PROSUS NV (+) : Food delivery warnings to weigh on ex-Tencent equity story

Research evidence excerpt

PROSUS NV (+) : Food delivery warnings to weigh on ex-Tencent equity story

EQUITIES

INTERNET & MEDIA

PROSUS NV OUTPERFORMPRICE* EUR41.1  TARGET PRICE EUR60 (UPSIDE 46%) TARGET -8%PRICE EPS 03/27e-3% nonEPS material03/28e

Food delivery warnings to weigh on ex-Tencent equity story

Prosus surprised with a FY27 food delivery warning this morning12 MAY 2026

Securities Research Report Key items from CEO Bloisi’s surprise shareholder letter: 1/ FY26 in line with guidance (cUSD1.1bn

Production time: 18:30* (London time) eCom adj EBITDA) 2/ Warning on LATAM due to investments to fend off competition with FY27 adj

Research Analysts & Publishing Entities EBITDA at USD100-150m (vs BNPP at USD650m pre update) 3/ JET entering an investment year

William Packer guided to return to growth by the end of FY27 (delayed) with cUSD100m FY27 adj EBITDA (vs BNPP

BNP Paribas London Branch at USD170m pre-update) 4/ Prosus is maintaining its buyback at cUSD5bn (below FY23-25 levels)(+44) 207 039 9509

william.packer@uk.bnpparibas.com

We cut our FY27/28 Ecommerce (non Tencent) forecasts materially

We had cut our adj Ecommerce expectations by 10% in our year ahead note on food delivery

investment but cut sharply again (30%/20% for FY27/28) as competition from Meituan/Didi forces a

response from iFood in Brazil and the JET turnaround proves more challenging, following a

deterioration of the asset’s competitive positions under previous leadership. These downgrades

impact are offset somewhat by forex and a bigger buyback impact (reflecting lower share price)

cutting our FY27/28 adj earnings by -3%/-1%. We cut our TP on peer de-rating across ECommerce.

Food delivery missteps to weigh on non-Tencent equity story; we still see Tencent appeal