Bukalapak Posts IDR 821 Billion Half-Year Loss on Investment Decline

PT Bukalapak.com Tbk reported a net loss of IDR 821 billion for the first half of 2026 in Jakarta, dragged down by an IDR 1.74 trillion investment loss.

The result followed a loss of IDR 426 billion in the first quarter and a further shortfall of IDR 395 billion in the second quarter. Top-line performance moved in the opposite direction, with revenue rising nearly 30 percent year on year to IDR 3.99 trillion across the six-month period.

Gaming Carries Top-Line Growth

Gaming generated IDR 3.48 trillion during the half, making up 87.31 percent of total revenue. The division delivered an operating profit of IDR 76.3 billion, anchoring the company’s core earnings.

Online-to-offline operations brought in IDR 326 billion in revenue and generated an operating profit of IDR 10.45 billion. Retail revenue contributed IDR 139 billion, while investment income added IDR 44.4 billion and corporate revenue stood at IDR 1.83 billion.

Investment Portfolio Weighs on Corporate Segment

Losses in non-core units offset the gains made by gaming and merchant networks. The corporate division posted the steepest deficit at IDR 885 billion, primarily reflecting the IDR 1.74 trillion drop in the value of its investment holdings.

Financial statements showed a net cash outflow of IDR 2.32 trillion from investing activities during the half. Bukalapak directed IDR 3.07 trillion toward additional investments and allocated IDR 70 billion in capital injections to associated entities.

Shift Away From Marketplace Operations

Bukalapak exited its traditional e-commerce marketplace in early 2025. That decision eliminated the heavy merchant subsidies and logistics spending that weighed on cash flow for years, reorienting the business toward digital item distribution and treasury management.

The pivot leaves the Emtek Group-backed company operating more like an asset allocator with a digital entertainment distribution engine than a conventional shopping platform. While gaming provides cash generation, corporate earnings remain exposed to public equity valuations and mark-to-market adjustments.

Digital Banking Exposure and Market Pressure

Much of that valuation pressure stems from listed holdings acquired during the tech boom. Bukalapak has held an 11.49 percent equity stake in PT Allo Bank Indonesia Tbk since January 2022, when the digital lender traded above IDR 5,000 per share.

Shares in the digital bank have fallen to IDR 900 each, dropping almost 40 percent since the start of 2026. Investors will watch whether the board adjusts its marketable securities portfolio before third-quarter financial results are filed later this year.