NASPERS LIMITED - Annual results announcement for the year ended 31 March 2026

What this filing means

The headline looks alarming — Naspers swung to a GAAP operating loss of -US$217m from a US$124m profit — but the adjusted metrics tell a different story. Group aEBITDA more than doubled to US$1,093m, core headline earnings rose 14% to US$3,570m, free cash flow improved to US$1,490m (or US$253m organically after stripping the Tencent dividend), and the Prosus board raised the dividend 40% to 28 euro cents. With the share down 27.6% year-to-date and near its 52-week lows heading into the print (C…