Prosus N.V.

Prosus said revenue was around EUR 10 billion and is expected to grow to more than EUR 13 billion next year. EBITDA reached EUR 1.3 billion, which management said was 84% higher than last year. Free cash flow improved 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 EUR 1.5 billion of revenue, growing more than 40%, and more than EUR 150 million in profit. Management said the ecosystem is now more than 50% of revenue, with pure food at 45%, fintech at 17%, travel at 29%, and other marketplace categories at 7%. For FY 2027, Nico Marais said revenue should grow to at least USD 12 billion to USD 12.3 billion and overall profitability should be roughly flat because of planned investment. He also said the open-ended USD 5 billion buyback remains in place.

Fabricio Bloisi framed the quarter as proof that Prosus’s ecosystem thesis has moved from plan to reality. He stressed that the company is now focused on delivery, finance, and experience across Latin America, India, and Europe, and said he is prioritizing long-term ecosystem building over maximizing short-term profit. His tone was confident and dismissive of criticism, repeatedly pointing to the reported numbers and saying the team will keep investing to build “many billions” in profits over time.

Nico Marais emphasized the reported financial scale and the funding framework behind it: revenue near EUR 10 billion, EBITDA of EUR 1.3 billion, and free cash flow up to EUR 1.5 billion. He said FY 2027 revenue should reach at least USD 12 billion to USD 12.3 billion, while group profitability is expected to be roughly flat because some businesses will keep investing. He also noted the USD 5 billion buyback is still being funded through Tencent share sales and non-core asset sales, with about USD 2 billion sold last year and almost USD 1 billion sold in the first quarter of this year. On cash flow, he said the statutory working-capital swing mainly reflects merchant receivables/payables and fintech funding needs.

Analysts pushed on whether heavy competition in Brazil and JET means FY 2027 EBITDA will be flat and asked when AI will show up in earnings. Management replied that it is intentionally investing now, that billions in profits remain the goal, and that AI is already visible in better efficiency, lower CPO, and improved conversion rather than as a standalone revenue line. Questions also focused on Brazil competition, where management said rivals are spending heavily on subsidies and are losing about $8 per order, while Prosus is losing about 1.5 reais per order on average. On JET, management said the business is not yet where it wants to be, but test cities showed more than 25% growth and the new unified platform should roll out country by country over the coming months.