Naspers (NPN) Trading update summary

Financial performance highlights

• Revenue exceeded $7.3 billion and Ecosystem adjusted EBITDA reached $1.1 billion for the year ended 31 March 2026.

• All ecosystem segments achieved profitability, with free cash flow (excluding Tencent) continuing to grow.

• Core headline earnings per share for continuing operations are expected to increase by 20.8%–27.8%.

• Headline earnings per share for continuing operations are projected to rise by 8.3%–15.3%.

• Earnings per share for continuing operations are expected to increase by (1.3%)–5.7%, reflecting improved profitability but offset by lower gains from Tencent share sales and currency losses.

Total operations and share split impact

• For total operations, core headline earnings per share are expected to rise by 21.5%–28.5%.

• Headline earnings per share for total operations are projected to increase by 9.0%–16.0%.

• Earnings per share for total operations are expected to increase by (0.1%)–6.9%.

• A five-for-one share split was completed in October 2025, with prior periods adjusted for comparability.

Core headline earnings definition and adjustments

• Core headline earnings exclude non-operational items such as share-based payments, fair value adjustments, and acquisition-related costs.

• Adjustments also include deferred tax income, unrealised currency translation differences, and amortisation of intangibles from acquisitions.

• These adjustments are applied to both controlled businesses and equity-accounted investments.