Prosus & Naspers KPI Radar - Broadly stable discounts while listed assets NAV decline over the past week

Research evidence excerpt

Prosus & Naspers KPI Radar - Broadly stable discounts while listed assets NAV decline over the past week

J P M O R G A N Europe Equity Research

24 June 2026

Prosus & Naspers

KPI Radar - Broadly stable discounts while listed assets

NAV decline over the past week

Following our deep dive into Prosus/Naspers post the group’s restructuring (a European Internet

ACfundamental overview/First Principles here and key views here), we present our Marcus Diebel

weekly publication, Prosus and Naspers - KPI Radar, which compiles key (44-20) 7742-4447

datapoints to track for both Prosus and Naspers including: (1) discounts to NAV, marcus.diebel@jpmorgan.com

(2) the current share buyback programme, (3) evolution of the consensus NAV, (4) J.P. Morgan Securities plc

sub-sector and peer group valuations, (5) consensus expectations for listed assets, Lara Simpson

and (6) equity/bond performances, alongside (we believe) useful references, (44-20) 7134-3637

lara.simpson@jpmorgan.com

including relevant research publications and upcoming events. J.P. Morgan Securities plc

• Discount to NAV. Prosus’ discount to NAV has remained stable from last week Thyagarajan J

at 38%, while Naspers’ discount to NAV has widened from 39% last week to 41% (91-22) 6157-5005

thyagarajan.j@jpmchase.com

now. Separately, Naspers’ discount relative to Prosus has remained stable from J.P. Morgan India Private Limited

last week at 4% now vs. 24% at the time of the Prosus listing. Carmen Graves

• Open-ended share buyback. During the week of June 15 - June 19, Prosus (44-20) 3493 0506

bought back 2.3m shares (equivalent to $104m), which represents c.9% of carmen.graves@jpmorgan.com

J.P. Morgan Securities plc

ADTV vs. the week prior at $109m. On the Naspers line, the company continued