Naspers (NPN) Trading Update summary

Profitability and growth

• Consolidated Ecommerce profitability in H1 FY25 significantly exceeded the prior twelve months, reflecting a strong growth trajectory and focus on innovation and technology.

• Accelerated growth and improved profitability in consolidated Ecommerce and equity-accounted investments, especially Tencent, drove substantial earnings increases.

Earnings performance

• 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%.

• Earnings per share for continuing operations are projected to increase by 35.0%–41.5%, primarily due to improved profitability and lower impairment charges.

• Total operations core headline earnings per share are expected to increase by 99.0%–106.0%.

Non-operational adjustments and methodology

• Headline and core headline earnings exclude gains from Tencent share sales and impairment charges, focusing on operational performance.

• Core headline earnings adjust for non-operational items such as share-based payments, fair-value adjustments, and acquisition-related costs.

• Per share metrics are based on the net number of A and N ordinary shares in issue during the periods.