Prosus sees significant growth in first quarter earnings and AI innovations

Prosus, the Naspers subsidiary listed in Amsterdam and the JSE, increased adjusted earnings before interest tax depreciation and amortisation (aEBITDA) by  robust 54% in the internet group’s first quarter, CEO Fabricio Bloisi said.

He wrote in a letter to shareholders at the annual general meeting on Wednesday, where all the resolutions were passed, that revenue for the period was up 15% year-on-year.

“We realised $780 million of asset sales in the last four months, showing our commitment to disciplined capital allocation,” he said.

He said the JET (Just Eat Takeaway.com) acquisition was approved in five and a half months, way ahead of market expectations; and if JET was included for the second half of the 2026 financial year, Prosus’ revenue could reach between $9.4 billion - $9.6bn and aEBITDA of $1.3 billion - $1.4bn.

Tencent continued to exceed market expectations, printing impressive results for the second quarter of its 2025 financial year; with revenue up 15%, gross profit increasing by 22% and operating profit by 18%, way ahead of consensus, “showing why we remain such committed shareholders,” he said.

“Our strategy has driven share price growth to all-time highs of €53 and a discount reduction of 7 percentage points over the last 12 months. It has only been two months since the Capital Markets Day where we committed to: doubling our revenue and tripling our EBITDA by 2028,” he wrote.

He said that at the end of the 2025 financial year, Prosus had turned free cash flow positive, excluding Tencent, or, "Tencent Plus”.

“I am committed to remaining ‘Tencent Plus’ so that our shareholders benefit from the great performance of Tencent and from the continued growth, profitability and cash flow from Prosus' regional Lifestyle Ecommerce Ecosystems.”

He said the group was building a culture where decisions were made quickly and the team was encouraged to take risks and innovate.

“We also remain disciplined; we have realised $780m in the last four months, and I expect to achieve more through the remainder of the year,” he said.

He said the group continued to lead the discussion on AI and Innovation by launching the AI House Amsterdam, and by publishing two reports: The State of AI in The Netherlands and The Rise of the Agentic Workforce.

“We are experiencing the benefits of AI agents first-hand at Prosus, with the number of AI agents working with our employees doubling in July.”

He said the Despegar and Just Eat Takeaway (JET) acquisitions had been approved.

“We’ve already begun integrating Despegar, and securing the European Commission’s approval for JET in under six months is a remarkable achievement. We intend to reaccelerate growth and fully embed JET into our European ecosystem,” he said.

“Our progress is being recognised by the market with Prosus trading at all-time highs in July and August. I am also very happy to see the improvement in the discount to our net asset value, which has fallen 7 percentage points in the last 12 months, creating $13 billion in value,” he said.

Prosus traded 0.8% lower on the JSE Wednesday afternoon at R1 075.47 per share, but the price has risen by 63% over a 12 month period.

BUSINESS REPORT