Prosus N.V.

Prosus said revenue is close to EUR 10 billion and should 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. In Latin America, the ecosystem businesses outside food delivery generated EUR 1.5 billion in revenue, growing more than 40%, and more than EUR 150 million in profit. Management also pointed to iFood nearing 200 million orders, grocery growing more than 50%, pharmacy growing 70%, and ads growing 100% year over year. For the next year, management said overall revenue should grow to at least EUR 12 billion to EUR 12.3 billion, while overall profitability should be roughly flat because of higher investment in growth businesses and JET.

Fabricio Bloisi framed the quarter as proof that Prosus is no longer just a plan but a functioning ecosystem, with delivery, finance, and experience working together across Latin America, India, and Europe. His tone was confident and combative: he said the company will deliver “billions in profits,” that AI is already reducing costs and improving growth, and that the ecosystem strategy is a real competitive advantage rather than a concept. He also emphasized that management is willing to sacrifice near-term margin to build larger, longer-duration businesses.

Nico Marais tied the financial story to a mix of growth investments, strong underlying businesses, and disciplined capital allocation. He said revenue should reach at least EUR 12 billion to EUR 12.3 billion next year, overall profitability will be roughly flat, and the group has already received the FY 2027 Tencent dividend. He also noted that the company continues its open-ended USD 5 billion buyback, funded by Tencent share sales and non-core asset sales, and said per-share earnings growth has outpaced headline growth, with core headline earnings up 13% and per-share growth up 24%.

Analysts focused on whether heavier investment in iFood and JET means FY 2027 EBITDA will stall, and management agreed this is not a year for maximizing profitability. They also pressed on the timing of AI benefits, and management said the impact is already showing up inside CPO, logistics, and cross-sell rather than as a separate revenue line. On Brazil competition, Diego Barreto said rivals are being irrational on subsidies and are spending about USD 150 million per month combined, but that iFood’s orders, retention, and structural economics have held up. On JET, Roberto Gandolfo said the company is still early in its turnaround, but a test in selected cities showed more than 25% growth and a unified platform should roll out country by country over the next few months.