PT GoTo Gojek Tokopedia (GOTO) Q1 2025 earnings summary

Executive summary

• Achieved record profitability in Q1 2025, with group adjusted EBITDA reaching IDR 393 billion ($24 million) and strong momentum despite Ramadan seasonality.

• Group net revenue rose 37% year-on-year to IDR 4.2 trillion, with core GTV up 54% to IDR 83.2 trillion and group GTV up 24% to IDR 144.6 trillion.

• Maintained a solid cash position of IDR 21 trillion ($1.3 billion) as of March 31, 2025, and executed a share buyback of IDR 1.6 trillion ($99 million).

• Integrated ecosystem and focus on premium users, product innovation, and technology investments drove engagement, cost efficiencies, and improved margins.

Financial highlights

• Group adjusted EBITDA improved by IDR 494 billion year-on-year to IDR 393 billion, with a margin of 0.3% of GTV.

• Fintech net revenue surged 90% year-on-year to IDR 1.2 trillion; adjusted EBITDA reached IDR 47 billion, up IDR 295 billion year-on-year.

• On-demand services net revenue grew 33% year-on-year to IDR 3.0 trillion; adjusted EBITDA up 89% to IDR 314 billion, with a 2% margin.

• Cash, cash equivalents, and short-term deposits stood at IDR 21 trillion ($1.3 billion) as of March 31, 2025.

• Take rate increased to 2.9% from 2.6% pro forma year-on-year.

Outlook and guidance

• Full-year 2025 adjusted EBITDA guidance maintained at IDR 1.4–1.6 trillion, with continued growth and profitability expected.

• On-demand services revenue and profitability projected to grow through 2025, with low to mid-teens GTV growth targeted.

• Loan book guidance set at over IDR 8 trillion by year-end.

• Outlook subject to risks including market competition, cost inflation, and macroeconomic conditions.