Prosus targets $3.6bn from Just Eat in European food-delivery push

Prosus is targeting $3.6bn in annual revenue from Just Eat Takeaway, the European food-delivery business it bought for €4.1bn last year, the Napers-controlled investor said in a strategy update on Tuesday.

The figure sets a near-term commercial target for the asset that Prosus has spent the past nine months integrating.

The company said it plans to improve operational efficiency and accelerate consolidation in the European delivery market, where it now sits alongside Delivery Hero, Uber Eats, Wolt, and a long tail of regional operators.

The food-delivery business is being led by CEO Fabricio Bloisi, who took over after the Prosus acquisition was completed in late 2025. Just Eat Takeaway operates across the UK, the Netherlands, Germany, and a range of additional European markets; Bloisi has previously said the integration would focus on product, customer experience, and innovation across those geographies.

The strategy update follows last week’s separate divestment by Prosus of 4.5% of Delivery Hero to Uber, part of regulatory commitments to the European Commission after its August 2025 clearance of the Just Eat deal.

Prosus said Just Eat’s core European markets, particularly Germany, the Netherlands, and the UK, would deliver the bulk of the $3.6bn target.

Smaller markets in southern and eastern Europe are positioned as growth opportunities rather than cash generators, with the company maintaining the option to divest assets where consolidation has stalled.

The update from Cape Town came as part of a broader Prosus strategy presentation that also covered the company’s edtech, payments, and classifieds portfolios. Group revenue from consolidated e-commerce businesses reached €6.2bn in the most recent fiscal year, with food delivery the largest contributor.

CEO Fabricio Bloisi said the integration is producing operational gains. “We are focused on building Just Eat into a category-defining European platform,” Bloisi said.

“The combination of consolidated buying power, deep operational expertise, and a coherent technology stack across markets is what will unlock the next phase.” Prosus did not disclose a timetable for hitting the $3.6bn target or a 2026 capex guide for the business.

The figure is a meaningful baseline. Just Eat Takeaway reported approximately €5bn of group gross merchandise value in 2024, with revenue running materially below that figure under its prior independent ownership. The $3.6bn target sits within a range analysts have used to model the integrated business, but at the higher end of consensus.

Prosus also said it would continue to evaluate selective M&A across the European delivery and adjacent technology sectors, although it did not name specific transactions. The company has roughly $19bn of available cash and proceeds from prior divestments to deploy.

Shares in Prosus traded modestly higher in Amsterdam following the announcement.