Group news

Prosus N.V.
(Incorporated in the Netherlands)
(Legal Entity Identifier: 635400Z5LQ5F9OLVT688)
AEX and JSE Share Code: PRX ISIN: NL0013654783
(Prosus)

Prosus focuses classifieds operations on its attractive core business

The core classifieds business of OLX Group continues to deliver a strong performance through the financial year, with sustained growth and improving profitability, and is well-placed for further growth and margin expansion. Most recently, OLX Autos, the adjacent car transaction business, similar to listed peers, has been affected by ongoing macroeconomic and market challenges. Higher cost of capital, high inflation and reversal of pandemic trends have led to a significant and persistent slowdown in the second-hand car market.

While OLX Autos has built leading positions across many of its key markets as a result of its strong technology platforms and local focus, pursuing a global growth strategy is no longer the right approach for our shareholders. Prosus will explore all options for the OLX Autos business, acknowledging that significant value exists within local markets.

Beyond OLX Autos, the core classifieds business in OLX is profitable, cash flow positive, and fast-growing. The exit of OLX Autos will lead to a significant improvement in the profitability profile of the Classifieds segment as a whole.

We are committed to working through this process quickly and efficiently in the interests of all stakeholders.

Amsterdam, the Netherlands, 2 March 2023

JSE sponsor to Prosus: Investec Bank Limited

Disclaimer

The information contained in this announcement may contain forward-looking statements, estimates and projections.  Forward-looking statements involve all matters that are not historical and may be identified by the words “anticipate”, ”believe”, ”estimate”, ”expect”, ”intend”, ”may”, ”should”, ”will”, ”would” and similar expressions or their negatives, but the absence of these words does not necessarily mean that a statement is not forward-looking. These statements reflect Prosus’s intentions, beliefs or current expectations, involve elements of subjective judgement and analysis and are based upon the best judgement of Prosus as of the date of this announcement, but could prove to be wrong. These statements are subject to change without notice and are based on a number of assumptions and entail known and unknown risks and uncertainties. Therefore, you should not rely on these forward-looking statements as a prediction of actual results.

Any forward-looking statements are made only as of the date of this announcement and neither Prosus nor any other person gives any undertaking, or is under any obligation, to update these forward-looking statements for events or circumstances that occur subsequent to the date of this announcement or to update or keep current any of the information contained herein, any changes in assumptions or changes in factors affecting these statements and this announcement is not a representation by Prosus or any other person that they will do so, except to the extent required by law.