Naspers Limited

Prosus said revenue reached almost EUR 10 billion, with a goal of more than EUR 13 billion next year. EBITDA was EUR 1.3 billion, which management said was 84% higher than last year. Free cash flow increased by EUR 2 billion over the last two years, from EUR -0.5 billion to EUR +1.5 billion. In Latin America, the ecosystem outside food delivery generated about EUR 1.5 billion in revenue and more than EUR 150 million in profit, growing more than 40%. For the next year, management guided to revenue of at least $12 billion to $12.3 billion and said overall profitability would be roughly flat as investments continue.

Fabricio Bloisi framed the quarter as proof that Prosus is no longer just presenting a plan but delivering results, especially through a connected ecosystem across delivery, finance, and experience. He repeatedly emphasized that the company is prioritizing long-term category leadership over short-term profit maximization, especially in iFood, JET, and Latin American adjacencies such as grocery, pharmacy, fintech, and travel. His tone was confident and assertive, saying the team is “leading” in AI and that the ecosystem strategy is now a reality rather than a thesis.

Nico Marais anchored the financial discussion with the company’s core numbers: revenue close to EUR 10 billion, EBITDA of EUR 1.3 billion, and free cash flow up to EUR 1.5 billion. He said overall profitability for the coming year should be roughly flat because growth investments will offset gains in profitable businesses like OLX, PayU India, Despegar, La Centrale, and the iFood adjacencies. On capital allocation, he said Prosus continues with the open-ended $5 billion buyback, funded through Tencent share sales and non-core asset sales, noting about $2 billion sold last year and almost $1 billion in the first quarter this year.

Analysts pressed management on whether higher reinvestment and competition would delay EBITDA growth, and management acknowledged FY 2027 is not expected to be a year of rising profitability. They also asked about AI monetization, and management said LCM will not appear as a separate revenue line but should show up inside each P&L through lower costs and better conversion. On Brazil competition, management said rivals are spending heavily on subsidies, estimated at about $150 million per month combined, but Prosus said its structural economics have held up and that higher CPO is the main impact. Questions on JET focused on the path back to growth and the timeline for the unified platform, with management saying one country should be on the new platform in a few months and a full country rollout should happen in less than six months.