Jakarta. Publicly listed tech company GoTo Gojek Tokopedia (GOTO) reported a significant turnaround in the first quarter of 2025, posting an adjusted EBITDA profit of Rp 393 billion ($23.45 million), reversing a loss in the same period last year. The company credited the strong performance to robust growth in its financial technology and on-demand services segments.

The group’s core Gross Transaction Value (GTV) surged 54 percent year-on-year to Rp 83.2 trillion, while total GTV rose 24 percent to Rp 144.6 trillion. Net revenue also climbed 37 percent to Rp4.2 trillion, reflecting GoTo’s integrated execution strategy and focus on profitability.

“This quarter’s performance demonstrates the success of our strategy in balancing growth and efficiency,” CEO Patrick Walujo said in a statement. “We continue to strengthen our premium user base and invest in innovation and technology to support long-term expansion.”

GoTo’s financial technology segment booked net revenue of Rp1.2 trillion, a 90 percent year-on-year increase, with adjusted EBITDA swinging to a Rp 47 billion profit, a Rp 295 billion improvement over the prior year. The gains were driven by a 108 percent rise in consumer loan portfolio to Rp 5.7 trillion and a 168 percent jump in loan service revenues.

Meanwhile, on-demand services generated GTV of Rp 15.7 trillion, up 17 percent year-on-year. Adjusted EBITDA soared 89 percent to Rp314 billion, while revenue for the segment grew 33 percent to Rp 3 trillion. 

“We’ve achieved margin improvement in on-demand services for three consecutive quarters,” CFO Simon Ho said, attributing the performance to data-driven incentive adjustments and merchant-funded promotions.

GoTo reaffirmed its commitment to advancing local technology through its AI initiative, “Sahabat-AI,” aimed at improving operational efficiency and enhancing user experience.

As of the end of March, the company held Rp 21 trillion in cash and equivalents. GoTo has repurchased US$ 99 million (Rp1.6 trillion) in shares since launching its buyback program in June 2024.

GoTo is maintaining its full-year 2025 guidance with a target adjusted EBITDA of between Rp 1.4 trillion and Rp 1.6 trillion. The company said the outlook is supported by disciplined strategy execution and growing ecosystem synergies.

“Despite potential external challenges like inflation and market competition, we remain optimistic about sustaining our growth momentum,” Walujo said.

As of the end of 2024, foreign investors controlled 73.9 percent of GoTo’s shares, while domestic investors held the remaining 26.1 percent.

GOTO shares rose 3.66 percent to close at Rp85 on Tuesday.