PRX.AS
Updated: 23/09/2026, 11:33:28
Prosus N.V. operates broadly across the e-commerce and internet sectors, overseeing a diverse portfolio of online platforms. These encompass services such as classified advertisements, financial technology and payment solutions (fintech), food delivery, travel, educational technology (edtech), e-tailing, health-related offerings, venture investments, and social media, among others. The company boasts a significant global presence, with operations spanning Latin and North America, the Middle East, Africa, Europe, and Asia, in addition to other international markets. Founded in 1994 as Myriad International Holdings N.V., the firm rebranded to Prosus N.V. in August 2019. Headquartered in Amsterdam, the Netherlands, it functions as a subsidiary of Naspers Limited.
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Reported and calculated KPIs plus operational exposure disclosed in the FY 2024 filing.
Revenue
5.5B
FY 2024 · Reported
Net income
6.6B
FY 2024 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
1.0B
FY 2024 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
N/A
FY — · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Tencent FY2023 revenue and core earnings
FY2023 revenue RMB609bn (+10%); Non-IFRS profit attributable to shareholders RMB158bn (+36%)
“For the year ended 31 December 2023, Tencent reported revenues of RMB609bn, up 10% from last year. Non-IFRS profit attributable to shareholders ... increased 36% to RMB158bn.”
Prosus business description
Global technology group operating and investing in around 80 countries, >2 billion users globally
“Prosus is a global technology group with businesses and investments in growth markets around the world.”
Business model: operator and investor
Operator and investor; controlled businesses: payTV, ecommerce, classifieds, food delivery, payments
“We have a rich heritage of building operating value through controlled businesses – payTV, ecommerce, classifieds, food delivery, and payments.”
DeHaat platform
DeHaat: B2F platform empowering 2.5+ million farmers, network across 120,000 villages in 150+ districts of India
“Empowers 2.5+ million farmers ... Last-mile supply network across 120 000 villages in more than 150 districts of India.”
Oxford Ionics quantum computing
Oxford Ionics: quantum computing with highest performance demonstrated using chips made on a semiconductor production line
“Oxford Ionics achieves the highest performance ever demonstrated while using chips manufactured on a semiconductor production line”
Geographic presence
Teams on the ground in Latin America, Asia and Europe; operations in around 80 countries
“teams on the ground in all our key regions: Latin America, Asia and Europe.”
Skillsoft client base and Prosus stake
Skillsoft: Prosus holds 37.9%; ~60% of Fortune 1000 as clients
“Prosus holds 37.9% of Skillsoft at the end of the reporting period.”
GoodHabitz performance
Revenue US$50m (+25%); ARR US$55m (+15%); 2,700+ enterprise customers in 15 countries
“offering over 2 000 courses in 22 languages to more than 2 700 enterprise customers... operational in 15 countries”
Tencent business services
Cloud computing, advertising, fintech and other enterprise services
“It also offers a range of business services such as cloud computing, advertising, fintech and other enterprise services to support its clients’ digital transformation and business growth.”
Stack Overflow performance and GenAI impact
Revenue US$98m (+4%); Google Cloud and OpenAI API partnerships; OverflowAI launched May 2024
“In March, Stack Overflow announced its first API partnership with Google Cloud... Recently, the company signed a similar partnership with OpenAI.”
Tencent Hunyuan foundation model
Tencent Hunyuan launched 2023; among top tier of large language models in China
“it launched its proprietary foundation model, Tencent Hunyuan. This is now among the top tier of large language models in China, with notable strength in advanced logical reasoning.”
Classifieds: OLX growth and OLX Autos exit
OLX strong growth; US$181m proceeds from OLX Autos exit
“For the year, we have received proceeds of US$181m as we progress our exit from OLX Autos.”
Food Delivery: iFood profitability
iFood profitable; trading profit more than doubled; margin 2x peer average
“iFood’s core food-delivery business more than doubled its trading profit, and its strong trading profit margin is 2x the peer average.”
Etail: eMAG
eMAG returned to growth via Romanian food/grocery extensions; Hungary/Bulgaria headwinds
“eMAG returned to growth, driven by higher growth in its food and grocery extensions in Romania”
iFood adjacencies and ecosystem
iFood extends into grocery, fintech (vouchers, credit), loyalty (Clube), WhatsApp chatbot (AnotaAI), and AI projects
“iFood is building a fintech environment around its platform to expand its goods and services, including meal vouchers and credit for restaurant partners.”
Payments and Fintech: PayU
PSP profitable; credit revenue 12x since FY21; selling GPO, retaining Iyzico and Red Dot
“We are selling Global Payments Organisations (GPO) but will retain ownership of Iyzico in Turkey and Red Dot in south-east Asia.”
Edtech segment FY24
Edtech revenue US$444m (+7% LC); trading loss US$80m; adjusted EBITDA -US$68m
“Edtech segment revenues grew 7% in local currency, excluding M&A, to US$444m and trading losses reduced by US$67m to -US$80m.”
Food Delivery FY24 revenue and trading loss
Food Delivery revenue US$4.9bn (+16% YoY); trading loss narrowed to US$158m from US$649m
“Economic-interest revenue for the Food Delivery segment grew by 16% (19%) to US$4.9bn, with trading losses reducing US$491m (US$466m) to US$158m.”
Group revenue from continuing operations FY24
Economic-interest revenue US$31.7bn (+12% LC excl M&A); consolidated revenue US$5.5bn (+11%; +19% LC)
“group revenue from continuing operations grew by 12% in local currency, excluding acquisitions and disposals, to US$31.7bn”
Prosus local businesses in Brazil, India and South Africa
Locally built businesses in Brazil, India and South Africa
“Our locally built businesses in Brazil, India and South Africa are driving this growth”
China consumer internet market opportunity
China: ~1.09bn internet users (Dec 2023, +2.3% YoY), 99.9% mobile users
“China remains the world’s largest consumer internet market, with around 1.09 billion internet users in December 2023 (up 2.3% YoY), 99.9% of whom were mobile users”
Refined strategy and operating structure simplification
Operator/investor duality; simplified structure; crossholding eliminated; ongoing buyback
“We have eliminated the crossholding and greatly simplified our operations.”
Prosus 2024 outlook
Calendar 2024 seen as a juncture for portfolio companies to prove strong unit economics
“We believe calendar 2024 will be a juncture for the young companies in our portfolio, as they aim to prove their ability to generate strong unit economics.”
GenAI disruption risk in edtech
GenAI adoption and AI-native entrants disrupt edtech; regulated sector
“The main risk is disruption from new AI-natives that think of learning as an AI problem from day one”
Prosus trading profit reflects a higher share of profits from Tencent; core headline earnings include Tencent.
“Trading profit increased to US$5.8bn on an economic-interest basis, reflecting a higher share of profits from Tencent”
Food Delivery is Prosus' flagship reported segment with US$4.9bn economic-interest revenue; performance driven by iFood, Swiggy, Delivery Hero.
“Economic-interest revenue for the Food Delivery segment grew by 16% (19%) to US$4.9bn”
Tencent is Prosus's largest disclosed holding; its revenue and profit growth materially drive Prosus's economic interest value.
“Tencent reported revenues of RMB609bn, up 10% from last year. Non-IFRS profit attributable to shareholders ... increased 36% to RMB158bn.”
Prosus's key associate Tencent is anchored in the Chinese consumer internet market, whose size (1.09bn users) drives Tencent's growth.
“China remains the world’s largest consumer internet market, with around 1.09 billion internet users in December 2023”
AI is integral to Prosus growth and competitiveness; GenAI drives new opportunities but disrupts Stack Overflow.
“AI is integral to our growth, innovation and competitiveness”
GenAI adoption negatively impacted Stack Overflow's user behaviour and revenue, prompting OverflowAI and data-licensing partnerships.
“The growing adoption of GenAI, which impacts user behaviour, along with continued lower marketing spend, negatively impacted the business.”
PayU emphasises India; credit business benefits from increasing demand for credit in India; India's GDP growth 7.3% in 2023.
“We are present in high-growth markets and we will continue to emphasise India.”
AI, including the Hunyuan foundation model, is identified as Tencent's growth multiplier, boosting advertising revenue and enterprise services.
“AI that will serve as its growth multiplier going forward”
iFood is Prosus's core food delivery business operating in Brazil and a key profit contributor.
“iFood’s core food-delivery business more than doubled its trading profit”
Games are a material Tencent revenue line, with international contribution at a record 30% of games revenue.
“International contribution to Tencent’s games revenue reached a record 30%.”
Indian PSP revenue growth was impacted by restrictions on onboarding new merchants pending licence; RBI in-principal authorisation enables future growth.
“With the in- principal authorisation by Reserve Bank of India to operate as a payment aggregator and on-board new merchants”
Segment growth depends on smartphone penetration, urbanisation and rising disposable incomes expanding the online food-delivery TAM.
“several tailwinds, including rising smartphone penetration, urbanisation, increasing disposable incomes, and the shift to outsourcing everyday services”
Tencent's AI-powered advertising technology platform significantly enhanced targeting accuracy and revenue growth.
“Tencent upgraded its AI-powered advertising technology platform, which significantly enhanced targeting accuracy and therefore, revenue growth.”
Elevated inflation, high interest rates and declining market multiples affected companies and are cited among edtech risks.
“elevated inflation, high interest rates, declining market multiples and geopolitical shocks have affected all companies”
iFood harnesses AI across logistics, personalisation, fraud detection and credit scoring; AI is a listed value driver.
“› AI and data science › Managing costs and delivering efficiencies.”
Regulatory changes disclosed as a Food Delivery segment risk.
“› Regulatory changes › Cyber-resilience”
Video Accounts is entrenched as a major short-form video and live-streaming platform in China, competing for user time.
“Video Accounts is now entrenched as a major short-form video and live-streaming platform in China”
Operations depend on large driver fleets: 313,000 iFood drivers and ~387,000 Swiggy active delivery partners.
“supported by a fleet of around 387 000 active delivery partners.”
Tencent's growth is tied to a growing middle class and increasing investment in digital transformation in China.
“With a highly mobile-penetrated population, growing middle class and increased investment in digitally transforming industries, the opportunity in this internet industry remains massive.”
DeHaat's demand is driven by Indian farmers' need for agricultural inputs, financial services and market linkages.
“offers a complete range of agricultural services to farmers, including high-quality agricultural inputs, access to financial services and market linkages for selling their produce.”
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