We just read the May 2026 letter from Prosus ($PRX) CEO Fabricio Bloisi.

After a year of culture-setting, FY27 is being dubbed the Year of Execution. The numbers are intriguing, but the devil is in the details...

🎁Plus a gift for you at the end! 🧵⬇️

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2️⃣ FY26 was undeniably strong for the top line:

💰 Revenue: +$7.3B

📈 Ecommerce Adj. EBITDA: +$1.1B (ex-JET/La Centrale)

All ecosystems are now profitable, and FCF (ex-Tencent) is growing. The tech-driven pivot is moving from PowerPoint slides to the P&L. A good sign.

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3️⃣The AI story here isn't just buzzwords anymore. prx.as is running a Large Commerce Model (LCM) trained on billions of transactions. By processing this massive dataset, the model can predict user behavior for recommendations and hyper-personalization.

🤖 5,000 AI agents are used daily.

👥 Delivering a ~1,000+ FTE impact across the ecosystem.

But does it work? Examples given in the letter:

1. At iFood, the use of AI for personalized offers and notifications grew conversions by 75% while reducing acquisition costs.

2. At Just Eat Takeaway, the LCM has driven a 36x reduction in the cost of building user profiles and identified a 37% potential optimization in the cost per item ordered.

3. Despegar’s AI assistant is already responsible for driving 3% of its total sales.

So far so good?! Efficiency is up, but can it offset rising competition?

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4️⃣Now the elephant in the room. 🐘

Prosus CEO Bloisi is taking the gloves off in Brazil.

Competitors are committing over $1.5B in spending this year. Prosus is responding by sacrificing short-term margins, guiding iFood FY27 EBITDA down to $100M - $150M to play offense.

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5️⃣Is the Prosus ecosystem real or just a collection of apps?

The data tells us it’s there. 17% of Despegar’s net revenue in Brazil now comes from iFood referrals. (Up from 2.3% Sept. 2025)

iFood has evolved beyond simple food delivery. It now acts as a central platform for: financial services (triple digit revenue growth), meal vouchers (1 million+ users, growing 100% Y/Y) and diversifying into pets, beverages and pharma.

In India, PayU is finally profitable ($19M aEBITDA in H2 FY26) and acts as the connector for Swiggy and Meesho.

It’s an attempt to lower Customer Acquisition Cost by sharing users and data across brands, while increasing Lifetime Value.

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6️⃣ The European turnaround at Just Eat Takeaway is the boldest claim. 🚚

Volumes fell 7% YoY, yet Bloisi expects a return to growth by year-end after 4 years of decline.

🎯Target: $3.6B revenue and $100M aEBITDA.

A high bar.

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7️⃣ Capital allocation remains the anchor:

🔄 $5B annual share buyback run rate.

💎 $50B total returned to shareholders over 4 years (incl. Naspers).

They also dumped $2B in non-strategic assets in FY26 to lean out. (Exits and reductions in stakes, such as Delivery Hero, and Remitly)

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