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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: ZAE000325783
("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:
30 September 2025
30 September 2024 Expected
Continuing operations expected increase
US cents increase %
US cents
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%
30 September 2025
Expected
Total operations 30 September 2024 expected increase
increase %
US cents US cents
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:
30 September 2025
expected increase Expected
Continuing operations 30 September 2024
US cents increase %
US cents
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 30 September 2025 Expected
increase %
US cents expected increase
US cents
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
Date: 17-11-2025 07:50:00
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