Naspers and Prosus Shares Fall 34% This Year

SOUTH AFRICA · MARKETS

South Africa’s two big technology investors have each lost about a third of their value this year, in step with their shared Tencent stake.Naspers, the Johannesburg-listed internet investor, closed on Friday 13 November 2026 at R725.37 (about US$42.87 at R16.92 per US dollar), down 34.3% since 31 December 2025.

Prosus, the internet arm in which Naspers holds a 64% economic interest, fell 34.5% to R670.40 (about US$39.62) over the same period, according to Johannesburg Stock Exchange (JSE) closing prices. Both companies rely on Tencent, the Chinese social media and gaming group behind WeChat, which fell 35.5% in Hong Kong over the same period.

For a US reader the link is exposure, because South Africa-focused funds and JSE index trackers carry these shares and feel the fall.

How Far the Shares Have Fallen

Capitec, a South African bank, rose 15.9% over the same period, from R4,155.80 to R4,815.00 (about US$284.57 at R16.92), JSE closes on 13 November 2026 and 31 December 2025 show. That leaves Capitec worth about R560 billion (about US$33 billion) against about R540 billion (about US$32 billion) for Naspers at the 13 November close.

Last week the shares peaked on Tuesday and then slid, based on JSE closes. Naspers ended at R767.02 (about US$45.33) on Monday 9 November, then R778.00 (about US$45.98) on Tuesday 10 November, and R754.52 (about US$44.59) on Wednesday 11 November.

It closed at R735.80 (about US$43.49) on Thursday 12 November and R725.37 (about US$42.87) on Friday 13 November, down 5.4% since Monday’s close. Tencent fell 7.6% in its Hong Kong close between 9 and 13 November, Hong Kong stock exchange prices show.

Why the Shares Track Tencent

Tencent is the main asset of both companies, so a holding that falls 35.5% pulls the owners down by a similar amount. Naspers and Prosus fell about 34% this year against Tencent’s 35.5%, a close match.

Tencent’s third-quarter results are expected in November 2026, but the date is not confirmed. They will be the next hard data on the stake.

What Prosus Reported in June

Prosus said in its results for the year to 31 March 2026, published on 29 June 2026, that ecosystem revenue, the sales of its main internet businesses, rose 57% to US$9.7 billion. It said adjusted EBITDA, a measure of operating profit, rose 84% to US$1.3 billion, and free cash flow, the cash left after investment, reached a record US$1.5 billion.

Prosus also said core headline earnings per share, its adjusted profit per share, rose 24%, and that iFood, Brazil’s biggest food delivery app, raised adjusted EBITDA 56% to US$400 million. It said Despegar, a Latin American online travel agency it owns, lifted gross bookings (total customer bookings) 29% to US$5.9 billion, and every internet ecosystem in the group is now profitable.

The CEO’s US$100 Million Share Award

According to the plan the board set in July 2024, Fabricio Bloisi can receive a one-off award of up to US$100 million. Under the plan it would be paid only in Prosus and Naspers shares.

Two conditions must both be met: the combined market value of the two companies must double from about US$84 billion at Bloisi’s start to US$168 billion within four years, and stay there for a further year. Shareholder returns must also beat the median of a global technology peer group over the four years.

Naspers alone was worth about R540 billion (about US$32 billion) at the 13 November close. With both shares down about 34% this year, the value target looks distant.

What It Means for You

A US investor is most likely to meet this story through South Africa-focused funds that hold the two shares, and their fall of about 34% against Tencent’s 35.5% shows how much the stake drives them. South African savers and index trackers carry the same exposure, while Capitec holders saw a gain of 15.9%.

Prosus and Naspers report half-year results for the six months to 30 September each November, and last year’s came on Monday 24 November 2025. The 2026 date is not confirmed, and those figures will show whether businesses such as Despegar and iFood keep growing.

What Is Not Known

No single cause for the fall has been confirmed. The dates of the half-year results and of Tencent’s third-quarter results are also not confirmed.

The pay terms come from Prosus’s remuneration disclosures and may change. We also do not know how much of the fall comes from Tencent alone.

Frequently Asked Questions

Why Are Naspers and Prosus Shares Falling?

No single cause has been confirmed. Both companies hold a large Tencent stake, and Tencent fell 35.5% in Hong Kong between 31 December 2025 and 13 November 2026, against about 34% for the two shares.

How Much Have Naspers and Prosus Fallen in 2026?

On JSE closes of 13 November 2026, Naspers is down 34.3% since 31 December 2025 and Prosus is down 34.5%. Naspers closed at R725.37 (about US$42.87).

What Is the CEO’s US$100 Million Award?

Under the plan set in July 2024, Fabricio Bloisi can get up to US$100 million in shares. The companies’ combined value must double to US$168 billion within four years of his appointment and shareholder returns must beat a tech peer group.

When Do Naspers and Prosus Report Next?

They report half-year results for the six months to 30 September each November. The 2026 date is not confirmed; last year’s came on 24 November 2025.

Sources: Prosus, results for the year to 31 March 2026, 29 June 2026; Prosus remuneration page; JSE and Hong Kong stock exchange closing prices, 13 November 2026.

This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error

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