REG - Prosus NV Naspers Limited - Half-year Financial Report
24/11/2025 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251124:nRSX6289Ia&default-theme=true
RNS Number : 6289I Prosus NV 24 November 2025
Prosus
Condensed consolidated interim financial statements
For the six months ended 30 September 2025
Commentary(1)
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. Prosus
delivered a strong set of results in the first six months to 30 September
2025.
Below is a summary of our key financial highlights:
· Consolidated revenue grew 22% (14%) to US$3.6bn, driven by strong
growth from iFood in Latin America (LatAm), OLX in Europe, and PayU in India.
· Our bottom line performance accelerated even further, Ecommerce
aEBITDA(2) grew 70% (58%) to US$530m, and aEBIT(3) increased 97% (84%) to
US$400m.
· The significant operating improvements across our Ecommerce portfolio
drove a 99% (82%) increase in Prosus' consolidated aEBITDA, rising from
US$213m to US$423m (with consolidated aEBIT improving from US$60m to US$250m).
· Core headline earnings (our measure of after-tax operating performance)
grew by 13% (18%) to US$4.0bn, driven by strong growth in revenue and
profitability of our consolidated Ecommerce businesses and equity accounted
investments, particularly Tencent. Core headline earnings per share increased
by 24% due to the very positive impact of the share-repurchase programme. The
board considers core headline earnings a useful indicator of the operating
performance of the group, as it adjusts for non-operational items.
· Earnings from continuing operations increased 23% to US$5.6bn, up from
US$4.6bn in the prior period.
· Prosus' free cash flow also improved meaningfully, increasing from
US$897m to US$1.3bn. Excluding the Tencent dividend, free cash flow was US$59m
compared to an outflow of US$104m in 1H25.
During the period, Prosus delivered its financial and operational goals while
embracing The Prosus Way, our culture, that reinforced not only our focus on
results, but also on discipline, innovation and our people. We believe we are
not only delivering short-term results but building the foundations for
continued growth over a long period.
Our goal is to unlock substantial value by building large regional lifestyle
ecommerce ecosystems across LatAm, Europe, and India by delivering outstanding
customer experiences, powered by an AI-first approach. Our ecosystem model now
serves approximately 2 billion consumers worldwide and spans across nearly 100
companies with complementary capabilities.
We see significant headroom to continue growing strongly while expanding
profit margins. At our well-received capital markets day on 25 June 2025,
we announced an ambitious three-year plan to at least double Ecommerce revenue
and triple Ecommerce aEBITDA.
This regional ecosystem strategy now guides the structure of our reporting,
offering a clearer and more accurate view of how our businesses operate.
Segmental review
In the first six months of FY26, Prosus prioritised the profitable growth of
our regional Ecommerce businesses. Ecommerce consolidated revenue from
continuing operations increased by US$660m (US$399m), or 22% (14%), from
US$3bn in 1H25 to US$3.6bn. Ecommerce recorded a consolidated aEBITDA of
US$530m and aEBIT of US$400m, driven by the strong performance of iFood and
OLX.
LatAm ecosystem
Prosus is building the leading AI-driven lifestyle ecommerce ecosystem in
LatAm, serving over 100 million customers across the region. With leading
brands in the region like iFood (marketplace and fintech services), iFood Pago
(fintech), Despegar (travel), OLX (classifieds) and Sympla (events), we aim to
create cross-platform synergies that drive deeper engagement, new revenue
streams, and build sustainable competitive advantages.
1 Unless otherwise stated, growth rates discussed in this report compare
the first half of the financial year ending 31 March 2026 (1H26) to the first
half of the financial year ending 31 March 2025 (1H25). The
percentages/numbers in brackets represent local currency growth, excluding the
impact of acquisitions and disposals (M&A), and provide a clearer view of
our businesses' underlying operating performance. Financial results are
presented on a continuing operations basis.
2 Adjusted earnings before interest, tax, depreciation and amortisation
(aEBITDA). Refer to the glossary for an explanation of the group's alternative
performance measures.
3 Adjusted earnings before interest and tax (aEBIT). Refer to the glossary
for an explanation of the group's alternative performance measures.
iFood
iFood made good progress in building its ecosystem, developing new product
offerings, integrating its businesses more closely and improving its
competitive positioning. iFood grew revenue strongly, up 35% in local
currency, excluding mergers and acquisitions (M&A), driven by robust
execution in its core food delivery business and the continued reliable growth
of Pago, its fintech offering. iFood increased aEBITDA from US$117m to US$184m
and grew aEBIT by 76% in local currency, excluding M&A, to US$164m.
Despite intensified competition from new market entrants, iFood's core food
delivery business performed strongly, growing revenue 24% in local currency,
excluding M&A, with order growth of 11%, and GMV (gross merchandise value)
growth of 15%. Clube (iFood's loyalty programme) grew unique monthly buyers to
9 million people, and continues to deliver increased frequency and higher
average order value (AOV). Profitability improved 29% in local currency,
excluding M&A, to US$204m, achieving an aEBITDA margin of 32%. The
business continued to invest in new growth initiatives to expand its offering
and improve its competitive positioning, including: Hits (iFood's affordable
meal value proposition, which reached over 5.5 million orders in September and
expanded from 16 cities in July to 28 in September, including Sao Paulo),
Gourmet (a premium offer) and Turbo (express delivery experience tailored to
premium customers). iFood's other marketplace businesses, including groceries
and pharma, increased orders by 45% and GMV by 43%. Revenue grew 28% in local
currency, excluding M&A, to US$50m.
iFood Pago grew revenue by an impressive 96% in local currency, excluding
M&A, to US$190m, with strong contributions from both its B2B
(business-to-consumer) and B2C (business-to-consumer) businesses. aEBITDA
declined slightly by US$1m from -US$3m to -US$4m, due to further investment in
growth and new fintech initiatives. iFood Pago's B2B operation grew revenue by
41% in local currency, excluding M&A, and aEBITDA remained close to
break-even. Credit originations more than doubled from 1H25, with assets under
management rising to BRL1.3bn from BRL0.9bn as at March 2025, sustaining
healthy delinquency levels. iFood Pago's B2C operation tripled revenue on the
back of an increased user base of 1 million in September 2025. With higher
revenue and benefits from scale, the business achieved aEBITDA breakeven in
September 2025.
iFood sees a significant opportunity to expand its offering beyond food
delivery by offering 'dine-in' solutions that capture both online and offline
demand. iFood strengthened its dine-in capabilities by acquiring three
complementary companies (SAIPOS, 3S Checkout, and Videosoft) specialising in
point-of-sale and kiosk solutions during the period. These acquisitions create
synergies across our ecosystem while accelerating iFood's omnichannel
restaurant technology offering. Through product offerings such as iFood Salao
(totems), Maquinona (point-of-sale solutions) and AnotaAI (iFood's
WhatsApp-based ordering channel), iFood provides additional solutions to
restaurants to grow their businesses online and offline.
iFood will continue to pursue growth through new category launches and bolt-on
acquisitions to further strengthen its ecosystem and relationships with its
customers and partners.
Despegar
In May 2025, Prosus completed its acquisition of Despegar, a leading online
travel agency and travel brand in LatAm. This group's strategy of gaining
market share and increasing the proportion of non-air products is expected to
drive sustained growth and profitability in its main travel markets:
Argentina, Brazil and Mexico.
The operational performance in the paragraph below includes a year-on-year
comparison for the purposes of our analysis, as the financial results of
Despegar are only included in the Prosus group's financial results from the
acquisition date in May 2025.
Despegar improved its presence across nearly all markets in the first half of
2026. Orders increased by 35% and gross bookings by 30%, driving a 13%
increase in revenue year on year and contributed US$302m to revenue in 1H26.
aEBITDA reached US$38m, with a margin of 13%. Revenue expanded at a slower
pace than gross bookings, reflecting the impacts of commercial initiatives
focused on strengthening competitiveness, boosting traffic and enhancing the
reliability of higher-margin non-air products.
Looking ahead, Despegar aims to accelerate growth in Brazil B2C, while
consolidating B2B operations by securing and scaling key partnership
opportunities with major companies.
Despegar and iFood have already developed several joint initiatives, including
a cross-cashback system, the creation of a travel category in the iFood app
and the integration of Despegar into iFood's loyalty programme, Clube.
Preliminary results are encouraging. Specifically, iFood referrals accounted
for around 3% of Despegar's B2C segment revenue in Brazil in September.
European ecosystem
In Europe, Prosus is building an AI-powered lifestyle ecommerce ecosystem,
currently engaging millions of customers in its primary markets. While our
LatAm ecosystem is most advanced, we seek to replicate in Europe the progress
we have made in LatAm, and we have identified significant potential to
generate substantial value in this strategically important market.
Our European portfolio includes: Just Eat Takeaway.com (JET) (deal closed in
October 2025), OLX (classifieds), eMAG (etail), and iyzico (fintech). Each has
built category-leading businesses in their respective markets, and our focus
is to extend these positions by providing best-in-class consumer experiences
fuelled by an AI-first approach and data-driven insights. In parallel, we
continue to create meaningful connections between our businesses to unlock
additional value. At JET, we plan to reinvigorate growth through enhanced
customer segmentation, advanced technology integration, and operational
improvements.
OLX
The business delivered strong results for 1H26, with revenue of US$473m from
US$389m in 1H25, reflecting 22% (17%) growth. OLX's aEBITDA of US$231m
represents a 52% (44%) increase and a 10 percentage point margin expansion to
49%. aEBIT was US$205m, a 59% (51%) increase from the prior period. This
performance highlights OLX's operational leverage and efficiency improvements.
OLX is focused on driving growth in its core growth categories: motors, real
estate and jobs. These now represent 70% of total revenue.
Motors delivered an exceptional performance, growing revenue 27% (23%) to
US$191m, while expanding aEBITDA margins to 60%. This progress was driven by
enhanced monetisation initiatives, innovative dealer tools, improved
advertising solutions and optimisations to the search experience, generating
more leads for customers. OLX's operational excellence and deep expertise in
this vertical enable the company
to continue driving sustainable growth and profitability.
Similarly, real estate delivered strong revenue growth of 26% (23%) to US$92m
with healthy aEBITDA margins of 45%. This performance was propelled by notable
monetisation gains across both B2C and C2C (consumer-to-consumer) segments.
Key innovations like GenAI-powered posting forms and a fully migrated unified
app for our real estate platforms boosted engagement and improved user
experience. Revenue growth was further supported by price optimisations and
product innovations to enhance the visibility of listings.
The jobs category was resilient despite macroeconomic headwinds, growing
revenue 12% (5%) to US$46m in 1H26 and sustaining strong aEBITDA margins of
46%. This was supported by a revamped offering and continued monetisation
gains in a context of strong demand but limited supply of new job listings.
Looking ahead, the business remains focused on sustaining strong revenue
growth while enhancing profit margins through strategic monetisation
optimisation, AI innovations and operational efficiencies across its core
categories.
eMAG
eMAG is seeking to build the most engaged ecommerce ecosystem in Central and
Eastern Europe. It is focused on scaling its higher-margin marketplace and
building a distinctive logistics infrastructure and fintech model.
Despite an adverse macroeconomic environment in Romania and intensifying
competition, revenue was maintained at US$1.1bn. eMAG achieved growth in all
strategic pillars (marketplace, last mile, fintech and advertising revenues),
despite the first-party electro category being the most affected. While
revenue came under pressure and, despite investments in AI, profitability
strengthened. aEBITDA grew 23% in local currency, excluding M&A, to US$45m
in 1H26 (aEBIT was US$5m from a loss of US$7m in 1H25), reflecting healthy
marketplace growth as well as targeted advertising and cost efficiencies.
eMAG's marketplace grew 19%, reaching 48% of GMV, with ads (2% of GMV) as a
key profit driver. The Genius loyalty programme now drives about 60% of GMV,
with around 1.1 million paid subscribers and over 80 million orders placed
over the past five years. Furthermore, the fintech business brings customer
engagement, driving 13% of eMAG Romania GMV at the end of 1H26 compared to 7%
for the same period
in FY25.
Sameday, a leading last-mile delivery company, grew revenue by 27% (21%) to
US$185m, as adoption of out-of-home deliveries rose to 58% in 1H26 compared to
53% for the same period in FY25.
To address competition and navigate the challenging economic environment, eMAG
is implementing targeted demand-generation and cost-efficiency initiatives.
These include enhanced marketing actions with strong communication, shopping
events and new marketing channels designed to attract new customers and drive
engagement among sellers. Ecosystem differentiators such as 0% interest credit
through the fintech business, next-day delivery (NDD) via the last-mile
business and e-grocery offering are being accelerated to strengthen customer
retention and marketplace growth.
iyzico
iyzico, one of Türkiye's leading payment platforms, grew revenue by 50% in
local currency, excluding M&A, to US$207m.
iyzico acquired Paynet, one of Türkiye's top payment companies, in February
2025, contributing US$59m and US$4m of iyzico's revenue and aEBITDA in 1H26
respectively.
For iyzico, the outlook remains strong, with strategic investments in its
future through products in offline payments and AI-driven solutions.
Indian ecosystem
Prosus is building a comprehensive lifestyle ecommerce ecosystem in India,
which continues to benefit from the country's ambitious digital
transformation. This growth is powered by key infrastructure developments,
including the unified payments interface (UPI) and open network digital
commerce. The Indian ecosystem delivered a robust performance in 1H26, with an
increasingly positive contribution from PayU.
Our Indian ecosystem currently consists of PayU and a strong, ever-more
interconnected portfolio of investments, demonstrating how the ecosystem can
accelerate performance. For example, PayU is widening its offerings beyond
payments by collaborating with Swiggy on checkout financing and credit for
restaurant partners, and with Meesho on early settlement solutions and
consumer BNPL (buy-now/pay-later). PharmEasy has partnered with Swiggy to
investigate the quick-commerce model. We were pleased to see Bluestone and
Urban Company go public in Q2 FY26, with additional listings anticipated later
this year. This highlights the maturity and significant growth potential of
our Indian investments.
PayU India
PayU India grew revenue 20% (17%) to US$397m. The business continues to grow
its client base after a slight hiatus associated with obtaining the payment
aggregator licence from the regulator. As it builds its base, PayU India is
focused on profitable growth. This focus is evident in the substantial
improvement in its aEBITDA margin, which rose by 6 percentage points from -6%
in 1H25 to breakeven in 1H26, with a profitable Q2 FY26.
In payments, PayU grew revenue 20% (16%) to US$301m. This reflects continued
focus on offering higher-margin value-added services (VAS) and
software-as-a-service (SaaS) offerings like fraud risk management and
multi-factor authentication, as part of its profitability improvement
initiatives. These higher-margin services are gaining traction, with VAS and
SaaS revenue contributing 34% of payments revenue, adding to strong growth in
the mid-market and SMB (small and medium business) segments. Payment
transactions increased 55%, driven largely by lower-value UPI transactions,
although take rates remained stable through portfolio optimisation. As part of
improving its offering, PayU India is working on innovative UPI solutions and
has launched UPINXT platform (UPI issuing and acquiring product for merchants
and banks) in partnership with Mindgate, in which PayU recently raised its
stake to 70.7%. This strategic investment deepens the PayU and Mindgate
partnership and enables enhanced product offerings and innovation in a rapidly
evolving real-time payments ecosystem in India, Asia-Pacific and the Middle
East and North Africa (MENA) regions. Mindgate today powers the UPI payments
stack of marquee banks in India, including SBI, HDFC Bank, and more,
processing around 10 billion digital real-time payments transactions monthly
and accounting for some 43% of UPI transactions in the country. A sharper
focus on higher-margin services, combined with disciplined cost management,
delivered an inflection point in profitability for payments, leading to US$2m
aEBITDA in 1H26.
In credit, PayU continued to pivot to a lower-risk embedded lending model.
This shift has given PayU access to small, offline merchants - a segment with
large, underserved credit demand and being digitised fast on the back of UPI.
In total, PayU grew its credit revenue by 17% (22%) to US$96m, driven by
US$640m in new loan issuances. Issuance volume was split 65%/35% between
consumer and SMB lending respectively. The partnership-led approach enhanced
profitability significantly, driven by lower credit costs, reduced sales and
marketing spend, and a leaner cost-to-income structure. Credit improved its
aEBITDA margin substantially from -20% to -3% by reaching breakeven in Q2
FY26.
We are excited about our progress in focusing on profitability in PayU, and
optimistic that its strategic initiatives will deliver sustained growth and
profitability.
Other Ecommerce
Our edtech businesses demonstrated resilience and adaptability through
disciplined execution. Stack Overflow and GoodHabitz achieved revenue growth
of 12% (9%) to US$95m, primarily driven by Stack Overflow's performance. Both
companies achieved profitability while continuing to invest in growth, with
aEBITDA and aEBIT of US$14m and US$4m respectively. They continued to
demonstrate strong operational efficiency, maintaining positive free cash
flows at the end of the period.
The sale of PayU GPO's operations in Europe is expected to close in the second
half of FY26. Results are included for the full six months of 1H26 and
contributed revenue of US$120m and aEBITDA of US$7m.
Key associate investments
Tencent
For the six months ended 30 June 2025, Tencent reported revenues of
RMB364.5bn, up 14%. Gross profit continued to grow faster than revenues,
demonstrating a continued shift to high-quality revenue streams and improved
cost efficiencies. Non-IFRS profit attributable to equity holders of the
company (Tencent's measure of core operations, excluding certain non-cash
items and the impact of certain investment-related transactions) increased 16%
to RMB124.4bn.
Revenues from value-added services (VAS) increased 17% to RMB183.5bn,
reflecting strong growth in online game revenues. Domestic games revenue grew
20% to RMB83.2bn, driven by Delta Force (launched in September 2024) and
ongoing revenue from evergreen titles such as Honor of Kings, Valorant, and
Peacekeeper Elite. International games revenue increased 29% to RMB35.4bn,
driven by the strong performance of Supercell's titles and PUBG Mobile. The
number of fee-based VAS subscriptions remained steady at 264 million.
Revenues from fintech and business services grew 7% to RMB110.4bn. Growth was
driven by higher revenues from consumer loan services and wealth management
services. Business services revenue growth accelerated, driven by increased
demand from enterprise customers for AI-related services, including GPU rental
and API token usage, as well as higher ecommerce technology service fees.
Revenues from marketing services increased 20% to RMB67.6bn, driven by robust
advertiser demand for Video Accounts, Mini Programs and Weixin Search. This
sustained rapid growth was primarily due to AI-driven improvements to
Tencent's advertising platforms and enhancements to the Weixin transaction
ecosystem, resulting in higher click-through rates and increased advertiser
spending.
The combined monthly active users of Weixin and WeChat reached 1.41 billion,
up 3%. Weixin continued to strengthen its ecosystem by enriching AI features
such as AI-powered citations in content and intelligent responses for Mini
Shops merchants. Video Accounts' total user time spent continued to grow
rapidly, benefiting from enhanced recommendation algorithms.
Tencent Video maintained its leading position in China's long-form video
market, with 114 million subscribers. Tencent Music continued its leadership
in the music streaming market, boasting 124 million subscribers.
Tencent advanced its AI capabilities significantly during the period. It
rapidly iterated its Hunyuan foundation model, deployed AI tools internally to
accelerate game content production and introduce more realistic virtual
teammates, and powered more use cases in Weixin. The company also used
AI-driven marketing activities to enhance user acquisition and engagement. The
Hunyuan 3D model achieved industry-leading recognition for its geometric
precision and texture fidelity. The company increased its AI-related capital
expenditures and research and development (R&D) efforts, focusing on both
fast product innovation and deep model research to drive future growth from
its AI-native products and services.
More information on Tencent is available at
www.tencent.com/en-us/investors.html.
Swiggy
For the period January to June 2025, Swiggy grew its customer base by 35% year
on year to 21.6 million and delivered strong topline momentum, with gross
order value (GOV) up 43%. Adjusted EBITDA loss widened to US$178m from US$85m
last year, driven by quick-commerce expansion. Food delivery recorded 18% GOV
growth, supported by steady user gains and strong demand across new formats
like Bolt while further improving profitability. Instamart (quick commerce)
more than doubled GOV, growing by 105%, with average order value rising 26% in
Q1 FY26 (April to June 2025), although continued investment in scale and
competitiveness in quick commerce deepened adjusted EBITDA losses.
Prosus held 25% of Swiggy at the end of the reporting period.
More information on Swiggy is available at
https://www.swiggy.com/corporate/investor-relations.
Delivery Hero
Prosus held a non-controlling minority interest of 26.99% in Delivery Hero at
the end of the reporting period.
As part of securing European Commission approval for the acquisition of Just
Eat Takeaway.com (JET), Prosus has committed to significantly reducing its
equity stake in Delivery Hero to a specific maximum percentage that will
ensure Prosus is no longer Delivery Hero's largest shareholder, within 12
months of the European Commission approval. In addition, Prosus will not
recommend or appoint individuals connected to Naspers or Prosus to Delivery
Hero's management or supervisory boards. These commitments reflect Prosus'
constructive engagement with regulators and underscore its focus on
integrating JET into the Prosus ecosystem, accelerating growth and innovation
in food delivery across Europe, while ensuring a dynamic and competitive
sector.
From August 2025, the group lost significant influence in Delivery Hero and
stopped equity accounting of this investment.
More information on Delivery Hero is available at ir.deliveryhero.com.
Financial review
Consolidated revenue from continuing operations increased by US$660m
(US$399m), or 22% (14%), from US$3bn in the prior period to US$3.6bn. This was
primarily due to strong revenue growth in iFood in LatAm, as well as OLX in
Europe and PayU in India.
Operating profits
IFRS operating profits increased to US$219m compared to US$132m in the prior
period. This is due to greater profitability from the group's consolidated
Ecommerce businesses. The group achieved an aEBITDA of US$423m and an aEBIT of
US$250m, showing increased growth compared to US$213m and US$60m respectively
in the prior period.
Net finance income/expense
The group's net interest income decreased by US$87m, from US$197m to US$110m,
primarily due to increased investment activity resulting in the utilisation of
the group's cash. Interest income decreased by US$61m to US$409m and interest
expense increased marginally by US$26m to US$299m. Interest income includes
interest earned on bank accounts and short-term investments, while interest
expense relates primarily to interest on publicly traded bonds.
Other finance costs increased by US$331m to US$480m for the period. This is
primarily due to unrealised foreign exchange losses from the group's
euro-denominated bonds when translated to our US dollar reporting currency.
Share of equity accounted results
Profit from equity accounted results increased by US$688m, from US$2.5bn in
the prior period, to US$3.2bn. This was driven primarily by Tencent's increase
in profitability. Trimming the group's Tencent position by 1% to fund the
Prosus share-repurchase programme resulted in a gain of US$3.3bn during the
period (1H25: US$2.4bn). At 30 September 2025, the group retained a 22.8%
interest in Tencent.
Income tax expense
Income tax expense in the income statement decreased to US$76m from US$100m in
the prior period. This is primarily due to permissible taxation benefits in
our LatAm ecosystem, as well as the unwinding of deferred tax liabilities.
Earnings, headline and core headline earnings
Earnings from continuing operations increased to US$5.6bn from US$4.6bn in the
prior period. This was mainly due to increased profitability in our
consolidated and equity accounted results, primarily Tencent, and an increased
gain on the partial disposal of the investment in Tencent. Core headline
earnings from continuing operations was US$4.0bn - an increase of 13% (18%) or
US$458m. Headline earnings from continuing operations rose US$44m to US$2.7bn.
Loss from discontinued operation
In March 2023, the group announced its exit from the OLX Autos business unit.
In August 2025, the last remaining operation of the OLX Autos business was
sold. Losses from discontinued operations during the period were US$11m.
Cash balances and free cash flow
The group remains well positioned to navigate an uncertain macroeconomic
environment due to its strong balance sheet. At corporate level, Prosus has a
net cash position of US$1.8bn, comprising US$18.3bn in central cash and cash
equivalents (including short-term cash investments), net of US$16.5bn in
central interest-bearing debt (excluding capitalised lease liabilities). In
addition, we have an undrawn US$2.5bn revolving credit facility.
The group's free cash inflow was US$1.3bn, an increase from the prior period's
free cash inflow of US$897m. Tencent remained a meaningful contributor to our
free cash flow with a dividend of US$1.2bn (US$1bn in 1H25). Excluding the
Tencent dividend, the group's free cash flow increased by US$163m, from an
outflow of US$104m in the prior period to US$59m, reflecting the increased
profitability of our Ecommerce units.
Corporate costs
In April 2025, the group revised its segment reporting structure to align with
how management manages its operations by regional ecosystems. As part of this
segmental reorganisation, corporate costs previously included in the
reportable segments (eg Food Delivery, Etail, Edtech and Prosus Ventures in
Other Ecommerce) as part of Total Ecommerce, have now been moved to the
corporate costs line under the Corporate segment. This reclassification
reflects the group's ongoing efforts to further centralise the corporate
function. In the current period, aEBITDA corporate costs were US$107m compared
to US$99m due to the adverse impact of foreign exchange rates and increased
expenditure on AI. We remain committed to limiting the level of corporate
costs over time.
The company's external auditor has not reviewed or reported on forecasts
included in these condensed consolidated interim financial statements.
A reconciliation of alternative performance measures to the equivalent IFRS
metrics is provided in 'Other information - Reconciliation of financial
alternative performance measures' of these condensed consolidated interim
financial statements.
Corporate transactions
While focused on executing our strategy and improving results during the
period, we continued to actively manage our investment portfolio and deploy
capital with discipline. In the first six months of the year, we invested
US$2.0bn through M&A to boost regional ecosystem growth and profitability,
which includes the acquisition of Despegar in May 2025. In September 2025,
Prosus, through OLX, agreed to acquire La Centrale - France's top motor
classifieds platform - for €1.1bn (US$1.3bn). This acquisition closed in
November and will strengthen OLX's European portfolio and advance Prosus'
ambition to be Europe's leading ecommerce ecosystem. In October, we closed the
transaction to acquire Just Eat Takeaway.com, for approximately €4.2bn
(US$4.9bn), including additional settlement arrangements in accordance with
the closing conditions. The acquisition advances our ambition to build a
European lifestyle ecosystem and create an AI technology champion in Europe.
We remain disciplined in managing our portfolio by divesting non-strategic
businesses and allocating that capital towards our ecosystem strategy. We
divested our stake in Udemy, and other smaller investments, as well as a
portion of our stake in Remitly, during the period. Additionally, we trimmed
our position in Meituan by US$249m in the period and by a further US$300m in
October. In total, our divestitures for the six months to September and,
subsequently through November, have resulted in total proceeds of US$1.2bn to
the group. We expect to divest approximately US$2bn in FY26.
The group has a strong balance sheet of US$20.3bn (US$18.3bn at a central
corporate level) cash on hand, including short-term investments and net cash
of US$2.6bn (US$1.8bn at a central corporate level), including
interest-bearing loans and capitalised lease liabilities. The group has
committed US$1.3bn for La Centrale and settled €5.0bn (US$5.8bn) for the
acquisition of Just Eat Takeaway.com, including the settlement of its
convertible bonds for €788m (US$925m). This results in about US$13.2bn
(US$11.2bn at a central corporate level) cash on hand. We remain committed to
our investment-grade rating.
Since its inception in June 2022, our share-repurchase programme has reduced
the Prosus free-float share count by 30% and returned over US$41bn of value
for Prosus and Naspers shareholders. During this time, the combined holding
company discount of Naspers and Prosus has reduced by 25 percentage points, a
result of the repurchase programme as well as improvements in disclosures and
operational execution. This has resulted in US$63bn in value creation through
30 September 2025.
Over the length of the repurchase programme up to 30 September 2025, Prosus
has repurchased 892 713 136 of its ordinary N shares, valued at US$30.1bn,
resulting in an incremental accretion of 18% in net asset value (NAV) per
share, compared to what it would have been had the repurchase programme not
commenced. Naspers finances its open-ended share-repurchase programme through
regular sales of its Prosus shares. As of 30 September 2025, Naspers had sold
344 868 918 Prosus ordinary N shares and repurchased 60 735 037 Naspers N
ordinary shares, totalling US$11.5bn.
We are committed to disciplined investment in our regional ecosystems and
ensuring our operating businesses continue their strong performance. We
believe that this, coupled with our share-repurchase programme, will drive
long-term value creation and enhanced shareholder returns.
Prospects
Over the past 12 months, Prosus has successfully shifted from a financial
holding company to a true global tech operating company. We have returned to
being innovators, entrepreneurs, and operators of our lifestyle ecommerce
ecosystems in LatAm, Europe and India. The effects of this shift are evident
in the results for 1H26, a period in which we continued to innovate with
urgency, improving growth and profitability.
Our goal is to build large regional lifestyle ecommerce ecosystems across
LatAm, Europe, and India by delivering outstanding customer experiences,
driven by an AI-first approach. Achieving our goal will not be without its
challenges and we expect increased competition in each of our regions as
others identify the opportunities we are already pursuing. We are ready for
these challenges and, despite them, we still expect to achieve our 2026
guidance of US$7.3bn - US$7.5bn for Ecommerce revenue and US$1.1bn - US$1.2bn
for Ecommerce aEBITDA, excluding JET. The group is now working hard on
integrating JET and finding ways to reinvigorate growth.
We are committed to harnessing the growth and profit potential of our regional
ecosystems through AI-powered innovation, knowledge exchange, and aggressive
growth initiatives. We will generate real returns for our shareholders by
delivering strong financial performances in our ecosystems and investing with
discipline to enhance these ecosystems. As we focus on improving operational
performance in our recent acquisitions, we will continue to simplify our
portfolio, improving focus and execution.
Tencent remains a cornerstone of our portfolio and is recognised as one of the
world's leading technology companies. We believe it is exceptionally well
positioned to capitalise on the AI revolution, thanks to its robust ecosystem,
which consistently delivers outstanding returns. Our significant stake in
Tencent will be maintained for the foreseeable future.
Risks
The risks we face are dynamic and constantly evolving. Current topical risks
are:
· AI innovation and disruption: AI presents both transformative
opportunities and significant risks to our business models. We continue
to accelerate our innovation strategy focused on AI in ecommerce and digital
workforce, while ensuring responsible implementation.
· Strategic execution and delivery: Misalignment, delays, or
underperformance in executing on our ecosystem strategy could impact growth
and profitability. We address this risk with strong governance and performance
management, investment in talent, phased rollouts involving rigorous testing
with robust feedback loops, and scaling only after proven success.
· Industry and competitive conditions: Geopolitical tensions, global
market shifts and rapid AI advances continue to drive intensifying
competition, as new entrants seek to capitalise on changing economic and trade
conditions. We address this by leveraging innovation, strengthening customer
engagement, and maintaining operational agility to sustain our market
leadership.
· Geopolitical and market volatility: Continued geopolitical tensions
drive global market volatility and uncertainty. We maintain operational
agility to navigate the changing political and economic environment.
Sustainability
In the first half of FY26, Prosus launched the Tech FoundHER Challenge - a
pilot programme designed to support women-led tech start-ups. The first
edition of the challenge was launched in India, attracting 120 applications
from start-ups across 22 cities, spanning 14 sectors, including AI, climate
technology, healthcare, fintech and agritech. Seven finalists presented to a
jury of seasoned investors and industry leaders at the finale, with four women
founders awarded equity-free capital. Tech FoundHER Africa was launched with
almost 1 200 applications from women founders across the continent. The finale
will be held at the JSE in November, when the winners will be announced.
Social impact
Prosus is collaborating with the World Economic Forum to convene platform
economy leaders towards creating an industry-led charter on the future of gig
work. The intention is to drive collaboration and demonstrate global alignment
among industry leaders as a signal of proactive, responsible business
leadership. The shared vision is the co-creation of good work principles for
the platform-enabled economy, grounded in positive and scalable action.
The ESG-linked target for our CEO and CFO is to impact the lives of 20 000
people in communities in which our companies operate. We are on track to
achieve this target through programmes being implemented across the group.
Zero-emission deliveries
iFood has expanded the use of e-bikes in its deliveries by 40% in the first
half of the year. This sets the company on a clear track to make deliveries
without emissions the new normal, while reducing costs and enhancing the
delivery-partner experience.
The Prosus report on scaling zero-emission deliveries in India was launched
with the Minister of Transportation, Mr Nitin Gadkari. A key insight from the
report is that switching to zero-emission vehicles could cut emissions equal
to 25% of Delhi's annual air pollution, while electric 2-wheelers are 50%
cheaper to run than combustion vehicles - which can boost delivery-partner
annual earnings by 18%. This underpins our group initiatives on the
electrification of delivery vehicles.
Directorate
With effect from 29 April 2025, Nico Marais was appointed as chief financial
officer and appointed as financial director, effective from
20 August 2025. With effect from 20 August 2025, Mrs Phuthi Mahanyele-Dabengwa
was appointed as an executive director.
Cobus Stofberg retired as an independent non-executive director of the board
and the sustainability committee on 19 August 2025. The board expresses its
deepest gratitude for his invaluable contributions to the group over many
years.
Independent auditor's review of the condensed consolidated interim financial
statements
The condensed consolidated interim financial statements for the six months
ended 30 September 2025 have been reviewed by Deloitte Accountants B.V., our
independent auditor, whose unmodified report is appended to these condensed
consolidated interim financial statements.
Responsibility statement on the condensed consolidated interim financial
statements
We have prepared the condensed consolidated interim financial statements of
Prosus for the six months ended 30 September 2025, and the undertakings
included in the consolidation taken as a whole, in accordance with IAS 34
Interim Financial Reporting. To the best of our knowledge:
1. The condensed consolidated interim financial statements give a true and
fair view of the assets, liabilities and financial position as at
30 September 2025, and of the result of our consolidated operations for the
six months ended 30 September 2025.
2. The condensed consolidated interim financial statements for the six
months ended 30 September 2025 include the information required pursuant to
article 5:25d, sections 8 and 9 of the Dutch Financial Supervision Act (Wet op
het Financieel Toezicht).
On behalf of the board
Koos
Bekker
Fabricio Bloisi
Chair
Chief executive
Amsterdam
22 November 2025
Condensed consolidated income statement
Six months ended Year ended
30 September 31 March
Notes 2025 2024 2025
US$'m US$'m US$'m
Continuing operations
Revenue 8 3 623 2 963 6 170
Cost of providing services and sale of goods (COPS) (1 876) (1 680) (3 546)
Selling, general and administration expenses (SG&A) (1 541) (1 159) (2 463)
Other gains/(losses) - net 9 13 8 12
Operating profit 219 132 173
Interest income 12 409 470 920
Interest expense 12 (299) (273) (549)
Other finance (costs)/income - net 12 (480) (149) 50
Share of equity accounted results(1) 3 156 2 468 5 703
Impairment of equity accounted investments 13 - (89) (91)
Dilution losses on equity accounted investments 13 (90) (144) (318)
Gains on partial disposal of equity accounted investments 13 3 519 2 364 6 447
Net (losses)/gains on acquisitions and disposals 9 (714) 9 338
Profit before taxation 5 720 4 788 12 673
Taxation (76) (100) (179)
Profit from continuing operations 5 644 4 688 12 494
Loss from discontinued operations 10 (11) (106) (128)
Profit for the period 5 633 4 582 12 366
Attributable to:
Equity holders of the group 5 632 4 586 12 367
Non-controlling interests 1 (4) (1)
5 633 4 582 12 366
Per share information for the period from total operations (US cents)(2) 11
Earnings per ordinary share N 253 187 514
Diluted earnings per ordinary share N 251 186 511
Per share information for the period from continuing operations (US cents)(2) 11
Earnings per ordinary share N 253 191 519
Diluted earnings per ordinary share N 251 190 516
1 Includes equity accounted results from associates. Refer to note 13.
2 Earnings per share is based on the weighted average number of shares
taking into account the share-repurchase programme. Refer to note 11.
Condensed consolidated statement of comprehensive income
Six months ended Year ended
30 September 31 March
Notes 2025 2024 2025
US$'m US$'m US$'m
Profit for the period 5 633 4 582 12 366
Total other comprehensive income, net of tax, for the period: 3 190 5 447 5 165
Items that may be subsequently reclassified to profit or loss
Foreign exchange gains/(losses) arising on translation of foreign 1 552 1 034 22
operations(1)
Share of equity accounted investments' movement in foreign currency 109 (86) (158)
translation reserve(2)
Recognition of cash flow hedge 22 - (26)
Items that may not be subsequently reclassified to profit or loss
Recognition of cash flow hedge(3) 383 - -
Fair value (loss)/gain on financial assets through OCI(4) 14 (1 556) 2 611 2 082
Share of equity accounted investments' movement in OCI(5) 13 2 680 1 888 3 245
Total comprehensive income for the period 8 823 10 029 17 531
Attributable to:
Equity holders of the group 8 822 10 036 17 516
Non-controlling interests 1 (7) 15
8 823 10 029 17 531
1 The significant movement relates to the translation effects from equity
accounted investments (refer to note 13). The current period also includes a
net monetary gain of US$24m (2024: US$16m and 31 March 2025: US$31m) relating
to hyperinflation accounting for the group's subsidiaries in Türkiye.
2 This relates to movements in equity accounted investments' foreign
currency translation reserve.
3 This relates to the cash flow hedge for the group's firm commitment to
acquire Just Eat Takeaway.com. The group hedged the foreign currency
transaction price to settle this firm commitment. Foreign currency gains and
losses recognised from foreign exchange contracts and euro-denominated cash
balances were accumulated in the cash flow hedge reserve as part of this hedge
relationship.
4 The significant movement in the current period relates primarily to the
fair value movements in Meituan.
5 This relates mainly to (losses)/gains from the changes in share prices
of Tencent's listed investments carried at fair value through other
comprehensive income.
Condensed consolidated statement of financial position
As at As at
30 September 31 March
Notes 2025 2024 2025
US$'m US$'m US$'m
Assets
Non-current assets 53 764 47 619 50 505
Property, plant and equipment 558 582 493
Goodwill 7 2 416 1 038 1 159
Other intangible assets 1 441 324 394
Investments in associates 13 43 738 38 212 41 465
Investments in joint ventures - 25 22
Other investments 14 5 280 7 174 6 784
Financing receivables 201 205 149
Other receivables 26 42 20
Deferred taxation 104 17 19
Current assets 25 835 21 493 22 083
Inventory 289 315 255
Trade receivables 500 265 202
Financing receivables 620 450 512
Other receivables and loans(1) 1 572 1 270 1 392
Other investments 14 1 856 - -
Short-term investments 1 496 8 362 11 913
Cash and cash equivalents 18 853 9 925 7 111
25 186 20 587 21 385
Assets classified as held for sale 16 649 906 698
Total assets 79 599 69 112 72 588
Equity and liabilities
Capital and reserves attributable to the group's equity holders 55 342 47 899 51 046
Share capital and premium 4 17 673 21 738 17 649
Treasury shares (8 733) (3 101) (4 188)
Other reserves (39 501) (41 941) (41 746)
Retained earnings 85 903 71 203 79 331
Non-controlling interests 84 53 79
Total equity 55 426 47 952 51 125
Non-current liabilities 17 117 15 928 15 232
Capitalised lease liabilities 141 130 130
Liabilities - interest-bearing 16 298 15 640 14 917
- non-interest-bearing 50 4 4
Other non-current liabilities 216 67 59
Cash-settled share-based payment liabilities 17 21 17 35
Deferred taxation 391 70 87
Current liabilities 7 056 5 232 6 231
Current portion of long-term debt 1 288 768 1 355
Trade payables 968 354 318
Accrued expenses and other payables(1) 2 457 2 008 2 596
Provisions 62 65 58
Other current liabilities 902 672 965
Cash-settled share-based payment liabilities 17 324 333 379
Dividend payable 511 266 -
Bank overdrafts 40 16 37
6 552 4 482 5 708
Liabilities classified as held for sale 16 504 750 523
Total equity and liabilities 79 599 69 112 72 588
1 Current derivative assets and liabilities have been aggregated with other
receivables and loans and accrued expenses and other payables as a result of
them being immaterial.
Condensed consolidated statement of changes in equity
Share Treasury Foreign Valuation Existing Share- Retained Share- Non- Total
capital shares currency reserve control based earnings holders' control- US$'m
and US$'m trans- US$'m business compen- US$'m funds ling
premium lation combi- sation US$'m interests
US$'m reserve nation reserve US$'m
US$'m reserve US$'m
US$'m
Balance at 1 April 2025 17 649 (4 188) (3 110) 2 489 (46 075) 4 950 79 331 51 046 79 51 125
Total comprehensive income - - 1 660 1 530 - - 5 632 8 822 1 8 823
for the period
Profit for the period - - - - - - 5 632 5 632 1 5 633
Total other comprehensive income for the period - - 1 660 1 530 - - - 3 190 - 3 190
Movements in equity accounted investments' equity reserves and NAV - - - 151 - 363 - 514 - 514
Repurchase of own shares(1) - (4 545) - - - - - (4 545) - (4 545)
Share-based compensation movements - - - - - 37 4 41 - 41
Share-based compensation expense - - - - - 40 - 40 - 40
Other share-based compensation movements - - - - - (3) 4 1 - 1
Direct equity movements 24 - - (985) 74 (571) 1 458 - - -
Direct movements from associates - - - 58 - - (58) - - -
Realisation of reserves as a result of partial disposal of associates - - - (142) - (146) 288 - - -
Realisation of reserves - - - (901) 74 (425) 1 252 - - -
as a result of disposals
Other direct movements 24 - - - - - (24) - - -
Remeasurement of written - - - - 34 - - 34 - 34
put option liabilities
Dividends payable(2) - - - - - - (511) (511) - (511)
Other movements - - - - - - (11) (11) - (11)
Transactions with non-controlling shareholders - - - - (48) - - (48) 4 (44)
Balance at 17 673 (8 733) (1 450) 3 185 (46 015) 4 779 85 903 55 342 84 55 426
30 September 2025
1 Refer to note 4 for details of the Prosus/Naspers share-repurchase
programme.
2 Dividends payable consist of US$220m (2024: US$114m) attributable to
Naspers and US$291m (2024: US$152m) attributable to Prosus' free-float
shareholders.
Condensed consolidated statement of changes in equity continued
Share Treasury Foreign Valuation Existing Share- Retained Share- Non- Total
capital shares currency reserve control based earnings holders' control- US$'m
and US$'m trans- US$'m business compen- US$'m funds ling
premium lation combi- sation US$'m interests
US$'m reserve nation reserve US$'m
US$'m reserve US$'m
US$'m
Balance at 1 April 2024 24 512 (2 563) (2 934) (2 610) (45 750) 4 427 66 178 41 260 32 41 292
Total comprehensive income - - 952 4 498 - - 4 586 10 036 (7) 10 029
for the period
Profit for the period - - - - - - 4 586 4 586 (4) 4 582
Total other comprehensive income for the period - - 952 4 498 - - - 5 450 (3) 5 447
Movements in equity accounted investments' equity reserves and NAV - - - (147) - 370 - 223 - 223
Cancellation of treasury shares (2 784) 2 784 - - - - - - - -
Repurchase of own shares(1) - (3 322) - - - - - (3 322) - (3 322)
Share-based compensation movements - - - - - 21 - 21 (1) 20
Share-based compensation expense - - - - - 59 - 59 (1) 58
Modification of share-based compensation benefits - - - - - (32) - (32) - (32)
Other share-based compensation movements - - - - - (6) - (6) - (6)
Direct equity movements 10 - - (613) 7 (127) 705 (18) - (18)
Direct movements from associates - - - (94) - - 94 - - -
Realisation of reserves as a result of partial disposal of associates - - - (25) - (127) 152 - - -
Realisation of reserves - - - (494) 7 - 469 (18) - (18)
as a result of disposals
Other direct movements 10 - - - - - (10) - - -
Remeasurement of written - - - - 2 - - 2 - 2
put option liabilities
Dividends payable(2) - - - - - - (266) (266) - (266)
Transactions with non-controlling shareholders - - - - (37) - - (37) 29 (8)
Balance at 21 738 (3 101) (1 982) 1 128 (45 778) 4 691 71 203 47 899 53 47 952
30 September 2024
1 Refer to note 4 for details of the Prosus/Naspers share-repurchase
programme.
2 Dividends payable consist of US$114m attributable to Naspers and US$152m
attributable to Prosus' free-float shareholders.
Condensed consolidated statement of cash flows
Six months ended Year ended
30 September 31 March
Notes 2025 2024 2025
US$'m US$'m US$'m
Cash flows from operating activities
Cash generated from operations 23 146 599
Interest income received 502 450 959
Dividends received from equity accounted investments 1 237 1 001 1 001
Interest costs paid (317) (268) (528)
Taxation paid (134) (55) (111)
Net cash generated from operating activities 1 311 1 274 1 920
Cash flows from investing activities
Acquisitions and disposals of tangible and intangible assets (55) (54) (102)
Acquisitions of subsidiaries, associates and joint ventures, net of cash 6 (1 731) (101) (473)
Disposals of subsidiaries, businesses, associates and joint ventures, net of 6 5 019 3 281 9 346
cash
Acquisition of short-term investments(1) (6 155) (6 934) (23 264)
Maturity of short-term investments(1) 16 580 12 389 25 114
Loans advanced to related parties 19 27 37 47
Cash paid for other investments(2) 6 (108) (94) (263)
Cash received for other investments(3) 6 550 1 471 1 506
Cash movement in other investing activities (20) (40) (36)
Net cash generated from investing activities 14 107 9 955 11 875
Cash flows from financing activities
Repurchase of own shares 4 (4 650) (3 291) (8 420)
Proceeds from long- and short-term loans raised 920 86 110
Repayments of long- and short-term loans (281) (17) (43)
Additional investment in existing subsidiaries(4) (28) (55) (64)
Dividends and capital repayments paid to shareholders - - (268)
Contributions made to the Naspers share trusts 19 - (37) (46)
Repayments of capitalised lease liabilities (29) (25) (48)
Additional investment from non-controlling shareholders - - 49
Cash movements in other financing activities (2) (1) (9)
Net cash utilised in financing activities (4 070) (3 340) (8 739)
Net movement in cash and cash equivalents 11 348 7 889 5 056
Foreign exchange translation adjustments on cash and cash equivalents 382 (45) (95)
Cash and cash equivalents at the beginning of the period 7 074 2 160 2 160
Cash and cash equivalents classified as held for sale 9 (95) (47)
Cash and cash equivalents at the end of the period 18 813 9 909 7 074
1 Relates to short-term cash investments with maturities of more than
three months from date of acquisition.
2 Relates primarily to acquisitions for the group's fair value through
other comprehensive income investments.
3 Relates mainly to the disposal of the group's investments measured at
fair value through other comprehensive income.
4 Relates to transactions with non-controlling interests resulting in
changes in effective interest of existing subsidiaries.
Notes to the condensed consolidated interim financial statements
for the six months ended 30 September 2025
1. General information
Prosus N.V. (Prosus or the group) is a public company with limited liability
(naamloze vennootschap) incorporated under Dutch law, with its registered head
office located at Symphony Offices, Gustav Mahlerplein 5, 1082 MS Amsterdam,
the Netherlands (registered in the Dutch commercial register under number
34099856). Prosus is a subsidiary of Naspers Limited (Naspers), a company
incorporated in South Africa. Prosus is listed on the Euronext Amsterdam Stock
Exchange, with a secondary listing on the JSE Limited's stock exchange and A2X
Markets in South Africa.
Through the group's ecosystems, the group helps consumers to buy, sell and
transact through food, fintech, experiences and commerce platforms, providing
them with access to the world's leading lifestyle ecommerce brands. Using AI,
the ecosystems unlock an AI-first world where billions of people can live,
work and thrive. The ecosystems span three core geographies: Europe, Latin
America (LatAm) and India. In LatAm, the ecosystem is driven by the innovative
performance and capabilities of iFood and Despegar. In Europe, we are building
a strong ecosystem powered by leading brands such as OLX, eMAG and iyzico.
India's consumer commerce market is powered by PayU, a leading payment
solutions provider.
The condensed consolidated interim financial statements for the six months
ended 30 September 2025 were authorised for issue by the board of directors on
22 November 2025.
2. Basis of presentation and accounting policies
Information on the condensed consolidated interim financial statements
The condensed consolidated interim financial statements for the six months
ended 30 September 2025 have been prepared in accordance with and contain the
information required by International Financial Reporting Standards (IFRS)
Accounting Standards as issued by the International Accounting Standards Board
(IASB), IAS 34 Interim Financial Reporting, as adopted by the European Union
(IFRS-EU).
The condensed consolidated interim financial statements do not include all the
disclosures required for the complete annual financial statements prepared in
accordance with IFRS-EU. The accounting policies in these condensed
consolidated interim financial statements are consistent with those applied in
the previous consolidated annual financial statements as included in the
annual report for the year ended 31 March 2025.
There were no new or amended accounting pronouncements effective from 1 April
2025 that have a significant impact on the group's condensed consolidated
interim financial statements.
The condensed consolidated interim financial statements presented here report
earnings per share, diluted earnings per share, headline earnings per share
and diluted headline earnings per share (collectively referred to as earnings
per share) per class of ordinary shares. These are calculated as the
relationship of the number of ordinary shares (or dilutive ordinary shares
where relevant) of Prosus issued at 30 September 2025 (net of treasury shares)
to the relevant net profit measure attributable to the shareholders of Prosus.
The earnings per share information presented takes into account the impact of
the share-repurchase programme.
All amounts disclosed are in millions of US dollars (US$'m), unless otherwise
stated.
Operating segment information
The group's operating segments reflect the components of the group that are
regularly reviewed by the chief operating decision-maker (CODM) as defined in
note 21 'Segment information' in the consolidated annual financial statements
as included in the annual report for the year ended 31 March 2025, however,
from 1 April 2025, the following changes were implemented which impacted the
operating segment information:
Change in reportable segments
The group has revised its segment reporting structure to align with changes in
how management monitors business performance. Previously, performance was
evaluated by grouping businesses based on similar products or services. Under
the new approach, the group monitors performance using a regional ecosystem
model, allocating businesses to geographic regions being Latin America
(LatAm), Europe, India, and Other. This change results in a reallocation of
businesses previously disclosed under reportable segments Classifieds, Food
Delivery, Payments and Fintech, Etail, Edtech, and Other into the new regional
structure.
The new operating segments in their geographic ecosystems are outlined below,
along with details of the reallocated businesses and the reportable segments
under which they were previously disclosed:
· LatAm: iFood (Food Delivery) and Despegar (a new acquisition in the
current reporting period)
· Europe: OLX (Classifieds), eMAG Group (Etail), and iyzico (Payments and
Fintech)
· India: PayU India (Payments and Fintech)
· Other: GoodHabitz and Stack Overflow (Edtech), and GPO (Payments and
Fintech).
To ensure comparability, the current and prior reporting periods have been
updated for the revised segment reporting structure, and there was no impact
on the consolidated group total revenue, adjusted EBITDA (aEBITDA), or
adjusted EBIT (aEBIT) published in the prior year relating to this change. For
further details, refer to note 5.
Additionally, corporate costs, which were previously included in the
reportable segments (eg Food Delivery, Etail, Edtech, and Prosus Ventures
within Other Ecommerce) as part of total Ecommerce, have now been moved to the
corporate costs line under the Corporate segment. This reclassification
reflects the group's ongoing efforts to further centralise the corporate
function. The prior year's figures have been restated to ensure comparability.
Refer to note 5.
Change in the definition of aEBITDA
From 1 April 2024, the group has changed its definition of aEBITDA related to
the treatment of its share-based compensation benefits to improve
comparability to peers. Previously, aEBITDA included the impact of the grant
date fair value of the group's equity and cash-settled share-based
compensation expenses and excluded the subsequent remeasurement of the group's
cash-settled share-based compensation expenses. The change in the definition
of aEBITDA excludes all share-based compensation expenses. Therefore, both the
equity and cash-settled share-based compensation expenses are excluded from
this definition. This change was effective from 31 March 2025 and was applied
retrospectively. Accordingly, the group's consolidated aEBITDA from total and
continuing operations published as at 30 September 2024 has been restated.
Refer to note 5.
Discontinued operations
In March 2023, the group announced its decision to exit the OLX Autos business
unit. The exit process was being executed for each operation within the
business unit in its local market. In the current period, the group exited the
last operation in this business unit. At 30 September 2025, the operation's
financial results up until its disposal are presented as a discontinued
operation. This is presented separately from the group's continuing operations
and is reviewed separately by the CODM. This presentation of the Autos
business unit is consistent with prior years. Refer to note 10.
Lag periods applied when reporting results of equity accounted investments
Where the reporting periods of associates and joint ventures (equity accounted
investments) are not coterminous with that of the group and/or it is
impracticable for the relevant equity accounted investee to prepare financial
statements as of 31 March or 30 September (for instance due to the
availability of the results of the equity accounted investee relative to the
group's reporting period), the group applies an appropriate lag period of not
more than three months in reporting the results of the equity accounted
investees. Significant transactions and events that occur between the
non-coterminous reporting periods are adjusted for. The group exercises
significant judgement when determining the transactions and events for which
adjustments are made.
Going concern
The condensed consolidated interim financial statements are prepared on the
going-concern basis. Based on forecasts and available cash resources, the
group has adequate resources to continue operations as a going concern in the
foreseeable future. As at 30 September 2025, the group recorded US$20.3bn in
cash, comprising US$18.8bn of cash and cash equivalents net of bank overdrafts
and US$1.5bn in short-term cash investments. The group had US$17.5bn of
interest-bearing debt (excluding capitalised lease liabilities) and an undrawn
US$2.5bn revolving credit facility.
In assessing going concern, the impact of internal and external economic
factors on the group's operations and liquidity was considered in preparing
the forecasts and assessing the group's actual performance against budget. The
board is of the opinion that the group has sufficient financial flexibility to
continue as a going concern in the year subsequent to the date of these
condensed consolidated interim financial statements.
Hyperinflation
The group applied the hyperinflationary accounting requirements of IAS 29
Financial Reporting in Hyperinflationary Economies for the group's
subsidiaries in Türkiye and Argentina. As the presentation currency of the
group is that of a non-hyperinflationary economy, comparative amounts are not
adjusted for changes in the price level or exchange rates in the current year.
Hyperinflation accounting requires the results, cash flows and financial
position for the group's subsidiaries in Türkiye and Argentina are adjusted
using a general price index to reflect the current purchasing power at the end
of the reporting period. The carrying amounts of non-monetary assets and
liabilities are adjusted to reflect the change in the general price index from
the date of acquisition of these subsidiaries to the end of the reporting
period. The gain or loss on the net monetary position from translation of the
financial information is recognised in the condensed consolidated income
statement, except for goodwill, other intangible assets and deferred tax
liabilities arising at the acquisition of these subsidiaries. The impact of
the net monetary position in the condensed consolidated income statement from
Türkiye and Argentina is not material.
Goodwill, other intangible assets and deferred tax liabilities arising at the
acquisition of these subsidiaries are restated using the general price index
at the end of the reporting period. The gain or loss on the net monetary
position from the adjustment to these assets and liabilities is recognised in
other comprehensive income and accumulated in the foreign currency translation
reserve in equity.
The general price index used in adjusting the results, cash flows and
financial position for the group's subsidiaries in Türkiye was 664% and in
Argentina was 846% up to 30 September 2025 respectively.
3. Review by the independent auditor
These condensed consolidated interim financial statements have been reviewed
by the company's external auditor, Deloitte Accountants B.V., whose unmodified
review report appears at the end of the condensed consolidated interim
financial statements.
4. Significant changes in financial position and performance
during the reporting period
Issuance and redemption of bond notes
In July 2025, the group issued a 10-year €750m note carrying an annual fixed
interest rate of 4.343% due in 2035 under its Global Medium-Term Note
Programme. The purpose of the offering was to refinance the recently matured
2025 note of US$225m and to repay the upcoming €500m note due in January
2026, as well as other general corporate purposes. The bond is listed on the
Irish Stock Exchange (Euronext Dublin).
Share-repurchase programme
Since June 2022, the group has executed its open-ended, repurchase programme
of Prosus ordinary shares N and Naspers N ordinary shares. The group continued
with the share-repurchase programme for the six months ended 30 September
2025.
The Prosus repurchase programme of its ordinary shares N continued to be
funded by an orderly, on-market sale of Tencent Holdings Limited (Tencent)
shares.
The Naspers repurchase programme of its N ordinary shares continued to be
funded by the disposal of some of the Prosus ordinary shares N that it holds.
For the six months ended 30 September 2025, Prosus repurchased 87 498 363 (4%
of outstanding ordinary shares N in issue) ordinary shares N on the market for
a total consideration of US$4.6bn, which was funded by the sale of 70 823 200
Tencent shares, yielding proceeds of US$4.6bn. Naspers repurchased 6 019 495
(4% of outstanding N ordinary shares in issue) N ordinary shares on the market
for a total consideration of US$1.7bn.
This transaction was funded by the disposal of 32 170 715 Prosus ordinary
shares N on the market, yielding proceeds of US$1.7bn.
At 30 September 2025, the Prosus free-float shareholders' effective interest
in Prosus was 56.6%.
Repurchase of Prosus shares
The Prosus ordinary shares N acquired by the group are classified as treasury
shares. These are recognised in 'treasury shares' on the condensed
consolidated statement of financial position. The treasury shares were
recognised at a cost of US$4.6bn. The group intends to cancel the Prosus
shares repurchased in due course once the relevant approvals have been
obtained, so as to reduce its issued share capital.
Disposal of shares in Tencent
The group reduced its ownership interest in Tencent from 23.5% to 22.8%,
yielding US$4.6bn in proceeds. This is a partial disposal of an associate that
does not result in a loss of significant influence. The group recognised a
gain on partial disposal of US$3.3bn in the condensed consolidated income
statement. The group reclassified a loss of US$32m from the foreign currency
translation reserve to the condensed consolidated income statement related to
this partial disposal. Refer to note 6.
Acquisition of Despegar
In May 2025, the group acquired 100% ownership of Despegar.com, Corp
(Despegar) for US$1.8bn through MIH Internet Holdings B.V., its subsidiary
which directly holds all of the Prosus group's investments. Despegar is
LatAm's leading online travel agency. Refer to note 6.
Loss of significant influence in Delivery Hero
In August 2025, the group announced the approval from the European Commission
for its acquisition of Just Eat Takeaway.com (JET). To obtain this approval,
the group has committed to significantly reducing its equity stake in Delivery
Hero to a specific maximum percentage that will ensure Prosus is no longer
Delivery Hero's largest shareholder, within 12 months of the European
Commission approval. In addition, Prosus will not recommend or appoint
individuals connected to Naspers or Prosus to Delivery Hero's management or
supervisory boards.
Accordingly, the group is no longer able to exert significant influence. Upon
the loss of significant influence, the group elected to classify the Delivery
Hero shares at fair value through other comprehensive income (refer to note
14). The group does not consider these shares to be held for trading, given
that the partial divestment will be in order to secure approval for an
additional investment in the same region. The portion of the Delivery Hero
shares available for sale is therefore presented as a current asset on the
condensed consolidated statement of financial position. JET was acquired by
the group in October 2025 (refer to note 20).
The group recognised a loss of significant influence of Delivery Hero in the
condensed consolidated income statement of US$648m, including the
reclassification of accumulated foreign currency translation losses of US$462m
from the foreign currency translation reserve in equity.
Sale of PayU GPO
In August 2023, the group announced that it reached an agreement with Rapyd, a
leading fintech service provider, to acquire the Global Payments Organization
(GPO) within PayU for a cash transaction worth US$610m. The group classified
the GPO investments being sold as a disposal group held for sale. In March
2025, the group closed the sale of GPO LatAm and the African businesses within
PayU to Rapyd for US$400m, however, Polish regulatory approval was not yet
received, resulting in the splitting of the sale into two separate
transactions. In September 2025, the group received Polish regulatory approval
and expects to complete the sale of the GPO Polish business in the second half
of the financial year for US$210m.
5. Segmental information
Operating segments are identified on the basis of internal reports about
components of the group that are regularly reviewed by the chief operating
decision-maker (CODM) in order to allocate resources to the segments and to
assess their performance. The CODM has been identified as the group's
executive directors who make strategic decisions.
The group has changed how it monitors and reviews its operating segments.
Refer to note 2.
The group uses the following alternative performance measures (APMs) below to
assess segmental performance:
Adjusted EBITDA (aEBITDA): a non-IFRS measure that represents operating
profit/loss, as adjusted to exclude: (i) depreciation;
(ii) amortisation; (iii) retention option expenses linked to business
combinations; (iv) other losses/gains - net, which includes dividends received
from investments, profits and losses on sale of assets, fair value adjustments
of financial instruments, impairment losses, gains or losses on settlement of
liabilities; (v) all cash-settled and equity-settled share-based compensation
expenses, including those transactions with non-controlling shareholders that
are linked to the ongoing employment of those shareholders as part of the
group's investments in companies. It is considered a useful measure to analyse
operational profitability.
Adjusted EBIT (aEBIT): a non-IFRS measure that represents operating
profit/loss, as adjusted to exclude: (i) amortisation and retention option
expenses linked to business combinations; (ii) other losses/gains - net, which
includes dividends received from investments, profits and losses on sale of
assets, fair value adjustments of financial instruments, impairment losses and
gains or losses on settlement of liabilities; (iv) transactions that IFRS
treats as cash-settled share-based compensation expense which are with fellow
shareholders and are related to put and call options granted and linked to the
ongoing employment of those shareholders as part of the group's investments in
companies; and (v) subsequent fair value remeasurement of cash-settled
share-based compensation expenses, equity-settled share-based compensation
expenses deemed to arise from shareholder transactions.
The group audit committee regularly reviews the determination of aEBIT and
aEBITDA and the use of adjusting items to confirm that it remains an
appropriate basis against which to analyse the operating performance of the
group. The committee assesses refinements to the policy on a case-by-case
basis and seeks to minimise such changes in order to maintain consistency over
time. aEBIT and aEBITDA are APMs used alongside IFRS profit to assess the
performance of the group. They are a set within a range of measures used to
assess management performance and performance-based remuneration outcomes.
Non-IFRS measures are not defined by IFRS, are not uniformly defined or used
by all entities and may not be comparable with similarly labelled measures and
disclosures provided by other entities.
5. Segmental information continued
The summary of the restatement of the group's metrics as a result of the
change to the regional ecosystem is shown below:
Former segments
Six months ended 30 September 2024 Classifieds Food Payments Etail Edtech Other
Continuing operations US$'m Delivery and Fintech US$'m US$'m US$'m
US$'m US$'m
Revenue
Previously reported 399 674 636 1 131 85 38
Restatements (399) (674) (636) (1 131) (85) (38)
Segment view change(1) (399) (674) (636) (1 131) (85) (38)
Restated - - - - - -
Consolidated aEBITDA
Previously reported 140 97 (8) 23 (10) (13)
Restatements (140) (97) 8 (23) 10 13
Corporate(2) - 4 - - 4 10
Segment view change(1) (155) (116) (9) (29) (1) (2)
Change in aEBITDA(3) 15 15 17 6 7 5
Restated - - - - - -
Consolidated aEBIT
Previously reported 133 94 (11) (7) (13) (15)
Restatements (133) (94) 11 7 13 15
Corporate(2) - 4 - - 4 14
Segment view change(1) (133) (98) 11 7 9 1
Restated - - - - - -
1 Relates to the impact of the revised segment perspective aligning with
regional ecosystems.
2 Relates to the impact of the reallocation of corporate costs, including
Ventures, from total Ecommerce to the Corporate segment.
The group reallocated a total of US$18m EBITDA and US$22m EBIT, of
which US$10m and US$14m related to Ventures respectively.
3 Relates to the restatement due to the change in definition in adjusted
EBITDA.
5. Segmental information continued
Revised ecosystems
Six months ended 30 September 2024 Total Corporate Total LatAm Europe India Other
Continuing operations Ecommerce segment US$'m US$'m US$'m US$'m US$'m
US$'m US$'m
Revenue
Previously reported 2 963 - 2 963 - - - -
Restatements - - - 674 1 640 332 317
Segment view change(1) - - - 674 1 640 332 317
Restated 2 963 - 2 963 674 1 640 332 317
Consolidated aEBITDA
Previously reported 229 (118) 111 - - - -
Restatements 83 19 102 117 191 (19) 23
Corporate(2) 18 (18) - - - - -
Segment view change(1) - - - 117 191 (19) 23
Change in aEBITDA(3) 65 37 102 - - - -
Restated 312 (99) 213 117 191 (19) 23
Consolidated aEBIT
Previously reported 181 (121) 60 - - - -
Restatements 22 (22) - 98 129 (33) 9
Corporate(2) 22 (22) - - - - -
Segment view change(1) - - - 98 129 (33) 9
Restated 203 (143) 60 98 129 (33) 9
1 Relates to the impact of the revised segment perspective aligning with
regional ecosystems.
2 Relates to the impact of the reallocation of corporate costs, including
Ventures, from total Ecommerce to the Corporate segment.
The group reallocated a total of US$18m EBITDA and US$22m EBIT, of
which US$10m and US$14m related to Ventures respectively.
3 Relates to the restatement due to the change in definition in adjusted
EBITDA.
5. Segmental information continued
Former segments
Year ended 31 March 2025 Classifieds Food Payments Etail Edtech Other
Continuing operations US$'m Delivery and Fintech US$'m US$'m US$'m
US$'m US$'m
Revenue
Previously reported 788 1 334 1 339 2 457 170 82
Restatements (788) (1 334) (1 339) (2 457) (170) (82)
Segment view change(1) (788) (1 334) (1 339) (2 457) (170) (82)
Restated - - - - - -
Consolidated aEBITDA
Previously reported 314 248 24 84 (14) (1)
Restatements (314) (248) (24) (84) 14 1
Corporate(2) - 8 - 3 9 14
Segment view change(1) (314) (256) (24) (87) 5 (13)
Restated - - - - - -
Consolidated aEBIT
Previously reported 273 218 (11) 10 (33) (14)
Restatements (273) (218) 11 (10) 33 14
Corporate(2) - 8 - 3 9 24
Segment view change(1) (273) (226) 11 (13) 24 (10)
Restated - - - - - -
1 Relates to the impact of the revised segment perspective aligning with
regional ecosystems.
2 Relates to the impact of the reallocation of corporate costs, including
Ventures, from total Ecommerce to the Corporate segment.
The group reallocated a total of US$34m EBITDA and US$44m EBIT, of
which US$14m and US$24m related to Ventures respectively.
Revised ecosystems
Year ended 31 March 2025 Total Corporate Total LatAm Europe India Other
Continuing operations Ecommerce segment US$'m US$'m US$'m US$'m US$'m
US$'m US$'m
Revenue
Previously reported 6 170 - 6 170 - - - -
Restatements - - - 1 334 3 522 694 620
Segment view change(1) - - - 1 334 3 522 694 620
Restated 6 170 - 6 170 1 334 3 522 694 620
Consolidated aEBITDA
Previously reported 655 (171) 484 - - - -
Restatements 34 (34) - 256 426 (25) 32
Corporate(2) 34 (34) - - - - -
Segment view change(1) - - - 256 426 (25) 32
Restated 689 (205) 484 256 426 (25) 32
Consolidated aEBIT
Previously reported 443 (264) 179 - - - -
Restatements 44 (44) - 226 305 (49) 5
Corporate(2) 44 (44) - - - - -
Segment view change(1) - - - 226 305 (49) 5
Restated 487 (308) 179 226 305 (49) 5
1 Relates to the impact of the revised segment perspective aligning with
regional ecosystems.
2 Relates to the impact of the reallocation of corporate costs, including
Ventures, from total Ecommerce to the Corporate segment.
The group reallocated a total of US$34m EBITDA and US$44m EBIT, of
which US$14m and US$24m related to Ventures respectively.
5. Segmental information continued
A reconciliation of the segmental revenue, adjusted
EBITDA and aEBIT to operating profit as reported in the income statement is
provided below:
Continuing operations
LatAm Europe
Six months ended 30 September 2025 iFood Despegar OLX eMAG iyzico
US$'m US$'m US$'m US$'m US$'m
Revenue 888 302 473 1 130 207
Cost of providing services and sale of goods, and selling, general and admin (704) (264) (242) (1 085) (196)
expenses
Platform cost of sales, website hosting and warehousing costs(1) (119) - (18) (739) (4)
Payment facilitation transaction costs(1) (90) (36) (3) (7) (167)
Delivery services cost(1) (54) - (14) (98) -
Finance service costs(1) (42) (5) (3) (1) -
Advertising expenses (63) (60) (48) (36) (3)
Staff costs (233) (73) (121) (132) (15)
Other(1) (103) (90) (35) (72) (7)
Consolidated adjusted EBITDA 184 38 231 45 11
Depreciation (3) (3) (7) (27) (1)
Amortisation of software (2) (5) - (6) -
Interest on capitalised lease liabilities - (1) (1) (1) -
Grant date fair value of cash-settled share-based incentives (13) - (8) (5) (2)
Grant date fair value of equity-settled share-based incentives (2) (4) (10) (1) (1)
Consolidated aEBIT 164 25 205 5 7
Interest on capitalised lease liabilities - 1 1 1 -
Amortisation of other intangible assets (2) (42) (1) (2) (3)
Other (losses)/gains - net 5 - - (16) -
Remeasurement of cash-settled share-based incentive expenses 2 - (1) 3 -
Consolidated operating profit/(loss) 169 (16) 204 (9) 4
1 These relate to the costs of providing services and the sale of goods
(COPS), including US$72m presented in 'Other'.
5. Segmental information continued
Continuing operations Discontinued Total
operations operations
US$'m US$'m
India Other Total Corporate Total
US$'m Ecommerce segment US$'m
US$'m US$'m
Six months ended 30 September 2025 PayU
US$'m
Revenue 397 226 3 623 - 3 623 89 3 712
Cost of providing services and sale of goods, (398) (204) (3 093) (107) (3 200) (103) (3 303)
and selling, general and admin expenses
Platform cost of sales, website hosting and warehousing costs(1) (8) (24) (912) - (912) (71) (983)
Payment facilitation transaction costs(1) (225) (76) (604) - (604) - (604)
Delivery services cost(1) - - (166) - (166) - (166)
Finance service costs(1) (70) (1) (122) - (122) - (122)
Advertising expenses (4) (5) (219) (2) (221) (5) (226)
Staff costs (59) (81) (714) (60) (774) (19) (793)
Other(1) (32) (17) (356) (45) (401) (8) (409)
Consolidated adjusted EBITDA (1) 22 530 (107) 423 (14) 409
Depreciation (3) (3) (47) (3) (50) (1) (51)
Amortisation of software - (2) (15) - (15) - (15)
Interest on capitalised lease liabilities (1) - (4) - (4) - (4)
Grant date fair value of cash-settled share-based incentives (7) (6) (41) (19) (60) - (60)
Grant date fair value of equity-settled share-based incentives (3) (2) (23) (21) (44) - (44)
Consolidated aEBIT (15) 9 400 (150) 250 (15) 235
Interest on capitalised lease liabilities 1 - 4 - 4 - 4
Amortisation of other intangible assets (5) (9) (64) - (64) - (64)
Other (losses)/gains - net - - (11) 24 13 2 15
Remeasurement of cash-settled share-based incentive expenses 4 4 12 4 16 - 16
Consolidated operating profit/(loss) (15) 4 341 (122) 219 (13) 206
1 These relate to the costs of providing services and the sale of goods
(COPS), including US$72m presented in 'Other'.
Reconciliation of cash generated from operations to consolidated aEBITDA from
continuing operations.
Six months ended Year ended
30 September 31 March
2025 2024 2025
US$'m US$'m US$'m
Cash generated from operations 23 146 599
Non-cash adjustments (24) (67) (123)
Working capital outflow/(inflow) 420 126 (10)
Operating cash flows of discontinued operations, net of adjustments for 4 8 18
non-cash and other items
Consolidated aEBITDA from continuing operations 423 213 484
5. Segmental information continued
Continuing operations
LatAm Europe
Six months ended 30 September 2024 iFood OLX eMAG iyzico
US$'m US$'m US$'m US$'m
Revenue 674 389 1 131 120
Cost of providing services and sale of goods, and selling, (557) (237) (1 102) (110)
general and admin expenses
Platform cost of sales, website hosting and warehousing costs(1) (73) (17) (749) (3)
Payment facilitation transaction costs(1) (78) (3) (3) (93)
Delivery services cost(1) (82) (17) (109) -
Finance service costs(1) (23) (4) (1) -
Advertising expenses (44) (43) (37) (2)
Staff costs (178) (115) (131) (8)
Other(1) (79) (38) (72) (4)
Consolidated adjusted EBITDA(2) 117 152 29 10
Depreciation (4) (7) (25) (1)
Amortisation of software - - (5) -
Interest on capitalised lease liabilities - (1) (1) -
Grant date fair value of cash-settled share-based incentives (15) - (5) -
Grant date fair value of equity-settled share-based incentives - (15) - (2)
Consolidated aEBIT 98 129 (7) 7
Interest on capitalised lease liabilities - 1 1 -
Amortisation of other intangible assets (1) (2) (3) -
Other (losses)/gains - net 2 - (5) -
Retention option expense - - - -
Remeasurement of cash-settled share-based incentive expenses (2) 1 (1) -
Consolidated operating profit/(loss) 97 129 (15) 7
1 These relate to the costs of providing services and the sale of goods
(COPS), including US$20m presented in 'Other'.
2 The group's consolidated aEBITDA from total and continuing operations
changed to US$206m and US$213m respectively as a result of a change in
definition.
The 30 September 2024 aEBITDA, previously published for total and continuing
operations, was US$104m and US$111m respectively. Refer to note 2.
5. Segmental information continued
Continuing operations Discontinued Total
operations operations
US$'m US$'m
India Other Total Corporate Total
US$'m Ecommerce segment US$'m
US$'m US$'m
Six months ended 30 September 2024 PayU
US$'m
Revenue 332 317 2 963 - 2 963 143 3 106
Cost of providing services and sale of goods, (351) (294) (2 651) (99) (2 750) (150) (2 900)
and selling, general and admin expenses
Platform cost of sales, website hosting and warehousing costs(1) (5) (32) (879) - (879) (112) (991)
Payment facilitation transaction costs(1) (197) (106) (480) - (480) - (480)
Delivery services cost(1) - - (208) - (208) - (208)
Finance service costs(1) (63) (2) (93) - (93) - (93)
Advertising expenses (7) (6) (139) - (139) (13) (152)
Staff costs (46) (106) (584) (65) (649) (15) (664)
Other(1) (33) (42) (268) (34) (302) (10) (312)
Consolidated adjusted EBITDA(2) (19) 23 312 (99) 213 (7) 206
Depreciation (2) 1 (38) (3) (41) - (41)
Amortisation of software - (1) (6) - (6) - (6)
Interest on capitalised lease liabilities (1) (1) (4) - (4) - (4)
Grant date fair value of cash-settled share-based incentives (6) (5) (31) (11) (42) - (42)
Grant date fair value of equity-settled share-based incentives (5) (8) (30) (30) (60) - (60)
Consolidated aEBIT (33) 9 203 (143) 60 (7) 53
Interest on capitalised lease liabilities 1 1 4 - 4 - 4
Amortisation of other intangible assets (7) (17) (30) - (30) - (30)
Other (losses)/gains - net - (2) (5) 13 8 (84) (76)
Retention option expense - 63 63 - 63 - 63
Remeasurement of cash-settled share-based (1) 5 2 25 27 - 27
incentive expenses
Consolidated operating profit/(loss) (40) 59 237 (105) 132 (91) 41
1 These relate to the costs of providing services and the sale of goods
(COPS), including US$20m presented in 'Other'.
2 The group's consolidated aEBITDA from total and continuing operations
changed to US$206m and US$213m respectively as a result of a change in
definition.
The 30 September 2024 aEBITDA, previously published for total and continuing
operations, was US$104m and US$111m respectively. Refer to note 2.
5. Segmental information continued
Continuing operations
LatAm Europe
Year ended 31 March 2025 iFood OLX eMAG iyzico
US$'m US$'m US$'m US$'m
Revenue 1 334 777 2 457 288
Cost of providing services and sale of goods, and selling, (1 078) (463) (2 369) (264)
general and admin expenses
Platform cost of sales, website hosting and warehousing costs(1) (142) (35) (1 649) (6)
Payment facilitation transaction costs(1) (159) (6) (9) (224)
Delivery services cost(1) (122) (32) (229) -
Finance service costs(1) (50) (9) (1) -
Advertising expenses (84) (83) (74) (4)
Staff costs (361) (226) (269) (19)
Other(1) (160) (72) (138) (11)
Consolidated adjusted EBITDA 256 314 88 24
Depreciation (6) (13) (49) (2)
Amortisation of software (1) - (10) -
Interest on capitalised lease liabilities (1) (1) (2) -
Grant date fair value of cash-settled share-based incentives (22) (3) (10) -
Grant date fair value of equity-settled share-based incentives - (24) (3) (4)
Consolidated aEBIT 226 273 14 18
Interest on capitalised lease liabilities 1 1 2 -
Amortisation of other intangible assets (3) (2) (5) (1)
Other (losses)/gains - net 2 (5) (6) -
Retention option expense - - (1) -
Remeasurement of cash-settled share-based incentive expenses (60) (8) (3) -
Consolidated operating profit 166 259 1 17
1 These relate to the costs of providing services and the sale of goods
(COPS), including US$32m presented in 'Other'.
5. Segmental information continued
Continuing operations Discontinued Total
operations operations
US$'m US$'m
India Other Total Corporate Total
US$'m Ecommerce segment US$'m
US$'m US$'m
Year ended 31 March 2025 PayU
US$'m
Revenue 694 620 6 170 - 6 170 264 6 434
Cost of providing services and sale of goods, (719) (588) (5 481) (205) (5 686) (291) (5 977)
and selling, general and admin expenses
Platform cost of sales, website hosting and warehousing costs(1) (8) (79) (1 919) - (1 919) (209) (2 128)
Payment facilitation transaction costs(1) (411) (208) (1 017) - (1 017) - (1 017)
Delivery services cost(1) - - (383) - (383) - (383)
Finance service costs(1) (132) (3) (195) - (195) - (195)
Advertising expenses (10) (11) (266) (2) (268) (21) (289)
Staff costs (86) (222) (1 183) (120) (1 303) (35) (1 338)
Other(1) (72) (65) (518) (83) (601) (26) (627)
Consolidated adjusted EBITDA (25) 32 689 (205) 484 (27) 457
Depreciation (4) (4) (78) (6) (84) - (84)
Amortisation of software - (2) (13) - (13) - (13)
Interest on capitalised lease liabilities (1) (1) (6) - (6) (1) (7)
Grant date fair value of cash-settled share-based incentives (9) (12) (56) (39) (95) - (95)
Grant date fair value of equity-settled share-based incentives (10) (8) (49) (58) (107) - (107)
Consolidated aEBIT (49) 5 487 (308) 179 (28) 151
Interest on capitalised lease liabilities 1 1 6 - 6 1 7
Amortisation of other intangible assets (8) (30) (49) - (49) - (49)
Other (losses)/gains - net - - (9) 21 12 (84) (72)
Retention option expense - 63 62 - 62 - 62
Remeasurement of cash-settled share-based incentive expenses 11 15 (45) 8 (37) - (37)
Consolidated operating profit/(loss) (45) 54 452 (279) 173 (111) 62
1 These relate to the costs of providing services and the sale of goods
(COPS), including US$32m presented in 'Other'.
6. Business combinations, other acquisitions and disposals
The following relates to the group's significant transactions related to
business combinations and other investments for the six months ended 30
September 2025:
Company Classification Amount invested
US$'m
Net Non-cash Cash in Total
cash consi- entity consi-
paid/ deration acquired deration
(received)
Acquisition of subsidiaries 1 908 - (194) 1 714
a Despegar.com (Despegar) Subsidiary 1 805 - (194) 1 611
b Mindgate Subsidiary 76 - - 76
Other(1) Subsidiary 27 - - 27
Additional investment in existing subsidiaries 28 - - 28
Other(1) Subsidiary 28 - - 28
Disposal of subsidiaries (16) - - (16)
Other(1) Subsidiary (16) - - (16)
Acquisition of equity accounted investments 8 - - 8
Other(1) Associate 8 - - 8
Additional investment in existing equity accounted investments 8 - - 8
Other(1) Associate 8 - - 8
Acquisition of other investments 128 2 343 - 2 471
e Delivery Hero FVOCI - 2 343 - 2 343
Other(1) FVOCI 108 - - 108
Other(1) FVPL 20 - - 20
Disposal/partial disposal of equity accounted investments (5 003) (2 290) - (7 293)
c Remitly Associate (272) - - (272)
d Tencent Holdings Limited (Tencent) Associate (4 688) 53 - (4 635)
e Delivery Hero Associate - (2 343) - (2 343)
Other(1) Associate (43) - - (43)
Disposal/partial disposal of other investments (550) - - (550)
f Meituan FVOCI (249) - - (249)
g DoorDash Inc (DoorDash) FVOCI (207) - - (207)
Other(1) FVOCI/FVPL (94) - - (94)
1 'Other' includes various acquisitions and disposals of subsidiaries,
associates and other investments that are not individually material.
6. Business combinations, other acquisitions and disposals
continued
Acquisition of subsidiaries
a. In May 2025, the group acquired 100% ownership of Despegar.com, Corp
(Despegar) for US$1.8bn through MIH Internet Holdings B.V., its subsidiary
which directly holds all of the Prosus group's investments. Despegar is
LatAm's leading online travel agency. The transaction was completed after
securing customary regulatory approvals. The acquisition contributes to the
group's LatAm ecosystem.
The main intangible assets recognised in the business combination were
customer relationships, trademarks and technology. The main factor
contributing to the goodwill recognised in the acquisition is the synergies
from Despegar's market presence and financial technology.
Since the acquisition date of Despegar, revenue of US$302m and net losses of
US$12m have been included in the group's income statement. The impact on
revenue and net losses from the above transactions, had the acquisition taken
place on 1 April 2025, were US$393m and US$15m respectively.
The acquisition date fair values of each major class of identifiable assets
and liabilities recognised are shown below:
Despegar
May
2025
US$'m
Total consideration 1 805
Less: 653
Intangible assets 1 092
Property, plant and equipment 31
Cash and deposits 194
Investments and loans 13
Trade and other receivables 390
Trade and other payables (591)
Other assets and liabilities 43
Deferred tax liabilities (303)
Long-term liabilities (216)
Goodwill 1 152
b. In March 2025, the group acquired 70% effective ownership interest in
Mindgate Solutions Private Ltd (Mindgate) through PayU, its payments and
fintech subsidiary in India. The consideration at the date of acquisition was
through a series of tranche payments. The first tranche payment amounted to
US$68m for a 43.5% effective ownership interest and the second tranche payment
amounted to US$76m for a 26.5% effective ownership interest that the group was
obligated to pay as a result of the company achieving agreed-upon financial
performance measures as at 31 March 2025. The second tranche was settled in
September 2025.
The purchase price allocation for this transaction was not yet finalised as at
31 March 2025, therefore, preliminary amounts were disclosed in the
consolidated financial statements. The changes between the final and
preliminary fair values were not material and related primarily to the
liability to settle the second tranche in September 2025.
Disposal/partial disposal of equity accounted investments
c. In May 2025, the group sold a portion of its shareholding in Remitly for
US$272m. The group recognised a gain on partial disposal of US$206m, with no
reclassification of accumulated foreign currency translation losses.
d. From April 2025 to the end of September 2025, the group sold 0.7% of
Tencent's issued share capital for total proceeds of US$4.6bn, of which US$45m
was receivable at 30 September 2025. Due to the concurrent Tencent share
buyback, the group reduced its stake in Tencent from 23.5% in March to 22.8%
at the end of September. The group recognised a gain on partial disposal of
US$3.3bn, including a reclassification of accumulated foreign currency
translation losses of US$32m. Proceeds from this disposal are used to fund the
group's share-repurchase programme.
e. In August 2025, the group announced the approval from the European
Commission for its acquisition of Just Eat Takeaway.com (JET). To obtain this
approval, the group has committed to significantly reducing its equity stake
in Delivery Hero to a specific maximum percentage that will ensure Prosus is
no longer Delivery Hero's largest shareholder, within 12 months of the
European Commission approval. In addition, Prosus will not recommend or
appoint individuals connected to Naspers or Prosus to Delivery Hero's
management or supervisory boards.
Accordingly, the group is no longer able to exert significant
influence. Upon the loss of significant influence, the group elected to
classify the Delivery Hero shares at fair value through other comprehensive
income (refer to note 14). The group does not consider these shares to be held
for trading, given that the partial divestment will be in order to secure
approval for an additional investment in the same region.
The group recognised a loss of significant influence of Delivery Hero
in the condensed consolidated income statement of US$648m, including the
reclassification of accumulated foreign currency translation losses of US$462m
from the foreign currency translation reserve in equity.
Disposal/partial disposal of other investments
f. In July 2025, the group sold a portion of its shareholding in Meituan
for US$249m. Accumulated fair value losses related to these shares of US$23m
were reclassified from the valuation reserve to retained earnings within
equity as a result of this disposal.
g. In July 2025, the group completed the sale of its entire stake in
DoorDash for total proceeds of US$207m. Accumulated fair value gains related
to these shares of US$136m were reclassified from the valuation reserve to
retained earnings within equity as a result of this disposal.
7. Goodwill
Movements in the group's goodwill for the period are detailed below:
Six months ended Year ended
30 September 31 March
2025 2024 2025
US$'m US$'m US$'m
Goodwill
Cost 2 469 2 339 2 339
Accumulated impairment (1 310) (1 312) (1 312)
Opening balance 1 159 1 027 1 027
Foreign currency translation effects(1) 55 5 (6)
Acquisitions of subsidiaries and businesses(2) 1 205 6 149
Transferred to assets classified as held for sale - - (11)
Impairment (3) - -
Closing balance 2 416 1 038 1 159
Cost 3 732 2 350 2 469
Accumulated impairment (1 316) (1 312) (1 310)
1 The current period includes a net monetary gain of US$18m (2024: US$16m
and 31 March 2025: US$30m) relating to hyperinflation accounting for the
group's subsidiaries in Türkiye. Refer to note 2.
2 Relates mainly to the acquisition of Despegar.com, Corp (Despegar).
Refer to note 6.
Goodwill is tested annually at 31 December or more frequently if there is a
change in circumstances that indicates that it might be impaired. The group
has allocated goodwill to various cash-generating units (CGUs). The
recoverable amounts of these CGUs have been determined based on the higher of
the value in use calculations and the fair value less costs of disposal.
During the current period and the prior financial year, the recoverable
amounts for CGUs were determined predominantly using value in use
calculations. The value in use is based on discounted cash flow calculations.
These cash flow calculations are based on 10-year forecast information as many
businesses have monetisation timelines longer than five years.
For the six months ended 30 September 2025, the group considered whether there
was a change in circumstances that indicated that
a CGU might be impaired. The impairment indicator assessment took into
consideration the movement in market interest rates and country risk premiums
and the overall business performance compared against budgets and forecasts.
No material indicators were identified in the assessment.
The group recognised impairment losses on goodwill of US$3m (2024: US$nil and
31 March 2025: US$nil). In the prior year no indicators of impairment were
identified in the impairment assessment performed and no impairment was
recognised.
8. Revenue
Main reportable segment(s) where revenue is included Six months ended Year ended
30 September 31 March
2025 2024 2025
US$'m US$'m US$'m
Revenue from interest income PayU and iFood 133 96 200
Revenue from contracts with customers
Online sale of goods revenue eMAG and OLX 1 070 1 080 2 344
Classifieds listings revenue OLX 445 358 717
Payment transaction commissions and fees PayU 751 616 1 309
Food delivery revenue iFood 736 640 1 259
Travel commissions and service fees Despegar 295 - -
Advertising revenue Various 31 25 55
Educational technology revenue Other Ecommerce 95 85 170
Other revenue Various 67 63 116
Total revenue from continuing operations 3 623 2 963 6 170
Below is the group's revenue by geographical area:
Six months ended Year ended
30 September 31 March
Geographical area 2025 2024 2025
US$'m US$'m US$'m
Asia 391 345 718
India 360 315 660
Rest of Asia 31 30 58
Europe 1 916 1 723 3 692
Central Europe 446 402 788
Eastern Europe 1 408 1 277 2 816
Western Europe 62 44 88
LatAm 1 210 801 1 572
Brazil 1 026 723 1 440
Argentina 59 13 22
Rest of LatAm 125 65 110
North America 68 61 122
Other 38 33 66
Total revenue from continuing operations 3 623 2 963 6 170
9. Profit before taxation
In addition to the items already detailed, profit before taxation from
continuing operations has been determined after taking into account, inter
alia, the following:
Six months ended Year ended
30 September 31 March
2025 2024 2025
US$'m US$'m US$'m
Depreciation of property, plant and equipment 50 41 84
Amortisation 79 36 62
Software 15 6 13
Other intangible assets 64 30 49
Impairment losses on financial assets measured at amortised cost 7 8 16
Net realisable value adjustments on inventory, net of reversals(1) 2 - -
Other (losses)/gains - net 13 8 12
Loss on sale of assets (1) - (2)
Impairment of goodwill, property, plant and equipment, and other intangible (16) (4) (13)
assets
Reversal of impairment on related party loan 20 - -
Income on sale of tokens - 11 20
Dividends received on investments 4
Other 6 1 7
Net (losses)/gains on acquisitions and disposals (714) 9 338
Gains/(losses) on disposal of investments - net 12 14 361
(Losses)/gains recognised on loss of significant influence (653) - -
Transaction-related costs (68) (5) (22)
Other (5) - (1)
1 Net realisable value writedowns relate primarily to eMAG.
10. Loss from discontinued operations
Discontinued operations in the current and prior period relate to the OLX
Autos business unit. In August 2025, the last remaining operation of the OLX
Autos business was sold. Comparative periods include the operations disposed
of, classified as held for sale or closed down by 31 March 2025.
The financial information relating to the group's discontinued operations is
set out below:
Income statement information of discontinued operations
Six months ended Year ended
30 September 31 March
2025 2024 2025
US$'m US$'m US$'m
Revenue from contracts with customers 89 143 264
Online sale of goods revenue 89 143 264
Expenses (104) (250) (378)
Impairment of goodwill and other assets - (84) (84)
Other expenses (104) (166) (294)
Loss before tax (15) (107) (114)
Taxation - 1 (14)
Loss for the period (15) (106) (128)
Gain on disposal of discontinued operations 4 - -
Loss from discontinued operations (11) (106) (128)
Loss from discontinued operations attributable to:
Equity holders of the group (11) (106) (126)
Non-controlling interest - - (2)
(11) (106) (128)
Cash flow statement information of discontinued operations
Six months ended Year ended
30 September 31 March
2025 2024 2025
US$'m US$'m US$'m
Net cash utilised from operating activities (9) (7) (12)
Net cash generated from investing activities - 10 23
Net cash utilised from financing activities - (9) (32)
Cash utilised from discontinued operations (9) (6) (21)
Per share information from discontinued operations for the period (US
cents)(1)
Six months ended Year ended
30 September 31 March
2025 2024 2025
US$'m US$'m US$'m
Earnings per ordinary share N (0) (4) (5)
Diluted earnings per ordinary share N (0) (4) (5)
Headline earnings per ordinary share N (1) (1) (2)
Diluted headline earnings per ordinary share N (1) (1) (2)
1 Refer to note 11 for further details on earnings per share from
discontinued operations.
11. Earnings per share
Calculation of headline earnings
Six months ended Year ended
30 September 31 March
2025 2024 2025
US$'m US$'m US$'m
Earnings from continuing operations
Basic earnings attributable to shareholders 5 643 4 692 12 493
Impact of dilutive instruments of subsidiaries, associates and joint ventures (55) (38) (90)
Diluted earnings attributable to shareholders 5 588 4 654 12 403
Headline adjustments for continuing operations
Adjusted for: (2 960) (2 055) (6 288)
Impairment of goodwill, property, plant and equipment, and other intangible 16 4 13
assets
Loss on sale of assets 1 - 2
Loss of significant influence 653 - -
Net gains on acquisitions and disposals of investments (12) (14) (361)
Gain on partial disposal of equity accounted investments (3 519) (2 364) (6 447)
Dilution losses on equity accounted investments 90 144 318
Remeasurements included in equity accounted earnings(1) (189) 86 96
Impairment of equity accounted investments - 89 91
2 683 2 637 6 205
Total tax effects of adjustments (1) - 21
Total adjustment for non-controlling interest (2) (1) (25)
Basic headline earnings from continuing operations(2) 2 680 2 636 6 201
Diluted headline earnings from continuing operations 2 625 2 598 6 111
1 Remeasurements included in equity accounted earnings include US$9m
(2024: US$87m and 31 March 2025: US$300m) relating to losses arising on
acquisitions and disposals by associates and US$185m relating to net
impairments of assets recognised by associates (2024: US$171m and 31 March
2025: US$395m).
2 Headline earnings represent net profit for the year attributable to
equity holders of the group, excluding certain defined separately identifiable
remeasurements. The headline earnings measure is pursuant to the JSE Listings
Requirements.
Six months ended Year ended
30 September 31 March
2025 2024 2025
US$'m US$'m US$'m
Earnings from discontinued operations
Basic earnings attributable to shareholders (11) (106) (126)
Diluted earnings attributable to shareholders (11) (106) (126)
Headline adjustments for discontinued operations(1)
Adjusted for: (4) 84 84
Impairment of goodwill, property, plant and equipment, and other intangible - 84 84
assets
Net gains on acquisitions and disposals of investments (4) - -
(15) (22) (42)
Total adjustment for non-controlling interest - - -
Basic headline earnings from discontinued operations(1) (15) (22) (42)
Diluted headline earnings from discontinued operations (15) (22) (42)
1 Headline earnings represent net profit for the year attributable to
equity holders of the group, excluding certain defined, separately
identifiable remeasurements. The headline earnings measure is pursuant to the
JSE Listings Requirements.
11. Earnings per share continued
Earnings per share information
Earnings per share per class of ordinary shares is calculated as the
relationship of the number of ordinary shares (or dilutive ordinary shares,
where relevant) of Prosus issued at 30 September 2025 (net of treasury
shares), to the relevant net profit measure attributable to the shareholders
of Prosus. The earnings per share information takes into account the group's
share-repurchase programme.
As a result of the group's open-ended share-repurchase programme, the number
of ordinary shares N used in the earnings per share information is weighted
for the period that the shares were in issue and not recognised as treasury
shares. Refer to note 4 for the impact of the share-repurchase programme.
The A and B ordinary shareholders are entitled to one voting right per share.
The A ordinary shareholders are entitled to one-fifth of
the economic rights attributable to the Prosus free-float shareholders. The B
ordinary shareholders are entitled to one-millionth of the economic rights of
the Prosus ordinary shares N.
Six months ended Year ended
30 September 31 March
2025 2024 2025
US$'m US$'m US$'m
Earnings attributable to shareholders from continuing operations 5 643 4 692 12 493
Headline earnings from continuing operations 2 680 2 636 6 201
Six months ended Year ended
30 September 31 March
Issued shares 2025 2024 2025
Number of Number of Number of
ordinary ordinary ordinary
shares N shares N shares N
('000) ('000) ('000)
Net number of shares in issue at period-end (net of treasury shares) 2 192 707 2 487 280 2 280 205
Weighted average number of ordinary shares
Issued net of treasury shares at the beginning of the period 2 280 205 2 494 181 2 494 181
Weighting of share repurchase (48 717) (41 679) (89 268)
Weighted average number of shares in issue during the period(1) 2 231 488 2 452 502 2 404 913
Adjusted for effect of future share-based payment transactions - - -
Diluted weighted average number of shares in issue during the period 2 231 488 2 452 502 2 404 913
Per share information from total operations for the period (US cents)(2)
Earnings per ordinary share N 253 187 514
Diluted earnings per ordinary share N 251 186 511
Headline earnings per ordinary share N 119 106 256
Diluted headline earnings per ordinary share N 117 105 252
Per share information from continuing operations for the period
(US cents)(2)
Earnings per ordinary share N 253 191 519
Diluted earnings per ordinary share N 251 190 516
Headline earnings per ordinary share N 120 107 258
Diluted headline earnings per ordinary share N 118 106 254
1 The weighted average number of shares excludes the shares repurchased as
part of the share-repurchase programme from the date they are recognised as
treasury shares. Refer to note 4.
2 Total earnings per share for ordinary shareholders A amount to 24 US
cents (2024: 15 US cents and 31 March 2025: 57 US cents) and ordinary
shareholders B amounts to nil US cents. Earnings per share for ordinary
shareholders A from continuing operations amounts to 24 US cents (2024: 16 US
cents and 31 March 2025: 58 US cents) and ordinary shareholders B amounts to
nil US cents for all periods.
12. Finance (costs)/income
Six months ended Year ended
30 September 31 March
2025 2024 2025
US$'m US$'m US$'m
Interest income 409 470 920
Loans and bank accounts 404 464 910
Other 5 6 10
Interest expense (299) (273) (549)
Loans and overdrafts (264) (255) (512)
Capitalised lease liabilities (4) (4) (6)
Other (31) (14) (31)
Other finance (costs)/income - net (480) (149) 50
(Losses)/gains on translation of assets and liabilities (478) (151) 41
(Losses)/gains on derivative and other financial instruments (2) 2 9
13. Investments in associates
The movement in the carrying value of the group's investments in associates is
detailed in the table below:
Six months ended Year ended
30 September 31 March
2025 2024 2025
US$'m US$'m US$'m
Opening balance 41 465 34 789 34 789
Associates acquired - gross consideration 32 102 373
Associates disposed of (25) - -
Share of changes in other comprehensive income and NAV 3 194 2 110 4 570
Share of equity accounted results 3 156 2 478 5 730
Impairment - (89) (91)
Dividends received (1 237) (1 001) (1 001)
Foreign currency translation effects 1 203 926 (219)
Loss of significant influence (2 602) - -
Partial disposal of interest in associate(1) (1 360) (959) (2 421)
Dilution (losses)/gains(2) (88) (144) (265)
Closing balance 43 738 38 212 41 465
1 The gains on partial disposal recognised in the condensed consolidated
income statement relate to the partial disposal of Tencent. The group
recognised a gain on partial disposal of US$3.3bn (2024: US$2.4bn and 31 March
2025: US$6.0bn).
2 The total dilution (losses)/gains presented in the condensed
consolidated income statement relate to the group's diluted effective interest
in associates and the reclassification of a portion of the group's foreign
currency translation reserves from the condensed consolidated statement of
other comprehensive income to the condensed consolidated income statement
following the shareholding dilutions.
Impairment of equity accounted investments
The group assesses whether there is an indication that its equity accounted
investments are impaired. When an impairment indicator is identified, the
group performs an impairment assessment. Impairment losses are recognised for
equity accounted investments when the carrying amount exceeds the recoverable
amount of an investment. The recoverable amounts of equity accounted
investments are determined based on the higher of the value in use
calculations and the fair value less costs of disposal.
For the six months ended 30 September 2025, the impairment indicator
assessment for equity accounted investments took into consideration the
business's overall performance compared against budgets and forecasts.
Based on the impairment indicator assessments performed, there were no
impairment indicators identified for the group's equity accounted investments.
For the six months ended 30 September 2025, no impairment losses were
recognised. In the prior period, impairment losses of US$89m (31 March 2025:
US$91m) were recognised for the group's unlisted equity accounted investments
in the Prosus Ventures portfolio.
14. Other investments and loans
Six months ended Year ended
30 September 31 March
2025 2024 2025
US$'m US$'m US$'m
Investments at fair value through other comprehensive income (OCI) 6 815 6 871 6 469
Investments at fair value through profit or loss 84 63 74
Investments at amortised cost 46 45 44
Related party loans 191 195 197
Total investments and loans 7 136 7 174 6 784
Current portion of other investments (1 856) - -
Investments at fair value through OCI(1) (1 856) - -
Non-current portion of other investments 5 280 7 174 6 784
1 The significant movement in the current period relates to the loss of
significant influence in Delivery Hero.
Reconciliation of investments at fair value through other comprehensive income
Six months ended Year ended
30 September 31 March
2025 2024 2025
US$'m US$'m US$'m
Opening balance 6 469 5 645 5 645
Fair value adjustments recognised in OCI(2) (1 556) 2 611 2 082
Purchases/additional contributions(3) 186 94 268
Disposals(4) (625) (1 471) (1 506)
Transfers from/(to) equity accounted investments(1) 2 336 (8) (20)
Transfers from fair value through profit and loss 5 4 4
Foreign currency translation effects - (4) (4)
Closing balance 6 815 6 871 6 469
1 The significant movement in the current period relates to the loss of
significant influence in Delivery Hero.
2 The significant movement in the current and prior period relates
primarily to the revaluation of Meituan.
3 This includes cash and non-cash purchases.
4 The current period mainly relates to the disposal of Meituan and
DoorDash. The prior period mainly relates to the disposal of Trip.com.
15. Commitments and contingent liabilities
Commitments relate to amounts for which the group has contracted, but that
have not yet been recognised as obligations in the statement of financial
position.
Six months ended Year ended
30 September 31 March
2025 2024 2025
US$'m US$'m US$'m
Commitments 172 226 91
Capital expenditure - 1 -
Service commitments 172 224 91
Lease commitments - 1 -
15. Commitments and contingent liabilities continued
Litigation claims
The group has civil and labour litigation claims amounting to US$158m (2024:
US$142m and 31 March 2025: US$156m) in LatAm. These claims are still subject
to a final decision on their validity by the court.
Taxation matters
As a global technology investor, the group's portfolio of businesses is well
diversified by segment and geography. The group operates on a decentralised
basis in numerous countries. Businesses are based in the countries where their
operations, their users and consumers are. As a result, the group's businesses
pay taxes locally, in the jurisdictions where they operate and where the
group's products and services are consumed. Where relevant and appropriate,
the group seeks advice and works with its advisers to identify and quantify
contingent tax exposures.
Our total assessment of possible tax exposures, including interest and
potential penalties amounts to approximately US$314m (2024: US$529m and 31
March 2025: US$242m) in LatAm. The possible tax exposure includes a tax
benefit under judicial review. Accordingly, the group recognised the amount
payable to tax authorities in 'Accrued expenses' in the consolidated statement
of financial position pending the outcome of the judicial review. During the
period, this tax exposure was partially repaid, which resulted in a balance of
US$115m (2024: US$186m and 31 March 2025: US$176m) in accrued expenses, of
which US$97m was repaid to tax authorities in October 2025 (refer to note 20).
The remaining possible tax exposure of approximately US$199m (2024: US$343m
and 31 March 2025: US$66m) relates to various matters across the group.
16. Disposal groups classified as held for sale
In August 2023, the group announced that it had reached an agreement with
Rapyd, a leading fintech service provider, to acquire the Global Payments
Organization (GPO) within PayU for a cash transaction worth US$610m. As a
result of this agreement, the group classified GPO investments being sold as a
disposal group held for sale from August 2023. The disposal group consists of
the GPO businesses in Eastern Europe and LatAm. In March 2025, the sale of the
business in LatAm was completed for proceeds of US$400m and the business in
Eastern Europe continues to be classified as held for sale. In September 2025,
the group received Polish regulatory approval and expects to complete the sale
in the second half of the financial year for US$210m.
In March 2025, the group classified its eMAG warehouse as held for sale due to
a reduction in operational activity in Hungary. The group is committed to
selling this asset by the end of the 2026 financial year. The group recognised
impairment losses of US$13m
(31 March 2025: US$nil) related to the warehouse.
In March 2023, the group announced the decision to exit the OLX Autos business
unit. The exit process was being executed for each operation within the
business unit in its local market. In the current period, the group exited the
last operation in this business unit.
The loss on disposal, including the reclassification of accumulated foreign
currency translation losses, was not material. The group recognised no
impairment losses (31 March 2025: US$84m) related to this disposal group.
16. Disposal groups classified as held for sale continued
The assets and liabilities classified as held for sale are detailed in the
table below:
Six months ended Year ended
30 September 31 March
2025 2024 2025
US$'m US$'m US$'m
Assets 649 906 698
Property, plant and equipment 96 23 113
Goodwill 22 52 29
Other intangible assets - 3 3
Deferred taxation assets - 3 -
Inventory - 12 14
Trade and other receivables 139 283 159
Cash and cash equivalents(1) 392 530 380
Liabilities 504 750 523
Capitalised finance leases 1 11 10
Deferred taxation liabilities - 2 -
Long-term liabilities 1 2 1
Provisions - 1 8
Trade payables 2 21 22
Accrued expenses and other current liabilities 500 713 482
1 Included in cash and cash equivalents is restricted cash held on behalf
of customers.
17. Equity compensation benefits
Liabilities arising from cash-settled share-based payment transactions
Reconciliation of the cash-settled share-based payment liability is as
follows:
Six months ended Year ended
30 September 31 March
2025 2024 2025
US$'m US$'m US$'m
Opening balance 414 512 512
SAR scheme charge per the income statement 46 14 132
Employment-linked put option charge per the income statement - - 1
Additions - 1 3
Settlements (127) (137) (200)
Transferred to liabilities classified as held for sale - - (1)
Other - (23) -
Foreign currency translation effects 12 (17) (33)
Closing balance 345 350 414
Less: Current portion of cash-settled share-based payment liability (324) (333) (379)
Non-current portion of cash-settled share-based payment liability 21 17 35
18. Financial instruments
The group's activities expose it to a variety of financial risks such as
market risk (including currency risk, fair value interest rate risk, cash flow
interest rate risk and price risk), credit risk and liquidity risk.
The condensed consolidated interim financial statements do not include all
financial risk management information and disclosures as required in the
annual consolidated financial statements and should be read in conjunction
with the group's risk management information disclosed in note 40 of the
consolidated financial statements, published in the annual report of Prosus
for the year ended 31 March 2025. There have been no material changes in the
group's credit, liquidity, market risks or key inputs used in measuring fair
value since 31 March 2025.
The fair values of the group's financial instruments that are measured at fair
value at each reporting period, are categorised as follows:
Fair value measurements at 30 September 2025 using:
Carrying Quoted prices Significant Significant
value in active other unobservable
US$'m markets for observable inputs
identical inputs (level 3)
assets (level 2) US$'m
or liabilities US$'m
(level 1)
US$'m
Assets
Financial assets at fair value through other comprehensive income 6 815 5 885 - 930
Financial assets at fair value through profit or loss 84 - - 84
Forward exchange contracts 1 - 1 -
Cash and cash equivalents(1) 2 552 - 2 552 -
Liabilities
Forward exchange contracts 4 - 4 -
Earn-out obligations 51 - - 51
1 Relates to short-term bank deposits which are money market investments
held with major banking groups and high-quality institutions that have AAA
money market fund credit ratings from internationally recognised ratings
agencies.
Fair value measurements at 31 March 2025 using:
Carrying Quoted prices Significant Significant
value in active other unobservable
US$'m markets for observable inputs
identical inputs (level 3)
assets (level 2) US$'m
or liabilities US$'m
(level 1)
US$'m
Assets
Financial assets at fair value through other comprehensive income 6 469 5 420 - 1 049
Financial assets at fair value through profit or loss 74 - - 74
Forward exchange contracts 1 - 1 -
Cash and cash equivalents(1) 465 - 465 -
Liabilities
Forward exchange contracts 28 - 28 -
Earn-out obligations 5 - - 5
1 Relates to short-term bank deposits which are money market investments
held with major banking groups and high-quality institutions that have AAA
money market fund credit ratings from internationally recognised ratings
agencies.
18. Financial instruments continued
There was a transfer of US$203m from level 3 to level 1 (31 March 2025:
US$nil), a transfer of US$18m from an investment in associate to level 3 and a
transfer of US$5m from an investment measured at fair value through profit or
loss. In addition, there was a transfer of US$25m from level 3 to an
investment in associate (31 March 2025: there was a transfer of US$20m from
level 3 to investments in associates and a transfer of US$4m from level 3 to
investments at fair value through profit or loss). There were no significant
changes to the valuation techniques and inputs used in measuring fair value.
Valuation techniques and key inputs used to measure significant level 2 and
level 3 fair values
Level 2 fair value measurement
Forward exchange contracts - in measuring the fair value of forward exchange
contracts, the group makes use of market observable quotes of forward foreign
exchange rates on instruments that have a maturity similar to the maturity
profile of the group's forward exchange contracts. Key inputs used in
measuring the fair value of forward exchange contracts include: current spot
exchange rates, market forward exchange rates and the term of the group's
forward exchange contracts.
Cash and cash equivalents - relate to short-term bank deposits which are money
market funds held with major banking groups and high-quality institutions that
have AAA money market fund credit ratings from internationally recognised
ratings agencies. The fair value of these deposits is determined by the
amounts deposited and the gains or losses generated by the funds as detailed
in the statements provided by these institutions. The gains/losses are
recognised in the condensed consolidated income statement.
Financial assets at fair value - relates to a contractual right to receive
shares or cash. The fair value is based on a listed share price on the date
the transaction was entered into.
Level 3 fair value measurements
Financial assets at fair value - relate predominantly to unlisted equity
investments. The fair value of unlisted equity investments is based on the
most recent funding transactions for these investments, a discounted cash flow
calculation (DCF) or a market approach using market multiples. At 30 September
2025, the group used the fair values of these investments at 31 March 2025, as
there were no significant changes in the underlying equity investments that
suggested that the fair value had changed.
Earn-out obligations - relate to amounts that are payable to the former owners
of businesses now controlled by the group, provided that contractually
stipulated post-combination performance criteria are met. These are remeasured
to fair value at the end of each reporting period. Key inputs used in
measuring fair value include: current forecasts of the extent to which
management believes performance criteria will be met, discount rates
reflecting the time value of money and contractually specified earn-out
payments.
18. Financial instruments continued
Valuation techniques and key inputs used to measure significant level 2 and
level 3 fair values continued
Level 3 fair value measurements continued
The following table shows a reconciliation of the group's level 3 financial
instruments:
30 September 2025
Financial Financial Earn-out
assets at assets at obligations
FVOCI(1) FVPL(2) US$'m
US$'m US$'m
Balance at 1 April 2025 1 049 74 (5)
Additions 99 15 (51)
Total gains recognised in other comprehensive income 70 - -
Settlements/disposals (82) - 5
Transfers between levels (203) - -
Transfer from investments in associates 18 - -
Transfer from/(to) investments at fair value through profit or loss 5 (5) -
Transfer to investments in associates (25) - -
Foreign currency translation effects (1) - -
Balance at 30 September 2025 930 84 (51)
31 March 2025
Financial Financial Earn-out
assets at assets at obligations
FVOCI(1) FVPL(2) US$'m
US$'m US$'m
Balance at 1 April 2024 837 48 (4)
Additions 270 30 -
Total losses recognised in the income statement - - (1)
Total losses recognised in other comprehensive income (23) - -
Settlements/disposals (15) - -
Transfers from/(to) investments at FVPL 4 (4) -
Transfers to investments in associates (20) - -
Foreign currency translation effects (4) - -
Balance at 31 March 2025 1 049 74 (5)
1 Financial assets at fair value through other comprehensive income.
2 Financial assets at fair value through profit or loss.
The carrying value of financial instruments are a reasonable approximation of
their fair values, except for the publicly traded bonds detailed below:
30 September 2025 31 March 2025
Financial liabilities Carrying Fair Carrying Fair
value value value value
US$'m US$'m US$'m US$'m
Publicly traded bonds 16 507 14 737 15 380 13 141
The fair values of the publicly traded bonds have been determined with
reference to the listed prices of the instruments as at the end of the
reporting period. As the instruments are not actively traded, this is a level
2 disclosure. The publicly traded bonds are listed on the Irish Stock Exchange
(Euronext Dublin).
19. Related party transactions and balances
The group entered into various related party transactions in the ordinary
course of business with a number of related parties, including equity
accounted investments. Transactions that are eliminated on consolidation, as
well as gains or losses eliminated through the application of the equity
method, are not included. The transactions and balances with related parties
are summarised below:
Six months Year
ended ended
30 September 31 March
2025 2025
US$'m US$'m
Sale of goods and services to related parties(1)
Zitec Com SRL - 13
MIH Holdings Proprietary Limited 3 5
Bom Negócio Atividades de Internet Ltda (OLX Brasil) 12 19
Various other related parties 3 8
18 45
1 The group receives revenue from a number of its related parties in
connection with service agreements. The nature of these related party
relationships is that equity accounted investments and subsidiaries of Naspers
outside of the group.
Six months Year
ended ended
30 September 31 March
2025 2025
US$'m US$'m
Services received from related parties(1)
MIH Holdings Proprietary Limited 7 15
Zitec Com SRL 1 2
Various other related parties 1 -
9 17
1 The group receives corporate and other services rendered by a number of
its related parties. The nature of these related party relationships is that
of entities under the common control of the group's controlling parent,
Naspers.
During the current period, the group recharged US$3m (31 March 2025: US$5m) to
Naspers companies in respect of services performed on their behalf. In
addition, Naspers recharged costs of US$7m (31 March 2025: US$15m) to the
group's companies.
19. Related party transactions and balances continued
Terms of significant related party current receivables and payables
The above current receivables and payables relate primarily to cost recharges
to/by entities under the common control of Naspers Limited, the group's
ultimate controlling parent. These current receivables and payables are
interest-free.
The balances of receivables and payables between the group and related parties
are as follows:
Six months Year
ended ended
30 September 31 March
2025 2025
US$'m US$'m
Loans and receivables(1)
MIH Ecommerce Holdings Proprietary Limited 25 10
MIH Holdings Proprietary Limited 3 1
Bom Negócio Atividades de Internet Limitada (OLX Brasil)(2) 167 164
MIH Internet Holdings B.V. Share Trust(3) - 9
Prosus NV Share Option Trust(3) 8 13
GoodGuyz Investments B.V. 4 7
Endowus Technologies PTE Ltd 12 12
Various other related parties 11 11
Less: Allowance for impairment of loans and receivables(4) - -
Total related party receivables 230 227
Less: Non-current portion of related party receivables (191) (197)
Current portion of related party receivables 39 30
Payables
MIH Holdings Proprietary Limited 7 2
Zitec Com SRL 3 3
Various other related parties 8 2
Total related party payables 18 7
Less: Non-current portion of related party payables (8) (2)
Current portion of related party payables 10 5
Dividend payable
Naspers Limited 220 113
Total dividend payable included in current liabilities 220 113
1 The group provides services and loan funding to a number of its related
parties. The nature of these related party relationships are that of equity
accounted investments.
2 The loan is repayable by October 2035 and interest is charged annually
at SELIC + 2%. Interest income of US$12m (31 March 2025: US$19m) was
recognised in the current year.
3 Relates to related party loan-funding provided to Naspers group share
trust for equity compensation plans. The loan was interest-free and repayable
in 2032, or upon winding up of the trust, if earlier. Cash flows for this
transaction are disclosed as investing activities in the condensed
consolidated statement of cash flows.
4 Impairment allowance for non-current receivables from related parties is
based on a 12-month expected credit loss model and was not material.
Transactions with key management personnel
During the current period, there were no purchases of goods and services from
key management (31 March 2025: US$nil).
Put option arrangement with group chief executive
Fabricio Bloisi, the group's chief executive, is a non-controlling shareholder
and founder of the group's food holding company (Movile Mobile Commerce
Holdings B.V.) and has a 3.2% (31 March 2025: 3.4%) ownership interest. The
non-controlling shareholders of Movile Mobile Commerce Holdings B.V. have
written put option rights for their respective ownership interests. During the
current period, Fabricio sold a portion of his interest to the group for
US$24m. The group recognises a written put option liability for these
non-controlling shareholders in the 'Other non-current liabilities'.
Fabricio's share of this liability is US$324m (31 March 2025: US$306m).
20. Events after the reporting period
As part of the open-ended share-repurchase programme announced in June 2022,
Prosus acquired 7 921 404 Prosus ordinary shares N for US$553m and Naspers
acquired 3 953 548 Naspers N ordinary shares for US$286m between October and
19 November 2025. Furthermore, Naspers disposed of 3 441 169 Prosus ordinary
shares N for US$240m between October and 19 November 2025. The group will
account for this transaction in the same manner that it was accounted for in
the period ended 30 September 2025.
The group sold 7 089 300 shares of Tencent Holdings Limited (Tencent) between
October and 19 November 2025, yielding US$586m
in proceeds. An accurate estimate for the gain on disposal of these shares
cannot be made until the corresponding equity accounted results for the period
have been finalised.
In August, the European Commission approved the group's acquisition of Just
Eat Takeaway.com (JET). This was the final regulatory approval needed to close
the offer. The transaction became unconditional on 1 October 2025, after the
successful share offer tender period, during which 90.13% of the issued shares
were tendered. Simultaneously, shareholders who did not tender their shares
during the offer period had the opportunity to tender their shares during the
post-closing acceptance period, which ended on 16 October 2025, resulting in
an additional 8.06% of the shares being tendered. The group therefore acquired
and settled 98.19% of the shares of JET and initiated statutory squeeze-out
proceedings to acquire 100% of the shares.
The above transactions are considered linked and in contemplation of each
other therefore the acquisition date of JET is 6 October 2025, following the
settlement of 90.13% of the shares that resulted in the group controlling the
entity. The transaction price was approximately €4.2bn (US$4.9bn), including
additional settlement arrangements in accordance with the closing conditions.
Due to the magnitude and nature of this investment, the purchase price
allocation was incomplete by the date of issue of these condensed consolidated
interim financial statements. Accordingly, the group could not disclose the
fair value of the identifiable assets and liabilities, including the factors
that make up goodwill. This information will be disclosed in the next
reporting period.
In addition, subsequent to the acquisition above, JET offered its convertible
bond holders to tender their bonds for repurchase for cash. The expiration
deadline for the tender offer was 9 October 2025. As at the expiration
deadline, JET received valid tenders of €788m (US$925m), which was settled
in cash.
In September, the group, through its subsidiary OLX, entered into an agreement
to acquire La Centrale, a leading French autos classifieds platform, from
Providence Equity Partners L.L.C. for €1.1bn (US$1.3bn). The transaction
closed in November following the completion of a customary employee
consultation process. The purchase price allocation was incomplete by the date
of issue of these financial statements. Accordingly, the group could not
disclose the fair value of the identifiable assets and liabilities, including
the factors that make up goodwill. This information will be disclosed in the
next reporting period.
In October, the group sold a portion of its shareholding in Meituan for
US$300m. Accumulated fair value gains related to these shares sold will be
reclassified from the valuation reserve to retained earnings within equity and
will be disclosed in the financial results for the year ended 31 March 2026.
The remaining investment continues to be classified at fair value through
other comprehensive income.
In October, the group sold 100% of OLX Kazakhstan, the group's Kazakh online
classifieds business, for a total consideration of US$75m. The business was
sold to VEON Ltd, a global digital operator. The transaction is subject to
regulatory approvals and customary closing conditions.
In October, the group repaid US$97m to tax authorities in Brazil. This was
previously accrued for as a tax exposure. Refer to note 15.
In October and November, the group acquired an additional investment in
Rapido, a ride-hailing platform in India for US$67m. The investment increased
the group's interest to approximately 10.2% (9.6% on a fully diluted basis).
Investment will continue to be accounted for at fair value through other
comprehensive income.
In October and November, the group acquired approximately 16.2% interest
(15.4% on a fully diluted basis ) in La Travenues Technology (Ixigo), India's
online travel booking platform for US$222m. The group will recognise this
investment as an equity accounted associate as a result of its right of
appointment on the board of directors.
Independent auditor's review report
To the Shareholders and Board of directors of Prosus N.V.
Our conclusion
We have reviewed the condensed consolidated interim financial information for
the 6-months period ended 30 September 2025 of Prosus N.V based in Amsterdam,
the Netherlands.
Based on our review, nothing has come to our attention that causes us to
believe that the accompanying interim financial information for the
6-months period ended 30 September 2025 of Prosus N.V. is not prepared, in all
material respects, in accordance with IAS 34, 'Interim Financial Reporting' as
adopted by the European Union.
The interim financial information comprises:
· The condensed consolidated statement of financial position as at 30
September 2025.
· The condensed consolidated income statement for the period from 1 April
2025 to 30 September 2025.
· The condensed consolidated statement of comprehensive income for the
period from 1 April 2025 to 30 September 2025.
· The condensed consolidated statement of changes in equity for the
period from 1 April 2025 to 30 September 2025.
· The condensed consolidated statement of cash flows for the period from
1 April 2025 to 30 September 2025.
· The notes comprising of a summary of the accounting policies and other
explanatory information.
Basis for our conclusion
We conducted our review in accordance with Dutch law, including the Dutch
Standard 2410, 'Het beoordelen van tussentijdse financiële informatie door de
accountant van de entiteit' (Review of interim financial information performed
by the independent auditor of the entity).
A review of interim financial information in accordance with the Dutch
Standard 2410 is a limited assurance engagement. Our responsibilities under
this standard are further described in the 'Our responsibilities for the
review of the interim financial information' section of our report.
We are independent of Prosus N.V. in accordance with the 'Verordening inzake
de onafhankelijkheid van accountants bij assurance-opdrachten' (ViO, Code of
Ethics for Professional Accountants, a regulation with respect to
independence) and other relevant independence regulations in the Netherlands.
Furthermore, we have complied with the 'Verordening gedrags- en beroepsregels
accountants' (VGBA, Dutch Code of Ethics).
We believe the assurance evidence we have obtained is sufficient and
appropriate to provide a basis for our conclusion.
Responsibilities of the Board of directors for the interim financial
information
The Board of directors is responsible for the preparation of the interim
financial information in accordance with IAS 34, 'Interim Financial Reporting'
as adopted by the European Union. Furthermore, the Board of directors is
responsible for such internal control as it determines is necessary to enable
the preparation of the interim financial information that are free from
material misstatement, whether due to fraud or error.
Our responsibilities for the review of the interim financial information
Our responsibility is to plan and perform the review in a manner that allows
us to obtain sufficient and appropriate assurance evidence for our conclusion.
The level of assurance obtained in a review engagement is substantially less
than the level of assurance obtained in an audit conducted in accordance with
the Dutch Standards on Auditing. Accordingly, we do not express an audit
opinion.
We have exercised professional judgement and have maintained professional
skepticism throughout the review, in accordance with Dutch Standard 2410.
Our review included among others:
· Updating our understanding in the entity and its environment, including
its internal control, and the applicable financial reporting framework, in
order to identify areas in the interim financial information where material
misstatements are likely to arise due to fraud or error, designing and
performing procedures to address those areas, and obtaining assurance evidence
that is sufficient and appropriate to provide a basis for our conclusion.
· Obtaining an understanding of internal control, as it relates to the
preparation of the interim financial information.
· Making inquiries of the Board and others within the company.
· Applying analytical procedures with respect to information included in
the interim financial information.
· Obtaining assurance evidence that the interim financial information
agrees with or reconciles to the company's underlying accounting records.
· Evaluating the assurance evidence obtained.
· Considering whether there have been any changes in accounting
principles or in the methods of applying them and whether any new transactions
have necessitated the application of a new accounting principle.
· Considering whether the Board has identified all events that may
require adjustment to or disclosure in the interim financial information.
· Considering whether the interim financial information has been prepared
in accordance with the applicable financial reporting framework and represents
the underlying transactions free from material misstatement.
Deloitte Accountants
B.V. I.A. Buitendijk
Amsterdam
22 November 2025
Other information to the condensed consolidated interim financial statements
for the six months ended 30 September 2025
Reconciliation of financial alternative performance measures
Core headline earnings
A reconciliation of net profit attributable to shareholders to core headline
earnings is outlined below.
Reconciliation of core headline earnings
Six months ended Year ended
30 September 31 March
2025 2024 2025
US$'m US$'m US$'m
Headline earnings from continuing operations (refer to note 11) 2 680 2 636 6 201
Adjusted for:
Equity-settled share-based payment expenses 558 469 981
Remeasurement of cash-settled share-based incentive expenses (16) (29) 35
Amortisation of other intangible assets 292 249 517
Fair value adjustments and currency translation differences 414 247 (364)
Retention option expense 1 (63) (62)
Transaction-related costs 71 33 62
Core headline earnings from continuing operations 4 000 3 542 7 370
Per share information for the period for continuing operations (US cents)
Core headline earnings per ordinary share N(1) 179 144 306
Diluted core headline earnings per ordinary share N(2) 177 143 303
Per share information for the period for total operations (US cents)
Core headline earnings per ordinary share N(1) 178 143 303
Diluted core headline earnings per ordinary share N(2) 176 142 300
1 Core headline earnings per share is based on the weighted average number
of shares taking into account the group's share-repurchase programme.
2 The diluted core headline earnings per share include a decrease of
US$38m (2024: US$38m and 31 March 2025: US$90m) relating to the future
dilutive impact of potential ordinary shares issued by equity accounted
investees.
Six months ended Year ended
30 September 31 March
2025 2024 2025
US$'m US$'m US$'m
Headline earnings from discontinued operations (refer to note 11) (15) (22) (42)
Adjusted for:
Fair value adjustments and currency translation differences 1 - -
Core headline earnings from discontinued operations (14) (22) (42)
Per share information
Core headline earnings per ordinary share N (US cents) (1) (1) (2)
Diluted core headline earnings per ordinary share N (US cents) (1) (1) (2)
Reconciliation of financial alternative performance measures continued
Core headline earnings continued
Equity accounted results
The group's equity accounted investments contributed to the condensed
consolidated interim financial statements as follows:
Six months ended Year ended
30 September 31 March
2025 2024 2025
US$'m US$'m US$'m
Share of equity accounted results from continuing operations 3 156 2 468 5 703
Sale of assets - 1 2
Gains on acquisitions and disposals (4) (87) (279)
Impairment of investments (186) 171 369
Contribution to headline earnings from continuing operations 2 966 2 553 5 795
Amortisation of other intangible assets 254 230 484
Equity-settled share-based payment expenses 558 467 979
Fair value adjustments and currency translation differences (38) 101 (313)
Acquisition-related costs (1) 27 40
Contribution to core headline earnings from continuing operations 3 739 3 378 6 985
Tencent 3 843 3 571 7 263
Delivery Hero (9) (109) (151)
Other (95) (84) (127)
The group applies an appropriate lag period of not more than three months in
reporting the results of equity accounted investments.
Growth in local currency, excluding acquisitions and disposals
The group applies certain adjustments to segmental revenue, aEBITDA and aEBIT
(previously trading profit) reported in the condensed consolidated interim
financial statements to present the growth in such metrics in local currency,
excluding the effects of changes in the composition of the group. From April
2025, the group included aEBITDA in this growth analysis to provide further
analysis for the metric. Such underlying adjustments provide a view of the
company's underlying financial performance that management believes is more
comparable between periods by removing the impact of changes in foreign
exchange rates, hyperinflation adjustments and changes in the composition of
the group on its results. Such adjustments are referred to herein as 'growth
in local currency, excluding acquisitions and disposals'. The group applies
the following methodology in calculating growth in local currency, excluding
acquisitions and disposals:
· Foreign exchange/constant currency adjustments have been calculated by
adjusting the current period's results to the prior period's average foreign
exchange rates, determined as the average of the monthly exchange rates for
that period. The local currency financial information quoted is calculated as
the constant currency results arrived at using the methodology outlined above,
compared to the prior period's actual IFRS results. The relevant average
exchange rates (relative to the US dollar) used for the group's most
significant functional currencies were:
Six months ended
30 September
Currency (1FC = US$) 2025 2024
South African rand (ZAR) 0.0558 0.0550
Euro (EUR) 1.1547 1.0869
Chinese yuan renminbi (RMB) 0.1393 0.1393
Brazilian real (BRL) 0.1808 0.1832
Indian rupee (INR) 0.0115 0.0120
Polish zloty (PLN) 0.2708 0.2530
British pound sterling (GBP) 1.3445 1.2866
Turkish lira (TRY) 0.0249 0.0302
Hungarian forint (HUF) 0.0029 0.0028
Reconciliation of financial alternative performance measures continued
Growth in local currency, excluding acquisitions and disposals continued
· Adjustments made for changes in the composition of the group relate to
acquisitions, mergers and disposals of subsidiaries. For acquisitions,
adjustments are made to remove the revenue, aEBITDA and aEBIT of the acquired
entity from the current reporting period and in subsequent reporting periods
to ensure that the current reporting period and the comparative reporting
period contain revenue and aEBIT information relating to the same number of
months. For mergers, adjustments are made to include a portion of the prior
period's revenue and aEBIT of the entity acquired as a result of a merger. For
disposals, adjustments are made to remove the revenue and aEBIT of the
disposed entity from the previous reporting period to the extent that there is
no comparable revenue or aEBIT information in the current period and, in
subsequent reporting periods, to ensure that the previous reporting period
does not contain revenue and aEBIT information relating to the disposed
business.
The following significant changes in the composition of the group during the
respective reporting periods have been adjusted for in arriving at the pro
forma financial information:
For the six months 1 April 2025 to 30 September 2025
Transaction Basis of accounting Acquisition/Disposal
Acquisition of Despegar Subsidiary Acquisition
Acquisition of the group's interest in Mindgate Subsidiary Acquisition
Acquisition of the group's interest in Paynet Subsidiary Acquisition
Acquisition of the group's interest in E-Deploy Subsidiary Acquisition
Acquisition of the group's interest in Saipos Subsidiary Acquisition
Acquisition of the group's interest in OPDV Subsidiary Acquisition
Acquisition of the group's interest in Allpacka Subsidiary Acquisition
Acquisition of the group's interest in Sprinter Subsidiary Acquisition
Acquisition of the group's interest in Furgefutar.HU Subsidiary Acquisition
Disposal of the group's interest in GPO MEA Subsidiary Disposal
Disposal of the group's interest in GPO LatAm Subsidiary Disposal
Disposal of the group's interest in Tazz Subsidiary Disposal
Disposal of the group's interest in Afterverse Subsidiary Disposal
Disposal of the group's interest in OLX Chile Subsidiary Disposal
Disposal of the group's interest in OLX Colombia Subsidiary Disposal
Disposal of the group's interest in OLX Mexico Subsidiary Disposal
Disposal of the group's interest in OLX Kiwi Finance Subsidiary Disposal
The net adjustment made for all acquisitions and disposals on continuing
operations that took place during the period ended 30 September 2025 amounted
to a positive adjustment of US$238m on revenue, a positive adjustment of
US$33m on aEBITDA and a positive adjustment of US$21m on aEBIT.
The group's growth analysis below has been presented in accordance with the
new segmental organisational structure disclosed in note 5 of the condensed
consolidated interim financial statements.
Reconciliation of financial alternative performance measures continued
Growth in local currency, excluding acquisitions and disposals continued
The adjustments to the amounts, reported in terms of IFRS, that have been made
in arriving at the pro forma financial information are presented in the table
below:
Six months ended 30 September
2024 2025 2025 2025 2025 2025 2025 2025
A B C D E F(1) G(2) H(3)
Consolidated revenue IFRS 8 Group Group Foreign Local IFRS 8 Local IFRS 8
US$'m composition composition currency currency US$'m currency change
disposal acquisition adjustment growth growth %
adjustment adjustment US$'m US$'m change
US$'m US$'m %
Continuing operations
Ecommerce 2 963 (159) 397 23 399 3 623 14 22
LatAm 674 (10) 308 (12) 230 1 190 35 77
iFood 674 (10) 6 (12) 230 888 35 32
Core food delivery 563 (40) - (9) 127 641 24 14
Pago 68 30 - (2) 94 190 96 >100
Other 43 - 6 (1) 9 57
Despegar - - 302 - - 302
Europe 1 640 (27) 69 38 90 1 810 6 10
OLX 389 (2) - 22 64 473 17 22
eMAG 1 131 (25) 10 48 (34) 1 130 (3) -
eMAG Romania 715 - - 30 (26) 719 (4) 1
Other 416 (25) 10 18 (8) 411
iyzico 120 - 59 (32) 60 207 50 73
India 332 - 21 (14) 58 397 17 20
PayU India 332 - 21 (14) 58 397 17 20
India Payments 250 - 21 (10) 40 301 16 20
India Credit 82 - - (4) 18 96 22 17
Other Ecommerce 317 (122) (1) 11 21 226 11 (29)
GPO 185 (79) - 8 6 120 6 (35)
GoodHabitz 28 - - 2 - 30 - 7
Stack Overflow 57 - - - 8 65 14 14
Other 47 (43) (1) 1 7 11
Corporate segment - - - - - -
Group consolidated 2 963 (159) 397 23 399 3 623 14 22
1 A + B + C + D + E. 2 [E/(A + B)] x 100.
3 [(F/A) - 1] x 100.
Reconciliation of financial alternative performance measures continued
Growth in local currency, excluding acquisitions and disposals continued
The adjustments to the amounts, reported in terms of IFRS, that have been made
in arriving at the pro forma financial information are presented in the table
below:
Six months ended 30 September
2024 2025 2025 2025 2025 2025 2025 2025
A B C D E F(1) G(2) H(3)
Consolidated aEBIT IFRS 8 Group Group Foreign Local IFRS 8 Local IFRS 8
US$'m composition composition currency currency US$'m currency change
disposal acquisition adjustment growth growth %
adjustment adjustment US$'m US$'m change
US$'m US$'m %
Continuing operations
Ecommerce 203 (5) 26 9 167 400 84 97
LatAm 98 (2) 23 (3) 73 189 76 93
iFood 98 (2) (2) (3) 73 164 76 67
Core food delivery 159 - - (4) 46 201 29 26
Pago (3) (2) - - - (5) - (67)
Other (58) - (2) 1 27 (32)
Despegar - - 25 - - 25
Europe 129 7 3 10 68 217 50 68
OLX 129 - - 10 66 205 51 59
eMAG (7) 7 - - 5 5 >100 >100
eMAG Romania 31 - - 1 (16) 16 (52) (48)
Other (38) 7 - (1) 21 (11)
iyzico 7 - 3 - (3) 7 (43) -
India (33) - 1 - 17 (15) 52 55
PayU India (33) - 1 - 17 (15) 52 55
India Payments (14) - 1 - 4 (9) 29 36
India Credit (19) - - - 13 (6) 68 68
Other Ecommerce 9 (10) (1) 2 9 9 >100 -
GPO 17 (8) - 1 (3) 7 (33) (59)
GoodHabitz (2) - - 1 2 1 100 >100
Stack Overflow (7) - - - 10 3 >100 >100
Other 1 (2) (1) - - (2)
Corporate segment (143) - - - (7) (150) (5) (5)
Group consolidated 60 (5) 26 9 160 250 >100 >100
1 A + B + C + D + E. 2 [E/(A + B)] x 100.
3 [(F/A) - 1] x 100.
Reconciliation of financial alternative performance measures continued
Growth in local currency, excluding acquisitions and disposals continued
The adjustments to the amounts, reported in terms of IFRS, that have been made
in arriving at the pro forma financial information are presented in the table
below:
Six months ended 30 September
2024 2025 2025 2025 2025 2025 2025 2025
A B C D E F(1) G(2) H(3)
Consolidated aEBITDA IFRS 8 Group Group Foreign Local IFRS 8 Local IFRS 8
US$'m composition composition currency currency US$'m currency change
disposal acquisition adjustment growth growth %
adjustment adjustment US$'m US$'m change
US$'m US$'m %
Continuing operations
Ecommerce 312 (9) 42 10 175 530 58 70
LatAm 117 (2) 36 (3) 74 222 64 90
iFood 117 (2) (2) (3) 74 184 64 57
Core food delivery 161 - - (4) 47 204 29 27
Pago (3) (2) - - 1 (4) 20 (33)
Other (41) - (2) 1 26 (16)
Despegar - - 38 - - 38
Europe 191 6 4 12 74 287 38 50
OLX 152 - - 12 67 231 44 52
eMAG 29 6 - 2 8 45 23 55
eMAG Romania 37 - - 1 (6) 32 (16) (14)
Other (8) 6 - 1 14 13
iyzico 10 - 4 (2) (1) 11 (10) 10
India (19) - 2 - 16 (1) 84 95
PayU India (19) - 2 - 16 (1) 84 95
India Payments (3) - 2 - 3 2 100 >100
India Credit (16) - - - 13 (3) 81 81
Other Ecommerce 23 (13) - 1 11 22 >100 (4)
GPO 19 (10) - - (2) 7 (22) (63)
GoodHabitz 1 - - 1 3 5 >100 >100
Stack Overflow - - - - 9 9 >100 >100
Other 3 (3) - - 1 1
Corporate segment (99) - - - (8) (107) (8) (8)
Group consolidated 213 (9) 42 10 167 423 82 99
1 A + B + C + D + E. 2 [E/(A + B)] x 100.
3 [(F/A) - 1] x 100.
Reconciliation of cash generated from operations to free cash flow(1)
Six months ended Year ended
30 September 31 March
2025 2024 2025
US$'m US$'m US$'m
Cash generated from operations 23 146 599
Transaction-related costs 41 5 19
Capital expenditure (55) (54) (102)
Capital finance leases repaid - gross (34) (29) (56)
Dividends received from equity accounted investments 1 237 1 001 1 001
Taxation paid (134) (99) (153)
Taxation credits 67 (53) (28)
Merchant cash (receivable)/payables 151 (20) (261)
Free cash flow(1) 1 296 897 1 019
1 Refer to the glossary for an explanation of the group's alternative
performance measures.
Financial alternative performance measures glossary
for the six months ended 30 September 2025
The Naspers and Prosus groups (collectively referred to as the group)
discloses various alternative performance measures (APMs) in their condensed
consolidated interim financial statements (growth in local currency, excluding
acquisitions and disposals, on a consolidated basis, relating to both
segmental revenue, aEBIT, aEBITDA; core headline earnings; and diluted core
headline earnings disclosure on a per share basis for continuing operations,
discontinuing operations and total operations; reconciliation of earnings to
core headline earnings; and reconciliation of cash generated from operations
to free cash flow) on which an assurance report on the compilation of the pro
forma financial information has been obtained from another assurance provider.
Their unmodified report has been issued and is available for inspection at the
group's registered office.
In the analysis of the group's financial performance, certain information
disclosed in the condensed consolidated interim financial statements may be
prepared on a non-IFRS basis or has been derived from amounts calculated in
accordance with IFRS but are not themselves an expressly permitted IFRS
measure. These measures are reported in line with the way in which financial
Information is analysed by management and designed to increase comparability
of the group's period-on-period financial position, based on its operational
activity. They are not uniformly defined or used by other entities outside of
the group and may not be comparable with similar measures provided by other
entities.
The alternative performance measures are the responsibility of the board of
directors of the group.
The key alternative performance measures presented by the group are listed
below:
Term/acronym Description Relevance
aEBITDA Adjusted EBITDA represents operating profit/loss, as adjusted to exclude: The group utilises this as an additional measure to analyse operational
activity and profitability of the group's businesses.
(i) depreciation; (ii) amortisation; (iii) retention option expenses linked to
business combinations; (iv) other losses/gains - net, which includes dividends
received from investments, profits and losses on sale of assets, fair value
adjustments of financial instruments, impairment losses, gains or losses on
settlement of liabilities; (v) all cash-settled and equity-settled share-based
compensation expenses, including those transactions with non-controlling
shareholders that are linked to the ongoing employment of those shareholders
as part of the group's investments in companies.
aEBIT aEBIT represents operating profit/loss, as adjusted to exclude: (i) aEBIT is a non-IFRS measure that refers to adjusted EBITDA adjusted for
amortisation of intangible assets recognised in business combinations and depreciation, amortisation of software and interest on capitalised lease
acquisitions, as these expenses are not considered operational in nature; (ii) liabilities. It is considered a useful measure to analyse operational
retention option expenses linked to business combinations; (iii) other profitability within the group by the group's CODM.
losses/gains - net, which includes dividends received from investments,
profits and losses on sale of assets, fair value adjustments of financial
instruments, impairment losses, compensation received from third parties for
property, plant and equipment impaired, lost or stolen, and gains or losses on
settlement of liabilities; (iv) transactions that IFRS treats as cash-settled
share-based compensation expense which are with fellow shareholders and are
related to put and call options granted and linked to the ongoing employment
of those shareholder's as part of the group's investments in companies; and
(v) subsequent fair value remeasurement of cash-settled share-based
compensation expenses, equity-settled share-based compensation expenses for
group share option schemes as well as those deemed to arise on shareholder
transactions (but not excluding share-based payment expenses for which the
group has a cash cost on settlement with participants).
aEBIT margin aEBIT divided by revenue. It is considered a useful measure to analyse operational profitability.
Central cash Cash held by group corporate companies at a head office level. It is considered a measure to understand how much cash is available at a
central level to be utilised for investment, operational, distribution or debt
repayments purposes.
Core headline earnings Core headline earnings represent headline earnings, excluding certain We reflect core headline earnings as the group's indicator of its post-tax
non-operating items. Specifically, headline earnings are adjusted for the operating performance, which adjusts for non-operating items.
following items to derive core headline earnings: (i) equity-settled
share-based payment expenses on transactions where there is no cash cost to
the group. 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 instruments and
unrealised currency translation differences, as these items obscure the
group's underlying operating performance; (vi) once-off gains and losses
(including acquisition-related costs) resulting from acquisitions and
disposals of businesses as these items relate to changes in the group's
composition and are not reflective of the group's underlying operating
performance; and (vii) the amortisation of intangible assets recognised in
business combinations and acquisitions as these expenses are not considered
operational in nature. These adjustments are made to the earnings of
businesses controlled by the group as well as the group's share of earnings of
associates and joint ventures, to the extent that the information is
available.
Free cash flow Free cash flow represents cash generated from operations adjusted for Free cash flow reflects an important way of viewing our cash generation that
transaction-related costs, specific working capital adjustments that are not the board believes is useful to investors because it represents cash flows
directly related to our operational activities, plus dividends received, that could be used for distribution of dividends, repayment of debt (including
minus: (i) capital leases repaid (gross); and (ii) cash taxation paid, interest thereon) or to fund our strategic initiatives, including
excluding tax paid of a capital nature. Free cash flow reflects an additional acquisitions, if any.
way of viewing our liquidity that the board believes is useful to investors
because it represents cash flows that could be used for distribution of
dividends, repayment of debt (including interest thereon) or to fund our
strategic initiatives, including acquisitions, if any.
Gross bookings Gross bookings represent the total value of all contracts or orders signed in It is considered a key performance metric that reflects the total sales volume
a given period in the travel business, before any deductions for and revenue growth of the travel business.
cancellations, refunds, or other adjustments.
Gross merchandise value (GMV) A measure of the growth of a business determined by the total value of It is considered a measure to analyse operational size and performance of a
merchandise sold over a given period through a consumer-to-consumer (C2C) or business in our food, etail and other businesses.
business-to-consumer (B2C) platform.
Growth in local currency, excluding acquisitions and disposals. Also referred We apply certain adjustments to the segmental revenue, aEBITDA and aEBIT The growth in local currency, excluding acquisitions and disposals provides a
to as organic growth reported in the financial statements to present the growth in such metrics in view of our underlying financial performance that management believes is more
local currency and excluding the effects of changes in our composition. Such comparable between periods by removing the impact of changes in foreign
underlying adjustments provide a view of our underlying financial performance exchange rates and changes in our group's composition, on our results.
that management believes is more comparable between periods by removing the
impact of changes in foreign exchange rates and changes in our composition on
our results. Such adjustments are referred to herein as 'growth in local
currency, excluding acquisitions and disposals'. We apply the following
methodology in calculating growth in local currency, excluding acquisitions
and disposals:
· Foreign exchange/constant currency adjustments have been calculated by
adjusting the current period's results to the prior period's average foreign
exchange rates, determined as the average of the monthly exchange rates for
that period. The local currency financial information quoted is calculated as
the constant currency results, arrived at using the methodology outlined
above, compared to the prior period's actual IFRS-EU results.
Adjustments made for changes in our composition relate to acquisitions,
mergers and disposals of subsidiaries and equity accounted investments. For
acquisitions, adjustments are made to remove the revenue and aEBIT of the
acquired entity from the current reporting period and, in subsequent reporting
periods, to ensure that the current reporting period and the comparative
reporting period contain revenue and aEBIT information relating to the same
number of months. For mergers, adjustments are made to include a portion of
the prior period's revenue and aEBIT of the entity acquired as a result of a
merger. For disposals, adjustments are made to remove the revenue and aEBIT of
the disposed entity from the previous reporting period to the extent that
there is no comparable revenue or aEBIT information in the current period and,
in subsequent reporting periods, to ensure that the previous reporting period
does not contain revenue and aEBIT information relating to the disposed
business.
Headline earnings Headline earnings represent net profit for the period attributable to the This is a JSE Listing Requirement for Naspers and is included for consistency
group's equity holders, excluding certain defined separately identifiable between Naspers and Prosus.
remeasurements relating to, among others, impairments of tangible assets,
intangible assets (including goodwill) and equity accounted investments, gains
and losses on acquisitions and disposals of investments as well as assets,
dilution gains and losses on equity accounted investments, remeasurement gains
and losses on disposal groups classified as held for sale and remeasurements
included in equity accounted earnings, net of related taxes (both current and
deferred) and the related non-controlling interests. These remeasurements are
determined in accordance with Circular 1/2023, headline earnings, as issued by
the South African Institute of Chartered Accountants, at the request of the
JSE Limited in relation to the calculation of headline earnings and disclosure
of a detailed reconciliation of headline earnings to the earnings numbers used
in the calculation of basic earnings per share in accordance with the
requirements of IAS 33 Earnings per Share, under the JSE Listings
Requirements.
HEPS Headline earnings, as per above, on a per share basis. This is a JSE Listing Requirement for Naspers and is included for consistency
between Naspers and Prosus.
Take rate A take rate refers to the fees online marketplaces or third-party service It is considered a key revenue driver to analyse the performance of revenue
providers collect for enabling third-party transactions. Put simply, a take collection within the group's online platforms.
rate is how much money a business makes from a transaction.
Total payments in value (TPV) A measure of payments, net of payment reversals, successfully completed It is considered a useful measure to analyse operational activity in our
through payments service providers.
a payments platform (PayU), excluding transactions processed through gateway
products (ie those that link a merchant's website to its processing network
and enable merchants to accept credit or debit card online payments).
Administration and corporate information
Prosus N.V. JSE transfer secretary
Incorporated in the Netherlands Computershare Investor Services Proprietary Limited
(Registration number: 34099856) Rosebank Towers
(Prosus or the group) 15 Biermann Avenue
Euronext Amsterdam and JSE share code: PRX Rosebank
ISIN: NL0013654783 Johannesburg
2196
Directors and management South Africa
JP Bekker (chair), F Bloisi (chief executive), S Dubey, HJ du Toit, Tel: +27 (0) 86 110 0933
CL Enenstein, M Girotra, RCC Jafta, AGZ Kemna, P Mahanyele Dabengwa, N Marais,
D Meyer, R Oliveira de Lima, SJZ Pacak,
JSE sponsor
MR Sorour, Y Xu
Investec Bank Limited
(Registration number: 1969/0047/63/06)
Company secretary
PO Box 785700
Lynelle Bagwandeen
Sandton
Gustav Mahlerplein 5
2146
Symphony Offices
South Africa
1082 MS Amsterdam
Tel: +24 (0)11 286 7326
The Netherlands
Fax: +27 (0)11 286 9986
Registered office
ADR programme
Gustav Mahlerplein 5
The Bank of New York Mellon maintains a GlobalBuyDIRECT(SM) plan for Prosus
Symphony Offices N.V.
1082 MS Amsterdam For additional information, please visit
The Netherlands The Bank of New York Mellon's website
Tel: +31 20 299 9777 at https://www.adrbny.com/resources/individual-investors.html or call
www.prosus.com Shareholder Relations at 1-888-BNY-ADRS
or 1-800-345-1612 or write to:
Independent auditor The Bank of New York Mellon
Deloitte Accountants B.V. Shareholder Relations Department - GlobalBuyDIRECT(SM)
Gustav Mahlerlaan 2970 Church Street Station
1081 LA Amsterdam PO Box 11258
The Netherlands New York
NY 10286-1258
Euronext listing agent USA
ING Bank N.V.
Bijlmerplein 888 Attorney
1102 MG Amsterdam Allen & Overy Shearman Sterling LLP
The Netherlands Apollolaan 15
1077 AB Amsterdam
Euronext paying agent The Netherlands
ING Bank N.V.
Bijlmerplein 888 Investor relations
1102 MG Amsterdam Eoin Ryan
The Netherlands InvestorRelations@prosus.com
Tel: +1 347-210-4305
Cross-border settlement agent
Citibank, N.A. South Africa Branch
145 West Street
Sandown
Johannesburg
2196
South Africa
Forward-looking statements
This report contains forward-looking statements as defined in the United
States Private Securities Litigation Reform Act of 1995 concerning our
financial condition, results of operations and businesses. These
forward-looking statements are subject to a number of risks and uncertainties,
many of which are beyond our control and all of which are based on our current
beliefs and expectations about future events. Forward-looking statements are
typically identified by the use of forward-looking terminology such as
'believes', 'expects', 'may', 'will', 'could', 'should', 'intends',
'estimates', 'plans', 'assumes' or 'anticipates', or associated negative, or
other variations or comparable terminology, or by discussions of strategy that
involve risks and uncertainties. These forward-looking statements and other
statements contained in this report on matters that are not historical facts
involve predictions.
No assurance can be given that such future results will be achieved. Actual
events or results may differ materially as a result of risks and uncertainties
implied in such forward-looking statements.
A number of factors could affect our future operations and could cause those
results to differ materially from those expressed in the forward-looking
statements, including (without limitation): (a) changes to IFRS and associated
interpretations, applications and practices as they apply to past, present and
future periods; (b) ongoing and future acquisitions, changes to domestic and
international business and market conditions such as exchange rate and
interest rate movements; (c) changes in domestic and international regulatory
and legislative environments; (d) changes to domestic and international
operational, social, economic and political conditions; (e) labour disruptions
and industrial action; and (f) the effects of both current and future
litigation. The forward-looking statements contained in this report apply only
as of the date of the report. We are not under any obligation to (and
expressly disclaim any such obligation to) revise or update any
forward-looking statements to reflect events or circumstances after the date
of the report or to reflect the occurrence of unanticipated events. We cannot
give any assurance that forward-looking statements will prove correct and
investors are cautioned not to place undue reliance on any forward-looking
statements.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR XXLFLEFLXFBF
Copyright 2019 Regulatory News Service, all rights reservedRecent news on Prosus NV
See all newsREG - Prosus NV Naspers Limited - Transaction in Own Shares
AnnouncementREG - Prosus NV Naspers Limited - Transaction in Own Shares
AnnouncementREG - Prosus NV Naspers Limited - Transaction in Own Shares
AnnouncementREG - Prosus NV Naspers Limited - Half-year Financial Report
AnnouncementREG - Prosus NV Naspers Limited - Transaction in Own Shares
Announcement