我们邀请Prosus首席财务官Nico Marais出席高盛欧洲Communacopia大会。核心要点包括：(1)Prosus生态战略：在拉美、欧洲与印度以高频外卖交易为基础、依托消费者数据构建生态，拉美进展最快，iFood已开始从餐厅供应链变现并拓展核心外卖以外品类，带动旗下拉美旅游平台Despegar的用户参与度提升；(2)巴西竞争格局：新进入者99Food（滴滴）与Keeta（美团）的投入从日历年初的每月5000万美元提升至当前约1.5亿美元，集中于圣保罗（占巴西市场20%-25%），iFood投入上半年占比高、2Q27（7-9月）为投入高峰，有助于市占率企稳，低价选项已占订单15%，公司确认FY27 iFood EBITDA指引1亿-1.5亿美元；
Presenters: We hosted Prosus CFO, Nico Marais, at our European Communacopia Conference. Bottom Line: Management discussed: (i) the competitive landscape in Brazil, where 99Food and DiDi have tripled investments to $150mn per month in 2026; (ii) progress for Just Eat, where the company is seeing slowing order declines and expects to exit FY27 with positive order growth; (iii) OLX potentially achieving $500mn EBITDA and $400mn FCF in FY27; and (iv) their overall strategy for value creation, including capital management. Key Takeaways: The Prosus ecosystem — management explained their strategy to build an ecosystem in LatAm, Europe and India, using consumer data and built on high frequency food delivery transactions, being most advanced in LatAm where iFood has begun monetising the restaurant supply chain, added categories beyond core food delivery, and helped boost engagement with their LatAm travel platform, Despegar. Competitive landscape in Brazil — investments from new entrants 99Foo