Naspers: revenue up 51%, but EBITDA margin fell to 3.3% and debt is 33.7x EBITDA

27 июня 2026 года Naspers опубликовала интегрированный отчёт за финансовый год, закончившийся 31 марта 2026 года. Выручка за отчётный период выросла на 51,1% до 10,8 млрд долларов, EBITDA – на 15,8%, но чистая прибыль снизилась на 5,2%. При текущей цене акция выглядит непривлекательно: мультипликаторы экстремально высоки, а модель портала оценивает потенциал роста в минус 100%.

Key takeaways

— Revenue grew 51.1% driven by acquisitions of Despegar, Just Eat Takeaway.com and La Centrale

— EBITDA margin fell from 4.3% to 3.3% amid one-off effects and integration costs

— Net profit declined 5.2% despite revenue growth due to investment revaluations

— Net debt rose by 13.2 billion rubles over the period to 12,088 million dollars

— Dividend increased 40% to 28 euro cents per share, but yield remains low

— Portal model values share upside at -100%

— P/E LTM is 6.97, but EV/EBITDA LTM is 130.2, reflecting low operating profit

Attractiveness

Key figures, USD bn

Revenue grew 51.1% driven by acquisitions of Despegar, Just Eat Takeaway.com and La Centrale

For the reported period (FY2026, ended 31 March 2026), Naspers revenue reached 10,800 million dollars, up 51.1% year-on-year. Acquisitions of Despegar, Just Eat Takeaway.com and La Centrale (total US$8bn) contributed US$2.8bn of revenue.

Organic growth, according to the report, was also positive, but M&A drove the headline dynamics. The company continues its transformation from a holding into an operator of digital ecosystems, and the scale of acquisitions determines current financial results.

EBITDA margin fell from 4.3% to 3.3% amid one-off effects and integration costs

EBITDA for the reported period grew 15.8%, but slower than revenue, so margin fell from 4.3% to 3.3%. In absolute terms, EBITDA was 359 million dollars for the trailing twelve months (LTM), which is extremely low for a company with a market cap of nearly 35 billion dollars.

The margin decline likely reflects integration costs and one-off effects. The report mentions acquisitions added US$231m of aEBITDA, but overall profitability remains low.

Net profit declined 5.2% despite revenue growth due to investment revaluations

Net profit for the reported period was 4,972 million dollars (LTM), down 5.2% year-on-year. Net margin fell from 73.0% to 45.8%, indicating a significant decline in revaluation gains from the investment portfolio, especially the stake in Tencent.

Operating activities contribute little: EBITDA LTM is only 359 million dollars, while net profit is mostly driven by income from associates and investments, which is volatile.

Net debt rose by 13.2 billion rubles over the period to 12,088 million dollars

At the latest balance sheet date, net debt was 12,088 million dollars. It increased by 13.2 billion rubles over the reported period and by 2.1 billion rubles over the trailing twelve months. The increase is related to financing of major acquisitions.

Net debt to EBITDA LTM ratio is 33.67 – extremely high, although EBITDA here includes only operating results, excluding income from associates. Nevertheless, the debt burden looks significant.

Dividend increased 40% to 28 euro cents per share, but yield remains low

The Prosus board recommended a dividend of 28 euro cents per ordinary share N, up 40% from last year. Naspers will pay a dividend to its shareholders from the amount received from Prosus.

Current dividend yield (trailing 12m) is only 0.70%, below typical expectations for income stocks. The payout is growing but remains symbolic for cash-flow-oriented shareholders.

Portal model values share upside at -100%

According to the portal's model, the fundamental value-creation model based on EBITDA growth times target multiple shows share upside of -100% relative to current market cap. This means the model values fair value at zero – the result sits on the model's clamp.

Such valuation reflects extremely low operating EBITDA relative to market cap: even with significant EBITDA growth, it would take years to justify the current price. The portal's model is an internal estimate, not market consensus.

P/E LTM is 6.97, but EV/EBITDA LTM is 130.2, reflecting low operating profit

Naspers market cap is 34,669.8 million dollars. P/E LTM is 6.97 – looks cheap, but net profit includes large non-operating investment gains that are not recurring.

EV/EBITDA LTM is 130.2 – extremely high valuation of operating business. ROE of 10.2% shows the company earns less on capital than many tech peers, and low EBITDA does not justify such a premium.

Valuation on the latest reported figures

Bottom line

The strength of the report was revenue growth of 51.1% driven by major acquisitions, confirming the ecosystem strategy. However, operating efficiency remains weak: EBITDA margin fell to 3.3%, and net profit declined 5.2% due to investment revaluations. Debt burden is high, and dividend yield is minimal. At the current price, the share looks unattractive: the portal model values upside at -100%, and multiples, especially EV/EBITDA of 130.2, leave no margin of safety. The key question for holders is whether the company can turn scale into profit before the market revises expectations.