GOTO – 1Q25: Delivering profitable momentum

GOTO – 1Q25: Delivering profitable momentum GoTo Gojek Tokopedia (GOTO) posted a solid 1Q25 with GTV up +7.2% yoy to IDR83.2 tn and net revenue rising +3.7% yoy to IDR4.2 tn, while Adj. EBITDA turned positive at IDR393 bn (vs. loss in 1Q24), marking record profitability despite Ramadan seasonality. FinTech remained a key outperformer with Adj. EBITDA of IDR47 bn and net revenue up 90% yoy, supported by a 108% yoy jump in consumer lending and strong Ramadan traction from GoPay’s digital gifting. On-Demand Services also delivered a record Adj. EBITDA of IDR314 bn, as GTV in both Mobility and Delivery rose 17% yoy, helped by Food Express, premium ride orders (+156% yoy), and a 45% yoy increase in ad revenue. ~70% of the loan book remains funded by Bank Jago, while Tokopedia booked IDR217 bn in service fee income, boosted by TikTok Shop (~40–45% of BNPL origination). We maintain our BUY call with TP of IDR110/sh, as margin execution and ecosystem monetization continue to support our undervalued growth thesis. (Source : Company, KBVS Research)