DB Media & Online #what's appening: Prosus/FY26 trading update, WPP/AWS deal, M6/Read from TF1 & NFLX deal

Research evidence excerpt

DB Media & Online #what's appening: Prosus/FY26 trading update, WPP/AWS deal, M6/Read from TF1 & NFLX deal

Deutsche Bank

Research

Europe Industry Date

France 19 June 2026

Netherlands DB Media & Online

United Kingdom Periodical

#what's appening

Media and Online

Prosus/FY26 trading update, WPP/AWS

deal, M6/Read from TF1 & NFLX deal

Silvia Cuneo

Newsflow, overnight research, valuation comps - if you'd like to discuss any of the

Research Analyst

following in more detail or require models, please get in touch with Silvia, Nizla, +44-20-754-73770

Gareth or Steve. Our contact details are listed in the right-hand margin.

Nizla Naizer

Prosus (Buy, last close: EUR 39.09): FY26 trading update (year-ended in March

+44-20-754-12403

2026) ahead of the full set of results on 29 June. As a subsidiary of Naspers, Prosus

is issuing this statement due to JSE listing requirements related to material Gareth Davies

earnings fluctuations. The trading update confirms the following: Prosus generated Research Analyst

over USD7.3bn in revenue in FY26 (excluding JET and La Centrale) and over +44-20-754-11560

USD1.1bn in Ecosystem (formerly called Ecommerce) adjusted EBITDA. All of Steve Liechti

Prosus’ ecosystems are now profitable and free cash flow (excluding Tencent) Research Analyst

continues to grow. This confirms the CEO’s commentary from 12th May already +44-20-7541-1549

(through his shareholder letter, please refer to our prior comment via this link). Annabel Hames

“Core” headline earnings per ordinary share from continuing operations is Research Analyst

expected to be ~USD 364-392 cents (vs. Bloomberg consensus at USD 397 on +44-20-754-11574

average) and corresponds to 19-28% growth yoy; this should be taken well given it Tarun Mittal