Deep dive: 2026 remuneration handbook

Research evidence excerpt

Deep dive: 2026 remuneration handbook

iQprofile SM Naspers

Key Income Statement Data (Mar) 2025A 2026A 2027E 2028E 2029E Company Sector

(US$ Millions) Internet/e-Commerce

Sales 7,181 10,848 13,153 14,552 16,221

EBITDA Adjusted 499 1,093 1,100 1,551 1,987

Depreciation & Amortization (191) (570) (318) (370) (416) Company Description EBIT Adjusted 308 523 782 1,181 1,571

Net Interest & Other Income 5,455 4,027 (393) (343) (392) Naspers is a global consumer Internet group with exposure

Tax Expense / Benefit (181) (120) (185) (243) (287) to best-in-class social networking, games and eCommerce

Net Income (Adjusted) 3,128 3,570 3,947 4,433 4,863 (classifieds, e-tail, food delivery, payments and fintech, on-

Average Fully Diluted Shares Outstanding 855 786 768 768 768 line travel). The Naspers' businesses and investments serve

Key Cash Flow Statement Data more than 2bn people in close to 100 markets. The group's

Net Income (Reported) 3,128 3,570 3,947 4,433 4,863 key holding is a 43% stake in Prosus.

Depreciation & Amortization 191 570 318 370 416

Change in Working Capital 569 (69.0) (80.8) (148) (134)

Deferred Taxation Charge 0 0 0 0 0 Investment Rationale Other CFO (1,983) (2,444) (2,481) (2,502) (2,597)

Cash Flow from Operations 1,905 1,627 1,703 2,153 2,548 We see 3 reasons to own Naspers in 2026: 1. A levered play

Capital Expenditure (195) (293) (355) (393) (438) on China macro recovery. Tencent represents >80% of NAV.

(Acquisition) / Disposal of Investments 8,872 (643) 129 (500) (500) 2. Clearer path to profitability for Naspers ecommerce

Other CFI 3,106 7,705 1,000 1,000 1,000 assets by FY2028. 3. Naspers remains a "deep value" and we

Cash Flow from Investing 11,783 6,769 774 107 62.0

see discount to NAV narrowing to 30%.

Share Issue / (Repurchase) 0 0 0 0 0