Naspers has reported a strong set of interim results driven by Ecommerce growth and is on track to deliver its guidance of $1.1bn+ in adjusted earnings before interest, tax, depreciation and amortisation (ebitda) for the full year, it said on Monday.
Consolidated revenue for the six months ended September grew 20% to $4.1bn, driven by strong growth from iFood in Latin America (LatAm), OLX in Europe, and PayU in India.
E-commerce adjusted earnings before, interest, tax, depreciation and amortisation grew 71% to $557m,
Significant operating improvements across the group’s Ecommerce portfolio drove a 96% increase in consolidated adjusted ebitda to $433m.
Core headline earnings — measure of after-tax operating performance — grew by 13% to $1.7bn, driven by strong growth in revenue and profitability of its consolidated e-commerce businesses and equity accounted investments, particularly Tencent.
Core headline earnings per share (HEPS) increased by 24% due to “the very positive impact of the share-repurchase programme”, it said,
The group said in a statement that it is delivering on its ecosystem strategy, with strong growth, results and synergies taking hold across Latin America, Europe and India.
“Disciplined execution is driving our performance, with all of our operated businesses now profitable,” it added.
“New investments, notably Just Eat Takeaway.com (JET) and La Centrale will help fuel our growth and we aim to unlock around $2bn from our portfolio this year.”
Prosus and Naspers CEO Fabricio Bloisi said: “We are delivering as promised through strong execution, discipline and integration — driving deeper engagement with customers and unlocking new revenue streams.”
In Latin America, iFood is boosting revenue at the group’s online travel business Despegar, while better execution and strategic acquisitions are strengthening its position in India.
“In Europe, we have invested in JET and La Centrale, which will deliver superior AI-powered consumer experiences in a high-potential market.”
“We are building the future with AI, and already have more than 20,000 AI agents helping us scale quicker and make smarter decisions. Our focus on results and innovation, backed by our Prosus Way culture, means we’re on track to meet financial year 2026 targets. But this is just the start, as we work to unlock an AI-first world for our 2-billion customers.”
CFO Nico Marais added that the group delivered a strong first half with record revenue, profitability and free cash flow, supported its most profitable businesses.
“With this momentum, I’m confident that we’re on track to meet our financial year 2026 guidance,” he said.
The group expects to achieve 2026 guidance of $7.3bn–$7.5bn for e-commerce revenue and $1.1bn-$1.2bn for e-commerce adjusted ebitda at a Prosus level, excluding JET. Naspers is now working hard on integrating JET and finding ways to reinvigorate growth.
The group said it expected significant headroom to continue growing strongly while expanding profit margins. At its capital markets day in June, the group announced an ambitious three-year plan to at least double Ecommerce revenue and triple adjusted ebitda at a Prosus level.
Prosus reported consolidated revenue grew 22% to $3.6bn, while earnings from continuing operations increased 23% to $5.6bn.
“We are only just beginning to build Prosus into a global tech leader and, to get there, we must stay relentlessly focused on delivering results,” the group said.
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