Naspers (NPN) Trading Update summary

Financial performance highlights

• Core headline earnings per share for continuing operations expected to rise 53.9%-63.2%, while headline earnings per share are set to increase 90.9%-100.0% for the year ended 31 March 2025.

• Earnings per share for continuing operations anticipated to grow 90.9%-100.0%, driven by improved profitability and lower impairment charges.

• Total operations earnings per share expected to increase 98.4%-107.8%, with headline earnings per share up 98.4%-107.9%.

• Core headline earnings per share for total operations projected to rise 57.1%-66.7%.

• Gains from the Tencent sell-down and impairment charges are excluded from headline and core headline earnings.

Operational drivers and outlook

• Accelerated growth and improved profitability in consolidated Ecommerce businesses and equity-accounted investments, especially Tencent, contributed to strong results.

• Ecommerce segment exceeded profitability targets, supporting overall financial performance.

• Strategic investments and partnerships further benefited the Group.

• Focus areas ahead include building lifestyle ecommerce ecosystems in Latin America, India, and Europe, and leveraging AI-driven technology for sustainable growth.

• More detailed financial results will be published on 23 June 2025.

Additional context and disclosures

• Naspers, through Prosus, operates globally in high-growth markets, investing in leading consumer internet companies.

• Naspers is a major technology investor in South Africa, with significant holdings in ecommerce and media businesses.

• Naspers Labs supports youth development and digital skills training in South Africa.

• The trading statement is issued in compliance with JSE Listings Requirements due to expected results differing by at least 20% from the prior period.

• Financial information in the trading statement has not been audited or reviewed by external auditors.