Naspers Limited, the Cape Town-based group chaired by Koos Bekker, said it expects a sharp improvement in profitability for the year ended March 31, 2026, as its core online businesses moved into sustained profit and operations strengthened across key emerging markets.

The company guided that core headline earnings per share could rise between 20.8 percent and 27.8 percent. It attributed the outlook to broader gains across its e-commerce portfolio, supported by steadier performance in markets across Latin America, India, and Europe.

Portfolio businesses drive earnings growth

The results point to a steady shift in how the group now operates. Once viewed largely as a long-term investor in internet companies, Naspers has moved closer to running and shaping its portfolio businesses directly, particularly through platforms that combine online retail, payments, and consumer services.

A large share of that structure sits under its Amsterdam-listed subsidiary, Prosus N.V., which effectively reflects most of the group’s international assets. For the 12 months to March 2026, Prosus reported more than $7.3 billion in revenue and $1.1 billion in adjusted EBITDA from its ecosystem businesses, previously grouped under e-commerce.

Cash generation continued to improve in the underlying operations outside its stake in Tencent Holdings Limited, as the group saw stronger margins across its consolidated businesses in Latin America, Europe and India. These gains were reinforced by equity-accounted contributions from major investments.

Core HEPS outpaces other metrics

Management said core headline earnings per share (HEPS) from continuing operations are expected to grow faster than other profit measures, reflecting a clearer view of underlying performance once accounting adjustments are removed. That measure strips out items such as share-based payments, amortization and valuation swings tied to investment holdings.

By contrast, headline earnings per share from continuing operations are forecast to rise between 8.3 percent and 15.3 percent. The gap reflects volatility linked to investment revaluations, including losses tied to Tencent during the reporting period.

Basic earnings per share from continuing operations are expected to range from a decline of 1.3 percent to an increase of 5.7 percent. The weaker showing at this level was influenced by fewer share sales in Tencent and foreign-exchange losses on euro-denominated debt.

To ensure consistent comparisons, Naspers restated prior figures after a five-for-one share split completed in October 2025. On a combined basis, including discontinued operations, core headline earnings per share are expected to rise between 21.5 percent and 28.5 percent.

Naspers expands global internet portfolio

Founded in 1915, Naspers has transformed from a South African publishing company into a global internet investor. Its strategy now focuses on building and backing consumer internet platforms across online classifieds, food delivery, fintech and education technology in markets including Brazil, India and Europe.

Through its companies, including Media24, Takealot and Mr D, Naspers continues to expand its presence in South Africa while supporting job creation and digital services growth. It remains the majority shareholder of Prosus, which is listed on Euronext Amsterdam, and retains an indirect 24.6 percent stake in Tencent, one of the world’s largest internet companies.