Indonesian tech giant PT GoTo Gojek Tokopedia Tbk brought down its losses significantly in the first half of 2025, driven by a positive EBITDA and lower expenses.
In H1 2025, GoTo’s losses shrank 73.6% to 742 billion rupiah from 2.81 trillion rupiah in the same period last year. The losses were 80% lower in Q2 2025 at 375 billion rupiah compared with 1.9 trillion rupiah in the year-ago period.
The improvement was driven by a 10.7% year-on-year increase in net revenue to 8.56 trillion rupiah in H1 2025 from 7.73 trillion rupiah. In Q2 2025, net revenue climbed 18% to 4.32 trillion rupiah from 3.65 trillion rupiah.
GoTo booked a positive EBITDA of 447 billion rupiah in H1 2025, compared with a negative 1.12 trillion rupiah a year earlier. In Q2 2025, EBITDA reached 292 billion rupiah, compared with a negative 550 billion rupiah in Q2 2024.
The company’s expenses fell 7.7% to 8.73 trillion rupiah in H1 2025 from 9.46 trillion rupiah.
“In the second quarter, we set new records, as group core GTV, net revenue, EBITDA, and adjusted EBITDA 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 positioned 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,” Patrick Walujo, GoTo’s CEO, said in a statement on Wednesday.
Adjusted EBITDA also turned positive, reaching 820 billion rupiah in H1 2025 and 427 billion rupiah in Q2 2025, compared with a negative 231 billion rupiah in H1 2024 and a negative 85 billion rupiah in Q2 2024.
“Our second-quarter results underscore the strength of our operating model and the disciplined execution of our strategy. We delivered a record group adjusted EBITDA of 427 billion rupiah and a positive adjusted operating cash flow, supported by meaningful topline 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,” said Simon Ho, GoTo’s CFO.
GoTo maintained strong topline momentum, with group core GTV hitting 89.8 trillion rupiah, a 43% YoY increase from 62.93 trillion rupiah. Core GTV excludes merchant payment gateway GTV in financial technology and Vietnam GTV in on-demand services. The group’s total GTV rose 26% YoY to 152.9 trillion rupiah from 121.58 trillion rupiah.
High cash flow
The company delivered a positive adjusted operating cash flow of 313 billion rupiah, underscoring the strength of its strategy and sustained business momentum. GoTo’s e-commerce service fee from PT Tokopedia stood at 199 billion rupiah in Q2 2025.
GoTo maintained a solid cash position and balance sheet, with 18.2 trillion rupiah ($1.1 billion) in cash, cash equivalents, and short-term deposits as of June 30, 2025.
In Q2, the company completed its complex cloud migration, transitioning its systems to Alibaba Cloud and Tencent Cloud. The migration is expected to cut annual cloud spending by more than 50% while improving agility and shortening time-to-market for new features. It also supports Indonesia’s data sovereignty priorities, with all data stored and processed on local infrastructure.
GoTo also established new tech hubs in China to tap into one of the world’s deepest pools of engineering talent. This is expected to accelerate its product road map while boosting the capabilities of its engineering teams in Indonesia and beyond through knowledge transfer.
In the second quarter, GoTo launched the Sahabat-AI 70-billion-parameter foundation model, trained and hosted entirely in Indonesia. The model supports five local languages — Bahasa Indonesia, Javanese, Sundanese, Balinese, and Bataknese — along with several international languages.
For 2025, GoTo expects continued growth and profitability, leveraging the value of its ecosystem. The company reaffirmed its full-year 2025 group adjusted EBITDA guidance of 1.4–1.6 trillion rupiah and remains confident of meeting its targets. This outlook assumes current market conditions and reflects preliminary estimates, which are subject to uncertainties and risks including increased competition, cost inflation, macroeconomic conditions, and other factors, it said.
