Prosus will report more than $430m in adjusted earnings before interest and tax (ebit) for its e-commerce portfolio for the 2025 financial year, exceeding its goal of $400m.
In a letter to shareholders on Thursday after 10 months in the role, Naspers CEO Fabricio Bloisi said Prosus’ financial year 2025 had closed, and the group had completed its strategic planning, communicated the plan to employees and started financial year 2026 well.
He said Prosus continued to grow revenue and profitability.
“In October, I set a goal of delivering $400m in ebit for our e-commerce portfolio in financial year 2025. I am very happy to say we have exceeded our goal and will report more than $430m for the year.
“I want to achieve at least the same level of incremental aEbit. This is important because we should be measuring our results not by the millions, but by many, many billions and we will get there. I will speak more about projections after our results,” he said.
The group will report its full-year results in June.
Bloisi said OLX — one of the largest classifieds companies globally — grew revenue close to 20%, “faster than its peers with room for significant margin expansion”.
OLX’s aEbit increased more than 50% this year to about $270m and “we believe the runway for further growth is long and that the business’s performance will only continue to improve”, he said.
IFood delivered more than 120-million orders in March, and continued to expand its opportunity on and offline, as well as growing its credit and payments business. Its subscription business, Clube, was delivering 40-million orders per month with increased frequency and retention.
IFood grew its ebit more than 100% this year to more than $200m and a further significant improvement is expected next year, he said.
Bloisi said India presented Prosus with “incredible opportunity”.
In late 2024, Swiggy went public, “and we expect more in 2025”, he said. Recently, Prosus invested in Rapido, which is growing more than 100% year on year in ride hailing and doing more than 3-million rides per day. Meesho is the number one player in e-commerce orders and, at scale, continues to grow orders at 30% year-on-year.
“We have invested $8.6bn in India, we have seen a very good return already, and I am confident our Indian portfolio will continue to grow in value.”
Prosus has acquired two companies to strengthen its ecosystems in Latin America and in Europe — Despegar, the leading online travel agency in Latin America, and JustEatTakeaway.
Bloisi believes iFood’s 60-million customer base could substantially contribute to Despegar’s growth once the transaction closed.
“I am very excited to bring both companies into Prosus. The team is working hard on the regulatory approvals to close the transactions as soon as possible, and I am working hard to make asap happen more quickly. Rather than invest in many new things, my clear priority now is to bring both companies into Prosus and grow them strongly,” he said.
Through its share repurchase programme to date, Naspers and Prosus have returned more than $35bn across the group and shrunk the free floats of Prosus by 27% and Naspers by 25%. “This is the largest buyback of its kind as a percentage of market capitalisation and I know our shareholders appreciate it,” he said.
The group also brought in almost $2.4bn through trimming its position in Swiggy at its listing, selling stakes in Trip and Tazz, trimming its position in Udemy, and completing the sale of the payments business in Latin America and Africa.
“We will continue to actively manage our portfolio,” he said.
“We are working hard to build the #1 Lifestyle e-commerce company in Latin America, India, and Europe. Looking ahead, now 10 months into the role, I am more confident than ever and certain that Prosus is a differentiated European company offering our partners an exceptional opportunity to diversify their portfolios and find growth, profit, and innovation outside the US.”
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