Naspers (NPN) Trading Update summary

Financial performance highlights

• Ecommerce businesses achieved strong growth and accelerated profitability, supporting increased core headline earnings per share.

• Headline and core headline earnings per share are expected to rise, driven by improved profitability in consolidated ecommerce and equity-accounted investments, especially Tencent, and higher net interest income.

• Earnings per share will decrease due to a smaller gain from the sale of Tencent shares and lower gains on acquisitions and disposals within Tencent.

• Headline and core headline earnings per share exclude gains from Tencent sell-down and impairment charges, providing a clearer view of operating performance.

• For the year ended 31 March 2024, headline earnings per share from continuing operations are expected to increase by 451%–457%, and core headline earnings per share by 107%–113%.

Business updates and structural changes

• OLX Autos businesses have been exited, with all related operations disposed of, held for sale, or closed by 31 March 2024, now classified as discontinued operations.

• Prior period financials have been restated to reflect the exit of OLX Autos, impacting the presentation of continuing and discontinued operations.

• The cross-holding between Naspers and Prosus was successfully removed in September 2023, with no impact on the weighted average number of shares for Naspers.

• Naspers free-float shareholders retain the same number of shares post-capitalisation and share consolidation.

Methodology and reporting

• Core headline earnings per share is a non-IFRS measure, adjusting headline earnings for non-operational items such as share-based payments, fair-value adjustments, and one-off gains or losses.

• Restated per share information for 31 March 2023 reflects the impact of OLX Autos as discontinued operations.

• Financial information in this statement is unaudited and will be detailed further in the full financial statements to be published on 24 June 2024.