Subscribe at www.blueem.ai

Prosus Triples Profit as iFood's Brazil Engine Powers Three-Region Turnaround

FY26 results (year to March 2026), released June 29, show all three regional ecosystems profitable for the first time — led by Brazil.

Prosus, the Amsterdam-listed tech investor spun out of Naspers, closed its fiscal 2026 (April 2025–March 2026) with ecosystem EBITDA of US$1.3 billion, up 84% on US$9.7 billion in revenue — and, for the first time, Latin America, Europe and India all in the black. The profit pool has roughly tripled in two years, since Brazilian CEO Fabrício Bloisi took the helm.

Record free cash flow of US$1.5 billion underwrites a 40% dividend hike to €0.28 a share and a buyback that has returned US$46 billion since 2022 — the largest among global tech firms.

Company figures. iFood Pago is a sub-segment of iFood, shown separately to highlight fintech outpacing the core; figures are USD-denominated and differ from local-currency (BRL) growth due to FX translation.

Brazil is the engine, and it's no longer just meals

iFood was the single largest revenue contributor across the entire group and the main growth vector in LatAm, even amid a delivery war with Chinese-backed 99Food and Keeta. Consolidated revenue rose 40% in dollars (28% in local currency, ex-acquisitions) to US$1.87 billion; EBITDA climbed 56% to US$400 million at a 21% margin. In reais, billings topped R$10 billion (+36%) with EBITDA up 40% to R$2.2 billion.

The real story is diversification. iFood Pago, the fintech arm, more than tripled revenue (+219% in USD, 93% local) to US$463 million — now 25% of iFood's total — and turned EBITDA-positive at US$38 million. New categories like pharmacies, groceries and convenience grew revenue 34% in local currency, while iFood Club loyalty drove 45% of March delivery volume.

From 'Tencent Minus' to 'Prosus Plus'

The key investor signal is balance-sheet independence. Free cash flow excluding Tencent reached US$275 million — a US$1.4 billion swing in three years — as the operating portfolio finally self-funds. Cross-selling is the flywheel: at Decolar (acquired May 2025 for US$1.7 billion), 21% of Brazil B2C net revenue came from iFood-originated customers, with gross bookings up 29% to US$5.9 billion.

Forward, expect cash funneled into defending iFood's Brazilian moat and fixing Just Eat Takeaway.com, the European platform bought in October 2025 and still in restructuring. Watch whether subsidy wars compress iFood's 21% margin, and whether the Just Eat turnaround dilutes the freshly-won group profitability.