Naspers : HY2026 Supplementary presentation

Detailed Financials

For the six months ended 30 September 2025

Business update

H1 FY26 results highlights

15% revenue growth ahead of peers1

Ecommerce revenue 3 percentage points faster than its peer group

Ecommerce EBITDA improved 57% YoY

On track to deliver ambitious FY26 target

+24% Core HEPS growth

Driven by Ecommerce and Tencent, and enhanced by share buyback

Operating the "Company of the Future" through agentic AI

Our LCM, trained on 10's of billions of real user transactions, is already driving impact

Our ecosystems are inherently sustainable

We are focussed on investing in sustainable businesses, that do good, and mitigate harm

1 Naspers Ecommerce excludes Media 24 and reflects growth in local currency excluding M&A. 4

Can you add the NPN watermark here

Strong revenue growth & stronger profit growth

Strong Revenue Growth

Consolidated Group Revenue (US$'bn)

14%

YoY Growth1

4.1

3.4

H1 FY25

H1 FY26

Improved Group aEBITDA

Consolidated Group aEBITDA (US$'m)

$212m

Improvement YoY

433

221

H1 FY25

H1 FY26

Improved Group aEBIT

Consolidated Group aEBIT (US$'m)

$188m

Improvement YoY

223

35

H1 FY25

H1 FY26

Improved Free Cash Flow

FCF (US$'m)

$421m

Improvement YoY

1 275

854

H1 FY25

H1 FY26

1 Growth in local currency excluding M&A.

2 FCF (Free cash flow) is defined as aEBITDA less adjustments for non-cash items, SBC, working capital (excluding merchant cash), taxation, capital expenditure, capital leases repaid and investment income. To report a more sustainable and relevant indicator of our FCF generation, starting FY24 we excluded specific merchant cash-related working capital. Prior periods have been adjusted to reflect like-for-like. Amounts represent FCF from total operations including the impact of the

OLX Autos business. 5

Strong profitable growth in Prosus's ecosystems

13%

(4%)

H1 FY26

H1 FY25²

H1 FY26

19%

8%

H1 FY25²

H1 FY26

-3%

43%

4.0%

H1 FY25

H1 FY26

0.4%

(0.6%)

H1 FY25

H1 FY26

39%

H1 FY26

H1 FY26

H1 FY25

+17%

0.3%

(6%)

H1 FY25

H1 FY26

(10%)

H1 FY25

H1 FY25

33%

H1 FY26

H1 FY25

49%

H1 FY26

+17%

+35%

17%

21%

H1 FY25

14%

18%

23%

+50%

8%

5%

H1 FY25

H1 FY26

6%

3%

H1 FY25

H1 FY26

2.6%

+13%2

H1 FY26 YoY

Revenue Growth1

LatAm ecosystem Europe ecosystem India ecosystem

aEBIT

margin

aEBITDA

margin

1 Growth in local currency excluding M&A.

2 Despegar was consolidated from May 2025. The revenue growth, and H1 FY25 aEBITDA and aEBIT are based on like-for-like pro-forma numbers for H1 FY25 based on Prosus's reporting standards.

6

Takealot: Strong position & growth boosts profit

16%

YoY

GMV (US$'m)1,2

Etail

Food

New initiatives

877

746

Takealot's logistics arm, recently spun out as a stand alone segment, is underpinned by deals with large SA retailers, with planned expansion into further B2B, B2C and C2C offers

H1 FY25 H1 FY26

aEBITDA (US$'m)2

3%

margin on GMV

28

16

Takealot's loyalty subscription programme improves customer retention and cross-selling across platforms, and accounted for 21% of group GMV in H1 FY26

H1 FY25 H1 FY26

aEBIT (US$'m)2

1pp

YoY margin on GMV improvement

( 12)

+17%

Platform GMV

YoY growth1

16 660

Drivers

+14%

MrD GMV

YoY growth1

+9%

MrD Orders YoY growth

( 4)

H1 FY25 H1 FY26

1 Growth in local currency, excluding M&A.

Media24: Transitioning to digital first media group Revenue (US$'m)1

81

60

45

-44% (-38%)

H1 FY25 H2 FY25 H1 FY26

aEBITDA (US$'m)

0

(9)

(10)

South Africa's leading Media Company

H1 FY25 H2 FY25 H1 FY26

(10)

(14)

aEBIT (US$'m)

(1)

H1 FY25 H2 FY25 H1 FY26

Media24 has transitioned from a legacy print to digital first business. This has resulted in the disposal of some non-core print assets which negatively impacted revenue, however profitability improved through prudent cost optimisation.

1 Numbers in brackets represent YoY growth in local currency, excluding M&A.

Paywall subscriptions

211 321

News24 and Netwerk24

Digital reach (news)

7.2M

Average daily unique page views over the six months2

Online News Magazines Newspapers Books

Television content

We invest in South Africa's tech ecosystem

Naspers' corporate team manages our existing investments and evaluates new SA start-up investments

R780 M invested to date

• We are focused on: online services marketplace, agritech, fintech, edtech & insurtech and AI

• During the last six months the group focused on portfolio management and assisting portfolio companies with fund raising.

Key investments

Naked Insurance

Naked is an artificial intelligence (AI)-driven insurtech company. The company concluded a Series B2 funding round of ~US$38m in January 2025. To date, Naspers has invested US$8.3m in the business.

Nile

The Nile marketplace is a B2B fresh produce e-commerce platform that enables direct trades between producers and entities that sell to consumers. The company concluded a

~R150 Series-B fund raise at the end of May 2025. To date, Naspers has invested US$2.7m in the business.

LifeCheq

LifeCheq is a South African fintech company that uses AI-powered technology to provide financial advisers with tools and an integrated platform. The company concluded a ~R180m Series-C fund raise in July 2024.

We equip SA's youth with digital skills & create work opportunities

	Skills Development & Training	Work Opportunities
Achieved to date	7 191	6 241
FY26 Plan	1 000	850
FY26 forecast: Cumulative Total	8 191	7 091

Naspers Labs plays a crucial role in addressing youth unemployment, through technology-driven training initiatives.

• Our target for FY26, is to train 1 000 unemployed youth in in-demand digital skills and to provide work opportunities to 850 graduates in career fields such as AI, software development, cloud engineering, data science and cyber security through our partnership with trusted and experienced Implementation Partners.

• Through access to technology-driven programmes, we empower youth with in-demand tech and tech-enabled skills, while also focusing on critical soft skills to ensure their holistic development.

10

Financial update

• Prosus: revenue growth and strong operating leverage delivered improved FCF

• Takealot: strong competitive positioning

and robust growth enhanced profitability

• Media24: operational redesign to

transition to a digitally-led business

• Core HEPS: driven by margin progression in Ecommerce and higher Tencent profit, and enhanced by share buyback

Financial Summary

Financial highlights: positive Group aEBIT

	H1 FY25	H2 FY25	H1 FY26
Group results from continuing operations
Group revenue	$3.4bn	$3.7bn	$4.1bn
Group revenue YoY growth¹	23%	17%	14%
Group aEBITDA	$221m	$278m	$433m
Group aEBITDA margin	6%	7%	11%
Group aEBIT	$35m	$95m	$223m
Core HEPS	$8.65	$9.65	$10.75
Core HEPS adjusted for share split2	$1.72	$1.90	$2.15
Core HEPS YoY growth	90%	39%	24%
Free cash flow3	$854m	$114m	$1.3bn

We adopted a new segmental structure aligned to our ecosystem strategies across LatAm, Europe and India. As part of the new structure, Ventures, previously part of Ecommerce, is now recognized outside of Ecommerce as part of Corporate Costs.

1 Growth rates represent YoY growth in local currency, excluding M&A.

2 Represents core headline earnings per share adjusted for the five-to-one share split that became effective in October 2025.

3 Free cash flow from total operations. FCF is defined as aEBITDA less adjustments for non-cash items, SBC, working capital (excluding merchant cash), taxation, capital expenditure, capital leases repaid and investment income. 12

Naspers consolidated results

Consolidated Segmental Results from continuing operations

Revenue

Adjusted EBITDA

Adjusted EBIT

H1 FY25	H1 FY26	YoY % Growth1
2 963	3 622	14%
350	450	23%
81	45	(38%)
-	-
3 394	4 117	14%

H1 FY25	H1 FY26	H1 FY26 Margin
213	423	12%
16	28	6%
-	(9)	(20%)
(7)	(9)
222	433	11%

H1 FY25	H1 FY26	H1 FY26 Margin
60 250		7%
(12) (4)		(1%)
(1) (10)		(22%)
(11) (13)
36	223	5%

US$'m

Prosus Group Takealot2 Media

Corporate and other

Consolidated Results

1 Growth shown in local currency excluding M&A.

2 Results are reported pro-forma excluding Superbalist, which was sold at the start of September 2024.

Naspers balance sheet position

Current assets and liabilities (US$'m)

FY25 H1 FY26

Current assets
Inventory	321	371
Trade receivables	753	1 153
Other receivables and loans	1 463	1 606
Other investments1	-	1 856
Cash/short-term cash investments	19 223	20 487
Assets held for sale	698	649
Total	22 458	26 122
Current labilities
Current portion of long-term debt	1 384	1 320
Provisions	63	64
Trade payables	365	1 031
Accrued expenses & other current liabilities	3 708	3 468
Cash-settled share-based payment liability	366	311
Dividends payable	2	293
Bank overdraft	37	40
Liabilities held for sale	523	504
Total	6 448	7 031

1 Other investments as at the end of September 2025 include Delivery Hero shares at fair value through other

Naspers net HoldCo debt as at 30 September 2025: US$1.9bn

11.4

16.5

GROUP

7.0

HoldCo (incl Prosus) cash (US$'bn)

Committed to JET & La Centrale deals at 30 September 2025

HoldCo (incl Prosus) debt (US$'bn)

Note: Naspers cash includes short-term investments and overdraft; debt includes all interest-bearing debt and excludes all finance leases.

Group portfolio

43%

LOCAL SA ASSETS

100%

100%

ECOMMERCE

SOCIAL & INTERNET PLATFORMS

LATAM ECOSYSTEM

96%1

100%

50%

EUROPEAN ECOSYSTEM

99%

100%2

100%2

INDIAN ECOSYSTEM

100%

100%

100%

25%

10%3

13%

VENTURE & OTHER

96%

100%

70%

42%

15%

12%

12%

38%

13%

Managed and controlled entities

23%

88%

100%

15%3 23%

11% 11%

35%

27%4

Organogram depicts the latest effective interest percentage in major entities at 30 September 2025.

1 iFood is owned 100% via Movile and Prosus holds 96% of Movile.

2 Just Eat Takeaway (JET) and La Centrale was acquired after 30 September 2025, but is included for completeness

3 Rapido (increase from 5% to 10%) and ixigo stakes acquired after 30 September 2025, but included for completeness. Rapido is classified as an investment investment at fair value through other comprehensive income.

4 Delivery Hero has been reclassified from an associated to an investment through other comprehensive income after we committed to decrease our stake to single digits as part of the European Commission's approval of our JET acquisition.

Glossary

Consolidated Results: Results of subsidiaries only, companies which the Group controls.

Free cash flow: aEBITDA less adjustments for non-cash items, SBC, specific non-operational working capital, taxation, capital expenditure, capital leases repaid and investment income.

Core HEPS: Core Headline Earnings is a non-IFRS measure and represent headline earnings for the period excluding certain non-operating items and is an appropriate indicator of the operating performance of the Group.

aEBITDA: aEBITDA represents operating profit/loss adjusted for depreciation, amortisation, SBC, non-operating items such as business combination expenses and gains and losses from other assets. In FY25, aEBITDA definition has been updated to exclude all share-based compensation expenses (SBC).

aEBIT: Adjusted EBIT (previously known as trading profit) represents operating profit/loss adjusted for non-operating items such as business combination expenses, gains and losses from other assets and remeasurements of cash settled share-based compensation liabilities.

Contact us

Eoin Ryan

Head of Investor Relations

[e-mail] https://www.naspers.com