Naspers, a global consumer internet group and one of the world’s largest technology investors, remains well-positioned to thrive in an uncertain macroeconomic environment due to its strong balance sheet.
At the corporate level, Naspers holds a net cash position of $1.9 billion, supported by $17.4 billion in central cash and cash equivalents, net of $15.5 billion in central interest-bearing debt.
Additionally, the group benefits from an undrawn $2.7 billion revolving credit facility, reinforcing its financial resilience.
The group’s free cash inflow surged to $1 billion in 2025 financial year, more than doubling from the prior year’s $375 million. This growth was driven by increased profitability across its eCommerce units and a $1 billion dividend from Tencent, alongside an additional $1.2 billion received in June 2025.
Naspers’ eCommerce operations delivered $443 million in adjusted EBIT (earnings before interest and tax), significantly exceeding prior-year performance and guidance. Group consolidated adjusted EBIT rose by $284 million to $130 million, while core headline earnings increased by 46% to $3.1 billion.
Naspers has embraced an AI-first mindset, leveraging innovation and disciplined investment to enhance profitability.
During the reporting period, Naspers completed $836 million in external investments, including the acquisition of Despegar, a leading Latin American online travel agency, for $1.7 billion. Additionally, a conditional agreement was announced to acquire Just Eat Takeaway.com for €4.1 billion, strengthening its European food-delivery footprint.
Regional Ecosystem Growth
Naspers’ eCommerce revenue grew 12% to $7 billion with operating profits reaching $124 million, a substantial improvement from the prior year’s $562 million loss. Key performers included:
iFood: Revenue grew 9% to $1.3 billion, with adjusted EBIT more than doubling to $226 million.
OLX: Revenue increased 18% to $777 million, with adjusted EBIT up 63% to $270 million.
PayU India: Despite challenges, revenue grew 12%, with improved profitability in the second half.
eMAG: Achieved profitability with $14 million in adjusted EBIT, a turnaround from the prior year’s loss.
“Naspers is rapidly transforming into an operating technology company, focused on lifestyle ecommerce, and powered by innovation and collaboration. This past year, we announced two significant deals to strengthen our regional ecosystems. We completed the acquisition of Despegar in May 2025 and are already integrating its products into iFood’s Clube membership. We are making good progress with the purchase of Just Eat Takeaway.com, which will create a new AI-powered tech champion in Europe,” Fabricio Bloisi, Group CEO, Prosus and Naspers said.
Fabricio Bloisi, CEO of Prosus and Naspers
“I believe that truly great companies are shaped by their culture. Through ‘The Prosus Way’, we’ve implemented a cultural model that empowers our teams to deliver exceptional customer experiences through discipline, innovation and adopting an AI-first mindset. In the face of unprecedented technological disruption, we are now more connected and innovative than ever before.”
Naspers aims to achieve a $100 billion valuation for its eCommerce portfolio, excluding Tencent.
“I’m confident that our enhanced culture and ecosystem approach will fuel our journey to create the next $100bn in value,” said Bloisi.
Value Creation
The group’s strategy focuses on expanding AI-driven regional ecosystems in Latin America, Europe, and India. With a strong balance sheet of $19.2 billion in cash and short-term investments, Naspers is committed to disciplined capital allocation, portfolio simplification, and shareholder value creation.
The open-ended share repurchase program continues to enhance NAV per share, while Tencent remains a cornerstone investment, delivering returns above the cost of capital. Naspers is poised for sustained growth, driven by innovation, operational excellence, and strategic investments in high-potential markets.
“The Group has delivered a strong financial performance over the past year, with topline growth in our operating
businesses at double the rate of our peers. Ecommerce profitability has improved meaningfully from $24 million in 2024 financial year, to aEBIT of $430 million,” said Nico Marais, Group CFO, Prosus and Naspers.
Nico Marais – Prosus & Naspers CFO
“We expect this momentum to continue, and to add at least the same level of incremental aEBIT in full year 2026. Free cash flow excluding the Tencent dividend improved by $263 million. As our financial position strengthens, we’re able to share more with our shareholders, and have proposed a 100% increase in the Prosus dividend, to €0.20. The Group’s disciplined capital allocation and strong balance sheet positions us well to execute on our ecosystem strategy.”
