GoTo Group reported record adjusted EBITDA of IDR 393 billion (USD 23.6 million) for the first quarter of 2025, swinging into the black after a loss in the same period a year earlier. The results, announced on April 29, reflect sharp gains across core business units and arrive as the company remains the subject of ongoing merger speculation involving Singapore-based Grab.
Core gross transaction value (GTV) rose 54% year-on-year to IDR 83.2 trillion (USD 5 billion), while net revenue climbed 37% to IDR 4.2 trillion (USD 252 million).
Bloomberg reported in March that Grab had started due diligence on GoTo, examining its financials, contracts, and operations. Talks were said to have taken place, although no agreement has been finalized. Any merger would require regulatory clearance, a significant hurdle given antitrust concerns in Southeast Asia’s on-demand economy.
GoTo’s fintech unit contributed IDR 47 billion (USD 2.8 million) in adjusted EBITDA—the segment’s second straight profitable quarter. Lending revenue surged 168% year-on-year to IDR 763 billion (USD 45.8 million), while outstanding consumer loans grew 108% to IDR 5.7 trillion (USD 342 million). The number of monthly transacting users in the fintech ecosystem increased 30% to 20.6 million.
On-demand services, spanning mobility and delivery, posted adjusted EBITDA of IDR 314 billion (USD 18.8 million), with both segments delivering 17% GTV growth.
The company’s overall net loss narrowed to IDR 276 billion (USD 16.6 million), down from IDR 420 billion (USD 25.2 million) a year earlier. Operating cash flow turned positive at IDR 301 billion (USD 18.1 million).
As of March 31, GoTo held IDR 21 trillion (USD 1.26 billion) in cash, cash equivalents, and short-term time deposits. It has also repurchased 25.9 billion shares—worth approximately IDR 1.6 trillion (USD 59.4 million)—under a buyback program launched in 2024.
The company reiterated its full-year 2025 adjusted EBITDA guidance of IDR 1.4–1.6 trillion (USD 84–96 million).
CEO Patrick Walujo, who committed in January to remain at the helm through 2029, continues to drive GoTo’s focus on profitability. Since assuming the role in mid-2023, Walujo has prioritized operational discipline, including strategic exits from non-core markets.
GoTo finalized its withdrawal from Vietnam in September 2024, shutting down Gojek-branded services after prolonged struggles to gain market share. The move was part of a broader strategy to consolidate and strengthen its core markets.
All USD conversions are approximate and based on an exchange rate of IDR 1 = USD 0.00006.