Prosus & Naspers: Reassuring call - but FY27 positioned as an investment year. Execution in Food Delivery now key.

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Prosus & Naspers: Reassuring call - but FY27 positioned as an investment year. Execution in Food Delivery now key.

J P M O R G A N Europe Equity Research

30 June 2026

Prosus & Naspers

Reassuring call - but FY27 positioned as an investment

year. Execution in Food Delivery now key.

Following a solid set of FY26 results (see our note here), management hosted European Internet

ACa reassuring conference call around Prosus’s strategic priorities and outlook Marcus Diebel

going forward. Management reiterated its confidence in delivering “billions” of (44-20) 7742-4447

profit over time, while framing FY27 as an investment year with broadly flat group marcus.diebel@jpmorgan.com

EBITDA despite continued revenue growth. Management also reiterated a c.$5bn J.P. Morgan Securities plc

buyback for the year ahead, but with an increasingly diversified funding mix to Lara Simpson

preserve flexibility and maintain meaningful Tencent exposure in the long term. (44-20) 7134-3637

lara.simpson@jpmorgan.com

We increased our FY27 top-line and EBITDA estimates by 2%/6% respectively, J.P. Morgan Securities plc

forecasting FY27 ecosystem revenue of $12.3bn, with Adj. EBITDA of $1.3bn.

Thyagarajan J

Following the results, Prosus/Naspers discount to NAVcurrent sits at 35%/38% (91-22) 6157-5005

respectively, with the discounts narrowing during the day on strong revenue and thyagarajan.j@jpmchase.com

cost execution. Near-term, we expect investor focus to be on the pathway for iFood J.P. Morgan India Private Limited

margin normalisation amidst increasing competition and execution of JET’s Carmen Graves

return-to-growth plan. (44-20) 3493 0506

carmen.graves@jpmorgan.com

• Conference Call Highlights: 1) Management reaffirmed it remains confident J.P. Morgan Securities plc