Slide 1: Financial Results for the year ended 31 March 2024
Financial Results For the year ended 31 March 2024
Slide 2: Forward looking statements
Forward looking statements This report contains forward-looking statements as defined in the United States Private Securities Litigation Reform Act of 1995 concerning our financial condition, results of operations and businesses. These forward-looking statements are subject to a number of risks and
Slide 3: Group Update
Group Update Ervin Tu
Slide 4: FY24 Was a Strong Year for Prosus
FY24 Was a Strong Year for Prosus Accelerated and peer leading revenue growth 19% Ecommerce revenue growth accelerates 2 percentage points from FY23 Ecommerce achieved overall profitability $451m improvement in Trading Profit Share repurchase program continued to create value 22% ($26bn) of free flo
Slide 5: Consistent progress culminated in a pivotal TP milestone
Consistent progress culminated in a pivotal TP milestone … Accelerated Revenue Growth First Ecommerce Trading Profit Positive Free Cash Flow Ecommerce Revenue1 (US$’bn) Ecommerce Trading Profit / (Loss)2 (US$’m) Free Cash Flow Inflow / (Outflow)3 (US$’m) 19% 19% YoY3 $451m $773m Improvement Improvem
Slide 6: With strong execution across our businesses
… with strong execution across our businesses Strong revenue growth & profit improvement supported by growing ecosystems Food Payments Classifieds Edtech Etail Delivery & Fintech 22% 27% 38% 9% 8% YoY Revenue YoY Revenue YoY Revenue YoY Revenue YoY Revenue Revenue1 (US$’m) Growth Growth2 Growth Grow
Slide 7: iFood's ecosystem has created multiple growth drivers
iFood’s ecosystem has created multiple growth drivers Innovation continues to extend the growth lifecycle GMV Evolution Revenue1 (US$’m) 22% YoY iFood Hall 25% Food Groceries New Delivery 1 222 initiatives 947 491 644 190 FY20 FY21 FY22 FY23 FY24 32% Full service Orders (m) 18% Credit Ads YoY B2B 20
Slide 8: OLX's horizontal and verticals help grow adjacencies
OLX’s horizontal and verticals help grow adjacencies Expanded from pure classifieds to adjacent services with valuable and significant TAM Food Ave. Monthly Revenue per Professional Dealer /Agent Delivery (US$)1 Find Core Core 12% Classifieds Classifieds YoY Goods Jobs Motors Real Estate Payments 22
Slide 9: We are deploying our AI capabilities to optimise Prosus
We are deploying our AI capabilities to optimise Prosus AI is embedded across the Group ... ... at a Group level via AI assistant ... in our portfolio companies ... and in our investments Number of Queries (‘000) 221 9 investments in AI-native businesses More than 900 opportunities reviewed ~$100m/y
Slide 10: IRR remains below target
IRR remains below target … Unsatisfactory IRR Returns undermined by same underperformers, which are being addressed iFood 32 NAV (US$’bn) and IRR (%)1 Food2 Delivery Hero -23 of Ecommerce portfolio OLX Europe 28 OLX Brazil 20 Classifieds Dubizzle -1 18% IRR letgo/Offerup -37 17 IRR by entity (FY24)
Slide 11: We have taken action to enhance performance & returns
… and we have taken action to enhance performance & returns How we are improving our operations and processes Structure Flattened the organisation to get closer to our businesses Decision-making process Revamped investment and M&A process Continued active Increased involvement at our portfolio compa
Slide 12: We have repurchased over 20% of our market cap
We have repurchased over 20% of our market cap in 2 years … While we work to improve the NAV, we are dramatically shrinking the free float Priced at 21 June2024 $32bn 679m 22% 8% NAV Value Prosus & Naspers of Prosus accretion created1 shares acquired2 free-float repurchased3 per share3 … which will
Slide 13: The largest relative buyback in Tech globally
… which represents the largest relative buyback in Tech globally Capital return via open-ended buyback the largest in tech globally1 relative to market cap Buyback as % of shares outstanding2 22% 20% 18% 18% 13% 11% 11% 10% 8% 6% Prosus Nas pers Exped ia Booking PayPal Fiserv Alib aba Meta Go ogle A
Slide 14: Tencent is rebounding on strong operational performance
Tencent is rebounding on strong operational performance High quality revenue growth led to a 34% profit improvement1 Tencent gross profit (RMB’bn)1 23% YoY Focused on high quality growth models 293 222 246 239 168 Leader in Gen AI research 2019 2020 2021 2022 2023 and deployment Tencent operating pr
Slide 15: Capital allocation focused on investment & shareholder return
Capital allocation focused on investment & shareholder return In the last 24 months we have materially increased capital returned … Capital allocation (US$’bn) $35bn Capital invested¹ returned in the past Capital returned² 5 years +43% dividend declared 13.2 10.6 7.0 5.2 5.2 4.0 3.5 1.7 1.6 1.1 FY20
Slide 16: We made continued progress on our sustainability journey
We made continued progress on our sustainability journey We are working towards meeting our sustainability targets and improving disclosure Progress on verified science-based climate targets Other highlights Corporate Emissions Journey to CSRD Compliance On-track Successfully completed our double 10
Slide 17: Financial Update
Financial Update Basil Sgourdos
Slide 18: FY24 Financial Highlights
FY24 FY24Financial FinancialHighlights Highlights Financial Summary 1st year of Ecommerce profitability FY23 FY24 Industry leading levels of revenue Consolidated Ecommerce results from continuing operations1 growth across the Ecommerce portfolio, with a 2pp acceleration from FY23 Ecommerce Revenue G
Slide 19: We accelerated our peer-leading revenue growth
We accelerated our peer-leading revenue growth … We have built businesses with sustainable revenue platforms for long-term growth FY24 Ecommerce consolidated revenue growth by segment (%)1 Peers² Prosus 38% 2pp Revenue acceleration from FY23 27% 19% 22% 19% 15% 11% 9% 7% 8% 1% 0% Ecommerce Food Deli
Slide 20: And we achieved Ecommerce profitability
… and we achieved Ecommerce profitability Our ambition for profitability during 1H FY25 was exceeded by achieving FY24 profitability in 2H FY24 Consolidated Ecommerce trading losses (US$’m)1 9 pp margin improvement YoY 50 74 0 (11) (47) (36) -50 (149) (157) -100 (221) (256) Profit of $38m for -150 F
Slide 21: Profitability improved across all our business segments
Profitability improved across all our business segments … Revenue growth, scale and cost reductions resulted in trading profit improvement across all our segments FY24 Ecommerce consolidated trading profit / (loss) by segment (%) FY23 FY24 $451m In total TP improvement YoY 172 67 56 (31) (35) (37) (
Slide 22: Particularly iFood and OLX's core businesses
… particularly iFood and OLX’s core businesses iFood & Classifieds both delivered a 24% margin in their core businesses, while growing revenue over 20% iFood Brazil Restaurants Core Classifieds 24% 27% Revenue2 (US$’m) YoY1 YoY1 1 089 861 707 637 521 519 483 347 434 189 FY20 FY21 FY22 FY23 FY24 FY20
Slide 23: iFood delivered a 24% margin in its core
iFood delivered a 24% margin in its core, while growing 24% Consolidated Food Delivery iFood: Healthy growth and profit improvement2 iFood Brazil Restaurants Continuing New initiatives1 22% 24% 25% Revenue2 (US$’m) YoY YoY YoY 1 222 1 089 947 861 644 483 637 68 491 189 54 190 FY20 FY21 FY22 FY23 FY2
Slide 24: OLX accelerated growth and expanded profit margins
OLX accelerated growth and expanded profit margins Classifieds drives peer leading profitable growth Healthy growth across Motors, Real Estate & Pay&Ship Ave. Monthly Revenue per Professional Dealer /Agent (US$)3 27% YoY2 12% Revenue from continuing operations1 (US$’m) YoY 22% YoY 17% ARPA YoY 31% (
Slide 25: PayU continued to scale and improve profitability
PayU continued to scale and improve profitability Consolidated Payments & Fintech Strong growth and profit improvement in both PSP and new initiatives Core Payments & Fintech New Initiatives2 38% 38% YoY revenue YoY1 Revenue (US$’m) growth1 41% 17% YoY1 YoY1 1 106 975 903 790 686 643 113 131 515 373
Slide 26: Edtech improved its loss margin meaningfully
Edtech improved its loss margin meaningfully Stack Overflow continued to grow Revenue GoodHabitz shows healthy Revenue growth and reduced losses by 70% and advances towards breakeven Revenue (US$’m) Revenue (US$’m) 4% YoY1 20% YoY1 45 49 47 51 18 22 24 26 H1 H2 H1 H2 H1 H2 H1 H2 FY23 FY23 FY24 FY24
Slide 27: eMAG Romania accelerated growth & profitability in 2H
eMAG Romania accelerated growth & profitability in 2H Consolidated Etail Romania delivered profitable growth - other businesses will follow2 (US$’m) 8% YoY Romania accelerates growth Challenges in other regions2 New Initiatives2 Revenue1 (US$’m) 13% 26% YoY -17% YoY YoY 2 244 2 249 2 206 1 928 1 361
Slide 28: Core HE nearly doubles driven by improved profitability
Core HE nearly doubles driven by improved profitability Improved Core HE driven by profitability of both consolidated and associate Ecommerce investments Incremental Core HE1 from continuing operations, YoY (US$’m) 84% 371 580 1 061 5 003 278 4632 2 713 2713 FY23 Reduced loss from Increased contribu
Slide 29: Enhanced profitability generates positive Free Cash Flow
Enhanced profitability generates positive Free Cash Flow Free cash flow reflects improved profitability across our portfolio and increased dividends from Tencent Incremental FCF from continuing operations, YoY (US$’m)1 $773m Improvement YoY (40) 187 131 524 495 (249) FY23 Cash from operations Capex
Slide 30: Strong & liquid balance sheet with increased cash dividends
Strong & liquid balance sheet with increased cash dividends We will manage our balance sheet to an Investment Grade rating Increasing dividends to HoldCo Net debt1 of US$0.6bn (US$’m) at 31 March 2024 (US$’bn) Investment Grade 32% BBB (S&P) / Baa3 (Moody’s) 22% increase in dividend already received
Slide 31: Our ambition is to continue driving growth and margin expansion
Our ambition is to continue driving growth and margin expansion Value creation through growth Value creation through cost-cutting and efficiency gains is inferior to value creation through growth, so investing in growth is critical Dedicated to enhancing further profitability and cash flow generatio
Slide 32: Looking forward
Looking forward Fabricio Bloisi
Slide 33: I am committed to creating value through
1 Renewing a culture of innovation and entrepreneurship I am committed to creating value Making the Prosus ecosystem our competitive advantage: through … 2 Management Model, Artificial Intelligence, Innovation, Best practice sharing, Cross-selling, Speed & Agility 3 Accelerating our profitable growt
Slide 34: Appendix
Appendix
Slide 35: Appendix
1. FY24 Group Results 2. Results of Associates and JV’s 3. Debt metrics Appendix 4. Sustainability progress 5. Group Portfolio and Glossary
Slide 36: Continued healthy Ecommerce growth
1. FY24 Group Results 2. Results of Associates and JV’s 3. Debt metrics 4. Sustainability progress 5. Group portfolio and Glossary Continued healthy Ecommerce growth … Ecommerce revenue from continuing operations (US$’bn) Total Ecommerce Economic Interest Consolidated Revenue Associate and JV Revenu
Slide 37: Significant improvement in profitability
1. FY24 Group Results 2. Results of Associates and JV’s 3. Debt metrics 4. Sustainability progress 5. Group portfolio and Glossary … with a significant improvement in profitability Ecommerce trading profit from continuing operations (US$’m) Total Ecommerce Economic Interest Organic investment throug
Slide 38: Group Consolidated Results
1. FY24 Group Results 2. Results of Associates and JV’s 3. Debt metrics 4. Sustainability progress 5. Group portfolio and Glossary Group Consolidated Results Consolidated Segmental Results from continuing operations Revenue Adjusted EBITDA Trading Profit / (Loss) YoY FY24 FY24 US$’m FY23 FY24 FY23 F
Slide 39: Proportionate Results from Associates and Joint Ventures
1. FY24 Group Results 2. Results of Associates and JV’s 3. Debt metrics 4. Sustainability progress 5. Group portfolio and Glossary Proportionate Results from Associates and Joint Ventures Associates and Joint Venture Proportionate Results1 Revenue Adjusted EBITDA Trading Profit / (Loss) YoY % FY24 F
Slide 40: Group Economic Interest Results
1. FY24 Group Results 2. Results of Associates and JV’s 3. Debt metrics 4. Sustainability progress 5. Group portfolio and Glossary Group Economic Interest Results Economic Interest Results from continuing operations1 Revenue Adjusted EBITDA Trading Profit / (Loss) YoY % FY24 FY24 US$’m FY23 FY24 FY2
Slide 41: Food and Classifieds minority investments
1. FY24 Group Results 2. Results of Associates and JV’s 3. Debt metrics 4. Sustainability progress 5. Group portfolio and Glossary Food and Classifieds minority investments Food Delivery Associates & Joint Ventures1,2 Classifieds Associates & Joint Ventures1 2 (US$’m) (US$’m) 17% YoY FY23 FY23 3% FY
Slide 42: Payments and Fintech and Edtech minority investments
1. FY24 Group Results 2. Results of Associates and JV’s 3. Debt metrics 4. Sustainability progress 5. Group portfolio and Glossary Payments and Fintech and Edtech minority investments Payments and Fintech Associates & Joint Ventures1 Edtech Associates & Joint Ventures1,2 2 (US$’m) (US$’m) 45% FY23 6
Slide 43: Strong debt metrics with long-dated bond maturities
1. FY24 Group Results 2. Results of Associates and JV’s 3. Debt metrics 4. Sustainability progress 5. Group portfolio and Glossary Strong debt metrics with long-dated bond maturities Debt metrics Bond maturity profile (US$’bn) US$’m FY23 FY24 2 - 5 years 6 - 10 years Over 20 years Cash remitted to/g
Slide 44: Significant progress on our sustainability journey
1. FY24 Group Results 2. Results of Associates and JV’s 3. Debt metrics 4. Sustainability progress 5. Group portfolio and Glossary Significant progress on our sustainability journey Portfolio companies highlights Benchmarking ESG performance Delivery Hero: Received SBTi verification for their climat
Slide 45: Group portfolio companies
1. FY24 Group Results 2. Results of Associates and JV’s 3. Debt metrics 4. Sustainability progress 5. Group portfolio and Glossary Group portfolio companies 43% Local SA assets 100% 100% Social & internet Ecommerce platforms 25% Payments & Classifieds Food Delivery Etail Edtech Ventures Fintech 99%1
Slide 46: Glossary
1. FY24 Group Results 2. Results of Associates and JV’s 3. Debt metrics 4. Sustainability progress 5. Group portfolio and Glossary Glossary Consolidated Results: Results of subsidiaries only, companies which the Group controls. Economic Interest: A non-IFRS measure representing the consolidated earn
Slide 47: For further information
For further information: Visit our website: www.prosus.com or www.naspers.com Email: InvestorRelations@prosus.com 47