Naspers Limited

Prosus said revenue is almost EUR 10 billion and expects it to grow to more than EUR 13 billion next year. EBITDA was EUR 1.3 billion, up 84% year over year, and free cash flow improved from EUR -0.5 billion to EUR +1.5 billion over the last two years, a EUR 2 billion increase. In Latin America, the ecosystem outside food delivery generated revenues of EUR 1.5 billion, growing more than 40%, and more than EUR 150 million in profit. Management also said the ecosystem’s non-food businesses now represent more than 50% of revenue, with pure food at 45%, fintech at 17%, travel at 29%, and other marketplace categories at 7%. For the next period, Nico Marais said revenue should grow to at least $12 billion to $12.3 billion next year, while overall profitability will be roughly flat because some businesses are still being invested in.

Fabricio Bloisi framed the quarter as proof that Prosus’s ecosystem strategy is real, not just a plan, and said the company is now focused on delivery, finance, and experience across Latin America, Europe, and India. He repeatedly stressed that management is willing to invest through competition to build long-term category leaders, especially at iFood and JET, rather than optimize for next-quarter profit. His tone was upbeat and assertive, and he linked AI, including the Large Commerce Model, ToqanClaw, and Zapia, to lower costs, better service, and faster growth.

Nico Marais highlighted the financial scale of the portfolio and said the group is on track to keep growing revenue while balancing investments and profitability. He cited OLX at $480 million of EBITDA and 16% top-line growth, said PayU India is growing and profitable, and noted that iFood’s adjacencies, Despegar, and La Centrale are tracking on or ahead of their cases. He also said the $5 billion share buyback remains open-ended and is funded by Tencent share sales and other non-core asset sales, including about $2 billion sold last year and almost $1 billion in the first quarter this year. On cash flow, he explained that statutory working capital includes merchant receivables and payables, and that fintech growth requires capital contribution of about 20%.

Analysts pressed on whether competition in Brazil and investment needs at iFood and JET could leave group EBITDA roughly flat in FY 2027, and management said yes, profitability may not increase much this year because the priority is long-term growth and category leadership. Questions also focused on how AI would show up in the numbers; management said LCM will not be a separate revenue line, but should appear through lower CPO, better conversion, and improved economics inside each business. On JET, management said the early-city test produced more than 25% growth, the unified platform should roll out country by country within months, and the goal is to get JET back to growth from -9% in January to -4% now. Analysts also asked about Delivery Hero, the Brazilian competitive response, Zapia monetization, and the open-ended $5 billion buyback, with management largely declining to comment on Delivery Hero and reaffirming the buyback funding plan.