Prosus & Naspers: KPI Radar - Discounts narrowed post the results, unlisted NAV improves

Research evidence excerpt

Prosus & Naspers: KPI Radar - Discounts narrowed post the results, unlisted NAV improves

J P M O R G A N Europe Equity Research

02 July 2026

Prosus & Naspers

KPI Radar - Discounts narrowed post the results,

unlisted NAV improves

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 narrowed from 38% last week Thyagarajan J

to 37% now, while Naspers’ discount to NAV has narrowed from 41% last week (91-22) 6157-5005

thyagarajan.j@jpmchase.com

to 40% now, driven by a solid set of FY26 results. Separately, Naspers’ discount J.P. Morgan India Private Limited

relative to Prosus has narrowed to 3% now vs. 4% last week and 24% at the time Carmen Graves

of the Prosus listing. (44-20) 3493 0506

• Open-ended share buyback. During the week of June 22 - June 26, Prosus carmen.graves@jpmorgan.comJ.P. Morgan Securities plc

bought back 2.5m shares (equivalent to $108m), which represents c.8% of

ADTV vs. the week prior at $104m. On the Naspers line, the company continued

PRX.AS, PRX NA