Indonesian tech giant GoTo Group has reported a statutory loss of US$15.6 million (Rp255 billion) for the third quarter of 2025, despite the company’s press release proclaiming it had achieved its “first quarterly adjusted pre-tax profit”.
The focus on non-standard financial metrics, such as adjusted pre-tax profit and adjusted EBITDA, appears to mask weaknesses in the core business segments and the continuing bottom-line losses.
Also Read: Behind GoTo’s record Q2: The fine print tells a different story
GoTo, the largest digital ecosystem in Indonesia, announced that its adjusted pre-tax profit was Rp62 billion, equivalent to approximately US$3.8 million, marking the first time the company has reported this specific metric. Furthermore, group adjusted EBITDA reached Rp516 billion (approximately US$31.5 million), an improvement of 239 per cent year-on-year (YoY).
The reliance on non-IFAS measures
While management celebrated generating positive financial results, these figures are based on non-Indonesian Financial Accounting Standards (IFAS) measures. GoTo’s adjusted metrics, including adjusted EBITDA and adjusted pre-tax profit, are calculated by adding back substantial expenses that are necessary to run the business.
Specifically, adjusted EBITDA excludes crucial costs such as depreciation and amortisation, interest expenses, foreign exchange losses, and share-based compensation costs. The press release itself cautions that these non-IFAS measures “should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with IFAS”.
For the nine months ending 30 September 2025, the company’s loss for the period was Rp997 billion. Even with the significant Q3 improvement—an 85 per cent decrease in the quarterly loss compared to Q3 2024’s Rp1,693 billion loss—GoTo still ended the quarter in the red when using standard accounting principles.
Core GTV growth stagnates in flagship segments
While the overall group core GTV saw robust growth of 43 per cent YoY, reaching Rp102.8 trillion, a deeper look at the traditional platform segment—on-demand services—reveals a significant slowdown in growth, indicating that the overall group growth is heavily reliant on its fintech division.
The on-demand services segment (which includes mobility and delivery), excluding Vietnam, recorded a modest GTV increase of only 2.4 per cent YoY, reaching Rp16.7 trillion (approximately US$1.02 billion).
Broken down further:
- Mobility GTV (two-wheel and four-wheel online transport) grew by a minimal 1 per cent YoY to Rp6.3 trillion (approximately US$382.1 million).
- Delivery GTV (online food delivery, logistics, and quick commerce) performed only slightly better, growing by 4 per cent YoY to Rp10.5 trillion (approximately US$641 million).
In stark contrast, the fintech segment’s core GTV soared by 48 per cent YoY to Rp95.3 trillion, suggesting that the strong group-wide GTV performance is being driven primarily by consumer payments and lending growth. The financial technology unit achieved its fourth consecutive quarter of profitability, with adjusted EBITDA reaching Rp136 billion (approximately US$8.3 million).
Also Read: GoTo secures US$281M loan to strengthen balance sheet, fuel growth
The slowing momentum in GTV for mobility and delivery suggests that GoTo is prioritising profitability and efficiency over aggressive expansion and market share acquisition in these key services.
Despite the underlying net loss and concerns about segmented growth, GoTo remains optimistic, having raised its full-year 2025 Group adjusted EBITDA guidance to between Rp 1.8 trillion and Rp 1.9 trillion.
The company currently holds Rp18 trillion, or approximately US$1.1 billion, in cash, cash equivalents, and short-term deposits.
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