Indonesian e-commerce giant Bukalapak sustained its profitability trend in Q2 2025, driven by continued gains in its gaming and investment segments, alongside lower general and administrative costs, according to an announcement on Wednesday.
The company posted a net profit of 355 billion rupiah ($21.7 million) for the April-June 2025 period, up 218% from 112 billion rupiah in Q1 2025. This marks a reversal from the 708-billion-rupiah loss booked in Q2 2024.
In H1 2025, Bukalapak posted a net profit of 467 billion rupiah, a remarkable turnaround recovery from the 747-billion-rupiah loss in H1 2024.
Total revenue rose 12% quarter on quarter (QoQ) to 1.63 trillion rupiah in Q2 2025, supported by a strong showing from the gaming vertical, which generated 1.36 trillion rupiah, up 24% QoQ, and contributed to over 83% of the group’s top line.
The investment segment also recorded solid results, with a revenue of 14 billion rupiah, growing 13% QoQ and delivering a contribution margin of over 30%. The retail and Mitra Bukalapak segments also put up strong numbers, with retail, in particular, maintaining a strong contribution margin of 27.6% in Q2.
“Gaming has become a key growth driver in our ecosystem,” said Victor Putra Lesmana, Director at Bukalapak, in a statement. “Alongside Mitra Bukalapak, retail, and investment, each business segment plays a complementary and strategic role in delivering long-term value.”
However, on a consolidated basis, the company’s contribution margin declined slightly to 73 billion rupiah, down 9% QoQ, with the drop largely attributed to lower margins in the Mitra segment.
Both Mitra Bukalapak and retail, which remain strategically important legacy segments, saw sequential revenue declines. Mitra’s revenue fell to 188 billion rupiah in Q2, down from 259 billion rupiah QoQ, while retail booked 88 billion rupiah in Q2 versus 107 billion rupiah in Q1.
Bukalapak’s adjusted EBITDA loss narrowed to 14 billion rupiah, improving 30% from 20 billion rupiah in the previous quarter. Including interest income, adjusted EBITDA plus net interest came in at 201 billion rupiah, remaining in positive territory.
On the expense side, general and administrative costs came down significantly to 124 billion rupiah, a 32% QoQ reduction. Excluding one-off items such as restructuring and legal costs, normalised G&A stood at 125 billion rupiah, down from 147 billion rupiah.
Bukalapak ended the quarter with 18.5 trillion rupiah in cash, equivalents, and liquid investments, including time deposits, money market funds, and government bonds. The company attributed the lower balance to a 669-billion-rupiah share buyback completed between March and June.
Lesmana added that with a streamlined operating model, strong financial position, and continued focus on core contributing verticals, the company remains well positioned to sustain its journey of improvement and growth trajectory in the second half of 2025.
