Chinese Companies to Raise Up to $452.3M Through Share Placement, IPOs

By Maitane Sardon

Shares in Ubisoft climbed after the videogame maker said Tencent has completed the investment in Vantage Studios, a new Ubisoft subsidiary built around its Assassin's Creed, Far Cry, and Tom Clancy's Rainbow Six franchises.

In European morning trading, shares were up 11% at 7.77 euros.

The deal values Vantage Studios at 3.8 billion euros ($4.38 billion) before investment and including debt, and gives Ubisoft 1.16 billion euros in cash proceeds, the company said.

"[Today's closing] marks a pivotal milestone in Ubisoft's ongoing transformation", Ubisoft's co-founder and chief executive Yves Guillemot said.

The proceeds will strengthen the group's balance sheet, help it reduce debt and fuel future investments, Guillemot added.

After the investment, Tencent owns 26.32% stake in Vantage, which remains fully controlled by Ubisoft, the company said.

Write to Maitane Sardon at maitane.sardon@wsj.com

By Najat Kantouar

Prosus, Tencent Holdings' largest shareholder, reported a rise in net profit for its fiscal first half, driven by its investment in the Chinese tech giant and the sale of a portion of its stake.

Net profit for the six months through Sept. 30 rose to $5.63 billion from $4.59 billion in the year-earlier period, the Amsterdam-listed technology investor said Monday. This compared with consensus expectations of $6.11 billion, according to estimates provided by Visible Alpha.

Higher profitability at Tencent and the group's e-commerce operations as well as a $3.3 billion gain from trimming its Tencent stake by 1% contributed to the result. Prosus held a stake in Tencent valued at $163.5 billion as of Friday's close.

Prosus said revenue for the period rose to $3.62 billion from $2.96 billion, compared with analysts' expectations of $3.59 billion, according to a Visible Alpha consensus.

The company said the revenue increase was mainly driven by accelerated growth in its e-commerce businesses, particularly iFood in Latin America, OLX in Europe and PayU in India.

Adjusted earnings before interest, taxes, depreciation, and amortization from continuing operations in its e-commerce segment climbed 70% to $530 million.

Prosus reiterated its fiscal 2026 guidance, which includes e-commerce revenue of between $7.3 billion to $7.5 billion and adjusted Ebitda of $1.1 billion to $1.2 billion, excluding recently acquired Just Eat Takeaway.

Write to Najat Kantouar at najat.kantouar@wsj.com

Prosus

Condensed consolidated interim financial statements

For the six months ended 30 September 2025

Commentary1

We are only just beginning to build Prosus into a global tech leader and, to get there, we must stay relentlessly focused on delivering results. Prosus delivered a strong set of results in the first six months to 30 September 2025.

Below is a summary of our key financial highlights:

·   Consolidated revenue grew 22% (14%) to US$3.6bn, driven by strong growth from iFood in Latin America (LatAm), OLX in Europe, and PayU in India.

·   Our bottom line performance accelerated even further, Ecommerce aEBITDA2 grew 70% (58%) to US$530m, and aEBIT3 increased 97% (84%) to US$400m.

·   The significant operating improvements across our Ecommerce portfolio drove a 99% (82%) increase in Prosus' consolidated aEBITDA, rising from US$213m to US$423m (with consolidated aEBIT improving from US$60m to US$250m).

·   Core headline earnings (our measure of after-tax operating performance) grew by 13% (18%) to US$4.0bn, driven by strong growth in revenue and profitability of our consolidated Ecommerce businesses and equity accounted investments, particularly Tencent. Core headline earnings per share increased by 24% due to the very positive impact of the share-repurchase programme. The board considers core headline earnings a useful indicator of the operating performance of the group, as it adjusts for non-operational items.

·   Earnings from continuing operations increased 23% to US$5.6bn, up from US$4.6bn in the prior period.

·   Prosus' free cash flow also improved meaningfully, increasing from US$897m to US$1.3bn. Excluding the Tencent dividend, free cash flow was US$59m compared to an outflow of US$104m in 1H25.

During the period, Prosus delivered its financial and operational goals while embracing The Prosus Way, our culture, that reinforced not only our focus on results, but also on discipline, innovation and our people. We believe we are not only delivering short-term results but building the foundations for continued growth over a long period.

Our goal is to unlock substantial value by building large regional lifestyle ecommerce ecosystems across LatAm, Europe, and India by delivering outstanding customer experiences, powered by an AI-first approach. Our ecosystem model now serves approximately 2 billion consumers worldwide and spans across nearly 100 companies with complementary capabilities.

We see significant headroom to continue growing strongly while expanding profit margins. At our well-received capital markets day on 25 June 2025,

we announced an ambitious three-year plan to at least double Ecommerce revenue and triple Ecommerce aEBITDA.

This regional ecosystem strategy now guides the structure of our reporting, offering a clearer and more accurate view of how our businesses operate.

Segmental review

In the first six months of FY26, Prosus prioritised the profitable growth of our regional Ecommerce businesses. Ecommerce consolidated revenue from continuing operations increased by US$660m (US$399m), or 22% (14%), from US$3bn in 1H25 to US$3.6bn. Ecommerce recorded a consolidated aEBITDA of US$530m and aEBIT of US$400m, driven by the strong performance of iFood and OLX.

LatAm ecosystem

Prosus is building the leading AI-driven lifestyle ecommerce ecosystem in LatAm, serving over 100 million customers across the region. With leading brands in the region like iFood (marketplace and fintech services), iFood Pago (fintech), Despegar (travel), OLX (classifieds) and Sympla (events), we aim to create cross-platform synergies that drive deeper engagement, new revenue streams, and build sustainable competitive advantages.

1   Unless otherwise stated, growth rates discussed in this report compare the first half of the financial year ending 31 March 2026 (1H26) to the first half of the financial year ending 31 March 2025 (1H25). The percentages/numbers in brackets represent local currency growth, excluding the impact of acquisitions and disposals (M&A), and provide a clearer view of our businesses' underlying operating performance. Financial results are presented on a continuing operations basis.

2   Adjusted earnings before interest, tax, depreciation and amortisation (aEBITDA). Refer to the glossary for an explanation of the group's alternative performance measures.

3   Adjusted earnings before interest and tax (aEBIT). Refer to the glossary for an explanation of the group's alternative performance measures.

iFood

iFood made good progress in building its ecosystem, developing new product offerings, integrating its businesses more closely and improving its competitive positioning. iFood grew revenue strongly, up 35% in local currency, excluding mergers and acquisitions (M&A), driven by robust execution in its core food delivery business and the continued reliable growth of Pago, its fintech offering. iFood increased aEBITDA from US$117m to US$184m and grew aEBIT by 76% in local currency, excluding M&A, to US$164m.

Despite intensified competition from new market entrants, iFood's core food delivery business performed strongly, growing revenue 24% in local currency, excluding M&A, with order growth of 11%, and GMV (gross merchandise value) growth of 15%. Clube (iFood's loyalty programme) grew unique monthly buyers to 9 million people, and continues to deliver increased frequency and higher average order value (AOV). Profitability improved 29% in local currency, excluding M&A, to US$204m, achieving an aEBITDA margin of 32%. The business continued to invest in new growth initiatives to expand its offering and improve its competitive positioning, including: Hits (iFood's affordable meal value proposition, which reached over 5.5 million orders in September and expanded from 16 cities in July to 28 in September, including Sao Paulo), Gourmet (a premium offer) and Turbo (express delivery experience tailored to premium customers). iFood's other marketplace businesses, including groceries and pharma, increased orders by 45% and GMV by 43%. Revenue grew 28% in local currency, excluding M&A, to US$50m.

iFood Pago grew revenue by an impressive 96% in local currency, excluding M&A, to US$190m, with strong contributions from both its B2B (business-to-consumer) and B2C (business-to-consumer) businesses. aEBITDA declined slightly by US$1m from -US$3m to -US$4m, due to further investment in growth and new fintech initiatives. iFood Pago's B2B operation grew revenue by 41% in local currency, excluding M&A, and aEBITDA remained close to break-even. Credit originations more than doubled from 1H25, with assets under management rising to BRL1.3bn from BRL0.9bn as at March 2025, sustaining healthy delinquency levels. iFood Pago's B2C operation tripled revenue on the back of an increased user base of 1 million in September 2025. With higher revenue and benefits from scale, the business achieved aEBITDA breakeven in September 2025.

iFood sees a significant opportunity to expand its offering beyond food delivery by offering 'dine-in' solutions that capture both online and offline demand. iFood strengthened its dine-in capabilities by acquiring three complementary companies (SAIPOS, 3S Checkout, and Videosoft) specialising in point-of-sale and kiosk solutions during the period. These acquisitions create synergies across our ecosystem while accelerating iFood's omnichannel restaurant technology offering. Through product offerings such as iFood Salao (totems), Maquinona (point-of-sale solutions) and AnotaAI (iFood's WhatsApp-based ordering channel), iFood provides additional solutions to restaurants to grow their businesses online and offline.

iFood will continue to pursue growth through new category launches and bolt-on acquisitions to further strengthen its ecosystem and relationships with its customers and partners.

Despegar

In May 2025, Prosus completed its acquisition of Despegar, a leading online travel agency and travel brand in LatAm. This group's strategy of gaining market share and increasing the proportion of non-air products is expected to drive sustained growth and profitability in its main travel markets: Argentina, Brazil and Mexico.

The operational performance in the paragraph below includes a year-on-year comparison for the purposes of our analysis, as the financial results of Despegar are only included in the Prosus group's financial results from the acquisition date in May 2025.

Despegar improved its presence across nearly all markets in the first half of 2026. Orders increased by 35% and gross bookings by 30%, driving a 13% increase in revenue year on year and contributed US$302m to revenue in 1H26. aEBITDA reached US$38m, with a margin of 13%. Revenue expanded at a slower pace than gross bookings, reflecting the impacts of commercial initiatives focused on strengthening competitiveness, boosting traffic and enhancing the reliability of higher-margin non-air products.

Looking ahead, Despegar aims to accelerate growth in Brazil B2C, while consolidating B2B operations by securing and scaling key partnership opportunities with major companies.

Despegar and iFood have already developed several joint initiatives, including a cross-cashback system, the creation of a travel category in the iFood app and the integration of Despegar into iFood's loyalty programme, Clube. Preliminary results are encouraging. Specifically, iFood referrals accounted for around 3% of Despegar's B2C segment revenue in Brazil in September.

European ecosystem

In Europe, Prosus is building an AI-powered lifestyle ecommerce ecosystem, currently engaging millions of customers in its primary markets. While our LatAm ecosystem is most advanced, we seek to replicate in Europe the progress we have made in LatAm, and we have identified significant potential to generate substantial value in this strategically important market.

Our European portfolio includes: Just Eat Takeaway.com (JET) (deal closed in October 2025), OLX (classifieds), eMAG (etail), and iyzico (fintech). Each has built category-leading businesses in their respective markets, and our focus is to extend these positions by providing best-in-class consumer experiences fuelled by an AI-first approach and data-driven insights. In parallel, we continue to create meaningful connections between our businesses to unlock additional value. At JET, we plan to reinvigorate growth through enhanced customer segmentation, advanced technology integration, and operational improvements.

OLX

The business delivered strong results for 1H26, with revenue of US$473m from US$389m in 1H25, reflecting 22% (17%) growth. OLX's aEBITDA of US$231m represents a 52% (44%) increase and a 10 percentage point margin expansion to 49%. aEBIT was US$205m, a 59% (51%) increase from the prior period. This performance highlights OLX's operational leverage and efficiency improvements.

OLX is focused on driving growth in its core growth categories: motors, real estate and jobs. These now represent 70% of total revenue.

Motors delivered an exceptional performance, growing revenue 27% (23%) to US$191m, while expanding aEBITDA margins to 60%. This progress was driven by enhanced monetisation initiatives, innovative dealer tools, improved advertising solutions and optimisations to the search experience, generating more leads for customers. OLX's operational excellence and deep expertise in this vertical enable the company

to continue driving sustainable growth and profitability.

Similarly, real estate delivered strong revenue growth of 26% (23%) to US$92m with healthy aEBITDA margins of 45%. This performance was propelled by notable monetisation gains across both B2C and C2C (consumer-to-consumer) segments. Key innovations like GenAI-powered posting forms and a fully migrated unified app for our real estate platforms boosted engagement and improved user experience. Revenue growth was further supported by price optimisations and product innovations to enhance the visibility of listings.

The jobs category was resilient despite macroeconomic headwinds, growing revenue 12% (5%) to US$46m in 1H26 and sustaining strong aEBITDA margins of 46%. This was supported by a revamped offering and continued monetisation gains in a context of strong demand but limited supply of new job listings.

Looking ahead, the business remains focused on sustaining strong revenue growth while enhancing profit margins through strategic monetisation optimisation, AI innovations and operational efficiencies across its core categories.

eMAG

eMAG is seeking to build the most engaged ecommerce ecosystem in Central and Eastern Europe. It is focused on scaling its higher-margin marketplace and building a distinctive logistics infrastructure and fintech model.

Despite an adverse macroeconomic environment in Romania and intensifying competition, revenue was maintained at US$1.1bn. eMAG achieved growth in all strategic pillars (marketplace, last mile, fintech and advertising revenues), despite the first-party electro category being the most affected. While revenue came under pressure and, despite investments in AI, profitability strengthened. aEBITDA grew 23% in local currency, excluding M&A, to US$45m in 1H26 (aEBIT was US$5m from a loss of US$7m in 1H25), reflecting healthy marketplace growth as well as targeted advertising and cost efficiencies.

eMAG's marketplace grew 19%, reaching 48% of GMV, with ads (2% of GMV) as a key profit driver. The Genius loyalty programme now drives about 60% of GMV, with around 1.1 million paid subscribers and over 80 million orders placed over the past five years. Furthermore, the fintech business brings customer engagement, driving 13% of eMAG Romania GMV at the end of 1H26 compared to 7% for the same period

in FY25.

Sameday, a leading last-mile delivery company, grew revenue by 27% (21%) to US$185m, as adoption of out-of-home deliveries rose to 58% in 1H26 compared to 53% for the same period in FY25.

To address competition and navigate the challenging economic environment, eMAG is implementing targeted demand-generation and cost-efficiency initiatives. These include enhanced marketing actions with strong communication, shopping events and new marketing channels designed to attract new customers and drive engagement among sellers. Ecosystem differentiators such as 0% interest credit through the fintech business, next-day delivery (NDD) via the last-mile business and e-grocery offering are being accelerated to strengthen customer retention and marketplace growth.

iyzico

iyzico, one of Türkiye's leading payment platforms, grew revenue by 50% in local currency, excluding M&A, to US$207m.

iyzico acquired Paynet, one of Türkiye's top payment companies, in February 2025, contributing US$59m and US$4m of iyzico's revenue and aEBITDA in 1H26 respectively.

For iyzico, the outlook remains strong, with strategic investments in its future through products in offline payments and AI-driven solutions.

Indian ecosystem

Prosus is building a comprehensive lifestyle ecommerce ecosystem in India, which continues to benefit from the country's ambitious digital transformation. This growth is powered by key infrastructure developments, including the unified payments interface (UPI) and open network digital commerce. The Indian ecosystem delivered a robust performance in 1H26, with an increasingly positive contribution from PayU.

Our Indian ecosystem currently consists of PayU and a strong, ever-more interconnected portfolio of investments, demonstrating how the ecosystem can accelerate performance. For example, PayU is widening its offerings beyond payments by collaborating with Swiggy on checkout financing and credit for restaurant partners, and with Meesho on early settlement solutions and consumer BNPL (buy-now/pay-later). PharmEasy has partnered with Swiggy to investigate the quick-commerce model. We were pleased to see Bluestone and Urban Company go public in Q2 FY26, with additional listings anticipated later this year. This highlights the maturity and significant growth potential of our Indian investments.

PayU India

PayU India grew revenue 20% (17%) to US$397m. The business continues to grow its client base after a slight hiatus associated with obtaining the payment aggregator licence from the regulator. As it builds its base, PayU India is focused on profitable growth. This focus is evident in the substantial improvement in its aEBITDA margin, which rose by 6 percentage points from -6% in 1H25 to breakeven in 1H26, with a profitable Q2 FY26.

In payments, PayU grew revenue 20% (16%) to US$301m. This reflects continued focus on offering higher-margin value-added services (VAS) and software-as-a-service (SaaS) offerings like fraud risk management and multi-factor authentication, as part of its profitability improvement initiatives. These higher-margin services are gaining traction, with VAS and SaaS revenue contributing 34% of payments revenue, adding to strong growth in the mid-market and SMB (small and medium business) segments. Payment transactions increased 55%, driven largely by lower-value UPI transactions, although take rates remained stable through portfolio optimisation. As part of improving its offering, PayU India is working on innovative UPI solutions and has launched UPINXT platform (UPI issuing and acquiring product for merchants and banks) in partnership with Mindgate, in which PayU recently raised its stake to 70.7%. This strategic investment deepens the PayU and Mindgate partnership and enables enhanced product offerings and innovation in a rapidly evolving real-time payments ecosystem in India, Asia-Pacific and the Middle East and North Africa (MENA) regions. Mindgate today powers the UPI payments stack of marquee banks in India, including SBI, HDFC Bank, and more, processing around 10 billion digital real-time payments transactions monthly and accounting for some 43% of UPI transactions in the country. A sharper focus on higher-margin services, combined with disciplined cost management, delivered an inflection point in profitability for payments, leading to US$2m aEBITDA in 1H26.

In credit, PayU continued to pivot to a lower-risk embedded lending model. This shift has given PayU access to small, offline merchants - a segment with large, underserved credit demand and being digitised fast on the back of UPI. In total, PayU grew its credit revenue by 17% (22%) to US$96m, driven by US$640m in new loan issuances. Issuance volume was split 65%/35% between consumer and SMB lending respectively. The partnership-led approach enhanced profitability significantly, driven by lower credit costs, reduced sales and marketing spend, and a leaner cost-to-income structure. Credit improved its aEBITDA margin substantially from -20% to -3% by reaching breakeven in Q2 FY26.

We are excited about our progress in focusing on profitability in PayU, and optimistic that its strategic initiatives will deliver sustained growth and profitability.

Other Ecommerce

Our edtech businesses demonstrated resilience and adaptability through disciplined execution. Stack Overflow and GoodHabitz achieved revenue growth of 12% (9%) to US$95m, primarily driven by Stack Overflow's performance. Both companies achieved profitability while continuing to invest in growth, with aEBITDA and aEBIT of US$14m and US$4m respectively. They continued to demonstrate strong operational efficiency, maintaining positive free cash flows at the end of the period.

The sale of PayU GPO's operations in Europe is expected to close in the second half of FY26. Results are included for the full six months of 1H26 and contributed revenue of US$120m and aEBITDA of US$7m.

Key associate investments

Tencent

For the six months ended 30 June 2025, Tencent reported revenues of RMB364.5bn, up 14%. Gross profit continued to grow faster than revenues, demonstrating a continued shift to high-quality revenue streams and improved cost efficiencies. Non-IFRS profit attributable to equity holders of the company (Tencent's measure of core operations, excluding certain non-cash items and the impact of certain investment-related transactions) increased 16% to RMB124.4bn.

Revenues from value-added services (VAS) increased 17% to RMB183.5bn, reflecting strong growth in online game revenues. Domestic games revenue grew 20% to RMB83.2bn, driven by Delta Force (launched in September 2024) and ongoing revenue from evergreen titles such as Honor of Kings, Valorant, and Peacekeeper Elite. International games revenue increased 29% to RMB35.4bn, driven by the strong performance of Supercell's titles and PUBG Mobile. The number of fee-based VAS subscriptions remained steady at 264 million.

Revenues from fintech and business services grew 7% to RMB110.4bn. Growth was driven by higher revenues from consumer loan services and wealth management services. Business services revenue growth accelerated, driven by increased demand from enterprise customers for AI-related services, including GPU rental and API token usage, as well as higher ecommerce technology service fees.

Revenues from marketing services increased 20% to RMB67.6bn, driven by robust advertiser demand for Video Accounts, Mini Programs and Weixin Search. This sustained rapid growth was primarily due to AI-driven improvements to Tencent's advertising platforms and enhancements to the Weixin transaction ecosystem, resulting in higher click-through rates and increased advertiser spending.

The combined monthly active users of Weixin and WeChat reached 1.41 billion, up 3%. Weixin continued to strengthen its ecosystem by enriching AI features such as AI-powered citations in content and intelligent responses for Mini Shops merchants. Video Accounts' total user time spent continued to grow rapidly, benefiting from enhanced recommendation algorithms.

Tencent Video maintained its leading position in China's long-form video market, with 114 million subscribers. Tencent Music continued its leadership in the music streaming market, boasting 124 million subscribers.

Tencent advanced its AI capabilities significantly during the period. It rapidly iterated its Hunyuan foundation model, deployed AI tools internally to accelerate game content production and introduce more realistic virtual teammates, and powered more use cases in Weixin. The company also used AI-driven marketing activities to enhance user acquisition and engagement. The Hunyuan 3D model achieved industry-leading recognition for its geometric precision and texture fidelity. The company increased its AI-related capital expenditures and research and development (R&D) efforts, focusing on both fast product innovation and deep model research to drive future growth from its AI-native products and services.

More information on Tencent is available at www.tencent.com/en-us/investors.html.

Swiggy

For the period January to June 2025, Swiggy grew its customer base by 35% year on year to 21.6 million and delivered strong topline momentum, with gross order value (GOV) up 43%. Adjusted EBITDA loss widened to US$178m from US$85m last year, driven by quick-commerce expansion. Food delivery recorded 18% GOV growth, supported by steady user gains and strong demand across new formats like Bolt while further improving profitability. Instamart (quick commerce) more than doubled GOV, growing by 105%, with average order value rising 26% in Q1 FY26 (April to June 2025), although continued investment in scale and competitiveness in quick commerce deepened adjusted EBITDA losses.

Prosus held 25% of Swiggy at the end of the reporting period.

More information on Swiggy is available at https://www.swiggy.com/corporate/investor-relations.

Delivery Hero

Prosus held a non-controlling minority interest of 26.99% in Delivery Hero at the end of the reporting period.

As part of securing European Commission approval for the acquisition of Just Eat Takeaway.com (JET), Prosus has committed to significantly reducing its equity stake in Delivery Hero to a specific maximum percentage that will ensure Prosus is no longer Delivery Hero's largest shareholder, within 12 months of the European Commission approval. In addition, Prosus will not recommend or appoint individuals connected to Naspers or Prosus to Delivery Hero's management or supervisory boards. These commitments reflect Prosus' constructive engagement with regulators and underscore its focus on integrating JET into the Prosus ecosystem, accelerating growth and innovation in food delivery across Europe, while ensuring a dynamic and competitive sector.

From August 2025, the group lost significant influence in Delivery Hero and stopped equity accounting of this investment.

More information on Delivery Hero is available at ir.deliveryhero.com.

Financial review

Consolidated revenue from continuing operations increased by US$660m (US$399m), or 22% (14%), from US$3bn in the prior period to US$3.6bn. This was primarily due to strong revenue growth in iFood in LatAm, as well as OLX in Europe and PayU in India.

Operating profits

IFRS operating profits increased to US$219m compared to US$132m in the prior period. This is due to greater profitability from the group's consolidated Ecommerce businesses. The group achieved an aEBITDA of US$423m and an aEBIT of US$250m, showing increased growth compared to US$213m and US$60m respectively in the prior period.

Net finance income/expense

The group's net interest income decreased by US$87m, from US$197m to US$110m, primarily due to increased investment activity resulting in the utilisation of the group's cash. Interest income decreased by US$61m to US$409m and interest expense increased marginally by US$26m to US$299m. Interest income includes interest earned on bank accounts and short-term investments, while interest expense relates primarily to interest on publicly traded bonds.

Other finance costs increased by US$331m to US$480m for the period. This is primarily due to unrealised foreign exchange losses from the group's euro-denominated bonds when translated to our US dollar reporting currency.

Share of equity accounted results

Profit from equity accounted results increased by US$688m, from US$2.5bn in the prior period, to US$3.2bn. This was driven primarily by Tencent's increase in profitability. Trimming the group's Tencent position by 1% to fund the Prosus share-repurchase programme resulted in a gain of US$3.3bn during the period (1H25: US$2.4bn). At 30 September 2025, the group retained a 22.8% interest in Tencent.

Income tax expense

Income tax expense in the income statement decreased to US$76m from US$100m in the prior period. This is primarily due to permissible taxation benefits in our LatAm ecosystem, as well as the unwinding of deferred tax liabilities.

Earnings, headline and core headline earnings

Earnings from continuing operations increased to US$5.6bn from US$4.6bn in the prior period. This was mainly due to increased profitability in our consolidated and equity accounted results, primarily Tencent, and an increased gain on the partial disposal of the investment in Tencent. Core headline earnings from continuing operations was US$4.0bn - an increase of 13% (18%) or US$458m. Headline earnings from continuing operations rose US$44m to US$2.7bn.

Loss from discontinued operation

In March 2023, the group announced its exit from the OLX Autos business unit. In August 2025, the last remaining operation of the OLX Autos business was sold. Losses from discontinued operations during the period were US$11m.

Cash balances and free cash flow

The group remains well positioned to navigate an uncertain macroeconomic environment due to its strong balance sheet. At corporate level, Prosus has a net cash position of US$1.8bn, comprising US$18.3bn in central cash and cash equivalents (including short-term cash investments), net of US$16.5bn in central interest-bearing debt (excluding capitalised lease liabilities). In addition, we have an undrawn US$2.5bn revolving credit facility.

The group's free cash inflow was US$1.3bn, an increase from the prior period's free cash inflow of US$897m. Tencent remained a meaningful contributor to our free cash flow with a dividend of US$1.2bn (US$1bn in 1H25). Excluding the Tencent dividend, the group's free cash flow increased by US$163m, from an outflow of US$104m in the prior period to US$59m, reflecting the increased profitability of our Ecommerce units.

Corporate costs

In April 2025, the group revised its segment reporting structure to align with how management manages its operations by regional ecosystems. As part of this segmental reorganisation, corporate costs previously included in the reportable segments (eg Food Delivery, Etail, Edtech and Prosus Ventures in Other Ecommerce) as part of Total Ecommerce, have now been moved to the corporate costs line under the Corporate segment. This reclassification reflects the group's ongoing efforts to further centralise the corporate function. In the current period, aEBITDA corporate costs were US$107m compared to US$99m due to the adverse impact of foreign exchange rates and increased expenditure on AI. We remain committed to limiting the level of corporate costs over time.

The company's external auditor has not reviewed or reported on forecasts included in these condensed consolidated interim financial statements.

A reconciliation of alternative performance measures to the equivalent IFRS metrics is provided in 'Other information - Reconciliation of financial alternative performance measures' of these condensed consolidated interim financial statements.

Corporate transactions

While focused on executing our strategy and improving results during the period, we continued to actively manage our investment portfolio and deploy capital with discipline. In the first six months of the year, we invested US$2.0bn through M&A to boost regional ecosystem growth and profitability, which includes the acquisition of Despegar in May 2025. In September 2025, Prosus, through OLX, agreed to acquire La Centrale - France's top motor classifieds platform - for €1.1bn (US$1.3bn). This acquisition closed in November and will strengthen OLX's European portfolio and advance Prosus' ambition to be Europe's leading ecommerce ecosystem. In October, we closed the transaction to acquire Just Eat Takeaway.com, for approximately €4.2bn (US$4.9bn), including additional settlement arrangements in accordance with the closing conditions. The acquisition advances our ambition to build a European lifestyle ecosystem and create an AI technology champion in Europe.

We remain disciplined in managing our portfolio by divesting non-strategic businesses and allocating that capital towards our ecosystem strategy. We divested our stake in Udemy, and other smaller investments, as well as a portion of our stake in Remitly, during the period. Additionally, we trimmed our position in Meituan by US$249m in the period and by a further US$300m in October. In total, our divestitures for the six months to September and, subsequently through November, have resulted in total proceeds of US$1.2bn to the group. We expect to divest approximately US$2bn in FY26.

The group has a strong balance sheet of US$20.3bn (US$18.3bn at a central corporate level) cash on hand, including short-term investments and net cash of US$2.6bn (US$1.8bn at a central corporate level), including interest-bearing loans and capitalised lease liabilities. The group has committed US$1.3bn for La Centrale and settled €5.0bn (US$5.8bn) for the acquisition of Just Eat Takeaway.com, including the settlement of its convertible bonds for €788m (US$925m). This results in about US$13.2bn (US$11.2bn at a central corporate level) cash on hand. We remain committed to our investment-grade rating.

Since its inception in June 2022, our share-repurchase programme has reduced the Prosus free-float share count by 30% and returned over US$41bn of value for Prosus and Naspers shareholders. During this time, the combined holding company discount of Naspers and Prosus has reduced by 25 percentage points, a result of the repurchase programme as well as improvements in disclosures and operational execution. This has resulted in US$63bn in value creation through 30 September 2025.

Over the length of the repurchase programme up to 30 September 2025, Prosus has repurchased 892 713 136 of its ordinary N shares, valued at US$30.1bn, resulting in an incremental accretion of 18% in net asset value (NAV) per share, compared to what it would have been had the repurchase programme not commenced. Naspers finances its open-ended share-repurchase programme through regular sales of its Prosus shares. As of 30 September 2025, Naspers had sold 344 868 918 Prosus ordinary N shares and repurchased 60 735 037 Naspers N ordinary shares, totalling US$11.5bn.

We are committed to disciplined investment in our regional ecosystems and ensuring our operating businesses continue their strong performance. We believe that this, coupled with our share-repurchase programme, will drive long-term value creation and enhanced shareholder returns.

Prospects

Over the past 12 months, Prosus has successfully shifted from a financial holding company to a true global tech operating company. We have returned to being innovators, entrepreneurs, and operators of our lifestyle ecommerce ecosystems in LatAm, Europe and India. The effects of this shift are evident in the results for 1H26, a period in which we continued to innovate with urgency, improving growth and profitability.

Our goal is to build large regional lifestyle ecommerce ecosystems across LatAm, Europe, and India by delivering outstanding customer experiences, driven by an AI-first approach. Achieving our goal will not be without its challenges and we expect increased competition in each of our regions as others identify the opportunities we are already pursuing. We are ready for these challenges and, despite them, we still expect to achieve our 2026 guidance of US$7.3bn - US$7.5bn for Ecommerce revenue and US$1.1bn - US$1.2bn for Ecommerce aEBITDA, excluding JET. The group is now working hard on integrating JET and finding ways to reinvigorate growth.

We are committed to harnessing the growth and profit potential of our regional ecosystems through AI-powered innovation, knowledge exchange, and aggressive growth initiatives. We will generate real returns for our shareholders by delivering strong financial performances in our ecosystems and investing with discipline to enhance these ecosystems. As we focus on improving operational performance in our recent acquisitions, we will continue to simplify our portfolio, improving focus and execution.

Tencent remains a cornerstone of our portfolio and is recognised as one of the world's leading technology companies. We believe it is exceptionally well positioned to capitalise on the AI revolution, thanks to its robust ecosystem, which consistently delivers outstanding returns. Our significant stake in Tencent will be maintained for the foreseeable future.

Risks

The risks we face are dynamic and constantly evolving. Current topical risks are:

·   AI innovation and disruption: AI presents both transformative opportunities and significant risks to our business models. We continue

to accelerate our innovation strategy focused on AI in ecommerce and digital workforce, while ensuring responsible implementation.

·   Strategic execution and delivery: Misalignment, delays, or underperformance in executing on our ecosystem strategy could impact growth and profitability. We address this risk with strong governance and performance management, investment in talent, phased rollouts involving rigorous testing with robust feedback loops, and scaling only after proven success.

·   Industry and competitive conditions: Geopolitical tensions, global market shifts and rapid AI advances continue to drive intensifying competition, as new entrants seek to capitalise on changing economic and trade conditions. We address this by leveraging innovation, strengthening customer engagement, and maintaining operational agility to sustain our market leadership.

·   Geopolitical and market volatility: Continued geopolitical tensions drive global market volatility and uncertainty. We maintain operational agility to navigate the changing political and economic environment.

Sustainability

In the first half of FY26, Prosus launched the Tech FoundHER Challenge - a pilot programme designed to support women-led tech start-ups. The first edition of the challenge was launched in India, attracting 120 applications from start-ups across 22 cities, spanning 14 sectors, including AI, climate technology, healthcare, fintech and agritech. Seven finalists presented to a jury of seasoned investors and industry leaders at the finale, with four women founders awarded equity-free capital. Tech FoundHER Africa was launched with almost 1 200 applications from women founders across the continent. The finale will be held at the JSE in November, when the winners will be announced.

Social impact

Prosus is collaborating with the World Economic Forum to convene platform economy leaders towards creating an industry-led charter on the future of gig work. The intention is to drive collaboration and demonstrate global alignment among industry leaders as a signal of proactive, responsible business leadership. The shared vision is the co-creation of good work principles for the platform-enabled economy, grounded in positive and scalable action.

The ESG-linked target for our CEO and CFO is to impact the lives of 20 000 people in communities in which our companies operate. We are on track to achieve this target through programmes being implemented across the group.

Zero-emission deliveries

iFood has expanded the use of e-bikes in its deliveries by 40% in the first half of the year. This sets the company on a clear track to make deliveries without emissions the new normal, while reducing costs and enhancing the delivery-partner experience.

The Prosus report on scaling zero-emission deliveries in India was launched with the Minister of Transportation, Mr Nitin Gadkari. A key insight from the report is that switching to zero-emission vehicles could cut emissions equal to 25% of Delhi's annual air pollution, while electric 2-wheelers are 50% cheaper to run than combustion vehicles - which can boost delivery-partner annual earnings by 18%. This underpins our group initiatives on the electrification of delivery vehicles.

Directorate

With effect from 29 April 2025, Nico Marais was appointed as chief financial officer and appointed as financial director, effective from

20 August 2025. With effect from 20 August 2025, Mrs Phuthi Mahanyele-Dabengwa was appointed as an executive director.

Cobus Stofberg retired as an independent non-executive director of the board and the sustainability committee on 19 August 2025. The board expresses its deepest gratitude for his invaluable contributions to the group over many years.

Independent auditor's review of the condensed consolidated interim financial statements

The condensed consolidated interim financial statements for the six months ended 30 September 2025 have been reviewed by Deloitte Accountants B.V., our independent auditor, whose unmodified report is appended to these condensed consolidated interim financial statements.

Responsibility statement on the condensed consolidated interim financial statements

We have prepared the condensed consolidated interim financial statements of Prosus for the six months ended 30 September 2025, and the undertakings included in the consolidation taken as a whole, in accordance with IAS 34 Interim Financial Reporting. To the best of our knowledge:

1.  The condensed consolidated interim financial statements give a true and fair view of the assets, liabilities and financial position as at

30 September 2025, and of the result of our consolidated operations for the six months ended 30 September 2025.

2.  The condensed consolidated interim financial statements for the six months ended 30 September 2025 include the information required pursuant to article 5:25d, sections 8 and 9 of the Dutch Financial Supervision Act (Wet op het Financieel Toezicht).

On behalf of the board

Koos Bekker                                                    Fabricio Bloisi

Chair                                                                   Chief executive

Amsterdam

22 November 2025

Condensed consolidated income statement

Condensed consolidated statement of comprehensive income

Condensed consolidated statement of financial position

Condensed consolidated statement of changes in equity

Condensed consolidated statement of changes in equity continued

Condensed consolidated statement of cash flows

Notes to the condensed consolidated interim financial statements

for the six months ended 30 September 2025

1.       General information

Prosus N.V. (Prosus or the group) is a public company with limited liability (naamloze vennootschap) incorporated under Dutch law, with its registered head office located at Symphony Offices, Gustav Mahlerplein 5, 1082 MS Amsterdam, the Netherlands (registered in the Dutch commercial register under number 34099856). Prosus is a subsidiary of Naspers Limited (Naspers), a company incorporated in South Africa. Prosus is listed on the Euronext Amsterdam Stock Exchange, with a secondary listing on the JSE Limited's stock exchange and A2X Markets in South Africa.

Through the group's ecosystems, the group helps consumers to buy, sell and transact through food, fintech, experiences and commerce platforms, providing them with access to the world's leading lifestyle ecommerce brands. Using AI, the ecosystems unlock an AI-first world where billions of people can live, work and thrive. The ecosystems span three core geographies: Europe, Latin America (LatAm) and India. In LatAm, the ecosystem is driven by the innovative performance and capabilities of iFood and Despegar. In Europe, we are building a strong ecosystem powered by leading brands such as OLX, eMAG and iyzico. India's consumer commerce market is powered by PayU, a leading payment solutions provider.

The condensed consolidated interim financial statements for the six months ended 30 September 2025 were authorised for issue by the board of directors on 22 November 2025.

2.       Basis of presentation and accounting policies

Information on the condensed consolidated interim financial statements

The condensed consolidated interim financial statements for the six months ended 30 September 2025 have been prepared in accordance with and contain the information required by International Financial Reporting Standards (IFRS) Accounting Standards as issued by the International Accounting Standards Board (IASB), IAS 34 Interim Financial Reporting, as adopted by the European Union (IFRS-EU).

The condensed consolidated interim financial statements do not include all the disclosures required for the complete annual financial statements prepared in accordance with IFRS-EU. The accounting policies in these condensed consolidated interim financial statements are consistent with those applied in the previous consolidated annual financial statements as included in the annual report for the year ended 31 March 2025.

There were no new or amended accounting pronouncements effective from 1 April 2025 that have a significant impact on the group's condensed consolidated interim financial statements.

The condensed consolidated interim financial statements presented here report earnings per share, diluted earnings per share, headline earnings per share and diluted headline earnings per share (collectively referred to as earnings per share) per class of ordinary shares. These are calculated as the relationship of the number of ordinary shares (or dilutive ordinary shares where relevant) of Prosus issued at 30 September 2025 (net of treasury shares) to the relevant net profit measure attributable to the shareholders of Prosus.

The earnings per share information presented takes into account the impact of the share-repurchase programme.

All amounts disclosed are in millions of US dollars (US$'m), unless otherwise stated.

Operating segment information

The group's operating segments reflect the components of the group that are regularly reviewed by the chief operating decision-maker (CODM) as defined in note 21 'Segment information' in the consolidated annual financial statements as included in the annual report for the year ended 31 March 2025, however, from 1 April 2025, the following changes were implemented which impacted the operating segment information:

Change in reportable segments

The group has revised its segment reporting structure to align with changes in how management monitors business performance. Previously, performance was evaluated by grouping businesses based on similar products or services. Under the new approach, the group monitors performance using a regional ecosystem model, allocating businesses to geographic regions being Latin America (LatAm), Europe, India, and Other. This change results in a reallocation of businesses previously disclosed under reportable segments Classifieds, Food Delivery, Payments and Fintech, Etail, Edtech, and Other into the new regional structure.

The new operating segments in their geographic ecosystems are outlined below, along with details of the reallocated businesses and the reportable segments under which they were previously disclosed:

·   LatAm: iFood (Food Delivery) and Despegar (a new acquisition in the current reporting period)

·   Europe: OLX (Classifieds), eMAG Group (Etail), and iyzico (Payments and Fintech)

·   India: PayU India (Payments and Fintech)

·   Other: GoodHabitz and Stack Overflow (Edtech), and GPO (Payments and Fintech).

To ensure comparability, the current and prior reporting periods have been updated for the revised segment reporting structure, and there was no impact on the consolidated group total revenue, adjusted EBITDA (aEBITDA), or adjusted EBIT (aEBIT) published in the prior year relating to this change. For further details, refer to note 5.

Additionally, corporate costs, which were previously included in the reportable segments (eg Food Delivery, Etail, Edtech, and Prosus Ventures within Other Ecommerce) as part of total Ecommerce, have now been moved to the corporate costs line under the Corporate segment. This reclassification reflects the group's ongoing efforts to further centralise the corporate function. The prior year's figures have been restated to ensure comparability. Refer to note 5.

Change in the definition of aEBITDA

From 1 April 2024, the group has changed its definition of aEBITDA related to the treatment of its share-based compensation benefits to improve comparability to peers. Previously, aEBITDA included the impact of the grant date fair value of the group's equity and cash-settled share-based compensation expenses and excluded the subsequent remeasurement of the group's cash-settled share-based compensation expenses. The change in the definition of aEBITDA excludes all share-based compensation expenses. Therefore, both the equity and cash-settled share-based compensation expenses are excluded from this definition. This change was effective from 31 March 2025 and was applied retrospectively. Accordingly, the group's consolidated aEBITDA from total and continuing operations published as at 30 September 2024 has been restated. Refer to note 5.

Discontinued operations

In March 2023, the group announced its decision to exit the OLX Autos business unit. The exit process was being executed for each operation within the business unit in its local market. In the current period, the group exited the last operation in this business unit. At 30 September 2025, the operation's financial results up until its disposal are presented as a discontinued operation. This is presented separately from the group's continuing operations and is reviewed separately by the CODM. This presentation of the Autos business unit is consistent with prior years. Refer to note 10.

Lag periods applied when reporting results of equity accounted investments

Where the reporting periods of associates and joint ventures (equity accounted investments) are not coterminous with that of the group and/or it is impracticable for the relevant equity accounted investee to prepare financial statements as of 31 March or 30 September (for instance due to the availability of the results of the equity accounted investee relative to the group's reporting period), the group applies an appropriate lag period of not more than three months in reporting the results of the equity accounted investees. Significant transactions and events that occur between the non-coterminous reporting periods are adjusted for. The group exercises significant judgement when determining the transactions and events for which adjustments are made.

Going concern

The condensed consolidated interim financial statements are prepared on the going-concern basis. Based on forecasts and available cash resources, the group has adequate resources to continue operations as a going concern in the foreseeable future. As at 30 September 2025, the group recorded US$20.3bn in cash, comprising US$18.8bn of cash and cash equivalents net of bank overdrafts and US$1.5bn in short-term cash investments. The group had US$17.5bn of interest-bearing debt (excluding capitalised lease liabilities) and an undrawn US$2.5bn revolving credit facility.

In assessing going concern, the impact of internal and external economic factors on the group's operations and liquidity was considered in preparing the forecasts and assessing the group's actual performance against budget. The board is of the opinion that the group has sufficient financial flexibility to continue as a going concern in the year subsequent to the date of these condensed consolidated interim financial statements.

Hyperinflation

The group applied the hyperinflationary accounting requirements of IAS 29 Financial Reporting in Hyperinflationary Economies for the group's subsidiaries in Türkiye and Argentina. As the presentation currency of the group is that of a non-hyperinflationary economy, comparative amounts are not adjusted for changes in the price level or exchange rates in the current year.

Hyperinflation accounting requires the results, cash flows and financial position for the group's subsidiaries in Türkiye and Argentina are adjusted using a general price index to reflect the current purchasing power at the end of the reporting period. The carrying amounts of non-monetary assets and liabilities are adjusted to reflect the change in the general price index from the date of acquisition of these subsidiaries to the end of the reporting period. The gain or loss on the net monetary position from translation of the financial information is recognised in the condensed consolidated income statement, except for goodwill, other intangible assets and deferred tax liabilities arising at the acquisition of these subsidiaries. The impact of the net monetary position in the condensed consolidated income statement from Türkiye and Argentina is not material.

Goodwill, other intangible assets and deferred tax liabilities arising at the acquisition of these subsidiaries are restated using the general price index at the end of the reporting period. The gain or loss on the net monetary position from the adjustment to these assets and liabilities is recognised in other comprehensive income and accumulated in the foreign currency translation reserve in equity.

The general price index used in adjusting the results, cash flows and financial position for the group's subsidiaries in Türkiye was 664% and in Argentina was 846% up to 30 September 2025 respectively.

3.       Review by the independent auditor

These condensed consolidated interim financial statements have been reviewed by the company's external auditor, Deloitte Accountants B.V., whose unmodified review report appears at the end of the condensed consolidated interim financial statements.

4.       Significant changes in financial position and performance during the reporting period

Issuance and redemption of bond notes

In July 2025, the group issued a 10-year €750m note carrying an annual fixed interest rate of 4.343% due in 2035 under its Global Medium-Term Note Programme. The purpose of the offering was to refinance the recently matured 2025 note of US$225m and to repay the upcoming €500m note due in January 2026, as well as other general corporate purposes. The bond is listed on the Irish Stock Exchange (Euronext Dublin).

Share-repurchase programme

Since June 2022, the group has executed its open-ended, repurchase programme of Prosus ordinary shares N and Naspers N ordinary shares. The group continued with the share-repurchase programme for the six months ended 30 September 2025.

The Prosus repurchase programme of its ordinary shares N continued to be funded by an orderly, on-market sale of Tencent Holdings Limited (Tencent) shares.

The Naspers repurchase programme of its N ordinary shares continued to be funded by the disposal of some of the Prosus ordinary shares N that it holds.

For the six months ended 30 September 2025, Prosus repurchased 87 498 363 (4% of outstanding ordinary shares N in issue) ordinary shares N on the market for a total consideration of US$4.6bn, which was funded by the sale of 70 823 200 Tencent shares, yielding proceeds of US$4.6bn. Naspers repurchased 6 019 495 (4% of outstanding N ordinary shares in issue) N ordinary shares on the market for a total consideration of US$1.7bn.

This transaction was funded by the disposal of 32 170 715 Prosus ordinary shares N on the market, yielding proceeds of US$1.7bn.

At 30 September 2025, the Prosus free-float shareholders' effective interest in Prosus was 56.6%.

Repurchase of Prosus shares

The Prosus ordinary shares N acquired by the group are classified as treasury shares. These are recognised in 'treasury shares' on the condensed consolidated statement of financial position. The treasury shares were recognised at a cost of US$4.6bn. The group intends to cancel the Prosus shares repurchased in due course once the relevant approvals have been obtained, so as to reduce its issued share capital.

Disposal of shares in Tencent

The group reduced its ownership interest in Tencent from 23.5% to 22.8%, yielding US$4.6bn in proceeds. This is a partial disposal of an associate that does not result in a loss of significant influence. The group recognised a gain on partial disposal of US$3.3bn in the condensed consolidated income statement. The group reclassified a loss of US$32m from the foreign currency translation reserve to the condensed consolidated income statement related to this partial disposal. Refer to note 6.

Acquisition of Despegar

In May 2025, the group acquired 100% ownership of Despegar.com, Corp (Despegar) for US$1.8bn through MIH Internet Holdings B.V., its subsidiary which directly holds all of the Prosus group's investments. Despegar is LatAm's leading online travel agency. Refer to note 6.

Loss of significant influence in Delivery Hero

In August 2025, the group announced the approval from the European Commission for its acquisition of Just Eat Takeaway.com (JET). To obtain this approval, the group has committed to significantly reducing its equity stake in Delivery Hero to a specific maximum percentage that will ensure Prosus is no longer Delivery Hero's largest shareholder, within 12 months of the European Commission approval. In addition, Prosus will not recommend or appoint individuals connected to Naspers or Prosus to Delivery Hero's management or supervisory boards.

Accordingly, the group is no longer able to exert significant influence. Upon the loss of significant influence, the group elected to classify the Delivery Hero shares at fair value through other comprehensive income (refer to note 14). The group does not consider these shares to be held for trading, given that the partial divestment will be in order to secure approval for an additional investment in the same region. The portion of the Delivery Hero shares available for sale is therefore presented as a current asset on the condensed consolidated statement of financial position. JET was acquired by the group in October 2025 (refer to note 20).

The group recognised a loss of significant influence of Delivery Hero in the condensed consolidated income statement of US$648m, including the reclassification of accumulated foreign currency translation losses of US$462m from the foreign currency translation reserve in equity.

Sale of PayU GPO

In August 2023, the group announced that it reached an agreement with Rapyd, a leading fintech service provider, to acquire the Global Payments Organization (GPO) within PayU for a cash transaction worth US$610m. The group classified the GPO investments being sold as a disposal group held for sale. In March 2025, the group closed the sale of GPO LatAm and the African businesses within PayU to Rapyd for US$400m, however, Polish regulatory approval was not yet received, resulting in the splitting of the sale into two separate transactions. In September 2025, the group received Polish regulatory approval and expects to complete the sale of the GPO Polish business in the second half of the financial year for US$210m.

5.       Segmental information

Operating segments are identified on the basis of internal reports about components of the group that are regularly reviewed by the chief operating decision-maker (CODM) in order to allocate resources to the segments and to assess their performance. The CODM has been identified as the group's executive directors who make strategic decisions.

The group has changed how it monitors and reviews its operating segments. Refer to note 2.

The group uses the following alternative performance measures (APMs) below to assess segmental performance:

Adjusted EBITDA (aEBITDA): a non-IFRS measure that represents operating profit/loss, as adjusted to exclude: (i) depreciation;

(ii) amortisation; (iii) retention option expenses linked to business combinations; (iv) other losses/gains - net, which includes dividends received from investments, profits and losses on sale of assets, fair value adjustments of financial instruments, impairment losses, gains or losses on settlement of liabilities; (v) all cash-settled and equity-settled share-based compensation expenses, including those transactions with non-controlling shareholders that are linked to the ongoing employment of those shareholders as part of the group's investments in companies. It is considered a useful measure to analyse operational profitability.

Adjusted EBIT (aEBIT): a non-IFRS measure that represents operating profit/loss, as adjusted to exclude: (i) amortisation and retention option expenses linked to business combinations; (ii) other losses/gains - net, which includes dividends received from investments, profits and losses on sale of assets, fair value adjustments of financial instruments, impairment losses and gains or losses on settlement of liabilities; (iv) transactions that IFRS treats as cash-settled share-based compensation expense which are with fellow shareholders and are related to put and call options granted and linked to the ongoing employment of those shareholders as part of the group's investments in companies; and (v) subsequent fair value remeasurement of cash-settled share-based compensation expenses, equity-settled share-based compensation expenses deemed to arise from shareholder transactions.

The group audit committee regularly reviews the determination of aEBIT and aEBITDA and the use of adjusting items to confirm that it remains an appropriate basis against which to analyse the operating performance of the group. The committee assesses refinements to the policy on a case-by-case basis and seeks to minimise such changes in order to maintain consistency over time. aEBIT and aEBITDA are APMs used alongside IFRS profit to assess the performance of the group. They are a set within a range of measures used to assess management performance and performance-based remuneration outcomes. Non-IFRS measures are not defined by IFRS, are not uniformly defined or used by all entities and may not be comparable with similarly labelled measures and disclosures provided by other entities.

5.       Segmental information continued

The summary of the restatement of the group's metrics as a result of the change to the regional ecosystem is shown below:

5.       Segmental information continued