Prosus & Naspers CEO letter flags FY27 as “execution year”, iFood investment step-up and buyback run-rate in focus

Research evidence excerpt

Prosus & Naspers CEO letter flags FY27 as “execution year”, iFood investment step-up and buyback run-rate in focus

J P M O R G A N Europe Equity Research

12 May 2026

Prosus & Naspers

CEO letter flags FY27 as “execution year”, iFood

investment step-up and buyback run-rate in focus

Fabricio Bloisi, CEO of Prosus and Naspers, has provided an update to European Internet

ACshareholders this morning (here) - outlining a clear strategic focus on disciplined Marcus Diebel

execution, profitability and innovation, with FY27 positioned as a “year of (44-20) 7742-4447

execution” across both operations and product delivery. The letter emphasizes marcus.diebel@jpmorgan.com

accelerated AI-led innovation (LCM expansion from Brazil into India and Europe; J.P. Morgan Securities plc

scaling “Life Assistants”; and broader agent deployment across employees and Lara Simpson

partners) alongside continued portfolio discipline. Management confirmed the (44-20) 7134-3637

lara.simpson@jpmorgan.com

business delivered on FY26 guidance ($7.3bn revenue and $1.1bn ecommerce J.P. Morgan Securities plc

adjusted EBITDA ex-JET/La Centrale), improving FCF (ex-Tencent), and an

Thyagarajan J

ongoing share repurchase programme at an implied ~$5bn annual run-rate. While (91-22) 6157-5005

FY26 numbers are in-line with expectations, with positive comments around the thyagarajan.j@jpmchase.com

ongoing JET turnaround, the key focus this morning is higher investments in iFood J.P. Morgan India Private Limited

and limited upside to buyback expectations, both of which have been key share Carmen Graves

price drivers of late and will likely disappoint with ongoing questions around (44-20) 3493 0506

capital allocation going forward and the group's ability to balance competitive carmen.graves@jpmorgan.com