Prosus's Ecosystem Is Now a P&L Line — and It's Funding the Fight in Brazil
One year after the pivot, Prosus shows $1.5B of non-food revenue growing 40%+, then deliberately holds FY27 profit flat to defend iFood and reboot Just Eat.
PRX.AS · Earnings Call · 2026-06-29
A year ago, Prosus's capital-markets-day story was a slide deck: build a "full ecosystem" on top of iFood's frequency. Today it is a P&L line. “The ecosystem was a dream one year ago, now it's a reality — $1.5 billion growing more than 40%, and that's the first step,” — Fabricio Bloisi, CEO · 2026-06-29 Fabricio Bloisi declared as he opened the FY2026 results. The numbers behind that line: ecosystem revenue outside pure food delivery now clears $1.5 billion and accounts for more than half of the group's revenue; the engine — iFood's roughly 200 million orders, up from 20,000 at his start — supports adjacencies growing 40%+ collectively and generating over $150 million of profit. Grocery is up 50%, pharmacy 70%, ads 100%, restaurant credit 115%; Despegar, acquired at ~10% growth, now does 30% overall and 40% in Brazil, with 21% of Brazil revenues cross-sold through the ecosystem. The parent Naspers reported the same day with the same headline themes — competition in Brazil, food delivery — so this is a group-level statement, not a subsidiary footnote.
A homegrown AI moat — consumer-side, not compute-side
The most distinctive claims are about AI — and notably not the kind the tape is paying for. While the market's biggest movers are busy with high-bandwidth memory, co-packaged optics, and AI data centers, Prosus is pitching a proprietary Large Commerce Model trained on its own transaction data — 100 million LatAm consumers modeled, at a claimed 10–50x lower cost than renting a frontier model — plus ToqanClaw, an internal fleet of 70,000 agents and 12,000 apps, and Zapia, a consumer life-assistant now live inside iFood and Just Eat. “We are leading on agentic AI in our regions,” — Fabricio Bloisi, CEO · 2026-06-29 Bloisi said, framing agentic AI as a moat against U.S. consumer-agent builders (Tencent, Meta, OpenAI) — and backing it with the first big new check beyond food assets: $460 million into Alan, a French AI health startup. It's a consumer-side AI thesis with no obvious peer on the global tape.The bill for leadership: a deliberately flat profit year
The strategist's confidence coexists with an unusually candid guidance concession. FY2027 EBITDA will be roughly flat as Prosus funds the fight in Brazil. “My objective is not to maximize profitability next quarter. My objective is to have not only $2 billion, but many billions,” — Fabricio Bloisi, CEO · 2026-06-29 Bloisi said, while CFO Nico Marais guided revenue to "$12 billion to $12.3 billion at least next year." The cost of competition in Brazil is concrete: Chinese entrants such as Keeta are burning around “$150 million per month combined” — Fabricio Bloisi, CEO · 2026-06-29, and iFood is losing about 1.5 reais per order while it waits out what it calls irrational subsidies. The same logic applies to Just Eat Takeaway.com, where new CEO Roberto Gandolfo (ex-iFood) is engineering a return to growth — from -9% to -4% order growth with a 25% uplift in pilot cities — and to the unresolved Delivery Hero overhang, where Bloisi dodged every question:The mid-October sell-down deadline and Uber's interest in assets remain the open questions. The transformation is real but still unproven at scale: a year ago, Prosus had been operators of JET "6 days ago" (“we became operators of the company 6 days ago” — Fabricio Bloisi, CEO · 2025-11-24). Now the growth flywheel claims a EUR 60 million annual logistics saving already banked and a unified tech platform rolling out country by country. The prior call's promise — “1 year ago, I said we are going to get to multiple billion dollars of profit... It is coming” — Fabricio Bloisi, CEO · 2025-11-24 — now has a year of visible numbers behind it, yet the company is consciously trading near-term profit for moat. Bloisi waved off the "Emperor's New Clothes" open letter with a challenge:There is nothing I can talk about now regarding plans or next steps. It would be inappropriate. You have to wait more.
The machinery of capital returns is turning too: core headline EPS is up 24% vs 13% for earnings thanks to buybacks funded by non-core sales, with Meituan as a further pool, and a $0.10 dividend already banked. That's the shape of a conviction investor — patient capital buying time to defend Brazil and fix Europe, with "many billions" as the payoff.Some people can say, 'Prove me.' Have you seen our numbers?