Shares of Indonesian e-commerce company GoTo rose as much as 3.3% after Citigroup highlighted the firm’s improving profitability trajectory and increased EBITDA guidance.

During Citi’s ASEAN event, GoTo indicated a “clear profitability inflection through 3Q25,” delivering its first quarter of positive group-level adjusted EBITDA following five consecutive quarters of improvement, according to Citi analyst Ferry Wong. The company also achieved positive operating cash flow during this period.

GoTo management emphasized that reported earnings continue to be “optically distorted by equity-accounted Tokopedia losses,” while noting that underlying business trends are strengthening.

The e-commerce firm raised its fiscal year 2025 adjusted EBITDA guidance to between 1.8 trillion and 1.9 trillion Indonesian rupiah, up from its previous forecast of 1.6 trillion rupiah.

Wong noted that “regulatory noise persists” for GoTo, and merger discussions between GoTo and Grab remain uncertain due to stakeholder and antitrust challenges.

Fintech operations continue to be GoTo’s primary earnings driver, supported by user acquisition and engagement initiatives.