PROSUS NV (+) : CEO shareholder letter: warning on iFood and JET

Research evidence excerpt

PROSUS NV (+) : CEO shareholder letter: warning on iFood and JET

EQUITIES

INTERNET & MEDIA

PROSUS NV OUTPERFORMPRICE* EUR41.1  TARGET PRICE EUR65 (UPSIDE 58%)

FLASH NOTE

CEO shareholder letter: warning on iFood and JET

12 MAY 2026 Securities Research Report Production time: 09:33* (London time)

Research Analyst & Publishing Entities

William Packer BNP Paribas London Branch (+44) 207 039 9509 william.packer@uk.bnpparibas.com

What happened?

Prosus have updated on FY26 performance and FY27 outlook in an unscheduled CEO shareholder letter warning on

iFood and JET’s performance. Key details include

– Prosus pre-release USD7.3bn revenue and USD1.1bn adj EBITDA for FY26 (excluding acquisitions of JET

and La Centrale) vs BNPP at USD7.6bn and adj EBITDA at USD1.1bn. We think revenue below and EBITDA

broadly in line with cons although comparability difficult with different scope.

– FY27 outlook: warning on LATAM and JET outlook as outlined by segment below.

– LATAM: FY26 targets ‘delivered’ but major warning on FY27. In context of increased competition from Chinese

entrants, Prosus/iFood will increase investment reducing FY27 adj EBITDA guidance to 100-150m. BBERG

doesn’t provide consensus on the new segmental split but BNPP forecast cUSD650m for LATAM implying a

major warning. This cut to guidance comes in context of CMD guidance of FY28 LATAM adj EBITDA of

cUSD900m+, which looks particularly ambitious now.

– Europe: FY26 OLX targets reached with OLX progressing well. At JET FY26 volumes fell -7% with a return to

growth guided ‘by the end of the year’ with FY27 positioned as ‘year of investment’. Management expect for

FY27 EUR3.6bn revenue and EUR100m EBITDA. BNPP forecasts USD4.2bnn revenue and USD170m EBITDA

(no consensus for JET available).