The Quarter GoTo's Real Numbers Finally Caught Up to Its Adjusted Ones
Over these 12 quarters: share price Rp110 to Rp51 (-54%); operating income -2,064 to 418 Rp billion; operating income margin -58.1% to 7.8%. One graph in actual numbers: bars are the quarter's operating income, over them the share price at quarter-end (left axis) and the operating income margin (right axis); each line is fitted to its own range, so read the timing, not the heights. Prices are adjusted for splits.
For three straight years, there has been a persistent gap between the metrics GoTo highlights (Adjusted EBITDA») and the real, unadjusted numbers underneath them. In Q1 2026, that gap closed - and closed emphatically. GoTo's real, unadjusted profit from operations hit +Rp418 billion (~$24.6 million), more than 20 times Q2 2025's first-ever positive milestone of +Rp21 billion and a sharp reversal from Q4 2025's -Rp155 billion loss and Q1 2025's own -Rp193 billion. Group Adjusted EBITDA rose 131% year-on-year to Rp907 billion (~$53.4 million), and the Company achieved its first-ever quarterly net profit of Rp171 billion (~$10.1 million), a Rp538 billion swing from Q1 2025's Rp367 billion net loss.
The bigger headline, though, sits one level below even the net profit number: Financial Technology's real, unadjusted operating result turned positive for the first time in company history (+Rp130 billion, from -Rp158 billion a year ago), and corporate-level costs - which spiked to Rp308 billion in Q4 2025 on the Midtrans goodwill impairment - fell straight back to Rp325 billion, essentially identical to Q1 2025's Rp324 billion. That's the clearest confirmation yet that last quarter's impairment-driven spike really was the one-off CFO Simon Ho said it was, not a new baseline. None of this - not the record real operating income, not Fintech's turn to real profitability - was mentioned by name on the earnings call. Management's own framing stopped at Adjusted EBITDA and net profit.
CEO Hans Patuwo used the call to lay out a "new chapter" built on three shifts: a sharper push on sustainable on-demand growth (rather than chasing GTV»), an AI transformation program consolidating over 50 existing AI projects into one integrated strategy, and - notably - a formal review of capital allocation and buyback pace now that adjusted free cash flow has been positive for three straight quarters. CFO Simon Ho added that the Company already achieved more than a quarter of its full-year Rp3.2-3.4 trillion Adjusted EBITDA guidance in Q1 alone, but chose not to raise guidance, citing global macroeconomic uncertainty tied to oil prices and the Middle East.
The Prescription
GoTo's management should make real operating income - not Adjusted EBITDA or net profit - the number it puts front and center on every call from here forward, because Q1 2026 is the first quarter where doing so would actually help the story rather than complicate it. A management team that leads with adjusted metrics when the real numbers are the ones lagging invites justified skepticism; a management team that keeps leading with adjusted metrics even after the real numbers become the better story is leaving value on the table. Fintech's real turn to profitability and the confirmation that Q4's corporate-cost spike was genuinely one-off are the two most credibility-building facts in this entire release, and neither one got a sentence on the call.
What GoTo should stop doing is treating each buyback-pace decision as a quarter-to-quarter reaction rather than a stated policy. The Company accelerated its buyback nearly fourfold this quarter - Rp201 billion (~$11.8 million) spent in Q1 2026 versus just Rp53 billion in Q4 2025 - and management now says pace may accelerate further as adjusted free cash flow strengthens. That is a reasonable direction, but a program that decelerated sharply one quarter and re-accelerated the next, with no explanation given for either move, reads as opportunistic rather than disciplined. A stated framework (e.g., buyback pace as a function of adjusted free cash flow, disclosed as a formula rather than an intention) would remove the guesswork every quarter since the program began.
Key Financial Metrics
Rp trillion; margin is operating income as a percent of net revenue, per quarter.
Q1 2026 vs Q1 2025 (three months ended March 31), as disclosed in GoTo's unaudited interim consolidated financial statements. FX: IDR 16,993 = USD 1 (Bank Indonesia middle rate, end of March 2026, as disclosed on the earnings call), applied throughout for comparability.
| Metric | Q1 2026 (IDR) | Q1 2026 (USD) | Q1 2025 (IDR) | YoY |
|---|---|---|---|---|
| Net Revenue | Rp5,341B | ~$314.3M | Rp4,231B | +26.2% |
| Profit/(Loss) from Operations | +Rp418B | ~$24.6M | -Rp193B | First-ever positive Q1, best quarter on record |
| Adjusted EBITDA | Rp907B (17.0% of Net Revenue) | ~$53.4M | Rp393B (9.3% of Net Revenue) | +130.8% |
| Net Profit/(Loss) (for the period) | +Rp171B | ~$10.1M | -Rp367B | First-ever positive quarter |
| Free Cash Flow (OCF - capex) | ~+Rp1,000B | ~+$58.9M | ~+Rp157B | Largest real FCF quarter on record |
| Total Cash & Equivalents (period-end) | Rp22,735B | ~$1,337.6M | Rp19,136B | +18.8% |
Profit attributable to owners of the parent was Rp258 billion, ahead of the Rp171 billion total (non-controlling interests booked a Rp87 billion loss for the period), and basic/diluted earnings per share turned positive at Rp0.24, from a loss of Rp0.27 a year ago. Real free cash flow is derived the same way every quarter, since GoTo discloses only its own "Adjusted Free Cash Flow" measure (Rp1.3 trillion this quarter) directly: net cash provided from operating activities of +Rp1,062 billion less capital expenditure (intangible assets plus fixed assets) of -Rp62 billion gives +Rp1,000 billion (~$58.9 million) - the largest real free cash flow quarter in the company's history, more than six times Q4 2025's already-positive +Rp421 billion. Total assets grew to Rp46,777 billion (+2.2% quarter-on-quarter), total liabilities rose to Rp17,954 billion (+5.3% QoQ), and total equity was essentially flat at Rp28,822 billion (+0.4% QoQ).
Where Q1 2026's Revenue Went
Net revenue, and how much of it was left as operating profit and net income, in one view. Figures are the same standalone-quarter figures as the metrics table.
Rp billion, Q1 2026. Percentages are of net revenues. Product development expenses, Operational & support expenses and Depreciation & amortization expenses are grouped as "Other costs" (Rp951.7B); The revenue streams exceed total revenue by Rp9.1B (intersegment eliminations), shown inside the first costs.
Key Operational Metrics
Q1 2026
Group Annual Transacting Users» reached 69 million, up 22% year-on-year - now roughly a third of Indonesia's adult population, per management's own citation of BPS-Statistics Indonesia data. Core GTV grew 65% year-on-year to Rp138 trillion, with total GTV reaching Rp236 trillion (+63%). Total loans outstanding reached Rp9.9 trillion, up 59% year-on-year - though this quarter's figure is not directly comparable to prior quarters' headline number: CFO Simon Ho disclosed on the call that the metric now includes merchant loans (roughly Rp0.5 trillion of the Rp9.9 trillion total) alongside consumer loans, with restated historical figures provided in the earnings presentation for comparison. Fintech Monthly Transacting Users» grew 33% to 27.5 million, driving over 2 billion transactions in the quarter (+84% YoY). Management said the Non-Performing Loan» ratio has stayed below 1% for four consecutive quarters - a claim that can now be verified (see Beyond the Usual below), unlike last quarter when the underlying disclosure was missing entirely.
Three Segments: Fintech Turns Real-Profitable, On-Demand Sets a New Record, E-Commerce's Real Profit Nearly Triples
GoTo still reports the same three segments - On-Demand Services, Financial Technology, and E-Commerce. Figures below are as-reported for the three months ended March 31, 2026, unless noted; real (unadjusted) operating profit by segment comes from the financial statements' own segment note, not the earnings presentation.
On-Demand Services (Mobility & Delivery)
Rp billion; margin is segment operating profit as a percent of segment net revenue, per quarter. Revenue is the segment net revenue (segment note, third-party); profit is the segment operating profit. Values are standalone quarters; some are derived from half-year, nine-month or full-year figures in the filings. Shows the 9 quarters the segment's definition and disclosures allow.
GTV grew 4% year-on-year to Rp16.3 trillion, with a sharp divergence beneath the headline: Mobility GTV fell 3% to Rp5.7 trillion while Delivery GTV grew 8% to Rp10.6 trillion. Management attributed the split almost entirely to seasonality - heavy Jakarta rainfall, the Idul Fitri holiday period, fewer working days, and an additional work-from-home day all favor delivery demand over mobility demand in the same weeks. Net revenue grew 12% to Rp3.4 trillion, and segment Adjusted EBITDA hit a new record Rp439 billion, up 40% year-on-year - the seventh consecutive quarter of positive Adjusted EBITDA improvement. The segment's real, unadjusted operating profit was +Rp356 billion, up 83.8% from +Rp194 billion a year ago. Group COO Sudhanshu Raheja acknowledged 4% GTV growth "is not where we want to be" and pointed to new zone-based mass-market products currently in pilot, expected to scale through Q2 and Q3; management reiterated "high single digit" full-year GTV growth guidance while flagging April results as "relatively encouraging."
Financial Technology
Rp billion; margin is segment operating profit as a percent of segment net revenue, per quarter. Revenue is the segment net revenue (segment note, third-party); profit is the segment operating profit. Values are standalone quarters; some are derived from half-year, nine-month or full-year figures in the filings. Shows the 9 quarters the segment's definition and disclosures allow.
Core GTV grew 72% year-on-year to Rp131 trillion, with total GTV up 66% to Rp230 trillion. Net revenue grew 58% to Rp1.9 trillion, and segment Adjusted EBITDA reached a record Rp364 billion, up 674% year-on-year - the sixth consecutive profitable quarter on that basis. The real number is the more significant milestone: Fintech's real, unadjusted operating result turned positive for the first time in company history, at +Rp130 billion, versus a -Rp158 billion real loss a year ago and still-negative real results in every prior quarter (including Q4 2025's -Rp50 billion). Group COO Sudhanshu Raheja described the loan book (now Rp9.9 trillion, up 59% YoY) as still early in its growth curve, with lending penetration among the platform's payments users at "mid-single digits," and emphasized a conservative underwriting stance - short loan tenors of three to four months, over 100% provision coverage on delinquent loans, and a completed internal stress test calibrated against macro scenarios as severe as the 1997-98 Asian financial crisis.
E-Commerce
Rp billion; margin is segment operating profit as a percent of segment net revenue, per quarter. Revenue is the segment net revenue (segment note, third-party); profit is the segment operating profit. Values are standalone quarters; some are derived from half-year, nine-month or full-year figures in the filings. Starts at Q2 2024: earlier periods are not comparable.
The Tokopedia consultancy-and-support service fee reached Rp288 billion, up 33% year-on-year from Rp217 billion. The segment's real, unadjusted operating profit was +Rp256 billion, up 170% from +Rp95 billion a year ago - a sharper increase than the fee revenue alone would suggest, reflecting lower third-party costs allocated to the segment this quarter (Rp32 billion, down from Rp122 billion a year ago) rather than a change in the underlying fee arrangement with Tokopedia.
Segment Comparison
| Segment | GTV/Core GTV YoY | Adjusted EBITDA | Real Operating Profit | vs Q1 2025 |
|---|---|---|---|---|
| On-Demand Services | +4% (GTV) | Rp439B - record, +40% | +Rp356B | Up from +Rp194B |
| Financial Technology | +72% (Core GTV) | Rp364B - record, +674% | +Rp130B (first-ever profit) | Up from -Rp158B |
| E-Commerce | n/a - fee-based | Rp288B (fee income) | +Rp256B | Up from +Rp95B |
| Group | Core GTV +65% | Rp907B - record, +131% | +Rp418B (record) | Up from -Rp193B |
For the first time, all three segments and the consolidated Group posted a real, unadjusted operating profit in the same quarter. Corporate-level costs, allocated separately from the three segments, were essentially flat year-on-year (-Rp325 billion versus -Rp324 billion) - the clearest evidence that Q4 2025's cost spike traced entirely to that quarter's one-off impairments rather than a structural increase in overhead.
Beyond the Usual
The ecosystem-wide delinquency disclosure returned, restated to include merchant loans, and now actually supports management's "stable" claim
Last quarter, the December 2025 post flagged that GoTo's broader ecosystem-wide delinquency disclosure disappeared from the earnings materials, leaving management's "very stable" credit-quality claim unverifiable against anything more granular than the narrower on-balance-sheet aging schedule. This quarter, the disclosure returned in the earnings presentation - restated to include both consumer and merchant loans, with a full four-quarter history. Total overdue (1+ days past due) stood at 8.0% of the Rp9.2 trillion ecosystem loan book, in line with the 7.3-8.0% range disclosed for the trailing four quarters, and the >90-days-past-due bucket - the figure closest to a conventional NPL definition - was 0.8%, consistent with management's claim on the call that NPL has stayed below 1% for four straight quarters. Unlike prior quarters, this claim is now directly verifiable against a disclosed schedule rather than resting on a qualitative assurance alone.
A new related-party credit facility from Bank Jago was signed and nearly fully drawn in the same quarter
In February 2026, GoTo subsidiary GKAB entered into a Rp200 billion term-loan facility with PT Bank Jago Tbk (JAGO) - GoTo's 21.40%-owned associate - to support GKAB's operational activities, carrying no financial-ratio covenants and a 9.75% annual interest rate. By March 31, 2026, Rp150 billion of the facility was already drawn, appearing on the balance sheet as a related-party short-term borrowing that didn't exist three months earlier. Neither the facility's existence nor its rapid drawdown was mentioned on the earnings call. A related-party lending arrangement moving from zero to 75% utilization within the same quarter it was signed is a governance detail worth a sentence of disclosure beyond the financial-statement footnote.
Bank Jago's disclosed fair value fell 33% in a single quarter, reversing two quarters of recovery
Bank Jago's market-implied fair value - the IDX-listed price of GoTo's 21.40% stake - fell to Rp3,915 billion at March 31, 2026, down from Q4 2025's Rp5,857 billion - a 33.2% single-quarter decline, and the sharpest quarterly move in the fair value since Q1 2025's 39.7% crash. This move was not addressed on the call. As in every prior quarter, GoTo's own equity-method carrying amount for the stake continued its disconnected, unrelated path, rising modestly to Rp2,909 billion (from Rp2,895 billion) - underscoring again that GoTo's balance sheet gives a reader no visibility into what the market actually thinks this specific holding is worth in any given quarter.
A new related-party revenue line appeared, pushing related-party revenue concentration to its highest level on record
This quarter's related-party note discloses Rp196 billion in net revenue from PT Semangat Logistik Andalan (SLA), a subsidiary of associate Tokopedia, versus zero disclosed a year earlier - even though SLA already carried a related-party trade-receivable balance in the year-ago comparative, suggesting the commercial relationship existed before it began generating disclosed revenue. Combined with continued growth in the Tokopedia consultancy fee, total related-party net revenue reached 9.27% of total net revenue, up from 5.67% a year ago. None of the segment commentary on the call addressed SLA specifically.
GoTo disclosed a metric definition change transparently, with restated history provided
CFO Simon Ho disclosed on the call, without prompting, that GoTo's headline "loans outstanding" metric now includes merchant loans (roughly Rp0.5 trillion of the Rp9.9 trillion total) in addition to consumer loans, and confirmed that historical quarters in the earnings presentation have been restated on the same basis for comparability. This is the kind of definitional change that becomes a problem when undisclosed (the Adjusted EBITDA redefinition disclosed in Q1 2025); doing it with the restated series shown alongside is the right way to handle it.
Management's Framing: A New Chapter Built Around Capital Return, and a Fifth Straight Quarter of Silence on Grab
Hans Patuwo framed Q1 2026 as the start of "a new chapter," built on three shifts: sharper focus on sustainable (not just fast) on-demand growth, consolidating over 50 existing AI initiatives into one integrated program aimed at cutting cost-to-serve and lifting conversion, and - the most concrete of the three - a formal review of capital allocation and buyback strategy now that adjusted free cash flow has been positive for three consecutive quarters. CFO Simon Ho was explicit that GoTo already cleared more than a quarter of its full-year Adjusted EBITDA guidance in Q1 alone but chose not to raise guidance, citing the Middle East conflict's effect on oil prices as the reason for caution - a genuinely new risk factor not present in prior quarters' framing. On credit quality, Group COO Sudhanshu Raheja gave a more granular answer than in past quarters, citing a completed stress-testing exercise across four severity scenarios explicitly benchmarked against the 1997-98 Asian financial crisis - a notably more rigorous framing than the "very, very stable" language used last quarter. The Grab merger speculation, unmentioned for four straight quarters, stayed unmentioned for a fifth - no analyst raised it, and neither did management.
Target Valuation Range
Enterprise value ~Rp55,968 billion (~$3.29B), implying ~2.88x EV/TTM Net Revenue - the lowest multiple for GoTo since Q1 2024. GoTo just posted its best real-earnings quarter on record and its stock re-rated to that low multiple - a genuine disconnect between operating performance and market pricing, most plausibly explained by macro risk-aversion (oil prices, the Middle East) rather than anything specific to GoTo's own results.
GoTo's share count held at 1,191,144,997,220 shares issued, unchanged from Q4 2025. The stock closed March 2026 at Rp51, down 20.3% from Q4 2025's Rp64 close - falling through the quarter (Rp64 in January, Rp61 in February, Rp51 by March) even as the company's real operating results improved sharply. Over the trailing two years, the stock ranged from a low of Rp50 (June 2024) to a high of Rp85 (April 2025) (month-end closes).
| Market cap → enterprise value | 1Q26 |
|---|---|
| Share price (period-end) | Rp51 |
| Shares outstanding | 1,191,144,997,220 |
| Market capitalization | Rp60,748B (~$3.58B) |
| Total liabilities | ~Rp17,954B |
| Less: cash and equivalents | ~Rp22,735B |
| Enterprise value | Rp55,968B (~$3.29B) |
Market cap is down from ~$4.54B at Q4 2025's close.
| Peer-multiple sanity check | 4Q25 (TTM) | 1Q26 (TTM) |
|---|---|---|
| Net revenue | Rp18,322B (~$1,092M) | ~Rp19,432B (~$1,143M) |
| Enterprise value | ~$4.26B | ~$3.29B |
| EV/Net Revenue | ~3.90x | ~2.88x |
TTM Net Revenue is FY2025's Rp18,322 billion, less Q1 2025's Rp4,231 billion, plus Q1 2026's Rp5,341 billion.
GoTo's 1Q 2026 Results presentation, press release, and earnings call transcript (April 2026), and GoTo's own unaudited interim consolidated financial statements as of and for the three-month period ended 31 March 2026.