PT GoTo Gojek Tokopedia (GOTO) Q2 2025 earnings summary

Executive summary

• Achieved record group core GTV growth of 43% year-on-year, net revenue up 23%, and adjusted EBITDA reached Rp427 billion ($26.3 million), marking the third consecutive quarter of positive group EBITDA.

• Positive adjusted operating cash flow of Rp313 billion ($19.3 million) and strong performance in both fintech and on-demand services segments.

• Upgraded technology infrastructure, completed major cloud migration, and launched a locally optimized AI model, Sahabat-AI, to drive efficiency and innovation.

• Strengthened management team with new appointments and expanded tech hubs across Asia to support operational excellence and long-term growth.

• Strategic partnership with TikTok led to deconsolidation of TOKO, now recognized as an associate, with a gain of Rp16,224 million.

Financial highlights

• Group adjusted EBITDA improved by Rp491 billion ($30.2 million) year-on-year; group EBITDA (including share-based compensation) was Rp292 billion ($18 million), up Rp874 billion ($53.8 million) year-on-year.

• Net revenues for the six months ended 30 June 2025 were Rp8,558,969 million, up from Rp7,737,412 million year-over-year.

• Cash position as of June 30, 2025: Rp18.2 trillion ($1.1 billion) in cash, cash equivalents, and short-term deposits.

• Cumulative share buyback of Rp2.1 trillion completed, with an additional Rp3.3 trillion quota effective through June 2026.

• Net loss attributable to owners was Rp580,013 million, a significant improvement from Rp2,699,585 million in the same period last year.

Outlook and guidance

• On track to meet full-year adjusted EBITDA guidance of Rp1.4–1.6 trillion and fintech loan book target of Rp8 trillion by year-end.

• Profitability expected to be further supported by the TikTok partnership in e-commerce.

• Confident in sustaining fintech growth and maintaining strong credit quality, with continued expansion in both affluent and mass market segments.

• On-demand services expected to maintain stable margins and strong profitability, targeting at least Rp1.1 trillion adjusted EBITDA for the year.

• Focus on expanding user base and loan book in financial technology, maintaining healthy delinquency rates.