Prosus profit nearly doubles as its investments in e-commerce and stake in Tencent yield results.

      For years, Prosus effectively represented a singular investment masked as a diversified entity: a vast portfolio whose worth fluctuated with a singular Chinese asset. Recent results imply that this disguise is morphing into the essence of the company.

      Prosus reported approximately $7.3 billion in revenue for the fiscal year ending March 31, 2026, and around $1.1 billion in what it now terms ecosystem adjusted EBITDA, its profit metric for consolidated e-commerce operations.

      The company stated that headline earnings per share from ongoing operations grew between 91% and 100% year-over-year, nearing a doubling attributed to both its own performance and improved results from its Tencent investment. These figures were released on June 29.

      While the doubling garners attention, the more intriguing aspect is the composition. Core headline earnings per share from continuing operations increased by a more stable 19% to 28%, reflecting a figure that excludes the fluctuations associated with the Tencent stake and assesses the core businesses. Both metrics indicate a similar trend: the e-commerce division is now generating real profits instead of mere promises.

      This division is primarily focused on food delivery and classifieds. Prosus owns iFood, the largest food-delivery platform in Latin America, and OLX, the classifieds network, both of which have driven its profit turnaround.

      The company has articulated its goal of creating a $100 billion lifestyle e-commerce enterprise that encompasses Latin America, Europe, and India, deliberately quoting this figure without Tencent to emphasize that the remaining portfolio can now operate independently.

      This strategy is spearheaded by Fabricio Bloisi, the iFood founder who took over as Prosus CEO and has pursued an aggressive, acquisition-driven, AI-enhanced strategy since assuming the role.

      A prominent display of this approach was the €4.1 billion acquisition of Just Eat Takeaway, one of the largest transactions in Dutch tech, which Bloisi framed as an effort to establish a European delivery leader to complement iFood's dominance in Latin America.

      Bloisi has also been active beyond delivery services. Prosus led a €480 million funding round for the French health-insurance startup Alan and has heavily invested in artificial intelligence as an operational layer across its businesses, recently introducing an in-house tool builder aimed at the millions of merchants on its platforms.

      The emphasis on AI is intertwined with the earnings narrative. Prosus has linked its margin enhancements in part to automation across its consolidated operations.

      However, Tencent remains a significant factor affecting swings in results. The equity-accounted contribution from the Chinese firm is substantial enough to affect Prosus’s reported profits by tens of percentage points, which is why the company continues to present both earnings figures concurrently. One reflects the performance of the businesses, while the other illustrates the situation in China.

      The lingering question is whether profitability can be sustained as the company continues to invest. Bloisi’s strategy is centered on growth through acquisitions, and assimilating businesses the size of Just Eat can be costly and often complicated.

      At least for one year, the e-commerce division has proven financially self-sufficient and more. The upcoming results will determine if this marks a significant turning point or merely a peak.