Prosus N.V. — Interim / Quarterly Report 2025

Jun 23, 2025

2025 SUMMARY FROM THE ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

Improving everyday life for billions of people through AI-first technology

Prosus

is a global technology group with businesses and investments in growth markets around the world.

Contents

Extract from the integrated annual report

• 1 Commentary
• 2 Financial review
• 3 Segmental review

Financial

• 10 Extract of consolidated statement of financial position
• 11 Extract of consolidated income statement
• 12 Extract of consolidated statement of comprehensive income
• 13 Extract of consolidated statement of cash flows
• 14 Segmental analysis reconciliation to the consolidated income statement
• 16 Financial alternative performance measures
• 24 Financial alternative performance measures glossary
• 29 Administration and corporate information
• 30 Forward-looking statements

The financial information included in this document is an extract of the Prosus annual report. Alternate performance measures are the responsibility of the board of directors of the group. The annual report is available at https://www.prosus.com/.

Extract from the annual report

Commentary1

Over the past year, we exceeded profitability targets with increased pace and focus. For the year ending 31 March 2025, Ecommerce operations delivered US\$443m aEBIT, a significant improvement from the prior year, and ahead of guidance. Group consolidated aEBIT grew by US\$297m to US\$179m. The strong results in Ecommerce, combined with Tencent's performance, resulted in core headline earnings, our measure of after-tax operating performance, increasing by 47% (55%) to US\$7.4bn. Consequently, the group's free cash inflow more than doubled to US\$1.0bn from US\$422m in the previous year.

We have guided that we hope to achieve at least the same incremental aEBIT improvement in our Ecommerce operations in FY26. More detail about the group's future prospects will be shared at our Capital Markets Day on 25 June 2025. The group has an ambitious target of achieving a US\$100bn valuation for its Ecommerce portfolio, excluding Tencent.

Unless otherwise stated, growth rates discussed in this report compare the financial year ending 2025 to the financial year ending 2024. The percentages/numbers in brackets represent local currency growth, excluding the impact of acquisitions and disposals (M&A), and provide a clearer view of our businesses' underlying operating performance. Financial results are presented on a continuing operations basis.

For the 12 months to 31 March 2025, Ecommerce consolidated revenue grew 13% (21%) to US\$6.2bn, in line with our goal. IFRS operating profits totalled US\$173m, compared to the FY24 loss of US\$546m. Ecommerce adjusted EBITDA2 improved meaningfully from US\$316m in FY24 to US\$655m as increased focus on profitability positively impacted results. Earnings from continuing operations increased to US\$12.5bn from US\$6.9bn in the prior period.

The group has embraced The Prosus Way, committing to discipline, innovation and an AI-first mindset. These results demonstrate the group's continued commitment to both growth and profitability. We will extend our growth trajectory by leveraging the potential of our regional lifestyle Ecommerce ecosystems in Latin America (LatAm), Europe and India. We are focused on delivering exceptional customer experiences, driven by an AI-first approach.

We remain committed to our open-ended share-repurchase programme which, since inception in June 2022, has reduced the free-float share count by 27% and returned over US\$35bn of value for shareholders. Since the programme's launch to 31 March 2025, the combined holding company discount of Naspers and Prosus has reduced by 16 percentage points. Over this period, Prosus has repurchased 804 916 186 Prosus ordinary shares N, with a total value of US\$25.5bn, leading to an 11% accretion in net asset value (NAV) per share. Naspers funds its open-ended share-repurchase programme with regular sales of Prosus shares. By 31 March 2025, Naspers had sold 312 573 674 Prosus ordinary shares N and bought back 54 696 411 Naspers N ordinary shares to the value of US\$9.8bn.

FY25 represented an active period in our investment portfolio as we invested to enhance our regional ecosystems' growth, profitability and value-creation outlook. Completed external investment, through M&A, in FY25 was US\$836m. Announced M&A was more sizeable.

In December, Prosus entered into an agreement to acquire the entire share capital of Despegar, a leading Latin American online travel agency (OTA), for US\$1.7bn. The transaction was concluded in May 2025. Despegar has stable margins, a solid market position, and an experienced management team – making it a natural addition to our LatAm ecosystem.

In February, we announced a conditional agreement to acquire Just Eat Takeaway.com for €4.1bn which, if successfully completed, will create a new AI-powered tech champion in Europe. Acquiring Just Eat Takeaway.com is a unique opportunity to extend the leadership of a strong European food delivery platform and complements our existing food delivery footprint.

We sold our stakes in Trip.com, Tazz and Global Payment Organisation (GPO) in LatAm and Africa. In the November initial public offering (IPO) of Swiggy, we sold 109 096 540 shares for US\$452m and retained a fully diluted interest of 24.8% shareholding.

We believe the combination of stronger-performing operating businesses, investing behind our ecosystems and our openended share-repurchase programme will drive long-term value creation and shareholder returns.

» iFood proved its world-class status in FY25 as one of the best-performing food delivery businesses globally. In FY25, revenue grew by 9% (30%) to US\$1.3bn, reaching 2% aEBIT margin over gross merchandise value (GMV) while more than doubling aEBIT to US\$226m. The core food delivery business generated the majority of revenue growth year on year. Orders increased by 29% from 981 million to 1.261 billion, with the business having already delivered over 120 million orders in the month of March 2025. iFood's core restaurant food delivery businesses led the aEBIT performance with a substantial increase of US\$99m (US\$147m), a growth of 71% year on year in local currency, excluding M&A. Revenue from iFood's growth initiatives grew strongly, 16% (34%), driven by the groceries marketplace and credit business which showed robust growth, with healthy delinquency indicators. iFood continues to invest in its existing and new businesses, to ensure its continued growth and profitability trajectory.

1 Refer to the glossary for an explanation of the group's alternative performance measures.

² The group has changed its definition of adjusted EBITDA related to the treatment of its share-based compensation benefits to improve comparability to peers. This change has been applied retrospectively.

• » OLX delivered strong results for FY25, with revenue at US\$777m, reflecting 18% (18%) growth year on year. Core categories, particularly motors and real estate, achieved standout performances, growing revenue by 24% and 23%, respectively, in local currency. Classifieds' aEBIT improved 63% (61%) to US\$270m, representing a 10 percentage point expansion in margins to 35%, up from 25% in FY24.
• » Payments and Fintech businesses achieved mixed performances amid challenging market conditions. PayU India continued to adapt to a changing regulatory and competitive landscape, with 2H25 showcasing an improvement in profitability. PayU India's payment service provider (PSP) business grew revenue by 12% (14%) while the credit business in India grew revenue by 60% (63%) on loan issuances of US\$1.1bn in FY25, 23% of which was to small- and mediumsized businesses. The Indian PSP business generated an improved -2% aEBIT margin, with 2H25 at breakeven. Despite a stable -19% aEBIT margin in the credit business, our credit loss ratio increased in 2H25 to 5.8%, which we have addressed by strengthening our underwriting practices.
• » eMAG successfully achieved its profitability target for FY25, delivering a strong performance, particularly in Romania. The company reported an aEBIT of US\$14m, a significant turnaround from the previous year's US\$26m loss. The FY25 results include once-off costs, mainly related to the restructuring of the Hungary business, resulting in improved profitability in 2H25.
• » The Edtech businesses continue to work on improving financial performance amid the disruptive impact of the broad adoption of generative artificial intelligence (GenAI). They grew revenue by 15% (16%) and significantly reduced aEBIT losses by US\$65m. Stack Overflow's application programming interface (API) offering, developed with the group's inhouse AI team, has primarily been responsible for its revenue growth in FY25.

The group has a strong balance sheet of US\$19.0bn (US\$17.2bn at a central corporate level) cash on hand including short-term investments and net cash of US\$2.6bn (US\$1.9bn at a central corporate level), including interest-bearing loans and capitalised lease liabilities. The group has committed US\$7bn for the acquisitions of Despegar (which closed in May 2025) and Just Eat Takeaway.com, resulting in about US\$12bn (US\$10.2bn at a central corporate level) of cash on hand following these transactions. We remain committed to managing our balance sheet within its investment-grade rating; as such, not all the cash on the balance sheet is available to the group.

Financial review1

Consolidated revenue from continuing operations increased by US\$703m (US\$1.1bn), or 13% (21%), from US\$5.5bn in the prior period to US\$6.2bn. This was primarily due to strong revenue growth in iFood and OLX, as well as iyzico and PayU India.

Operating profits

IFRS operating profits totalled US\$173m compared to an operating loss of US\$546m in the prior year. This is due to greater profitability from the group's consolidated businesses and reduced impairment losses from continuing operations in the current year. The group generated aEBIT of US\$179m compared to a loss of US\$118m in FY24.

Net finance income/expense

The group's net interest income increased by US\$16m, from US\$355m to US\$371m. Interest income increased slightly by US\$8m to US\$920m and interest expense marginally decreased by US\$8m to US\$549m. Interest income includes interest earned on bank accounts and short-term investments and interest expense relates primarily to interest on the publicly traded bonds.

Other finance income decreased from an income of US\$73m to US\$50m for the year. This is due to reduced gains from derivatives measured at fair value.

Share of equity accounted results

Profit from equity accounted results increased by US\$2.9bn, from US\$2.8bn in the prior year, to US\$5.7bn. This was driven primarily by Tencent's increase in profitability.

Trimming the group's Tencent position by 1.1% to fund the Prosus share-repurchase programme resulted in a gain of US\$6.0bn during the year (FY24: US\$5.1bn).

In addition, we recognised impairment losses on equity accounted investments of US\$91m related to unlisted equity accounted investments.

Income tax expense

Income tax expense increased slightly to US\$179m from US\$161m in the prior year.

1 Refer to the glossary for an explanation of the group's alternative performance measures.

Earnings, headline and core headline earnings

Earnings from continuing operations increased to US\$12.5bn from US\$6.9bn in the prior year. This was primarily due to increased profitability in our consolidated and equity accounted results, primarily Tencent, and an increased gain on the partial disposal of the investment in Tencent.

Core headline earnings from continuing operations were US\$7.4bn – an increase of 47% (55%) or US\$2.4bn. This was mainly driven by the improved profitability of our Ecommerce consolidated businesses and equity accounted investments, particularly Tencent.

Headline earnings from continuing operations rose US\$2.8bn to US\$6.2bn, given the same factors noted for core headline earnings.

Loss from discontinued operations

In March 2023, the group announced its exit from the OLX Autos business unit. All the operations of this business are presented as discontinued operations as they have been disposed of, classified as held for sale or closed by 31 March 2025.

Losses from discontinued operations during the period were US\$128m relating to the OLX Autos business unit. This includes impairment losses of US\$84m relating to our US operation classified as held for sale.

Cash balances and free cash flow

The group remains well positioned to navigate an uncertain macroeconomic environment due to its strong balance sheet. At corporate level, Prosus has a net cash position of US\$1.9bn, comprising US\$17.2bn in central cash and cash equivalents (including short-term cash investments), net of US\$15.3bn in central interest-bearing debt (excluding capitalised lease liabilities). In addition, we have an undrawn US\$2.5bn revolving credit facility.

The group's free cash inflow was US\$1.0bn, more than doubling from the prior year's free cash inflow of US\$422m. This was due to increased profitability of our Ecommerce units. Tencent remained a meaningful contributor to our free cash flow with a dividend of US\$1.0bn (US\$759m in FY24). In June 2025, the group also received a further dividend from Tencent of US\$1.2bn.

Corporate costs

In April 2024, the group centralised operational corporate functions that were previously part of the various Ecommerce segments and included in those segments' financial results. This change has resulted in costs now being incorporated within the group's Corporate segment. In the current period, there was a shift of around US\$55m in costs from the Ecommerce segment to the Corporate segment. Overall, on a like-for-like basis, overall corporate costs have decreased year on year as the group realises the benefit of earlier cost-rationalisation decisions.

The company's external auditor has not reviewed or reported on forecasts included in this summary to the annual report.

A reconciliation of alternative performance measures to the equivalent IFRS metrics is provided in 'Other information – non-IFRS financial measures and alternative performance measures' of this summary from the annual report.

Segmental review1

Consolidated Ecommerce operations

In FY25, Prosus focused on building and investing in our profitable regional Ecommerce businesses and evolving our corporate culture to increase focus on innovation and collaboration. Ecommerce consolidated revenue from continuing operations increased by US\$703m (US\$1.1bn), or 13% (21%), from US\$5.5bn in FY24 to US\$6.2bn in FY25. Ecommerce recorded a consolidated aEBIT of US\$443m for FY25, well ahead of the US\$38m aEBIT for FY24, driven by continued strong performance of iFood and OLX operations, as well as a relentless focus on profitable growth in the portfolio companies.

Food Delivery

iFood

iFood's strong revenue growth of 30% in local currency, excluding M&A, was supported by consistent growth in its core food delivery business. iFood delivered total order growth of 29%, while GMV grew 32%. iFood achieved an aEBIT of US\$226m, more than doubling from last year, and adjusted EBITDA increased from US\$147m to US\$256m. Orders increased by 29% from 981 million to 1.261 billion, with the business having already delivered over 120 million orders in the month of March 2025.

1 Refer to the glossary for an explanation of the group's alternative performance measures.

Summary from the annual report 31 March 2025

The core food delivery business grew revenue 30% in local currency, excluding M&A, mainly on order growth of 27%, while profitability improved by US\$99m (US\$147m) to US\$306m, achieving a notable aEBIT margin of 27%. The core business' strong performance is driven by: robust merchant investment platform, increased ads revenue and increased frequency and retention driven by Clube (iFood's loyalty programme). The monthly unique buyers rose to 25 million people. To drive continued growth and profitability, iFood is focusing on three main initiatives to address this: its Clube loyalty programme where users show better retention and frequency; Anota AI, its WhatsApp channel, where orders increased 158% in the past 18 months; and its investment platform through which marketing investment from merchants increased 95% in the past 18 months. This investment platform is a tool that empowers restaurants to unlock growth by optimising their marketing investment in ads, discounts, vouchers through AI-powered solutions.

iFood's growth initiatives grew revenue by 34% in local currency, excluding M&A, to US\$214m, driven largely by the groceries marketplace and credit businesses. Overall, iFood's growth in extensions' aEBIT reflects losses reducing by US\$24m to US\$80m in local currency, excluding M&A.

Groceries grew revenue to US\$78m, a 30% increase in local currency, excluding M&A, accelerating growth in 2H25 (from 17% in 1H to 42% in 2H), as a result of the revised strategy focused on augmenting growth in key product categories. Adjusted EBIT reached a loss of US\$36m, improving by US\$43m (US\$38m) from last year's performance.

iFood Pago, the group's business-to-consumer (B2C) meal voucher business, and business-to-business (B2B) fintech restaurant business, grew revenues by 31% in local currency, excluding M&A, to US\$145m (from US\$127m in FY24), with an aEBIT loss of US\$6m. iFood Pago's B2B business started to generate positive aEBIT in FY25, mainly driven by growth in assets under management (AuM) from US\$574m to US\$921m (significant increase in origination) with a reduction in the level of delinquency. iFood Pago's B2C business successfully evolved its strategy in the meal voucher segment, optimising expenses and managing growth, on the back of an extremely successful brand visibility programme. iFood's ambition is for Pago to ultimately become a full bank for merchants and customers.

Classifieds OLX

The business delivered strong results for FY25, with revenue reaching US\$777m, reflecting 18% (18%) growth year on year. Classifieds' aEBIT accelerated by 63% (61%) to US\$270m, representing an 10 percentage point expansion in margins to 35%, up from 25% in FY24.

OLX is focusing its efforts on high-growth categories such as motors, real estate and jobs. These core categories, particularly motors and real estate, posted standout performances, achieving revenue growth of 24% and 23% respectively. Operationally, motors demonstrated remarkable progress, driven by enhanced monetisation efforts and innovative products like dealer tools, as well as trust-building initiatives such as providing vehicle history transparency and dealer ratings.

Real estate similarly delivered strong growth, propelled by product enhancements, including the rollout of a unified platform, fully reimagined app and tools optimised for agents.

The jobs category made significant strides, supported by investments in employer branding and AI-enabled products such as candidate-employer matching. The category aspires to strengthen its presence in key blue- and grey-collar job markets across Poland, Romania and Ukraine. Meanwhile, car parts, which is a growth area for the business, capitalised on its robust position in Central and Eastern Europe, implementing business tooling and compatibility features to expand inventory and improve buyer experiences. The business has prioritised greater personalisation through AI innovations, platform expansions and strategic acquisitions, ensuring scalability and efficient operations for sustained growth across its core categories.

The second half of the year saw a shift in strategy, marked by the de-prioritisation of pay-and-ship in Europe. Going forward, our ambition remains to sustain strong revenue growth at over 20% while enhancing the profit margin to near 50%.

We remain highly optimistic about OLX's prospects. We anticipate continued strong market-leading revenue growth, complemented by expanded profit margins and cash flow generation. Moreover, the company's focus on greater personalisation through AI innovations enhances scalability and operational efficiency, driving sustained growth across its core categories.

Payments and Fintech

PayU India

In FY25, India Payments saw revenue growth of 12% (14%) to US\$498m, driven by deeper penetration with existing merchants and growing value-added services. Total payment volume (TPV) increased by 14% (17%) on the back of strong growth in financial services, government segments, airlines and food delivery, among others. India Payments witnessed steady progress in profitability despite competitive intensity and a higher unified payments interface (UPI) mix resulting in lower take rates.

Despite these headwinds, India Payments reached breakeven during 2H25 and improved its aEBIT margin by 1 percentage point to -2% for FY25. To accelerate business growth, we have reorganised the payments business with dedicated teams focusing on key account management, acquiring new customers in existing segments as well as forging new partnerships.

Our credit business in India offers unsecured personal loans to consumers and loans to small- and medium-sized businesses (SMBs), through PayU Finance. India Credit made new loan issuances of US\$1.1bn, with SMB lending contributing 23% of the total. The loan book at the end of March 2025 stood at US\$558m compared to US\$468m a year earlier. Revenue grew 60% (63%), supported by growth in AuM and diversification to SMB lending, while the aEBIT margin at -19% was driven by increased costs linked to higher financial leverage and larger losses from the consumer loan book. In response, the business strengthened underwriting practices, which resulted in improved performance in loans issued thereafter, better underlining the business' adaptability and long-term potential.

PayU India acquired Mindgate Solutions for US\$68m, a real-time payments technology business in India that will enhance PayU's offering and improve its operational efficiencies through integration of the business' technology and UPI offerings. PayU acquired a 70% economic interest and accounts for Mindgate as a subsidiary.

iyzico

Summary from the annual report 31 March 2025

iyzico, based in Türkiye, showcased strong growth in FY25 and grew revenue by 55% (87%) to US\$288m. TPV growth of 28% (73%) was driven by higher volumes from global brands and large merchants. In 2H25 iyzico's growth was tempered by macroeconomic factors. Adjusted EBIT of US\$18m was achieved, at a margin of 6%, reflecting rising interest rates and strategic investments in iyzico's long-term growth initiatives, including its digital wallet solutions.

In February, iyzico acquired 100% ownership of Paynet, one of Türkiye's top payment companies, for US\$87m after securing regulatory approval. The deal marks one of the largest acquisitions between two Turkish technology firms, further strengthening iyzico's position in the market and expanding its footprint in financial services.

PayU GPO

PayU GPO grew revenue by 5% (23%) to US\$340m and delivered aEBIT of US\$12m. In March 2025, PayU completed the sale of GPO in LatAm and Africa, and these operations were consolidated for 11 months in FY25. The sale of GPO in Europe, the largest market being Poland, is ongoing. The European part of the GPO business represented 58% of revenue in FY25.

Etail

eMAG

eMAG grew consolidated revenue 11% (12%) to US\$2.5bn, driven by robust growth in the Romanian etail business, and in emerging businesses such as logistics (courier and lockers) and grocery. aEBIT improved by US\$40m to US\$14m, meeting the target of achieving profitability for the full year. The group's GMV grew 9% (in local currency) in FY25, led by Romania (15%) which generated aEBIT of US\$50m, offsetting challenges in Hungary and slower growth in Bulgaria.

As part of our strategic focus on becoming the ecommerce ecosystem with the highest customer and partner engagement in Central and Eastern Europe, eMAG continued to invest in building a distinctive logistics infrastructure, focusing on marketplace business and first-party (1p) sales profitability, and accelerating core etail services. In FY25, Genius (eMAG's loyalty programme with over 1 million paid customers and contributing 56% of total GMV), digital Wallet (accounting for over 11% of total GMV), and Fulfilment by eMAG for sellers (2p – second-party sales), have enabled the business to attract 7 million customers and over 65 000 sellers in the region.

Sameday is a leading last-mile company in the South and Eastern Europe with sustained year-on-year growth, driven by its out-of-home delivery network of around 7 000 automated parcel machines. In FY25, Sameday achieved 38% (33%) revenue growth to US\$317m, driven by increased demand in Romania and Hungary and expanding in Bulgaria.

HeyBlu, eMAG's credit fintech, aims to provide financial services to boost eMAG sales and expand its offering to the overall market. HeyBlu offers simple, easy-to-access credit solutions to eMAG users, based on unique proprietary scoring capabilities. In FY25, HeyBlu expanded its offering by adding flexible instalment products with maturities ranging from 6 to 36 months.

Freshful, the leading e-grocery player in Romania, continues to record strong revenue growth of 32% in local currency excluding M&A, on strong order growth with improved year-on-year aEBIT (US\$2m), largely from reduced operational costs and improved gross profit. After being operational for only three years, Freshful has grown delivered orders from 48 000 per month in FY23 to over 100 000 per month in FY25.

Edtech

The widespread adoption of GenAI continues to influence both the short- and long-term goals and strategies of our Edtech businesses. Stack Overflow and GoodHabitz, achieved revenue growth of 15% (16%) to reach US\$170m, primarily driven by Stack Overflow's performance. Adjusted EBIT improved by US\$65m, reducing the loss to US\$33m, driven by Stack Overflow's effective turnaround measures and GoodHabitz's disciplined cost management and operational restructuring. The focus remains on getting these businesses to profitability, with GoodHabitz achieving profitability in Q4.

Key associate investments Tencent

Prosus held 23.5% of Tencent at the end of the reporting period. For the year ended 31 December 2024, Tencent reported revenues of RMB660.3bn, up 8% from last year. Tencent's gross and operating profits grew faster than its revenues as it shifted towards high-quality revenue streams. Non-IFRS profit attributable to shareholders (Tencent's measure of core operations, excluding certain non-cash items and impact of certain investment-related transactions) increased 41% to RMB222.7bn. Tencent delivered substantial shareholder returns in 2024, paying out HKD32bn in cash dividends and repurchasing HKD112bn worth of Tencent shares.

Revenues from value-added services rose 7% to RMB319bn, reflecting higher online game revenues. Domestic Games revenues grew 10%, driven by revenue growth from VALORANT, Naruto Mobile, Fight of the Golden Spatula and League of Legends: Wild Rift, alongside new contributions from DnF Mobile and Delta Force. International Games' revenue grew 9%, driven by strong performances from PUBG MOBILE and Supercell's games. Tencent expanded its evergreen games portfolio (ie, games surpassing average quarterly daily active users of 5 million for mobile or 2 million for PC and generating over RMB4bn annual gross receipts) from 12 games in 2023 to 14 in 2024, while nurturing new games with evergreen potential.

Revenues from fintech and business services grew 4% to RMB212bn, reflecting growth in wealth management services, commercial payment services, WeCom revenue and ecommerce technology service fees. Tencent upgraded its risk controls and optimised its payment funding costs, strengthening its overall fintech franchise and profitability.

Revenues from marketing services increased by 20% to RMB121bn, driven by robust advertiser demand for Video Accounts, Mini Programs and Weixin Search. Advertising spending rose across most major categories, with notable growth from games, ecommerce, education and internet services categories. Tencent upgraded its advertising technology platform by optimising advertisement ranking systems and adding large language model (LLM) capabilities, driving higher click-through rates and advertiser spending.

Monthly active users of Weixin and WeChat reached 1.39 billion, up 3% year on year. Weixin strengthened its user engagement and transaction capabilities through the launch of Mini Shops, Tencent's platform for indexed and standardised merchandise. Video Accounts' total user time spent grew rapidly year on year, benefiting from enhanced recommendation algorithms and more local content. Query volume rapidly increased in Weixin Search, benefiting from integrating AI capabilities which enhance the relevance and quality of search results.

Tencent's fee-based value-added-services (VAS) paying subscriptions increased by 7% to 262 million. Tencent Video maintained its leading position in China's long-form video market with 113 million video subscribers. Three of Tencent Video's drama series rank among the industry's top 5 in 2024. Tencent Music extended its industry leadership in China's music streaming market with 121 million music subscribers.

Tencent rapidly iterated its Hunyuan Foundation Model, deployed AI for internal use cases and prepared for breakout growth in consumer adoption of AI via the Yuanbao and Weixin applications. Tencent has sharpened its focus on both fast product innovation and deep model research, increased its AI-related capital expenditures, and increased its research and development, and marketing efforts for its AI-native products. Tencent believes these stepped-up investments will generate ongoing returns through enhanced productivity in its advertising business and the longevity of its games, as well as longer-term value from accelerated consumer adoption of its AI applications and enterprise adoption of its AI services.

The Tencent board has recommended the payment of a final dividend of HKD4.50 per share (2023: HKD3.40 per share) for the year ended 31 December 2024, subject to the approval of the shareholders at the 2025 annual general meeting. Tencent intends to repurchase at least HKD80bn worth of Tencent shares in 2025.

More information on Tencent is available at www.tencent.com/en-us/investors.html.

Delivery Hero

Delivery Hero grew GMV 8% in local currency for FY24, driven by order development and growing basket sizes. Revenue grew 24% in local currency, outpacing GMV growth, to €12.3bn. It reported adjusted EBITDA of €693m for FY24 (from €254m in FY23), missing the full-year adjusted EBITDA guidance for FY24 due to increased legal provisions.

Delivery Hero reported improved Q1 results on 24 April 2025, with a GMV of €12.4bn, reflecting a 9% year-on-year growth on a like-for-like basis. Total segment revenue hit €3.5bn, a 22% increase on a comparable basis. The company's profitability continued to increase, with the adjusted EBITDA margin on track to deliver on FY25 guidance. Delivery Hero continues to focus on growth, profitability and cash generation through ongoing improvements in operational efficiencies, new initiatives and advancements in AI and other technologies.

Prosus held a non-controlling minority interest of 27.4% in Delivery Hero at the end of the reporting period.

More information on Delivery Hero is available at www.ir.deliveryhero.com.

Swiggy

Summary from the annual report 31 March 2025

The US\$1.34bn IPO of Swiggy (the sixth-largest IPO in India's history) took place on 13 November 2024, with the company listing at an issue price of INR390 per share. Prosus has been a proud investor in Swiggy since 2017, supporting its growth and innovation in the food delivery industry and adjacent sectors. During the IPO, Prosus sold 109 096 540 shares, thus reducing its stake in Swiggy to below 25% on a fully diluted basis. Prosus will continue to account for its interest in Swiggy as an investment in an associate.

For the period January to December 2024, gross order value (GOV) grew by 29% year on year and adjusted EBITDA loss reduced to US\$182m from US\$261m in the prior year. The growth was fuelled by the sustained momentum in food delivery and the remarkable expansion of quick commerce (Instamart). However, this growth came at a cost of profitability challenges due to the expansion of its network and heightened competition. Swiggy's Q125 results showcased a year-on-year GOV growth of approximately 40% led by a food delivery GOV increase of 18% year on year, and quick commerce (Instamart) GOV growth of 101% year on year, with 316 new dark stores added in the quarter. Swiggy's food delivery continued on its improvement trajectory, achieving an adjusted EBITDA margin over GMV of 2.9% by the quarter end. However, quick commerce witnessed the peak of investments this quarter with adjusted EBITDA margin over GMV declining to -18%. Looking forward, Swiggy is aiming for contribution breakeven in the quick commerce segment in the next 3 to 5 quarters.

Prosus held 24.8% of Swiggy on a fully diluted basis at the end of the reporting period.

More information on Swiggy is available at https://www.swiggy.com/.

Prospects

The group's strategy is focused on building lifestyle Ecommerce ecosystems in LatAm, Europe and India. We aim to grow our businesses by leveraging these regional ecosystems, impacting over 2 billion customers with AI-driven innovation, knowledge sharing and growth. We are returning to our roots as innovators, entrepreneurs and operators of future-ready businesses.

Our FY25 results highlight our rapid innovation, leading growth and improved profitability. The group's Ecommerce aEBIT for FY25 greatly surpassed FY24, increasing from US\$38m to US\$443m, with revenue up 13% (21%). Our regional lifestyle ecosystems are underpinning growth across our businesses, and we expect to add at least the same level of incremental aEBIT in FY26 as we did in FY25. We remain committed to generate real returns for our shareholders by delivering strong financial performances in our ecosystems, investing well to support these ecosystems, simplifying our portfolio, and appropriately distributing returns to our shareholders.

The open-ended share-repurchase programme enhances shareholder value and increases NAV per share; this programme will continue as long as the discount remains elevated.

Tencent is an exceptional business and investment, consistently delivering returns well above our cost of capital. We are committed to maintaining a significant stake in Tencent for the foreseeable future, recognising it as one of the premier technology companies globally.

We remain committed to creating US\$100bn in value in the Prosus ecosystem – excluding Tencent's own growth and development – by building and investing in rapidly growing and profitable businesses that strengthen our regional ecosystems.

Risks

Our approach to risk management balances strategic risk-taking with robust oversight. The board oversees risks and opportunities and sets the boundaries, while executive management implements mechanisms and controls to anticipate and respond to risks within these boundaries.

The current topical risks are:

• » AI disruption: AI represents the next platform shift and brings transformative opportunities, but also significant risks for our products, services and business models. In response, we are ramping up our innovation strategy to speed up innovation and adoption, focusing on AI in ecommerce and digital AI workforce, while ensuring this is done responsibly.
• » Geopolitical tension and unpredictable market conditions: We expect continued geopolitical tension causing increased volatility and uncertainty globally. In response, we remain agile in our operations and plans to navigate the changing political climate.

The FY25 annual report outlines further details on our risk management approach and specific risks. This report, as well as our risk management and cybersecurity policies, is available on our website at www.prosus.com.

Sustainability

The FY25 annual report is our first Corporate Sustainability Reporting Directive (CSRD)-compliant report, a significant milestone that reflects our commitment to transparency and sustainable practices.

We are aligned with the fundamental drivers behind the Corporate Sustainability Reporting Directive – relevant, comparable and reliable reporting of non-financial performance. However, the complex and dynamic guidance on implementation has required us to navigate uncertainty, while rationalising the resource impacts to our diverse group of businesses operating outside of the EU.

Social impact

In January, at the World Economic Forum meeting in Davos, we published the 'Livelihoods in a digital world' report, exploring best practice in the on-demand platform workers economy. We also hosted a session bringing together industry leaders to explore the evolving dynamics of platform-enabled work, focusing on pathways for collective industry action and emerging best practices to ensure fair working conditions and worker wellbeing, supporting millions of gig workers worldwide within the distinctive models of digital platforms and on-demand work.

Zero-emission deliveries

Our efforts to achieve zero-emission deliveries have gained further momentum across the Food Delivery and Etail portfolios. The key highlights include:

• » eMAG in Romania now has a share of 18% electric cars in its fleet
• » iFood in Brazil completed over 30 million emission-free deliveries last year.

Additionally, Prosus hosted the first-ever Delivery Summit 2025 in Amsterdam, bringing together leading global food delivery companies to advance the goal of pollution-free last-mile deliveries.

Directorate

Following a comprehensive selection process, the boards unanimously approved the appointment of Fabricio Bloisi as chief executive with effect from 10 July 2024. Prosus shareholders approved his appointment to the Prosus board on 21 August 2024. On 22 August 2024, Naspers shareholders confirmed his appointment to the Naspers board with effect from 10 July 2024.

After 29 years of exemplary leadership and service, Basil Sgourdos retired as group chief financial officer and financial director of both Naspers and Prosus, effective 30 November 2024.

On 1 December 2024, Nico Marais (51) assumed the role of interim chief financial officer of Naspers and Prosus. With effect from 29 April 2025, Nico Marais was appointed as chief financial officer and nominated for the appointment as financial director of Prosus at the next annual general meeting scheduled to be held in August 2025. Nico was appointed as a financial director of Naspers Limited, effective 29 April 2025.

Over the past 25 years in the group, he has held various senior financial management roles and has demonstrated strong performance and leadership in diverse and challenging environments throughout his career. He previously served as the general manager finance for Prosus and Naspers and, in this role, made essential contributions to the listing of Prosus, unwinding of the crossholding, implementation of the openended share repurchases and Prosus' debt capital market activity. He is a qualified chartered accountant.

With effect from 1 April 2025, Mrs Phuthi Mahanyele-Dabengwa (54) was appointed as an executive director of Naspers Limited. The Prosus board of directors nominated Mrs Mahanyele-Dabengwa for appointment as an executive director of Prosus

at the next annual general meeting. Mrs Mahanyele-Dabengwa holds a Bachelor of Arts in Economics from Douglass College at Rutgers University in the United States (1993) and a Masters of Business Administration from De Montfort University in the United Kingdom (1996).

Mrs Mahanyele-Dabengwa is currently the chief executive officer of Naspers South Africa. She is also an independent non-executive director of Vodacom and Discovery Insure. She is a member of the United Nations Global Compact SA board and of the BRICS council.

Nolo Letele retired as a non-executive director of the board and the sustainability committee on 31 March 2025. The board expresses its deepest gratitude to Nolo for his significant and invaluable contributions to the Naspers group over many years.

Remuneration for directors and key management will be disclosed in the remuneration report for the year ended 31 March 2025, including Basil's remuneration from 1 April 2024 to 30 November 2024.

Dividends

Prosus

Summary from the annual report 31 March 2025

The board recommends that holders of ordinary shares N receive a distribution of 20 euro cents, which represents an increase of approximately 100% for free-float shareholders. Holders of ordinary shares B and ordinary shares A1 will receive an amount per share equal to their economic entitlement as set out in the articles of association. Furthermore, the board recommends that those holders of ordinary shares N as at 3 November 2025 (the dividend record date) who do not wish to receive a capital repayment, can choose to receive a dividend instead. A choice for one option implies an opt-out from the other. If confirmed by shareholders at the annual general meeting on 20 August 2025, elections to receive a dividend instead of a capital repayment will need to be made by holders of ordinary shares N by 17 November 2025. More information on the distribution will be published in the notice of annual general meeting.

Capital repayments and dividends will be payable to shareholders recorded in our books on the dividend record date and paid on 25 November 2025. Capital repayments will be paid from qualifying share capital for Dutch tax purposes. No dividend withholding tax will be withheld on the amounts of capital reductions paid to shareholders. However, if holders of ordinary shares N rather elect to receive a dividend from retained earnings, dividends will be subject to the Dutch dividend withholding tax rate of 15%.

Dividends payable to holders of ordinary shares N who elect to receive a dividend and who hold their listed ordinary shares N through the listing of the company on the JSE will, in addition to the 15% Dutch dividend withholding tax, be subject to South African dividend tax at a rate of up to 20%. The amount of additional South African dividend tax will be calculated by deducting from the 20%, a rebate equal to the Dutch dividend tax paid in respect of the dividend (without right of recovery). Shareholders holding their listed ordinary shares N through the listing of the company on the JSE, unless exempt from paying South African dividend tax or entitled to a reduced withholding tax rate in terms of an applicable tax treaty, will be subject to a maximum of 20% South African dividend tax. More information on the distribution will be published after approval at the annual general meeting.

More information on the distribution will be published following approval at the annual general meeting.

On behalf of the board

Chair

Koos Bekker Fabricio Bloisi Chief executive

Amsterdam 21 June 2025

Extract of consolidated statement of financial position as at 31 March 2025

	31 March
	2025	2024
	US\$'m	US\$'m
ASSETS
Non-current assets	50 505	39 771
Property, plant and equipment	493	555
Goodwill	1 159	1 027
Other intangible assets Investments in associates	394 41 465	326 34 789
Investments in joint ventures	22	42
Other investments	6 587	2 533
Related party loans and receivables	197	244
Financing receivables	149	197
Other receivables	20	40
Deferred taxation	19	18
Current assets	22 083	22 050
Inventory	255	268
Trade receivables	202	278
Financing receivables Other receivables	512 1 361	360 998
Related party loans and receivables	30	31
Derivative financial instruments	1	—
Other investments	—	3 185
Short-term investments	11 913	13 834
Cash and cash equivalents	7 111	2 175
Assets classified as held for sale	21 385 698	21 129 921
TOTAL ASSETS	72 588	61 821
EQUITY AND LIABILITIES
Capital and reserves attributable to the group's equity holders	51 046	41 260
Share capital and premium	17 649	24 512
Treasury shares	(4 188)	(2 563)
Other reserves	(41 746)	(46 867)
Retained earnings	79 331	66 178
Non-controlling interests	79	32
TOTAL EQUITY	51 125	41 292
Non-current liabilities	15 232	15 910
Post-employment medical liability	2	—
Long-term liabilities	15 051	15 739
Other non-current liabilities Related party loans and payables	53 2	62 2
Cash-settled share-based payment liabilities	35	29
Provisions	2	4
Deferred taxation	87	74
Current liabilities	6 231	4 619
Current portion of long-term liabilities	1 355	472
Provisions	58	63
Trade payables	318	365
Accrued expenses	2 463	1 763
Other current liabilities Cash-settled share-based payment liabilities	965 379	688 483
Related party loans and payables	5	10
Taxation payable	100	31
Derivative financial instruments	28	1
Bank overdrafts	37	15
Liabilities classified as held for sale	5 708 523	3 891 728
TOTAL EQUITY AND LIABILITIES	72 588	61 821

Summary from the annual report 31 March 2025

Extract of consolidated income statement

for the year ended 31 March 2025

	31 March
	2025 US\$'m	2024 US\$'m
Continuing operations
Revenue	6 170	5 467
Cost of providing services and sale of goods (COPS)	(3 546)	(3 245)
Selling, general and administration expenses (SG&A)	(2 463)	(2 388)
Other gains/(losses) – net	12	(380)
Operating profit/(loss)	173	(546)
Interest income	920	912
Interest expense	(549)	(557)
Other finance income/(costs) – net	50	73
Share of equity accounted results	5 703	2 810
Impairment of equity accounted investments	(91)	(483)
Dilution losses on equity accounted investments	(318)	(238)
Gains on partial disposal of equity accounted investments	6 447	5 053
Net gains/(losses) on acquisitions and disposals	338	(3)
Profit before taxation	12 673	7 021
Taxation	(179)	(161)
Profit from continuing operations	12 494	6 860
Loss from discontinued operations	(128)	(270)
Profit for the year	12 366	6 590
Attributable to:
Equity holders of the group	12 367	6 606
Non-controlling interests	(1)	(16)
	12 366	6 590
Per share information for the year from total operations (US cents)
Earnings per ordinary share N	514	255
Diluted earnings per ordinary share N	511	253
Per share information for the year from continuing operations (US cents)
Earnings per ordinary share N	519	265
Diluted earnings per ordinary share N	516	263

Extract of consolidated statement of comprehensive income for the year ended 31 March 2025

	31 March
	2025 US\$'m	2024 US\$'m
Profit for the year	12 366	6 590
Total other comprehensive loss, net of tax, for the year
Items that may be subsequently reclassified to profit or loss
Foreign exchange gains/(losses) arising on translation of foreign operations	22	(1 564)
Hedging reserve	(26)	—
Recognition of cash flow hedge	(26)	—
Share of equity accounted investments' movement in foreign currency translation reserve	(158)	624
Items that may not be subsequently reclassified to profit or loss
Fair value gains/(losses) on financial assets through other comprehensive income	2 082	(1 775)
Share of equity accounted investments' movement in other comprehensive income	3 245	(511)
Total other comprehensive profit/(loss) for the year – net of tax	5 165	(3 226)
Total comprehensive income for the year	17 531	3 364
Attributable to:
Equity holders of the group	17 516	3 368
Non-controlling interests	15	(4)
	17 531	3 364

Summary from the annual report 31 March 2025

Extract of consolidated statement of cash flows

for the year ended 31 March 2025

		31 March
	2025 US\$'m	2024 US\$'m
Cash flows from operating activities
Cash generated from operations	599	134
Dividends received from equity accounted investments	1 001	759
Cash generated from operating activities	1 600	893
Interest income received	959	847
Interest costs paid	(528)	(557)
Taxation paid	(111)	(138)
Net cash generated from operating activities	1 920	1 045
Cash flows from investing activities
Property, plant and equipment acquired	(83)	(42)
Proceeds from sale of property, plant and equipment	3	10
Intangible assets acquired	(23)	(25)
Proceeds from sale of intangible assets	1	1
Acquisitions of subsidiaries and businesses, net of cash	(118)	(2)
Disposals of subsidiaries and businesses, net of cash	482	193
Acquisition of associates	(236)	—
Additional investment in existing associates	(119)	(49)
Partial disposals of associates	8 864	7 256
Acquisition of short-term investments	(23 264)	(13 738)
Maturity of short-term investments	25 114	6 709
Repayment of loans from related parties	47	37
Cash paid for other investments	(263)	(136)
Cash received from other investments	1 506	14
Cash movement in other investing activities	(36)	(19)
Net cash generated from investing activities	11 875	209
Cash flows from financing activities
Payments for the repurchase of own shares	(8 420)	(7 277)
Proceeds from long- and short-term loans raised	110	59
Repayments of long- and short-term loans	(43)	(99)
Additional investments in existing subsidiaries	(64)	(385)
Repayments of capitalised lease liabilities	(48)	(60)
Contributions made to the Naspers share trusts	(46)	(155)
Additional investment from non-controlling shareholders	49	3
Dividends and capital repayments to shareholders	(268)	(199)
Cash movements in other financing activities	(9)	(3)
Net cash utilised in financing activities	(8 739)	(8 116)
Net movement in cash and cash equivalents	5 056	(6 862)
Foreign exchange translation adjustments on cash and cash equivalents	(95)	(165)
Cash and cash equivalents at the beginning of the year	2 160	9 537
Cash and cash equivalents classified as held for sale	(47)	(350)
Cash and cash equivalents at the end of the year	7 074	2 160

Segmental analysis – reconciliation to the consolidated income statement

for the year ended 31 March 2025

Segment information

A reconciliation of the consolidated segmental revenue to the consolidated operating profit/(loss) as reported in the consolidated income statement is provided below:

	Year ended 31 March 2025
	Classifieds US\$'m	Food Delivery1 US\$'m	Payments and Fintech1 US\$'m	Etail US\$'m	Edtech US\$'m	Other US\$'m	Total Ecommerce US\$'m	Corporate segment US\$'m	Total US\$'m	Dis continued operations US\$'m	Total operations US\$'m
Revenue	788	1 334	1 339	2 457	170	82	6 170	—	6 170	264	6 434
Cost of providing services and sale of goods Platform cost of sales,	(474)	(1 086)	(1 315)	(2 373)	(184)	(83)	(5 515)	(171)	(5 686)	(291)	(5 977)
website hosting and warehousing costs2 Payment facilitation	(35)	(142)	(33)	(1 649)	(29)	(31)	(1 919)	—	(1 919)	(209)	(2 128)
transaction costs2	(6)	(159)	(838)	(9)	—	(5)	(1 017)	—	(1 017)	—	(1 017)
Delivery services costs2	(32)	(122)	—	(229)	—	—	(383)	—	(383)	—	(383)
Finance service costs2	(12)	(50)	(132)	(1)	—	—	(195)	—	(195)	—	(195)
Advertising expenses	(83)	(84)	(16)	(74)	(9)	(1)	(267)	(1)	(268)	(21)	(289)
Staff costs	(229)	(363)	(173)	(269)	(120)	(59)	(1 213)	(90)	(1 303)	(35)	(1 338)
Other3	(77)	(166)	(123)	(142)	(26)	13	(521)	(80)	(601)	(26)	(627)
Consolidated adjusted EBITDA	314	248	24	84	(14)	(1)	655	(171)	484	(27)	457
Depreciation	(13)	(6)	(5)	(49)	(4)	(2)	(79)	(5)	(84)	—	(84)
Amortisation of software	—	(1)	(1)	(10)	(1)	—	(13)	—	(13)	—	(13)
Interest on capitalised lease liabilities	(1)	(1)	(2)	(2)	—	—	(6)	—	(6)	(1)	(7)
Grant date fair value of cash-settled share based incentives Grant date fair value of equity-settled share	(3)	(22)	(11)	—	(8)	(8)	(52)	(43)	(95)	—	(95)
based incentives	(24)	—	(16)	(13)	(6)	(3)	(62)	(45)	(107)	—	(107)
Consolidated aEBIT	273	218	(11)	10	(33)	(14)	443	(264)	179	(28)	151
Interest on capitalised lease liabilities Amortisation of other	1	1	2	2	—	—	6	—	6	1	7
intangible assets	(2)	(2)	(9)	(5)	(26)	(5)	(49)	—	(49)	—	(49)
Other (losses)/gains – net	(5)	2	—	(5)	—	20	12	—	12	(84)	(72)
Retention option expense Remeasurement of	—	—	63	(2)	—	1	62	—	62	—	62
cash-settled share-based incentive expenses	(8)	(60)	16	(4)	8	3	(45)	8	(37)	—	(37)
Consolidated operating profit/(loss)	259	159	61	(4)	(51)	5	429	(256)	173	(111)	62

1 The inter-segmental revenue mainly related to the Payments and Fintech segment which generated revenue of US\$20m and the Food Delivery segment which generated revenue of US\$15m from other segments.

2 These relate to the costs of providing services and the sale of goods (COPS) including US\$32m presented in 'Other'.

3 Other includes various costs of providing services, selling and admin expenses that are not individually material.

Segmental analysis – reconciliation to the consolidated

income statement continued

for the year ended 31 March 2025

Segment information continued

	Year ended 31 March 2024
	Classifieds US\$'m	Food Delivery US\$'m	Payments and Fintech1 US\$'m	Etail US\$'m	Edtech US\$'m	Other US\$'m	Total Ecommerce US\$'m	Corporate segment US\$'m	Total US\$'m	Dis continued operation US\$'m	Total operations US\$'m
Revenue	707	1 222	1 106	2 206	148	78	5 467	—	5 467	750	6 217
Cost of providing services and sale of goods	(485)	(1 096)	(1 095)	(2 168)	(212)	(95)	(5 151)	(88)	(5 239)	(854)	(6 093)
Platform cost of sales, website hosting and warehousing costs2	(33)	(181)	(31)	(1 553)	(28)	(31)	(1 857)	—	(1 857)	(637)	(2 494)
Payment facilitation transaction costs2	(4)	(151)	(693)	(7)	—	(7)	(862)	—	(862)	—	(862)
Delivery services costs2	(33)	(166)	—	(171)	—	—	(370)	—	(370)	—	(370)
Finance service costs2	(22)	(31)	(69)	—	—	—	(122)	—	(122)	—	(122)
Advertising expenses	(72)	(94)	(10)	(76)	(13)	(2)	(267)	—	(267)	(36)	(303)
Staff costs	(228)	(346)	(169)	(233)	(128)	(60)	(1 164)	(73)	(1 237)	(132)	(1 369)
Other3	(93)	(127)	(123)	(128)	(43)	5	(509)	(15)	(524)	(49)	(573)
Consolidated adjusted
EBITDA	222	126	11	38	(64)	(17)	316	(88)	228	(104)	124
Depreciation	(12)	(8)	(5)	(49)	(6)	(2)	(82)	(6)	(88)	(5)	(93)
Amortisation of software	(1)	(1)	(1)	(7)	(1)	—	(11)	—	(11)	—	(11)
Interest on capitalised lease liabilities	(2)	(1)	(2)	—	—	—	(5)	(1)	(6)	(2)	(8)
Grant date fair value of cash-settled share based incentives Grant date fair value of equity-settled share	4	(47)	(12)	(3)	(10)	(10)	(78)	(24)	(102)	—	(102)
based incentives	(39)	(2)	(22)	(14)	(17)	(8)	(102)	(37)	(139)	—	(139)
Consolidated aEBIT	172	67	(31)	(35)	(98)	(37)	38	(156)	(118)	(111)	(229)
Interest on capitalised lease liabilities	2	1	2	—	—	—	5	1	6	2	8
Amortisation of other intangible assets	(6)	(2)	(12)	(2)	(43)	(6)	(71)	—	(71)	—	(71)
Other (losses)/gains – net	—	(3)	1	(3)	(372)	(3)	(380)	—	(380)	(137)	(517)
Retention option expense	(2)	—	38	3	—	—	39	—	39	—	39
Remeasurement of cash-settled share-based
incentive expenses	1	(66)	11	(6)	12	4	(44)	25	(19)	(4)	(23)
Share-based incentives for share options
settled in Naspers Limited shares4	—	—	—	—	—	—	—	(3)	(3)	—	(3)
Consolidated operating profit/(loss)	167	(3)	9	(43)	(501)	(42)	(413)	(133)	(546)	(250)	(796)

1 The Payments and Fintech segment generated revenue from other segments amounting to US\$22m.

Summary from the annual report 31 March 2025

2 These relate to the costs of providing services and the sale of goods (COPS) including US\$34m presented in 'Other'.

3 Other includes various costs of providing services, selling and admin expenses that are not individually material.

4 Refers to share-based incentives settled in equity instruments of the Naspers group, where the Prosus group has no obligation to settle the awards with participants, ie they are settled by Naspers.

Financial alternative performance measures

for the year ended 31 March 2025

Reconciliation of financial alternative performance measures

Growth in local currency, excluding acquisitions and disposals

The adjustments to the amounts, reported in terms of IFRS, that have been made in arriving at the pro forma financial information are presented in the table below:

Consolidated revenue

	Year ended 31 March
	2024	2025	2025	2025	2025	2025	2025	2025
	A	B	C	D	E	F1	G2	H3
		Group	Group
		composition	composition	Foreign	Local		Local
		on	on	currency	currency		currency
	IFRS	disposal	acquisition	adjustment	growth	IFRS	growth	IFRS
	US\$'m	US\$'m	US\$'m	US\$'m	US\$'m	US\$'m	%	%
Continuing operations
Ecommerce	5 467	(101)	44	(385)	1 145	6 170	21	13
– Classifieds	707	(27)	—	2	106	788	16	11
OLX Europe	610	—	—	1	114	725	19	19
OLX South Africa	46	—	—	2	4	52	9	13
Other	51	(27)	—	(1)	(12)	11
– Food Delivery	1 222	(46)	—	(199)	357	1 334	30	9
iFood	1 222	(46)	—	(199)	357	1 334	30	9
Core Food Delivery4	1 037	(46)	—	(166)	295	1 120	30	8
Extensions4	185	—	—	(33)	62	214	34	16
– Payments and Fintech	1 106	(18)	14	(129)	366	1 339	34	21
PayU India	551	—	—	(13)	131	669	24	21
India Payments	444	—	—	(10)	64	498	14	12
India Credit	107	—	—	(3)	67	171	63	60
Total GPO	533	(16)	14	(114)	236	653	46	23
GPO	325	(16)	—	(41)	72	340	23	5
iyzico	186	—	14	(73)	161	288	87	55
Other	22	—	—	—	3	25
Other	22	(2)	—	(2)	(1)	17
– Etail	2 206	(1)	30	(43)	265	2 457	12	11
eMAG	2 206	(1)	30	(43)	265	2 457	12	11
Core eMAG	1 753	2	—	(34)	130	1 851	7	6
Romania	1 361	—	—	(25)	245	1 581	18	16
Other regions	392	2	—	(9)	(115)	270	(29)	(31)
Extensions	453	(3)	30	(9)	135	606	30	34
– Edtech	148	—	—	(1)	23	170	16	15
GoodHabitz	50	—	—	(1)	6	55	12	10
Stack Overflow	98	—	—	—	17	115	17	17
– Other	78	(9)	—	(15)	28	82	41	5
Consolidated revenue	5 467	(101)	44	(385)	1 145	6 170	21	13

1 A + B + C + D + E. 2 [E/(A + B)] x 100. 3 [(F/A) – 1] x 100.

4 A new product offering from core Food Delivery amounting to US\$52m was moved into the Extensions business line resulting in a reallocation of revenue in FY24.

for the year ended 31 March 2025

Reconciliation of financial alternative performance measures

Growth in local currency, excluding acquisitions and disposals continued

The adjustments to the amounts, reported in terms of IFRS, that have been made in arriving at the pro forma financial information are presented in the table below:

Consolidated aEBIT

	Year ended 31 March
	2024	2025	2025	2025	2025	2025	2025	2025
	A	B	C	D	E	F1	G2	H3
	IFRS	Group composition disposal adjustment	Group composition acquisition adjustment	Foreign currency adjustment	Local currency growth	IFRS	Local currency growth change	IFRS change
	US\$'m	US\$'m	US\$'m	US\$'m	US\$'m	US\$'m	%	%
Continuing operations
Ecommerce	38	1	(6)	(58)	468	443	>100	>100
– Classifieds	172	(2)	(2)	1	104	273	61	59
OLX Europe	176	—	—	1	83	260	47	48
OLX South Africa	27	—	—	1	2	30	7	11
Other	(31)	(2)	(2)	(1)	19	(17)
– Food Delivery	67	—	—	(41)	192	218	>100	>100
iFood	96	—	—	(41)	171	226	>100	>100
Core Food Delivery4	207	—	—	(48)	147	306	71	48
Extensions4	(111)	—	—	7	24	(80)	22	28
Other	(29)	—	—	—	21	(8)
– Payments and Fintech	(31)	1	—	(15)	34	(11)	>100	65
PayU India	(32)	—	—	2	(14)	(44)	(44)	(38)
India Payments	(12)	—	—	1	(1)	(12)	(8)	—
India Credit	(20)	—	—	1	(13)	(32)	(65)	(60)
Total GPO	31	1	—	(16)	10	26	31	(16)
GPO	15	1	—	(11)	7	12	44	(20)
iyzico	17	—	—	(5)	6	18	35	6
Other	(1)	—	—	—	(3)	(4)
Other	(30)	—	—	(1)	38	7
– Etail	(35)	3	(4)	(2)	48	10	>100	>100
eMAG	(26)	3	(4)	(1)	42	14	>100	>100
Core eMAG	15	—	—	(2)	37	50	>100	>100
Romania	40	—	—	(8)	18	50	45	25
Other regions	(25)	—	—	6	19	—	76	100
Extensions	(41)	3	(4)	1	5	(36)	13	12
Other	(9)	—	—	(1)	6	(4)
– Edtech	(98)	—	—	(1)	66	(33)	67	66
GoodHabitz	(8)	—	—	(1)	7	(2)	88	75
Stack Overflow	(57)	—	—	—	35	(22)	61	61
Other	(33)	—	—	—	24	(9)
– Other	(37)	(1)	—	—	24	(14)	63	62
Corporate segment	(156)	—	—	(1)	(107)	(264)	(69)	(69)
Group consolidated	(118)	1	(6)	(59)	361	179	>100	>100

1 A + B + C + D + E. 2 [E/(A + B)] x 100. 3 [(F/A) – 1] x 100.

Summary from the annual report 31 March 2025

4 A new product offering from core Food Delivery amounting to US\$52m was moved into the Extensions business line resulting in a reallocation of aEBIT in FY24.

for the year ended 31 March 2025

Reconciliation of financial alternative performance measures

Growth in local currency, excluding acquisitions and disposals continued

The group applies certain adjustments to segmental revenue and aEBIT reported to present the growth in such metrics in local currency and excluding the effects of changes in the composition of the group. Such underlying adjustments provide a view of the company's underlying financial performance that management believes is more comparable between periods by removing the impact of changes in foreign exchange rates and changes in the composition of the group on its results. Such adjustments are referred to herein as 'growth in local currency, excluding acquisitions and disposals'. The group applies the following methodology in calculating growth in local currency, excluding acquisitions and disposals:

» Foreign exchange/constant currency adjustments have been calculated by adjusting the current period's results to the prior period's average foreign exchange rates, determined as the average of the monthly exchange rates for that period. The local currency financial information quoted is calculated as the constant currency results, arrived at using the methodology outlined above, compared to the prior period's actual IFRS results. The relevant average exchange rates (relative to the US dollar) used for the group's most significant functional currencies, were:

	31 March 2025		31 March 2024
	Average rate	Closing rate	Average rate	Closing rate
Currency (1FC = US\$)
South African rand (ZAR)	0.0547	0.0546	0.0533	0.0528
Euro (EUR)	1.0711	1.0818	1.0827	1.0794
Chinese yuan renminbi (CNY)	0.1387	0.1378	0.1393	0.1385
Brazilian real (BRL)	0.1762	0.1753	0.2024	0.1994
Indian rupee (INR)	0.0118	0.0117	0.0121	0.0120
Polish zloty (PLN)	0.2505	0.2582	0.2445	0.2514
Romania lei (RON)	0.2153	0.2173	0.2183	0.2172
Turkish lira (YTL)	0.0290	0.0264	0.0366	0.0308
British pound sterling (GBP)	1.2768	1.2918	1.2568	1.2623

» Adjustments made for changes in the composition of the group relate to acquisitions, mergers and disposals of subsidiaries. For acquisitions, adjustments are made to remove the revenue and aEBIT of the acquired entity from the current reporting period and, in subsequent reporting periods, to ensure that the current reporting period and the comparative reporting period contain revenue and aEBIT information relating to the same number of months. For mergers, adjustments are made to include a portion of the prior period's revenue and aEBIT of the entity acquired as a result of a merger. For disposals, adjustments are made to remove the revenue and aEBIT of the disposed entity from the previous reporting period to the extent that there is no comparable revenue or aEBIT information in the current period and, in subsequent reporting periods, to ensure that the previous reporting period does not contain revenue and aEBIT information relating to the disposed business.

Summary from the annual report 31 March 2025

Financial alternative performance measures continued

for the year ended 31 March 2025

Reconciliation of financial alternative performance measures

Growth in local currency, excluding acquisitions and disposals continued

The following significant changes in the composition of the group during the year ended 31 March 2025 have been adjusted for in arriving at the pro forma financial information:

Transaction	Basis of accounting	Reportable segment	Acquisition/disposal
Disposal of the group's interest in PayU Russia	Subsidiary	Ecommerce	Disposal
Step-up in the group's interest in Flip together with the impact of the lag period catch-up adjustment	Subsidiary	Ecommerce	Acquisition/disposal
Acquisition of the group's interest in Allpacka	Subsidiary	Ecommerce	Acquisition
Acquisition of the group's interest in Sprinter	Subsidiary	Ecommerce	Acquisition
Acquisition of the group's interest in Furgefutar.HU	Subsidiary	Ecommerce	Acquisition
Acquisition of the group's interest in Paynet	Subsidiary	Ecommerce	Acquisition
Disposal of the group's interest in GPO LatAm	Subsidiary	Ecommerce	Disposal
Disposal of the group's interest in Tazz	Subsidiary	Ecommerce	Disposal
Disposal of the group's interest in OLX Chile	Subsidiaries	Ecommerce	Disposal
Disposal of the group's interest in OLX Colombia	Subsidiary	Ecommerce	Disposal
Disposal of the group's interest in OLX Mexico	Subsidiaries	Ecommerce	Disposal
Disposal of the group's interest in Afterverse Holdings	Subsidiaries	Ecommerce	Disposal
Disposal of the group's interest in Afterverse Games	Subsidiary	Ecommerce	Disposal
Disposal of the group's interest in Playkids	Subsidiaries	Ecommerce	Disposal

The net adjustment made for all acquisitions and disposals on continuing operations that took place during the year ended 31 March 2025 amounted to a negative adjustment of US\$57m on revenue and a negative adjustment of US\$5m on aEBIT. These adjustments include the impact of a change in revenue recognition related to iFood.

for the year ended 31 March 2025

Reconciliation of financial alternative performance measures

Earnings disclosure on a per share basis

for the year ended 31 March

	2025 US\$'m	2024 US\$'m	Change %
Continuing operations
Earnings attributable to equity holders for the year (US\$'m)	12 493	6 873	82
Earnings per ordinary share N (US cents)	519	265	96
Diluted earnings per ordinary share N (US cents)	516	263	96
Headline earnings for the year (US\$'m)	6 201	3 435	81
Headline earnings per ordinary share N (US cents)	258	132	95
Diluted headline earnings per ordinary share N (US cents)	254	130	95
Core headline earnings for the year (US\$'m)	7 370	5 003	47
Core headline earnings per ordinary share N (US cents)	306	193	59
Diluted core headline earnings per ordinary share N (US cents)	303	191	59
– Weighted average for the year	2 404 913	2 592 606
– Diluted weighted average	2 404 913	2 592 606
Discontinued operations
Earnings attributable to equity holders for the year (US\$'m)	(126)	(267)	(53)
Earnings per ordinary share N (US cents)	(5)	(10)	(49)
Diluted earnings per ordinary share N (US cents)	(5)	(10)	(51)
Headline earnings for the year (US\$'m)	(42)	(138)	(70)
Headline earnings per ordinary share N (US cents)	(2)	(5)	(67)
Diluted headline earnings per ordinary share N (US cents)	(2)	(5)	(67)
Core headline earnings for the year (US\$'m)	(42)	(112)	(63)
Core headline earnings per ordinary share N (US cents)	(2)	(4)	(60)
Diluted core headline earnings per ordinary share N (US cents)	(2)	(4)	(60)
Total operations
Earnings attributable to equity holders for the year (US\$'m)	12 367	6 606	87
Earnings per ordinary share N (US cents)	514	255	102
Diluted earnings per ordinary share N (US cents)	511	253	102
Headline earnings for the year (US\$'m)	6 159	3 297	87
Headline earnings per ordinary share N (US cents)	256	127	102
Diluted headline earnings per ordinary share N (US cents)	252	125	102
Core headline earnings for the year (US\$'m)	7 328	4 891	50
Core headline earnings per ordinary share N (US cents)	304	189	61
Diluted core headline earnings per ordinary share N (US cents)	301	187	61

for the year ended 31 March 2025

Reconciliation of financial alternative performance measures

Reconciliation of earnings to core headline earnings

	31 March
	2025 US\$'m	2024 US\$'m
Continuing operations
Earnings from continuing operations
Basic earnings attributable to shareholders	12 493	6 873
Impact of dilutive instruments of subsidiaries, associates and joint ventures	(90)	(64)
Diluted earnings attributable to shareholders	12 403	6 809
Headline adjustments for continuing operations
Adjusted for:	(6 288)	(3 436)
– Impairment of goodwill, property, plant and equipment, and other intangible assets	13	374
– Loss on sale of assets	2	5
– Gain recognised on loss of control	—	(10)
– Net loss/(gains) on disposals of investments	(361)	3
– Gain on partial disposal of equity accounted investments	(6 447)	(5 053)
– Dilution losses on equity accounted investments	318	238
– Remeasurements included in equity accounted earnings1	96	524
– Impairment of equity accounted investments	91	483
	6 205	3 437
Total tax effects of adjustments	21	1
Total adjustment for non-controlling interests	(25)	(3)
Headline earnings2	6 201	3 435
Adjusted for:
– Equity-settled share-based payment expenses	981	1 045
– Remeasurement of cash-settled share-based incentive expenses	35	16
– Amortisation of other intangible assets	517	494
– Fair value adjustments and currency translation differences	(364)	(21)
– Retention option expense	(62)	(38)
– Transaction-related costs	62	72
Core headline earnings2	7 370	5 003

1 Remeasurements included in equity accounted earnings include US\$300m (2024: US\$108m) relating to gains arising on acquisitions and disposals by associates and US\$395m (2024: US\$627m) relating to net impairments of assets recognised by associates.

2 Refer to the glossary for an explanation of the group's alternative performance measures.

Summary from the annual report 31 March 2025

The diluted earnings, headline earnings and core headline earnings per share figures presented on the face of the income statement include a decrease of US\$90m (2024: US\$64m) relating to the future dilutive impact of potential ordinary shares issued by equity accounted investees.

for the year ended 31 March 2025

Reconciliation of financial alternative performance measures

Reconciliation of earnings to core headline earnings

	31 March
	2025 US\$'m	2024 US\$'m
Discontinuing operations
Earnings from discontinuing operations
Basic earnings attributable to shareholders	(126)	(267)
Impact of dilutive instruments of subsidiaries, associates and joint ventures	—	—
Diluted earnings attributable to shareholders	(126)	(267)
Headline adjustments for discontinuing operations
Adjusted for:	84	129
– Impairment of goodwill, property, plant and equipment, and other intangible assets	84	137
– Net (gains)/loss on disposals of investments	—	(8)
	(42)	(138)
Total tax effects of adjustments	—	—
Headline earnings from discontinuing operations1	(42)	(138)
Adjusted for:
– Remeasurement of cash-settled share-based incentive expenses		(4)
– Fair value adjustments and currency translation differences	—	20
– Transaction-related costs	—	10
Core headline earnings from discontinuing operations1	(42)	(112)

1 Refer to the glossary for an explanation of the group's alternative performance measures.

Equity accounted results

The group's equity accounted investments contributed to the consolidated annual financial statements as follows:

	Year ended 31 March
	2025 US\$'m	2024 US\$'m
Share of equity accounted results from continuing operations	5 703	2 810
– Sale of assets	2	3
– Gains on acquisitions and disposals	(279)	(108)
– Impairment of investments	369	627
Contribution to headline earnings from continuing operations	5 795	3 332
– Amortisation of other intangible assets	484	471
– Equity-settled share-based payment expenses	979	1 043
– Fair value adjustments and currency translation differences	(313)	57
– Acquisition-related cost	40	31
Contribution to core headline earnings from continuing operations	6 985	4 934
Tencent	7 263	5 387
Delivery Hero	(151)	(182)
Other	(127)	(271)

The group applies an appropriate lag period of not more than three months in reporting the results of equity accounted investments.

Summary from the annual report 31 March 2025

Financial alternative performance measures continued

for the year ended 31 March 2025

Reconciliation of financial alternative performance measures

Reconciliation of cash generated from operations to free cash flow1

	31 March
	2025 US\$'m	2024 US\$'m
Cash generated from operations	599	134
Transaction-related costs	19	18
Capital expenditure	(102)	(56)
Capital finance leases repaid, gross	(56)	(69)
Investment income received	1 001	759
Taxation paid	(153)	(107)
Taxation credits	(28)	(54)
Merchant cash (receivable)/payable	(261)	(203)
Free cash flow1	1 019	422

1 Refer to the glossary for an explanation of the group's alternative performance measures.

Financial alternative performance measures glossary for the year ended 31 March 2025

The Naspers and Prosus groups (collectively referred to as the group) discloses various alternative performance measures (APMs) in their year-end financial statements (growth in local currency, excluding acquisitions and disposals, on a consolidated basis, relating to both segmental revenue and aEBIT; core headline earnings; and diluted core headline earnings disclosure on a per share basis for continuing operations, discontinuing operations and total operations; reconciliation of earnings to core headline earnings; and reconciliation of cash generated from operations to free cash flow) on which an assurance report on the compilation of the pro forma financial information has been obtained from another assurance provider.

In the analysis of the group's financial performance, certain information disclosed in the financial statements may be prepared on a non-IFRS basis or has been derived from amounts calculated in accordance with IFRS but are not themselves an expressly permitted IFRS measure. These measures are reported in line with the way in which financial Information is analysed by management and designed to increase comparability of the group's year-on-year financial position, based on its operational activity. They are not uniformly defined or used by other entities outside of the group and may not be comparable with similar measures provided by other entities.

The alternative performance measures are the responsibility of the board of directors of the group.

The key alternative performance measures presented by the group are listed below:

Term/acronym	Description	Relevance
Adjusted EBITDA	Adjusted EBITDA represents operating profit/loss, as adjusted to exclude: (i) depreciation; (ii) amortisation; (iii) retention option expenses linked to business combinations; (iv) other losses/gains – net, which includes dividends received from investments, profits and losses on sale of assets, fair value adjustments of financial instruments, impairment losses, gains or losses on settlement of liabilities; (v) all cash-settled and equity-settled share-based compensation expenses including those transactions with non-controlling shareholders that are linked to the ongoing employment of those shareholder's as part of the group's investments in companies.	The group utilises this as an additional measure to analyse operational activity and profitability of the group's businesses.
aEBIT (previously trading profit)	aEBIT represents operating profit/loss, as adjusted to exclude: (i) amortisation of intangible assets recognised in business combinations and acquisitions, as these expenses are not considered operational in nature; (ii) retention option expenses linked to business combinations; (iii) other losses/gains — net, which includes dividends received from investments, profits and losses on sale of assets, fair value adjustments of financial instruments, impairment losses, compensation received from third parties for property, plant and equipment impaired, lost or stolen, and gains or losses on settlement of liabilities; (iv) transactions that IFRS treats as cash-settled share-based compensation expense which are with fellow shareholders and are related to put and call options granted and linked to the ongoing employment of those shareholder's as part of the group's investments in companies; and (v) subsequent fair value remeasurement of cash-settled share-based compensation expenses, equity-settled share-based compensation expenses for group share option schemes as well as those deemed to arise on shareholder transactions (but not excluding share based payment expenses for which the group has a cash cost on settlement with participants).	aEBIT is a non-IFRS measure that refers to adjusted EBITDA adjusted for depreciation, amortisation of software and interest on capitalised lease liabilities. It is considered a useful measure to analyse operational profitability within the group by the group's chief operating decision-maker (CODM).

Summary from the annual report 31 March 2025

Financial alternative performance measures glossary continued for the year ended 31 March 2025

Term/acronym	Description	Relevance
aEBIT margin	aEBIT divided by revenue.	It is considered a useful measure to analyse operational profitability.
Central cash	Cash held by group corporate companies at a head office level.	It is considered a measure to understand how much cash is available at a central level to be utilised for investment, operational, distribution or debt repayments purposes.
Core headline earnings	Core headline earnings represent headline earnings, excluding certain non operating items. Specifically, headline earnings are adjusted for the following items to derive core headline earnings: (i) equity-settled share-based payment expenses on transactions where there is no cash cost to the group. These include those relating to share-based incentive awards settled by issuing treasury shares as well as certain share-based payment expenses that are deemed to arise on shareholder transactions; (ii) subsequent fair value remeasurement of cash-settled share-based incentive expenses; (iii) cash-settled share-based compensation expenses deemed to arise from shareholder transactions by virtue of employment; (iv) deferred taxation income recognised on the first-time recognition of deferred tax assets as this generally relates to multiple prior periods and distorts current-period performance; (v) fair value adjustments on financial instruments and unrealised currency translation differences, as these items obscure the group's underlying operating performance; (vi) once-off gains and losses (including acquisition-related costs) resulting from acquisitions and disposals of businesses as these items relate to changes in the group's composition and are not reflective of the group's underlying operating performance; and (vii) the amortisation of intangible assets recognised in business combinations and acquisitions, as these expenses are not considered operational in nature. These adjustments are made to the earnings of businesses controlled by the group as well as the group's share of earnings of associates and joint ventures, to the extent that the information is available.	We reflect core headline earnings as the group's indicator of its post-tax operating performance, which adjusts for non operating items.

Financial alternative performance measures glossary continued for the year ended 31 March 2025

Term/acronym	Description	Relevance
Free cash flow	Free cash flow represents cash generated from operations adjusted for transaction related costs, specific working capital adjustments that are not directly related to our operational activities, plus dividends received, minus: (i) capital leases repaid (gross); and (ii) cash taxation paid excluding tax paid of a capital nature. Free cash flow reflects an additional way of viewing our liquidity that the board believes is useful to investors because it represents cash flows that could be used for distribution of dividends, repayment of debt (including interest thereon) or to fund our strategic initiatives, including acquisitions, if any.	Free cash flow reflects an important way of viewing our cash generation that the board believes is useful to investors because it represents cash flows that could be used for distribution of dividends, repayment of debt (including interest thereon) or to fund our strategic initiatives, including acquisitions, if any.
Gross merchandise value (GMV)	A measure of the growth of a business determined by the total value of merchandise sold over a given period through a consumer-to-consumer (C2C) or business-to-consumer (B2C) platform.	It is considered a measure to analyse operational size and performance of a business in our food, etail and other businesses.

Financial alternative performance measures glossary continued for the year ended 31 March 2025

Term/acronym Description Relevance

Growth in local currency, excluding acquisitions and disposals. Also referred to as organic growth

Summary from the annual report 31 March 2025

We apply certain adjustments to the segmental revenue and aEBIT reported in the financial statements to present the growth in such metrics in local currency and excluding the effects of changes in our composition. Such underlying adjustments provide a view of our underlying financial performance that management believes is more comparable between periods by removing the impact of changes in foreign exchange rates and changes in our composition on our results. Such adjustments are referred to herein as 'growth in local currency, excluding acquisitions and disposals'. We apply the following methodology in calculating growth in local currency, excluding acquisitions and disposals:

» Foreign exchange/constant currency adjustments have been calculated by adjusting the current period's results to the prior period's average foreign exchange rates, determined as the average of the monthly exchange rates for that period. The local currency financial information quoted is calculated as the constant currency results, arrived at using the methodology outlined above, compared to the prior period's actual IFRS-EU results.

Adjustments made for changes in our composition relate to acquisitions, mergers and disposals of subsidiaries and equity accounted investments, as well as to changes in our shareholding in our equity accounted investments. For acquisitions, adjustments are made to remove the revenue and aEBIT of the acquired entity from the current reporting period and, in subsequent reporting periods, to ensure that the current reporting period and the comparative reporting period contain revenue and aEBIT information relating to the same number of months. For mergers, adjustments are made to include a portion of the prior period's revenue and aEBIT of the entity acquired as a result of a merger. For disposals, adjustments are made to remove the revenue and aEBIT of the disposed entity from the previous reporting period to the extent that there is no comparable revenue or aEBIT information in the current period and, in subsequent reporting periods, to ensure that the previous reporting period does not contain revenue and aEBIT information relating to the disposed business.

The growth in local currency, excluding acquisitions and disposals provides a view of our underlying financial performance that management believes is more comparable between periods by removing the impact of changes in foreign exchange rates and changes in our group's composition, on our results.

Financial alternative performance measures glossary continued for the year ended 31 March 2025

Term/acronym	Description	Relevance
Headline earnings	Headline earnings represent net profit for the year attributable to the group's equity holders, excluding certain defined separately identifiable remeasurements relating to, among others, impairments of tangible assets, intangible assets (including goodwill) and equity accounted investments, gains and losses on acquisitions and disposals of investments as well as assets, dilution gains and losses on equity accounted investments, remeasurement gains and losses on disposal groups classified as held for sale and remeasurements included in equity accounted earnings, net of related taxes (both current and deferred) and the related non-controlling interests. These remeasurements are determined in accordance with Circular 1/2023, headline earnings, as issued by the South African Institute of Chartered Accountants, at the request of the JSE Limited in relation to the calculation of headline earnings and disclosure of a detailed reconciliation of headline earnings to the earnings numbers used in the calculation of basic earnings per share in accordance with the requirements of IAS 33 , under the JSE Listings Requirements. Earnings per Share	This is a JSE listing requirement for Naspers and is included for consistency between Naspers and Prosus.
HEPS	Headline earnings, as per above, on a per share basis.	This is a JSE listing requirement for Naspers and is included for consistency between Naspers and Prosus.
Take rate	A take rate refers to the fees online marketplaces or third-party service providers collect for enabling third-party transactions. Put simply, a take rate is how much money a business makes from a transaction.	It is considered a key revenue driver to analyse the performance of revenue collection within the group's online platforms.
Total payments in value (TPV)	A measure of payments, net of payment reversals, successfully completed through a payments platform (PayU), excluding transactions processed through gateway products (ie those that link a merchant's website to its processing network and enable merchants to accept credit or debit card online payments).	It is considered a useful measure to analyse operational activity in our payments service providers.

Administration and corporate information

Prosus N.V.

Incorporated in the Netherlands (Registration number: 34099856) (Prosus or the group) Euronext Amsterdam JSE share code: PRX ISIN: NL0013654783

Directors and management

JP Bekker (chair), F Bloisi, S Dubey, HJ du Toit, CL Enenstein, M Girotra, RCC Jafta, AGZ Kemna, D Meyer, R Oliveira de Lima, SJZ Pacak, MR Sorour, JDT Stofberg, Y Xu

Company secretary

L Bagwandeen Gustav Mahlerplein 5 Symphony Offices 1082 MS Amsterdam The Netherlands

Registered office

Gustav Mahlerplein 5 Symphony Offices 1082 MS Amsterdam The Netherlands Tel: +31 20 299 9777 www.prosus.com

Independent auditor

Deloitte Accountants B.V. Gustav Mahlerlaan 2970 1081 LA Amsterdam The Netherlands

Euronext listing agent

ING Bank N.V. Bijlmerplein 888 1102 MG Amsterdam The Netherlands

Euronext paying agent

ING Bank N.V. Bijlmerplein 888 1102 MG Amsterdam The Netherlands

Summary from the annual report 31 March 2025

JSE transfer secretary

Computershare Investor Services Proprietary Limited Rosebank Towers

15 Bierman Avenue Rosebank Johannesburg 2196 South Africa Tel: +27 (0)86 110 0933

Cross-border settlement agent

Citibank, N.A. South Africa Branch

145 West Street Sandown Johannesburg 2196 South Africa

JSE sponsor

Investec Bank Limited (Registration number: 1969/004763/06) PO Box 785700 Sandton 2146 South Africa

Tel: +27 (0)11 286 7326 Fax: +27 (0)11 286 9986

ADR programme

Bank of New York Mellon maintains a GlobalBuyDIRECTSM plan for Prosus N.V. For additional information, visit Bank of New York Mellon's website at www.globalbuydirect.com or call Shareholder Relations at 1-888-BNY-ADRS or 1-800-345-1612 or write to: Bank of New York Mellon Shareholder Relations Department – GlobalBuyDIRECTSM Church Street Station PO Box 11258 New York NY 10286-1258 USA

Attorneys

Allen & Overy Shearman Sterling LLP Apollolaan 15 1077 AB Amsterdam The Netherlands

Investor relations

Eoin Ryan InvestorRelations@prosus.com Tel: +1 347 210 4305

Forward-looking statements

This report contains forward-looking statements as defined in the United States Private Securities Litigation Reform Act of 1995 concerning our financial condition, results of operations and businesses. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control and all of which are based on our current beliefs and expectations about future events. Forward-looking statements are typically identified by the use of forward-looking terminology such as 'believes', 'expects', 'may', 'will', 'could', 'should', 'intends', 'estimates', 'plans', 'assumes' or 'anticipates', or associated negative, or other variations or comparable terminology, or by discussions of strategy that involve risks and uncertainties. These forward-looking statements and other statements contained in this report on matters that are not historical facts involve predictions.

No assurance can be given that such future results will be achieved. Actual events or results may differ materially as a result of risks and uncertainties implied in such forward-looking statements.

A number of factors could affect our future operations and could cause those results to differ materially from those expressed in the forward-looking statements, including (without limitation): (a) changes to IFRS and associated interpretations, applications and practices as they apply to past, present and future periods; (b) ongoing and future acquisitions, changes to domestic and international business and market conditions such as exchange rate and interest rate movements; (c) changes in domestic and international regulatory and legislative environments; (d) changes to domestic and international operational, social, economic and political conditions; (e) labour disruptions and industrial action; and (f) the effects of both current and future litigation. The forward-looking statements contained in this report apply only as of the date of the report. We are not under any obligation to (and expressly disclaim any such obligation to) revise or update any forward-looking statements to reflect events or circumstances after the date of the report or to reflect the occurrence of unanticipated events. We cannot give any assurance that forward-looking statements will prove correct and investors are cautioned not to place undue reliance on any forward-looking statements.

30 PROSUS

Summary from the annual report 31 March 2025

PROSUS HEAD OFFICE Gustav Mahlerplein 5 Symphony Offices 1082 MS Amsterdam The Netherlands

www.prosus.com