New Street Research - Gojek Tokopedia Tbk PT (GOTO) ... GOTO 4Q25 Results: ODS Growth Could Be More Backend Loaded in FY26

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New Street Research

Jin Yoon

GOTO 4Q25 Results: ODS Growth Could Be More Backend Loaded in FY26

What’s New: GoTo guided FY26 group adjusted EBITDA of between IDR3.2trn to IDR3.4trn partly driven by continued margin improvement in both ODS and FinTech segment. ODS GTV could grow by high-single digit YoY in FY26 – with growth potentially more backend loaded as GoTo continues to build capabilities to cater to the mass market segment. FinTech growth could remain resilient partly driven by lending segment. We maintain our PT at IDR70.

Analysts:
Jin Yoon

12/03/2026 1 EN

Underlyings

Gojek Tokopedia Tbk PT

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GoTo Gojek Tokopedia

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

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Analysts

Jin Yoon

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GOTO 4Q25 Results: ODS Growth Could Be More Backend Loaded in FY26

Strategy - Alpha Picks: From MSCI Shock To Policy-Driven Rebalancing

Regional Morning Meeting Notes: Tuesday, February 03, 2026

GOOGL Newfront Insights: Y’all know me, still the same OG (+ read throughs for AMZN, TTD, RAMP)

Grab acquiring Delivery Hero’s Taiwan business. Our take

CMCSA: Updating for Versant spin, new PT is $34

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