Naspers and Prosus report strong first half earnings growth

 Naspers, the JSE-listed ecommerce group with investments that cater to over 2 billion consumers worldwide, said on Monday it expects core headline earnings per share to increase between 20.8%-27.8% for the six months to September 30.

The board considers core headline earnings a useful indicator of operating performance, as it adjusts for non-operational items. Headline earnings per share for continuing operations were expected to rise between 5.6%-12.6%, the directors said in a trading statement on Monday.

“Both of the above measures are driven by strong revenue growth and profitability of our consolidated ecommerce businesses and our equity-accounted investments, particularly Tencent. Core headline earnings per share also benefited from the exclusion of foreign currency translation losses, which are included in headline earnings,” the directors said.

A 30.2%-37.2% increase in earnings per share was primarily due to increased profitability in the consolidated and equity-accounted results - primarily Tencent, and also a gain on the sale of Tencent shares related to the share repurchase programme. This gain was excluded from headline and core headline earnings per share.

Naspers’ directors said the group had delivered its commitment to increase profitable growth in the first half of the 2026 financial year, achieving strong financial and operational results.

In October 2025, a five-for-one share split was completed by Naspers. The prior periods have been adjusted to enable comparability for earnings and diluted earnings per share.

Naspers’ share price had gained 0.02% to R1220.21 around midday on Monday.

Prosus, the JSE- and Amsterdam-listed internet group about 40% owned by Naspers, said its core headline earnings per ordinary share for continuing operations were expected to increase between 20.1%-28.5%. Headline earnings per ordinary share for continuing operations would likely rise between 6.5%-15.9%.

“The group delivered on its commitment to increase profitable growth in the first half, achieving strong financial and operational results. Embracing The Prosus Way, our culture, reinforced not only our focus on results, but also on discipline, innovation, and our people,” Prosus’ directors said.

Prosus’ share price had slipped 0.69% to R1194.72 on Monday around midday on the JSE.

“We are not only delivering short-term results but building the foundations for continued growth over a long period. Our ecosystem model now... spans across nearly 100 companies with complementary capabilities,” the directors said.

The results are expected to be published on November 24, 2025.

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