Jakarta. Shares of tech conglomerate GoTo Gojek Tokopedia fell sharply on Monday after President Prabowo Subianto called for a new policy capping ride-hailing commissions, raising concerns over the company’s core on-demand services business.

The stock dropped 5.56% to Rp51 in morning trade, as selling pressure intensified following the government’s plan to limit platform commissions for ride-hailing drivers to a maximum of 8%, down from around 20%. The policy was announced in a new presidential regulation announced by President Prabowo Subianto during May Day celebrations.

Analysts warned the move could significantly erode margins in GoTo’s on-demand services (ODS) segment, which has been a major contributor to earnings. Mandiri Sekuritas estimated the reduction in commission rates could effectively wipe out the segment’s adjusted EBITDA contribution, which accounted for roughly 48% of group performance in the first quarter.

“Fintech growth and consolidation options are the main balancing factors,” Mandiri Sekuritas analysts wrote in their report.

GoTo said it is reviewing the regulation and will comply with applicable rules while assessing its operational impact. The company added it is coordinating with the government and stakeholders to ensure business continuity.

The policy headwinds come as GoTo reported a milestone quarter. The company posted its first-ever net profit of Rp258 billion ($14.9 million) in the first quarter of 2026, supported by strong growth in its financial services arm. Adjusted EBITDA rose 35% quarter-on-quarter to Rp907 billion.

Growth was driven by GoTo Financial, where the loan book expanded to Rp9.9 trillion, alongside a rise in monthly transacting users to 27.5 million. Merchant lending also gained traction.

However, performance in the ODS segment remained subdued, with gross transaction value declining sequentially and growth limited to 4% annually. While margins showed modest improvement, analysts say the new commission cap could reverse those gains.

Despite the stronger earnings, GoTo maintained its full-year adjusted EBITDA guidance of Rp3.2 trillion to Rp3.4 trillion, reflecting a cautious outlook amid regulatory changes and broader macroeconomic uncertainties.