GGTKY Q1 2025 Earnings

Call Details

• Call Title: Goto Gojek Q1 2025 Earnings Call
• Date: April 29, 2025 at 12:00 PM UTC
• Management Team:
  • Patrick Walujo (President Director and Group CEO)
  • Simon Ho (Group CFO)
  • Thomas Husted (Vice President Director and President of Financial Technology)
  • Hans Patuwo (Chief Operating Officer)
  • Catherine Hindra Sutjahyo (President of On-Demand Services)
  • Joel Ellis (Head of Investor Relations)

Call Summary

Financial Performance

• Group core GTV grew up 54% year-on-year and group net revenue grew up 37% year-on-year in Q1 2025.
• Group adjusted EBITDA improved by 494 billion rupiah year-on-year to 393 billion rupiah, equivalent to $24M, and operating cash flow was positive 301 billion rupiah, equivalent to $18M.
• The FinTech segment reported net revenue growth up 90% year-on-year and core GTV up 57% year-on-year in the quarter.
• The FinTech loan book was reported at 5.7 trillion rupiah ($345M), an increase up 108% year-on-year, and monthly transacting users reached 20.6 million, up 30% year-on-year.
• On-demand services posted adjusted EBITDA of 314 billion rupiah ($19M), up 89% year-on-year and up 18% quarter-on-quarter, with GTV up 17% year-on-year and net revenue up 33% year-on-year.
• On-demand services adjusted EBITDA margin expanded to 2%, up 80 basis points year-on-year and 43 basis points quarter-on-quarter.
• There is a reported inconsistency in FinTech adjusted EBITDA between speaker remarks, with the CEO stating 37 billion rupiah and the CFO stating 47 billion rupiah for the same period.

Guidance

• The company reiterated full-year adjusted EBITDA guidance of 1.4 to 1.6 trillion rupiah for 2025.
• The company will exclude realized foreign exchange gains and losses from adjusted EBITDA going forward, and noted realized FX gains were 73 billion rupiah in Q4 2024.
• The CFO stated that excluding realized FX gains, adjusted EBITDA improved 21% quarter-on-quarter in Q1 2025.
• The FinTech business reiterated a loan book target of over 8 trillion rupiah by year-end 2025.
• The on-demand services team reiterated expectations that revenue and profitability will continue to grow through 2025 and said net revenue is targeted to outpace low to mid-teen GDP growth assumptions.
• The company stated it will monitor macro and will not change the 1.4–1.6 trillion rupiah EBITDA range absent clearer macro visibility.