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As of the latest data point for Q4'25, GRAB's EV/EBITDA stands at 30.07, marking a significant moderation from the previous quarters. This value reflects a continued positive EV/EBITDA ratio, following a period of extreme volatility over the last two years. From Q1'23 to Q2'24, the EV/EBITDA ratio was deeply negative, reaching a low of -150.33 in Q2'24, indicating substantial operational challenges or negative EBITDA. However, starting in Q3'24, there was a dramatic turnaround, with the ratio surging to 356.98 and peaking at 637.89 in Q4'24, before normalizing to 162.22 in Q1'25 and further down to 30.07 by Q4'25. This trend highlights a period of significant financial recovery and stabilization after a prolonged downturn, with the most recent quarters suggesting improved profitability and a return to more sustainable valuation levels. The chart covers the period from Q1'23 to Q4'25.