Prosus, the Amsterdam-listed technology investment group controlled by South Africa’s Naspers, reported its strongest annual results to date on Monday, with revenue from continuing operations rising 57% to $9.7 billion for the year ended March 2026 — and, for the first time in the company’s history, all three of its regional operating ecosystems turning profitable simultaneously.
The results represent a potential turning point for Prosus, which has spent years investing billions of dollars in food delivery, classifieds, fintech, and e-commerce businesses across emerging markets. While those investments helped build digital platforms spanning Latin America, Europe, and India, investors continued to value the company largely for its stake in Tencent. With all of its operating ecosystems now profitable, Prosus is seeking to demonstrate that its own businesses can generate sustainable earnings independently.
The scale of the shift is most clearly visible in the free cash flow trajectory. Ecosystem revenue grew from $4.5 billion in FY2023 to $9.7 billion in FY2026, while adjusted EBITDA swung from negative $100 million to positive $1.3 billion over the same period. Free cash flow reached $1.5 billion in FY2026 compared to negative $600 million in FY2023 — a $2.1 billion turnaround in three years. Excluding Tencent dividends entirely, free cash flow from Prosus’s own operations reached $275 million — more than fifteen times the $18 million recorded the prior year, and a figure that management has highlighted as the clearest evidence yet that the operating portfolio no longer depends on Tencent distributions to sustain itself.
In Latin America, iFood continued its strong performance with 28% revenue growth and a 21% adjusted EBITDA margin. The business has evolved beyond pure food delivery, with iFood Pago now representing 25% of total revenue and achieving profitability, while payment revenue grew 93% year on year and assets under management in B2B credit reached 1.8 billion Brazilian reals. The fintech expansion within iFood’s ecosystem is commercially significant: it represents Prosus’s most direct attempt to replicate the super-app model — where a dominant platform expands into financial services to deepen customer engagement, increase transaction frequency, and improve unit economics — that has defined the most successful digital platforms in Asia.
Despegar, the Latin American online travel agency acquired for $1.7 billion in May 2025, exceeded management expectations in its first full contribution period. Gross bookings grew 29% to $5.9 billion, driving revenue of $804 million and an EBITDA margin of 16%. The integration with iFood has produced cross-platform synergies that are already showing in the numbers — with 20% of Despegar’s revenue now generated through the iFood ecosystem and the company growing overall at between 30% and 40%, a pace considerably faster than when it was independently listed on the New York Stock Exchange.
In Europe, the acquisition of Just Eat Takeaway.com — completed during the financial year for approximately €4.2 billion — adds scale but also complexity. Just Eat achieved 25% order growth year on year in selected cities, even as the overall business contracted 6% — a pattern that reflects both the damage done to the platform by years of underinvestment and the early signs that the turnaround strategy is working in the markets where it has been most aggressively applied. Management guided that the business should return to positive overall growth within a few months, a commitment they have tied directly to the deployment of Prosus’s Large Commerce Model, a proprietary AI platform that the group describes as driving operational efficiency across its food delivery portfolio without the need for matching competitor subsidy spending.
The AI strategy is central to how CEO Fabricio Bloisi has framed the FY2026 narrative and the FY2027 outlook. Prosus’s ToqanClaw agentic AI platform is already available to more than five million restaurant partners, and the group has deployed 70,000 AI agents through the Toqan infrastructure across its ecosystems. A new consumer-facing AI life assistant called Zapia — capable of conducting multi-step transactions by voice, including restaurant bookings, travel reservations, and food orders — was launched during the results period and is being rolled out across Just Eat and iFood simultaneously.
| Metric | FY2026 | FY2025 | Change |
|---|---|---|---|
| Group earnings | |||
| Revenue (continuing operations) | $9.7bn | $6.2bn | +57% |
| Adjusted EBITDA (ecosystem) | $1.3bn | $707m | +84% |
| Core headline earnings | $8.3bn | $7.3bn | +13% |
| Core HEPS | 286c | 256c | +24% |
| Free cash flow | $1.5bn | $1.0bn | +50% |
| FCF (excl. Tencent dividends) | $275m | $18m | +1,428% |
| Dividend per share | 28 euro cents | 20 euro cents | +40% |
| Key segment performance | |||
| iFood revenue growth | +28% | — | EBITDA margin: 21% |
| Despegar gross bookings | $5.9bn | — | +29%; EBITDA margin: 16% |
| iFood fintech payment revenue | +93% YoY | — | 25% of total iFood revenue |
| PayU revenue growth | +13% | — | EBITDA positive for first time |
| Tencent dividends received | $1.2bn | — | +34% total group dividends |
The OLX European classifieds business and the acquisition of La Centrale, France’s leading motor classifieds platform acquired for €1.1 billion, further anchor the European ecosystem. OLX achieved 48% profitability, described as one of the best performance rates in its segment globally, while Despegar and La Centrale are both benefiting from integration into Prosus’s broader data and AI infrastructure.
Core headline earnings per share increased 24%, driven by strong growth in revenue and profitability across consolidated businesses and equity-accounted investments, most notably Tencent. The board recommended a dividend of 28 euro cents, up 40% from a year earlier. Tencent dividends received at Prosus holding company level increased 34% year on year to $1.7 billion in total, including $1.2 billion from Tencent directly.
For FY2027, Prosus guided revenue of between €12 billion and €12.3 billion, up from nearly €10 billion in FY2026. Management indicated that adjusted EBITDA would remain roughly flat in FY2027 as the company increases investment in Just Eat’s transformation and iFood’s growth initiatives — a deliberate choice that Bloisi described as an investment year designed to build a stronger foundation for future growth. The market response was cautious: Prosus shares declined 1.62% following the results presentation, reflecting investor concern about the flat EBITDA guidance, the execution risk at Just Eat, and the competitive intensity in Brazil where new entrants are deploying heavy subsidies to challenge iFood’s market position.
The flat EBITDA guidance is the result of a deliberate capital allocation decision rather than operational deterioration — Prosus is choosing to invest the profits it has generated in accelerating the platform businesses rather than harvesting them. Whether that investment cycle proves as well-timed as the one that turned Tencent from a speculative bet into one of the most valuable investments in corporate history will be the defining question for Prosus’s next chapter.