GoTo posts first full-year underlying profit

Indonesia’s biggest tech firm PT GoTo Gojek Tokopedia forecast a sharp increase in its underlying earnings for 2025 on Wednesday, and also posted its first ever full-year underlying profit.

GoTo, which offers ride hailing, food deliveries, logistics and financial services, also forecast a surge in its core earnings, or adjusted EBITDA, the company’s key measure of profitability.

“We saw a significant increase in our user numbers throughout the year and expect this to continue into 2025,” said Patrick Walujo, GoTo Group CEO.

The tech firm now expects its adjusted EBITDA for 2025 to be in the range of 1.4 trillion rupiah (US$85.16 million) to 1.6 trillion rupiah.

It’s a significant increase from GoTo’s underlying profit of 327 billion rupiah for 2024, swinging from a loss of 3.670 trillion rupiah last year.

The firm’s financial technology segment, whose earnings jumped 70 per cent last year, is expected to expand further in 2025 as the user base for its GoPay app and its loan book grows, the company said.

GoTo, which is backed by Japan’s SoftBank Group and Singapore’s sovereign wealth fund GIC, had reportedly been involved in merger talks with Southeast Asian ride-hailing and food delivery company Grab.

But GoTo said in a filing last month it had not engaged in talks regarding a potential merger with any party, noting media reports involving Grab.

In an interview with the Financial Times, GoTo CEO Walujo expressed openness to a potential deal.

“I will always be open to anything that is enhancing our shareholders’ return . . . in the long term,” Walujo said.