Prosus (PRX) AGM 2024 summary

Opening remarks and agenda

• The meeting was declared properly constituted, with both in-person and virtual attendance by board members, executives, and shareholders.

• Voting procedures and Q&A participation guidelines were explained, ensuring shareholder engagement.

Financial performance review

• Group revenue grew 19% year over year to $5.5 billion, outpacing listed peers by 12%.

• Achieved first-ever consolidated e-commerce profitability, six months ahead of target, with a $451 million improvement.

• Open-ended share repurchase program reduced free float by 21% and created $32 billion in value.

• Balance sheet remains strong with $14.6 billion in cash and $15.2 billion in debt.

• External investment was $571 million, down from $6.3 billion in 2022, reflecting disciplined capital allocation.

Board and executive committee updates

• Welcomed new CEO Fabricio Bloisi, recognized for innovation and experience in tech growth markets.

• CFO Basil Sgourdos announced his departure after 29 years, with gratitude expressed for his contributions.

• Ervin Tu transitioned from interim CEO to president and chief investment officer.