Naspers Ltd (STU:NNW)

Full Year 2026 Naspers Ltd Earnings Call Transcript

Jun 29, 2026 / 08:00 AM GMT

Release Date Price: €44.4 (+5.21%)

Transcript

Key Points

Positve

Naspers Ltd (NAPRF) reported a significant increase in revenue, reaching $9.7 billion, with profitability up by 44% to $1.3 billion.
The company's ecosystems in Latin America, Europe, and India are all profitable, with core headline earnings per share up by 24%.
Free cash flow, excluding the Tencent dividend, increased by $257 million, marking an improvement of $1.4 billion over three years.
The company has successfully integrated AI across its operations, with hundreds of AI models powering more than 20 AI life assistants, enhancing customer experience and operational efficiency.
Naspers Ltd (NAPRF) has shown strong growth in its Latin American ecosystem, with businesses like Despagar and investments in companies like Advolve and Mevo expanding their market reach.

Negative

The company faces intense competition in the food delivery sector, particularly in Brazil, which has impacted profitability expectations for FY27.
There is a need for continued investment in iFood and Jet due to competitive pressures, which may limit EBITDA growth in the short term.
The company's strategy has faced public criticism, with some stakeholders questioning the effectiveness of its AI-driven approach.
Despite positive growth, the company acknowledges that irrational competition in Brazil has led to increased costs per order, affecting short-term profitability.
The integration of new technologies and platforms, such as the unified backend for Jet, is still in progress and may take time to fully implement across all regions.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

NPNJn.J - Naspers Ltd
Full Year 2026 Naspers Ltd Earnings Call
Jun 29, 2026 / 08:00AM GMT

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Presentation
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Unidentified_1 [1]
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We are processed. We have been building something different.

Not a collection of companies, not a portfolio, an ecosystem connected across Latin America, Europe and India.

Every customer, every transaction, every journey, generating signals becoming intelligence becoming action.

Every action makes the ecosystem smarter, and the smarter it gets, the faster it compounds.

We said we would deliver, and we did. 9.7 billion US dollars of revenue, 1.3 billion US dollars of profitability, up 44%.

All three of our ecosystems are profitable. The core headline earnings per share, up 24%.

Free cash flow, excluding the Tencent dividend, increased by $257 million, an improvement of 1.4 billion in

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