Naspers finances: FY2024 to FY2026 results, cash, debt and dividends

analysisThe summary from Naspers's 2026 integrated annual report states that the group's consolidated revenue from continuing operations for the year ended 31 March 2026 (FY2026) rose by US$3.7bn, or 51% (12% in local currency excluding acquisitions and disposals), from US$7.2bn in FY2025 to US$10.8bn, primarily because of the acquisitions of JET and Despegar and revenue growth at iFood in Latin America and OLX in Europe; it reports FY2026 consolidated aEBITDA of US$1.3bn and aEBIT of US$923m for the group's ecosystems. The short-form announcement of the annual results gives the continuing-operations figures in millions, set out in the table below: among them revenue of US$10 848m (FY25: US$7 181m), free cash flow of US$1 490m (FY25: US$968m), an operating loss of US$217m (FY25: operating profit of US$124m), group aEBIT of US$583m (FY25: US$130m), earnings per N ordinary share of 634 US cents (FY25: 620 US cents) and core headline earnings of US$3 570m (FY25: US$3 128m). These figures come from the short-form announcement, which states that it was not itself audited. ^{1 2}

analysisAccording to the summary, the group's IFRS operating result for FY2026 was a loss of US$217m against a profit of US$124m in FY2025, primarily because of impairment losses on its 'Other' businesses and increased amortisation of intangible assets recognised from significant acquisitions; group aEBITDA was US$1.1bn and aEBIT US$583m (FY2025: US$499m and US$130m). Impairment losses on goodwill and other assets were US$482m, primarily related to Stack Overflow and GoodHabitz, which the summary says were not performing in line with expectations at acquisition following the disruption caused by generative AI. The net interest position moved by US$367m, from net interest income of US$344m in FY2025 to net interest expense of US$23m in FY2026, primarily because of declining deposit rates and lower interest income as investment activity used cash. Interest income fell by US$268m to US$662m and interest expense rose by US$99m to US$685m, primarily because of an additional 10-year bond issued for US$867m, early settlement of JET's convertible bonds after its acquisition and debt factoring finance costs. Other finance costs were US$371m against other finance income of US$50m in FY2025, primarily from unrealised foreign-exchange losses on the group's euro-denominated bonds translated into its US-dollar reporting currency. Income tax expense in the income statement fell to US$120m in FY2026 from US$181m in FY2025, primarily because of permissible taxation benefits in the Latin American ecosystem and the unwinding of deferred tax liabilities. ^{1 2}

analysisEarnings from continuing operations decreased to US$11.6bn in FY2026 from US$12.4bn in FY2025, which the summary attributes mainly to a lower gain on the partial disposal of Tencent shares after a deliberate reduction in the pace of disposals. Trimming the group's Tencent position by 0.9% to fund the Prosus share-repurchase programme produced a gain of US$4.7bn (FY2025: US$6.0bn), and the share of equity-accounted results rose by US$1.2bn to US$6.9bn, driven primarily by Tencent. Core headline earnings from continuing operations were US$3.6bn, up 14% (14% in local currency excluding acquisitions and disposals) or US$442m, and headline earnings from continuing operations rose by US$73m to US$2.7bn. ^{1 2}

analysisThe summary reports a group free cash inflow of US$1.5bn for FY2026 against US$1.0bn in FY2025, including a Tencent dividend of US$1.2bn (FY2025: US$1.0bn); in June 2026 the group received a further Tencent dividend of US$1.4bn. Excluding the Tencent dividend, free cash flow went from an outflow of US$33m in FY2025 to an inflow of US$253m in FY2026, an increase of US$286m. For the Naspers group as a whole the summary reports cash on hand of US$12.7bn including short-term investments and debt of US$17.9bn including interest-bearing loans and capitalised lease liabilities; at the central corporate level the figures are US$9.5bn in cash and cash equivalents (including short-term cash investments) and US$16.0bn in interest-bearing debt (excluding capitalised lease liabilities), plus an undrawn US$2.7bn revolving credit facility. The summary states that the group remains committed to its investment-grade rating. ^{1 2}

analysisThe summary reports aEBITDA corporate costs of US$235m in FY2026 against US$222m in FY2025, attributing the marginal increase primarily to adverse foreign-exchange movements, with savings from structural streamlining partly offset by investment in AI capabilities and ecosystem expansion. In April 2025 the group revised its segment reporting to regional ecosystems and moved corporate costs previously included in the reportable segments to the corporate costs line of the Corporate segment. ¹

analysisThe short-form announcement of the results for the year ended 31 March 2026 states that its information was extracted from the audited annual financial statements and integrated annual report published on SENS, but that the short-form announcement itself was not audited; that the full consolidated annual financial statements were audited by Deloitte & Touche, whose report is unmodified; and that its preparation was supervised by chief financial officer Nico Marais. It is signed on behalf of the board by chair Koos Bekker and chief executive Fabricio Bloisi in Cape Town on 27 June 2026 and states that the results were made public on 29 June 2026. The summary from the integrated annual report states that its financial information is an extract of the integrated annual report and that the company's external auditor has not audited or reported on forecasts included in the summary. For the pro forma financial information used in the alternative performance measures, which the Naspers and Prosus groups disclose together, an unmodified assurance report on its compilation was obtained from another assurance provider and is available for inspection at the registered office; the corresponding summary for FY2024 stated that an independent auditor's assurance report on the compilation of the pro forma financial information had been obtained. ^{1 2 3}

analysisFollowing the audited consolidated financial statements for the year ended 31 March 2026, the Prosus board recommended a gross distribution of 28 euro cents per Prosus ordinary share N (FY25: 20 euro cents), which Naspers describes as an increase of approximately 40% for free-float shareholders. Subject to approval by Prosus shareholders, Naspers will pay a dividend on its own N ordinary and A ordinary shares from the amount it receives from Prosus, in accordance with the rights attaching to those shares; in its JSE announcement of 29 June 2026 the Naspers board said it intended to declare the dividend as soon as practicable. In its AGM results announcement of 27 August 2026, as republished on a market-data website, Naspers states that, following shareholder approval at the meeting, the full dividend Naspers will receive from Prosus will be paid through to free-float N ordinary shareholders and A ordinary shareholders because the cross-holding agreement no longer applies. Because of repurchases of Naspers N ordinary shares, the exact dividend per share is to be announced on the finalisation date, Tuesday 1 December 2026, with payment anticipated on Monday 14 December 2026 to shareholders recorded on Friday 11 December 2026. ^{1 2 3 4}

analysisNaspers's media release of 23 June 2025 on FY2025 (the year to 31 March 2025) reports, for the group's consolidated continuing operations, revenues of US$7.2bn (FY2024: US$6.4bn; 20% growth in local currency excluding acquisitions and disposals), adjusted EBIT of US$130m (FY2024: a loss of US$154m) and core headline earnings of US$3.1bn (FY2024: US$2.1bn; 46% on a nominal basis). For the Ecommerce portfolio it reports revenue of US$7.0bn (21% growth) and adjusted EBIT of US$430m, 18 times the FY2024 figure of US$24m. It also states that free cash flow excluding Tencent improved by US$263m; that US$7.8bn was invested, a figure that includes the then-pending acquisition of Just Eat Takeaway.com; and that buybacks had returned over US$50bn, counting the open-ended buyback and the cash buybacks of both Prosus and Naspers in FY20, FY21 and FY22. These figures are as given in the media release; the audited FY2025 annual financial statements are not in the retained record. In the release Nico Marais, Group CFO of Prosus and Naspers, said that Ecommerce profitability had improved from US$24m in FY24 to aEBIT of US$430m, that the group expected to add at least the same level of incremental aEBIT in FY26, that free cash flow excluding the Tencent dividend had improved by US$263m, and that a 100% increase in the Prosus dividend, to €0.20, had been proposed. ^{1 2}

analysisThe same release reports these segment results for FY2025 against FY2024, with growth rates in local currency excluding acquisitions and disposals: Food Delivery revenues of US$1.3bn (US$1.2bn; 30% growth) and adjusted EBIT of US$218m (US$67m); Classifieds revenues of US$788m (US$707m; 18%) and adjusted EBIT of US$273m (US$172m); Payments & Fintech revenues of US$1.3bn (US$1.1bn; 34%) and adjusted EBIT of minus US$11m (minus US$31m); and Etail revenues of US$3.3bn (US$3.0bn; 13%) and adjusted EBIT of minus US$3m (minus US$49m). ¹

analysisThe summary from Naspers's 2024 integrated annual report states that, for the 12 months to 31 March 2024 (FY24), consolidated revenue grew 8% (17% in local currency excluding acquisitions and disposals) to US$6.4bn, driven by OLX and iFood; Ecommerce consolidated revenue from continuing operations rose by US$504m, or 9% (18%), from US$5.8bn in FY23 to US$6.3bn; Ecommerce recorded a consolidated trading profit for the first time, US$24m, against a trading loss of US$435m in FY23; consolidated trading losses for the group fell by US$486m from US$640m in FY23; and core headline earnings were US$2.1bn, up 88% (113%). That summary uses the terms trading profit and trading loss; the FY2025 media release shows FY2024 Ecommerce adjusted EBIT of US$24m and group adjusted EBIT of minus US$154m. The group's operating losses for FY24 decreased by US$511m to US$562m because of greater profitability of consolidated businesses and lower impairment losses, partly offset by higher expenses from remeasuring the share-based payment liability; impairment losses on goodwill and other assets were US$374m (FY23: US$613m), primarily related to Stack Overflow in the Edtech segment. ^{3 1}

analysisAccording to the minutes of Naspers's annual general meeting of 22 August 2024, chief financial officer Basil Sgourdos described the financial year ended 31 March 2024 as transformative for Prosus and Naspers, citing 17% year-on-year organic revenue growth to US$6.4bn, the first consolidated Ecommerce profitability (achieved six months ahead of schedule), a share-repurchase programme that had reduced the free-float share count by 21%, and a balance sheet with US$14.6bn in cash and US$15.4bn in debt; the minutes summarise the speech and do not state the scope (Naspers or Prosus group) or the date of the cash and debt figures. He announced his decision to step down as CFO, and chief executive Fabricio Bloisi acknowledged his decision to step down in November 2024. ⁴

analysisProsus states that its bonds are traded on the Global Exchange Market of the Irish Stock Exchange plc, trading as Euronext Dublin. Its investor website lists nine US-dollar note series, all listed and paying interest semi-annually, and seven euro note series, all listed and paying interest annually (table below). The US-dollar series run from the 3.257% notes due 19 January 2027, a $1,000,000,000 series with $537,955,000 shown as the amount listed, to the $1,250,000,000 4.987% notes due 19 January 2052, and include two series listed on 13 July 2026, $650,000,000 5.528% notes due 13 July 2033 and $1,000,000,000 5.873% notes due 13 July 2036. The euro series run from the EUR850,000,000 1.539% notes due 3 August 2028 to the EUR750,000,000 4.343% notes due 15 July 2035, which were listed on 15 July 2025. Prosus's bond page shows an S&P rating of BBB, upgraded from BBB- in December 2021, and a Moody's rating of Baa2, to which it was upgraded in July 2024; these are the ratings as displayed on the Prosus website, and the rating agencies' own publications are not in the retained record. ¹

analysisNaspers's annual financial statements for the year ended 31 March 2014 state that the group issued a seven-year US$700m international bond in July 2010, maturing in July 2017 at a fixed 6.375% a year, and an additional seven-year US$1bn bond in July 2013, maturing in July 2020 at a fixed 6%; that in October 2013 it refinanced its previous revolving credit facility (RCF) and bilateral facilities of US$2bn with a new US$2.25bn RCF maturing in October 2018 at US LIBOR plus 1.75% before commitment and utilisation fees; that the borrower under the bond and the RCF is Myriad International Holdings B.V., with the facilities guaranteed by Naspers Limited; and that at 31 March 2014 the group had total interest-bearing debt (including capitalised finance leases) of R35.2bn (2013: R27.2bn) and net cash and cash equivalents of R12.6bn (2013: R14.2bn). In Naspers Limited's company annual financial statements at the same date, loans to subsidiaries totalled R18 050m (2013: R14 302m): Media24 Holdings Proprietary Limited group R120m (2013: none), MIH Holdings Proprietary Limited group R17 640m (2013: R13 917m), Naspers Properties Proprietary Limited R273m (2013: R355m) and Intelprop Proprietary Limited R17m (2013: R30m). The loans have no fixed repayment terms and are interest-free, except R180m of the Naspers Properties loan account, which bears interest at prime plus 1%; the interest-free loans are treated as part of the interest in subsidiaries carried at cost. ^{1 2}

analysisThe market valuation figures in the record are a third-party snapshot, not a company disclosure. A market-data aggregator's profile of Naspers, whose latest listed news item is dated 15 September 2026, showed a market capitalisation of 32.67B in US dollars (533B in rand), an enterprise value of 38.7B in US dollars (631B in rand) and a free float of 74.39%, with estimated P/E ratios of 7.58x for 2027 and 6.69x for 2028, estimated EV/sales of 2.89x and 2.47x and estimated yields of 0.79% and 0.92%. The profile does not state the date to which the valuation figures relate, and its quote panel still referred to the pre-subdivision ISIN ZAE000325783 with an end-of-day quote dated 2025-10-01. A news report of 26 August 2026 on investor voting at the annual general meetings held that day stated that Prosus shares were little changed in Amsterdam that Wednesday and had declined 28% in 2026. ^{1 2}