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Annual Public Expose 2025 PT GOTO Gojek Tokopedia Tbk (GOTO) Full Year 2024 and Fourth Quarter of 2024 12 March 2025
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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 or 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 gross revenue, contribution margin and adjusted EBITDA, 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 adjusted EBITDA provides 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. In addition, GoTo Group also presents the
Contribution Margin, which may provide additional information to investors in relation to the results excluding non-variable expenses and other income/expenses. Contribution margin and adjusted EBITDA 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 the result for the year ended December 31, 2024 and 2023. The information for the year ended December 31, 2024 is extracted from the consolidated financial statements of GoTo as of and for the year ended
December 31, 2024 (with consolidated financial information as of and for the year ended December 31, 2023 as comparative) that has been audited by the Independent Certified Public Accountant.
Furthermore, in this document, GoTo Group also furnished the results of the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023 which have been prepared by and are the
responsibility of management. The consolidated financial information for the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023 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, 2024, September 30, 2024, June
30, 2024, March 31, 2024 and December 31, 2023 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, 2023. 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.
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 and on-demand services in Vietnam.
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. 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.
4Q 2024 & FY 2024 2
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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.
As GoTo became a publicly listed company on the Indonesia Stock Exchange
(IDX) in 2022, we have remained steadfast in our journey towards long-term
profitability, while also growing the business with each part of our ecosystem
adding value to the others. In 2024, we continued to pursue new users, while
enhancing efficiency, achieving positive Group Adjusted EBITDA for the year.
4Q 2024 & FY 2024 33
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GOTO GROUP STRUCTURE 4Q 2024 & FY 2024 4
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Key Strategic Focus Financial and Operating Highlights Summary Financials Non-IFAS Reconciliations 4Q 1Q 2024 & FY 2024
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Key Results in 4Q241
Gross Revenue2,5 Contribution Margin3 Adj. EBITDA4
5.0 1.8 IDR Trillion
399 IDR Billion
IDR Trillion
+28% (4Q23 vs 4Q24)
+50%(4Q23 vs 4Q24)
+348% (4Q23 vs 4Q24)
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, 2023
2. Gross Revenue represents the total Rupiah value attributable to GoTo Group from each transaction, net of applicable discounts, over the period of measurement.
3. Contribution Margin is calculated beginning with net revenue and deducting total cost of revenue, 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 and other insignificant expenses
4. 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)
(reversal)/loss on impairment of investment in associates and joint ventures; (vi) loss on goodwill; (vii) fair value adjustment of financial instruments; (viii) (reversal)/loss on impairment of intangible and fixed assets; (ix) share-based compensation cost; (x)
unrealized foreign exchange (gain)/loss from cash remeasurement; (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
5. If we exclude our operations in Vietnam and account for the change in business model we enacted in the first quarter of 2024, our Group gross revenue growth is 22% year-on-year
4Q 2024 & FY 2024 6
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Record-Breaking Performance in 2024
Group GTV1,2 Group Gross Revenue1 Group Adjusted EBITDA1
+29% +30% +63bps
Year on Year Year on Year Year on Year
Growth Growth Growth
(IDR trillions) 519.8 (IDR trillions) 18.1 (IDR billions)
386
0.1
402.1 14.0
Core GTV3
268.2
Core GTV
(0.6)
Core GTV3 +58%
169.9
(2,253)
FY23 FY24 FY23 FY24 FY23 FY24
As %
3.5% 3.5% (0.6)% 0.1%
of GTV
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, 2023
4Q 2024 & FY 2024 2
GTV means Gross Transaction Value representing the sum of the value of transactions within the GoTo ecosystem 7
3
Group Core GTV excludes merchant payment gateway GTV in Fintech and On-Demand Services GTV in Vietnam
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Group Profitability Beat Guidance
Group Adjusted EBITDA by Quarter Group Adjusted EBITDA FY 2023 vs FY24
4Q23 1Q24 2Q24 3Q24 4Q24 FY23 FY24
(IDR billions)
399 (IDR billions)
386
(2,253)
137
89
(102) (48)
As % of As % of
0.1% (0.1%) 0.0% 0.1% 0.3% GTV (0.6)% 0.1% GTV
Adjusted EBITDA Adjusted EBITDA as % of GTV
4Q 2024 & FY 2024 8
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Ecosystem Synergy Led to Record Results
Group Gross
Group MTUs1,2 Group Core GTV1,3
Revenue1,4
4Q24 4Q24 4Q24
+22% Year on Year
+66% Year on Year
+28% Year on Year
Growth Growth Growth
FY24 FY24 FY24
+16% Year on Year
+58% Year on Year
+30% Year on Year
Growth Growth Growth
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, 2023
2
Group MTUs means average Monthly Transacting Users who are using On-Demand Services products (in ID, SG, VN), or Fintech services, on-platform or off-platform, over the stated period
3
Group Core GTV excludes merchant payment gateway GTV in Fintech and On-Demand Services GTV in VN
4
If we exclude our operations in Vietnam and account for the change in business model we enacted in the first quarter of 2024, our revenue growth is 22% year-on-year for 4Q24 and FY24, respectively
4Q 2024 & FY 2024 9
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Acceleration in Fintech Profitability
Fintech Adjusted EBITDA by Quarter Fintech Adjusted EBITDA - FY23 vs FY24
4Q23 1Q24 2Q24 3Q24 4Q24 FY23 FY24
(IDR billions) (IDR billions)
14
(168) (248) (168) (65) (1,580) (467)
(0.2)% (0.2%) (0.1)% (0.0)% 0.0% As % of GTV (0.4)% (0.1)% As % of GTV
Fintech Adjusted EBITDA Adjusted EBITDA as % of GTV
4Q 2024 & FY 2024 10
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GoPay: Enabling Financial Access for Every Indonesian
GoPay App
+35%
Year on Year
Fintech
Monthly Transacting User Growth
(4Q23 vs 4Q24)
20.2 Mn
Fintech
Monthly Transacting Users
(4Q24)
+18%
Year on Year
Fintech
Average Monthly Transactions
per User
(4Q23 vs 4Q24)
4Q 2024 & FY 2024 11
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Accelerating Loan Growth with Strong Fundamentals
GoPay Later
Consumer Lending
Total Loans Outstanding, in IDR trillions
5.2
+172% 4.3
Year on Year Growth
(4Q23 vs 4Q24)
3.5
Guidance: 2.7
>IDR 8 Tn 1.9
By the End of 2025
4Q23 1Q24 2Q24 3Q24 4Q24
4Q 2024 & FY 2024 12
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Highest-ever ODS Adjusted EBITDA
ODS Adjusted EBITDA by Quarter ODS Adjusted EBITDA - FY23 vs FY24
4Q23 1Q24 2Q24 3Q24 4Q24 FY23 FY24
(IDR billions) (IDR billions)
679
239 267
166
156
Z
90 (219)
1.7% 1.2% 0.6% 0.9% 1.6% As % of GTV (0.4)% 1.1% As % of GTV
ODS Adjusted EBITDA Adjusted EBITDA as % of GTV
4Q 2024 & FY 2024 13
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ODS: Expanding Premium Services
Food Express
Food Express
Contributed 28% of total Food GTV in 4Q24
after 1 year since launch
4Q 2024 & FY 2024 14
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Special Delivery Fleet Program:
Enhancing Driver-partners Earnings & Delivery Cost
Special Delivery Fleet
More affordable delivery for consumers
Higher average earnings for driver-partners
Improves profitability
4Q 2024 & FY 2024 15
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Advertising:
Becoming Significant Driver of Profitability
Advertising
Advertising Revenue +92% YoY in FY24
1.6% Ads revenue of total Food GMV1 in 4Q24
vs 1.1% in 4Q23
Advertising revenue is targeted to grow
faster than Food GMV1 in 2025
4Q 2024 & FY 2024 1
GMV: Gross Transaction Value less delivery fees and other fees 16
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Merchant Funded Promotions:
Increased Participation & Merchants Investment
Merchant Funded
Promotions
❏ Enhanced targeting and segmentation for better customer reach
❏ Merchants’ total spend increased +190% YoY in 2024
❏ Reduction in GoTo-funded Incentives
❏ More relevant offers improving customer experience
4Q 2024 & FY 2024 17
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AI’s Pivotal Role Across Our Ecosystem
Open-source Large Language Models (LLMs) designed to understand the local context, empowering the
development of AI-based applications and services uniquely tailored to Indonesia.
4Q 2024 & FY 2024 18
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To be updated
Guidance
FY25 Group Adjusted EBITDA
IDR 1.4 - 1.6 Trillion
4Q 2024 & FY 2024 19
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Key Strategic Focus Financial and Operating Highlights Summary Financials Non-IFAS Reconciliations 4Q 1Q 2024 & FY 2024
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Financial Updates
Cash Balance1: Buyback: E-commerce
IDR 21 Trillion IDR 1.5 Trillion Service Fee3:
2
or USD 1.3 Billion or USD 91 Million 4Q24
As of end of Dec 2024 As of end of Feb 2025
IDR 183 Billion
(up to USD 200 Million following or USD 11 Million
Shareholders approval in June
2024)
FY24
IDR 622 Billion
or USD 38 Million
1
cash, cash equivalents and short-term time deposits
2
USD 1 = IDR 16,162
3
4Q 2024 & FY 2024
1Q excluding VAT 21
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4Q24 Key Operating Metrics
In IDR Trillions
Group GTV1 Group Gross Revenue1,2
+32% +28%
Year on Year Growth Year on Year Growth
5.0
144.5
3.9
109.1
Core GTV
79.2
Core GTV
Core GTV +66%
47.8
4Q23 4Q24
As %
4Q23 4Q24 3.5% 3.4% of GTV
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, 2023
2
4Q 2024 & FY 2024 If we exclude our operations in Vietnam and account for the change in business model we enacted in the first quarter of 2024, our Group gross revenue growth is 22% year-on-year
22
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FY24 Key Operating Metrics
In IDR Trillions
Group GTV1 Group Gross Revenue1,2
+29% +30%
Year on Year Growth
Year on Year Growth 18.1
519.8
14.0
402.1
Core GTV
268.2
Core GTV
Core GTV +58%
169.9
FY23 FY24
FY23 FY24 3.5% 3.5% As % of GTV
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, 2023
2
If we exclude our operations in Vietnam and account for the change in business model we enacted in the first quarter of 2024, our Group gross revenue growth is 22% year-on-year
4Q 2024 & FY 2024 23
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Improving Profitability in 4Q24
In IDR Trillions
Recurring Cash Fixed Costs1,2 Group Corporate Cost Group Adjusted EBITDA1
+31% -23% +348%
0.40
0.1
1.5 0.24
1.1 0.18
0.09
4Q23 4Q24 4Q23 4Q24 4Q23 4Q24
As % of
0.1% 0.3% GTV
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, 2023
4Q 2024 & FY 2024 2
Recurring Cash Fixed Costs mainly consists of personnel, non-variable marketing, IT and other expenses which are not directly attributable to the net revenue 24
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Improving Profitability FY24
In IDR Trillions
Recurring Cash Fixed Costs1 Group Corporate Cost Group Adjusted EBITDA1
-3% -34%
0.39
0.1
5.5 5.3 1.2
0.77
(0.6)
(2.3)
+63 bps
As % of GTV
FY23 FY24 FY23 FY24 FY23 FY24
(0.6)% 0.1% As % of GTV
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, 2023
4Q 2024 & FY 2024 25
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GTV1 Gross Revenue1
+33% +95% 1.2
Year on Year 137.7
Year on Year
103.2
0.61
Core GTV
71.6
Core GTV Core GTV
41.8 +71%
4Q23 4Q24 4Q23 4Q24
0.6% 0.9% As % of GTV
Contribution Margin1 Adjusted EBITDA1
4Q24 +208% 0.67 +17 bps
Financial Year on Year As % of GTV
Year on Year
(0.17)
0.01
Technology 0.22
In IDR Trillions
4Q23 4Q24 4Q23 4Q24
(0.2)% 0.0% As % of GTV
0.2% 0.5% As % of GTV
1
As reported figures
4Q 2024 & FY 2024 26
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GTV1 Gross Revenue1
+30% 494.6
+95% 3.7
Year on Year Year on Year
379.7
1.9
Core GTV
240.8
CoreGTV
Core GTV2 Core GTV
146.0
146.0 +65%
FY23 FY24
FY23 FY24 0.5% 0.7% As % of GTV
Contribution Margin1 Adjusted EBITDA1
FY24
Financial +436% 1.7
+70%
Year on Year
Year on Year
(1.6) (0.47)
Technology
In IDR Trillions
0.31
FY23 FY24
FY23 FY24 (0.4)% (0.1)% As % of GTV
0.1% 0.3% As % of GTV
1
As reported figures
4Q 2024 & FY 2024 27
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GTV1 Gross Revenue1
19% (+24% if excl. VN) +17%
Year on Year
(+11% if excl. VN and adj. for business model change)
Year on Year
17.1 3.8
14.4 3.2
4Q23 4Q24 4Q23 4Q24
22.5% 22.2% As % of GTV
Contribution Margin1 Adjusted EBITDA1
4Q24 +16 % +12%
Year on Year
Year on Year 0.95 0.27
0.24
On-Demand 0.82
Services
In IDR Trillions
4Q23 4Q24 4Q23 4Q24
5.7% 5.6% As % of GTV 1.7% 1.6% As % of GTV
1
As reported figures
4Q 2024
4Q 2024
& FY&2024
FY 2024 28
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GTV1 Gross Revenue1
+13% (+17% if excl. VN)
+17% (+10% if excl. VN and adj. for business model change)
Year on Year 14.2
Year on Year
63.0 12.1
55.6
FY23 FY24 FY23 FY24
21.8% 22.5% As % of GTV
Contribution Margin1 Adjusted EBITDA1
FY24 +28 % 3.4 +147bps
Year on Year
As % of GTV Year on Year 0.68
2.6
On-Demand
Services (0.22)
In IDR Trillions
FY23 FY24 FY23 FY24
4.8% 5.4% As % of GTV (0.4)% 1.1% As % of GTV
1
As reported figures
4Q 2024
4Q 2024
& FY&2024
FY 2024 29
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Key Strategic Focus Financial and Operating Highlights Summary Financials Non-IFAS Reconciliations 4Q 1Q 2024 & FY 2024
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Summary For Three Months Ended
Dec 31 - Pro Forma1
For Twelve Months Ended
Dec 31 - Pro Forma1
operating & 2024 2023 2024 2023
financial Group GTV 144,464 109,073 519,784 402,117
metrics- Group Gross Revenue
Take rate
4,968
3.4%
3,870
3.5%
18,104
3.5%
13,969
3.5%
pro forma Incentives to customers
Group Net Revenue
(737)
4,231
(1,642)
2,228
(3,351)
14,753
(6,317)
7,652
In IDR Billions,
unless otherwise stated
Total cost of revenue (1,900) (474) (6,788) (1,636)
Sales and marketing expenses2 (547) (551) (2,286) (2,647)
Others3 (1) (13) (31) (117)
Contribution Margin 1,783 1,190 5,648 3,252
As Percentage of Gross Revenue 36% 31% 31% 23%
Non-variable expenses4 (1,835) (1,798) (7,264) (9,157)
Other (expenses)/income (ex. interest exp/ income) (677) (79,356) (938) (80,512)
Group EBITDA (729) (79,964) (2,554) (86,417)
Adjustments 1,128 80,053 2,940 84,164
Group Adjusted EBITDA 399 89 386 (2,253)
As Percentage of Gross Revenue 8% 2% 2% -16%
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, 2023
2. A portion of sales and marketing expenses relating to the promotional excess and product marketing
3. Others consists mainly of withholding taxes related to sales and marketing expenses and other insignificant expenses
4. Non-variable expenses are a portion of sales and marketing expenses, general and administrative expenses, operational and support expenses and product development expenses
4Q 2024 & FY 2024 31
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Summary For Three Months Ended
Dec 31 - As Reported
For Twelve Months Ended
Dec 31 - As Reported
operating & 2024 2023 2024 2023
financial Group GTV 144,464 163,3014 538,200 607,3614
metrics- Group Gross Revenue
Take rate
4,968
3.4%
6,469
4.0%
19,384
3.6%
24,260
4.0%
as reported Incentives to customers
Group Net Revenue
(737)
4,231
(2,195)
4,274
(3,490)
15,894
(9,475)
14,785
In IDR Billions,
unless otherwise stated
Total cost of revenue (1,900) (1,317) (7,413) (5,093)
Sales and marketing expenses1 (547) (1,326) (2,513) (5,133)
Others2 (1) (14) (33) (126)
Contribution Margin 1,783 1,617 5,935 4,433
As Percentage of Gross Revenue 36% 25% 31% 18%
Non-variable expenses3 (1,835) (2,463) (7,432) (12,041)
Other (expenses)/income (ex. interest exp/ income) (547) (79,327) (3,288) (80,633)
Group EBITDA (599) (80,173) (4,785) (88,241)
Adjustments 998 80,250 5,112 84,571
Group Adjusted EBITDA 399 77 327 (3,670)
As Percentage of Gross Revenue 8% 1% 2% -15%
Notes:
1. A portion of sales and marketing expenses relating to the promotional excess and product marketing
2. Others consists mainly of withholding taxes related to sales and marketing expenses and other insignificant 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
4. If we assume the change in definition started on January 1, 2023
4Q 2024 & FY 2024 32
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Key Strategic Focus Financial and Operating Highlights Summary Financials Non-IFAS Reconciliations 4Q 1Q 2024 & FY 2024
Page 34
Group For Three Months Ended
Dec 31 - Pro Forma1
For Twelve Months Ended
Dec 31 - Pro Forma1
Adjusted Loss before income tax
2024
(804)
2023
(80,128)
2024
(2,868)
2023
(87,087)
EBITDA Add/(Deduct):
Depreciation and amortization expenses 138 193 578 884
reconciliation Finance income (184) (142) (729) (514)
Interest expenses 121 113 465 300
- pro forma EBITDA (729) (79,964) (2,554) (86,417)
In IDR Billions, Unrealized foreign exchange (gain)/loss from cash
(312) 57 (210) 146
unless otherwise stated remeasurement
Share of net (gain)/losses in associates and joint ventures (13) 2 (50) 200
Loss on divestment and dilution of investments, net 184 1 344 119
Loss on impairment of investment in associates and joint
127 68 127 237
ventures
Loss on impairment of intangible and fixed assets 13 29 24 48
Fair value adjustment of financial instruments 453 433 482 994
Loss on goodwill 298 78,768 308 78,768
Share based compensation cost 237 443 1,568 3,194
Dividend income - - (14) (23)
Non-recurring items2 141 252 361 481
Adjusted EBITDA 399 89 386 (2,253)
Note:
4Q 2024 & FY 2024 34
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, 2023
2. These non-recurring items also include restructuring costs
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Group For Three Months Ended
Dec 31 - As Reported
For Twelve Months Ended
Dec 31 - As Reported
Adjusted Loss before income tax
2024
(674)
2023
(80,760)
2024
(5,276)
2023
(90,634)
EBITDA Add/(Deduct):
Depreciation and amortization expenses 138 633 744 2,671
reconciliation Finance income (184) (171) (737) (636)
Interest expenses 121 125 484 358
- as reported EBITDA (599) (80,173) (4,785) (88,241)
In IDR Billions, Unrealized foreign exchange (gain)/loss from cash
(312) 55 (210) 146
unless otherwise stated remeasurement
Share of net (gain)/losses in associates and joint ventures (143) 14 2,305 212
Loss on divestment and dilution of investments, net 184 - 344 118
Loss on impairment of investment in associates and joint
127 84 127 373
ventures
Loss on impairment of intangible and fixed assets 13 33 24 52
Fair value adjustment of financial instruments 453 413 482 992
Loss on goodwill 298 78,768 308 78,768
Share based compensation cost 237 443 1,374 3,194
Dividend income - - (14) (23)
Non-recurring items1 141 440 372 739
Adjusted EBITDA 399 77 327 (3,670)
Note:
4Q 2024 & FY 2024 35
1. These non-recurring items also include restructuring costs
Page 36
For Three Months Ended Dec 31, 2024
Segment On-demand
services
E-commerce
Financial
technology
All other
segments
Corporate
costs
Adjustment &
elimination
Total
Consolidated -
Excluding:
Tokopedia &
Total
Consolidated
Adjusted
As Reported GTL - Pro Forma
Segment loss from operations 196 142 (197) - (331) - (190) - (190)
Add/(Deduct):
EBITDA & Depreciation and amortization expenses
Share-based compensation cost
77
(3)
-
32
56
48
-
-
5
160
-
-
138
237
-
-
138
237
Contribution Non-operating income/(expenses)
Non-recurring items
6
(9)
-
-
-
107
-
-
67
43
-
-
73
141
-
-
73
141
Margin Adjusted EBITDA
Add/(Deduct):
267 174 14 - (56) - 399 - 399
Recurring cash fixed costs 644 10 635 - 183 (21) 1,451 - 1,451
Reconciliation Allocated corporate costs
Non-operating income/(expenses)
41
-
-
-
19
-
-
-
(60)
(67)
-
--
-
(67)
-
-
-
(67)
In IDR Billions,
Contribution Margin 952 184 668 - - (21) 1,783 - 1,783
unless otherwise stated
For Twelve Months Ended Dec 31, 2024
Total Excluding: Total
On-demand Financial All other Corporate Adjustment &
E-commerce Consolidated - Tokopedia & Consolidated
services technology segments costs elimination
As Reported GTL - Pro Forma
Segment loss from operations 68 846 (1,110) (122) (1,923) - (2,241) 47 (2,194)
Add/(Deduct):
Depreciation and amortization expenses 381 13 154 28 168 - 744 (166) 578
Share-based compensation cost 193 (264) 335 (49) 1,159 - 1,374 194 1,568
Non-operating income/(expenses) (12) 6 - 3 81 - 78 (5) 73
Non-recurring items 49 30 154 - 139 - 372 (11) 361
Adjusted EBITDA 679 631 (467) (140) (376) - 327 59 386
Add/(Deduct):
Recurring cash fixed costs 2,501 311 2,034 178 772 (107) 5,689 (357) 5,332
Allocated corporate costs 200 20 90 5 (315) - - - -
Non-operating income/(expenses) - - - - (81) -- (81) 11 (70)
Contribution Margin 3,380 962 1,657 43 - (107) 5,935 (287) 5,648
4Q 2024 & FY 2024 36
Page 37
Gross revenue Dec 31,
For Three Months Ended
Dec 31, YoY
For Twelve Months Ended
Dec 31, Dec 31, YoY
Group
adjusted for 2024 2023 growth 2024 2023 growth
Gross revenue (pro forma)1
Vietnam and 4,968 3,870 28% 18,104 13,969 30%
Adjusting for:
ODS business Vietnam - (126) - (258) (601) -
model change Intercompany elimination - 13 - 28 77 -
Gross revenue (pro forma1 - adjusted Vietnam) 4,968 3,757 32% 17,874 13,445 33%
In IDR Billions,
unless otherwise stated
Business model change - 304 - 66 1,210 -
Gross revenue (pro forma1 - adjusted Vietnam and business
4,968 4,061 22% 17,940 14,655 22%
model change)
For Three Months Ended For Twelve Months Ended
Dec 31, Dec 31, YoY Dec 31, Dec 31, YoY
On-Demand Services
2024 2023 growth 2024 2023 growth
Gross revenue (as reported) 3,786 3,229 17% 14,168 12,109 17%
Adjusting for:
Vietnam - (126) - (258) (601) -
Gross revenue (as reported - adjusted Vietnam) 3,786 3,103 22% 13,910 11,508 21%
Business model change - 304 - 66 1,210 -
Gross revenue (as reported - adjusted Vietnam and business
3,786 3,407 11% 13,976 12,718 10%
model change)
Note:
4Q 2024 & FY 2024 37
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, 2023
Page 38
GTV adjusted For The Three Months Ended For Twelve Months Ended
for Vietnam Group
Dec 31,
2024
Dec 31,
2023
YoY growth
Dec 31,
2024
Dec 31,
2023
YoY growth
In IDR Billions,
GTV (pro forma)1 144,464 109,073 32% 519,784 402,117 29%
unless otherwise stated
Adjusting for:
Vietnam 0 (570) - (1,166) (2,834) -
GTV (pro forma1 - adjusted) 144,464 108,503 33% 518,618 399,283 30%
For The Three Months Ended For Twelve Months Ended
Dec 31, Dec 31, Dec 31, Dec 31,
On-Demand Services YoY growth YoY growth
2024 2023 2024 2023
GTV (as reported) 17,058 14,367 19% 63,039 55,636 13%
Adjusting for:
Vietnam 0 (570) - (1,166) (2,834) -
GTV (as reported - adjusted) 17,058 13,797 24% 61,873 52,802 17%
Note:
4Q 2024 & FY 2024 38
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, 2023
Page 39
For more information please contact and visit
corpsecretary@gotocompany.com and ir@gotocompany.com
https://www.gotocompany.com
4Q
1Q 2024 & FY 2024
Names mentioned 3 people and organisations named in the text · linked when the evidence is strong
unresolved
org
Gojek Tokopedia Tbk
p.1
unresolved
org
Indonesia Stock Exchange
p.3
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