GOTO — 2Q26 Results BEAT, as fintech profit overtakes on-demand, but guidance implies a softer second half

August 3, 2026

KEY HIGHLIGHTS

  • Net profit IDR 350 Bn, +35.5% QoQ and against a IDR 297 Bn loss in 2Q25, taking 1H26 to IDR 607 Bn: 60.3% of FY26F consensus, ahead of operating income and EBITDA at 53.3% each.
  • 2Q26 revenue IDR 5.7 Tn, +30.6% YoY, on fintech external revenue up 56.8% YoY to IDR 1.9 Tn, now 33.7% of group; on-demand GTV grew 2.0% as GOTO priced for margin.
  • 2Q26 EBITDA IDR 566 Bn, +160.4% YoY, but margin fell 1.5pp QoQ to 10.0%: segment profit before corporate costs rose 22.3% QoQ, yet unallocated corporate costs jumped 67.9% QoQ to IDR 545 Bn.
  • Our read: a real inflection, but 1H26 flatters the year. FY26 adjusted EBITDA guidance is unchanged at IDR 3.2-3.4 Tn against IDR 1.9 Tn already booked, implying a 2H26 step-down with the 8% GoRide cap live from 1 July. At 1.6x last-twelve-months P/BV, below the 1.7x -1SD of a 2.0x two-year mean, much of that is priced. Key watch: whether fintech’s IDR 481 Bn quarterly run-rate covers the on-demand guidance cut.

Regards, Aldiracita Research

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Phone: 021-39705858

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Phone: (021)-39725678

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Anindita Cintasya is an experienced finance and investment professional specializing in debt capital markets. With a Bachelor’s degree in Business Administration from Universitas Indonesia (2007), she has built a strong career in investment banking, holding key roles at PT Aldiracita Sekuritas Indonesia, CIMB Niaga Sekuritas, and CGS-CIMB Sekuritas Indonesia. She holds multiple certifications, including a Risk Management Competency Certification and WPPE license, demonstrating her expertise in capital market regulations. Currently serving as VP Debt Capital Market – Investment Banking Associate at PT Aldiracita Sekuritas Indonesia, she has a proven track record of managing and coordinating debt issuance processes.

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