Prosus (PRX) AGM 2025 summary

Opening remarks and agenda

• Board members from multiple continents attended in person and virtually, with formal opening and confirmation of meeting constitution and voting procedures outlined.

• Pre-recorded videos and live presentations covered operational, financial, and governance topics.

Financial performance review

• Group revenue rose 21% to $6.2 billion, outpacing peers, with food delivery and classifieds as key drivers.

• Food delivery (iFood) saw 30% revenue growth to $1.3 billion; classifieds (OLX) revenue up 18% to $777 million.

• Core headline earnings reached $7.4 billion, up 59% per share, with a net cash position of $2.6 billion.

• Free cash flow exceeded $1 billion for the first time, aided by Tencent dividends and improved working capital.

• Share buyback program reduced share count by over 27% and increased NAV per share by 11%.

Board and executive committee updates

• New CEO Fabricio Bloisi and CFO Nico Marais introduced, with board changes including retirements and new appointments.

• Executive remuneration restructured with a high-risk, high-return Moonshot Award for the CEO and senior team, focused on doubling market cap and peer outperformance.

• 99% of CEO pay is now at-risk, with strong alignment to shareholder returns and ESG metrics.