Dutch technology investor and digital services giant Prosus reported a sharp jump in annual earnings on Monday, underscoring the success of its strategy to transform itself from a holding company dependent on its Tencent stake into a global operator of profitable digital consumer businesses.
The Amsterdam-listed company posted an 84% increase in adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) from its digital services and e-commerce portfolio, reaching $1.3 billion (€1.14 billion) for the financial year. Revenue surged 57% to $9.7 billion, while all of its consumer internet platforms achieved profitability across every region for the first time in the company’s history.
The milestone represents a significant shift for Prosus, which for years derived much of its value from its sizeable investment in Chinese technology giant Tencent. Over the past two years, however, management has aggressively repositioned the company into a diversified digital operating business with exposure to food delivery, online marketplaces, travel, payments, fintech and artificial intelligence-enabled consumer services across Europe, Latin America, India and other emerging markets.
The results indicate that the strategy is beginning to generate meaningful financial returns.
Prosus also reported record free cash flow of $1.5 billion, up from $1 billion a year earlier, providing the company with greater financial flexibility to pursue acquisitions, invest in artificial intelligence initiatives and reward shareholders. Reflecting the stronger performance, the company increased its annual dividend by 40% to 28 euro cents per share.
The strongest contribution came from its food delivery operations, which have become one of the group’s most important growth engines.
Just Eat Takeaway.com, which Prosus acquired last year in a €4.1 billion ($4.7 billion) deal, generated $1.9 billion in revenue and delivered $83 million in adjusted EBITDA during the reporting period. The acquisition significantly strengthened Prosus’ position in Europe’s highly competitive online food delivery market, where scale has become increasingly important as operators seek profitability after years of aggressive expansion.
In Latin America, iFood continued to cement its dominance as one of the region’s largest food delivery platforms. Adjusted EBITDA surged 178% to $400 million, highlighting improving operational efficiency and sustained demand for digital ordering and delivery services across Brazil and neighboring markets.
Online classifieds platform OLX also delivered robust growth, with adjusted EBITDA rising 61% to $481 million as higher user engagement, stronger advertising demand and operational improvements boosted profitability.
The results reinforce Prosus’ broader effort to reduce its reliance on Tencent, whose contribution to the group’s valuation has historically overshadowed its operating businesses.
Prosus remains the largest shareholder in Tencent through its majority owner, South Africa’s Naspers, but management has increasingly focused on building independent revenue streams capable of generating consistent cash flow regardless of fluctuations in Chinese technology markets.
That strategy has become more important as China’s internet sector continues to face regulatory scrutiny, slower economic growth and heightened geopolitical uncertainty, factors that have prompted global investors to seek greater diversification outside the country.
Consumer Platforms Too
The company’s improving financial performance also comes as digital consumer platforms worldwide enter a more disciplined phase. After years of prioritizing customer acquisition and market share, many technology companies are shifting their focus toward profitability, cash generation and operational efficiency as higher interest rates and more selective investor sentiment reshape the sector.
Prosus appears to be benefiting from that transition.
The company’s businesses are also increasingly incorporating artificial intelligence into customer service, logistics optimization, recommendation engines, fraud detection, and advertising technology. As AI adoption accelerates across e-commerce and digital platforms, analysts expect companies with large consumer ecosystems such as Prosus to gain additional opportunities to improve margins and expand revenue through automation and personalized services.
With operations spanning food delivery, online marketplaces, fintech, travel, and payments, Prosus has built one of the world’s largest consumer internet portfolios outside the United States and China. Its geographic diversification across Europe, Latin America, India, and other high-growth markets also reduces dependence on any single economy while positioning the company to benefit from rising internet penetration and digital commerce in emerging markets.
The latest results suggest that Prosus’ multi-year transformation is gaining momentum. With the combination of stronger operating performance, rising free cash flow, and expanding profitability across its regional businesses, the company is demonstrating that its value increasingly rests not only on its Tencent investment but also on a growing portfolio of independently profitable digital platforms capable of delivering long-term earnings growth.