Naspers (NPN) Trading Update summary

Financial performance highlights

• Consolidated Ecommerce profitability in H1 FY25 significantly exceeded the prior twelve months, reflecting a strong growth trajectory and improved execution.

• Core headline earnings per share for continuing operations are expected to rise by 87.2%–93.8%, and headline earnings per share by 103.2%–109.6%, driven by accelerated growth and improved profitability, especially in Ecommerce and equity-accounted investments like Tencent.

• Earnings per share growth is attributed to improved profitability and lower impairment charges, partially offset by a smaller gain from the sale of Tencent shares compared to the previous period.

• For continuing operations, headline earnings per share are expected to increase from 311 US cents to 321–341 US cents, and core headline earnings per share from 454 US cents to 396–426 US cents.

• Total operations are expected to see headline earnings per share rise from 281 US cents to 351–371 US cents, and core headline earnings per share from 427 US cents to 423–453 US cents.

Strategic and operational focus

• The group is accelerating execution and innovation, investing with an AI-first mindset, and leveraging its technology ecosystem to sustain growth.

• Core headline earnings are considered a key indicator of operating performance, as they adjust for non-operational items such as share-based payments, fair-value adjustments, and one-off gains or losses.

• Naspers continues to focus on building leading consumer internet companies globally, with a strong presence in South Africa through investments in technology and ecommerce.

Additional information

• More detailed financial results will be published with the interim financial statements on 2 December 2024.

• Core headline earnings per share are a non-IFRS, pro-forma measure, adjusted for several non-operational items to better reflect underlying performance.

• The trading statement is based on financial information not yet audited or reviewed by external auditors.