Naspers, led by Koos Bekker, returned $46 billion through buybacks

Naspers, the multinational internet and media group backed by South African billionaire Koos Bekker, has reported that it has returned $46 billion through a series of repurchase efforts as part of its overarching strategy to enhance shareholder returns. 

Between April 2025 and March 2026, the company undertook an extensive and highly structured share repurchase program, acquiring more than 22 million shares at a cumulative cost of R51.9 billion ($3.1 billion) one of the largest buybacks in the history of the Johannesburg Stock Exchange (JSE). The scale and consistency of these buybacks underscore a deliberate strategy to return capital to shareholders while actively managing the company’s equity base.

Disciplined, continuous market activity

The buyback activity was executed in a steady, weekly cadence, with transactions recorded across nearly every trading window in the period signaling operational discipline and a long-term commitment to the program. 

Purchase prices varied meaningfully over the year, with earlier transactions in April 2025 occurring at significantly higher price levels compared to those closer to March 2026. This indicates that the Group remained actively engaged with prevailing market conditions, adjusting its capital deployment in response to fluctuations in its share price.

The group reported a 53% increase in ecosystem revenue to $9.7 billion, while adjusted EBITDA rose 84% to $1.3 billion. Free cash flow reached a record $1.5 billion, highlighting improved operational efficiency and sustained profitability across its global platforms. Core headline earnings per share climbed 24%, as Naspers returned $46 billion to shareholders through buybacks, contributing to a 16 percentage point net asset value (NAV) accretion. The company also generated $2 billion from non-core asset disposals, reinforcing its capital recycling strategy.

Naspers commits to share buyback strategy

The buyback initiative reflects Naspers’ strategic focus on reducing its free float, consolidating value, and addressing the discount on its Tencent stake. This effort follows a 2021 share swap arrangement that allowed Prosus, its Amsterdam-listed subsidiary, to acquire 45% of Naspers. While the arrangement aimed to reduce the valuation gap tied to Tencent, it fell short, leading to the current open-ended buyback approach.

To finance the program, Naspers raised R22.4 billion ($1.17 billion) by selling 30.7 million shares in Prosus N.V. The proceeds have been allocated towards the buybacks, a move the board assures will not compromise the company’s financial health. Naspers maintains sufficient assets, working capital, and resources to meet obligations over the next 12 months.

Naspers balances growth, shareholder value

Under the visionary leadership of Koos Bekker, Naspers has maintained its position as a key player in the global internet space while continuing to invest in South Africa’s growing e-commerce sector.

Bekker, who has a net worth of $3.3 billion, has been instrumental in steering Naspers’ evolution since taking over as CEO in 1997. He currently holds a 0.93% stake (1,687,887 shares) in Naspers and a 0.93-percent stake (19,646,498 shares) in Prosus N.V.

By reducing its free float and boosting per-share value, Naspers is delivering tangible results for shareholders. Its ability to balance financial discipline with innovation positions it as a transformative force in the global internet landscape.

Overall, the data presents a picture of a well-executed, large-scale buyback program characterized by consistency, responsiveness, and financial commitment. Naspers’ actions over the period signal a clear strategic intent: to systematically return capital while maintaining an active presence in the market for its own shares.