Bukalapak Swings to Rp 2.91 Trillion Profit in 9M 2025 as Investment Gains Boost Turnaround
Key Takeaways
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JAKARTA, Investortrust.id — PT Bukalapak.com Tbk, or BUKA, has reported a remarkable turnaround, posting a net profit of Rp 2.91 trillion in the first nine months of 2025, compared with a Rp 593.3 billion net loss in the same period last year.
The company’s financial report filed with the Indonesia Stock Exchange on Tuesday, Oct 28, 2025, showed that the sharp recovery was driven by higher net revenue, which rose to Rp 4.73 trillion from Rp 3.40 trillion a year earlier.
Bukalapak’s operating profit also swung from a loss of Rp 1.33 trillion to a surplus of Rp 2.32 trillion, reflecting a major rebound in net investment value. The company booked Rp 2.32 trillion in net investment gains for the January–September 2025 period, compared with a Rp 596.47 billion loss in the same period last year.
Although adjusted EBITDA remained slightly negative at Rp 18 billion in the third quarter, the company maintained stable operational fundamentals. Adjusted EBITDA plus net interest income eased from Rp 201 billion in the second quarter to Rp 175 billion in the third, largely due to the ongoing share buyback program and lower domestic interest rates.
“Bukalapak’s third-quarter performance reflects our ability to sustain business resilience and stability amid market shifts. We continue to execute our strategy with discipline, strengthen the ecosystem’s foundation, and deliver sustainable value for all stakeholders,” said Bukalapak Director Victor Putra Lesmana in a statement on Tuesday.
The company also reported a strong balance sheet, with total cash, cash equivalents, and liquid investments reaching Rp 17.9 trillion as of Sept 30, 2025. These funds are held in liquid instruments such as deposits, government bonds, and mutual funds, ensuring financial flexibility for long-term growth.
Bukalapak’s four main business segments maintained stable contributions. The Gaming segment remained the largest revenue driver, posting Rp 1.4 trillion in revenue during the third quarter, up 2% quarter-on-quarter. Meanwhile, the Investment segment generated Rp 18 billion in revenue, up 30% from the previous quarter, maintaining a contribution margin above 30%.
To bolster shareholder confidence and balance valuation with market volatility, the company also extended its share buyback initiative, allocating Rp 420.79 billion for the second three-month phase, scheduled from Oct 30, 2025, to Jan 29, 2026.
Bukalapak’s management said the buyback supports long-term growth value and demonstrates confidence in the company’s fundamentals despite fluctuating market conditions.
Disclaimer: The valuation data and visual reference above are sourced from InvestingPro as of the time of publication. Market figures, analyst targets, and fair value estimates are subject to change without notice and should not be interpreted as investment advice.
Valuation and Market Outlook
At the close of trading, Bukalapak (BUKA) shares were priced at Rp 169, marking a 0.6% daily gain and positioning the stock near the midpoint of its 52-week range of Rp 111 to Rp 198. Despite recent volatility, analysts and model-based fair value estimates point to a substantial upside potential of 54.2%, with the average fair value pegged at Rp 260.64 per share.
Based on consensus data from six analysts, the target price range spans Rp 165–Rp 230, indicating that the stock remains modestly undervalued relative to its projected earnings recovery and robust cash position. InvestingPro’s valuation models, which integrate 13 different methodologies, place Bukalapak’s fair value between Rp 168 and Rp 330, further reinforcing the positive outlook.
The company’s fundamentals are supported by its strong liquidity profile—holding more cash than debt—and ongoing share buyback initiatives, both of which enhance per-share value and signal management confidence in long-term growth. Bukalapak’s recovery from past losses and consistent improvement in operational efficiency strengthen the case for re-rating, even as gross profit margins remain relatively thin.
Overall, with its improving earnings trajectory, disciplined cost control, and continued ecosystem expansion, Bukalapak trades at an attractive valuation level for investors seeking exposure to Indonesia’s digital consumer sector. The current price offers a meaningful margin of safety against its intrinsic value estimates.