JAKARTA – PT GoTo Gojek Tokopedia Tbk (GOTO), the online ride-hailing and e-commerce platform, announced an adjusted group EBITDA projection of IDR 1.4–1.6 trillion for 2025.

It’s important to note that adjusted EBITDA is a non-PSAK financial measure used as a key financial indicator for GOTO. This measure stems from losses before income tax, adjusted for various costs and losses.

According to GOTO’s official statement yesterday (12/3), the company recorded an adjusted EBITDA of IDR 399 billion in 2024, a 348% year-on-year (yoy) increase.

The Financial Technology (GoPay) business unit posted a 70% improvement in adjusted EBITDA, reaching minus IDR 467 billion.

Despite still operating at a loss, GOTO projects that this business unit will become a stronger contributor to EBITDA this year. “The loan portfolio is expected to exceed IDR 8 trillion by the end of 2025,” management stated.

Edi Chandren, Investment Analyst Lead at Stockbit, highlighted that GOTO targets its Financial Technology business unit to contribute at least IDR 350 billion to EBITDA in 2025.

In addition to GoPay services, the On-Demand Services (ODS) business unit, including GoRide, GoCar, and GoFood, contributed IDR 679 billion to EBITDA as of December 2024, reversing a 410% loss of IDR 219 billion from the previous year.

Furthermore, Edi revealed that for 2025, GOTO projects the ODS unit will grow in the low–mid teens for FY25, in line with industry trends, with an estimated EBITDA of at least IDR 1.1 trillion.

However, according to the December 2024 Financial Report, GOTO still recorded a net loss of IDR 5.15 trillion, an improvement from the IDR 90.40 trillion loss the previous year, supported by a 7.5% yoy revenue increase to IDR 15.89 trillion. (ZH)