GOTO - 2Q25 accelerating towards profitability

GOTO - 2Q25 accelerating towards profitability GoTo Gojek Tokopedia (GOTO) booked strong 2Q25 results with GTV +26% yoy to IDR153 tn, net revenue +18% yoy to IDR4.3 tn, and record adj. EBITDA of IDR427 bn, now guiding for sustained positive adj. EBITDA from 3Q25, one quarter ahead of plan, despite margin pressure from a rival’s pricing shift. FinTech shone with adj. EBITDA IDR88 bn on +90% yoy consumer loan growth to IDR6.6 tn (NPLs <2%), boosted by TikTok Shop integration (40–45% of BNPL originations, >70% qoq GMV growth) and early traction from new cash loans. ODS adj. EBITDA jumped +264% yoy to IDR328 bn, driven by 9.2 mn power users (+52% yoy), Food Express orders +150% yoy, and premium mobility tiers. Tech investments paid off with Sahabat AI cutting service costs by IDR120 bn annually and cloud migration halving expenses. (Source: Company, KBVS Research) Comment : We reiterate BUY, TP IDR110/sh, supported by accelerated profitability, robust loan growth, premium service momentum, and solid cash of IDR18.2 tn.