Bukalapak’s newest outcomes present an organization nonetheless making an attempt to show that its post-marketplace reinvention can work.
The Indonesian listed expertise agency reported income of US$88.6 million within the second quarter of 2026, whereas first-half income rose 29 per cent yr on yr to about US$221.6 million. Extra importantly for traders who’ve grown cautious of loss-making client web firms, Bukalapak remained adjusted EBITDA-positive for the second consecutive quarter.
Adjusted EBITDA stood at roughly US$332,000 in Q2. For the primary six months of the yr, the corporate posted optimistic adjusted EBITDA of about US$554,000, in contrast with a lack of round US$1.9 million in the identical interval final yr. The swing, value about US$2.4 million, is modest in absolute phrases however symbolically vital for a corporation that has spent the previous few years shifting away from growth-at-all-costs in the direction of tighter value management and higher-quality income.
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“Sustaining a optimistic adjusted EBITDA all through the primary semester of 2026 displays the sustained progress of the transformation we’re enterprise,” stated Victor Putra Lesmana, Director of Bukalapak. “Amid ongoing financial uncertainty, we stay centered on operational self-discipline, bettering income high quality, and creating sustainable enterprise throughout all segments.”
Gaming turns into the expansion engine
The clearest driver of Bukalapak’s first-half efficiency was gaming.
The section generated US$77 million in income within the second quarter. For the primary half, gaming income grew 42 per cent yr on yr to round US$193.9 million, supported by the corporate’s worldwide growth. The enterprise additionally recorded optimistic adjusted EBITDA of about US$388,000 within the second quarter.
That issues as a result of gaming has turn into one in every of Southeast Asia’s extra sturdy digital consumption classes, at the same time as e-commerce and fintech face margin strain. The area has a younger mobile-first inhabitants, excessive utilization of digital wallets, and a big base of gamers who spend small however frequent quantities on in-game gadgets, vouchers, and credit. For platforms that may handle fee flows and distribution effectively, gaming can provide higher margins than conventional on-line retail.
Bukalapak’s shift displays a broader sample amongst Southeast Asian tech firms. After years of chasing gross merchandise worth and consumer progress, many at the moment are prioritising verticals the place they will monetise extra predictably. In Bukalapak’s case, gaming seems to be doing a lot of the heavy lifting, contributing nearly all of first-half income and serving to assist the group’s adjusted EBITDA.
The corporate didn’t break down the worldwide markets powering the gaming section’s growth, however the path is obvious: Bukalapak is not merely an Indonesian e-commerce story. It’s more and more a portfolio of digital companies, with gaming, funding merchandise, retail, and providers for small retailers sitting alongside what stays of its unique market identification.
Mitra shrinks, however margins enhance
The efficiency of Mitra Bukalapak, the corporate’s small-merchant providers arm, was extra nuanced.
Income within the section fell to US$8.4 million within the second quarter from US$10.4 million a yr earlier. For the primary half, Mitra income declined 27 per cent yr on yr as Bukalapak turned extra selective in regards to the merchandise it pushes by means of the channel.
On the floor, that decline seems to be troubling. Mitra was as soon as central to Bukalapak’s pitch: a technique to digitise Indonesia’s huge community of warungs, kiosks, and neighbourhood retailers. These small retailers stay essential to the nation’s client financial system, notably outdoors main cities the place casual commerce nonetheless performs a big function.
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However Bukalapak is now arguing that smaller, extra worthwhile income is preferable to bigger however lower-margin gross sales. The numbers give some assist to that declare. Mitra’s contribution margin grew 48 per cent yr on yr to about US$1.6 million within the second quarter. Its adjusted EBITDA additionally turned optimistic at roughly US$443,000, in contrast with a lack of about US$499,000 in the identical interval final yr.
That implies the corporate is reducing again on weaker merchandise and specializing in areas the place it could generate more healthy returns. For Southeast Asian platforms serving offline retailers, it is a acquainted problem. Buying and retaining small retailers is dear, utilization might be inconsistent, and lots of retailers are extremely price-sensitive. The winners are prone to be people who present sensible providers (funds, stock, digital items, financing, or procurement) Â with out relying too closely on subsidies.
Funding enterprise positive aspects floor
Bukalapak’s funding section, by means of BMoney, additionally continued to develop from a smaller base.
First-half income rose 68 per cent yr on yr to about US$2.4 million, from US$1.4 million. Contribution margin elevated 62 per cent to round US$831,000, supported by belongings below administration of greater than US$332 million.
The funding enterprise remains to be small in contrast with gaming, however it sits in a market with long-term potential. Retail investing has turn into extra accessible throughout Southeast Asia, helped by digital onboarding, low minimal balances, and rising familiarity with mutual funds and different wealth merchandise. In Indonesia, the place financial institution penetration and capital market participation stay comparatively low in contrast with extra developed economies, digital funding platforms have room to increase if they will construct belief and handle regulatory expectations.
Bukalapak’s problem shall be to indicate that BMoney can turn into greater than an ancillary service. The funding section can deepen buyer engagement and enhance monetisation, however it additionally operates in a aggressive area the place customers can swap simply between apps.
Retail stays below strain
Bukalapak’s retail section confirmed the impact of a extra cautious working strategy.
The enterprise recorded second-quarter income of round US$3.3 million. First-half income got here in at about US$7.7 million, down 14 per cent from roughly US$9 million a yr earlier. The corporate stated it’s optimising its product pipeline, managing stock, and selectively increasing its outlet community.
That language factors to a extra disciplined retail technique, but in addition to the bounds of bodily or inventory-heavy growth within the present surroundings. Throughout Southeast Asia, retail-tech fashions have needed to take care of skinny margins, provide chain complexity, and uneven client demand. For Bukalapak, retail is unlikely to be judged purely on top-line progress if the corporate can show higher stock management and decrease working drag.
Total, Bukalapak’s first-half contribution margin reached about US$9.5 million, up 12 per cent yr on yr. The determine is vital as a result of it reveals whether or not income is translating into higher unit economics after variable prices. In Bukalapak’s case, the contribution margin enchancment means that the corporate’s concentrate on income high quality is starting to indicate within the numbers, at the same time as some segments contract.
Rivals and the highway forward
Bukalapak operates in one in every of Southeast Asia’s hardest digital markets. In e-commerce, it competes with far bigger and extra aggressive gamers resembling Sea Group’s Shopee, GoTo’s Tokopedia, TikTok Store, Lazada, and Indonesia-listed Blibli. In digital service provider providers, the agency faces competitors from fintech and super-app ecosystems that additionally need to serve warungs and small retailers. Its gaming and digital items companies overlap with regional specialists resembling Codashop, in addition to fee platforms and app-store channels.
In the meantime, BMoney sits in a wealthtech market that features native funding apps and banking-backed platforms.
That aggressive backdrop explains why Bukalapak’s transformation is being watched carefully. The corporate can not depend on the outdated narrative of Indonesian e-commerce progress alone. Its future is dependent upon whether or not it could construct a set of centered, worthwhile companies round digital transactions, service provider providers, gaming, and monetary merchandise.
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For now, the first-half outcomes present progress however not but a completed turnaround. Income is rising, adjusted EBITDA is optimistic, and several other segments are exhibiting higher margins. On the similar time, some companies are shrinking, and the group’s profitability stays skinny.
Bukalapak has purchased itself time by bettering self-discipline. The following check is whether or not it could flip that self-discipline into a bigger and extra defensible enterprise.
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