Prosus (PRX) H1 2026 earnings summary

Executive summary

• Ecommerce revenue grew 22% year-over-year to $3.6bn, with all major business segments profitable and strong ecosystem growth across Latin America, Europe, and India.

• aEBITDA surged 70% to $530m, with margin improvements and all operated businesses now profitable.

• Free cash flow improved by $399m to $1.3bn, marking the largest ever FCF generation excluding Tencent.

• Core headline earnings per share grew 24%, supported by share repurchases and improved profitability.

• New investments in Just Eat Takeaway.com and La Centrale are expected to fuel further growth.

Financial highlights

• Consolidated ecommerce revenue reached $3.6bn in H1 FY26, up from $3.0bn in H1 FY25.

• aEBITDA increased from $213m to $423m, and aEBIT from $60m to $250m YoY.

• Central cash position grew to $18.3bn as of 30 September 2025, with net cash of $1.8bn.

• $1.2bn in asset sales completed to date in FY26, with a target of at least $2bn for the year.

• Over $40bn in buybacks completed, generating more than $60bn in results.

Outlook and guidance

• On track to achieve FY26 targets of $7.3–$7.5bn ecommerce revenue and $1.1–$1.2bn aEBITDA, excluding JET and La Centrale.

• Focus remains on disciplined investment, portfolio optimization, and share buybacks.

• No specific guidance for JET yet; updates expected in 45 days after operational review.

• Capital deployment priorities include business investments, share repurchases, and ecosystem-enhancing opportunities.