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Naspers says it expects to sell more than R32 billion worth of non core and underperforming assets over the next year, sharpening its focus on businesses that are growing fastest and closest to sustained profitability.
The plan, outlined by chief executive Fabricio Bloisi, marks a change in tone for the Cape Town based group and its Amsterdam listed arm, Prosus, after a period of high profile deal making and a busy run in venture investments, acquisitions and disposals.
Bloisi, who took the top job in mid 2024, has already stamped his name on three major purchases: a $1.7 billion deal for Despegar, the Latin American online travel company; the 1.1 billion euro acquisition of French vehicle classifieds platform La Centrale; and the 4.1 billion euro takeover of Just Eat Takeaway.com, one of Europe’s largest food delivery groups.
Now he is telling shareholders he wants a pause.
In a letter, Bloisi said his attention is fully on “fundamentals,” including efficiency, growth, profitability and innovation across the assets the group already owns. He added that he has no plans for major mergers and acquisitions while that effort plays out.
Instead, he said investors should expect a heavier emphasis on selling assets that no longer fit the strategy or are failing to meet performance expectations. Naspers indicated sales of more than $2 billion are expected in the current fiscal year, with an even larger volume anticipated the year after.
Naspers and Prosus have spent years trying to narrow the discount between what the market values and what management believes the sprawling portfolio is worth. The company’s stake in Tencent remains the dominant anchor, a holding valued at roughly $160 billion, and it continues to dwarf the rest of the group’s interests.
Those other interests span food delivery, online classifieds, fintech and education. They include well known names such as PayU, iFood and OLX, as well as stakes connected to major consumer platforms in Europe, Latin America and India.
Naspers has argued that the value of its non Tencent businesses is not properly reflected in the share price, pushing for clearer proof that the e commerce portfolio can generate real profits, not just growth.
On that front, the group says momentum is building.
Naspers reported a strong set of interim results, helped by e commerce growth, and said it remains on track to deliver guidance of more than $1.1 billion in adjusted earnings before interest, tax, depreciation and amortisation for the full year to March.
Revenue for the six months to the end of September rose 20% to $4.1 billion, supported by iFood in Latin America, OLX in Europe and PayU in India. Adjusted e commerce earnings climbed 71% to $557 million.
The company’s longer term targets are ambitious. Management’s guidance points to more than $7.3 billion in revenue and more than $1.1 billion in adjusted earnings before interest, tax, depreciation and amortisation in the 2026 financial year.
Bloisi has also framed the turnaround as a clear break from the past, noting that only a few years ago Prosus was losing close to $200 million a year. He said the group intends to keep improving profitability over the coming years, even as it trims weaker holdings and concentrates capital on the strongest performers.
