GGTKY Q2 2025 Earnings

Call Details

• Call Title: Goto Gojek Q2 2025 Earnings Call
• Date: August 13, 2025 at 12:00 PM UTC
• Management Team:
  • Patrick Walujo (President Director and Group CEO)
  • Simon Ho (Group CFO)
  • Catherine Hindra Sutjahyo (Deputy CEO and Vice President Director)
  • Hans Patuwo (President of On-Demand Services and Chief Operating Officer)
  • Sudhanshu Raheja (President of Financial Technology Services)
  • Joel Ellis (Head of Investor Relations)
  • William Shong (Chief Technology Officer)
  • Monica Milene Mulianto (Chief People Officer)
  • Kusumo Hadiani (Director of Legal and Corporate Secretary)
  • Ade Mulyana (Director of Public Affairs and Communications)

Call Summary

Financial Performance

• Group Core GTV grew 43% year-on-year in Q2 2025 as reported on the call.
• Group net revenue rose 23% year-on-year in Q2 2025 as reported on the call.
• Group adjusted EBITDA reached Rp427 billion (approximately $26.3M) in Q2 2025, a year-on-year improvement of Rp491 billion as stated on the call.
• Group EBITDA (including share-based compensation) was positive at Rp292 billion (approximately $18M), marking the third consecutive positive quarter.
• Adjusted operating cash flow was positive at Rp313 billion (approximately $19.3M) for Q2 2025 after excluding lending disbursements and customer fund flows.
• FinTech segment adjusted EBITDA was Rp88 billion (approximately $5.4M), which was described as up 87% quarter-on-quarter and materially higher year-on-year.
• On-demand services reported record adjusted EBITDA of Rp328 billion (approximately $20.2M) in Q2 2025, with delivery and mobility GTV growth of 7.8% and 10.4% year-on-year respectively.
• Consumer loans outstanding were reported at Rp6.6 trillion (approximately $406M), described as up 90% year-on-year and 15% quarter-on-quarter.

Guidance

• Company reiterated full-year 2025 adjusted EBITDA guidance of Rp1.4 trillion to Rp1.6 trillion as stated in prepared remarks.
• FinTech target of increasing the loan book to Rp8 trillion by year-end 2025 was reiterated on the call.
• FinTech target to achieve at least Rp300 billion in adjusted EBITDA for fiscal 2025 was reiterated in prepared remarks.
• On-demand services stated they expect profitability and margins to remain strong and indicated they are on track to deliver at least Rp1.1 trillion of adjusted EBITDA for the year.
• No explicit timeline was provided for delivering positive net income; the main bridge item cited between EBITDA and net income was the non-cash Tokopedia result and stock-based compensation.
• Guidance references used pro forma comparisons after deconsolidation of GoToLogistics and assume Tokopedia and GoToLogistics were deconsolidated on January 1, 2024.