Prosus profit nearly doubles on e-commerce wins and Tencent stake

For years, Prosus operated as a single bet disguised as a diversified portfolio,its value rising and falling almost entirely on the fortunes of one Chinese asset. Those latest annual results suggest the disguise is finally becoming reality.

The company posted revenue of roughly $7.3 billion for the financial year ending 31 March 2026, alongside about $1.1 billion in what it now calls ecosystem adjusted EBITDA, a profit measure for its consolidated e-commerce operations. Headline earnings per share from continuing operations surged between 91% and 100% year-on-year, a near doubling fueled both by internal performance and stronger results from its Tencent stake. The figures were released on 29 June.

That headline figure grabs attention, but the composition is more telling. Core headline earnings per share for continuing operations rose a steadier 19% to 28%, a metric that strips out Tencent’s volatility and measures the underlying businesses. Both readings trend upward, and the message is clear: the e-commerce division is now generating real profit, not just promises.

That division rests largely on food delivery and classifieds. Prosus owns iFood, Latin America’s largest food-delivery platform, and OLX, the global classifieds network. These two have become the engines driving its profitability turnaround.

The company’s stated ambition is to build a $100 billion lifestyle e-commerce business spanning Latin America, Europe, and India,a figure deliberately quoted without Tencent, as if to prove the rest of the portfolio can now stand alone.

That strategy belongs to Fabricio Bloisi, the iFood founder who took over as CEO and has pursued an aggressive, acquisition-led, AI-inflected approach since day one. Its most visible expression was the €4.1 billion purchase of Just Eat Takeaway, one of the largest deals in Dutch tech. Bloisi framed it as an attempt to forge a European delivery champion to complement iFood’s dominance in Latin America.

Bloisi has not limited himself to delivery. Prosus led a €480 million round into French health-insurance startup Alan, and it has heavily integrated artificial intelligence as an operating layer across its companies. The firm recently launched an in-house AI tool builder aimed at millions of merchants on its platforms.

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

Tencent, meanwhile, has not faded as a swing factor. The equity-accounted contribution from the Chinese giant remains large enough to shift Prosus’s reported profit by tens of percentage points. That is exactly why the company continues publishing two earnings figures side by side: one tells you how its businesses are performing, the other tells you how China is performing.

The lingering question is whether profitability can hold as spending continues. Bloisi’s playbook is growth through acquisition, and integrating a business 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 reveal whether that was a turning point or a peak.