Key Highlights

• Generated adjusted pre-tax profit¹² for the first time, amounting to Rp62 billion

• Adjusted EBITDA³ guidance increased from Rp1.4-1.6 trillion to Rp1.8-1.9 trillion, reflecting strong performance across key segments

• Group core GTV⁴ grew 43% YoY to Rp102.8 trillion, as Annual Transacting Users (ATU)¹⁵ in Indonesia rose 33% YoY to 61.1 million, amounting to approximately 30% of the country’s adult population¹³

• Group net revenue increased 21% YoY to Rp4.7 trillion

• Group adjusted EBITDA³ increased 239% YoY, reaching a record high of Rp516 billion

• Group EBITDA⁹ was positive for the fourth consecutive quarter, reaching Rp369 billion

• Adjusted free cash flow¹⁰ reached Rp247 billion

• Financial Technology achieved record adjusted EBITDA³ of Rp136 billion, up Rp201 billion YoY, driven by user growth and increase in consumer loans outstanding

• On-Demand Services delivered adjusted EBITDA³ of Rp336 billion, up 115% YoY, reflecting strong execution, improved efficiency, and enhanced products and ecosystem integration

• E-commerce service fee reached Rp211 billion
  
  

Jakarta, Indonesia, 29 October 2025 – PT GoTo Gojek Tokopedia Tbk (IDX: GOTO, “GoTo Group” or the “Company”), the largest digital ecosystem in Indonesia, today announced its third-quarter 2025 financial results. The Company generated an adjusted pre-tax profit¹² for the first time and has raised its guidance for the full year.

Patrick Walujo, GoTo Group CEO, said: “GoTo Group continues to deliver growth while improving profitability as we advance toward our vision of becoming a world class technology platform used by all Indonesians. In the third quarter, we reached another milestone, generating an adjusted pre-tax profit¹² for the first time, amounting to Rp62 billion. Given this momentum, we are raising our full-year adjusted EBITDA³ guidance to between Rp1.8 trillion and Rp1.9 trillion, underscoring the confidence we have in our ability to deliver sustainable growth and long-term value for all stakeholders. Our focus remains clear - to deliver consistent, delightful, and cost-effective products for consumers while maximizing income for driver-partners and merchants.”

Simon Ho, GoTo Group CFO, said: “Our third-quarter results reflect continued progress in efficiency and financial discipline across the business. We achieved another record for Group adjusted EBITDA³ and generated positive adjusted free cash flow¹⁰, supported by revenue growth and disciplined cost management. Thanks to disciplined execution and focused investment, we’ve been able to grow, serve more users, and do so more efficiently. As our ecosystem scales, we are strengthening profitability and building a resilient financial foundation for the future.”

Group Highlights

Actual

Pro-Forma¹

Group core GTV⁴ reached Rp102.8 trillion, a 43% YoY increase. The Group’s total GTV² climbed to Rp176 trillion, up 28% YoY, while net revenue grew 21% YoY to Rp4.7 trillion. Annual Transacting Users (ATU)¹⁵ in Indonesia rose 33% to 61.1 million, amounting to around 30% of the country’s adult population¹³.

The Company generated adjusted pre-tax profit¹² for the first time, amounting to Rp62 billion, an increase of Rp728 billion YoY. Group adjusted EBITDA³ reached Rp516 billion, an improvement of 239% YoY, while EBITDA⁹ was positive for the fourth consecutive quarter, reaching Rp369 billion, an increase of Rp455 billion YoY. These improvements resulted from stronger revenue performance and disciplined cost management.

The Company achieved positive adjusted free cash flow¹⁰ amounting to Rp247 billion reflecting strengthened operating and financial performance.

GoTo’s e-commerce service fee from PT Tokopedia reached Rp211 billion in the third quarter.

The Company maintains a solid cash position and balance sheet. As of 30 September 2025, GoTo held Rp18 trillion (US$ 1.1 billion) in cash, cash equivalents and short-term deposits.

The Company has also advanced its artificial intelligence (AI) initiatives. Its next Large Language Model (LLM) entered training during the quarter, delivering higher efficiency using fewer GPUs while outperforming the previous 70-billion-parameter model. GoTo also launched a shared internal AI platform providing standardized access to GPUs, models, and reusable components, which will improve development velocity and reduce costs over time.

AI is being progressively integrated across the ecosystem ultimately enabling substantially improved user experience, and reduced time‑to‑market and costs. AI and Automation helped lift customer satisfaction by 6% during the quarter as initial response times were reduced and resolutions were reached quickly. Pilots in the Company’s collections operations are also delivering better connection and repayment performance than third‑party tools, at a lower cost to serve.

Financial Technology

• Monthly transacting users (MTUs)¹⁴ rose 29% YoY to 24.2 million, reflecting rising adoption of the GoPay app among affluent and mass market users as well as increased cross-platform usage within the GoTo ecosystem. Fintech also achieved over 500 million transactions in a single month for the first time in September.

• Core GTV⁴ grew 48% YoY to Rp95.3 trillion, underpinned by continued strength in consumer payments, driven by strong growth in users and transactions.

• Net revenue grew 55% YoY to Rp1.5 trillion, supported by expanding consumer loans outstanding and steady growth in payment transactions.

• Lending revenue⁷ grew 84% YoY to Rp1.0 trillion, due to consumer loans outstanding principal⁶ increasing to Rp7.6 trillion, up 76% YoY. 

• Adjusted EBITDA³ reached Rp136 billion, marking the fourth consecutive quarter of profitability and a Rp201 billion YoY improvement, driven by scaling in both payments and lending.

• The GoPay app continues to drive growth, winning in the affluent market as the number one e-wallet with multiple premium merchants across categories such as travel, and streaming.

• The GoPay app is also growing significantly within the mass market, driven primarily by the utility of the app, with retention supported by interactive features such as daily check-ins and mini-games (including GoPay Pet), which now reach around 24% of monthly active users.

 On-Demand Services

• On-Demand Services GTV^2,5 grew 2.4% YoY to Rp16.7 trillion, as the Company improved profitability while protecting market share.

• Net revenue⁵ increased 10% YoY, reaching Rp3.2 trillion, supported by advertising revenue growth, disciplined incentive spend and changes in product mix.

• Adjusted EBITDA³ increased by 115% YoY to Rp336 billion, the fifth consecutive quarter of adjusted EBITDA improvement.

• The Company remains committed to accelerating growth sustainably and is therefore implementing a strategy that involves creating differentiated products for both affluent and mass market segments, while unlocking further ecosystem synergies. This will create economies of scale that will lower cost-to-serve and provide better pricing for consumers, leading to more demand and increased incomes for driver-partners and merchants.

• Mobility:

  • Mobility GTV^2,5,8 grew by 1% to Rp6.3 trillion as operational performance continued to improve.

  • Net revenue^5,8 increased by 11% YoY, reaching Rp796 billion.

  • Adjusted EBITDA^3,8 increased by 3% YoY to Rp190 billion. 

  • The Company rolled out a two-wheel commuter offering that provides everyday low prices at transit hubs for those who want predictable fares, and are prepared to wait longer. At the same time, discounts are reduced and prioritization is improved for use cases that are time sensitive and convenience-driven.

• Delivery:

  • Delivery GTV^2,5,8 grew by 4% to Rp10.5 trillion.

  • Net revenue^5,8 increased by 10% YoY, reaching Rp2.4 trillion.

  • Adjusted EBITDA^3,8 improved by 1,354% YoY, reaching Rp189 billion.

  • The Company continues to drive growth for merchants by providing promotional tools that enable accurate targeting of specific consumer groups. This has driven advertising revenue, which reached 2% of Food GMV, as well as merchant-funded promotions, which rose 71% YoY.

  • The Company is aiming to grow its fleet into the biggest and fastest delivery network in Indonesia. 

Environmental, Social and Governance (ESG)

GoTo continued to strengthen its ESG impact through initiatives focused on sustainability, inclusion and community development. Highlights from 3Q25 include:

• A six-point year-on-year improvement in S&P Global Corporate Sustainability Assessment score, placing the Company in the 91st percentile among industry peers.

• Maintaining the Company’s MSCI ESG “A” rating.

• Implementation of GoFood Merchant Community (KOMPAG) programs to raise awareness and share best practices that help merchants adopt responsible food waste management.

• Revitalization of the Company’s Employee Resource Groups (ERGs) with a primary focus on women while also supporting wellness and sustainability initiatives for all employees, driving stronger employee engagement and inclusion across the organization.
  
  

2025 Company Outlook

GoTo expects continued growth and profitability as it leverages the scale and synergy of its ecosystem. The Company raises its full-year 2025 Group adjusted EBITDA³ guidance from Rp1.4-1.6 trillion to Rp1.8-1.9 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 EBITDA, adjusted EBITDA, adjusted pre-tax profit and adjusted free cash flow, 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 EBITDA, adjusted EBITDA, adjusted pre-tax profit and adjusted free cash flow provide 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. EBITDA, adjusted EBITDA, adjusted pre-tax profit and adjusted free cash flow 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 September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, which have been prepared by and are the responsibility of management. The consolidated financial information for the three months ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 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 September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 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. 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. 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 free cash flow is calculated starting with net cash generated from operating cash flow after adjusting for cash flows related to capital expenditures, net financing and lending disbursed to users, 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.
12. Adjusted pre-tax profit/(loss) is calculated starting with loss for the period and adding back income tax expenses and share of net losses from PT Tokopedia. 
13. Based on data from BPS-Statistics Indonesia, Indonesia’s adult population (aged 20 and above) is estimated at approximately 194.7 million as of June 2025.
14. Financial Technology MTUs means average Monthly Transacting Users who are using Financial Technology Services, on-platform or off-platform, over the stated period.
15. Annual Transacting Users (ATU) means the number of unique users who are using On-Demand Services products, or Financial Technology Services, on-platform or off-platform, over the past twelve months as of the end of stated period.

Contacts:

Media

GoTo Group: corporate.affairs@gotocompany.com

Investors/analysts

GoTo Group: ir@gotocompany.com