Prosus profit roughly doubles as its e-commerce bets and Tencent stake pay off

For years Prosus was, in effect, a single bet wearing the costume of a diversified investor: a sprawling portfolio whose value rose and fell with one Chinese asset. Its latest results suggest the costume is becoming the company.

Prosus reported revenue of about $7.3bn for the financial year ended 31 March 2026 and roughly $1.1bn in what it now calls ecosystem adjusted EBITDA, the profit measure for its consolidated e-commerce businesses.

Headline earnings per share from continuing operations grew between 91% and 100% on the year, the company said, a near doubling driven both by its own operations and by stronger results from its Tencent holding. The figures were published on 29 June.

The doubling is the headline, but the more interesting number is the mix. Core headline earnings per share for continuing operations rose by a steadier 19% to 28%, which is the figure that strips out the swings in the Tencent stake and measures the underlying businesses. Both readings point the same way. The e-commerce arm is now generating real profit rather than promising it.

That arm is built largely on food delivery and classifieds. Prosus owns iFood, Latin America’s largest food-delivery platform, and OLX, the classifieds network, and the two have been the engines of its profitability turn.

The company has framed its ambition as building a $100bn lifestyle e-commerce business spanning Latin America, Europe, and India, a figure it quotes deliberately excluding Tencent, as if to make the point that the rest of the portfolio can now stand on its own.

The strategy belongs to Fabricio Bloisi, the iFood founder who became Prosus chief executive and has pushed an aggressive, acquisition-led, AI-inflected approach since taking over.

The most visible expression of it was the €4.1bn purchase of Just Eat Takeaway, one of the largest deals in Dutch tech, which Bloisi cast as an attempt to forge a European delivery champion to sit alongside iFood’s Latin American dominance.

Bloisi has also been busy outside delivery. Prosus led a €480m round into the French health-insurance startup Alan, and it has leaned hard into artificial intelligence as an operating layer across its companies, recently launching an in-house tool builder aimed at the millions of merchants on its platforms.

The AI framing is not incidental to the earnings story. Prosus has tied its margin improvements partly to automation across its consolidated businesses.

Tencent, for its part, has not gone away as a swing factor. The equity-accounted contribution from the Chinese group remains large enough to move Prosus’s reported profit by tens of percentage points, which is precisely why the company keeps publishing the two earnings figures side by side. One tells you how the businesses are doing; the other tells you how China is doing.

The remaining question is whether the profitability holds as the company keeps spending. Bloisi’s playbook is growth through acquisition, and integrating businesses the size of Just Eat is expensive and rarely clean.

For one year, at least, the e-commerce machine paid for itself and then some. The next set of results will show whether that was a turning point or a peak.