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Trading statement
Naspers Limited
(Incorporated in the Republic of South Africa)
(Reg. No 1925/001431/06)
JSE Share Code: NPN ISIN: ZAE000325783
("Naspers")
Trading statement
Shareholders are advised that the Naspers group ("the Group") is finalising its financial statements for the year ended
31 March 2025.
Core headline earnings per share and headline earnings per share for continuing operations for the year are expected to
increase between 56%-63% and 90%-96% respectively. This is driven by accelerated growth and improved profitability from
our consolidated Ecommerce businesses and equity-accounted investments, in particular Tencent.
Earnings per share for continuing operations are expected to increase 91%-98%. This is primarily driven by the Group's
improved overall profitability, coupled with lower impairment charges on equity accounted investments.
Gains relating to the sell-down of Tencent, plus impairment charges, are excluded from headline and core headline earnings
per share. The board considers core headline earnings an appropriate indicator of the operating performance of the Group,
as it adjusts for non-operational items.
Illustrated below are anticipated changes in earnings, headline earnings and core headline earnings per share for the year ended 31
March 2025 as compared to the previous year, relating to both continuing and total operations:
31 March 2025
31 March 2024 Expected
Continuing operations expected increase
US cents increase %
US cents
Earnings per share(1) 1 595 1448-1558 90.8%-97.7%
Headline earnings per share(1) 792 710-763 89.6%-96.3%
Core headline earnings* per share(1) 1 148 642-722 55.9%-62.9%
31 March 2025
31 March 2024 Expected
Total operations expected increase
US cents increase %
US cents
Earnings per share(1) 1 532 1 511-1 621 98.6%-105.8%
Headline earnings per share(1) 759 743-796 97.9%-104.9%
Core headline earnings* per share(1) 1 121 669-749 59.7%-66.8%
The Group benefited from strong operations, strategic investments and partnerships. Both Tencent and our Ecommerce
segment contributed positively to the Group's financial performance, with the latter exceeding its profitability target. Looking
ahead, the Group will focus on building lifestyle ecommerce ecosystems in Latin America, India and Europe, accelerating
innovation, and leveraging its AI-driven technology to drive sustainable profitable growth and create lasting value.
More details will be published with the financial statements on Monday, 23 June 2025.
Financial information on which this trading statement is based has not been subject to an independent audit nor review by the
Group's auditors.
* Core headline earnings, a non-IFRS performance measure, represent headline earnings for the period, excluding certain non-operating items. Specifically,
headline earnings are adjusted for the following items to derive core headline earnings: (i) equity-settled share-based payment expenses on transactions where
there is no cash cost to us. These include those relating to share-based incentive awards settled by issuing treasury shares, as well as certain share-based
payment expenses that are deemed to arise on shareholder transactions; (ii) subsequent fair-value remeasurement of cash-settled share-based incentive
expenses; (iii) cash-settled share-based compensation expenses deemed to arise from shareholder transactions by virtue of employment; (iv) deferred taxation
income recognised on the first-time recognition of deferred tax assets as this generally relates to multiple prior periods and distorts current period performance;
(v) fair-value adjustments on financial and unrealised currency translation differences, as these items obscure our underlying operating performance; (vi) one-
off gains and losses (including acquisition-related costs) resulting from acquisitions and disposals of businesses as these items relate to changes in our
composition and are not reflective of our underlying operating performance and (vii) the amortisation of intangible assets recognised in business combinations
and acquisitions. These adjustments are made to the earnings of businesses controlled by us, as well as our share of earnings of associates and joint ventures,
to the extent that the information is available.
Core headline earnings per share constitute pro-forma financial information in terms of the JSE Limited Listings Requirements. The pro forma financial
information is the responsibility of the Group's directors.
(1) Per share information is based on the net number of A and N ordinary shares in issue during the respective periods.
11 June 2025
40 Heerengracht, Cape Town 8001
PO Box 2271
Cape Town 8000
South Africa
Sponsor:
Investec Bank Limited
Date: 11-06-2025 05:50:00
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