How much does OLX contribute to Prosus?

  • OLX core revenue grew 19% year over year, above the peer median growth rate of 9%; its adjusted EBITDA margin reached 48%, an increase of 20 percentage points from fiscal 2024.
  • Core vertical businesses account for more than 70% of revenue. In fiscal 2026, OLX contributed 38% of Prosus ecosystem profits and distributed approximately 400 million dollars in cash to Prosus.

Why are automotive and real estate growth priorities?

  • Automotive revenue was 429 million dollars in fiscal 2026, up 20% year over year on a comparable basis; the EBITDA margin rose from 52% in the prior fiscal year to 59%. Management sees opportunities to expand dealer financing beyond Poland and to source vehicles across borders following the integration of La Centrale.
  • Real estate revenue was 185 million dollars, up 24% year over year on a comparable basis; the EBITDA margin rose from 38% to 46%. Management hopes to link real estate agent fees to property values and expand in Ukraine.
  • Recruitment grew relatively slowly: revenue was 87 million dollars in fiscal 2026, up 7% year over year on a comparable basis, and the EBITDA margin rose from 39% to 43%. The company estimates an untapped opportunity of approximately 60 million dollars in white-collar recruitment, and employer retention after the first round of recruitment is 75%.

How does AI affect both revenue and efficiency?

  • Management says customer-facing AI applications have already generated an approximately twofold return, helping improve conversion and monetization and supporting a long-term expansion into transaction-based revenue. Performance-based fees will be added to the existing advertising display business, with value-based pricing in real estate furthest advanced.
  • Internal efficiency is also improving: real estate engineering output increased 47%, and delivery times shortened by approximately 50%. By the end of fiscal 2027, the company aims to increase the number of cases handled per customer service employee from 13 thousand to more than 23 thousand.
  • Among specific applications, AI has been used to create 80% of classified vehicle listings in the automotive business; the speed of publishing real estate listings increased 50%, and DealFinder's conversion rate is 18%, above the platform average in the mid-single digits cited by the company.

Will AI entry points weaken OLX's platform position?

  • Management believes AI presents more opportunity than threat for vertical platforms: AI-directed traffic currently accounts for only 1.3% of visits, while direct traffic and differentiated supply remain supports.
  • OLX plans to control the data made available to external AI agents. Management believes that even if third parties can see listings, they lack proprietary data such as historical price changes, and therefore still have an incentive to complete transactions through OLX.
  • Morgan Stanley notes that whether AI changes the relative advantages of single-market and multi-market operating models remains a topic of investor discussion. Management, meanwhile, emphasizes the reuse of AI capabilities across brands and regions, as well as synergies in vehicle sourcing between France and Poland.