Key Highlights¹

• Group core GTV⁴ grew 43% YoY to Rp89.8 trillion

• Net revenue increased 23% YoY to Rp4.3 trillion

• Group adjusted EBITDA³ reached Rp427 billion versus a loss in 2Q24

• Group EBITDA⁹ was positive for the third consecutive quarter, reaching Rp292billion versus a loss in 2Q24

• Financial Technology achieved record adjusted EBITDA³ of Rp88 billion, up Rp256 billion YoY driven by rising user engagement, and successful partnerships

• On-Demand Services delivered record adjusted EBITDA³ of Rp328 billion, up 264% YoY as the business focused on ecosystem integration, premium offerings, and merchant value creation

• GoTo reaffirms 2025 adjusted EBITDA³ guidance of Rp1.4-1.6 trillion and remains on track to meet full-year targets

Jakarta, Indonesia, August 13, 2025 – PT GoTo Gojek Tokopedia Tbk (IDX: GOTO, "GoTo Group" or the "Company"), the largest digital ecosystem in Indonesia, today announced its 2025 second quarter financial results. The Company set new records for Group core GTV^1,4, net revenue¹, EBITDA^1,9 and adjusted EBITDA^1,3, demonstrating GoTo's strong execution and the resilience of its integrated ecosystem. 

Patrick Walujo, GoTo Group CEO, said: “In the second quarter, we set new records, as Group core GTV^1,4, net revenue¹, EBITDA^1,9 and adjusted EBITDA^1,3 all reached new highs. Our investments in technology infrastructure, including our successful cloud migration, combined with rapid progress in our AI strategy, have removed bottlenecks and position us well for future growth. We remain firmly on track to meet our guidance as we seek to create a sustainable, customer-centric, technology business that supports the livelihoods of countless driver-partners and merchants across Indonesia.”

Simon Ho, GoTo Group CFO, said: “Our second-quarter results underscore the strength of our operating model and the disciplined execution of our strategy. We delivered record Group adjusted EBITDA^1,3 of Rp427 billion and positive adjusted operating cash flow¹⁰ of Rp313 billion, supported by meaningful top-line growth and improved cost efficiency across the ecosystem. As we scale, we’re unlocking operating leverage and applying strict financial discipline to sustain profitability, while driving long-term shareholder value.”

Group Highlights

Pro-Forma¹

Actual

GoTo maintained strong momentum in its topline, with Group core GTV^1,4 hitting Rp89.8 trillion, a 43% YoY increase. The Group's total GTV^1,2 climbed to Rp152.9 trillion, up 26% YoY, while net revenue¹ grew 23% YoY to Rp4.3 trillion. 

Group adjusted EBITDA^1,3 reached Rp427 billion, an improvement of Rp491 billion YoY, while EBITDA^1,9 was positive for the third consecutive quarter, reaching Rp292 billion, an improvement of Rp874 billion YoY. These improvements resulted from stronger revenue performance and better cost management. 

The Company delivered positive adjusted operating cash flow¹⁰ of Rp313 billion, demonstrating the strength of its strategy and sustained momentum in the business.

Profit from operations¹ also turned positive for the first time at Rp21 billion as the Group reduced its net loss¹ by 77% YoY to Rp222 billion.

GoTo's e-commerce service fee from PT Tokopedia reached Rp199 billion in the second quarter.

The Company maintains a solid cash position and balance sheet. As of June 30, 2025, the Company had Rp18.2 trillion, or US$1.1 billion, in cash, cash equivalents and short-term deposits.

GoTo completed its complex cloud migration in Q2 as it transitioned its systems to Alibaba Cloud and Tencent Cloud. The migration is expected to reduce annual cloud spend by more than 50 percent while providing greater agility and faster time-to-market for new features. It also supports Indonesia’s data sovereignty priorities, with all data stored and processed on Indonesia-based infrastructure.

The Company established new tech hubs in China to access one of the world's deepest pools of engineering expertise. This will accelerate the Company's product roadmap while elevating its entire engineering organization in Indonesia and elsewhere, through knowledge transfer.

The Company launched Sahabat-AI's 70-billion-parameter foundation model in the second quarter, trained and hosted entirely in Indonesia. The model can now operate across five local languages: Bahasa Indonesia, Javanese, Sundanese, Balinese and Bataknese in addition to a number of international languages.

At the General Meeting of Shareholders in June, GoTo strengthened its leadership team with key appointments including Catherine Hindra Sutjahyo as Vice President Director and Deputy CEO, Hans Patuwo in an expanded role as President of On-Demand Services while continuing as Group COO, and Sudhanshu Raheja as President of GoTo Financial.

Financial Technology

• Core GTV⁴ grew by 46% YoY to Rp82.2 trillion underpinned by growth in consumer payments.

• Net revenue grew by 76% YoY to Rp1.4 trillion underpinned by loan book expansion and growth in payments transactions. 

• Monthly transacting users reached 22.4 million, up 9% QoQ and 29% YoY, driven by increased adoption of the GoPay app.

• Adjusted EBITDA³ reached its third consecutive quarter of profitability at Rp88 billion, a Rp256 billion YoY improvement driven by loan book and payments business growth.

• Lending revenue⁷ grew by 130% YoY to Rp879 billion.

• Consumer loans outstanding principal⁶ expanded to Rp6.6 trillion, up 90% YoY and 15% QoQ, marking the ninth consecutive quarter of strong loan book growth. Loans disbursed to GoPay and Gojek users rose 96% YoY, highlighting the strength of the GoTo ecosystem.

• Introduced GoPay Pinjam on TikTok Shop, making GoTo the first platform in Indonesia to offer instant cash loans directly within the TikTok ecosystem.

• Launched Simpati TikTok, a strategic collaboration between Telkomsel, TikTok, and GoPay, offering tailored data packages for TikTok streamers, creators, and merchants.

• Launched Telkomsel Wallet by GoPay, a co-branded digital wallet embedded within the MyTelkomsel app.

• The Company remains confident in meeting its FY 2025 targets to increase the consumer loan book to Rp8 trillion while achieving at least Rp300 billion in adjusted EBITDA³.

On-Demand Services

• On-Demand Services GTV^2,5 grew 9% YoY to Rp16.4 trillion, as the Company focused on improving profitability while protecting market share.

• Net revenue⁵ increased by 13% YoY, reaching Rp3.0 trillion.

• Adjusted EBITDA³ increased by 264% YoY to Rp328 billion, the fifth consecutive quarter of adjusted EBITDA improvement.

• Mobility: 

  • Mobility GTV^2,5,8 grew by 10% to Rp6.0 trillion as operational performance continued to improve.

  • Mobility net revenue^5,8 increased by 13% YoY, reaching Rp727 billion.

  • Mobility adjusted EBITDA^3,8 increased by 16% YoY to Rp183 billion. This was achieved against a backdrop of intensified competition that prompted the use of strategic, targeted incentives to protect market share.

  • Premium features such as Faster Search continue to resonate with customers.

• Delivery: 

  • Delivery GTV^2,5,8 grew by 8% to Rp10.3 trillion. 

  • Delivery net revenue^5,8 increased by 14% YoY, reaching Rp2.3 trillion.

  • Delivery adjusted EBITDA^3,8 improved by Rp193 billion YoY, reaching Rp186 billion. 

  • Increased wallet share among higher-income users while widening reach across the broader consumer base, achieving a fourth consecutive quarter of margin expansion

  • Premium Food Express recorded its seventh sequential increase in GTV⁵ penetration.

  • Advertising revenue reached 1.8% of Food GMV at the end of second quarter, its fourth straight quarterly increase.

  • Merchant-funded promotion spend rose 118% YoY.

Environmental, Social and Governance (ESG)

GoTo continues its commitment to social responsibility and ESG best practices. Outcomes from the Company's efforts in 2Q25 include:

• Partnering with Green SM to launch GoGreen SM, a new service that offers fully electric vehicle taxis, significantly increasing the availability of four-wheel electric vehicles in the GoTo ecosystem.

• Supporting usage of urban public transit through collaboration with Transjakarta and PT Kereta Commuter Indonesia, integrating GoPay as a digital payment method to access Jakarta's public bus and commuter line systems.

• Continuing commitment to responsibly manage waste at events. A combined two tons of waste was collected from GoTo's Mitra Juara Gojek & GoPay event as well as Gojek's Ada Jalan festival in Makassar.

• Promotion of financial inclusion for Gojek driver-partners through the Pintar Bareng GoPay financial literacy programs.

2025 Company Outlook

GoTo expects continued growth and profitability, leveraging the value of its unique ecosystem. The Company reaffirms its full-year 2025 Group adjusted EBITDA³ guidance of Rp1.4-1.6 trillion and remains confident in meeting its targets. This outlook is based on current market conditions and reflects the Company's preliminary estimates, which are all subject to various uncertainties and risks including increasing market competition, cost inflation, macroeconomic conditions and other variables.

- END -

About GoTo Group

GoTo is the largest digital ecosystem in Indonesia. GoTo's mission is to 'empower progress' by offering technology infrastructure and solutions that help everyone to access and thrive in the digital economy. The GoTo ecosystem provides a wide range of services, including mobility, delivery, payments, financial services, and technology solutions for merchants. The ecosystem also provides e-commerce services through Tokopedia and banking services through its partnership with Bank Jago.

Forward-Looking Statements 

This document may contain forward-looking information or forward-looking statements including, but not limited to discussions of strategy, future plans and indicative financial performance (collectively, “forward-looking information”). Forward-looking information is based on the management’s current expectations, estimates, projections, and assumptions. While considered reasonable, these are subject to significant risks and uncertainties, including business, economic, competitive and other factors. Forward-looking information is not a guarantee of future performance, and undue reliance should not be placed on them as a basis for making any investment decision as they involve known and unknown risks, uncertainties and other factors (including the risks and uncertainties in GoTo’s consolidated financial statements and Management’s Discussion and Analysis available on the GoTo website), that may cause the actual or future results to differ materially from those expressed or implied by such forward-looking information. Any estimates, investment strategies or views expressed in this document are based upon current market conditions, and/or data and information provided by unaffiliated third parties, and are subject to change without notice. GoTo Group has not independently verified any information obtained from third-party sources, which may impact the accuracy of the assumptions made and conclusions drawn. Except as required by law, GoTo disclaims any obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise. Readers are cautioned not to put undue reliance on this forward-looking information, which should not be viewed, in and of itself, as any basis for making any investment decision.

Non-IFAS Financial Measures

GoTo Group uses a number of non-Indonesian Financial Accounting Standards (IFAS) financial measures including adjusted EBITDA, to understand and evaluate GoTo Group’s core operating performance. However, the definitions of GoTo Group’s non-IFAS financial measures may be different from those used by other companies, and therefore, may not be comparable. Furthermore, these non-IFAS financial measures have certain limitations in that they do not include the impact of certain expenses that are reflected in GoTo Group’s consolidated financial statements that are necessary to run GoTo Group’s business. Thus, these non-IFAS financial measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with IFAS. 

Non-IFAS measurements are not intended to replace the presentation of GoTo Group’s financial results in accordance with IFAS. Rather, GoTo Group believes that the presentation of adjusted EBITDA and EBITDA provides additional information to investors to facilitate the comparison of past and present results, excluding those items that GoTo Group does not believe are indicative of GoTo Group’s ongoing operations due to their size and/or nature. Adjusted EBITDA and EBITDA presented herein may not be comparable to similarly entitled measures presented by other companies, who may use and define this measure differently. Accordingly, these non-IFAS measures should not be compared to those presented by other companies.

Consolidated Financial Information

GoTo Group has furnished the results of the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, which have been prepared by and are the responsibility of management. The consolidated financial information for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024 have not been audited, reviewed, examined, or had any procedures applied. Accordingly, there are no opinions or any other form of assurance expressed with respect to any and all consolidated financial information for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024 presented in this document.

GoTo Group has also furnished certain pro forma consolidated financial information as if Tokopedia and its related delivery and fulfillment businesses under GoTo Logistics had been deconsolidated since January 1, 2024. The pro forma financial information has been prepared based on GoTo Group’s historical financial information. The pro forma financial information is (i) not intended to be a complete presentation of the GoTo Group’s financial performance or results of operations had the transactions been concluded as of and for the periods indicated; (ii) is presented based on currently available information and estimates and assumptions that the GoTo Group’s management believes are reasonable as of the issuance date of this document; (iii) is intended for informational purposes only; and (iv) does not reflect all decisions that are undertaken by the GoTo Group after the deconsolidation. In addition, the pro forma financial information is provided for illustrative and informational purposes only and is not necessarily indicative of the GoTo Group’s future results of operations or financial condition as an independent, publicly traded company. The pro forma financial information included in this document has been prepared by and is the responsibility of management. This pro forma financial information has not been audited, reviewed, examined, or had any procedures applied by any third-party consultant or independent certified public accountant. Accordingly, there are no opinions or any other form of assurance expressed with respect to any and all pro forma financial information presented in this document.

1. All Group-related numbers are pro forma unless otherwise stated. Pro forma numbers assume Tokopedia and its related delivery and fulfillment businesses under GoTo Logistics were deconsolidated as of January 1, 2024. Segment-specific figures are as reported, unless otherwise stated. 

2. GTV means gross transaction value, an operating measure representing:

   1. the sum of the value of the transactions from On-Demand Services and any additional fees such as tolls and tips.

   2. the sum of the value of the product and services recorded on our remaining E-commerce platforms, excluding Tokopedia.

   3. the sum of the total payments volume, or TPV processed through GoTo’s Financial Technology platform.

   4. the exclusion of inter-Company transactions between entities within the Company that are eliminated upon consolidation.

3. GoTo Group calculates the adjusted EBITDA, a non-IFAS financial measure, beginning with loss before income tax and adjusting for (i) depreciation and amortization expenses; (ii) finance income; (iii) interest expenses; (iv) loss on impairment of assets of disposal group classified as held for sale; (v) (reversal)/loss on impairment of investment in associates and joint ventures; (vi) loss on goodwill; (vii) fair value adjustment of financial instruments; (viii) (reversal)/loss on impairment of intangible and fixed assets; (ix) share-based compensation costs; (x) foreign exchange (gain)/loss, net; (xi) share of net (gain)/losses in associates and joint ventures; (xii) (gain)/loss on divestment and dilution of investments, net (xiii) dividend income; (xiv) donations and (xv) non-recurring items.

4. Core GTV means GTV excluding merchant payment gateway GTV in Financial Technology and Vietnam GTV in On-Demand Services.

5. Excluding Vietnam

6. Consumer loans outstanding principal includes both on and off balance sheet loans outstanding principal. Off-balance sheet loans represent loans originated by GoTo’s Financial Technology segment but funded through loan channelling arrangements with channelling partners.

7. Lending revenue corresponds with Lending Fee in Note 25 of GoTo’s Financial Statements

8. Within On-Demand Services, Mobility includes the Company’s two-wheel and four-wheel online transportation businesses. Delivery includes online food delivery, on-demand logistics, and quick commerce businesses.

9. Group EBITDA is profit/(loss) from operations excluding depreciation and amortization and non-recurring items.

10. Adjusted operating cash flow, is operating cash flow after adjusting for cash flows related to financing and lending disbursed to users, net and proceeds from users net-off with payments to merchants, service providers and lenders.

11. As of 1Q25, adjusted EBITDA was restated to exclude realized foreign exchange gains and losses to ensure it accurately reflects underlying operational performance.

Contacts:

Media

GoTo Group: corporate.affairs@gotocompany.com

Investors/analysts

GoTo Group: ir@gotocompany.com