Key Takeaways
- • GoTo Group posted a third-quarter 2026 net profit of 441 billion rupiah ($24.3 million), reversing a net loss of 255 billion rupiah a year earlier and marking the company's third consecutive profitable quarter.
- • Fintech unit Gopay drove results, with adjusted EBITDA of 550 billion rupiah, up 304% year-on-year, and a loan book of 12 trillion rupiah, up 51%.
- • Mobility profitability weakened under Indonesia's 8% commission cap on two-wheeler ride-hailing, with mobility adjusted EBITDA falling 16% year-on-year to 159 billion rupiah.
- • GoTo raised full-year 2026 adjusted EBITDA guidance to 3.5-3.7 trillion rupiah from 3.2-3.4 trillion rupiah.
Summary
Indonesian technology group GoTo Group reported a net profit of 441 billion rupiah ($24.3 million) for the third quarter of 2026, compared with a net loss of 255 billion rupiah ($14 million) in the same quarter of 2025. The result marks the IDX-listed company's third consecutive profitable quarter and represents a 75% increase from the 252 billion rupiah profit recorded in the second quarter. Net revenue rose 17% year-on-year to 5.6 trillion rupiah ($308.5 million), and operating profit reached 351 billion rupiah, reversing an operating loss of 15 billion rupiah a year earlier. For the nine months ended September, GoTo recorded a net profit of 864 billion rupiah, against a net loss of 997 billion rupiah in the prior-year period, with net revenue up 24% to 16.5 trillion rupiah.
The fintech business was the principal driver of earnings. According to the company's results, Gopay posted adjusted EBITDA of 550 billion rupiah in the third quarter, up 304% year-on-year, while core gross transaction value rose 96% to 187 trillion rupiah. Monthly transacting users grew 26% to 30.4 million and the outstanding loan book reached 12 trillion rupiah, up 51%. Management attributed the growth to the combination of high-volume payments, which provide a customer base, and higher-margin lending.
The on-demand services division, which includes Gojek mobility and delivery, faced pressure. Adjusted EBITDA for the division was 347 billion rupiah, up 3% year-on-year but down from 464 billion rupiah in the second quarter. Mobility adjusted EBITDA fell 16% year-on-year to 159 billion rupiah, compared with 290 billion rupiah in the second quarter. Management attributed the decline to Indonesia's 8% commission rate on two-wheeler mobility services, which applied to GoRide and GoCar from the third quarter of 2026. In a statement, GoTo Group CEO Hans Patuwo said, "It was the first full quarter since the 8% commission cap was applied to GoRide, and the impact has been significant." Delivery remained profitable, with adjusted EBITDA up 20% year-on-year to 227 billion rupiah. Completed orders grew 9% on a consolidated basis, with mobility orders up 10% and delivery orders up 7%.
Despite the mobility headwind, GoTo raised its full-year 2026 adjusted EBITDA guidance to 3.5-3.7 trillion rupiah from 3.2-3.4 trillion rupiah. Fintech guidance was lifted to 1.9-2 trillion rupiah from 1.7-1.8 trillion rupiah, and ODS guidance was set at 1.4-1.6 trillion rupiah, up from 1.4-1.5 trillion rupiah.
The fintech business was the principal driver of earnings. According to the company's results, Gopay posted adjusted EBITDA of 550 billion rupiah in the third quarter, up 304% year-on-year, while core gross transaction value rose 96% to 187 trillion rupiah. Monthly transacting users grew 26% to 30.4 million and the outstanding loan book reached 12 trillion rupiah, up 51%. Management attributed the growth to the combination of high-volume payments, which provide a customer base, and higher-margin lending.
The on-demand services division, which includes Gojek mobility and delivery, faced pressure. Adjusted EBITDA for the division was 347 billion rupiah, up 3% year-on-year but down from 464 billion rupiah in the second quarter. Mobility adjusted EBITDA fell 16% year-on-year to 159 billion rupiah, compared with 290 billion rupiah in the second quarter. Management attributed the decline to Indonesia's 8% commission rate on two-wheeler mobility services, which applied to GoRide and GoCar from the third quarter of 2026. In a statement, GoTo Group CEO Hans Patuwo said, "It was the first full quarter since the 8% commission cap was applied to GoRide, and the impact has been significant." Delivery remained profitable, with adjusted EBITDA up 20% year-on-year to 227 billion rupiah. Completed orders grew 9% on a consolidated basis, with mobility orders up 10% and delivery orders up 7%.
Despite the mobility headwind, GoTo raised its full-year 2026 adjusted EBITDA guidance to 3.5-3.7 trillion rupiah from 3.2-3.4 trillion rupiah. Fintech guidance was lifted to 1.9-2 trillion rupiah from 1.7-1.8 trillion rupiah, and ODS guidance was set at 1.4-1.6 trillion rupiah, up from 1.4-1.5 trillion rupiah.
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