Share buyback program

On 27 June 2022, Naspers and Prosus announced an open-ended share repurchase programme.

Prosus regularly sells small numbers of ordinary shares in Tencent Holdings Limited held by the Group, while concurrently purchasing Prosus N ordinary shares. At the same time, Naspers sells Prosus N ordinary shared and purchases Naspers N ordinary shares.

As of 30 May 2025, the open-ended repurchase programme has returned over US$38bn to shareholders, which increases to close to $50bn when including the repurchases done since 2020. Combined, our repurchase programmes have achieved a 15% NAV accretion per share for Prosus, 18% for Naspers, while 33% of Prosus free float and 36% of Naspers free float has been repurchased.

* See details on buyback data in the latest financial results presentation.

We will continue to operate the open-ended repurchase programme at its maximum pace, within the regulatory limits, specifically the EU Market Abuse Regulation, as long as the discount to net asset value remains elevated.

We are committed to remain a large shareholder in Tencent and are excited about Tencent’s long-term prospects. Our open-ended buyback program increases our per share exposure to Tencent.

Prosus and Naspers intend to cancel their respective repurchased shares, in line with regulatory requirements.