Prosus & Naspers FY26 Preview: Execution Intact—Yet Incremental iFood/JET Investment and TC Weakness Constrain a Short-Term Bounce.

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Prosus & Naspers FY26 Preview: Execution Intact—Yet Incremental iFood/JET Investment and TC Weakness Constrain a Short-Term Bounce.

J P M O R G A N Europe Equity Research

15 May 2026

Prosus & Naspers

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 12th May 2026, European Internet

ACProsus is scheduled to report FY26 results on 29 June 2026. With FY26 revenue Marcus Diebel

and FY26 EBITDA already disclosed, we expect the print itself to be less (44-20) 7742-4447

contentious, with investor focus instead skewing toward management marcus.diebel@jpmorgan.com

commentary—particularly from CEO Fabricio Bloisi and CFO Nico Marais—on J.P. Morgan Securities plc

(i) operational performance across the portfolio, (ii) the planned pace of Lara Simpson

investment going forward, notably in iFood and Just Eat Takeaway (JET), and (iii) (44-20) 7134-3637

lara.simpson@jpmorgan.com

the forward-looking framework for M&A/capital allocation. Following an J.P. Morgan Securities plc

encouraging CMD last year, investor sentiment has now become more cautious in

Thyagarajan J

the near term, with stepped-up investment commitments in iFood and JET (91-22) 6157-5005

tempering the ongoing margin improvement narrative. We expect management to thyagarajan.j@jpmchase.com

articulate the strategic rationale for those investments, early operational learnings, J.P. Morgan India Private Limited

and further details on the path to value creation (including why heightened Carmen Graves

competitive intensity should not be viewed purely as a structural issue for (44-20) 3493 0506

margins). Finally, we look for greater granularity on the buyback outlook beyond carmen.graves@jpmorgan.com