# Prosus FY2025 Annual Report — Dense Summary: Management Overview

> **Source:** Prosus N.V. FY2025 Annual Report (year ended 31 March 2025), Management Overview section (pages 2–40). All figures in US dollars unless otherwise stated.

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## 1. Group Identity and Strategic Direction

Prosus N.V. is a public company incorporated under Dutch law, listed on Euronext Amsterdam with secondary listings on the JSE and A2X Markets in South Africa. It is a subsidiary of Naspers Limited. The group describes itself as a global consumer internet group and one of the largest technology investors in the world, operating across Asia, Central and Eastern Europe, the Middle East, the Americas and Africa in online classifieds, food delivery, payments and fintech, education, health, etail, and social and internet platforms.

The overarching strategic objective is to build a **leading lifestyle ecommerce company in Latin America, India and Europe** — a vision that was substantially refined under new CEO Fabricio Bloisi, who was appointed on 10 July 2024. The strategy is anchored in three pillars: (1) building AI-first businesses that delight customers; (2) empowering people to build meaningful careers; and (3) creating long-term value for shareholders and other stakeholders.

### The Prosus Way

The cultural model underpinning the strategy, called "The Prosus Way," is built on five values:

| Value | Description |
| :--- | :--- |
| **Innovation** | Speed and agility; act on 60–80% of the plan, test iteratively, scale on evidence |
| **Entrepreneurship** | Dream big; empower people to explore unknown territory, face brutal facts, make tough calls |
| **People** | People are the competitive advantage; clear goals, autonomy, open feedback, healthy conflict |
| **Results** | Focus on outcomes, not process; raise the bar continuously; hold accountable for exceptional outcomes |
| **Impact** | Create a better future; learning as the key to unlocking opportunities; help others build skills |

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## 2. Chair's Review (Koos Bekker)

Koos Bekker identifies two macro forces dominating the operating environment: the re-balkanisation of globalisation (reversing decades of re-integration since 1990), and the transformative impact of AI, which he compares in magnitude to the invention of the steam engine. Despite these macro headwinds, the group's results reflect the benefits of a refined strategic focus.

**Key Chair highlights:**
- Removal of the cross-holding structure between Naspers and Prosus shares, addressing structural complexity.
- Appointment of Fabricio Bloisi as CEO, described as an innovator with deep roots in building and scaling world-class technology companies in growth markets.
- The open-ended share-repurchase programme has increased NAV per share by 11% since initiation in June 2022 and reduced the free float by over 27%.
- Prosus sold a portion of Tencent shares to fund the buyback, reducing its stake to 23.5%.
- A 100% increase in the dividend to free-float shareholders: 20 euro cents per ordinary share N (FY24: 10 euro cents).

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## 3. Chief Executive's Review (Fabricio Bloisi)

Bloisi's review characterises FY25 as "a year of growth, innovation, disciplined execution and strategic milestones." He articulates the ambition to build the next US$100bn in value for Prosus by creating thriving regional lifestyle ecommerce ecosystems.

### Strategic Acquisitions

Two major acquisitions were announced in FY25, both funded from available cash resources, totalling over US$7bn in committed value:

| Acquisition | Value | Rationale |
| :--- | :--- | :--- |
| **Despegar** (Latin America's leading online travel agency) | US$1.7bn equity | Extends the Latin America ecosystem to serve >100 million customers across ecommerce, travel and fintech; closed May 2025 |
| **Just Eat Takeaway.com** (conditional) | €4.1bn (US$4.6bn) equity | Creates an AI-first European food-delivery champion; operates in 17 markets with 61 million customers and 356,000+ local partners; subject to regulatory approvals |

### Performance and AI Integration

Consolidated revenue from continuing operations grew 21% in local currency to US$6.2bn. Consolidated aEBIT grew 100% to US$179m. Core headline earnings rose to US$7.4bn. The CEO highlights specific segment achievements:

- **Food Delivery**: iFood recorded 29% order growth and 30% revenue growth in local currency (excl. M&A) to US$1.3bn, with aEBIT of US$226m.
- **Classifieds**: OLX core classifieds business grew revenue 18% in local currency (excl. M&A) to US$777m, with aEBIT up 63%.
- **Payments and Fintech**: Revenue and margins improved; however, PayU India recorded a trading loss. Profitability restoration is a stated priority.
- **Etail**: eMAG reported aEBIT of US$14m, a turnaround from -US$26m in FY24.
- **Edtech**: Near-breakeven achieved at cash flow level; aEBIT losses reduced to US$33m from US$98m.

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## 4. Chief Financial Officer's Review (Nico Marais)

### 4.1 Revenue

Total revenue increased by US$703m (+13%), from US$5,467m to US$6,170m. In local currency, excluding M&A, growth was 21%.

**Revenue by Type (FY25, US$m):**

| Revenue Stream | FY25 (US$m) | Share of Total |
| :--- | ---: | ---: |
| Online sale of goods | 2,344 | 38% |
| Payment transaction commissions and fees | 1,309 | 21% |
| Food Delivery revenue | 1,259 | 20% |
| Classifieds listings revenue | 717 | 12% |
| Edtech | 170 | 3% |
| Revenue from interest income | 200 | 3% |
| Advertising revenue | 55 | 1% |
| Mobile and other content revenue | 22 | <1% |
| Other revenue | 94 | 2% |
| **Total** | **6,170** | **100%** |

**Revenue by Geographic Market (US$m):**

| Region | FY25 | FY24 | Change |
| :--- | ---: | ---: | ---: |
| Eastern Europe | 2,816 | 2,371 | +19% |
| Latin America | 1,572 | 1,495 | +5% |
| Asia | 718 | 601 | +19% |
| Central Europe | 788 | 750 | +5% |
| North America | 122 | 106 | +15% |
| Western Europe | 88 | 79 | +11% |
| Other | 66 | 65 | +2% |
| **Total** | **6,170** | **5,467** | **+13%** |

### 4.2 Costs

- **Costs of providing services and sale of goods**: Increased US$301m (+9%), from US$3,245m to US$3,546m. Payment facilitation transaction costs rose US$155m (driven by India), and financial service costs rose US$73m (driven by PayU credit growth).
- **Selling, general and administrative (SG&A) costs**: Increased US$75m (+3%), from US$2,388m to US$2,463m. Staff costs rose only US$15m (+1%), to US$1,479m.
- **Depreciation and amortisation (within SG&A)**: Decreased US$24m (–14%), from US$170m to US$146m.

### 4.3 Headcount

**Average Employees by Segment (FY25):**

| Segment | Employees |
| :--- | ---: |
| Food Delivery | 6,241 |
| Etail | 8,100 |
| Payments and Fintech | 4,555 |
| Classifieds | 2,782 |
| Edtech | 647 |
| Other Ecommerce | 290 |
| Corporate | 179 |

Total permanent staff increased from 21,039 at 31 March 2024 to 23,323 at 31 March 2025.

### 4.4 Finance Income, Impairments, and Gains

- **Net finance income**: US$421m (FY24: US$428m). Interest income US$920m; interest expense US$549m.
- **Equity accounted results**: Increased US$2,893m (+103%), from US$2,810m to US$5,703m, driven primarily by Tencent's improved profitability.
- **Impairments**: Fell sharply to US$13m (FY24: US$374m on assets; US$483m on equity accounted investments vs. US$91m in FY25).
- **Gain on partial disposal of Tencent shares**: US$6,004m (FY24: US$5,053m).
- **Gain on partial disposal of Swiggy shares**: US$442m.
- **Net gains on acquisitions and disposals**: US$338m (includes US$337m gain on disposal of Global Payments Organisations businesses).

### 4.5 Profitability and Earnings

- **Core headline earnings**: US$7,370m, up US$2,364m (+47%) from US$5,003m in FY24. Driven by improved Ecommerce profitability, Tencent's performance, and higher net interest income.
- **Tax expense**: US$179m (FY24: US$161m), reflecting increased profits.
- **Total taxes paid**: US$1.04bn (direct taxes: US$606m; indirect taxes collected: US$435m).

### 4.6 Cash and Balance Sheet

- **Net cash position**: US$2.6bn at year-end (US$19.0bn in cash and equivalents, net of US$16.4bn in interest-bearing debt, excluding capitalised lease liabilities).
- **Corporate-level net cash**: US$1.9bn (US$17.2bn central cash, net of US$15.3bn central debt).
- **Free cash inflow**: US$1,019m (FY24: US$422m), driven by improved Food Delivery and Classifieds profitability, better working capital management in Etail, and Tencent's stable dividend of US$1,001m.

### 4.7 Group aEBIT Trend

The following summarises the group's aEBIT trajectory over four years, illustrating the dramatic turnaround:

| Year | Ecommerce aEBIT (US$m) | Group aEBIT (US$m) |
| :--- | ---: | ---: |
| FY22 | (413) | (586) |
| FY23 | (381) | (537) |
| FY24 | 38 | (118) |
| **FY25** | **443** | **179** |

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## 5. Strategy and Value Creation

### 5.1 Business Model

The business model is built around a "growth loop" that intensifies user engagement, leverages data for AI-driven personalisation, and creates synergies across the ecosystem. Inputs include financial capital (investors), human capital (33,246 employees), intellectual capital (AI, innovation, technology), manufactured capital (US$836m invested in FY25), and natural capital. Outputs include US$6,170m revenue, US$179m aEBIT, and access to over 300,000+ digital learning resources.

### 5.2 AI-First Strategy

AI is central to Prosus' strategy, deployed across customer support, fraud prevention, logistics, marketing, and product development. The group's proprietary AI assistant, **Toqan**, is used by over 20,000 colleagues daily, delivering an average 11% productivity gain. Specific AI use cases across the portfolio include:

| Use Case | Impact |
| :--- | :--- |
| Customer support automation (iFood) | 56% of customer, 74% of driver support automated; support costs down 40%; customer satisfaction up 5pp |
| Fraud prevention (iFood) | AI responsible for 60% of payment decisions; 0.1% charge-backs; 97% approval rate; saving 4% in abusive vouchers, 5% in abusive refunds monthly |
| Personalised recommendations | Drives order frequency and retention via Clube loyalty programme |
| Anota AI (iFood) | Chatbot facilitating restaurant sales through WhatsApp |
| OLX Magic | New conversational buying experience |
| Large Commerce Model (LCM) | Being developed at Prosus level to underpin ecosystems |

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## 6. Performance Review by Segment

### 6.1 Food Delivery

The global online food delivery market is expected to grow from US$122bn in 2023 to US$171bn in 2027, expanding to US$250bn by 2027 when grocery delivery is included.

**iFood (Consolidated — Brazil)**

| Metric | FY25 | FY24 | Change |
| :--- | :--- | :--- | :--- |
| Revenue | US$1.3bn | ~US$1.2bn | +9% (+30% local currency, excl. M&A) |
| aEBIT | US$226m | ~US$100m | >100% |
| Adjusted EBITDA | US$248m | US$126m | +97% |
| Adjusted EBITDA margin | 19.1% | — | — |
| Monthly orders (March 2025) | >120 million | — | — |
| Annual active users | ~56 million | — | — |
| Monthly unique buyers | 25 million | — | — |
| Merchants | 410,000+ | — | — |
| Drivers | 440,000+ | — | — |
| Cities served | 1,580+ | — | — |
| GMV growth | +32% YoY | — | — |
| Order growth | +29% YoY | — | — |
| iFood Pago credit portfolio | US$110m AUM | — | +61% YoY |
| Clube subscribers | 8 million+ | — | — |

In March 2025, 41% of core business orders originated from Clube and Anota AI initiatives. Grocery marketplace GMV grew 25% during the year; Pharma GMV grew ~37% and Pet GMV grew ~34%.

**Employees (iFood):** 7,180

### 6.2 Classifieds (OLX)

OLX operates across 9 markets and 9 brands, focusing on motors, real estate, and jobs categories.

| Metric | FY25 | FY24 | Change |
| :--- | :--- | :--- | :--- |
| Revenue | US$788m | US$707m | +11% (+18% local currency, excl. M&A) |
| aEBIT | US$273m | US$172m | +59% |
| aEBIT margin | 35% | 24% | +11pp |
| Adjusted EBITDA | US$314m | US$222m | +41% |
| Adjusted EBITDA margin | 40% | — | — |
| Daily active listings | 26.8 million | — | — |
| Active monthly app users | 63.6 million | — | — |
| Secondhand items traded | 28.6 million | — | — |

**Employees (OLX):** 2,875

Motors revenue grew 24% YoY and real estate grew 23% YoY. AI and machine learning are central to OLX's strategy, bolstering moderation, insights, and user interactions.

### 6.3 Payments and Fintech (PayU)

PayU operates primarily in India (largest market) and Türkiye (iyzico). The segment faced regulatory headwinds in India but showed improving momentum in H2 FY25.

| Metric | FY25 | FY24 | Change |
| :--- | :--- | :--- | :--- |
| Revenue | US$1,123m | ~US$930m | +21% (+34% local currency, excl. M&A) |
| aEBIT | -US$31m | -US$22m | Deteriorated |
| aEBIT margin | -7% | — | — |
| Adjusted EBITDA | US$24m | US$11m | +118% |
| Adjusted EBITDA margin | 2% | — | — |

**PayU India (Payments):**

| Metric | FY25 | Change |
| :--- | :--- | :--- |
| Revenue | US$498m | +12% (+14% local currency) |
| TPV growth | — | +14% (+17% local currency) |
| aEBIT margin | -2% | Improved by 1pp |
| New merchants onboarded (post-embargo) | ~13,000 | — |

**PayU India (Credit):**

| Metric | FY25 | Change |
| :--- | :--- | :--- |
| New loan issuances | US$1.1bn | — |
| Loan book | US$558m | Up from US$468m |
| Revenue growth | +60% (+63% local currency) | — |
| aEBIT margin | -19% | — |
| SMB lending share | 23% of total | — |

PayU India acquired Mindgate Solutions for US$68m (real-time payments technology). iyzico acquired Paynet for US$87m.

**iyzico (Türkiye):**

| Metric | FY25 | Change |
| :--- | :--- | :--- |
| Revenue | US$288m | +55% (+87% local currency) |
| TPV growth | — | +28% (+73% local currency) |
| aEBIT | US$18m | — |
| aEBIT margin | 6% | — |

**Employees (PayU):** 3,263

### 6.4 Etail (eMAG)

eMAG is the leading ecommerce platform in Central and Eastern Europe (Romania, Hungary, Bulgaria), with a combined addressable population of 36 million and combined GDP of ~US$714bn.

| Metric | FY25 | FY24 | Change |
| :--- | :--- | :--- | :--- |
| Revenue | US$2.5bn | US$2.2bn | +12% (+11% local currency, excl. M&A) |
| aEBIT | US$14m | -US$26m | Turnaround (+US$40m) |
| aEBIT margin | 1% | — | — |
| Adjusted EBITDA | US$84m | US$38m | +121% |
| Adjusted EBITDA margin | 3% | — | — |
| GMV growth (Romania) | +15% | — | — |
| eMAG Romania aEBIT | US$50m | — | — |

**Key Sub-businesses:**
- **Sameday (courier)**: Revenue +38% (+33% local currency); aEBIT loss of -US$9m; ~7,000 automated parcel machines; non-eMAG deliveries at 54% of total.
- **Freshful (grocery)**: Revenue +32% local currency; grew to 112,000 monthly orders (March 2025) from 48,000 in FY23.
- **Genius (loyalty programme)**: Launched in Hungary and Bulgaria in Q1 FY25; 22% and 30% GMV share respectively.
- **HeyBlu (credit)**: Offers BNPL and instalment products to eMAG users.
- **Tazz (food delivery)**: Sold, transaction closed January 2025.

**Employees (eMAG):** 7,559

### 6.5 Edtech

The segment focuses on workforce/higher education, K–12, and AI-driven learning opportunities, primarily in the US and India.

| Metric | FY25 | FY24 | Change |
| :--- | :--- | :--- | :--- |
| Revenue | US$170m | US$148m | +15% (+16% local currency, excl. M&A) |
| aEBIT | -US$33m | -US$98m | Improved by US$65m |
| aEBIT margin | -19% | — | — |
| Adjusted EBITDA | -US$14m | -US$64m | Improved by US$50m |
| Adjusted EBITDA margin | -8% | — | — |

**Employees (Edtech):** 663

### 6.6 Other Ecommerce: Ventures

Prosus Ventures acts as the innovation arm of the group, investing in early-stage companies across three core regions (Latin America, India, Europe) and backing AI start-ups globally.

In FY25, Prosus Ventures committed and invested over **US$400m** across more than **40 closed transactions**, including **US$88m in AI-related investments**.

**Notable Portfolio Companies:**

| Company | Category | Description |
| :--- | :--- | :--- |
| Ema | AI employees | Universal AI employees for workplace automation |
| Qeen.ai | Ecommerce AI | Domain-specific AI agents for ecommerce task automation |
| AdVolve | Ad tech | AI-powered hyperlocal ad creation and campaign management |
| Taktile | Decision intelligence | No-code platform for credit scoring, underwriting, fraud |
| Corti | Healthcare AI | AI-powered diagnostics for healthcare professionals |
| Spotdraft | Legal tech | AI co-pilot for legal document management |
| Urban Company | Home services | Leading online marketplace for home and beauty services in India |
| Zapia | LatAm AI | WhatsApp-based AI assistant |
| Voa | LatAm healthcare | Tech-enabled healthcare access |
| Oxford Ionics | Quantum computing | Quantum optimisation |

### 6.7 Tencent

Tencent is Prosus' most important single investment (23.5% stake) and a critical contributor to group earnings via dividends and equity accounted results.

**Tencent FY2024 (calendar year) Key Financials:**

| Metric | FY2024 (CY) | Change YoY |
| :--- | :--- | :--- |
| Non-IFRS profit attributable to equity holders | RMB222.7bn | +41% |
| Value-added services (games) revenue | RMB319bn | +7% |
| — of which Domestic games | — | +10% |
| — of which International games | — | +9% |
| Fintech and business services revenue | RMB212bn | +4% |
| Marketing services revenue | RMB121bn | +20% |
| Weixin/WeChat monthly active users | 1.39 billion | +3% |
| Fee-based VAS paying subscriptions | 262 million | +7% |
| Tencent Video subscribers | 113 million | — |
| Tencent Music subscribers | 121 million | — |
| Cash dividends paid | HKD32bn | — |
| Share repurchases | HKD112bn | — |
| Planned 2025 repurchases | HKD80bn+ | — |
| Final dividend per share | HKD4.50 | Up from HKD3.40 |

Tencent rapidly iterated its Hunyuan Foundation Model and deployed AI across advertising, games, and consumer applications (Yuanbao, Weixin). Tencent's evergreen games portfolio expanded from 12 to 14 games.

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## 7. AI-First World and Innovation

Prosus positions AI as a generation-defining technology. The group is developing a **Large Commerce Model (LCM)** at the Prosus level to underpin its ecosystems. Over 20,000 colleagues use the Toqan AI Assistant daily, with an average 11% productivity gain. Over 3,000 AI practitioners attended the fourth Prosus AI Marketplace summit.

More than 30 portfolio companies use AI to enhance performance. The group filed 156 domains, 59 trademarks, and 1 patent across the group.

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## 8. Ecosystem Strategy: Regional Deep Dives

### Latin America
- **Total customers**: >100 million post-Despegar acquisition.
- **GMV**: >US$25bn.
- **iFood**: 60 million customers; 120+ million monthly orders (March 2025).
- **OLX Brasil**: 50 million customers.
- **Sympla (ticketing)**: 3 million customers.
- **Despegar (travel)**: 5 million customers; acquired for US$1.7bn.
- **iFood Pago**: Meal voucher (B2C) and credit (B2B) services; credit portfolio grew 61%.

### India
- Key assets: Swiggy (food delivery), PayU (fintech), Meesho (ecommerce), Urban Company (home services), Rapido (mobility).
- Digital payments peer-to-merchant volume expected to grow at ~22% CAGR from FY25 to FY30.
- Digital personal and consumer credit expected to grow at ~27% CAGR from FY23 to FY30.
- Only 27% of the Indian population currently has access to formal credit.

### Europe
- Key assets: eMAG (etail), OLX (classifieds), iyzico (fintech), Delivery Hero (food delivery associate).
- The EU's InvestAI initiative aims to mobilise €200bn in AI investments; France committed an additional €109bn.
- The top seven US tech players are 13 times larger by market cap than their European counterparts.
- Just Eat Takeaway.com acquisition (conditional, €4.1bn) will operate in 17 markets, connecting 61 million customers with 356,000+ local partners.

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## 9. Shareholder Returns and Capital Allocation

| Programme | Detail |
| :--- | :--- |
| Share repurchase programme | US$35bn in value created since June 2022; 11% NAV per share increase; free float reduced by >27% |
| Dividend (ordinary shares N) | 20 euro cents per share (FY24: 10 euro cents) — 100% increase |
| Tencent stake | Reduced to 23.5% through phased disposals to fund buyback |
| Investments in FY25 | US$836m deployed to enhance ecosystems |
| M&A committed value | >US$7bn (Despegar + Just Eat Takeaway.com) |

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## 10. Board and Management

Fabricio Bloisi (48, Brazilian) was appointed CEO and executive director in July 2024. Nico Marais (51, South African and Dutch) was appointed CFO on 29 April 2025. Phuthi Mahanyele-Dabengwa (54, South African) was appointed executive director on 20 August 2025. Koos Bekker (70) serves as non-executive Chair.

The board recommends stretched corporate targets must be met for executive team incentives to be paid, reflecting the alignment of management compensation with shareholder value creation.

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*Summary prepared by Manus AI from the Prosus FY2025 Annual Report (published 23 June 2025). All figures are as reported by Prosus management and are subject to the definitions and caveats described in the report's "About this report" section.*