Source file signed link, expires in 15 minutes
Extracted text 43
Page 1
Annual Public Expose 2026 PT GOTO Gojek Tokopedia Tbk (GOTO) Full Year 2025 and Fourth Quarter of 2025 11 March 2026
Page 2
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”). Forward-looking information is based on the management’s current expectations, estimates, projections, and assumptions. While considered reasonable, these are subject to significant
risks and uncertainties, including business, economic, competitive and other factors. Forward-looking information is not a guarantee of future performance, and undue reliance should not be placed on them as a basis
for making any investment decision as they involve known and unknown risks, uncertainties and other factors (including the risks and uncertainties in the GoTo’s consolidated financial statements and Management’s
Discussion and Analysis available on the GoTo’s website), that may cause the actual or future results may differ materially from those expressed or implied by such forward-looking information. Any estimates, investment
strategies or views expressed in this document are based upon current market conditions, and/or data and information provided by unaffiliated third parties, and are subject to change without notice. GoTo Group has
not independently verified any information obtained from third-party sources, which may impact the accuracy of the assumptions made and conclusions drawn. Except as required by law, GoTo Group disclaims any
obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise. Readers are cautioned not to put undue reliance on this forward-looking information, which
should not be viewed, in and of itself, as any basis for making any investment decision.
Non-IFAS Measures
GoTo Group uses a number of non-Indonesian Financial Accounting Standards (IFAS) financial measures including EBITDA, adjusted EBITDA and adjusted free cash flow, to understand and evaluate GoTo Group’s core
operating performance. However, the definitions of GoTo Group’s non-IFAS financial measures presented herein may be different from those used by other companies, and therefore, may not be comparable.
Furthermore, these non-IFAS financial measures have certain limitations in that they do not include the impact of certain expenses that are reflected in GoTo Group’s consolidated financial statements that are necessary
to run GoTo Group’s business. Thus, these non-IFAS financial measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with IFAS.
Non-IFAS measurements are not intended to replace the presentation of GoTo Group’s financial results in accordance with IFAS. Rather, GoTo Group believes that the presentation of EBITDA, adjusted EBITDA and
adjusted free cash flow provide additional information to investors to facilitate the comparison of past and present results, excluding those items that GoTo Group does not believe are indicative of GoTo Group’s
ongoing operations due to their size and/or nature. EBITDA, adjusted EBITDA and adjusted free cash flow presented herein may not be comparable to similarly entitled measures presented by other companies, who may
use and define this measure differently. Accordingly, these non-IFAS measures should not be compared to those presented by other companies.
Consolidated Financial Information
GoTo Group has furnished results for the year ended December 31, 2025 and 2024. The information for the year ended December 31, 2025 is extracted from the consolidated financial statements of GoTo as of and for
the year ended December 31, 2025 (with consolidated financial information as of and for the year ended December 31, 2024 as comparative) that has been audited by an Independent Certified Public Accountant.
GoTo Group has furnished the results of the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, September 30,2024, June 30, 2024 and March 31, 2024
which have been prepared by and are the responsibility of management. The consolidated financial information for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and
December 31, 2024, September 30,2024, June 30, 2024 and March 31, 2024 have not been audited, reviewed, examined, or applied any procedures on. Accordingly, there are no opinions or any other form of assurance
expressed with respect to any and all consolidated financial information for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, September
30,2024, June 30, 2024 and March 31, 2024 presented in this document.
GoTo Group has also furnished certain of the pro forma consolidated financial information as if Tokopedia and its related delivery and fulfillment businesses under GoTo Logistics had been deconsolidated since January
1, 2024. The pro forma financial information has been prepared based on the GoTo Group’s historical financial information. The pro forma financial information is (i) not intended to be a complete presentation of the
GoTo Group’s financial performance or results of operations had the transactions been concluded as of and for the periods indicated; (ii) is presented based on currently available information and estimates and
assumptions that the GoTo Group’s management believes are reasonable as of the issuance date of this document; (iii) is intended for informational purposes only; and (iv) does not reflect all decisions that are
undertaken by the GoTo Group after the deconsolidation. In addition, the pro forma financial information is provided for illustrative and informational purposes only and is not necessarily indicative of the GoTo Group’s
future results of operations or financial condition as an independent, publicly traded company. The pro forma financial information included in this document has been prepared by and is the responsibility of
management. This pro forma financial information has not been audited, reviewed, examined, or had any procedures applied by any third-party consultant or independent certified public accountant. Accordingly, there
are no opinions or any other form of assurance expressed with respect to any and all pro forma financial information presented in this document.
Certain amounts and percentages that appear in this document may not sum due to rounding.
2
4Q 2025 & FY 2025
Page 3
GOTO AT GLANCE
GoTo Group is Indonesia’s largest digital ecosystem, bringing together consumers,
merchants and driver-partners to provide services including mobility, food delivery,
groceries, as well as payments, financial services and technology solutions for merchants.
Since our inception, we have been fueled by the desire to increase access to technology
and create socioeconomic opportunities for all Indonesians. To this day, GoTo is driven by
that same ethos, truly believing that “if we go together, we’ll go far.” It is in this spirit that
we have embarked on our mission to ‘empower progress' by offering technology
infrastructure and solutions that help everyone thrive in the digital economy.
Achievement in year 2025
GoTo delivered a strong financial performance in 2025, moving from high cash burn for
the last few years to becoming adjusted free cash flow positive. GoTo record a full year
Adjusted EBITDA reached two trillion Rupiah or 120 million US Dollars, exceeded our
guidance. This success is as a result of disciplinary strategy focus on solving real
customer problems and building core capabilities across its On-Demand Services and
Financial Technology businesses.
3 3
Page 4
GOTO GROUP STRUCTURE 4Q 2025 & FY 2025 4
Page 5
Key Strategic Focus
Financial and Operating Highlights
Summary Financials
Non-IFAS Reconciliations
Appendix
2Q
4Q2025
2025 & FY 2025
Page 6
Group: Closed the Year with Record Profitability
Adjusted EBITDA reached 672 billion Rupiah for Q4, a 106% year-on-year increase, and 2,008 trillion Rupiah for the full year, representing a 544%
year-on-year increase.
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 and financial metrics, please refer to the Appendix
4Q 2025 & FY 2025 2
Figures are on a pro forma basis which assumes that Tokopedia and its related delivery and fulfillment businesses under GoTo Logistics were deconsolidated as of January 1, 2024 6
Page 7
Strong Group Top Line Growth and User Expansion
Group core GTV grew to Rp124 trillion in 4Q, up 57% YoY and Rp400 trillion for the full year, up 49%, as Group Annual Transacting Users (ATU)
increased 24% YoY to 66 million. Group net revenue up by 24% to Rp18.3 trillion for the full year
Group Annual Transacting
4Q 2025 Results FY 2025 Results
Users1,2
Group Core GTV1 Group Core GTV1,2
+57% +49%
YoY Growth YoY Growth
Group Net Revenue Group Net Revenue2
66mn+ users
+24% YoY Growth +19% +24%
YoY Growth YoY Growth
Adjusted Free Cash Flow1 Adjusted Free Cash Flow1
748bn 966bn
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 which assumes that Tokopedia and its related delivery and fulfillment businesses under GoTo Logistics were deconsolidated as of January 1, 2024 7
Page 8
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 which assumes that Tokopedia and its related delivery and fulfillment businesses under GoTo Logistics were deconsolidated as of January 1, 2023 8
Page 9
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
IDR 1.7 - 1.8 Trillion IDR 1.4 - 1.5 Trillion
1
For the definition of operating and financial metrics, please refer to the Appendix
4Q 2025 & FY 2025 9
Page 10
Group Strategy
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 10
Page 11
Fintech: Accelerating Topline Momentum and Huge Swing of Profitability
Adjusted EBITDA reached a record Rp226 billion in 4Q, bringing the full year to Rp497 billion, marking the fifth consecutive quarter of profitability,
driven by improving economics across both payments and lending.
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 operating and financial metrics, please refer to the Appendix
4Q 2025 & FY 2025 11
Page 12
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 FY25
4Q 2025 & FY 2025 1
For the definition of operating and financial metrics, please refer to the Appendix 12
Page 13
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 refer to the Appendix 13
Page 14
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
Maintaining
asset quality & expanding our
Well-positioned 2022 loan book
to scale Customer base
Gojek users Scaled to lending continues
into fintech with built to scale rapidly
credit scoring engine
1
According to World Bank
4Q 2025 & FY 2025 14
Page 15
On Demand Services: Strong Profitability Growth and Margin Expansion
On-Demand Services delivered record adjusted EBITDA of Rp415 billion, up 55% YoY in 4Q and Rp1.393 trillion for the full year, up 105% YoY.
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% 2.0% 2.0% 2.0% 2.3% 1.1% 2.1%
of GTV
1
For the definition of operating and financial metrics, please refer to the Appendix
4Q 2025 & FY 2025 15
Page 16
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 2025 2
Excluding Vietnam 16
Page 17
Key Strategic Focus
Financial and Operating Highlights
Summary Financials
Non-IFAS Reconciliations
Appendix
2Q
4Q2025
2025 & FY 2025
Page 18
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 financial metrics, please refer to the Appendix
4Q 2025 & FY 2025 18
Page 19
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 operating and financial metrics, please refer to the Appendix
4Q 2025 & FY 2025 2
Figures are on a pro forma basis which assumes that Tokopedia and its related delivery and fulfillment businesses under GoTo Logistics were deconsolidated as of January 1, 2024 19
Page 20
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 definition of operating and financial metrics, please refer to the Appendix 20
Page 21
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 the definition of operating and financial metrics, please refer to the Appendix 21
Page 22
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 7.16 8.19
as % of total Dec-24 Mar-25 Jun-25 Sep-25 Dec-25
Current 94.3% 92.2% 93.1% 92.5% 92.2%
Overdue:
1-30 days past due 2.9% 2.6% 2.9% 3.2% 2.9%
31-90 days past due 2.4% 4.1% 3.5% 3.7% 4.2%
>90 days past due 0.4% 1.1% 0.6% 0.6% 0.7%
Total Overdue 5.7% 7.8% 6.9% 7.5% 7.8%
1
Excludes Vehicle Financing Loans outstanding
4Q 2025 & FY 2025 22
Page 23
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
17.1 17.7 3.4
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 the Appendix
4Q 2025 & FY 2025 23
Page 24
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
61.9 66.5 0.68
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 refer to the Appendix
4Q 2025 & FY 2025 2
Excluding Vietnam 24
Page 25
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
As % of GTV
3.6% 4.2%
4Q25 On Demand Services - Delivery In IDR Trillions
GTV1 Net Revenue Adjusted EBITDA1,2
+5% +8% +123%
Year on Year
Year on Year Year on Year
2.5 0.18
10.7 11.2 2.3
0.08
4Q24 4Q25 4Q24 4Q25 4Q24 4Q25
0.77% 1.6% As % of GTV
4Q 2025 & FY 2025 1
For the definition of operating and financial metrics, please refer to the Appendix
2
Before allocated corporate costs
25
Page 26
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
As % of GTV
3.1% 3.5%
FY25 On Demand Services - Delivery In IDR Trillions
GTV1,2 Net Revenue2 Adjusted EBITDA1,3
+8% +16% +383%
Year on Year Year on Year
Year on Year 0.69
41.8 9.5
38.8 8.1
0.14
FY24 FY25 FY24 FY25
FY24 FY25
0.36% 1.7% As % of GTV
1
For the definition of operating and financial metrics, please refer to the Appendix
2
Excluding Vietnam
4Q 2025 & FY 2025 3 26
Before allocated corporate costs
Page 27
Financial Updates
E-commerce Service Fee3: Cash 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
2
USD 1 = IDR 16,782
3
4Q2025
2Q 2025 & FY 2025 Excluding VAT
27
Page 28
Key Strategic Focus
Financial and Operating Highlights
Summary Financials
Non-IFAS Reconciliations
Appendix
2Q
4Q2025
2025 & FY 2025
Page 29
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 Variable expenses1 (2,856) (2,448) (10,225) (9,959)
2
Non-variable expenses (2,326) (1,973) (8,475) (8,176)
Loss from operations (155) (190) (378) (2,241)
As Percentage of Net Revenue (3)% (4)% (2)% (14)%
Depreciation and amortization 197 138 749 744
Non-recurring items3 525 141 1,012 372
Group EBITDA 567 89 1,383 (1,125)
Share-based compensation 91 237 593 1,374
Other income/(expenses) 14 - 32 (2)
Group Adjusted EBITDA 672 326 2,008 247
As Percentage of Net Revenue 13% 8% 11% 2%
Notes:
1. Variable expenses are total cost of revenues, a portion of sales and marketing expenses relating to the promotional excess and product marketing and others consisting of mainly withholding taxes related to sales and
marketing expenses
2. Non-variable expenses are a portion of sales and marketing expenses, general and administrative expenses, operational and support expenses and product development expenses
3. These non-recurring items also include restructuring costs
4Q 2025 & FY 2025 29
Page 30
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 operations (378) (2,194)
As Percentage of Net Revenue (2)% (15)%
Depreciation and amortization 749 578
Non-recurring items4 1,012 361
Group EBITDA 1,383 (1,255)
Share-based compensation 593 1,568
Other income/(expenses) 32 (1)
Group Adjusted EBITDA 2,008 312
As Percentage of Net Revenue 11% 2%
Notes:
1. Figures are on a pro forma basis which assumes that Tokopedia and its related delivery and fulfillment businesses under GoTo Logistics were deconsolidated as of January 1, 2024
2. Variable expenses are total cost of revenues, a portion of sales and marketing expenses relating to the promotional excess and product marketing and others consisting of mainly withholding taxes related to sales and
marketing expenses
3. Non-variable expenses are a portion of sales and marketing expenses, general and administrative expenses, operational and support expenses and product development expenses
4Q 2025 & FY 2025 4. These non-recurring items also include restructuring costs 30
Page 31
Key Strategic Focus
Financial and Operating Highlights
Summary Financials
Non-IFAS Reconciliations
Appendix
2Q
4Q2025
2025 & FY 2025
Page 32
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
(385)
523
(112)
484
(290)
In IDR Billions, Share of net losses/(income) in associates and joint ventures (603) (143) (249) 2,305
unless otherwise stated
Loss/(gain) on divestment and dilution of investments, net - 184 (1) 344
Loss on impairment of investment in associates and joint
- 127 - 127
ventures
Loss on impairment of intangible and fixed assets 214 13 217 24
Fair value adjustment of financial instruments 316 453 597 482
Loss on goodwill 357 298 357 308
Dividend income - - (18) (14)
Other expenses/(income) (14) - (32) 2
Loss from operations (155) (190) (378) (2,241)
Depreciation and amortization expenses 197 138 749 744
Non-recurring items1 525 141 1,012 372
EBITDA 567 89 1,383 (1,125)
Share based compensation cost 91 237 593 1,374
Other income/(expenses) 14 - 32 (2)
Adjusted EBITDA 672 326 2,008 247
Note:
1. These non-recurring items also include restructuring costs
4Q 2025 & FY 2025 32
Page 33
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 associates and joint ventures (119) (50)
Loss/(gain) on divestment and dilution of investments, net (1) 344
Loss on impairment of investment in associates and joint
- 127
ventures
Loss on impairment of intangible and fixed assets 217 24
Fair value adjustment of financial instruments 597 482
Loss on goodwill 357 308
Dividend income (18) (14)
Other expenses/(income) (32) -
Loss from operations (378) (2,194)
Depreciation and amortization expenses 749 578
2
Non-recurring items 1,012 361
EBITDA 1,383 (1,255)
Share based compensation cost 593 1,568
Other income/(expenses) 32 (1)
Adjusted EBITDA 2,008 312
Notes:
4Q 2025 & FY 2025 1. Figures are on a pro forma basis which assumes that Tokopedia and its related delivery and fulfillment businesses under GoTo Logistics were deconsolidated as of January 1, 2024 33
2. These non-recurring items also include restructuring costs
Page 34
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 and amortization expenses 41 143 - - 13 197
unless otherwise stated Share-based compensation cost 39 31 3 - 18 91
Other income/(expenses) 1 - (12) - 25 14
Non-recurring items 91 102 24 - 308 525
Adjusted EBITDA 415 226 159 - (128) 672
For Three Months Ended Dec 31, 2024
Total
On-demand Financial All other Corporate
eCommerce Consolidated
services technology segments costs
As Reported
Segment profit/(loss) from operations 196 (197) 142 - (331) (190)
Add/(Deduct):
Depreciation and amortization expenses 77 56 - - 5 138
Share-based compensation cost (3) 48 32 - 160 237
Other income/(expenses) 6 - - - (6) -
Non-recurring items (9) 107 - - 43 141
Adjusted EBITDA 267 14 174 - (129) 326
4Q 2025 & FY 2025 34
Page 35
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, Depreciation and amortization expenses 205 510 - - 34 749
unless otherwise stated Share-based compensation cost 150 118 45 - 280 593
Other income/(expenses) 26 - (12) - 18 32
Non-recurring items 123 266 97 - 526 1,012
Adjusted EBITDA 1,393 497 702 - (584) 2,008
For Twelve Months Ended Dec 31, 2024
Total
On-demand Financial All other Corporate
eCommerce Consolidated
services technology segments costs
As Reported
Segment profit/(loss) from operations 68 (1,110) 846 (122) (1,923) (2,241)
Add/(Deduct):
Depreciation and amortization expenses 381 154 13 28 168 744
Share-based compensation cost 193 335 (264) (49) 1,159 1,374
Other income/(expenses) (12) - 6 3 1 (2)
Non-recurring items 49 154 30 - 139 372
Adjusted EBITDA 679 (467) 631 (140) (456) 247
4Q 2025 & FY 2025 35
Page 36
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 275 226 870 736
As % of GTV 4.2% 3.6% 3.5% 3.1%
Delivery
GTV 11,194 10,699 41,819 39,362
Core GTV 11,194 10,699 41,819 38,760
Net revenue1 2,539 2,344 9,463 8,147
Adjusted EBITDA2 183 82 691 143
As % of GTV 1.6% 0.8% 1.7% 0.4%
ODS Adjusted EBITDA Reconciliation
Adjusted EBITDA (Mobility and Delivery) 458 308 1,561 879
Group allocated corporate cost (43) (41) (168) (200)
ODS Adjusted EBITDA 415 267 1,393 679
Notes:
1. Excluding Vietnam
4Q 2025 & FY 2025 36
2 Before Group allocated corporate cost
Page 37
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 (47) (266) (726) (144) (1,183)
Free Cash Flows 421 185 (1,639) 157 (876)
Movements in:
Financing and lending disbursed to users, net 753 210 525 532 2,020
Proceeds from users net-off with payments to
(426) (148) 701 (305) (178)
merchants, service providers and lenders
Adjusted Free Cash Flows 748 247 (413) 384 966
4Q 2025 & FY 2025 37
Page 38
Key Strategic Focus
Financial and Operating Highlights
Summary Financials
Non-IFAS Reconciliations
Appendix
2Q
4Q2025
2025 & FY 2025
Page 39
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 - As Reported 4Q25 4Q24 YoY
GTV1 204,970 137,691 49%
Core GTV1 116,267 71,612 62%
Net Revenue 1,676 1,157 45%
Adjusted EBITDA1 226 14 1,514%
On-Demand Services - As Reported 4Q25 4Q24 YoY
GTV1 17,710 17,058 4%
- Mobility 6,516 6,359 2%
- Delivery 11,194 10,699 5%
Net Revenue 3,397 3,090 10%
- Mobility 858 746 15%
- Delivery 2,539 2,344 8%
Adjusted EBITDA1 415 267 55%
- Mobility2 275 226 22%
- Delivery2 183 82 123%
- Group allocated corporate cost (43) (41) -5%
Adjusted EBITDA as % of GTV 2.3% 1.6% 78 bps
- Mobility2 4.2% 3.6% 67 bps
- Delivery2 1.6% 0.8% 87 bps
Notes:
1
For the definition of operating and financial metrics, please refer to the Appendix
4Q 2025 & FY 2025 2
Before Group allocated corporate cost 39
Page 40
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
1,3
Adjusted EBITDA 2,008 312 544%
Financial Technology - As Reported FY25 FY24 YoY
GTV1 659,608 494,590 33%
Core GTV1 369,965 240,789 54%
Net Revenue 5,780 3,557 62%
Adjusted EBITDA1 497 (467) n.a
On-Demand Services - As Reported FY25 FY24 YoY
GTV1 66,534 63,039 6%
- Mobility1 24,715 23,677 4%
- Delivery1 41,819 39,362 6%
Core GTV1 66,534 61,873 8%
- Mobility 24,715 23,113 7%
- Delivery 41,819 38,760 8%
Net Revenue4 12,596 10,880 16%
- Mobility4 3,133 2,733 15%
- Delivery4 9,463 8,147 16%
1
Adjusted EBITDA 1,393 679 105%
- Mobility2 870 736 18%
- Delivery2 691 143 383%
- Group allocated corporate cost (168) (200) 16%
Adjusted EBITDA as % of GTV 2.1% 1.1% 102 bps
- Mobility2 3.5% 3.1% 41 bps
2
- Delivery 1.7% 0.4% 129 bps
Notes:
1
For the definition of operating and financial metrics, please refer to the Appendix
4Q 2025 & FY 2025 2
3
Before Group allocated corporate cost 40
Figures are on a pro forma basis which assumes that Tokopedia and its related delivery and fulfillment businesses under GoTo Logistics were deconsolidated as of January 1, 2024
4
Excluding Vietnam
Page 41
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 impairment of investment in associates and joint ventures; (vi) loss on goodwill; (vii) fair value adjustment of
financial instruments; (viii) loss on impairment of intangible and fixed assets; (ix) share-based compensation cost; (x) foreign exchange gain, net; (xi) share of net (gain)/losses in
associates and joint ventures; (xii) (gain)/loss on divestment and dilution of investments, net (xiii) dividend income; and (xiv) non-recurring items
- EBITDA is calculated beginning with loss from operations excluding depreciation and amortization and non-recurring items
- Adjusted free cash flow is calculated starting with net cash generated from operating activities after adjusting for cash flows related to capital expenditures, net financing and lending
disbursed to users, and proceeds from users net-off with payments to merchants, service providers and lenders
Operating Metrics
- GTV or Gross Transaction Value means gross transaction value, an operating measure representing the sum of (i) the value of on-demand services transactions; (ii) the value of
e-commerce transactions for product and services; and (iii) the total payments volume processed and loans disbursed through our financial technology, excluding any inter-company
transactions
- Core GTV means GTV (or Gross Transaction Value) excluding merchant payment gateway in financial technology (Fintech Core GTV) and on-demand services in Vietnam (ODS Core
GTV)
- MTUs means average Monthly Transacting Users who are using On-Demand Services products (in ID, SG, VN), or Financial Technology Services, on-platform or off-platform, over the
stated period
- Annual Transacting Users (ATU) means the number of unique users who are using On-Demand Services products, or Financial Technology Services, on-platform or off-platform, over
the past twelve months as of the end of stated period
- Consumer Loans outstanding principal includes both on and off balance sheet loans outstanding principal. Off-balance sheet loans represent loans originated by GoTo’s Financial
Technology segment but funded through loan channelling arrangements with channelling partners
4Q 2025 & FY 2025
41
Page 42
2Q 2024
Page 43
For more information please contact and visit
corpsecretary@gotocompany.com and ir@gotocompany.com
https://www.gotocompany.com
4Q
1Q2025
2024& FY 2025
Names mentioned 2 people and organisations named in the text · linked when the evidence is strong
unresolved
org
Gojek Tokopedia Tbk
p.1
Extraction attempts how the parser did, and what it refused
Nothing structured was extracted from this document — the attempts below say why.
No extraction attempted yet.