Prosus sets new targets in bid to become Europe's tech champion

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(Reuters) -Dutch technology investor Prosus on Wednesday unveiled new financial targets and reiterated its plan to become Europe's largest tech company with a market value of more than $200 billion.

The group, in which South Africa's Naspers holds a 41% stake, has set a target to achieve revenue from its e-commerce operations of $7.3-$7.5 billion in its 2026 financial year, it said in a presentation to investors on Wednesday.

Prosus also plans to increase its e-commerce adjusted earnings before interest, tax, depreciation and amortisation (aEBITDA) to $1.1-$1.2 billion.

In fiscal year of 2025, the e-commerce revenue came in at $6.2 billion, while adjusted EBITDA for the period reached $655 million.

The new targets come as Prosus is transforming from an investment firm into a company that runs its own businesses, focused on lifestyle-ecommerce, within its key markets of Latin America, India and Europe.

"We are confident that the company can keep growing", CEO Fabricio Bloisi said during its Capital Markets Day event.

Prosus expects to double its revenue in the three years between 2025 and 2028, and increase its adjusted EBITDA by "more than three and half times" over the same period.

"Our expectation is to double the revenue between 2025 and 2028. So it means around $12.5 billion(of revenue)", he added.

The firm is also expecting increased dividend proceedings from media conglomerate Tencent, in which it holds around 24% stake, to grow by 24% year-on-year to $1.2 billion.

Shares in Prosus were up 0.2% at 1003 GMT.

Late February, the company agreed to buy Just Eat Takeaway for 4.1 billion euros ($4.72 billion) in a deal it said would create a "European tech champion" of food delivery.

The company on Wednesday reiterated its ambition to become the leading European tech company.

"There is a clear space and opportunity for real big tech outside the U.S. We want to be the largest European company", said Bloisi, referring to Prosus' goal of achieving a market value above $200 billion.

(Reporting by Mateusz Rabiega; Editing by Matt Scuffham)