Naspers (NPN) H2 2026 earnings summary

Executive summary

• Achieved nearly €10 billion ($9.7B) in revenue, up 12% year-over-year, with all three ecosystems profitable at the aEBITDA level.

• EBITDA/aEBITDA reached €1.3 billion, up 84%/44% year-over-year, and free cash flow improved by $1.4B over three years.

• Ecosystem strategy is now a reality, with over $1.5 billion in non-food revenue growing at 40%+.

• Core headline earnings per share increased 24%, amplified by a significant share buyback program.

• Focused on delivery, finance, and experience across Latin America, Europe, and India.

Financial highlights

• Revenue close to €10 billion ($9.7B), targeting €13 billion+ next year, with 12% growth in local currency excluding M&A.

• EBITDA/aEBITDA of €1.3 billion/$1.1B, margin improved from 8% to 11% year-over-year.

• Free cash flow from total operations increased to $1.5B, up $493M year-over-year.

• Ads, fintech, and credit businesses growing 100%+ year-over-year.

• Net debt stood at $6.4B, with a loan-to-value ratio of 9.8% and investment grade ratings maintained.

Outlook and guidance

• Revenue expected to grow to at least $12–13 billion next year.

• No major acquisitions planned; focus is on organic growth, execution, and further investment in core platforms like iFood and JET.

• Plans to advance AI capabilities, drive cross-platform collaboration, and maintain a healthy balance sheet.

• EBITDA growth to pause in FY 2027 due to increased investment in iFood and JET amid competition, with profitability expected to rebound as market rationality returns.

• Ongoing share repurchase program with $5B buyback planned for FY27.