Prosus reports strong interim results for the six months ended 30 September 2025

Amsterdam — 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 ecommerce 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 €1.1bn (US$1.3bn), closed in November.

• Just Eat Takeaway.com (JET) acquisition for approximately €4.2bn (US$4.9bn), including settlement of convertible bonds.
  

These acquisitions deepen Prosus' 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$249m in HY26 and another US$300m 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$11.2bn 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$7.3bn – US$7.5bn

• Ecommerce aEBITDA: US$1.1bn – US$1.2bn
  

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.”

About the Announcement

The interim results were supervised by Prosus’ CFO Nico Marais, CA(SA), and released publicly on 24 November 2025.

The short-form announcement is extracted from the full interim report available on SENS and at www.prosus.com.