Naspers has reported a robust set of interim results for the six months to 30 September 2025, marking significant progress across revenue, profitability, and cash generation.
The group continues to accelerate its AI-first strategy while building large regional lifestyle ecommerce ecosystems across Latin America, Europe, and India.
The company highlighted solid operational momentum, strengthened balance sheet discipline, and meaningful value creation driven by its ongoing share-repurchase programme.
Double-Digit Revenue Growth Across Key Markets
Naspers delivered 20% consolidated revenue growth (14% in local currency), bringing total group revenue to US$4.1 billion.
The uplift was largely driven by:
- iFood in Latin America,
- OLX in Europe, and
- PayU in India.
The group’s expanding ecommerce ecosystem, now spanning nearly 100 companies and serving approximately 2 billion consumers worldwide, continues to benefit from data-driven optimisation and AI-powered customer experiences.
Profitability Accelerates: aEBITDA Surges 96%
The group recorded a significant improvement in profitability during the period:
- Ecommerce aEBITDA surged 71% (57% in local currency) to US$557 million.
- Group aEBITDA rose 96% to US$433 million (from US$221 million).
- Group aEBIT increased more than sixfold to US$223 million (from US$35 million).
This performance reflects sustained cost discipline, improved operating leverage across ecommerce assets, and continued portfolio optimisation
Earnings and Cash Flow Strengthen
Naspers reported meaningful growth in bottom-line performance:
- Core headline earnings rose 13% (18% in local currency) to US$1.7 billion.
- Core headline earnings per share increased 24%, supported by the ongoing buyback programme.
- Earnings from continuing operations reached US$2.4 billion, up from US$2.0 billion in the prior period.
- Free cash flow improved to US$1.3 billion, up from US$854 million.
Excluding the Tencent dividend, free cash flow swung from an outflow of US$147 million in 1H25 to an inflow of US$38 million in 1H26.
Strategic M&A Fueling Ecosystem Growth
Naspers invested US$2.0 billion in M&A during the period aimed at strengthening its regional ecosystem strategy.
Major transactions included:
- The acquisition of Despegar (May 2025) to reinforce Latin American market presence.
- The agreement to acquire La Centrale, France’s leading motor classifieds platform, for €1.1 billion (US$1.3 billion). The transaction closed in November 2025.
- The acquisition of Just Eat Takeaway.com (JET) for approximately €4.2 billion (US$4.9 billion), positioning the group to build a European lifestyle ecosystem and expand its AI technology leadership.
On the divestment front, Naspers continued to exit non-core assets, including disposals of Udemy, smaller investments, and partial sell-downs in Remitly and Meituan. Collectively, divestitures through November generated US$1.2 billion, with US$2 billion targeted for FY26.
Balance Sheet: Strong Liquidity and Investment Grade Discipline
As at 30 September 2025, Naspers held:
- US$20.4 billion in cash and short-term investments (US$18.4 billion at the central corporate level),
- Net cash of US$2.7 billion, and
- After major acquisitions, US$13.3 billion in cash remaining (US$11.3 billion at the central corporate level).
The group reaffirmed its commitment to its investment-grade rating and disciplined capital allocation.
Share-Repurchase Programme Drives Value Creation
Since its inception in June 2022, the group’s repurchase programme has:
- Reduced Prosus free-float by 30%,
- Returned over US$41 billion in value to shareholders,
- Narrowed the combined Naspers/Prosus holding-company discount by 25 percentage points, and
- Resulted in US$63 billion in value creation as of 30 September 2025.
Up to this date, Prosus has repurchased 892.7 million shares valued at US$30.1 billion, contributing an incremental 18% net asset value accretion per share.
Naspers has sold 344.9 million Prosus shares and repurchased 60.7 million Naspers shares, totalling US$11.5 billion.
2026 Guidance Reaffirmed
Despite a busy year of integrations and market expansion, Naspers remains on track to meet its FY26 targets at a Prosus level (excluding JET):
- Ecommerce revenue: US$7.3bn – US$7.5bn
- Ecommerce aEBITDA: US$1.1bn – US$1.2bn
The group is now focused on fully integrating JET and reigniting growth across the combined ecosystem.
CEO: “We are only at the beginning”
Chief executive Fabricio Bloisi emphasised that the group remains intensely focused on execution:
“We are only just beginning to build Prosus into a global tech leader and, to get there, we must stay relentlessly focused on delivering results.”
