Naspers Limited (JSE: NPN) concluded a transformative fiscal year 2025, reporting a robust financial performance driven by its strategic evolution into a leading lifestyle ecommerce company across Latin America, Europe, and India. This shift is significantly powered by advancements in artificial intelligence and continuous innovation. The company's consolidated results for continuing operations showed revenues reaching US$7.2 billion, a 20% year-on-year increase, with Adjusted EBIT soaring to US$130 million from a loss of US$154 million in FY2024. Core headline earnings also saw substantial growth, rising 46% to US$3.1 billion.

The ecommerce portfolio was a significant contributor to this success, with revenue growth of 21% to US$7.0 billion. Notably, its Adjusted EBIT increased eighteen-fold to US$430 million, a remarkable improvement from US$24 million in the prior year. This momentum is expected to continue, with projections to add at least the same level of incremental Adjusted EBIT in FY2026. Free cash flow, excluding the Tencent dividend, improved by US$263 million, underscoring the company's strengthening financial position. As a result, Naspers and Prosus proposed a 100% increase in the Prosus dividend to €0.20, reflecting increased shareholder returns. Over US$50 billion in capital has been returned through buybacks, leading to a 15% NAV per share accretion.

Fabricio Bloisi, Group CEO of Prosus and Naspers, emphasized the company’s rapid transformation into an operating technology entity focused on lifestyle ecommerce. This strategy involves strengthening regional ecosystems through key acquisitions, such as Despegar, acquired in May 2025 and already being integrated into iFood’s Clube membership. Progress is also well underway with the acquisition of Just Eat Takeaway.com, poised to establish a new AI-powered tech champion in Europe. The company's cultural model, 'The Prosus Way,' fosters discipline, innovation, and an AI-first mindset, aiming to create the next US$100 billion in value.

Within the ecommerce segments, Food Delivery demonstrated world-class performance. iFood delivered strong top-line growth, with Gross Merchandise Value (GMV) up 32%, orders up 29%, and revenue increasing 30%. Its core food delivery business saw Adjusted EBIT grow 71% to US$306 million, achieving a 27% margin, driven by higher ad revenues, increased order frequency, and retention via the iFood Clube loyalty program. Overall, iFood reached a record profit with an Adjusted EBIT of US$226 million, a 178% increase. In India, Swiggy’s Gross Order Value (GOV) grew 29% from January to December 2024, with adjusted EBITDA losses reduced. Q125 saw Swiggy's GOV surge 40% year-on-year, and quick commerce GOV grew 101%, supported by 316 new dark stores.

The Classifieds division, primarily OLX Group, showed strong performance with consolidated revenue growing 18%. Standout contributions came from the motors and real estate verticals, which grew revenue by 24% and 23% respectively, through improved monetization and product enhancements. Adjusted EBIT for Classifieds accelerated by 61% to US$270 million, with a 10 percentage point increase in Adjusted EBIT margin, reaching 35%.

Payments & Fintech, spearheaded by PayU, reported strong top-line growth despite challenging market conditions. India payments saw a 17% increase in TPV and 14% in revenues, achieving breakeven in the second half of the year. While facing an Adjusted EBIT loss of US$12 million due to increased competition, PayU's overall Adjusted EBIT losses improved by over 100% to US$11 million. India credit’s loan book grew 19% and revenues by 63%. Iyzico grew revenues 87% to US$288 million, reaching an Adjusted EBIT of US$18 million. The sale of GPO’s LatAm and Africa operations was completed in March 2025, with the Europe sale ongoing.

The Etail segment, comprising eMAG and Takealot, cemented its leadership positions. eMAG achieved its overall profitability target for FY2025, with Adjusted EBIT improving by US$40 million to US$14 million, driven by strong growth in Romanian etail, logistics, and grocery businesses. The Takealot Group in South Africa grew GMV by 13% and revenue by 15%, propelled by investments in logistics, enhanced customer offerings, and the TakealotMore subscription service. Takealot.com saw orders increase 15%, GMV up 13%, and revenues grow 17%. Mr D, also in South Africa, recorded 8% revenue growth and an impressive 81% increase in groceries GMV, achieving an Adjusted EBIT of US$4 million despite tough trading conditions.

Naspers remains a committed long-term partner in South Africa's economic renewal, with its local businesses delivering strong results. The Takealot Group has become South Africa’s leading ecommerce platform, with GMV growing 26-fold over the past nine years. Property24 and AutoTrader continue to be leading classifieds platforms serving millions. Additionally, the Naspers Labs youth development program, launched in 2019, continues to empower South Africa’s unemployed youth with digital skills for tech careers, contributing to a more inclusive and innovative digital economy.