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Research evidence excerpt

JPM | FTM | Today’s Research | CEEMEA

CEEMEA Equity Research

CEEMEA First to Market 15 May 2026

Today’s Morning Meeting | Also Published Today | Key Changes | JPM Events | Upcoming Earnings

Today’s Morning Meeting

Prosus & Naspers (Marcus Diebel)

FY26 Preview: Execution Intact—Yet Incremental iFood/JET Investment and TC Weakness Constrain

a Short-Term Bounce.

Following the publication of the CEO shareholder letter on 12 th May 2026, Prosus is scheduled to report FY26 results

on 29 June 2026. With FY26 revenue and FY26 EBITDA already disclosed, we expect the print itself to be less contentious,

with investor focus instead skewing toward management commentary—particularly from CEO Fabricio Bloisi and CFO Nico

Marais—on (i) operational performance across the portfolio, (ii) the planned pace of investment going forward, notably in iFood

and Just Eat Takeaway (JET), and (iii) the forward-looking framework for M&A/capital allocation. Following an encouraging

CMD last year, investor sentiment has now become more cautious in the near term, with stepped-up investment commitments

in iFood and JET tempering the ongoing margin improvement narrative. We expect management to articulate the strategic

rationale for those investments, early operational learnings, and further details on the path to value creation (including why

heightened competitive intensity should not be viewed purely as a structural issue for margins). Finally, we look for greater

granularity on the buyback outlook beyond calendar 2026—including expected run-rate, decision framework, and funding

sources—particularly given Tencent share price weakness and the implications for ongoing monetisation/capital recycling.

AngloGold Ashanti (Patrick Jones)