Global Digital Niaga, the Indonesia-listed retail and e-commerce group that owns Blibli, Tiket.com, Ranch Market, and Dekoruma, narrowed its operating loss by 46% year-on-year to 290 billion rupiah ($16 million) in the third quarter of 2026.
Revenue growth and tighter cost management helped reduce losses across its business.
Its EBITDA loss also more than halved to 218 billion rupiah ($12 million) during the July-September quarter, from 463 billion rupiah ($25.4 million) a year earlier, while revenue climbed 31% to 7.41 trillion rupiah ($408 million), or 6% quarter-on-quarter.
For the first nine months of 2026, Blibli’s net loss narrowed 40% to 1.12 trillion rupiah ($62 million) from 1.86 trillion rupiah ($102.4 million) in the same period last year, alongside a 46% increase in revenue to 22.24 trillion rupiah ($1.22 billion).
The company’s gross profit rose 25% to 1.14 trillion rupiah in Q3, compared with 906 billion rupiah a year earlier. Operating expenses remained broadly flat at 1.46 trillion rupiah.
In the nine months, gross profit increased 29% to 3.46 trillion rupiah, while operating loss narrowed 53% to 783 billion rupiah from 1.68 trillion rupiah. EBITDA loss fell 61% to 566 billion rupiah from 1.46 trillion rupiah in 9M 2025.
Blibli attributed the improvement to stronger contributions across its business segments, particularly first-party retail, institutional commerce and physical stores, alongside a more efficient cost structure.
“The first nine months of 2026 further demonstrated the resilience of our integrated omnichannel ecosystem and the consistency of our execution against our long-term masterplan,” said Kusumo Martanto, president director and co-founder of Blibli.
“Amid selective consumer spending and intense market competition, we continued to deliver growth while improving profitability and operating efficiency. This progress reflects our focus on high-quality growth, disciplined investment and continuous improvement, rather than growth at any cost,” he added.
Institutional commerce was the company’s fastest-growing business segment, with revenue increasing 70% year-on-year to 9.92 trillion rupiah in 9M 2026. The segment’s gross profit before discount (GPBD) rose 53% to 994 billion rupiah, supported by regional expansion in consumer electronics and home appliance categories.
Blibli’s institutions segment served approximately 93,000 institutional clients, with continuous growth in the monetisation rate from 59% in 9M 2025 to 74% in 9M 2026.
Revenue from physical stores grew 37% to 6.63 trillion rupiah, while first-party retail revenue, including e-commerce Blibli and Dekoruma, rose 29% to 4.50 trillion rupiah.
Meanwhile, third-party retail revenue, which includes marketplace transactions and Tiket.com, rose 9% to 1.2 trillion rupiah.
The company also continued to improve its cost structure. Consolidated operating expenses as a proportion of total processing value (TPV) declined to 6.4% in 9M 2026 from 7.2% a year earlier. Its EBITDA-to-TPV ratio improved to negative 0.8% from negative 2.4%, representing a 160-basis-point improvement.
“Our financial performance in the first nine months of 2026 reflected the benefits of revenue mix improvement and disciplined cost management,” said Ronald Winardi, Blibli’s chief financial officer.
“Our top line grew 46% year-on-year, supported by the growth across all business segments. Take rate expansion to 9.1% and a 160bps improvement in EBITDA performance further demonstrated progress in growth quality and operating efficiency,” he added.
Blibli’s take rate reached 9.3% in Q3 2026, compared with 8% a year earlier. For the nine-month period, it stood at 9.1%, up from 8.4%.
Blibli also continued expanding its physical retail footprint, adding 31 stores during the third quarter. As of September 2026, it operated 347 consumer electronics stores, 24 home appliance electronics stores, one fashion and sports store, and 60 premium supermarket outlets.
The company reiterated its full-year 2026 target of achieving 15%-20% growth in consolidated revenue, with management maintaining its focus on margin improvement and a more efficient cost structure.
Looking ahead, Blibli expects market conditions to remain competitive through the end of 2026, with consumer spending recovering gradually. The company plans to drive higher-quality growth through category expansion, stronger brand and institutional partnerships, and seasonal opportunities, while maintaining cost discipline and expanding its use of technology to improve operational efficiency and support its path towards sustainable profitability.
As of September 30, 2026, Blibli had cash and cash equivalents of 1.37 trillion rupiah, down 11% from 1.54 trillion rupiah at the end of December 2025.
