grab says the whole thing comes out of money it already has. It says the deal should add to group earnings once it closes. It says it does not touch the buyback. [C9][C9] Financial OutlookThe transaction is funded entirely from our existing cash, is expected to be accretive to Group Adjusted EBITDA upon completion, and does not affect our ongoing share repurchase program.Grab Holdings Limited announcement of the Atome Financial purchase, filed as an exhibit September 15, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1855612/000185561226000133/exhibit991-atometransactio.htm

The buyback is the other news of the day. Grab says it will spend the roughly $900 million left on its board's approvals over the next twelve months. That would take the total bought back since 2024 to about $1.75 billion. Grab says that at today's share price it would retire more than a tenth of its shares. This money also comes out of cash. At the end of June, Grab held $7.4 billion in cash and similar holdings. That was $5.4 billion after what it owes. [C10][C10] Grab Intends to Complete the Remaining $900 Million of its Share Repurchase Authorization Over the Next 12 MonthsGrab intends to execute the remaining approximately $900 million under its approved share repurchase programs over the next 12 months, bringing cumulative repurchases since 2024 to $1.75 billion ... Assuming that the remaining repurchases were made based on the current market share price level, over 10% of Class A ordinary shares outstanding would have been repurchased.Grab Holdings Limited announcement on completing its share repurchase programs, filed as an exhibit September 15, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1855612/000185561226000135/grab-sharerepurchasepr.htm [C3][C3] Grab Intends to Complete the Remaining $900 Million of its Share Repurchase Authorization Over the Next 12 MonthsThe repurchases will be funded from Grab's existing cash reserves. Grab's gross cash liquidity 1 stood at $7.4 billion and net cash liquidity 2 at $5.4 billion as of June 30, 2026, providing a robust foundation to fund ongoing operations, invest in growth, and return capital to shareholders.Grab Holdings Limited announcement on completing its share repurchase programs, filed as an exhibit September 15, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1855612/000185561226000135/grab-sharerepurchasepr.htm

Grab raised its own targets on the back of it. It now says the money side of the business should earn $500 million a year by 2028. It says the loan book should pass $6 billion by then. It says the whole firm should earn $1.7 billion by 2028. It says revenue should grow more than 30% a year from 2025. Those are forecasts, not results. The earnings figures also leave out several real costs. [C11][C11] Announcement summaryGrab expects Financial Services Segment Adjusted EBITDA 1 of $500 million and a gross loan portfolio of over $6 billion by 2028, including Atome Financial ● Grab upgrades 2028 targets to $1.7 billion in Adjusted EBITDA 2 and a 30%+ Group revenue CAGR from 2025 to 2028Grab Holdings Limited announcement of the Atome Financial purchase, filed as an exhibit September 15, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1855612/000185561226000133/exhibit991-atometransactio.htm [C12][C12] Footnote 2Adjusted EBITDA is a non-IFRS financial measure. Adjusted EBITDA is calculated as profit (loss) for the period adjusted to exclude: (i) net finance income (costs), including interest income (expenses), foreign exchange gain (loss) and changes in fair value of financial assets and liabilities, (ii) net other income (expenses), (iii) income tax expenses (credit), (iv) depreciation and amortization, (v) share-based compensation expenses, (vi) costs related to mergers and acquisitions, (vii) impairment losses on goodwill and non-financial assets, (viii) restructuring costs, (ix) legal, tax and regulatory settlement provisions, and (x) other items not indicative of our ongoing operating performance.Grab Holdings Limited announcement of the Atome Financial purchase, filed as an exhibit September 15, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1855612/000185561226000133/exhibit991-atometransactio.htm

Regulators in five countries have not approved the purchase. Grab does not say when they will answer. It only says it expects to close by the third quarter of 2027. [C1][C1] Transaction DetailsGrab will acquire a controlling 60% equity interest in Atome Financial in cash for $1.49 billion, of which $0.26 billion is primary growth capital ("Phase 1"). The transaction is expected to complete by the third quarter of 2027, subject to regulatory approvals and other customary closing conditions.Grab Holdings Limited announcement of the Atome Financial purchase, filed as an exhibit September 15, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1855612/000185561226000133/exhibit991-atometransactio.htm

The price of the last 40% is unknown. A formula sets it off future results. Only the $2.0 billion floor and the $4.5 billion ceiling are fixed today. [C2][C2] Transaction DetailsGrab has also agreed with AIGL and the other sellers to acquire the remaining 40% equity interest in Atome Financial approximately two years after the completion of this transaction ("Phase 2"). This is subject to regulatory approvals and other customary closing conditions and at a pre-agreed valuation framework rather than a fixed price, tying the consideration to Atome Financial's actual performance over the period between Phase 1 closing and Phase 2 closing. At least 50% of the consideration will be settled in cash. The formula applies a multiple of 13.0x annualized adjusted EBITDA and 2.5x annualized Revenue, each measured based on the six-month period immediately prior to the Phase 2 closing and weighted at 75% and 25%, respectively. The resulting equity valuation is subject to a floor of $2.0 billion and a cap of $4.5 billion.Grab Holdings Limited announcement of the Atome Financial purchase, filed as an exhibit September 15, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1855612/000185561226000133/exhibit991-atometransactio.htm

Atome's numbers have not been checked by an auditor. Grab labels the loan book and the credit quality figures as unaudited. [C7][C7] Enhancing credit capabilities to drive scale, and footnotesAtome Financial's $1 billion gross loan portfolio 6 has maintained disciplined credit quality, with delinquency rates improving or stable across borrower cohorts. Its loan book has been managed with prudent loss provisioning throughout its growth.Grab Holdings Limited announcement of the Atome Financial purchase, filed as an exhibit September 15, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1855612/000185561226000133/exhibit991-atometransactio.htm

Grab does not have to buy back any set number of shares. It says the plan depends on the market and the share price. It says it is not obligated to buy any. [C13][C13] Grab Intends to Complete the Remaining $900 Million of its Share Repurchase Authorization Over the Next 12 MonthsRepurchases may be made from time to time through open market transactions at prevailing market prices, privately negotiated transactions, block trades and/or through other legally permissible means, or any combination thereof, depending on market conditions and the trading price of the Company's Class A ordinary shares, among other factors, and in accordance with applicable law. The Company's Board of Directors will continue to review the share repurchase programs periodically, and may amend the terms and size of the programs. Notwithstanding this announcement, the Company is not obligated to acquire any particular amount of Class A ordinary shares.Grab Holdings Limited announcement on completing its share repurchase programs, filed as an exhibit September 15, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1855612/000185561226000135/grab-sharerepurchasepr.htm

Nothing here says what Atome earns or loses today. Grab gives a loan book and a 2028 target. It gives no profit figure for the business it is buying. [C7][C7] Enhancing credit capabilities to drive scale, and footnotesAtome Financial's $1 billion gross loan portfolio 6 has maintained disciplined credit quality, with delinquency rates improving or stable across borrower cohorts. Its loan book has been managed with prudent loss provisioning throughout its growth.Grab Holdings Limited announcement of the Atome Financial purchase, filed as an exhibit September 15, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1855612/000185561226000133/exhibit991-atometransactio.htm [C11][C11] Announcement summaryGrab expects Financial Services Segment Adjusted EBITDA 1 of $500 million and a gross loan portfolio of over $6 billion by 2028, including Atome Financial ● Grab upgrades 2028 targets to $1.7 billion in Adjusted EBITDA 2 and a 30%+ Group revenue CAGR from 2025 to 2028Grab Holdings Limited announcement of the Atome Financial purchase, filed as an exhibit September 15, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1855612/000185561226000133/exhibit991-atometransactio.htm