Prosus N.V. / Naspers: No dramatic news in results on first glance; focus onto the call at 9am

Research evidence excerpt

Prosus N.V. / Naspers: No dramatic news in results on first glance; focus onto the call at 9am

Equity Research

29 June 2026

Prosus N.V. / Naspers

No dramatic news in results on

first glance; focus onto the call at First Look

NPNJn.J/NPN SJ OVERWEIGHT9am

EMEA Internet POSITIVE

Post a rest on FY27 expectations in the May shareholder Price Target ZAR 1470.00

letter, nothing dramatically new this morning. No formal FY27 Price (26-Jun-26) ZAR 799.53

guide but tone in line with where cons sits. No real change to PotentialSource: Bloomberg,Upside/DownsideBarclays Research +83.9%

language on capital allocation.

PRX.AS/PRX NA OVERWEIGHT

EMEA Internet POSITIVE• Highlights of FY26. Much of the directional headlines known here post the shareholder letter

Price Target EUR 70.50 6 weeks ago and trading statement 10 days ago. FY26 revs are 4% ahead of our model, EBITDA

Price (26-Jun-26) EUR 37.48 5% ahead. Looking at divisional mix, the shape is broadly as expected. Noticeable that

Potential Upside/Downside +88.1% iFood EBITDA progressed in H2 vs H1 (as promised) but with a very different mix as the fintech Source: Bloomberg, Barclays Research

business became much more profitable but the core food delivery business saw GMV growth

slow from 24% in H1 to 1% in H2 on a clean FX basis, and also EBITDA go down from $204m in

H1 to $134m in H2; so the competitive pressure is evident. Despegar saw a noticeable EMEA Internet

profitability increase in H2 with good growth (particularly in Brazil where synergies clearer). Andrew Ross, CFA

+44 (0)20 7773 3023 OLX results remain very strong (mid teens growth, high 40s margins). JET had flat GTV growth

andrew.ross@barclays.com

in constant FX in H2 with EBITDA of $83m (down c$30m yoy). Iyzico is strong, eMag still a bit Barclays, UK