Naspers / Prosus: Buy/Buy: FY26 trading statement: operational KPIs in-line with guidance; food delivery outlook a key risk

Research evidence excerpt

Naspers / Prosus: Buy/Buy: FY26 trading statement: operational KPIs in-line with guidance; food delivery outlook a key risk

19 June 2026

Equities

Internet Software & Services Naspers / Prosus

Buy/Buy: FY26 trading statement: operational KPIs in-

line with guidance; food delivery outlook a key risk Global

◆ Revenue (USD7.3bn) and E-commerce EBITDA (USD1.1bn) Madhvendra Singh*, CFA

FY26 targets achieved; core HEPS softer than consensus Senior Analyst, TMT

HSBC Bank Middle East Limited, DIFC

madhvendra.singh@hsbc.com

◆ Lower gain from the sale of Tencent shares and higher FX +971 450 93348

losses expected to impact the bottom line (on reported basis) Charlene Liu*

Head of Internet and Gaming Research, Asia Pacific

The Hongkong and Shanghai Banking Corporation

◆ Maintain Buy ratings; increase PRX TP to EUR72 (from Limited, Singapore Branch

EUR71); lower NPN TP to ZAR1,510 (from ZAR1,520) charlene.r.liu@hsbc.com.sg+65 6658 0615

Ritchie Sun*, CFA

FY26 trading statement indicates weaker core HEPS than consensus: Prosus Analyst, Internet Research

released its FY26 trading statement (for the period ended 31 Mar 2026) with potential The Hongkong and Shanghai Banking Corporation Limited

ritchie.k.h.sun@hsbc.com.hk

range of EPS/headline EPS. Prosus’ FY26 core HEPS is expected to rise 19-28% +852 2822 4392

YoY (c6% softer vs Visible Alpha consensus at the midpoint), while Naspers’ FY26 Ali Naqvi*

core HEPS is expected to rise 21-28% YoY (-15% at the midpoint vs VA consensus). Senior Global TMT Analyst

However, EPS growth is expected to be relatively softer due to lower gain from the ali.naqvi@hsbc.com

sale of Tencent shares (i.e. fewer shares sold in the period) and increased unrealised +44 20 7992 2176