FY26 trading statement | 7% miss

Research evidence excerpt

FY26 trading statement | 7% miss

Update

June 19, 2026 07:03 AM GMT

Morgan Stanley & Co. International plc+MProsus | Europe Luke Holbrook

Equity Analyst

FY26 trading statement | 7% Luke.Holbrook@morganstanley.comRMB Morgan Stanley Proprietary Limited+ +44 20 7425-1882

Warwick Bam

Equity Analystmiss Warwick.Bam@rmbmorganstanley.com +27 11 587-0815

Morgan Stanley & Co. International plc+

Reaction to earnings Constantin P Kollmann

Research Associate

Unchanged Modest shortfall Modest revision lower

Constantin.Kollmann@morganstanley.com +44 20 7425-3268

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Ed Young

Source: Company data, Morgan Stanley Research Equity Analyst

Ed.Young@morganstanley.com +44 20 7677-1761

Key Takeaways Prosus (PRX.AS, PRX NA)

Internet | Netherlands

Prosus expects its FY26 core HEPS to rise by 19.0% to 28.0%, which is 7% below

Stock Rating Overweight

VA consensus at the mid-point. Industry View In-Line

Price target €49.00

Shr price, close (Jun 18, 2026) €39.09

Prosus has released a FY26 trading statement. Prosus has guided to core HEPS 52-Week Range €63.94-37.37

rising 19-28% (364 to 392 cps). The mid-point is 6% below our forecast and 7% Mkt cap, curr (mn) US$103,459

Net debt (03/26e) (mn)* US$4,613

below Visible Alpha consensus. EV, curr (mn)* US$100,957

We think the miss relates to the calculation of Tencent earnings and/or the closing * = GAAP or approximated based on GAAP

shares in issue for Prosus. The consistent sale of Tencent shares complicates the

proportional consolidation of Tencent earnings. Our Ecommerce portfolio forecasts

align with the recent Prosus CEO letter which cited US$7.3bn in revenue and US

$1.1bn in adjusted EBITDA excluding JET and La Centrale. Prosus also notes that all