Naspers (NPN) H1 2026 earnings summary

Executive summary

• Achieved 70% growth to $530 million aEBITDA, with expectations to reach $1.1–$1.2 billion profit this year, excluding Jet and La Centrale.

• Consolidated revenue rose 20% year-over-year to $4.1bn, led by strong growth in iFood, OLX, and PayU.

• All main businesses, including PayU, are now profitable, supporting the path to multi-billion-dollar profits.

• Free cash flow improved by $399M, marking the largest ever FCF generation excluding Tencent.

• Major acquisitions included Despegar, La Centrale, and Just Eat Takeaway.com (JET).

Financial highlights

• Consolidated group revenue reached $3.6B in H1 FY26, up 22% from H1 FY25, with group aEBITDA increasing from $213M to $423M.

• Free cash flow from total operations rose from $897M to $1.3B YoY.

• Net cash position at $1.8B as of 30 September 2025, with a 7.5% loan-to-value ratio and investment grade credit ratings.

• Over $40 billion in buybacks completed, generating more than $60 billion in results.

• $1.2 billion in assets sold YTD, on track for at least $2 billion in asset sales this year.

Outlook and guidance

• Profit guidance for the year is $1.1–$1.2 billion, with expectations to reach $2–$4 billion in EBITDA in coming years.

• On track to achieve FY26 targets of $7.3B+ consolidated ecommerce revenue and $1.1B+ aEBITDA.

• Ambition to more than double ecommerce revenue and aEBITDA by FY28, assuming constant currency and no major acquisitions/disposals.

• Jet's guidance will be updated after a 45-day operational review; current performance is below previous expectations.

• No major M&A planned in the near term; focus is on integrating recent acquisitions and driving ecosystem synergies.