Indonesian technology firm Bukalapak has recorded positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of IDR 1 billion ($55,088) in the third quarter of 2026, an improvement from negative IDR 18 billion a year ago, continuing the positive adjusted EBITDA trend since the beginning of the year.
Throughout the first nine months of 2026, the firm’s adjusted EBITDA was positive IDR 11 billion, an increase of IDR 64 billion compared with negative IDR 53 billion in the same period last year, the firm said in a statement.
Meanwhile, Bukalapak recorded revenue of IDR 1.6 trillion in the third quarter of 2026, broadly stable compared with the same period last year.
On a cumulative basis, the company’s revenue for the first nine months of 2026 reached IDR 5.6 trillion, up 19 percent from IDR 4.7 trillion a year ago.
The company’s gross profit increased to IDR 158 billion in the third quarter of 2026, compared with IDR 123 billion in the third quarter of 2025.
Meanwhile, selling and marketing expenses (S&M) rose to IDR 71 billion in the third quarter from IDR 49 billion in the same period last year, in line with increased marketing in the gaming segment to support expansion into new markets.
In the first nine months of 2026, the firm’s gross profit reached IDR 459 billion compared with IDR 376 billion a year ago, with S&M of IDR 201 billion in 9M26 from IDR 149 billion in 9M25.
In nominal terms, the growth in gross profit exceeded the increase in marketing expenses, meaning the marketing investment was not only fully covered but also made a positive contribution to the company’s profit and loss position.
In the third quarter of 2026, gaming and Mitra Bukalapak were the two segments with the largest gross profit, followed by retail and Investment.
The gaming segment, which operates gaming marketplaces such as Itemku and Lapakgaming, recorded stable revenue of IDR 1.4 trillion in the third quarter of 2026.
Behind this stable revenue, the quality of the segment’s profitability actually improved, supported by efforts to develop more profitable business lines and products.
This was reflected in the third quarter of 2026 gross profit growth to IDR 65 billion from IDR 49 billion a year ago.
Cumulatively in the first nine months of 2026, gaming’s performance grew solidly, driven by international business expansion.
Revenue rose 27 percent year on year to IDR 4.9 trillion from IDR 3.9 trillion, while gross profit surged to IDR 193 billion from IDR 144 billion a year ago.
Adjusted EBITDA also strengthened sharply, up 111 percent year on year to IDR 11 billion in the third quarter of 2026 and up 50 percent to IDR 48 billion in the first nine months of 2026.
Alongside this operational improvement, gaming continues to expand its international reach by entering new markets.
Mitra Bukalapak, which focuses on empowering micro, small, and medium enterprises (MSMEs) through access to digital products and financial services, recorded revenue of IDR 160 billion in the third quarter of 2026 (down 6 percent year on year) and IDR 487 billion in the first nine months of 2026 (down 21 percent year on year).
Although nominal revenue declined in line with the transition from a first-party (1P) to a third-party (3P) model, Mitra’s profitability showed a positive trend thanks to its focus on higher-margin products.
This is evidenced by 3Q26 gross profit rising to IDR 42 billion from IDR 36 billion in 3Q25, and 9M26 gross profit reaching IDR 117 billion from IDR 109 billion in 9M25.
This improvement in efficiency and margin quality also helped drive Mitra’s adjusted EBITDA recovery, turning positive at IDR 5 billion in 3Q26 and reaching positive IDR 11 billion in 9M26.
The Investment segment, through BMoney, continued its solid growth trend, driven by increased transaction activity among high-net-worth investors.
In the third quarter of 2026, the segment recorded a 34 percent year on year revenue increase to IDR 24 billion, which generated gross profit of the same amount, IDR 24 billion.
This positive performance is in line with the cumulative 9M26 achievement, in which revenue surged 54 percent year on year to IDR 69 billion, with gross profit also at IDR 69 billion.
Alongside this growth, the Investment segment’s operating profitability continued to improve. Adjusted EBITDA in the third quarter of 2026 remained steady at negative IDR 1 billion, while cumulatively in the first nine months of 2026, adjusted EBITDA improved to negative IDR 2 billion from negative IDR 6 billion a year earlier.
The retail segment recorded revenue of IDR 70 billion in the third quarter of 2026, up 6 percent year on year from IDR 66 billion a year ago.
Gross profit rose to IDR 29 billion in the third quarter of 2026 from IDR 25 billion a year ago. Adjusted EBITDA improved to negative IDR 1 billion in 3Q26 from negative IDR 6 billion in 3Q25.
Cumulatively, 9M26 revenue stood at IDR 209 billion, down 8% from IDR 228 billion in 9M25.
Gross profit in 9M26 was IDR 85 billion compared with IDR 94 billion in 9M25, and adjusted EBITDA was negative IDR 8 billion in 9M26 compared with negative IDR 4 billion in 9M25.
With cash, cash equivalents, and liquid investments totaling IDR 16.8 trillion as of the end of September 2026, Bukalapak said it maintains financial flexibility to continue developing its various business segments.
Going forward, the company said it will deepen market penetration through product innovation and an enhanced user experience, while maintaining cost and investment discipline to support sustainable growth.
“We succeeded in keeping revenue stable and recording positive adjusted EBITDA amid global economic challenges. The business transformation we have carried out, together with operational improvements and cost discipline, has laid the foundation for the company to achieve these solid results,
“It also serves as a stepping stone for future growth as we continue to move forward in a measured way toward sustainable profitability,” said Victor Putra Lesmana, Director of Bukalapak.
Bukalapak maintains positive adjusted EBITDA amid increased revenue