Prosus N.V. Q4 2026 Earnings Recap

Prosus shares edged up slightly by 1.4% after earnings, reflecting investor caution despite strong revenue growth and expanding ecosystem businesses. The market appears to have tempered enthusiasm amid ongoing competitive pressures and elevated costs in core segments.

Key Takeaways

• Reported nearly €10 billion in revenue, with a target to grow beyond €13 billion next year.
• EBITDA surged 84% year-over-year to €1.3 billion, supported by expanding ecosystem profitability.
• The ecosystem beyond food delivery now accounts for over 50% of revenue and includes fintech (17%), travel (29%), and ads (growing 100% YoY).
• Food delivery logistics faced higher cost per order due to intense competition, with operating margins stable but pressure on cost efficiency ongoing.
• Free cash flow improved significantly, rising from negative €0.5 billion to positive €1.5 billion over two years.