Prosus Share Price Shows Signs of Rebound Amid Buybacks and Portfolio Strength
Prosus N.V. and Naspers Limited have faced renewed share price pressure in 2026 despite solid underlying fundamentals, with recent buybacks and portfolio strength suggesting early signs of stabilisation.
Quick overview
- Prosus N.V. and Naspers Limited are experiencing share price pressure in 2026 despite solid fundamentals and recent buybacks indicating potential stabilisation.
- After a strong rally in 2025, Prosus's share price has fallen approximately 21%, raising questions about the sustainability of its previous uptrend.
- Recent aggressive buybacks by both companies signal management's confidence in current valuations, providing some support to the share price.
- Despite volatility, Prosus's operational performance remains resilient, with significant revenue growth in e-commerce and positive cash flow improvements.
Prosus N.V. and Naspers Limited have faced renewed share price pressure in 2026 despite solid underlying fundamentals, with recent buybacks and portfolio strength suggesting early signs of stabilisation.
Sharp Reversal After Strong 2025 Rally
Prosus N.V. was one of the standout performers on the Johannesburg Stock Exchange throughout much of 2025, with investor optimism driving a near-doubling in its share price. Momentum peaked in mid-November when the stock reached an all-time high of around R1,266, supported by strong earnings from Tencent and improving sentiment across its global e-commerce holdings.
However, the rally lost momentum as global technology and AI-linked equities came under pressure. Since then, Prosus has reversed sharply, falling roughly 21% and slipping toward the psychologically important R1,000 level. The move has raised questions about whether the prior uptrend has fully exhausted itself or is undergoing a technical reset.
Early Signs of Technical Support Emerging
Despite recent weakness, the stock is now showing tentative signs of stabilisation. Price action suggests Prosus may be finding support after the steep correction, with some investors viewing current levels as a potential re-entry zone within a broader long-term uptrend.
Market participants are closely watching whether this consolidation phase develops into a base formation or whether further downside pressure emerges amid ongoing volatility in global tech markets.
Aggressive Buybacks Signal Management Confidence
Supportive of sentiment, Prosus repurchased approximately 2.5 million shares during the week of May 11–15 at an average price of €39.1689, amounting to nearly €99.6 million (about $116.6 million).
At the same time, Naspers Limited repurchased over 1.05 million shares at an average price of R859.63, totaling more than R908.3 million (around $55.1 million).
These buybacks are being interpreted as a signal that management views current valuations as attractive despite recent volatility, providing some support to the share price narrative.
Board Refresh Adds Governance Focus
Prosus N.V. also announced the nomination of Arnold Goldberg as an independent non-executive director at its upcoming annual general meeting. He is expected to meet independence standards under both Dutch and South African corporate governance frameworks.
The board update reflects continued efforts to strengthen governance structures as the group navigates a more complex global investment landscape.
Technical Breakdown Shifts the Narrative
The most immediate support for Prosus is technical rather than fundamental. The stock has slipped below the 20 monthly SMA (gray) near R1,000 and reaching R726 last week. But the 50 SMA (yellow) seems to be offering support during the last few months. The price dipped below it, but has rebounded higher and seems like we might get the bullish reversal that investors have been hoping for, from here.
PRXJn Chart Monthly – The Uptrend Has Ended
On the weekly chart, the break below the 50-week moving average (yellow) and the 100 SMA (green). However the decline has stalled at the 200 weekly SMA (purple) and we’re seeing a rebound. So, the pullback might well be over, but buyers need to push the price above the other SMAs for the uptrend to be officially bullish again.
PRXJn Chart Weekly – The Uptrend Has Ended
Underlying Fundamentals Remain Constructive
Beneath the share price volatility, Prosus’s operational performance remains relatively resilient. Interim results for the six months to September 2025 showed e-commerce revenue rising 22% year-on-year to $3.62 billion, while adjusted EBITDA climbed to $530 million.
OLX delivered strong growth, while iFood continued to expand, though eMag lagged expectations. Despite mixed performance across segments, the group reaffirmed full-year guidance, reinforcing confidence in execution.
Tencent Continues to Anchor Value
Tencent Holdings remains the core valuation driver for Prosus, with steady revenue growth and improving gaming and AI-related monetisation trends supporting sentiment. Prosus’s indirect stake continues to provide a stabilising anchor for long-term investors.
Portfolio Moves and Cash Flow Improvement
Prosus also reduced exposure to Meituan through partial disposals and funded buybacks partly via Tencent share sales. Free cash flow improved significantly, turning positive even excluding Tencent dividends, reflecting stronger underlying financial flexibility.
Conclusion
While Prosus N.V. has undergone a sharp valuation reset in 2026 after a powerful 2025 rally, recent buybacks, improving cash flow, and resilient e-commerce performance suggest the selloff may be entering a stabilisation phase rather than a structural breakdown.
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