Pt Goto Gojek Tokopedia Tbk · IDX:GOTO
Pt Goto Gojek Tokopedia Tbk — GoTo Gojek Tokopedia PT — Q4 2025 Earnings Presentation
40 slides from Pt Goto Gojek Tokopedia Tbk's earnings presentation, Mar 11, 2026
Slide 1: 4Q 2025 & FY 2025 Results
4Q 2025 & FY 2025 Results March 2026
Slide 2: Disclaimer & Cautionary Statements
Disclaimer & Cautionary Statements Forward-Looking Statements This document may contain forward-looking information or forward-looking statements including, but not limited to discussions of strategy, future plans and indicative financial performance (collectively, “forward-looking information”). Fo
Slide 3: Key Strategic Focus
Key Strategic Focus Financial and Operating Highlights Summary Financials Non-IFAS Reconciliations Appendix 4Q2025 2Q 2025 & FY 2025
Slide 4: Group: Closed the Year with Record Profitability
Group: Closed the Year with Record Profitability Chart not to scale Group Adjusted EBITDA1,2 (IDR billions) 4Q 2025 Group Results FY 2025 Group Results 2,008 +106% YoY 672 +544% YoY 516 427 393 326 152 312 (102) (64) 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 FY24 FY25 1 For the definition of operating
Slide 5: Strong Group Top Line Growth and User Expansion
Strong Group Top Line Growth and User Expansion 4Q 2025 Results FY 2025 Results Group Annual Group Core GTV1 Group Core GTV1,2 Transacting Users1,2 +57% +49% YoY Growth YoY Growth 66mn users Group Net Revenue Group Net Revenue2 +24% YoY Growth +19% +24% YoY Growth YoY Growth Adjusted Free Cash Flow1
Slide 6: Guidance
Guidance Group Adjusted EBITDA1,2 (IDR trillion) FY23 FY24 FY25 FY26 FY26 Group Adjusted EBITDA1,2 3.2 - 3.4 59-69% YoY Growth 2.0 0.3 IDR 3.2-3.4 Trillion (2.2) 1 For the definition of operating and financial metrics, please refer to the Appendix 4Q 2025 & FY 2025 2 Figures are on a pro forma basis
Slide 7: Guidance
Guidance ODS Adjusted EBITDA1 (IDR trillion) Fintech Adjusted EBITDA1 FY23 FY24 FY25 FY26 (IDR trillion) FY23 FY24 FY25 FY26 (IDR trillion) (IDR trillion) 1.4 - 1.5 1.7 - 1.8 22-29% 182-202% YoY Growth YoY Growth 1.4 0.5 0.7 (0.5) (0.2) (1.6) FY26 ODS Adjusted EBITDA1 FY26 Fintech Adjusted EBITDA1 I
Slide 8: One GoTo Ecosystem: Harmonized Businesses, Exponential Value
One GoTo Ecosystem: Harmonized Businesses, Exponential Value Serving Two Consumer Groups Prospering with our Affluent Mass Market Driver-partners and Merchants Speed Cost-Effective Convenience Predictability Building Capabilities Faster Product Development 4Q 2025 & FY 2025 8
Slide 9: Fintech: Accelerating Topline Momentum and Huge Swing of Profitability
Fintech: Accelerating Topline Momentum and Huge Swing of Profitability Fintech Adjusted EBITDA1 (IDR billions) 4Q 2025 Fintech Results FY 2025 Fintech Results 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 FY24 FY25 497 +212 Bn YoY 226 +964 Bn YoY 136 88 14 47 (65) (168) (248) (467) 1 For the definition of
Slide 10: GoPay as a High Velocity Tool for User Acquisition
GoPay as a High Velocity Tool for User Acquisition 4Q 2025 Results Fintech Annual Transacting Users1 FinTech Core GTV1 FinTech Net Revenue (millions user) +62% +45% YoY Growth YoY Growth +36% YoY 57.0 41.8 FY 2025 Results FinTech Core GTV1 FinTech Net Revenue +54% +62% YoY Growth YoY Growth FY24 FY2
Slide 11: Over IDR 1 Trillion Loan Book Growth in 4Q25
Over IDR 1 Trillion Loan Book Growth in 4Q25 8.8 +68% 7.6 Consumer Loans YoY Growth Total Consumer Loans Outstanding1 6.6 (IDR trillions) 5.7 5.2 4.3 3.5 2.7 1.9 1.4 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1 4Q 2025 & FY 2025 For the definition of operating and financial metrics, please re
Slide 12: Fintech Success Story
Fintech Success Story Recognized Opportunities Building Capabilities Massive Growth Runway ~50% Unbanked population1 2023 Loan penetration still Launched mid-single digits in 2021 GoPay app ecosystem Limited Re-architectured access to for a fully integrated formal credit fintech backend 2024 onwards
Slide 13: On Demand Services: Strong Profitability Growth and Margin Expansion
On Demand Services: Strong Profitability Growth and Margin Expansion Chart not to scale ODS Adjusted EBITDA1 (IDR billions) 1,393 4Q 2025 ODS Results FY 2025 ODS Results +55% YoY +105% YoY 415 328 336 679 314 267 166 156 90 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 FY24 FY25 As % 1.2% 0.6% 0.9% 1.6% 2
Slide 14: Addressing GTV Performance and the Path to Growth
Addressing GTV Performance and the Path to Growth 4Q 2025 Results FY 2025 Results ODS GTV1 ODS GTV1,2 +3.8% +7.5% YoY Growth YoY Growth ODS Net Revenue ODS Net Revenue2 +10% +16% YoY Growth YoY Growth 1 For the definition of operating and financial metrics, please refer to the Appendix 4Q 2025 & FY
Slide 15: Financial and Operating Highlights
Key Strategic Focus Financial and Operating Highlights Summary Financials Non-IFAS Reconciliations Appendix 4Q2025 2Q 2025 & FY 2025
Slide 16: 4Q25 Group Key Operating Metrics
4Q25 Group Key Operating Metrics In IDR Trillions Group GTV1 Group Net Revenue Group Adjusted EBITDA1 +47% +19% +106% Year on Year Year on Year Year on Year 0.67 211.7 5.0 4.2 144.5 0.33 Core GTV 124.0 Core GTV 79.2 Core GTV1 +57% 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 1 For the definition of operating and f
Slide 17: FY25 Group Key Operating Metrics
FY25 Group Key Operating Metrics In IDR Trillions Group GTV1,2 Group Net Revenue2 Group Adjusted EBITDA1,2 +32% +24% +544% Year on Year Year on Year Year on Year 2.01 685.6 18.3 14.8 519.8 Core GTV 399.8 Core GTV 268.2 Core GTV1,2 0.31 +49% FY24 FY25 FY24 FY25 FY24 FY25 1 For the definition of opera
Slide 18: 4Q25 FinTech Key Operating Metrics
4Q25 FinTech Key Operating Metrics In IDR Trillions Fintech GTV1 Fintech Net Revenue Fintech Adjusted EBITDA1 +49% +45% +1,514% Year on Year Year on Year Year on Year 1.7 205.0 0.23 1.2 137.7 Core GTV 116.3 Core GTV 71.6 Core GTV1 +62% 0.01 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 1 4Q 2025 & FY 2025 For the d
Slide 19: FY25 FinTech Key Operating Metrics
FY25 FinTech Key Operating Metrics In IDR Trillions Fintech GTV1 Fintech Net Revenue Fintech Adjusted EBITDA1 +33% +62% +0.97tn Year on Year Year on Year Year on Year 659.6 5.8 0.50 494.6 3.6 Core GTV 370.0 Core GTV 240.8 Core GTV1 +54% (0.47) FY24 FY25 FY24 FY25 FY24 FY25 1 4Q 2025 & FY 2025 For th
Slide 20: Loan Portfolio Quality
Loan Portfolio Quality Consumer Loans Outstanding1 in IDR trillions Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Current 4.83 5.10 5.87 6.63 7.55 Overdue: 1-30 days past due 0.15 0.15 0.18 0.23 0.24 31-90 days past due 0.12 0.23 0.22 0.26 0.34 >90 days past due 0.02 0.06 0.04 0.05 0.06 Total 5.12 5.53 6.30 7.
Slide 21: 4Q25 ODS Key Operating Metrics
4Q25 ODS Key Operating Metrics In IDR Trillions ODS GTV1 ODS Net Revenue ODS Adjusted EBITDA1 +4% +10% +55% Year on Year Year on Year Year on Year 0.42 17.7 3.4 17.1 3.1 0.27 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 As % 1.6% 2.3% of GTV 1 For the definition of operating and financial metrics, please refer to
Slide 22: FY25 ODS Key Operating Metrics
FY25 ODS Key Operating Metrics In IDR Trillions ODS GTV1,2 ODS Net Revenue2 ODS Adjusted EBITDA1 +8% +16% +105% Year on Year Year on Year Year on Year 1.39 12.6 66.5 0.68 61.9 10.9 FY24 FY25 FY24 FY25 FY24 FY25 As % 1.1% 2.1% of GTV 1 For the definition of operating and financial metrics, please ref
Slide 23: 4Q25 On Demand Services - Mobility and Delivery
4Q25 On Demand Services - Mobility In IDR Trillions GTV1 Net Revenue Adjusted EBITDA1,2 +2% Year on Year +15% +22% Year on Year Year on Year 6.4 6.5 0.86 0.28 0.23 0.75 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 3.6% 4.2% As % of GTV 4Q25 On Demand Services - Delivery In IDR Trillions GTV1 Net Revenue Adjusted E
Slide 24: FY25 On Demand Services - Mobility and Delivery
FY25 On Demand Services - Mobility In IDR Trillions GTV1,2 Net Revenue2 Adjusted EBITDA1,3 +7% Year on Year +15% +18% Year on Year Year on Year 24.7 23.1 3.1 0.74 0.87 2.7 FY24 FY25 FY24 FY25 FY24 FY25 3.1% 3.5% As % of GTV FY25 On Demand Services - Delivery In IDR Trillions GTV1,2 Net Revenue2 Adju
Slide 25: Financial Updates
Financial Updates E-commerce Service Cash Fee3: Balance1: IDR 193 Billion IDR 22.1 Trillion or or 2 USD 11.5 Million USD 1.3 Billion2 For 4Q 2025 As of end of Dec 2025 IDR 820 Billion or USD 48.9 Million2 For FY 2025 1 Cash, cash equivalents and short-term time deposits 4Q2025 2Q 2025 & FY 2025 2 US
Slide 26: Summary Financials
Key Strategic Focus Financial and Operating Highlights Summary Financials Non-IFAS Reconciliations Appendix 4Q2025 2Q 2025 & FY 2025
Slide 27: Summary operating & financial metrics
Summary For Three Months Ended For Twelve Months Ended operating & 2025 Dec 31 - Reported 2024 2025 Dec 31 - Reported 2024 financial Group GTV 211,732 144,464 685,649 538,200 metrics Group Net Revenue Take rate 5,027 2.4% 4,231 2.9% 18,322 2.7% 15,894 3.0% In IDR Billions, unless otherwise stated Va
Slide 28: Summary operating & financial metrics (Pro Forma)
Summary For Twelve Months Ended operating & 2025 Dec 31 - Pro Forma1 2024 financial Group GTV 685,649 519,784 metrics Group Net Revenue Take rate 18,322 2.7% 14,753 2.8% In IDR Billions, unless otherwise stated Variable expenses2 (10,225) (9,105) 3 Non-variable expenses (8,475) (7,842) Loss from ope
Slide 29: Non-IFAS Reconciliations
Key Strategic Focus Financial and Operating Highlights Summary Financials Non-IFAS Reconciliations Appendix 4Q2025 2Q 2025 & FY 2025
Slide 30: Group Adjusted EBITDA
Group For Three Months Ended Dec 31 - Reported For Twelve Months Ended Dec 31 - Reported Adjusted Loss before income tax 2025 (443) 2024 (674) 2025 (1,087) 2024 (5,276) EBITDA Add/(Deduct): Finance income (143) (184) (573) (737) reconciliation Interest expenses Foreign exchange gain, net 169 (8) 121
Slide 31: Group Adjusted EBITDA
Group For Twelve Months Ended Dec 31 - Pro Forma1 2025 2024 Adjusted Loss before income tax (1,217) (2,868) EBITDA Add/(Deduct): Finance income (573) (729) reconciliation Interest expenses Foreign exchange gain, net 523 (112) 465 (283) In IDR Billions, unless otherwise stated Share of net gain in as
Slide 32: Segment Adjusted EBITDA
Segment For Three Months Ended Dec 31, 2025 Adjusted Total On-demand Financial All other Corporate eCommerce Consolidated services technology segments costs As Reported EBITDA Segment profit/(loss) from operations 243 (50) 144 - (492) (155) reconciliation Add/(Deduct): In IDR Billions, Depreciation
Slide 33: Segment Adjusted EBITDA
Segment For Twelve Months Ended Dec 31, 2025 Adjusted Total On-demand Financial All other Corporate eCommerce Consolidated services technology segments costs As Reported EBITDA Segment profit/(loss) from operations 889 (397) 572 - (1,442) (378) reconciliation Add/(Deduct): In IDR Billions, Depreciat
Slide 34: ODS Segment by Product
ODS Segment For Three Months Ended For Twelve Months Ended Dec 31 - Reported Dec 31 - Reported by Product Mobility 2025 2024 2025 2024 In IDR Billions, GTV 6,516 6,359 24,715 23,677 unless otherwise stated Core GTV 6,516 6,359 24,715 23,113 Net revenue1 858 746 3,133 2,733 2 Adjusted EBITDA 275 226
Slide 35: Adjusted Free Cash Flows
Adjusted Free For Three Months Ended Full Year Cash Flows Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 2025 In IDR Billions, Net cash generated from/(used in) unless otherwise stated 468 451 (913) 301 307 operating activities Less capital expenditure: Purchase of intangible and fixed assets (
Slide 36: Appendix
Key Strategic Focus Financial and Operating Highlights Summary Financials Non-IFAS Reconciliations Appendix 4Q2025 2Q 2025 & FY 2025
Slide 37: Key Result in 4Q25
Key Result in Group 4Q25 4Q24 YoY 4Q25 GTV 1 Core GTV1 211,732 124,022 144,464 79,223 47% 57% In IDR Billions, Net Revenue 5,027 4,231 19% unless otherwise stated Adjusted EBITDA1 672 326 106% Financial Technology 4Q25 4Q24 YoY GTV1 204,970 137,691 49% Core GTV1 116,267 71,612 62% Net Revenue 1,676
Slide 38: Key Result in FY25
Key Result in Group FY25 FY24 YoY FY25 GTV 1,3 Core GTV1,3 685,649 399,848 519,784 268,165 32% 49% In IDR Billions, Net Revenue3 18,322 14,753 24% unless otherwise stated Adjusted EBITDA1,3 2,008 312 544% Financial Technology FY25 FY24 YoY GTV1 659,608 494,590 33% Core GTV1 369,965 240,789 54% Net R
Slide 39: Appendix: Non-IFAS Measures
Appendix Non-IFAS Measures - Adjusted EBITDA is calculated beginning with loss before income tax and adjusting for (i) depreciation and amortization expenses; (ii) finance income; (iii) interest expenses; (iv) loss on impairment of assets of disposal group classified as held for sale; (v) loss on im
Slide 40: Go Together, Go Far
Go Together, Go Far
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