Indonesia's GoTo Group delivers net profit for the first time in history

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Indonesia’s GoTo Group has reported its first-ever net profit, marking a pivotal milestone for the country’s largest digital ecosystem.

For the first quarter of 2026, the company posted a net profit of IDR 171 billion (US$9.8 million), reversing a IDR 367 billion (US$21.1 million) loss in the same period last year. The turnaround follows a multi-year push to sharpen cost discipline while sustaining topline growth across its platform.

“Achieving net profit for the first time in our history is a big moment for GoTo. It reflects years of work from our teams to drive topline growth and cost discipline, while creating real value for our customers – consumers, driver-partners and merchants. Now the journey continues as we accelerate growth by developing products that solve customer problems, while investing sustainably in the business capabilities that will help us do this,” said Hans Patuwo, GoTo Group’s CEO.

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The profitability milestone was underpinned by strong operational momentum. Group net revenue rose 26% year-on-year to IDR 5.3 trillion (US$304.8 million), while core gross transaction value (GTV) surged 65% to IDR 138 trillion (US$7.9 billion). Annual transacting users climbed 22% to 69 million – equivalent to roughly one in three adult Indonesians engaging with the platform over the past year.

At the same time, adjusted EBITDA more than doubled, increasing 131% to IDR 907 billion (US$52.2 million). GoTo also generated IDR 1.3 trillion (US$74.8 million) in adjusted free cash flow, signalling improving fundamentals and financial resilience.

“These results reflect operating leverage that is now structurally embedded in our business. Revenue growth significantly outpaced cost growth across both fintech and on-demand services, and our cost to serve is falling as our tech and AI strategy takes hold,” said Simon Ho, GoTo Group’s CFO.

Fintech and on-demand services lead profitability gains

GoTo’s fintech segment emerged as a major growth engine, with adjusted EBITDA jumping 674% year-on-year. Revenues rose 58%, supported by a 33% increase in monthly transacting users and continued expansion of its loan book, which grew 59%.

The company’s payments ecosystem, anchored by GoPay, is increasingly acting as a gateway to higher-margin financial services, while maintaining stable credit quality through data-driven risk management.

Meanwhile, on-demand services delivered a seventh consecutive quarter of EBITDA improvement, rising 40%. Growth was driven by a stronger product mix and reduced incentive spending, alongside increasing traction among higher-spending users.

Balancing growth with caution

A key theme in GoTo’s profitability shift is the role of technology in lowering costs and boosting engagement. The company recently consolidated its AI initiatives under a unified, customer-focused strategy aimed at improving conversion rates while reducing cost-to-serve.

This operational leverage – where revenue growth outpaces cost increases – has become increasingly embedded across both fintech and on-demand services, according to management.

Despite the strong start to the year, GoTo is maintaining its full-year adjusted EBITDA guidance, citing ongoing macroeconomic uncertainty and competitive pressures.

The company’s outlook reflects a more measured stance as it balances expansion with profitability, even as it scales its ecosystem further across mobility, delivery, payments, and eCommerce through Tokopedia, alongside its banking partnership with Bank Jago.

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