GGTKY Q4 2025 Earnings

Call Details

• Call Title: Goto Gojek Q4 2025 Earnings Call
• Date: March 11, 2026 at 12:00 PM UTC
• Management Team:
  • Joel Ellis (Head of Investor Relations)
  • Hans Patuwo (President, Director and Group CEO)
  • Simon Ho (Group CFO)
  • Catherine Hindra Sutjahyo (Deputy CEO and Vice President Director)
  • Sudhanshu Raheja (Group COO)

Call Summary

Financial Performance

• Group adjusted EBITDA for Q4 2025 was 672 billion rupiah ($40M), representing a 106% year-on-year increase.
• Full year 2025 adjusted EBITDA reached 2 trillion rupiah ($120M), which is a 544% year-on-year increase from 2024.
• Group net revenue for full year 2025 grew 24% to 18.3 trillion rupiah ($1.1B).
• Q4 net revenue grew 19% year-on-year to 5 trillion rupiah ($300M).
• Core GTV in Q4 2025 reached 124 trillion rupiah ($7.4B), up 57% year-on-year, and full year core GTV reached 400 trillion rupiah ($24B), up 49% year-on-year.
• GoPay moved from negative 467 billion rupiah in 2024 to positive 497 billion rupiah in 2025 in adjusted EBITDA, with Q4 fintech EBITDA of 226 billion rupiah ($13.5M).
• On-demand services (Gojek) Q4 adjusted EBITDA was 415 billion rupiah ($24.7M), up 55% year-on-year, and full year ODS adjusted EBITDA was 1.4 trillion rupiah ($83M), up 105% year-on-year.
• E-commerce service fee revenue from Tokopedia was 193 billion rupiah ($11.5M) in Q4 and 820 billion rupiah ($49M) for the full year, with Tokopedia reporting a full-year net profit of about 600 billion rupiah driven by non-operating items.

Guidance

• Group adjusted EBITDA guidance for full year 2026 is 3.2 to 3.4 trillion rupiah ($190M to $200M), an approximate 60% year-on-year increase versus 2025 adjusted EBITDA.
• FinTech adjusted EBITDA guidance for 2026 is 1.4 to 1.5 trillion rupiah, which implies roughly a triple of 2025 fintech EBITDA if midpoint is achieved.
• On-demand services adjusted EBITDA guidance for 2026 is 1.7 to 1.8 trillion rupiah, implying further margin expansion versus 2025 levels.
• Guidance is subject to macroeconomic conditions, with management explicitly monitoring oil price volatility as a key sensitivity to driver economics and consumer demand.
• Management stated that driver welfare initiatives and related costs are incorporated in the full year 2026 EBITDA guidance.
• No GAAP/non-GAAP reconciliation detail for 2026 guidance was provided on the call beyond adjusted EBITDA ranges.