Prosus N.V. has delivered a strong set of interim results for the six months to 30 September 2025, driven by double-digit revenue growth, accelerated profitability, and disciplined capital allocation.
The group continues to build on its AI-first strategy, expanding its regional lifestyle ecommerce ecosystems across Latin America (LatAm), Europe, and India.
Revenue Up 22% as Global Ecosystem Expands
Prosus reported 22% consolidated revenue growth (14% in local currency), taking total group revenue to US$3.6 billion.
Key contributors included:
- iFood in LatAm
- OLX operations across Europe
- PayU in India
The group’s ecosystem model now spans nearly 100 companies and serves an estimated 2 billion consumers worldwide, underpinned by AI-powered customer experiences.
Profitability Surges: aEBITDA Up 70%, aEBIT Up 97%
Prosus delivered a significant increase in profitability across its e-commerce and platform businesses:
- Ecommerce aEBITDA increased 70% (58% in local currency) to US$530 million.
- Group aEBITDA nearly doubled, rising 99% to US$423 million (HY25: US$213 million).
- Group aEBIT rose sharply to US$250 million, up from US$60 million in the prior period.
Operational improvements, cost discipline, and greater efficiency across digital platforms drove these results.
Core Earnings Strengthen as Share Buybacks Boost Per-Share Metrics
- Core headline earnings rose 13% (18% in local currency) to US$4.0 billion.
- Core headline earnings per share increased 24%, supported by the ongoing repurchase programme.
- Earnings from continuing operations climbed to US$5.6 billion, compared to US$4.6 billion in HY25.
The board emphasises that core headline earnings provide a clearer measure of underlying operational performance.
Free Cash Flow Rises to US$1.3bn
The group generated free cash flow of US$1.296 billion, up from US$897 million in the prior period.
Excluding the Tencent dividend, free cash flow improved to US$59 million, a notable turnaround from the US$104 million outflow in HY25.
Strategic M&A Builds Regional Ecosystems
Prosus invested US$2.0 billion through strategic mergers and acquisitions during the period, strengthening its ecosystem strategy.
Key transactions included:
- Despegar acquisition (May 2025) to scale LatAm’s travel and lifestyle vertical.
- La Centrale acquisition (France’s largest motor classifieds platform) for €1.1 billion (US$1.3 billion), closed in November.
- Just Eat Takeaway.com (JET) acquisition for approximately €4.2bn (US$4.9 billion), including settlement of convertible bonds.
These acquisitions deepen Prosus’s footprint in Europe and accelerate its ambition to build a leading lifestyle ecommerce and AI technology ecosystem.
Active Portfolio Management: Divestitures Generate US$1.2bn
Aligned with its disciplined capital-allocation strategy, Prosus continued to rebalance its investment portfolio:
- Disposed of its stake in Udemy and other smaller assets
- Partially divested shares in Remitly
- Reduced exposure to Meituan, generating US$249 million in HY26 and another US$300 million in October
Total divestiture proceeds reached US$1.2 billion, with US$2 billion expected for FY26.
Balance Sheet Remains Strong
- As of 30 September 2025, the group reported:
- US$20.3 billion in cash and short-term investments (US$18.3bn at corporate level)
Net cash of US$2.6 billion (US$1.8bn corporate level) - After major acquisition settlements, US$13.2 billion available cash (US$11.2 billion corporate level)
Management reaffirmed its commitment to maintaining an investment-grade credit rating.
Share-Repurchase Programme Continues to Create Value
Since June 2022, Prosus’ repurchase programme has:
- Reduced the Prosus free-float share count by 30%
- Returned over US$41 billion of value to Prosus and Naspers shareholders
- Reduced the Naspers/Prosus holding-company discount by 25 percentage points
- Delivered US$63 billion in value creation by 30 September 2025
By this date, Prosus had repurchased 892.7 million shares valued at US$30.1 billion, contributing an 18% NAV per-share accretion.
2026 Guidance Reaffirmed
Prosus reiterated its FY26 targets (excluding JET):
- Ecommerce revenue: US$7.3 billion – US$7.5 billion
- Ecommerce aEBITDA: US$1.1 billion – US$1.2 billion
The group continues to focus on integrating JET and accelerating growth across its European ecosystem.
CEO Commentary
Chief executive Fabricio Bloisi emphasised the organisation’s long-term ambition:
“We are only just beginning to build Prosus into a global tech leader and, to get there, we must stay relentlessly focused on delivering results.”
