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Trading statement
Naspers Limited
(Incorporated in the Republic of South Africa)
(Reg. No 1925/001431/06)
JSE Share Code: NPN ISIN: ZAE000351946
("Naspers")
Trading statement
Shareholders are advised that the Naspers group ("the Group") is finalising its annual financial statements for the year ended
31 March 2026. We have released this statement in anticipation of our financial results to be released on Monday, 29 June
2026.
Prosus N.V. ("Prosus") is a subsidiary of Naspers Limited. The financial results of Prosus almost completely account for
Naspers's results. The financial year ended March 2026, marked a milestone for Prosus: we delivered on our ambitious
targets, generating over US$7.3 billion in revenue and US$1.1 billion in Ecosystem (formerly called Ecommerce) adjusted
EBITDA. Every one of our ecosystems is now profitable, and our free cash flow — excluding Tencent — continues to grow. We
have completed our transformation from a traditional holding company into an active operator of AI-driven lifestyle
ecosystems across Latin America, Europe and India.
Core headline earnings per share for continuing operations for the period are expected to increase between 20.8%-27.8%.
The board considers core headline earnings a useful indicator of the operating performance of the Group, as it adjusts for
non-operational items.
Headline earnings per share for continuing operations will rise between 8.3%-15.3%.
Both of the above measures are driven by strong growth in revenue and profitability of our consolidated businesses and
equity accounted investments, most notably Tencent. Core headline earnings per share outpaced headline earnings, as the
core measure excludes fair value investment losses recognised in Tencent's earnings.
Earnings per share for continuing operations during the period is expected to increase between (1.3%)-5.7%.
This is primarily driven by the Group's improved overall profitability across consolidated businesses in LatAm, Europe and India
as well as stronger equity accounted results, primarily from Tencent. This was offset by a lower gain from the sale of our
Tencent shareholding - reflecting fewer shares sold in the period - and increased unrealised foreign currency losses on
translation of the euro-denominated bonds to the group's US dollar reporting currency.
In October 2025, a five-for-one (5:1) share split was completed. The prior periods have been adjusted to enable comparability
for earnings and diluted earnings per share. Illustrated below are the impact on earnings, headline earnings and core headline
earnings per share for continuing operations or the year ended 31 March 2026 as compared to 31 March 2025 for continuing
and total operations:
31 March 2026
31 March 2025 Expected
Continuing operations expected increase
US cents increase %
US cents
Earnings per share(1) 620 (8)-35 (1.3%)-5.7%
Headline earnings per share(1) 306 25-47 8.3%-15.3%
Core headline earnings* per share(1) 366 76-102 20.8%-27.8%
31 March 2026
Expected
Total operations 31 March 2025 expected increase
increase %
US cents US cents
Earnings per share(1) 613 (1)-42 (0.1%)-6.9%
Headline earnings per share(1) 304 27-49 9.0%-16.0%
Core headline earnings* per share(1) 364 78-104 21.5%-28.5%
More details will be published with the annual financial statements on Monday, 29 June 2026.
Financial information on which this trading statement is based has not been subject to an independent audit or review by the
Group's auditors.
* Core headline earnings, a non-IFRS performance measure, represents headline earnings, excluding certain non-operating
items. Specifically, headline earnings are adjusted for the following items to derive core headline earnings: (i) equity-settled
share-based payment expenses on transactions where there is no cash cost to the group. These include those relating to share-
based incentive awards settled by issuing treasury shares as well as certain share-based payment expenses that are deemed to
arise on shareholder transactions; (ii) subsequent fair value remeasurement of cash-settled share-based incentive expenses; (iii)
cash-settled share-based compensation expenses deemed to arise from shareholder transactions by virtue of employment; (iv)
deferred taxation income recognised on the first-time recognition of deferred tax assets as this generally relates to multiple
prior periods and distorts current-period performance; (v) fair value adjustments on financial instruments and unrealised
currency translation differences, as these items obscure the group's underlying operating performance; (vi) gains, losses and
restructuring expenses (including acquisition-related costs) resulting from acquisitions and disposals of businesses as these
items relate to changes in the group's composition and are not reflective of the group's underlying operating performance; and
(vii) the amortisation of intangible assets recognised in business combinations and acquisitions as these expenses are not
considered operational in nature. These adjustments are made to the earnings of businesses controlled by the group as well as
the group's share of earnings of associates and joint ventures, to the extent that the information is available.
Core headline earnings per share constitute pro-forma financial information in terms of the JSE Limited Listings Requirements.
The pro forma financial information is the responsibility of the Group's directors.
(1) Per share information is based on the net number of A and N ordinary shares in issue during the respective periods.
19 June 2026
40 Heerengracht, Cape Town 8001
PO Box 2271
Cape Town 8000
South Africa
Sponsor:
Investec Bank Limited
Date: 19-06-2026 08:07:00
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