Prosus & Naspers: First Take: FY26: Strong execution on revenues and costs that drives consensus upgrades

Research evidence excerpt

Prosus & Naspers: First Take: FY26: Strong execution on revenues and costs that drives consensus upgrades

J P M O R G A N Europe Equity Research

29 June 2026

Prosus & Naspers

First Take: FY26: Strong execution on revenues and

costs that drives consensus upgrades

Our take: Prosus has reported solid FY26 results eCommerce revenues of $9.7bn, European Internet

ACcoming in 8% ahead of market expectations and aEBITDA of $1.3bn coming in Marcus Diebel

26% ahead of expectations on strong revenue and cost execution. Management (44-20) 7742-4447

highlighted that all regional ecosystems were profitable and positioned AI as a core marcus.diebel@jpmorgan.com

competitive advantage—shifting from app-centric distribution toward agent-/ J.P. Morgan Securities plc

assistant-led experiences—and guided to sustained execution also going forward. Lara Simpson

Looking into FY27, while the company didn’t provide specific guidance, (44-20) 7134-3637

lara.simpson@jpmorgan.com

management flagged increased investments in iFood and JET to strengthen the J.P. Morgan Securities plc

food ecosystem. Importantly, management confirmed c.$5bn to be allocated to

Thyagarajan J

buybacks in FY27. Overall, we argue for a very solid set of results, highlighting a (91-22) 6157-5005

strong operational performance. That said, recent developments around Delivery thyagarajan.j@jpmchase.com

Hero, with Prosus selling part of its stake at a discount (i.e. ~half of Delivery Hero’s J.P. Morgan India Private Limited

current share price), is likely to weigh on sentiment in the coming weeks, raising Carmen Graves

questions around capital allocation. (44-20) 3493 0506

carmen.graves@jpmorgan.com

• Noteworthy areas: 1) Ecosystem revenue was up 57% to US$9.7bn and J.P. Morgan Securities plc