By Nqobile Dludla, Leo Marchandon and Mateusz Rabiega

June 23 (Reuters) - Dutch technology investor Prosus

reported on Monday a 47% jump in full-year core

earnings to $7.4 billion, exceeding its financial targets,

driven by its expansion into food delivery and e-commerce.

Owned by South Africa's Naspers, Prosus is

transforming from an investment group to a technology company

running such services as food delivery, fintech and ride

sharing, a change in strategy a BofA analyst said could shift

its investment case.

Prosus announced in late February an agreement to buy Just

Eat Takeaway for 4.1 billion euros ($4.72 billion) to

create a "European tech champion" of food delivery.

CFO Nico Marais said the company has secured all approvals

for the deal except from the European Commission, the EU's

antitrust authority. Prosus filed for the Commission's approval

last Friday.

"We will still make minority investments where it makes

sense," Marais told Reuters.

Prosus' e-commerce revenue grew 21% to $6.2 billion, driven

by advances in artificial intelligence and innovation, as it

continued to expand in Latin America, Europe, and India.

For the first time in its history, the company's free cash

flow, excluding the dividend it receives on its holding in

Tencent ( TCTZF ), was positive, climbing to $36 million from

negative $235 million in the last financial year.

"We expect this momentum to continue, and to add at least

the same level of incremental adjusted EBIT in the full year of

2026", Marais said in the results statement.

Asked about potential plans to increase its stake in

Delivery Hero or lobby for a merger with Just Eat

Takeaway.com, he said that the company was focusing on

finalising the JustEat transaction.

Prosus is also putting on hold plans to float its PayU

payments India business in this year, and instead will

concentrate on organic improvement.

"(Listing) is not going to be our focus in the next year.

Our focus is actually going to be to improve that business. It

needs to grow at a healthy rate, but we also need to improve its

profitability and free cash flow generation over the next six to

twelve months", Marais said.

He added that the company will reassess whether listing

could be an option.

($1 = 0.8685 euros)