Indonesia’s tech giant GoTo (GOTO) has delivered its strongest financial performance yet, with core Gross Transaction Value (GTV) soaring 43% YoY to Rp89.8 trillion in Q2 2025. The company achieved its first-ever quarterly operating profit of Rp21 billion, marking a dramatic turnaround from last year’s losses. This breakthrough comes as both fintech and on-demand services units set new profitability records, signaling GoTo’s successful pivot to sustainable growth.
Key Facts & Background
Financial Highlights (Q2 2025)
- Core GTV: Rp89.8 trillion (+43% YoY)
- Net Revenue: Rp4.3 trillion (+23% YoY)
- Adjusted Group EBITDA: Rp427 billion (vs loss in Q2 2024)
- Operating Profit: Rp21 billion (first positive quarter)
- Operating Cash Flow: Rp313 billion
Business Unit Performance
- FinTech:
- Record EBITDA of Rp88 billion (up Rp256 billion YoY)
- Driven by user engagement and strategic partnerships
- On-Demand Services:
- EBITDA surged 264% YoY to Rp328 billion
- Boosted by ecosystem integration and premium services
Cost Optimization
- Consolidated costs down 8%to Rp8.7 trillion
- Current losses reduced by 74%to Rp742 billion
Strategic Implications
GoTo’s Q2 results demonstrate the payoff from its ruthless focus on unit economics and cost discipline after years of cash-burning expansion. The 43% GTV growth proves Indonesia’s digital economy retains strong momentum, while the fintech division’s Rp88 billion EBITDA suggests GoPay’s superapp integration is finally monetizing effectively. More impressively, the on-demand segment’s 264% EBITDA jump reveals how premiumization strategies (like GoCar Elite) can transform ride-hailing from a loss-leader to profit center. These gains didn’t come from accounting tricks – the company genuinely narrowed its consolidated losses by 74% while growing revenue.
The path to profitability involved painful but necessary steps: December’s Tokopedia spin-off removed a cash-drain from the books, while GoTo Logistics’ deconsolidation sharpened operational focus. CFO Simon Ho’s emphasis on “financial discipline” reflects this leaner approach. However, challenges remain – the Rp742 billion net loss, though shrinking, shows the company isn’t completely out of the woods. Investors should watch whether GoTo can sustain this momentum amid rising competition from SeaBank’s aggressive digital banking push and Grab’s deepening fintech integrations across Southeast Asia.
If GoTo can continue executing at this level, it may soon join Sea Limited and Grab as Southeast Asia’s third profitable digital platform. But with Indonesia’s digital payment war intensifying and consumer spending still recovering, the next quarters will test whether this profitability is durable or just a seasonal bump. One thing is clear: after years of skepticism, GoTo is finally showing it can turn Indonesia’s vast digital potential into sustainable profits.