PRX/FY26 result, Auto1/Post CMD, ITV, WPP, RELX, TRST, INF-DATA/preview

研报英文原文证据摘录

PRX/FY26 result, Auto1/Post CMD, ITV, WPP, RELX, TRST, INF-DATA/preview

Deutsche Bank

Research

Europe Industry Date

Germany 29 June 2026

Netherlands DB Media & Online

United Kingdom Periodical

#what's appening

Media and Online

PRX/FY26 result, Auto1/Post CMD, ITV,

WPP, RELX, TRST, INF-DATA/preview

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 Gareth, Nizla, +44-20-754-73770

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

Nizla Naizer

Prosus: FY26 first take: Good underlying growth and margin improvement +44-20-754-12403

Solid FY26, exceeding our expectations on key financial metrics

Gareth Davies

Prosus had already released a trading update that anticipated over-delivering on its

ambitious revenue and Adjusted EBITDA targets for its Ecosystems (formerly called

+44-20-754-11560

E-commerce). Today’s incremental information reveals good momentum across

the ecosystem, with growth accelerating sequentially in H2 vs. H1, primarily due to Steve Liechti

the integration of major assets JET and LaCentrale. The share repurchase Research Analyst

+44-20-7541-1549

programme continues to be a significant driver of shareholder value and FCF

generation improved (excl Tencent). Key points from the results: Annabel Hames

n Revenue : Prosus reported Ecosystem revenue of USD 9,705m, which was +44-20-754-11574

3.5% ahead of our estimate of USD 9,380m and 7.6% above Bloomberg Tarun Mittal

consensus of USD 9,023m (estimates may not have fully-included the Research Associate

newly-consolidated assets). On an underlying basis, consolidated

Ecosystem revenue grew by 12% YoY in local currency (excluding