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Trading statement
Prosus N.V.
(Incorporated in the Netherlands)
(Legal Entity Identifier: 635400Z5LQ5F9OLVT688)
AEX and JSE Share Code: PRX ISIN: NL0013654783
("Prosus")
Trading statement
Shareholders are advised that the Prosus group ("the Group") is finalising its condensed consolidated interim financial
statements for the period ended 30 September 2025.
Prosus N.V. ("Prosus") is a subsidiary of Naspers Limited ("Naspers"), a company incorporated in South Africa and listed
on the Johannesburg Stock Exchange ("JSE") in South Africa.
For context, in terms of the JSE Listings Requirements, South African listed entities with a primary listing on the
exchange are obliged to issue a trading statement as soon as they are reasonably certain that the upcoming financial
results would differ by at least 20% from those of the previous corresponding period. Trading statements are generally
issued to provide shareholders with a range of outcomes in respect of key financial metrics.
The financial results of Prosus almost completely account for Naspers's results. Based on Naspers's anticipated results
for the period ended 30 September 2025, Naspers is required to issue a trading statement in terms of the above JSE
Listings Requirements. To ensure that shareholders of Prosus are provided with equivalent information simultaneously,
Prosus is issuing this trading statement.
Core headline earnings per ordinary share N for continuing operations for the period are expected to increase between
20.1%-28.5%. 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 ordinary share N for continuing operations will rise between 6.5%-15.9%.
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 ordinary share N for continuing operations during the period is expected to increase between 28.1%-
37.0%. 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:
30 September 30 September Expected
Continuing operations 2024 2025 expected increase
US cents increase %
US cents
Earnings per ordinary share N(1) 191 54-71 28.1%-37.0%
Headline earnings***per ordinary share N(1) 107 7-17 6.5%-15.9%
Core headline earnings****per ordinary share N(1) 144 29-41 20.1%-28.5%
30 September 30 September Expected
2024 2025 expected increase
Total operations US cents increase %
US cents
Earnings per ordinary share N(1) 187 58–75 30.8%-39.9%
Headline earnings***per ordinary share N(1) 106 8-18 7.5%-17.0%
Core headline earnings****per ordinary share N(1) 143 30-42 21.0%-29.4%
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.
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.
*** Headline earnings represents net profit for the year attributable to the Group's equity holders, excluding certain
defined separately identifiable remeasurements relating to, amongst others, impairments of tangible assets, intangible
assets (including goodwill) and equity-accounted investments, gains and losses on acquisitions and disposals of
investments as well as assets, dilution gains and losses on equity-accounted investments, remeasurement gains and
losses on disposal groups classified as held for sale and remeasurements included in equity-accounted earnings, net of
related taxes (both current and deferred) and the related non-controlling interests. These remeasurements are
determined in accordance with Circular 1/2023, headline earnings, as issued by the South African Institute of Chartered
Accountants, at the request of the JSE Limited in relation to the calculation of headline earnings and disclosure of a
detailed reconciliation of headline earnings to the earnings numbers used in the calculation of basic earnings per share
in accordance with the requirements of IAS 33 – Earnings per Share, under the JSE Listings Requirements.
**** 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.
(1) Per share information is based on the net number of N ordinary shares in issue during the respective periods. The A
ordinary shareholders and B ordinary shareholders share 1/5 th and 1/1 000 000th respectively of the earnings
attributable to the external N shareholders as at 30 September 2025. The earnings will be expected to increase in the
same ratio as N ordinary shareholders.
17 November 2025
Symphony Offices
Gustav Mahlerlaan 5
1082 MS Amsterdam
The Netherlands
Sponsor:
Investec Bank Limited
Date: 17-11-2025 07:50:00
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