GoTo Narrows H1 Net Loss by 78.5% as Revenue and EBITDA Hit Record Highs
Main Takeaways
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JAKARTA, Investortrust.id — PT GoTo Gojek Tokopedia Tbk, or GOTO, cut its net loss attributable to the owners of the parent by 78.5% to Rp 580.01 billion, or equivalent to $36.1 million, in the first half of 2025, marking its strongest revenue and EBITDA performance to date. Loss attributable to non-controlling interests rose slightly to Rp 161.95 billion from Rp 146.41 billion in the same period last year.
The company’s interim consolidated financial report, released on Wednesday, Aug 13, 2025, shows net revenue of Rp 8.56 trillion ($534 million) in the January–June period, up 10.62% from Rp 7.74 trillion a year earlier. The improvement was supported by a 7.76% decline in total costs and expenses to Rp 8.73 trillion.
Cost of revenue eased 2.01% year-on-year to Rp 3.63 trillion, while general and administrative expenses fell sharply by 21.98% to Rp 1.93 trillion. Selling and marketing expenses dropped 7.14% to Rp 1.34 trillion, product development costs declined 18.21% to Rp 1.01 trillion, and operational and support expenses plunged 29.68% to Rp 462.17 billion. Depreciation and amortization expenses were also down 26.88% to Rp 355.82 billion.
With these efficiencies, operating loss narrowed 90.06% to Rp 171.60 billion from Rp 1.73 trillion in the same period of 2024. Pre-tax loss fell 65.11% to Rp 499.48 billion, even as income tax expense jumped 63.94% to Rp 242.48 billion.
GoTo also set new quarterly records in the April–June period. Core gross transaction value surged 43% to Rp 89.8 trillion, while quarterly net revenue rose 23% year-on-year to Rp 4.3 trillion.
Adjusted EBITDA in the second quarter turned positive at Rp 427 billion, reversing a loss in the same quarter last year, marking the third consecutive quarter of positive EBITDA at the group level.
The financial technology segment booked record adjusted EBITDA of Rp 88 billion, up Rp 256 billion from last year, driven by higher user engagement and new partnerships.
On-demand services delivered adjusted EBITDA of Rp 328 billion, soaring 264% thanks to ecosystem integration and premium service expansion.
Group CEO Patrick Walujo said the results underscored the company’s ecosystem strength and technology strategy.
“We remain on track to achieve our performance guidance as we build a sustainable technology business focused on customers and supporting the livelihoods of millions of driver-partners and merchant partners across Indonesia,” he stated in Jakarta on Wednesday, Aug 13, 2025.
CFO Simon Ho added that in the second quarter, adjusted operating cash flow was positive at Rp 313 billion, supported by revenue growth and cost efficiency.
“As we scale, the company is optimizing operating leverage and applying strict financial discipline to maintain profitability, creating long-term value for shareholders,” he said.
Fair Valuation
According to Investing.com’s fair value models, GoTo’s average estimated value stands at Rp 76.16 per share, implying a potential upside of 19% from recent market levels.
Analyst price targets compiled from 25 research houses show a consensus of Rp 98.40, with projections ranging from Rp 73 to Rp 140.
The platform’s valuation models indicate a price range of Rp 46.32 to Rp 128.42, reflecting medium uncertainty.
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