As of Q4'25, GRAB's latest reported operating expenses show R&D Expenses at USD 91M and SG&A Expenses at USD 211M. This represents a slight decrease in R&D spending and a marginal decline in SG&A expenses compared to the previous quarter. Analyzing the period from Q1'23 to Q4'25, both R&D and SG&A expenses have exhibited moderate fluctuations but no sustained upward or downward trend. R&D Expenses peaked at USD 129M in Q1'23 before generally trending lower, while SG&A Expenses have remained the dominant cost component, consistently ranging between USD 194M and USD 235M. The data suggests that while GRAB maintains a stable cost structure, SG&A continues to represent the bulk of its operating expenses over the observed timeframe.