Naspers jumped 4% at the opening of the Johannesburg Stock Exchange (JSE) on Monday morning after the publication of its annual results for the year to end March 2026 and ended the trading session more than 5% higher at approximately R843 per share.
Unfortunately, this is still at the lower end of its trading range of the last 12 months due to a strong exchange rate and a decline in the share price of Tencent, its largest investment.
Read: Prosus profit jumps as bets on e-commerce businesses pay off
The rand strengthened from around R18 per dollar over the last 12 months to the current R16 and a few cents, while Tencent fell from HK$675 in October 2025 to the current HK$420.
But the 4% and 5% movement – even in a few hours – should not sway shareholders one way or the other.
‘Hold’
The prevailing sentiment is still to hold on to Naspers and wait patiently for the continued efforts to reduce the discount between its share price and its net asset value, and the improvement in the Naspers and Prosus group operating subsidiaries.
Over the long term, shareholders have done extremely well since Naspers listed in 1994.
Looking ahead, chair Koos Bekker and CEO Fabricio Bloisi sketch opportunities in an “ecosystem” of artificial intelligence – ever-evolving technology and information gathering, which they say will produce returns for shareholders.
“Breakthroughs in artificial intelligence mean that we have to evolve our business models faster than normal,” Bekker writes in the latest annual report posted electronically to shareholders on Monday morning.
“What do we as a group do that’s useful to society?
“We bring the convenience of digital tech to people in ways that matter – food and essentials delivered at home, trading goods securely, paying your purchases online and more. Our investee companies also run ecosystems around online games, communication, entertainment, medicine and more.
“Now we have to do these things ever faster, with less friction,” he says, adding that the Naspers/Prosus duo will stick to its core values.
“Our code of business ethics and conduct embodies our values.
“These include robust governance of information and technology. We will also continue to update group policies and introduce new ones as tech and regulations advance,” says Bekker.
He says Tencent remains the group’s most important asset.
“Given its superb track record and AI tailwind, we are confident of sustained growth.”
He says CEO Fabricio Bloisi has, since being appointed in mid-2024, inspired the people of Naspers and Prosus with “exceptional leadership”, backed by other senior appointments.
“The board is confident that our results and progress in the review period amply demonstrate the effectiveness of this strong leadership team. In scale, our platforms and brands serve over 2 billion customers, supported by 45 780 employees.
“Our stakeholders include communities, clients, shareholders, staff, suppliers and many more. We aim to be useful to them,” says Bekker.
The annual report, largely a word-for-word copy of the Prosus annual report, makes no secret that Prosus is the bigger sibling, despite Naspers’s other sizeable interests.
The Naspers report states: “We are driven by The Prosus Way which embodies innovation, entrepreneurship, people, results and impact.
“This is at the heart of our strategy to build a leading lifestyle e-commerce company in Latin America, India and Europe. Our commitment remains to identify potential and scale businesses focused on innovation.
“We act swiftly, test fearlessly, and adapt iteratively to achieve growth and disrupt traditional models,” it adds.
“Teams are empowered to think ambitiously, aligned with our entrepreneurial spirit.
“We have cultivated an environment where people can explore bold ideas while staying disciplined in execution through informed prioritisation. These principles allow us to deliver results – as reflected in the significant growth in adjusted earnings before interest, tax, depreciation and amortisation across our ecosystems portfolio.”
Bekker says the group’s dedication to people “shines through in the development opportunities we provide, fuelling their passion” to craft exceptional customer experiences.
“Additionally, by supporting communities, building ecosystems, and aiding skills development in technology and business, we create a broad and lasting impact, not just for shareholders but for all stakeholders.
“Through this synergistic alignment, The Prosus Way strengthens our ability to build profitable businesses while simultaneously driving our mission to shape a thriving global lifestyle e-commerce landscape.”
Building a global tech company
Bloisi says technology is currently rewriting the “winners” in the era of fast change.
“At the same time companies and countries need to adapt to a changing world order that has created so much uncertainty.
“To prosper, we need to anticipate change. Naspers has this capability. In under two years, the group has transformed from a financial holding company to a true global technology operating company enabled by AI – innovators, entrepreneurs and operators of our lifestyle e-commerce ecosystems in Latin America, India and Europe,” he says, while reiterating the goal of building the group.
“We are proving that we can adapt faster, innovate better and prosper in these times of change,” says Bloisi.
“Our ambition is to build the next $100 billion in value for Prosus by creating thriving regional lifestyle e-commerce ecosystems that will position Naspers as a global tech company.”
He says the 2027 financial year will be a year of execution, repeating his aim of adding value.
“We are positioning Naspers as a global tech company poised to ride the next growth curve of technology. I believe we are making real progress towards our goal of creating another $100 billion in value.
“Achieving this goal will bring challenges, particularly through increased competition in our regions as others identify the opportunities we are already pursuing,” he says, adding that the group is ready for these challenges.
“I believe we are building something exponential, not incremental, with results that will compound for many years into a strong future for Naspers,” says Bloisi.
The promised $100 billion translates to roughly R1.64 trillion at the current exchange rate, and would add another R750 of value per share.
This promise raises the question of whether the share price can double from current levels.
Read the full results here.
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