Naspers (NPN) AGM 2025 summary

Opening remarks and agenda

• Chair welcomed global shareholders and board members, introduced key executives, and outlined the meeting structure, including pre-recorded committee reports and voting procedures.

• Quorum confirmed, meeting declared properly constituted, and voting and Q&A processes explained, with written and verbal questions invited.

Financial performance review

• Group revenue rose 20% year-on-year to ZAR 7.2 billion, with classifieds and food delivery as top performers.

• iFood saw 30% revenue growth and OLX 18%, with significant EBIT margin improvements.

• Core headline earnings increased 59% per share, and free cash flow exceeded ZAR 1 billion for the first time.

• Net cash position at ZAR 2.4 billion, with ZAR 19.2 billion in cash and ZAR 16.8 billion in debt.

• Share price rose 59% over the year, and NAV discount reduced by 7%.

Board and executive committee updates

• New CEO and CFO introduced, with board changes including retirements and new appointments pending approval.

• Emphasis on transition from broad investment to focused operating company.