In Q4'25, GRAB's total operating expenses reached $201M USD, comprising $90M USD in R&D expenses and $211M USD in SG&A expenses, reflecting a slight uptick in SG&A driven by potential seasonal factors while R&D continued its downward trajectory. Over the period from Q1'23 to Q4'25, R&D expenses exhibited volatility with an initial decline from $129M USD to $90M USD, including a notable rebound to $121M USD in Q1'25 before resuming a downward trend, suggesting efforts to optimize innovation spending amid market pressures. In contrast, SG&A expenses remained relatively stable, fluctuating between $194M USD and $235M USD with no clear directional bias, underscoring consistent administrative and sales costs that form the bulk of operating expenses at approximately 70-80% of the total in most quarters. Overall, the stacked bar chart highlights a modest reduction in total operating expenses from a peak of around $335M USD in Q1'23, pointing to improved cost discipline despite ongoing variability.