Hello, partners. Welcome to our results day. I'm Fabricio, I'm CEO of Prosus. Today morning, we released our results. I'm very excited about what we are delivering, and I hope you enjoy our results call today. Today is a special call. I'm not going only to show you the numbers, but we have two special guests. Last time, you asked me to talk more about ecosystem and food delivery, and today we have the CEO of iFood and the CEO of Just Eat here with me to tell you much more details about what's happening at Prosus. I'm very excited about the results. I'm going to make an introduction to you about our ecosystem, and hope you enjoy what we are going to see today. To start, first, I'm very happy on how Prosus is delivering. We are now much more focused. We are focused in delivery, we are focused in finance, we are focused in experience, and all our business are growing and doing well, and I'm going to open to you today much more info about how we are operating. We are also focused in Latin America, in Europe, and in India. I think with this focus, this focus in results and also our innovation capacity, we have many more years of good results to share with you. As you know, we have around a billion customers, we have around five million partners, around EUR 100 billion that we sell, and we are going to open much more about how we operate. First, as you know, we got to almost EUR 10 billion in revenue. It's going to keep growing to more than EUR 13 billion next year. We got to EUR 1.3 billion in EBITDA. That's 84% more than last year, what is very good in my opinion. If some of you think this is adjusted EBITDA, how much cash you are generating, we increased our cash flow, free cash flow, by EUR 2 billion in the last two years, from - 0.5, 0.6, to +1.5. I'm very confident we are in the right direction. As I told you a few months ago, the center of our vision is how we make our ecosystem work. I know one year ago, six months ago, it was a plan. My plan was we are going to build an ecosystem as a competitive advantage. We are not here just to show you plans. We are here to show you real results, and we are going to open a lot to you how our Latin American ecosystem works today, and how this is going to connect to what we are going to do in India and in Europe. Today, we are going to talk a lot about our ecosystem and also food delivery. Hope you enjoy seeing Prosus with much more details. Moving on, ecosystem is the core of everything we talk about here. Some people think Prosus in Latin America is iFood. It's not. iFood is the foundation. iFood is a very important foundation. Our competitive advantage, what we can do better than everyone else, is how to run a full ecosystem. Now it's time to open all the details for you. As I told you, that was what some people think, Prosus is iFood. Prosus is food delivery. Yes, Prosus started as food delivery in iFood. iFood is amazing. iFood is growing a lot. We are close to 200 million orders today. It was like when I started, 20,000 orders, now close to 200 million. iFood, besides doing food delivery, is the right foundation because we have many customers with a very high frequency, and on top of that, we can keep growing. We have a big moat against competition, and now it's time to open that for you. As I told you, food delivery is an amazing business. iFood is an amazing foundation. That's the vision I sold to you last year. It's not only food delivery, it is travel, grocery, ads, events, classifieds. The good news, this is not a plan anymore. This is a reality, and it's a reality with very good results. Why? The Total Addressable Markets of those business are much bigger than food delivery. They are 10x bigger than pure food delivery. I don't have a plan to do that. We are executing that. Over the last one year, we made so much progress in all those areas. Some of you are going to be surprised. We have Despegar. You all know we made a big acquisition. It's not only Despegar. We are very strong in grocery, and we also invest in two important grocery companies, Shopper and Dakid. In dine-in, iFood is strong in delivery, but also iFood is very strong today in making the transactions inside restaurants. We acquired five companies, including kiosks for restaurants, and loyalty programs for restaurants, and ERP for restaurants. Now we have tens of millions of orders in the dine-in, and the markets that we have there are very big markets. In fintech and credit, it's a big business. In payment, it's already a big business, not only iFood, but also Zoop and Koin. In pharmacy, we are growing very fast, but we also invested in Mevo. That's enabled us to grow even faster. I'm going to get in details on that today, and Diego's going to be here with me to show you all the details. Everything I'm showing you here, the ecosystem besides food delivery today have revenues of $1.5 billion, and today is growing more than 40%. The ecosystem plan of last year is not a plan anymore. It's a very big business, growing fast, and we have so much more ahead of us. Today, the ecosystem is more than 50% of our revenue. You can see here pure foods, 45%, fintech, 17%, travel, 29%, and other marketplace category, 7%. We are much more than food delivery, growing 40%. It's very good to know that because this whole market has a lot of runway of growth. We have a lot of growth ahead, and it's very difficult to compete against a company like us that has customers buying and having the benefit of us offering them many services together, cheaper, faster, with less friction. All those markets together has a lot of runway. You can see here comparing iFood Brazil to China. On all those markets, we believe we are going to keep to see growth for many years ahead. Look at that, starting to give you some more details and some more colors about the existing ecosystem that we run in Latin America. If you look to our grocery business, we are growing 50% over the last three years, year over year. Today, we are two times bigger than the number two player selling groceries online. The second player, it's an amazing marketplace company. They are very good. Even so, we are two times bigger than them, growing 50% in a market that is going to keep growing for many years. On pharmacy, we are growing 70% year over year. Now that we invested in Mevo, we expect that to not only to keep this growth rate, because now we can also sell prescription medicine. On fintech, we never showed this number open one by one. Many of our fintech businesses are growing 100% year over year. Our credit for restaurants are growing 115%. Our infrastructure for fintech, 100%, new voucher, 60%. All of those businesses are not only growing much faster, but their profitability are increasing aggressively. I show in the other slides, our ecosystem, besides food, generates 100-something, more than EUR 150 million in profit. That's what we built in the last one year. Food delivery is the foundation. We have a big brand. We have lots of customers. We have very good technology. Now we built an amazing ecosystem. Latin America has another company, a marketplace company, that values between EUR 50 billion and EUR 100 billion, and it is an amazing ecosystem. That's what we are building, and we will build another EUR 50 billion-EUR 100 billion ecosystem in Latin America. Let me share you some more data with you. Ads is growing 100% year over year, and we have a lot of runway to grow on ads. Today, we acquired a company called Advolve, and our ads business is accelerating and growing amazingly well. We are serving tens or hundreds of companies, having the best solution to increase sales, for example, for companies like Coke or Heineken or AB InBev. It's not only ads. Despegar, as you know, last year, I promised you, is it possible because we acquired Despegar is going to grow faster because they are part of our ecosystem. We got lots of questions on that. Can we really help a travel company to grow faster? Look to this data. Today, Despegar is growing. The whole Despegar, 30%, only Brazil, 40% year over year. Before we acquired Despegar was growing around 10%, and the reason of that is the second chart. 21% of Brazil revenues of Despegar are related to cross-sell together with the Prosus ecosystem. That was our vision. It is we can, because of our frequency, our technology, sell better service to our customers. Our customers are happier because they can buy easier and better and cheaper travel business. As I told you, it's not only travel. It is grocery, it is fintech, it is credit, it is meal voucher. That's the Prosus ecosystem. I want to give you this overview on the ecosystem, but I hope you will stay tuned because after me, we will have Diego here explaining you in much more details how each of those companies are working, and we will be here for questions today. Besides developing the ecosystem, part of the ecosystem vision is how technology make all of that work. One week ago, we made an event called Prosus Forward, and I'd like to invite you to go there and watch the Prosus Forward event, where we showed how we are using AI to change completely our business. We really, really use AI to operate the whole iFood business. Last year, I told you about Large Commerce Model. That was our dream, to train a model that is smarter than everything else we have to offer better service to our customers. It's a reality. 100 million customers in Latin America are modeled in our AI model. It operates 10 to 50 times cheaper than if we bought a model from a leader model in U.S. If you think you didn't heard it right, we developed our own model, trained it using our own data, and we operate 50 times cheaper than if we just buy from a global AI company. That's when cheaper and faster, because we do distillation on models, so we make sure that we can have the results as fast as we need. Prosus is very good in the Large Commerce Model. It's a reality now. iFood, we are expanding to all ecosystem now. All those companies you saw, they're going to use the same model and improve their numbers. We developed ToqanClaw. Inside Prosus, we have 70,000 agents and 12,000 apps, and we launched it less than a month ago. All our employees, 4,000 people, they're using our ToqanClaw to have an OpenClaw-like assistant. They can start the morning, ToqanClaw call them and say, what are their problems? What is happening? They just ask for an app that connects to LCM and connects to our all data, so everyone can work faster, everyone can work together. We create SKUs, and these SKUs are used between the other people inside the company. I think we have the best implementation in a company of AI helping the company to move faster. It's more than that. We just expanded ToqanClaw to all our 5 million restaurants. Now, if you're a partner of Prosus as a restaurant or as a partner, you have access to the best AI in the world. We just launched last week in Prosus Forward, how we can, through Zapia, have access to the best assistants to deliver whatever you need. You can say, "Just help me with that, negotiate, buy," et cetera. Prosus is positioned as best in class in AI, for sure best in class in Europe, Latin America, and India. We are going to see a little today how this connects to the reality. In the core of the Latin American ecosystem that we are going to talk about today, we have Large Commerce Model defining how everything operates. On top of that, many assistants like Zapia, that I just said, but also many others like Sophia and Ailo and Toki and Luzia. AI for us is generating results, reducing costs, accelerating growth, and serving better services. Today, we are open how the ecosystem works. Hope you watch also Prosus Forward, and hope you enjoy seeing how we operate. I will be back here in a few minutes. Now I want to ask Diego to come here and share more about Prosus in Latin America. Diego. Hey. Thank you, Fabricio. Hello. Big pleasure. Thank you. Thank you very much. It's a big pleasure to be here and to have the chance to double-click on the ecosystem that Fabricio was explaining. The whole idea here is to show exactly how the synergies works, how we are organizing each pillar of it to generate the results that we believe in our strategy. To start, I want you to take a look on this chart that Fabricio already showed, but more importantly, to show that we have developed an ecosystem that is 10x bigger than the original pillar, the food delivery one, iFood. More importantly, in each of these blocks, you can see companies that are mentioned, companies that we developed internally or that we acquired or we invested in the beginning and worked with them throughout the journey. What does companies mean? It means optionality. These companies are the ones that we are integrating, that we are learning, that we are being able to extract synergies and build the entire ecosystem that you're going to see. Everything starts from the foundation. iFood is the foundation because it can give us the chance to have a business with high frequency, high retention, and high growth. In these charts, you can see how we are being able to grow fastly during the last years. You can see not only from the revenue point of view, but also from the client's point of view. On both graphs, it's already important to mention that the other categories, the new business, the adjacencies, they are already becoming meaningful. All the blocks that you saw in the previous slides is already represented here by more than 30% of the revenues generated inside the ecosystem. All these revenues are actually based in one thing, in the loyalty program, in the capacity that we have to not only attract, but to retain while we increase frequency of the users. The program that we developed that we call Club, it was developed four years ago and already presents a retention and a frequency that is much higher than the average customer at iFood. The more we bring the customers, the more we put them inside Club, the more the company grows with very important qualitative fundamentals. Also, Club was not only important to the food delivery business, but now it's much more important to adjacencies. As you can see in the chart, groceries, pharma, and pet, they already have around 50% of the orders originated by clients that are linked to the Club. Club now are moving from the food delivery ecosystem to the entire Prosus Latin ecosystem. When we are able to do that, what we do is we fuel, we create the capacity to grow much faster, much stronger, the other adjacencies. As you can see, grocery is already growing more than 50%, pharmacy is growing more than 70%, and on top of that, we create several optionalities. Now it's time to invest in beverages, in pets, in flowers, small electronics, gifts. The good thing here is to have the possibility to make these questions, then to decide when to speed up one or the other. Also, because we are able to generate so much traffic with so much quality, we gained the optionality to explore the ads business. As you may know, ads have been very important to marketplace around the globe as a way to have a marketplace business that is very focused on the transaction while you can grab much more profitability on the ad side. Fabricio already mentioned this. Our ad business is growing more than 100% per year. It's spread in all the categories, not only food delivery, but also groceries, pet, pharmacy, among others. The capacity to increase the traffic through Club allow us to generate what we are seeing here in terms of ads. This entire ecosystem is what give us the chance to sell more, and the more we sell, the more we attract the merchant. The more we attract the merchant, the more we generate data, the more we can do finance. Fabricio already showed this slide, but I want to pinpoint here one specific thing. What we are doing here in terms of fintech, it's not what the traditional banks are doing. What we are doing in fintech is to understand the operational and financial data that we grab from the merchants, and build intelligence on top of that using our AI models, and as a consequence, offering products that are not available for them in the Brazilian marketplace. As a consequence, we see the credit grow strongly with a great ROI. We are seeing Zoop, which is our banking as a service, as well, growing more than 100% with very long-term contracts, very low churn portfolio, and the meal voucher business, which has the largest LTV to the food delivery business. With all of that, we gain the capacity to keep thinking about the future. When we say about future here, it again comes to the same flywheel. The idea to find much more clients that has a good value, that generate traffics with retention, and give us the chance to bring more sales to the merchants. It's exactly where our future stands right now. Why? Because Brazil has an immense market in the low-income side of the society, and this market, it's very tough. Most of the players, they will try to play in this market just giving subsidies. Subsidies may work in the beginning, but in the low AOV markets, subsidies don't create fundamental value. We've been working with hits since 2018. Testing, learning, testing, learning, testing, learning. One year ago, we understood how we could do that. We understood how we could operationally change the way we deliver, the way we attract the customer, and the way that the merchant works to make very low AOV works economically for everybody linked in this equation. The slide shows how we were able to decrease by more than 30% the AOV, how we are able to increase the TAM by more than 25%, and finally, how we are being able to scale the operating margin to the break-even level. If you think that we are doing almost 1.5% negative operating margin in this order, which in dollar goes to almost zero, actually in a few months, we're going to able to reach the break-even point and fight and play in a market where historically it's not possible to invest. Why? Because the AOV is very low. The way that the future holds for us give us the chance to answer a question that probably you may be thinking. How the competition is going in Brazil, especially because some companies arrive in the last 12 months. Let me show you the mechanics of the P&L of iFood during this last 12 months. First of all, the main source of revenue for us is commission. The commission, it is exactly the same as we had one year ago. Let me jump the CPO and I will come back to it. Our ads revenue keep growing as expected because the traffic is very strong. The company grew orders, clients, frequency, and retention during these last 12 months. The logistics margin is still in the same place, which means that we are being able to operate even with the intensity of the competition, we have been able to operate with the same economics. Payment costs and platform costs are in the same level as well. What does it mean? It means that an year after a very intense competition in Brazil, our structural economics remains in the same place. What we have to discuss here is the CPO, the cost per order, the cost to acquire an order, how much we spend to make an order happen from the consumer point of view. This, of course, went up. It is because the competition just brings irrationality at this point in time, and we have to fight against it. Fight in a good sense, fight in the sense that we want to fight for the consumer. As soon as irrationality goes down and come back to the rational field, CPO comes down naturally, and as a consequence, we go back to the same place that we were before. Why? Because the structure of the economics are still the same. We keep working on it. Of course, what I expect is to have more sources of revenue in the ecosystem in the future. When we go back to the story, what we are saying here is we have a foundation. Strong growth, strong retention, strong frequency. With this foundation, we can spread the customers towards other adjacencies. We bet on options in the past that materialize it and allow us to have a TAM that is 10x bigger than iFood. We are now grabbing growth from these adjacencies and incremental profitability coming from that. More and more, iFood will be seen as an ecosystem. Half of the revenues in the next 12- 24 months should be coming from other adjacencies versus the original food delivery. This give us the confidence that what we are building will be much stronger in the future. Thanks very much. Now I pass to my colleague, Roberto. Thank you, Diego. Thank you. Hello, everyone. It's a pleasure to be here with all of you. I'm Roberto Gandolfo, the CEO of Just Eat Takeaway.com. My last 12 years I spent in iFood helping to build the food delivery business there. Just to start with today, we're going to talk about JET on this new chapter, where we are very much focused on growth and to reposition the company as an AI-first company. Let me start with this chart. JET has been struggling over the past few years to really grow, and you can see now we are in a new trajectory, bringing the company back to growth. What we did, this new chapter just started less than six months ago. The first approach was let's test and learn extremely fast in a small cohort of cities where we can prove that we can grow much faster than what we are doing today. We did it. We have more than 25% growth. We saw this level of growth in those cities where we did this test and building this playbook of new growth flywheel. Now the challenge is to bring that to the entire portfolio of JET, and that's what we are doing exactly here. You can see month-over-month the trajectory that is changing. Of course, we are not there yet, but we are in the right path for sure. Here you can see the scale of JET. The challenge is how we turn all this scale, all this density of JET into back to growth. That's our focus for now. How we are repositioning JET to become an AI-first company. This is very important to understand. Just to simplify here is basically we are talking about three main layers. The first layer is a unified platform where you have one back end everywhere, and you can operate multiple countries in a much more scaled and efficient way. We are building on top of that our LCM model. LCM is the Large Commerce Model that Fabricio just mentioned in his presentation. Basically, this help us to understand much better who is the customer, what the customer really wants, and then we can leverage on that to bring the right offer. You're going to see that we can personalize what we are showing in terms of content, subsidies, and so on. On top of that, sits our growth flywheel. The growth flywheel is basically bring more traffic to the platform, a high-quality traffic that can be converted into orders. Once we deliver an amazing experience in the post-purchase, then it will lead us to a higher retention and higher frequency. The same foundation that you just saw Diego explaining here about iFood. We are doing this repositioning here. How we are executing all of that? We have here six main blocks where we are focused on to really deliver this plan. Culture and management model, which is very important for us, is the foundation of everything that we are doing. Our right to win, this is being part of an ecosystem like Prosus. Capital allocation, the discipline to have the capital allocation. The tech platform, logistics, and our supply. Let's go through each one of them, starting with culture. Culture is the foundation of everything that we do. We are really raising the bar inside the company. When we look at the results and what we are doing, that's what we need to do. We are here to really bring the best customer experience ever to our customers, and we need to move extremely fast. This is a very important behavior on everything that we do. We have this tech profile to test and learn, use the data to drive our decisions. We are operating more and more as one JET, as a team that is a cohesive team that operated together, and you see very good early signals that we are getting there. The company now understands the strategy. They have clarity. They believe in this strategy, and we have clear ownership about each of those things that we are doing, which is very important for us. The other point is, I started in iFood when we were doing 1 million order a month, and we had 120x growth over the past few years based on technology, bringing the best experience to the customer, and this is what it means to be part of an ecosystem like Prosus, where you can exchange knowledge and leverage on this knowledge to start to repositioning JET in this new chapter. This is what really help us in the whole flywheel. This is exactly what we delivered over the past few years. That said, JET, as I said, is a scaled business. The P&L is there. What we have here as an opportunity is to do a better capital allocation. We are investing. What is the principle behind on how we invest? We basically invest where we have the density and scale to really deliver the best experience to our customers. When we do that, you can expect better returns, better paybacks on our investments because we have the foundations in these cities. It is a city-level approach that we are doing for all the 16 countries, which is very important to reinforce this discipline of capital allocation. We are also all the time reviewing our entire portfolio and really making sure that where we are, we will have a relevant position. We just exit Australia and Denmark in the past few months because it was not part of the core strategy anymore. We are doing a cost management that is very important. I am going to show one example of this in logistics, where you are going to see a very important improvement in our efficiency here. This efficiency allows us to reinvest in the business to grow, and we are focused on investing P&T, product and technology, and to invest to build our large customer base. That is what we are doing in capital allocation. When we go to technology, as I said, we are unifying the whole back end. This will give us speed to deliver a new capability and be live everywhere immediately when we build something new. As another example is the LCM, the Large Commerce Model. Fabricio talked about this cost reduction. This is really important. The cost to identify the user profile and understand who is this customer is now 90% cheaper than before. This enables us to really scale this model to the entire portfolio. Now you can expect that it is coming soon, that we are going to have all the components you see in the app, they will be driven by LCM behind. You have the AI engine behind saying, what is relevant to this customer? What kind of subsidy? What should be the restaurant that they are seeing? This is what will bring us this customization, this personalized experience. Here is logistics as one example of cash management and discipline on how we operate the business. You can see on a weekly basis how much progress we made really adjusting the demand shaping, the network optimization. This is our Scuba, which is basically the employed model that we operate in some countries. You can see the level of evolution. When we are talking about EUR 5 million a month, we are talking actually EUR 60 million a year in terms of impact in our EBITDA. We did that in just a few weeks. Now this allows us to reinvest in the business, to reinvest in our growth. This is technology behind. It is impossible to do a number like that without being more efficient through the technology that we are applying to the business. Here we also have the supply. We need to bring the best choice to our customers. That is very important. When you open the app, what really matters is what you see around you. What are the options that you have to bring? Here, just as an example, we are bringing the best content at this level at 80% in the Netherlands, the same principle, the same approach applies to other regions where we are. We want to make sure that when they open the app, they really have the right and the best content. We are also using data which is our model to say, where should we bring more offer, groceries, restaurants to our customers? This will direct connect with the increase of conversion rate in the app. We are also automating and using agentic operations to speed up the process of onboarding a new restaurant at JET. Doing all of that, we can spin our flywheel faster than ever before, and this will lead us to a higher growth. What we did over the last five months, less than six months, was basically setting the new strategy that it's really very focused on growth and a sustainable growth. Cultural shift, raising the bar, bringing these behaviors to be live on a daily basis, and started the path to grow, like testing and learning in a few cities. Now what we're going to do is to, as I said, accelerate this flywheel to really put a system in place where we have a unified platform everywhere for logistics, for the consumer, the back end, and do product improvements, as you probably saw in the Prosus Forward two weeks ago when we launched Toko for partners in the Netherlands with good feedback and experience. That's our expectation. I hope now you can have a better view of what's going on in Just Eat Takeaway.com. I will call Fabricio back to here to the stage. Thank you. Thank you very much. Thank you. Thank you, Gandolfo. Thank you. Hello, everyone. Hope you enjoyed to learn more about food delivery with iFood and JET. I want to finish this presentation, and we will be here for lots of questions, talking about the next steps. The ecosystem was a dream one year ago. Now it's a reality. You saw EUR 1.5 billion growing more than 40%. That's the first step. We are going to move that to the world. Prosus does delivery, finance, and experience. You see that in details in Latin America. We are doing the same thing in India. The foundation there is Rapido, is Swiggy, is Meesho, and PayU. PayU is the bigger foundation because the infrastructure of payments. For example, we have also Swiggy, and this year, Rapido and Ixigo and Meesho are part of what we are offering there. Then we have finance and we have experience. What you've seen in Latin America, we are going to the same direction in India. We are replicating the technology, we are replicating the learnings, we are replicating the cross-sell, and we are replicating the LCM and the assistance. Right now, we're expanding LCM after a lot of success in iFood to our ecosystem in India. We are starting in Europe. To be direct with you, we don't have the full ecosystem in Europe. We have some amazing business. For example, OLX is amazing in Europe. To me, food delivery is very important as foundation. I need Just Eat to go from now is minus four year-over-year growth to plus 10%, and we will get there, and we will keep sharing with you this progress. Then we will build the ecosystem around this food delivery, including OLX and our other business like ixigo and eMAG. What we are doing is moving ahead the same learnings you saw in Latin America, where we are having a lot of success to our other regions. Very briefly, you know that PayU was the center of India, but now we have many more. Just to highlight, ixigo is travel, just like we have Despegar in Brazil, and again, we are learning a lot from each other. We invested in Rapido. Rapido is growing at more than 100% year-over-year in mobility in India. Here we have hundreds of millions of customers, and we will share next time with you how we are also developing the same things you saw in Latin America, how it's being replicated in India. Europe, we are starting. We have OLX, we have eMAG, but the big priority now is to make sure that our foundation Just Eat works. We are going to keep delivering that, in the future, we analyze more how we can keep grow also with the European ecosystem. It's not our priority for now to expand or do other big acquisitions right now. That's what we are doing. Hope you enjoyed to learn more about the ecosystem, about innovation in Prosus Forward, and about food delivery. We'll be here for one hour of questions, I ask Owen to organize our Q&A session. Owen? Great. Thanks very much, Fabricio. Thanks, Diego, Gandolfo. I think that was a really great look at food, how through scale, frequency, retention, and density, can serve as the foundation of the ecosystem, and the ecosystem with its inherent growth and profitability can then unlock significantly other bigger opportunities through the TAM. We'll go to Q&A right now, and we'll have Fabricio, we'll have Diego, Gandolfo, and we'll bring up our CFO, Nico. It's clear that I'm going to have to add another O on my name so I can retain my job here. Let's get to Q&A, where, as we said, we're going to have an hour to speak with you. Let's go to the first question, and that comes from Cesar at Bank of America. Hello, Cesar. Hi, Fabricio. Hi, everyone. Thank you so much for the opportunity to ask questions, congratulations on the FY 2026 numbers. I think they were very good. Now I'm going to ask some difficult questions on looking forward. The first question, which I think I wanted to understand, a year ago, when you hosted this Capital Markets Day, you mentioned that you're very confident that Prosus is on track to deliver billions in EBITDA in the next couple of years. Of course, we've seen that in the next 12 months, you're going to have to invest more in iFood and JET. I think this is mainly due to competition, which you could not foresee at the time that it would be so intense. I think we understand that, just wanted to understand from your perspective, looking at the consolidated numbers, does it seem about right that EBITDA for the group will not grow much in FY 2027? Then what's going to happen in the next two to three years? Are you still bullish on this opportunity to grow and deliver billions in EBITDA? Then probably linked to that, I think the presentations we had on the LCMs were very insightful. I just wanted to probably understand a little bit better, when are we going to see the impact of this AI into the numbers, especially on the EBITDA side? Thank you so much. Thank you, Cesar, for the comments. I agree with you, the results are very good for last year. A comment on your comment is, when I showed that those expectations for one year ahead guarantee EUR 1.3 billion in EBITDA, many people also said, "Can Prosus keep the current numbers or keep the current trajectory in?" Over the last 18 months, we are consistently delivering, I'm sure you're going to keep seeing these results ahead of us. Your first question is if I'm still bullish in profitability for the future. I reaffirm, I expect, we will deliver billions in profits, and we will get there for sure. Yes, you are right. This is not a year that I expected to increase profitability. This is not, as I said in my letter one month ago. The rationale to that is the following. We have good business. First, I'll start with JET. I could just say I'm going to invest more in JET or increase profitability in JET. That's not the objective. The objective is to have a global food delivery leader. First, we're fixing technology, growth rate, how we treat the customer, lots of internal areas so we can have a company that can not only grow 10%, 20%, but we can have profitability on JET for many years. That's my expectation. That said, for the moment, it's better to me to fix everything that we have and create the right foundation to growth than to just increase profitability in JET in the short term. On iFood, it's nice that we have Diego here. The iFood business is doing very well. Yes, I know there is more competition there. The competition is not having better offer, better product, better. They're not. Actually, iFood offer, iFood brand, iFood communication. iFood is ecosystem. It's a very complete and good ecosystem and set of products. I could keep just increasing profitability, but I prefer to invest in it what is growing. For example, you saw fintech. It's growing super fast. For us, growing in iFood Hits, it's super important. Can I just say let's take the maximum of profitability now? That's not my objective to make the maximum of profitability next quarter or next six months. My objective is to have not only two billion, but many billions. We will get there. I'm as confident as ever. That said, there is cycles of investing more and deliver more results. Last year, many people questioned, we could deliver the results, we delivered all the results. We are going to invest more this year, and we are going to deliver much more results in the year after. Fabricio, if I may, Cesar, one of the points that Fabricio mentions here that's very important is, do you have options? That's the point. We have the option. For example, at iFood, could I grow less and deliver much more profitability, for example, on the adjacencies? Yes, I could. Is this the right option? The answer is no. The market is still growing. The habit is still being formed by the new options that we're bringing to the market. The point for me here is not if we're going to deliver or not, it's when we decide to deliver. I think that the right option right now, especially on the grocery side, the pharmacy side, among others. Correct is still underdeveloped. I prefer to develop by myself and be the leader of the market than wait for this just to deliver more profits this year. Well, did he made a second question? Yeah, I think Nico was going to say something on the profit. Yeah, I think maybe just to provide a bit more color on the expectations for the year ahead. I think first thing that I want to emphasize, for some businesses, the expectations that we outlined at the CMD, we're actually tracking on or ahead for many of those. Which are they? Things like OLX, who's had a really stellar performance in the last year. EUR 480 million of EBITDA, 16% top line growth. We expect that kind of improvement, both growth as well as profitability and margin to continue. We've seen PayU India growing, but also returning to, or being profitable. Again, that trajectory is continuing. Within the iFood business, we are seeing the adjacencies, and you saw the presentation from Diego, who are growing fast and starting to contribute a lot. All of those businesses are actually in line and tracking well with the expectations that we've set a year ago. In terms of some of the new acquisitions, also Despegar as well as La Centrale that we acquired in the last year, they are tracking on or ahead of our investment cases. Clearly there are certain investments, and we've highlighted that in the presentation today, but also within the CEO letter that we published in May, where there will be investments this year going into JET as well as the core iFood business that Diego outlined. We've given you a range there because the market remains dynamic in terms of the spend and how competitors are actually reacting to that. What is our expectations? From a revenue perspective, there's still an element of our full year like for like. Jet was only in for six months, it will be in for a full year next year. Our revenue should grow still healthily to EUR 12 billion-EUR 12.3 billion at least next year. You can see the dynamic of some businesses, as I outlined, really continuing on their growth and profitability path, offset by some investments, which then more or less get you to the conclusion that you came to, Cesar, in terms of overall profitability. In cash flow wise, that should be the same. Our EUR 0.10 dividend for the FY 2027 year, we've already received that in June this year. Clearly as our e-commerce business remains profitable, then it will continue to generate additional cash flow on top of that. The second question was on the LCM and some of the products we announced Prosus Forward and when they should be showing up in revenue and EBITDA. I can explain regarding the LCM and the impact in the business and in the numbers. If you see that we are challenging ourselves in Jet to deliver growth this year, we want to bring the entire company back to growth while we remain profitable. This is only possible if we use LCM properly, if we have an efficiency in terms of CPO. Otherwise, it would be impossible to bring the entire company back to growth, and we would need to spend much more than what we are doing now. Here is where you can see the impact of this kind of technology in the business. Just to complement here, you're not the first person that's asked me those days. Look, for example, Despegar has 20% of this revenue comes from the iFood ecosystem. Despegar is growing like 30% or 40% overall. This is a lot related to LCM and data and AI. Our profits. I go to this event, sometimes they say, "No, let's talk only about the future." It's EUR 1.3 this year. It was EUR zero two years ago. We are using AI heavily to reduce costs, to serve customers better, to increase sales. The results are already there. The point is, they are going to keep compounding, because we are not just using some technology that someone developed. For example, now, when I expand LCM to the whole world, that's what we are doing right now. Our results in many other companies are going to keep improving. When I put LCM in all that, we showed 10 companies in Latin America. All of them are going to use LCM. Our results there are going to improve too. We are already having strong results due to AI. Fabricio, if I may, in the same line that Gandolfo mentioned, think about the synergies of iFood and Despegar. Because someone is ordering food doesn't mean it will buy a hotel ticket or a flight ticket. Where the synergy comes from and where the LCM impacts here, the fact that I can have the power that the LCM brings me, I can identify the behavior of a specific customer, and I can know exactly what to do with that customer in a specific moment. Because the LCM provides me this quality of information, I can provide to Despegar, from iFood to Despegar, the exact moment where someone is not in their town or has a certain frequency of travel, and so on and so forth. When you compare what Despegar is doing right now versus when it was publicly traded, you will see a company that is more profitable and grow much more. Where does it come from? It comes from the intelligence of. Technology the LCM. Not only LCM, but also LCM. Yeah. The answer in the end is you will not see LCM as a specific line of revenue because it's not a SaaS business, at least until now. You're going to see this inside each of the lines of the P&L of the companies. Yeah. Just adding to that, we launched this week, maybe that's what you were asking about ToqanClaw. We offered ToqanClaw to the restaurants. We have a few restaurants because we had 1,000 using before launching to everyone that are saying, "I have, using this model, substantially better experience than I had using the public global leaders." We are not selling it today to the restaurants because we operate it around 10 times cheaper than if you are using a global leader model. Over time, we may charge specifically for that. Over time, we may offer it for free for our customers and for other customers, we may charge depending on how much they use. Our focus today is not make this line as a revenue line. It's to say, we are the best partner for restaurants in the world because here they can grow fastest and better their business. That's our focus for now. We are doing all of that. The costs of that are inside our income statement because we can operate it cheaper because we built our own model. All right. That's question one. Wow. We have time for more one question today. We'll go to Andrew from Barclays. Andrew. Hey, guys. Morning. Can you hear me okay? Great. I've got two, if that's okay. First one is on JET. You're clearly getting some early signs of positive return in the cities where you've made changes. Can you just give us more color in terms of exactly what type of changes you've been making there? Give us more color as to how easy it is to embed that across the rest of the geographical footprint. For example, can you tell us how long that's going to take to get onto a unified backend and have the LCM fully up and running? Just so we get a sense as to how easy it is to translate what you're seeing in the early cities into the rest of the group. That's the first question. The second one is on Delivery Hero. Appreciating that there's a lot of moving parts here, and you're probably limited in what you can say. As it stands today, you have until mid-October to further sell down in the company. Can you give us your consideration as to the moving parts here now as to the stake? I guess the angles that come up in investor conversations around whether you might be able to negotiate with the EC to extend that deadline further, whether you might buy more shares, what your perspective is on the Uber interest in the company, whether there are still some assets into Delivery Hero you might be interested in. I think it would be really helpful if we could get your views on the various gives and takes around that stake. Thank you. You answered very well the first question. The second, let's see. Yeah, let me answer the easy question first, the tough question will come to Fabricio later. Regarding what we did in the selected cities is really focus on the growth flywheel that you saw here. Bringing the right high-quality traffic to the platform and starting to doing the customer segmentation. Using LCM behind that to understand the behavior of the customer is what was driving this kind of growth. The supply is a very important piece as it is logistics. There is no secret on that. The secret actually is executing it with operational excellence. We are, as I said, in terms of behaviors, raising the bar, moving extremely fast, and really focus on our customers to understand the pain points and solve them. The other piece of that is technology. When we start to apply the Prosus technology, the technology that we also saw in iFood, here you can see the level of change. We said that in the letter. Please do not extrapolate the 25% very short because we are building that to the entire platform. You can imagine the complexity when you go from a few cities to the entire portfolio. That's exactly what we are doing now. You see the new trajectory. You see the direction is going to the right place coming from -9% to -4%. That's what we are doing to deliver that. There is one slide in your internal presentation that show number of tests of marketing or new products last quarter. In this quarter, it was like from 15 to- Before, actually, JET was not testing too much. It was not part of the culture. Now we are running hundreds of tests in a month, and we want to bring it to thousands of tests because this is the speed that we can learn is what we're going to drive our results for the future. That's what we are accelerating to spin this flywheel faster and faster. This is very important. You're talking about the unified platform. This is a central project for us. I will talk about one piece of that. We expect to have in a few months launching one new country using already the new logistics platform, which is a unified platform. We expect, let's say, in six months, less than that to really start to operate one entire country with this new platform. Then it comes naturally a rollout to all the countries after that. This is the kind of speed we are trying to build internally. That's some of the areas that you're investing in this year, correct? Yes. Yes, for sure. If you look at the investments that we are doing, for example, product and tech, this is exactly what we are doing. Like we said, we need this unified back-end, unified platform, and it takes longer, of course, to do the entire company. Instead of doing it in 24 months, we are breaking it down and delivering one piece at a time so we can see the progress quicker. I think that's really important across both JET and iFood. Yes, you're investing in demand, but also in supply with the product that sustains after competition or after you're back onto growth. Yeah. Let me just highlight this point, which is very important, though. We are not the kind of operators that just use subsidies to move forward. Actually, what we love to do is to test a lot to build products, and these products remain for a cycle of years and years generating the results that we want. I can reinforce to you the changes on how JET are approaching through frequency and retention are substantial. You see that chart, obviously, I'm not proud to say -4%, but it was -9% in March. This number's going to keep going up because we are doing profound change, and I'm very confident about that. Andrew, your second question. Delivery Hero. Obviously, I'm frustrated that I think we could do better when Prosus was the biggest shareholder of Delivery Hero. The result could be better for Prosus and for Europe, but it is what it is. We had some commitments. We executed our commitments. We are not the biggest shareholder anymore. There is other bigger shareholders. I think you should call them and ask what are their plans. There is nothing I can talk now in what are the plans or next steps. It would be inappropriate. You have to wait more. I'm sorry. Okay. We'll go to the next question, but before we do, I'm going to remind you to unmute your phone before you speak and stop making me look bad. We'll go to Will Packer at BNP. Will. Hi there, thanks so much for taking my questions. Three from me, please. Firstly, there was that very useful slide that talked to the addressable markets for iFood across diverse areas like OTAs, food, grocery. Is it right to think of that as the vision for Europe and India? To what extent can that be done organically versus via M&A? Second question, clearly, we've already touched on the noise in Brazil from the Chinese new entrants. You've cut 2027 EBITDA expectations quite sharply. On the other hand, when I look at KPIs like traffic, it's actually very resilient. A little bit of an update on the state of the nation of Chinese competition and the prospects for EBITDA to rebound in 2028, back to 2026 levels or beyond. Final question around the risk for the ecosystem from the rise of alternative consumer agents. We know from Tencent, they're working very hard to be the agentic AI assistant of China. One would think in the West, Meta, Google, OpenAI, Anthropic, who are working hard on the same. Could this imperil your own ambitions, the rise of big tech consumer agents? If we look at somewhere like Latin America, do you plan to coexist, or will you be the consumer agent? Just any color on how you think about that long-term risk would be very interesting. Thank you. Thank you for all the questions. I'll try to go to the first. Is that the vision for India and Europe? Yes. That is the vision. I finished with one slide saying if Brazil was more advanced, it helps. I was the CEO there in Brazil. I started to dream about that two, three years ago, four years ago. What I want to show you is that we delivered much more than everyone recognized or know because we are releasing more data today. I think the ecosystem in Brazil is strong. The vision in India is the same. We are going to do the same. We are already executing a lot of the same. We already did more than we are talking about. We will go for Europe later. You said, "Can we expect acquisitions now?" No, my biggest goal now is deliver real results in Just Eat because this is the foundation for our next steps. In India, we did a lot, actually. Just to remind you, Rapido is growing 110%, 120% year-over-year. It's an amazing company. It's a mobility company. ixigo also has a lot of synergies with Prosus. Hopefully, we should make a presentation just like today on India in a few months. I think the good thing to show you is that we are delivering technology and knowledge that is replicable. Food Delivery may be a EUR 10 billion potential revenue thing in Brazil. The whole markets we are is EUR 100 billion. If you look that to India and Europe, maybe it's EUR 300 billion. We are just to keep executing, delivering more. That's our biggest priority. We're going to keep replicating that. Yeah. No, just one comment on this, Fabricio, which is very important. Some people, when they look at that slide, they think a lot about acquisitions. That's not the point. Acquisition is not the strategy. The point here is what's the culture and management model that allow you to build an ecosystem? Because it's easy to buy a lot of companies or develop a lot of products. The point is how you make everything work synergistically. That's what we were able to prove in Latin America. Of course, it's a great framework for the other places. Regarding the competition in Brazil, as Fabricio mentioned, we didn't see anything different from what we knew. The way that logistics is operated, the way that the algorithms works, and so on and so forth. The focus of the competition at this point in time, it's been heavily focused on subsidies, especially on the outskirts where the low-income segment sits in Brazil, and in very small restaurants. We saw a market that grew heavily based on that. Discounts generally goes around 50%. Of course, we could just play with that's not what we're going to do. We have to do some offensive in that sense, that's not our focus. Our focus, it's mainly focused on product, and one of them, it hits that I showed here. Can we go back to the same levels of returns in the next year? Of course, we do. It will depend a lot on the behavior of the competition on the irrational side. As soon as things come back to the rationality, and it will eventually come back, we will go back to the profitability. As an ecosystem, we have a push that will make us much more profitable than we expected in the past. Can you estimate how much the competition is spending in that low orders? Oh, yeah They're giving 50% discounts through subsidies. Yeah. How much BRL they are losing per order? They are losing more or less EUR 8 per order, which is something unbelievable. 40. Yes. Yeah, it's more or less. Yeah, more or less. Yeah. You showed in our slide that we are losing 1.5 in average. Yes. In some cities, we are losing zero or 0.5. Exactly. We are going to invest a lot to fight competition without the subsidies. I think our position is very good. Yeah. It's very good. The results up to this point are great. I mentioned we grew orders, we grew customers, we grew frequency, we grew retention. After one year of this irrationality, having these figures is something that. Yeah Is very meaningful. Some Brazilians are getting free food. Let they be happy. We are going to offer to all Brazilians cheaper food through better product. That's what we are doing. Having the capability to invest for that makes the difference. We are ready for that. We are a big enough company that we have a competition, we are going to win. We are doing that profitably, rationally, with a good reasonability on how we are implementing that. I think we are doing well. The third question, who was? Was on agents and the threat- Agents or opportunity. I'll try to be quick because we are talking too much in each question. Thank you for this question. What you just asked is part of our big vision on Prosus. Some companies in China, they are more advanced than, you said OpenAI and Anthropic, and Google Gemini, but actually what we are seeing in some places in China, sometimes Alibaba, I think there is lots of expectations on Tencent too, is to have agents that are much smarter than just ask a question. It's an agent that do things. We are leading on that in our region. This week in Prosus Forward, we show Zapia, where you can tell Zapia exactly what I'm telling you by voice, "Zapia, call my three daughters, offer them three places where we should have lunch, negotiate with them a place, then call the restaurants, schedule the reservation with them, then let me know what's the conclusion, put in my agenda." It's an agent that they really commit and do things, and they work for one, two hours until they finish everything. We are integrating that in all our ecosystem. Zapia, that we launched last week, now starting to do Just Eat orders, and also iFood orders. Also, we are integrating that inside. For example, Despegar. Despegar we have Sophia, and we are making Sophia much more agentic, just like OpenClaw, but with capabilities of completing the transaction. Our agents now can make a purchase much faster and easier than most of other agents. You talked about the competition with the American companies. I don't think they are leading. I think we are doing better job. The Alibaba and Tencent are doing better jobs, and TikTok and ByteDance. I'm very proud that we are doing technology and we are moving the speeds in Europe, in Latin America, and in India. In India, we have also another agent called Equal AI. In Europe, we are going to push more Zapia now. In Latin America, we have three or four. We are doing it best in class. I suggest to you, I think, who made the question this time? Will. Andrew. Will. Will. Go there, download Zapier, test it, you will say, "Oh my God, this is better than what I'm seeing from the American players." We are here to lead in AI. I think we're starting to deliver real results. What we showed last week in ToqanClaw, it's better than what exists. People are using cloud codes in other places, especially in the U.S. We are doing it cheaper, and we are sharing the data between all the companies. Our restaurant, they can get skills from other restaurants, so they can operate better. This is better than what exists outside. I think we are leading innovation, not only in Latin America and Europe and India, but also globally. That's where it can grow. Our numbers are good because we are very tech-first company. I think the results are coming. Fabricio just to complement, what I would say as an operator is the point here is not to say everything will change, and I have to be prepared. The point here is to have the options at your hand, try to shape the future, and if you are not capable to shape the future, you are ready to understand how the future was shaped. Of course, we're going to try to shape. The point, and again, every time that we start to talk about innovation, people come six months after and say, "Where's the revenues?" The point is not about revenues in six months. The point is to shape the future or be ready for how people will shape the future. We are doing that. Yeah. I think another interesting point and important point is when you say integration of these life systems into your ecosystem, because they're able to, when they're actually connected, they can do more. Yeah. A good example on this is with Zapier, we are integrating Despegar and iFood. Therefore, Zapier wasn't born only as an agent. It was born as an agent that can do everything that Fabricio said, and also complete an entire transaction in a marketplace such as ourselves. All right. Great. The next question will go to Monique at Citi. Remember to unmute, Monique. Morning, everyone. Can you hear me okay? Hi. I had a couple of questions on food delivery, if I can, and then one on capital allocation. The first one I was just interested in, when I look at the slide on the iFood revenues, the core food delivery revenues look pretty flat year-on-year in the second half, and actually down a bit from the first half. Presumably, that is the vouchering or subsidies you've been giving. Just was keen to understand how the core food delivery business is growing revenues if we were to X out the sort of vouchering you've needed to do because of the irrational competition at the moment. The second question, also on iFood, was around the profitability of the Pago and new initiatives, because that was quite a dramatic swing in profitability, 1H versus 2H. 1H down BRL 112 million, 2H up to BRL 427 million. If you could just talk us through what has driven that sort of dramatic improvement in profitability so we can start to understand how to think about that going into 2027 and beyond, because presumably that's going to be a big driver of profitability medium term. The final question I had was just on, there was a slide showing the dividends total to Prosus. The Tencent dividends, but also you've got a load of dividends coming in from OLX that have ramped materially as the OLX profitability has continued to grow, and pretty stable dividends from iFood. As I think into next year, it also seems likely the case that you're going to get improvements in the dividends into Prosus. Just wanting to understand how we think about that against the EUR 5 billion buyback target and whether that buyback target, for instance, could expand as we go through the year if OLX does very well or if you dispose of more non-core assets than you think at the moment, for instance. Right. I can start here with the iFood financial performance. Yes, there is an impact in the revenue side and on profitability as a consequence of the irrational competition. For me, that's why it's so important to understand the entire P&L and how the operational metrics are going. Again, the customer base is bigger, retention is better, frequency is higher. We don't have any swing on the Club loyalty program and so on and so forth. On the profitability side, what we have as an impact is the increase of the CPO, as I showed in the last graph of the presentation. This is basically this movement. What are the good news? The good news is that all the clients that are the ones that generate more economic profits for the company is still there with the same level of frequency, and therefore, I'm not seeing an impact on this. As soon as irrationality goes down, profitability comes up as a natural consequence. Yeah. There was another. Just to clarify. You want to go. You had a question on iFood Pago. On that slide, it's iFood, Pago, and other. You're correct that there was sort of H1 versus H2 and a ramp up. Included in that was an element of a once off relating to certain indirect taxes that we were able to recoup, which we also used to invest in the food delivery side of the business, where you would've seen order growth of about 8% year-over-year. There was also a question about the cash flow and dividend extraction that we have at the top. Where you see that in the past year, we had a Tencent dividend, OLX, as well as iFood. Clearly the Tencent dividend for FY 2027, that's already been received and that's increased a bit. OLX are on a further growth as well as profitability path. That element of cash flow generation and hence dividends that we can extract should remain and grow going forward. iFood clearly as it will be an investment here, that will be sort of more depressed. You then asked, how does that impact our sort of ability in terms of the share buyback? From an overall share buyback perspective, clearly we continue with the open-ended share buyback program. We have adjusted that, where we fund with both the sale of Tencent shares as well as other capital, which comes from either non-core assets that we've sold or other assets that we have available. That part, we will continue, and for the year ahead, $5 billion is what we will do. I think that the way to see it is that is just one component of other resources that we have that we can deploy besides Tencent that makes the program actually more efficient, that increases our per share exposure to Tencent. You would've seen how that has actually played out, for instance, in our core headline earnings per share achievement this year, where underlying core headline earnings grew 13%, but on a per share basis, it was 24% because of the effectiveness of the share buyback. Great. Let's move on to Joe at UBS. Joe, unmute your line, please. Excellent. Thank you very much for taking my two questions. Firstly, last week you announced you're investing EUR 460 million in Alan, a French AI-powered health tech business. This is the biggest investment beyond JET, Despegar, and La Centrale to date. Could you give a bit more color on the investment, what got you excited about it, and how it folds into the wider Prosus strategy? Secondly, I want to spend another minute on Zapier. As you say, it's live in Europe and fascinating to use. Don't tell my dad that his birthday WhatsApp message this morning was both written and sent by Zapier. Owen mentioned agentic integration, and that versus the services in Europe feels like it is the differential versus the U.S. majors. What's the impediment to moving even faster on agentic integration? Do you expect to deploy ad dollars behind Zapier? Do you see Zapier or other personal assistants as something you can monetize? Sorry. The difficult part of that is that when you make short three questions, we always get lost. On Alan, we talk too much about AI as models. To me, models, we have not only American models, but we have now Chinese models, we have open source models. The layer above is much more important. We are doing that on commerce, and Large Commerce Model is super important for that. To me, the impact on AI in health is unbelievable big opportunity. I really believe the opportunity is going to be very big. It's not our core to execute the health services itself, but Alan is especially amazing in a life assistant for healthcare. By far, what connect us a lot is that they have a life assistant that people use every week. They have more than 1 million users every week talk, checking, what are you doing with your healthcare? How you're feeling? Do you want to talk about something? Do you want to talk to a doctor? Can you do a video call? Do you want to schedule something? This idea of making AI, Alan's also some of the founders of Mistral, getting a lot of intelligence to take care of health. I think it's a very big market. We are not a pure investor. We are buying part of the company because we think we can help. We can help on the life assistance, and we will integrate somehow, not to give too much details today, the Alan healthcare with our assistance. We will integrate many more things. Second, we can help a lot in the B2C approach. We have hundreds of millions of customers that we can help on that. Third, they need to go to international expansion, and we will help substantially in the international expansion strategy. We are working a lot on AI together. Our AI is very good. Theirs too, and we think we can It's a investment. I think, Alan's going to be a EUR 10 billion, EUR 20 billion, EUR 30 billion company, but we are not a pure investor. We are helping through our technology how to make them operate better. Very connected to the second question, when you talk about Zapia. Zapia is the first life assistant we are pushing. We made so much progress on that in the last six months, and now we started to talk about You told your father got this message. Lots of my family members also talk to Zapia quite often. It's amazing. Don't tell. I'm not going to say names, otherwise I will have problems in my family. Zapia is super sophisticated, and you said how aggressive we are to integrate. Very aggressive. Over the next few weeks, we will have many announcements on Zapia, how she can do things that no one else can do, because very fast, you just send a message by voice and amazing things happen. Can we invest add EUR on that? Probably, we will. Probably Zapia is going to keep increasing their investment, and I think, we started positioning us as a technology innovation. It was only in Brazil, I think, and one more South American country. Now it's in Europe. We integrated with Just Eat. There will be more important integrations in the next few days to be announced and demonstrated. I'm very excited about that, I think we are ahead of what other people are doing. Obviously, it's amazing to use, let's say, ChatGPT, but you can ask a question to them. On Zapia, you can say, "Solve my problem. This person is going to do that. Call to 10." I used that. My car has a problem. Call or write to five place that give maintenance in your car, negotiate the date and the price, close the deal. We are going to do similar things, for example, in food delivery. I think we are, again, I think in ToqanClaw, we are ahead of the market. I think in LCM, we're ahead of the market. I think in Zapia, we're ahead of the market, too. Great. Let's keep going, we'll go to Giles. Thank you very much. from Jefferies. Hey, Giles. Yes. Thank you, and morning, everyone. First question for Fabricio, please. Your strategies come under some public criticism of late with the open letter to the Prosus board using the fable of the Emperor's new clothes to frame the argument. Your thoughts on some of the criticisms you've faced there. Question for Diego, coming back inevitably to the question of competition in Brazil, perhaps to illuminate it from a new perspective. If you could give your thoughts on why Keeta has indefinitely postponed its Rio de Janeiro launch, earlier in March. Finally, Roberto, please could you tell me or tell us, what conditions you would exit further markets? Starting, I'm a founder of a tech company for 25 years. Someone always disagree about what you are doing. It's part of life. I know some shareholders disagree. Part of life. I can survive with that. I read this letter. My first reaction is, I think he used AI to write the letter and to publish the site. I'm sure he also likes AI as much as me. He doesn't told us, but I think he likes it. You know my strategy. We are very good in what we use in AI, what we show in Prosus Forward. Very few companies are doing LCM training model, make the distillation of the best model. ToqanClaw, Zapia, we have more 18 life assistants that we are going to keep pushing and testing in smaller regions. I think we are substantially ahead. Some people can say, "Prove me." Have you seen our numbers? The numbers happen because we are a tech first company, not because we are lucky and Europe is growing 20%. No, it's not. It's because we are executing technology very well. We are going to keep being very aggressive in having the best technology and delivering the results. Not the last six months. I'm doing that for 15 years. That's why iFood is so big. Some people disagree. Okay, I can live with that. I think those people are wrong. I think we will deliver results over time. Come back in the next year result and I'm going to have more nice slides and you can maybe make this question again. Well, on Giles, nice to talk to you. Last time you were in Brazil. Now I'm here visiting you. He stays in London? Yeah. Yeah. Now I'm visiting you. He's right outside. No. Oh, yeah. Well, I really don't know why they said that, they decided that. There are so many moving parts that it's impossible to know if it's the fact that there's a war in China or there are a great contender, which is iFood, or other aspects that we don't know. What I care is what they are doing. With these signs, it's how I redefine my tactics without necessarily changing my strategy. That's it. I think there was a question, if I got it right, was basically what's the expectation in the market in Europe? What I see is the most challenging thing to building a food delivery business is the foundation in terms of scale and density. This is exactly what Just Eat has. If now we apply the whole technology, the management model, and the culture that we said here, it's much easier to turn this high-scale business with the right density back to growth, like in a company that can grow again, than doing the opposite. For sure, there are good operators in the market, but we are very focused on the customer. That's why we are deploying, for example, the LCM. Because if you understand better the customers than anyone else, we can have the right services, the right supply, the right choices. this is exactly where we are focused on. Just Eat has the density, Just Eat has the scale. Now we need to leverage on that to bring the company back to growth. I think what he was also getting at was are there any conditions that will cause you to exit another country? Okay. Probably it's the opposite of what you just said. Those other countries. Yeah. Good question, Soho. The conditions to exit a country or not is basically based on the principles on how we allocate capital. If we don't see the right density to have the right return on capital, and it's impossible for us to win there or be a relevant player there, does not make sense to remain in this country. All the time we will be assessing our portfolio and make sure that where we are, we are a relevant player. That's the principle behind it. That's why we left those two countries, and we're going to be assessing all the time. Great. Thanks. Let's go to Marcus at JP Morgan. Hi, everyone. I have also just three questions. The first one is, again, on the Capital Markets Day last year. Part of that was also creating a flywheel in LatAm. Clearly, you've done a lot and you highlighted the synergies between Despegar and iFood. You've done a lot there. I think your comments I read that we're not going to see larger scale acquisitions. We can debate what larger scale is, but it doesn't look like, given your comments previously, that there's a lot. What is this flywheel in LatAm from here? What do you need? Is it something that we think will be built on organic revenue growth and strong execution? Or how does it go from big to bigger? Really, that's the question. The second question is, unfortunately on Just Eat again. Clearly the -4% is on a comp that was down -8% year before. It seems that it takes a long time. What I try to understand is really the question, how do you get to revenue growth? You're doing clearly a lot of things, and AI will help, but I'm sure your competitor is also very busy in his tech department. Is it about market share gains? Is it about consumers just ordering more because there are more systems and hence you have better order growth? Or do you really envisage market share gains at the end of the day? That would be interesting. The third question is just again on Tencent. Nico, the share price of Tencent is where it is right now. To keep going with a EUR 5 billion buyback, is there a debate how much of Tencent you actually want to sell at these levels versus taking or funding the buyback more from the balance sheet? That would be my three questions. Hope that makes sense. Good that you distributed a little. Thank you. On Latin America, you said we talk about that last year. I think we get the credit that I told you that is our plan that we are going to do in Latin America. Today we are showing that is the results. We show that we are growing 100% in three or four or five different businesses. We are not looking for very big acquisitions in Latin America now. We show more or less five to 10 companies we invested or acquired in the last one year. They were much smaller acquisitions. For example, I showed three or four companies doing software as a service for restaurants, one doing kiosks, one doing. There were many companies there, and they were much smaller acquisitions. The point is that there wasn't one slide we deleted. It would be useful now. We have the Despegar chart that shows going from zero to 20% in one year. We have the same slides with more four things that were Despegar. More four showing CRMBonus, Mevo, Shopper, and someone else. We are showing we have the same kind of growth in all the companies we acquired. Not in all. We show at least more five. Last year we had a dream. Ecosystem was a competitive advantage. Now it is. We are doing sometimes the smaller acquisition or investments. All companies are accelerating their growth. That's our thesis we are going to keep delivering. Organic growth a lot is more acquisitions. We did 10. We are going to keep doing that. We didn't show a slide about profitability month by month, all those companies. You've seen that it is like EUR 160 million in profits outside food delivery growing a lot. We have some areas we started a few years ago that are every time more profitable. I think the ecosystem thesis, it's not a thesis anymore. That's what I tried to show today. Regarding JET and the revenues, what do we see? Over the past few years, JET has been declining. Trying to compensate for that, JET, as all the food delivery platforms in the world, they started to operate the delivery fees and service fees and so on. That's not our strategy to grow revenue going forward. The strategy is to grow order volume. To grow order volume, you need to grow your customer base. We are investing exactly in these cohorts of the customers in the lifetime value. That's what will bring us incremental revenue over time. To add to that, retail media. Diego shared here some numbers of retail media ads in iFood, that's the importance of JET having this scale, because retail media can also be a better ROI for our partners, for our restaurants, so they can invest to grow and have a good return on that. When we put more order volume and more retail media, you have a path to grow the revenue. Delivery fees, of course, all the fees in the platform, they are part of this strategy, but has to be optimized over time. The intention here is not to become more expensive for the customer. The intention here is to become more efficient and charging the right price in the right places. That's what we need to do. Just something. We started his presentation with a chart showing minus nine. It was like March, if I'm not wrong. Yeah. January A few months ago. Now is minus four. We didn't put a date, yes, but we are talking about a few months to start growing again. From someone that was doing minus nine in January, I think it is a very good result. Our expectation is very few months. Just on the question on the share buyback. I think when we introduced in November last year, the fact that we will not just use Tencent proceeds, but also proceeds from other non-core assets. I think we've made our share buyback program and the capital allocation around that more efficient. Last year, we did sell about $2 billion from non-core assets. In the first quarter of this year, we've sold almost $1 billion, and we have additional assets like Meituan and so on that we can use to actually supplement that. I think that really helps because we are obviously want to be long-term large shareholders in Tencent because of the potential that that has. By doing the capital allocation and the share buyback this way, we've actually enhanced the effectiveness, at least on a per share exposure to Tencent, in this way. We will continue on that path, and here's $5 billion within that. We have got significant financial flexibility to actually fund that. All right, guys. We're out of time. Do you feel strong? Can you do one more? Yeah. Yeah. Okay. Feel strong. Well, Adam Hillman, take us home, please. Yeah. Hi, I'll do two quick ones. You gave us the number for iFood, as in Brazil competition losing EUR 8 an order. Any idea of their monthly order volume so we can kind of calculate how much money they're losing a month? The second question, when I look at the cash flow statement in the annual report you put out today, when you look at working capital there's this huge swing from a EUR 10 million inflow to a EUR 570 million outflow. Can you just explain the moving parts on that? I know some of it's trade-related, but I think there's other things in there as well. Yeah. On my side here, of course, this is just an estimation. When we take everything in account, what we see is that they are spending like EUR 150 million per month combined. Nico? On the cash flow, yeah. If you look at the statutory cash flow, it obviously includes a lot of merchant receivables and payables. When we measure essentially our free cash flow element, we sort of exclude that. If you then look at the actual working capital element is a lot lower. Where does most of that go? Essentially, it goes into growing many of our fintech businesses because there's a capital requirement. It's obviously a big debt element that goes against that. There's still a capital element, and we contribute about 20% capital to fund and grow our fintech businesses, the credit components of that. All right, great. We have a number of other questions here that we will get to from the IR team who will reach out to you directly. Fabricio, do you want to make any closing comments to send us on our way? Hope you enjoyed our results. There was lots of questions. Can we deliver this improvement in EBITDA and free cash flow? We did. For the future, the ecosystem is working. We are going to keep expanding our innovation. I think we are going to come here every time much well-dressed because our innovation is going to connect us to an amazing future. Thank you for coming here, and hope to see you next time. Bye. Thank you. Thank you.