PT GoTo Gojek Tokopedia (GOTO) Q4 2024 earnings summary

Executive summary

• Achieved record highs in GTV, revenue, and adjusted EBITDA in 2024, with group adjusted EBITDA turning positive at IDR 386 billion, up from a loss of IDR 2.3 trillion in FY23, and consistent quarter-on-quarter improvements.

• Core GTV surged 58% year-on-year to IDR 268.2 trillion, with 4Q24 core GTV up 66% year-on-year to IDR 79.2 trillion.

• Fintech segment became adjusted EBITDA positive in Q4, driven by GoPay app and lending expansion, with monthly transacting users up 35% year-on-year to 20.2 million.

• On-demand services strengthened market leadership, with robust top-line gains in transport and food delivery, and record adjusted EBITDA of IDR 267 billion in Q4.

• Net loss narrowed by 99% year-on-year in 4Q24 to IDR 1.1 trillion and by 96% for the year to IDR 3.1 trillion.

Financial highlights

• FY24 Group GTV reached IDR 519.8 trillion, up 29% year-on-year; Group Core GTV was IDR 268.2 trillion, up 58% year-on-year.

• Gross revenue hit IDR 18.1 trillion for the year, up 30% year-on-year, and IDR 5 trillion in Q4, up 28% year-on-year.

• Recurring cash fixed costs reduced by 3% year-on-year; group adjusted EBITDA for Q4 surged 348% year-on-year to IDR 399 billion.

• Cash, cash equivalents, and short-term deposits stood at IDR 21 trillion (US$1.3 billion) as of December 31, 2024.

• Repurchased 23.6 billion shares (~IDR 1.5 trillion/US$91 million) and cancelled 10.3 billion treasury shares in 2024.

Outlook and guidance

• 2025 group adjusted EBITDA guidance: IDR 1.4–1.6 trillion (US$87–99 million), with ODS expected to deliver at least IDR 1.1 trillion and fintech at least IDR 300 billion.

• Loan book projected to exceed IDR 8 trillion (US$495 million) by end-2025, with stable delinquency rates.

• Anticipates continued margin improvement and top-line growth, leveraging AI and product innovation.

• Guidance based on current market conditions, with risks from competition, cost inflation, and macroeconomic factors.

• Advertising revenue expected to grow faster than Food GMV in 2025.