Naspers ecommerce sees 71% surge in interim profitability and more AI-driven growth

 Naspers Ecommerce has reported a hefty 71% increase in interim profitability, with all operating businesses now profitable, CEO Fabricio Bloisi said Monday.

The group, one of the biggest listed companies on the JSE and which holds the separately listed Europe-based subsidiary Prosus, is on track to meet guidance of $1.1 billion in adjusted earnings before interest, tax, depreciation and amortisation (aEBITDA) for the year to end-March 2026, driven by strong performance in Latin America, Europe, and India.

Ecommerce aEBITDA increased to $557 million from $326m results for six months to September 30, 2025, showed. In October, the group completed a five-for-one share split that has an impact on the earnings per share.

Total core headline earnings increased to $1.7bn compared with R1.5bn at the same time a year before. 

“We are delivering as promised through strong execution, discipline, and integration—driving deeper engagement with customers and unlocking new revenue streams. In Latin America, Depegar’s integration with iFood is boosting revenue… while better execution and strategic acquisitions are strengthening our position in India. In Europe, we have invested in JET (Just Eat Takeaway.com) and La Centrale,” Bloisi said in an online presentation.

Returns from the investment in Chinese internet giant Tencent came to $1.3bn through the period, and Naspers was confident about Tencent’s growth momentum into the future,” Nico Marais, the CFO of Naspers and Prosus said. He said Tencent had grown its topline by 15% in its third-quarter results released on November 13.

New investments JET and La Centrale would help fuel growth, and around $2 billion would be unlocked in value from the portfolio this year. The guidance excludes the impact of the JET and La Centrale acquisitions.

“With 20,000 AI agents already accelerating our work, we are an AI-first organisation, laser-focused on executing our ecosystem strategy,” said Bloisi.

Ecommerce revenue increased by 21% to $4.1bn. Ecommerce aEBITDA was up 71% to $557m. There was a $421m improvement in free cash flow to $1.3bn. So far this financial year, there were $1.2bn of asset sales.

For shareholders, $63bn of value had been created through the buyback and narrowing of the discount between asset value and the share price. Marais said that for now, the open-ended share buyback program would remain in place.

“We delivered a strong first half with record revenue, profitability, and free cash flow, supported by our most profitable businesses. Our strong balance sheet, bolstered by improving cash flows, allows us the flexibility to invest to expand and accelerate the growth of our regional ecosystems,” said Marais.

“In Latin America, we are leading the way in building integrated operations, investments, and partnerships. We are connecting our leading brands to drive deeper engagement and build new revenue streams,” said Bloisi.

Overall, revenue grew strongly by 32%, with aEBITDA  increasing by 57% to $184m. Core food delivery delivered strong topline growth, with orders up 11%, GMV (gross merchandise value) up 15%, and revenue increasing by 14%.

Core food delivery profitability improved by 27% to $204m. iFood Pago revenues grew by 179%, with aEBITDA profitability achieved in September 2025.

In Europe, the recent acquisitions of JET and La Centrale were advancing an ambition to replicate the group success in South America.

At OLX, the motors and real estate verticals delivered a strong performance, with revenue growing by 22% to $473m. aEBITDA was up 52% to $231m.

At OLX, the focus ahead wasa on sustaining revenue growth and enhancing margins through monetisation efforts, AI innovations, and operational efficiencies.

eMAG profitability strengthened, despite tougher competition and a challenging economic environment. Revenue was stable at $1.1bn, while aEBITDA grew by 55% to $45m.

At Iyzico, the Turkish fintech, there was strong growth and rapid scaling of its core business, with revenue increasing by 73% to $207m.

JET, delisted on November 17, 2025, would anchor the European lifestyle ecommerce ecosystem, while “an AI tech champion” was built in Europe.

In India, including the PayU, Swiggy, Meesho, PharmEasy, Rapido, and ixigo investments, the ecosystem was evolving through better execution and acquisitions of high-potential businesses, with new investments in Rapido and ixigo.

PayU has added new partnerships with Swiggy, Meesho, and PharmEasy, creating opportunities for synergies more widely. PayU saw a return to growth - revenue increased 20% to $397m.

In South Africa, “we delivered a strong half-year performance as our South African businesses scaled. Takealot’s disciplined execution, including new fulfilment services, drove GMV up 16% and revenue up 13%, with TakealotMore now a significant contributor to GMV and customer loyalty,” said Phuthi Mahanyele-Dabengwa, South Africa CEO and executive director of Prosus and Naspers.

BUSINESS REPORT