Jakarta. Technology company GoTo Gojek Tokopedia (GOTO) reported a sharp improvement in its financial performance in 2025, slashing its net loss by 77% as revenue increased and cost controls strengthened across its businesses.

According to its financial report for the year ending Dec. 31, 2025, the company posted net revenue of Rp 18.32 trillion ($1.08 billion), up 15.27% from Rp 15.89 trillion a year earlier.

The revenue growth was driven by several key segments, including service fees of Rp 5.68 trillion, delivery services worth Rp 5.77 trillion, lending income of Rp 3.78 trillion, advertising revenue of Rp 533.26 billion, and other income totaling Rp 1.71 trillion.

The company also recorded Rp 819.72 billion in e-commerce service fees from Tokopedia, which is now under TikTok, marking a 31.82% year-on-year increase.

Total costs and expenses reached Rp 17.70 trillion, rising modestly by 3.12% compared with 2024. The limited increase in expenses helped push operating losses down sharply to Rp 378.25 billion, a decline of 83.12% from Rp 2.24 trillion in the previous year.

As a result, the company’s net loss attributable to shareholders narrowed significantly to Rp 1.18 trillion, compared with Rp 5.15 trillion in 2024.

Group CEO Hans Patuwo said the improved performance reflects the company’s ongoing transformation strategy.

“We delivered strong performance throughout 2025, with core GTV growing 49% and adjusted EBITDA reaching Rp 2 trillion, exceeding our guidance,” Hans said in a statement on Wednesday.

For 2026, the company is targeting adjusted EBITDA in the range of Rp 3.2 trillion to Rp 3.4 trillion.

Hans added that profit growth is expected to continue across the company’s fintech and on-demand services (ODS) segments, with revenue growth in ODS projected to accelerate in the second half of 2026. Management’s focus remains on providing relevant solutions for both affluent and mass-market consumers while strengthening the company’s core capabilities.

Chief Financial Officer Simon Ho said the improved profitability demonstrates the effectiveness of the company’s strategy.

“We again recorded a new record for adjusted group EBITDA, supported by net revenue growth, disciplined cost management, and positive operating leverage,” Simon said. “Adjusted free cash flow has also returned to positive territory, reflecting stronger business fundamentals and effective capital allocation.”

GoTo's shares jumped 3.64% to Rp 57 on Wednesday.

In a research note, Analysts at Macquarie Group said the company is now targeting positive net income rather than only EBITDA, with expectations for significant performance improvement in 2026.

The investment bank said fintech is likely to become the company’s main growth engine in the medium term. GoTo is aiming for fintech and on-demand services to each contribute around 50% of its business within the next two to three years, supported by Indonesia’s still-low financing penetration.

Macquarie forecasts the company could post a net profit of Rp 1.2 trillion in 2026, reversing a pro-forma net loss of Rp 946 billion estimated for 2025.

Based on that outlook, Macquarie maintained its “outperform” rating on GoTo’s shares with a target price of Rp 90, implying an upside potential of about 47% from the research reference price of Rp 61.