PT Goto Gojek Tokopedia Tbk: First Take: Strong 2Q26 results, FY Group adj. EBITDA guidance maintained on strong Fintech performance

Research evidence excerpt

PT Goto Gojek Tokopedia Tbk: First Take: Strong 2Q26 results, FY Group adj. EBITDA guidance maintained on strong Fintech performance

J P M O R G A N Asia Pacific Equity Research

29 July 2026

PT Goto Gojek Tokopedia Tbk Overweight

GOTO.JK, GOTO IJ

First Take: Strong 2Q26 results, FY Group adj. EBITDA Price (29 Jul 26):Rp50

guidance maintained on strong Fintech performance Price Target (Jun-27):Rp68

Our First Take: GOTO’s 2Q26 adj. EBITDA came in strong, growing by 137%

yoy and exceeding our estimate by 19%. Beats were seen across segments. Better-

than-expected Fintech loan book growth led to Fintech adj. EBITDA growing by

>5x yoy. While ODS GTV only grew by 2%, take rates and profitability improved

materially. Implementation of the new 8% commission cap for 2W Mobility began

on the 1st of July. Mgmt. expects a ~IDR300bn net impact on ODS adj. EBITDA

in 2H26 and stated that 2W Mobility economics are now negative. That being said, ASEAN TMT

ACGroup adj. EBITDA guidance is unchanged at IDR3.2-3.4tn as weaker ODS Ranjan Sharma, CFA

profitability is being offset by stronger-than-expected Fintech performance. This (65) 6882-1303

is in-line with the company's communication in the past 1 month (see: KTAs from ranjan.x.sharma@jpmorgan.com

our ASEAN TMT & Fintech forum). Clarity around the execution of the US J.P. Morgan Securities Singapore Private Limited

$200mn buyback program remains lacking. In our view, progress on the buyback Steven Suntoso

is a key catalyst for the stock. We are OW on GOTO. (622-1) 5291 8090

steven.suntoso@jpmorgan.com

PT J.P. Morgan Sekuritas Indonesia

Sigrid Qiu

Key positives (65) 6882-1454

sigrid.qiu@jpmorgan.com

• ODS adj. EBITDA margin improved to 2.8% vs. 2.7%/2.0% in 1Q26/2Q25. J.P. Morgan Securities Singapore Private Limited

Alex Yao