GoTo Targets Adjusted EBITDA of Up to Rp 1.6 Trillion in 2025

PT GoTo Gojek Tokopedia Tbk (GOTO) is aiming for an adjusted EBITDA of around Rp1.4–1.6 trillion throughout 2025.

“This figure is supported by contributions from the on-demand services (ODS) segment, projected to generate at least Rp1.1 trillion, and the fintech segment, which is expected to contribute a minimum of Rp350 billion,” wrote Stockbit Sekuritas in its report, cited on Saturday (March 15, 2025).

The target was announced after GOTO recorded a positive adjusted EBITDA of Rp399 billion in 4Q24, a significant improvement from 4Q23 at Rp89 billion and 3Q24 at Rp137 billion.

For the full 2024 fiscal year, GOTO's adjusted EBITDA reached Rp386 billion, a major turnaround from 2023, when it recorded a negative Rp2.3 trillion. This achievement exceeded the company's previous guidance, which aimed for breakeven.

With an adjusted EBITDA target of up to Rp1.6 trillion in 2025, this would represent a 314.5% increase from 2024’s Rp386 billion.

Net Loss Shrinks, GOTO Completes Rp 1.5 Trillion Share Buyback

On the bottom line, GOTO’s net loss significantly reduced to Rp1.1 trillion in 4Q24, a sharp improvement from 4Q23, which recorded a Rp80.4 trillion loss, and 3Q24, which posted a Rp655 billion loss. For the full year of 2024, GOTO’s total net loss stood at Rp3.1 trillion, a drastic reduction compared to 2023, which recorded a net loss of Rp87 trillion.

Meanwhile, regarding its share buyback program, Stockbit Sekuritas revealed that as of the end of February 2025, GOTO had repurchased 23.6 billion shares worth approximately US$91 million or Rp1.5 trillion. The average purchase price in this buyback was Rp64 per share. As a reference, GOTO has allocated a total buyback budget of US$200 million.

Regarding reports of a potential merger with Grab Holdings Ltd. (Nasdaq: GRAB), GOTO’s management stated that they could not comment on the matter, choosing instead to focus on executing their business strategies, given the vast market potential ahead.