Prosus (PRX) CMD 2025 summary

Strategic vision and future plans

• Aims to build leading lifestyle e-commerce ecosystems in Europe, India, and Latin America, leveraging AI, cross-sell, and regional integration to drive growth and innovation.

• Targets to become the largest European internet company, leveraging a $122B market cap and aiming for $200B.

• Focuses on high-frequency businesses (food delivery, fintech) as the foundation for broader e-commerce and experience services, using data and user engagement to unlock synergies.

• Pursues disciplined capital allocation, with a strong buyback program, targeted M&A (Despegar, Just Eat Takeaway), and ongoing divestments of non-core assets to crystallize value.

• Emphasizes a culture of innovation, accountability, and rapid iteration, with a management model aligning 30,000+ employees to shared priorities and results.

Financial guidance and performance

• Ambition to more than double e-commerce revenue by 2028 (to ~$12.5B), targeting $7.3–$7.5B in FY26, and triple EBITDA/aEBITDA in three years, with >3.5x growth by FY28.

• FY25 e-commerce adjusted EBITDA reached $655M, with a target to exceed $1.1B–$1.2B in the next year, driven by OLX, iFood, and PayU.

• Free cash flow turned positive, with over $1B improvement in three years; buybacks have returned $50B+ to shareholders, reducing free float by 36%.

• Dividend per share increased 100% year-over-year, with a commitment to further increases as free cash flow grows; capital allocation remains flexible, balancing investment, buybacks, and dividends.

• Maintains a strong capital structure with $11B in cash, long-dated debt, and a $120B tax shield, supporting ongoing investment and shareholder returns.

Business and ecosystem developments

• LATAM: iFood leads with 60M+ users, expanding into pharmacy, fintech, and offline integration; Despegar is the #1 travel tech company, enabling cross-vertical loyalty and data synergies.

• India: Portfolio includes Swiggy (food/quick commerce), Meesho (e-commerce), PayU (payments/credit), and Urban Company (services), with $6.5B portfolio value and 200M annual users.

• Europe: OLX targets 20%+ revenue growth and 50%+ EBIT margin, eMAG pivots to profitability with marketplace and fintech, Iyzico grows 87% in Turkey, and Just Eat Takeaway is set for operational turnaround and integration.

• LATAM ecosystem integrates food delivery, payments, classifieds, events, and travel, with >100M customers and $20B GMV.

• European ecosystem anchored by OLX, eMAG, iyzico, and pending Just Eat Takeaway acquisition, with >900M transactions and $7.3B revenue in FY25.