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Bloisi’s iFood Playbook Fires Up Naspers & Prosus

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*holding in a Finova portfolio

Naspers* (NPN) Annual Results for FY26 (78849c)

NPN chart

HEPS: 341 USc (↑12% from 304 USc)
Core HEPS: 454 USc (↑25% from 364 USc)
EPS: 633 USc (↑3% from 613 USc)
Headline Earnings: US$2.68bn (↑3% from US$2.60bn)
Core Headline Earnings: US$3.56bn (↑15% from US$3.11bn)
Operating Profit: -US$217m (loss vs US$124m profit, ↓274%)
Revenue: US$10.8bn (↑51% from US$7.2bn)
EBITDA: US$1.1bn (↑119% from US$499m)
Dividend: 28 eurocps (↑40% from 20 eurocps)
Revenue climbed 51% to US$10.8bn, driven by iFood and OLX, alongside strategic acquisitions in Europe and LatAm. Core HEPS rose 25% to 454 USc, reflecting stronger operational leverage. EBITDA more than doubled to US$1.1bn, while operating profit swung to a US$217m loss due to lower gains on Tencent disposals. Headline earnings increased modestly to US$2.68bn. Free cash flow improved to US$1.5bn. Management emphasised AI-led opportunities across classifieds and food delivery. CEO Fabricio Bloisi noted: “We believe the future is agentic, AI-led, and we are just getting started!”
Comment: in answer to longstanding criticisim from analysts, Prosus produced more concrete evidence of its successful transition from amorphous holding company of investments in Tencent and many others to an AI based operating company with its Free Cash flow of R1,5bn including, for the first time, R263m from its non-Tencent components. Although it is still focused on Europe, Latin America and India it has moved way beyond food delivery a transition foreshadowed by current (appointed on 1 July 2024) CEO Fabricio Bloisi’s tenure at iFood in Brazil which began in 2015. With the early application of AI he not only expanded food delivery but took turnover, which was ony $1m in 2012 to $121m in 2026 and into groceries, restaurants, travel, finance, health care and others- still counting!

Prosus* (PRX) Annual Results for FY26 (68801c)

PRX chart

HEPS: 286 USc (↑12% from 256 USc)
Core HEPS: 377 USc (↑24% from 304 USc)
EPS: 529 USc (↑3% from 514 Usc)
Headline Earnings: US$6.31bn (↑2% from US$6.16bn)
Core Headline Earnings: US$8.33bn (↑14% from US$7.33bn)
Operating Profit: -US$173m (loss vs US$173m profit, ↓200%)
Revenue: US$9.7bn (↑57% from US$6.2bn)
aEBITDA: US$1.05bn (↑118% from US$484m)
Dividend: 28 eurocps (↑40% from 20 eurocps)
Revenue rose 57% to US$9.7bn, supported by strong growth in iFood and OLX, alongside acquisitions in Europe and LatAm. Core HEPS advanced 24% to 377 USc, underpinned by improved profitability across platforms. aEBITDA more than doubled to US$1.05bn, while operating profit swung to a US$173m loss due to reduced gains on Tencent disposals. Headline earnings increased modestly to US$6.31bn, with Core Headline earnings up 14% to US$8.33bn. Free cash flow improved to US$1.5bn, with US$275m generated excluding Tencent dividends. Core HEPS and FCF ex-Tencent improved, but FY27 guidance was limited. iFood aEBITDA will drop sharply as investment rises, JET targets growth recovery, and a US$5bn buyback plus US$2bn ecosystem investments are planned.
Comment: the enormously successful AI playbook at iFood is, scarcely six months after acquisition of JET, well under way there, as the new CEO, who spent 12 years at iFood, gets to work in the 16 European countries in which it operates. Bloisi is equally optimistic on AI application in India for which he envisages a separate presentation in three to four months time. As regards Tencent, the intention is not to make any further share sales for the foreseeable future as its prospects are seen as highly positive. It comprises 73% of Prosus’s ZAR 1149c NAV putting Prosus at a 39% discount within the usual 38-42% range. Markets generally have been a bit grumply lately about companies with big AI capex but, given Prosus’s rapid success with it to date, the share, currently on a 14.9x PE, could certainly be bought on further weakness.

Table1

Sephaku (SEP) Financial Results for FY26 (177c)

SEP chart

HEPS: 37.91c (+20% from 31.52c)
EPS: 40.50c (+28% from 31.57c)
Revenue: R1.29bn (+9% from R1.18bn)
EBITDA: R196m (+34% from R146m)
Métier Mixed Concrete delivered strong growth with EBITDA up 34% and margin expansion to 15.2%, driving group profitability. SepCem, however, reported softer results with revenue down 4% and net profit falling 42% due to weaker cement demand. Group net profit rose 26% to R93m, supported by Métier’s performance. Management emphasised focus on operational efficiency and shareholder value creation through cement and concrete production in Southern Africa.

Table3

Trading Statements & Updates

Absa (ABG) Trading Update for 6M Jun ‘26 (22216c)

ABG chart

HEPS: Guidance mid- to high single-digit growth (vs 1H25)
Operating Profit: Pre-provision profit growth low single digits (vs 1H25)
Revenue: Low to mid-single digit growth (vs 1H25)
Dividend: Payout ratio c.55% maintained
Revenue expected to grow low to mid-single digits, with stronger non-interest income offsetting modest net interest income growth. Net customer loans and deposits forecast to rise mid-single digits, with CIB loans up high single digits. Credit impairments broadly flat, with improved credit loss ratio. Headline earnings growth guided at mid- to high single digits, sustaining RoE near 14.8%. CET1 ratio anticipated slightly above 12.5% target range. Management highlighted resilient franchise growth despite margin compression in Africa Regions. Results due 18 Aug ‘26.

Table5

 

 

Thungela Resources (TGA) CFO Pre-close Statement for 6M Jun ‘26 (9250c)

TGA chart

Revenue: Average realised export price USD87.60/t (↑17% from USD74.67/t)
Dividend: Policy reaffirmed – minimum 30% of adjusted operating free cash flow
Export saleable production for H1 ‘26 is forecast at 6.3Mt in South Africa and 2.0Mt at Ensham, with export sales rising 12% to 9.5Mt. Richards Bay benchmark coal averaged USD104.25/t (↑14% YoY), while Newcastle benchmark averaged USD124.79/t (↑22% YoY). Rand strength (R16.40/USD vs R17.89/USD) impacted realised prices. Net cash expected between R5.9bn–R6.1bn, including R1bn from FX derivatives. Portfolio optimisation continues with the Kleinkopje sale reducing environmental provisions by c.R1bn. CFO Deon Smith emphasised resilience, stating the robust balance sheet “provides a solid foundation for long-term value creation.” Results due 17 Aug ‘26.

Sun International (SUI)* Voluntary Update for 6M Jun ‘26 (5254c)

SUI chart

Revenue: +6% (guidance aligned)
Revenue growth of 6% was achieved in line with guidance, reflecting steady trading momentum across gaming and hospitality operations. A share buyback programme was executed, with 5.1m shares repurchased (2% of issued capital) at an average R50.08 per share, totalling R256m. This capital allocation initiative underscores management’s confidence in long-term value creation. Interim results are scheduled for Sep ‘26.
Outlook remains focused on disciplined capital allocation and operational efficiency, with management reiterating its value creation plan. Results due Sep ‘26

Table4

Optasia (OPA) Interim Trading Update for 6M Jun ’26 (1509c)

OPA chart

Revenue: +50–60% (vs H1 ’25)
EBITDA: +40–50% (vs H1 ’25)
Revenue surged 50–60% driven by Mobile Financial Services (72% of group revenues), with strong growth in Ghana, Pakistan, Indonesia and Congo-Brazzaville offsetting temporary ACS disruption in Nigeria. EBITDA rose 40–50%, while net income grew 30–40%. Expansion included new deployments in Gabon and South Sudan and the launch of merchant lending. FY26 guidance reaffirmed for >30% revenue and EBITDA growth, though Nigeria recovery is assumed gradual. Results due 14 Sep ’26.

Table2

Resilient (RES) Pre-Close Update for 6M Jun ‘26 (8117c)

RES chart

Revenue: Retail sales +3.3% SA, +5.1% Spain, +5.0% France
Dividend: Distribution guidance reaffirmed at +9% to 534.56cps
Retail sales growth across SA, Spain and France supported by tenant reconfigurations and new lease escalations averaging 5.2%. Vacancies remain low at 1.9% in SA, 0.2% in Spain and 5.4% in France. Asset initiatives include Irene Village Mall extension (opening Jul ‘26) and acquisition of the remaining 50% of Mams Mall at an 8% yield, subject to Competition Commission approval. Solar generation capacity will rise to 94.4MWp, covering 43.2% of electricity needs, with battery storage expanded to 30.7MWh. Funding was secured via three note placements totalling R1.75bn. Outlook reaffirms FY26 distribution growth of at least 9% (534.56cps), assuming stable interest rates.

Table6

 

Snippets

Harmony (HAR) achieved gold production guidance for the 11th consecutive year, delivering 1.4–1.5m ounces at 5.80g/t with all-in sustaining costs within guidance. CSA copper mine exceeded expectations with 17,500–18,500 tonnes, while Eva Copper project advanced despite environmental pauses. Record R4.4bn dividends were returned, supported by strong cash generation.

South32 (S32) announced a binding deal to sell its aluminium value chain assets to Alcoa for up to US$5.6 billion, including cash, equity, debt assumption, and contingent payments. Mozal Aluminium is excluded. Alcoa will assume US$1.2 billion in rehabilitation provisions. Matthew Daley succeeds Graham Kerr as CEO, positioning South32 as a streamlined, base‑metals‑focused company with growth upside.

South32 (S32) approved Sierra Gorda’s fourth grinding line, a US$725 million brownfield expansion boosting processing capacity from ~48Mtpa to ~60Mtpa. First output is expected mid‑FY30, full rates FY31. Annual copper equivalent production should rise ~30% to ~250kt, with ~10% lower unit costs. Returns forecast at ~20–23% IRR, funded via cash flow and JV debt.

Orion Minerals (ORN) confirmed a significant new copper intercept at Flat Mine East, Okiep, with 3.96m at 4.64% Cu including 0.95m at 14.19% Cu, extending the zone 39m down-dip from prior drilling. This continuity strengthens the geological model, showing the high-grade norite-hosted copper zone remains open at depth and along strike. CEO Tony Lennox said the results “further strengthen the potential upside at Flat Mine East” and reinforce the Flat Mines area as a cornerstone of Orion’s Okiep development strategy, guiding future resource optimisation drilling.

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