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NPN Trading Statement Bullish

NASPERS LIMITED - Trading statement

Naspers Limited
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What this filing means

Naspers expects core headline earnings to grow up to 27.8%, driven by a major profitability milestone across its ecosystem businesses and strong Tencent results, though statutory EPS is weighed down by FX and disposal base effects.

Bull case

  • Core HEPS momentum: Core headline earnings per share for continuing operations are expected to rise by 20.8% to 27.8%, reflecting strong underlying operational performance.
  • Statutory HEPS growth: Headline earnings per share for continuing operations are projected to rise by 8.3% to 15.3%, validating bottom-line progress despite fair-value investment headwinds.

Bear case

  • Core vs HEPS spread: Core HEPS outpaced statutory HEPS by ~12.5 percentage points, as the non-IFRS core measure excludes fair-value investment losses recognised in Tencent's earnings.

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Category
Trading Statement
Event posture
Constructive
Published
Jun 19, 2026

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