(Incorporated in the
(Legal Entity Identifier: 635400Z5LQ5F9OLVT688)
AEX and JSE Share Code: PRX ISIN: NL0013654783
("
Trading statement
Shareholders are advised that the
For context, in terms of the JSE Listings Requirements, South African listed entities with a primary listing on the exchange are obliged to issue a trading statement as soon as they are reasonably certain that the upcoming financial results would differ by at least 20% from those of the previous corresponding period. Trading statements are generally issued to provide shareholders with a range of outcomes in respect of key financial metrics.
The financial results of
Core headline earnings per ordinary share Nfor continuing operations for the period are expected to increase between 20.1%-28.5%. The board considers core headline earnings a useful indicator of the operating performance of the Group, as it adjusts for non-operational items.
Headline earnings per ordinary share N for continuing operations will rise between 6.5%-15.9%.
Both of the above measures are driven by strong growth in revenue and profitability of our consolidated Ecommerce businesses and our equity-accounted investments, particularly Tencent. Core headline earnings per share also benefited from the exclusion of foreign currency translation losses, which are included in headline earnings.
Earnings per ordinary share Nfor continuing operations during the period is expected to increase between 28.1%-37.0%. This is primarily due to increased profitability in our consolidated and equity accounted results - primarily Tencent, and also the gain on the sale of Tencent shares related to the share repurchase programme. This gain is excluded from headline and core headline earnings per share.
Illustrated below are the anticipated changes in earnings, headline earnings and core headline earnings per share for continuing operations for the period ended
|
Continuing operations |
30 September 2024 US cents |
30 September 2025 expected increase US cents |
Expected increase % |
|
Earnings per ordinary share N (1) |
191 |
54-71 |
28.1%-37.0% |
|
Headline earnings***per ordinary share N(1) |
107 |
7-17 |
6.5%-15.9% |
|
Core headline earnings**** per ordinary share N(1) |
144 |
29-41 |
20.1%-28.5% |
|
Total operations |
30 September 2024 US cents |
30 September 2025 expected increase US cents |
Expected increase % |
|
Earnings per ordinary share N(1) |
187 |
58-75 |
30.8%-39.9% |
|
Headline earnings***per ordinary share N (1) |
106 |
8-18 |
7.5%-17.0% |
|
Core headline earnings**** per ordinary share N (1) |
143 |
30-42 |
21.0%-29.4% |
The Group delivered on its commitment to increase profitable growth in the first half of FY26, achieving strong financial and operational results. Embracing
More details will be published with the condensed consolidated interim financial statements on Monday, 24 November 2025.
Financial information on which this trading statement is based has not been subject to an independent audit or review by the Group's auditors.
*** Headline earnings represents net profit for the year attributable to the Group's equity holders, excluding certain defined separately identifiable remeasurements relating to, amongst 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
**** Core headline earnings, a non-IFRS performance measure, represent headline earnings for the period, 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 us. 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 and unrealised currency translation differences, as these items obscure our underlying operating performance; (vi) one- off gains and losses (including acquisition-related costs) resulting from acquisitions and disposals of businesses as these items relate to changes in our composition and are not reflective of our underlying operating performance and (vii) the amortisation of intangible assets recognised in business combinations and acquisitions. These adjustments are made to the earnings of businesses controlled by us, as well as our share of earnings of associates and joint ventures, to the extent that the information is available.
(1) Per share information is based on the net number of N ordinary shares in issue during the respective periods. The A ordinary shareholders and B ordinary shareholders share 1/5th and 1/1 000 000th respectively of the earnings attributable to the external N shareholders as at
17 November 2025
Symphony Offices Gustav Mahlerlaan 5
1082 MS
Sponsor:
Investec Bank Limited
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