Q4 2025 GoTo Gojek Tokopedia PT Tbk Earnings Call Transcript
Key Points
- PT Goto Gojek Tokopedia Tbk (GTOFF) reported a record year in 2025 with adjusted EBITDA reaching IDR2 trillion, a 544% year-on-year increase.
- Core GTV for the full year 2025 reached IDR400 trillion, up 49% year on year, indicating strong top-line growth.
- The company achieved adjusted free cash flow positivity, marking a significant shift from previous high cash burn periods.
- GoPay, the company's Fintech business, turned profitable with adjusted EBITDA reaching IDR497 billion in 2025, marking its first full year of profitability.
- The On-Demand Services business, Gojek, improved its adjusted EBITDA margin to 2.1% for the full year, nearly doubling from 2024.
- The On-Demand Services segment's growth was slower than desired, with GTV for the full year only increasing by 7.5%.
- Heightened oil prices pose a risk to the business, potentially impacting driver income and consumer demand.
- The company faces stiff competition in the On-Demand Services market, which could impact future growth and market share.
- There were significant noncash impairments and accounting adjustments impacting net income in the fourth quarter.
- The mass market segment remains a challenge, with the need to develop capabilities like pooling and zone operations to better serve this demographic.
Hello, everyone. This is Joel Ellis, Head of Investor Relations. Welcome to the PT GoTo Gojek Tokopedia Tbk full-year and fourth-quarter 2025 earnings conference. Please be advised that today's conference is being recorded.
On today's call, Hans Patuwo, our President, Director and Group CEO; and Simon Ho, Group CFO, will deliver prepared remarks. Following their commentary, we will open up the call for questions and be joined by Catherine Hindra Sutjahyo, our Deputy CEO and Vice President, Director; and Sudhanshu Raheja, our Group COO, along with members of GoTo's Board of Directors.
We would like to highlight that the information presented today has been prepared solely based on unaudited consolidated selected financial information for the three-month period ended December 31, 2025 and 2024. We have also submitted and published our consolidated audited financial statements as of and for the 12 months ended December 31, 2025.
As a reminder, today's discussion may contain forward-looking statements about the
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