17 Nov 2025
Naspers Trading Statement
Naspers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
JSE share code: NPN ISIN: ZAE000325783
(“Naspers”)
NASPERS TRADING STATEMENT
Shareholders are advised that the Naspers group (“the Group”) is finalising its condensed consolidated interim financial statements for the period ended 30 September 2025.
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 5.6%-12.6%.
Both of the above measures are driven by strong growth in revenue and profitability of our consolidated Ecommerce businesses and our equity-accounted investments, particularly Tencent. Core headline earnings per share also benefited from the exclusion of foreign currency translation losses, which are included in headline earnings.
Earnings per share for continuing operations during the period is expected to increase between 30.2%-37.2 %. This is primarily due to increased profitability in our consolidated and equity accounted results -primarily Tencent, and also the gain on the sale of Tencent shares related to the share repurchase programme. This gain is excluded from headline and core headline earnings per share.
Illustrated below are the anticipated changes in earnings, headline earnings and core headline earnings per share for continuing operations for the period ended 30 September 2025, as compared to 30 September 2024, for continuing and total operations:
| Continuing operations | 30 September 2024 US cents | 30 September 2025 expected increase US cents | Expected increase % |
|---|---|---|---|
| Earnings per share (1) | 1 123 | 339-418 | 30.2%-37.2% |
| Headline earnings per share(1) | 643 | 36-81 | 5.6%-12.6% |
| Core headline earnings* per share (1) | 865 | 180-240 | 20.8%-27.8% |
| Total operations | 30 September 2024 US cents | 30 September 2025 expected increase US cents | Expected increase % |
|---|---|---|---|
| Earnings per share (1) | 1 097 | 365-444 | 33.3%-40.5% |
| Headline earnings per share(1) | 638 | 41-86 | 6.5%-13.5% |
| Core headline earnings* per share(1) | 860 | 185-245 | 21.5%-28.5% |
The Group delivered on its commitment to increase profitable growth in the first half of FY26, achieving strong financial and operational results. Embracing The Prosus Way, our culture, that reinforced not only our focus on results, but also on discipline, innovation and our people. We believe we are not only delivering short term results but building the foundations for continued growth over a long period. Our ecosystem model now serves approximately 2 billion consumers worldwide and spans across nearly 100 companies with complementary capabilities.
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 for the period ended 30 September 2025, as compared to 30 September 2024, for continuing and total operations:
| Continuing operations | 30 September 2024 US cents | 30 September 2025 expected increase US cents | Expected increase % |
|---|---|---|---|
| Earnings per share (1) | 225 | 68-84 | 30.2%-37.2% |
| Headline earnings per share (1) | 129 | 7-16 | 5.6%-12.6% |
| Core headline earnings* per share (1) | 173 | 36-48 | 20.8%-27.8% |
| Total operations | 30 September 2024 US cents | 30 September 2025 expected increase US cents | Expected increase % |
|---|---|---|---|
| Earnings per share (1) | 219 | 73-89 | 33.3%-40.5% |
| Headline earnings per share (1) | 128 | 8-17 | 6.5%-13.5% |
| Core headline earnings* per share (1) | 172 | 37-49 | 21.5%-28.5% |
More details will be published with the condensed consolidated interim financial statements on Monday, 24 November 2025.
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, represent headline earnings for the period, 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 us. 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 and unrealised currency translation differences, as these items obscure our underlying operating performance; (vi) one-off gains and losses (including acquisition-related costs) resulting from acquisitions and disposals of businesses as these items relate to changes in our composition and are not reflective of our underlying operating performance and (vii) the amortisation of intangible assets recognised in business combinations and acquisitions. These adjustments are made to the earnings of businesses controlled by us, as well as our 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.17 November 2025
40 Heerengracht, Cape Town 8001
PO Box 2271
Cape Town 8000 South Africa
Sponsor:
Investec Bank Limited
About Naspers
Established in 1915, Naspers has transformed itself to become a global consumer internet company and one of the largest technology investors in the world. Through Prosus, the group operates and invests globally in markets with long-term growth potential, building leading consumer internet companies that empower people and enrich communities. Prosus has its primary listing on Euronext Amsterdam, and a secondary listing on the Johannesburg Stock Exchange and Naspers is the majority owner of Prosus.
In South Africa, Naspers is one of the foremost investors in the technology sector and is committed to building its internet and ecommerce companies. These include Takealot, Mr D Food, Autotrader, Property24 and PayU, in addition to Media24, South Africa’s leading print and digital media business.
Naspers has a primary listing on the Johannesburg Stock Exchange (NPN.SJ) and a secondary listing on the A2X Exchange (NPN.AJ) in South Africa and a level 1 American Depository Receipt (ADR) programme which trades on an over-the-counter basis in the US.
For more information, please visit www.naspers.com.
Naspers Labs
In 2019, Naspers Labs, a youth development programme designed to transform and launch South Africa’s unemployed youth into economic activity, was launched. Naspers Labs focuses on digital skills and training, enabling young people to pursue tech careers.
Disclaimer
The Repurchase Programme is being conducted in accordance with Articles 5(1) and 5(3) of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (“Market Abuse Regulation”) and Articles 2 to 4 of Commission Delegated Regulation (EU) 2016/1052 supplementing the Market Abuse Regulation with regard to regulatory technical standards for the conditions applicable to buy-back programmes and stabilisation measures (the “Delegated Regulation”). This document is issued in connection with the disclosure and reporting obligation set out in Article 2(1) of the Delegated Regulation.
This document contains information that qualifies as inside information within the meaning of Article 7(1) of the Market Abuse Regulation.
This announcement does not constitute, or form part of, an offer or any solicitation of an offer for securities in any jurisdiction.
The information contained in this announcement may contain forward-looking statements, estimates and projections. Forward-looking statements involve all matters that are not historical and may be identified by the words “anticipate”, ”believe”, ”estimate”, ”expect”, ”intend”, ”may”, ”should”, ”will”, ”would” and similar expressions or their negatives, but the absence of these words does not necessarily mean that a statement is not forward-looking. These statements reflect Prosus’s intentions, beliefs or current expectations, involve elements of subjective judgement and analysis and are based upon the best judgement of Prosus as of the date of this announcement, but could prove to be wrong. These statements are subject to change without notice and are based on a number of assumptions and entail known and unknown risks and uncertainties. Therefore, you should not rely on these forward-looking statements as a prediction of actual results.
Any forward-looking statements are made only as of the date of this announcement and neither Prosus nor any other person gives any undertaking, or is under any obligation, to update these forward-looking statements for events or circumstances that occur subsequent to the date of this announcement or to update or keep current any of the information contained herein, any changes in assumptions or changes in factors affecting these statements and this announcement is not a representation by Prosus or any other person that they will do so, except to the extent required by law.