Prosus (PRX) H2 2025 earnings summary

Executive summary

• Achieved 21% year-over-year ecommerce revenue growth to $6.2bn, delivering $443M in adjusted EBIT, surpassing targets and marking a 12x increase year-over-year.

• Free cash flow turned positive for the first time (excluding Tencent), with a $513M year-over-year improvement.

• Dividend doubled year-over-year to €0.20, reflecting strong financial performance and confidence in future growth.

• Strategic M&A included completed Despegar acquisition and pending Just Eat Takeaway.com deal, strengthening regional ecosystems.

• Robust buyback program returned over $50B in capital, repurchasing 36% of free float and driving 15% NAV accretion per share.

Financial highlights

• Consolidated ecommerce revenue reached $6.2B, up from $5.5B, with an 11% aEBITDA margin and 7% aEBIT margin.

• Group aEBITDA rose from $228M to $484M, and group aEBIT swung from a $118M loss to a $179M profit.

• iFood core restaurant delivery business reached a 28% adjusted EBIT margin on 50% revenue growth; OLX profits grew 61% on 18% revenue growth.

• Free cash flow increased to $1.04B, a $513M year-over-year improvement.

• Core headline earnings reached $7.4bn, up from $5.0bn year-over-year.

Outlook and guidance

• Ambition to reach over $800M consolidated ecommerce EBIT by FY2026, including new acquisitions.

• Continued focus on AI-driven innovation, disciplined capital allocation, and further buybacks.

• Targeting 15%-20% blended revenue growth across e-commerce businesses.

• Plans for more IPOs and to generate billions in results outside Tencent.

• Expecting to add at least the same level of incremental adjusted EBIT in FY26 as in FY25.