Prosus (PRX) H2 2026 earnings summary

Executive summary

• Ecosystem revenue reached $9.7B–EUR 10B in FY26, up 12–57% year-over-year, with all regional ecosystems profitable at the aEBITDA level and profitability up 84% year-over-year.

• Ecosystem aEBITDA grew 44–84% to $1.3B, and free cash flow reached a record $1.5B, up $2B over two years.

• Core headline earnings per share increased 24%, amplified by a significant share buyback program.

• AI innovation accelerated, with proprietary platforms like ToqanClaw and LCM deployed across the ecosystem, now available to over 5 million partners.

• Strong balance sheet maintained with net debt of $6.4B and investment grade ratings.

Financial highlights

• Group consolidated revenue rose from $6.2B in FY25 to $9.7B in FY26, with ecosystem aEBITDA margin improving from 11% to 13%.

• Free cash flow increased by $2B over two years, reaching positive $1.5B.

• OLX delivered $992M–EUR 480M in revenue with 28% growth and 48% aEBITDA margin; PayU India returned to profitability.

• $46B returned via share buybacks, resulting in 16pp NAV accretion.

• Full-year dividend increased 40% to 28 euro cents.

Outlook and guidance

• Revenue expected to grow to at least EUR 12–12.3B next year, with continued investment in JET and iFood to build long-term profitability.

• No major acquisitions planned; focus is on organic growth and execution, especially in Europe and India.

• Profitability in FY 2027 expected to be flat due to increased investment, with rebound anticipated as competitive pressures normalize.

• Ongoing investment in AI and Prosus Plus to drive future growth.

• Commitment to disciplined capital allocation, further disposals, and ongoing share repurchase in FY27.