Ladies and gentlemen, dames en heren, thank you for joining. My name is Koos Bekker, Chair of the Board of Naspers. We value your participation very much today, and we have loyal shareholders in so many countries across the world. Thank you for spending time with us. We also have our Board here. People come from all over Brazil, India, China, Europe, South Africa, the U.S., and the U.K. We welcome Fabricio Bloisi, next to me, our CEO, and Nico Marais, our CFO. You'll hear from them later. To keep the good order, David Tudor, our Group Legal Counsel, and Lynelle Bagwandeen, next to me, our Company Secretary. We also have Sandy Ehlers from the JSE Investor Services, and they act as transfer secretaries. I will say a few opening words. You'll hear from Fabricio, Nico, and the Chairs of the key subcommittees of the Board.
Some of these committees work rather hard. To avoid technical glitches with people in so many places, we've pre-recorded these. Now, since a quorum of shareholders is present or represented, I can declare the meeting properly constituted. Lynelle will now explain to you exactly how the voting process and especially the Q&A session works.
Thank you, Chair. We will have a Q&A session for shareholders. We will first deal with written questions and then verbal questions. We request that you submit your written questions any time from now until the Q&A session begins. You may vote on the agenda items at any time during the meeting before voting closes. After putting all the items to the meeting, we will have a short pause for voting to be completed. Only shareholders or their representatives may ask questions. If you would like to pose written questions, please click on the Q&A icon on the bottom of your screen, type in your name, the resolution number, if applicable, followed by your question, and then send it through to us. Voting is open for the duration of the meeting until the voting closes.
After putting the resolutions to the meeting, there will be a further opportunity to complete the voting. Sandy, our Transfer Secretary from the JSE Investor Services, is the scrutineer who will count the votes. We will now play the pre-recorded items.
Shareholders, ladies and gentlemen, thank you for being here. Some brief observations. You know, there are two big trends affecting all of us now. The first is artificial intelligence. It's transforming our own lives. Who the eventual winners and losers will be is still unclear. If you want to guess at what point we are in this game, you may well compare it to the life cycle of the commercial internet. Think three years after the Big Bang, 1998. Then Amazon was still puny and none of Facebook, Alphabet, or Tencent existed. Today, the AI race has barely started. We have a few horses running, Tencent and our e-commerce ecosystems. You'll hear more later today to help you judge whether to back their odds. The second trend is a new sort of Balkanization of the world. You may still remember Gwyneth Paltrow using the term conscious uncoupling.
It's pretty unclear to what extent our rather intertwined world can be uncoupled or how all these present threats will really play out. We fancy the countries where we operate, and we'll stick with them through thick and thin. Looking at our own business, in Fabricio Bloisi, our new CEO, I believe we have an excellent leader. He's shaping the group with a sense of urgency. Basil Sgourdos, our previous CFO, retired after long and loyal service. Nico Marais is stepping into that role. Pending your approval, Nico and Phuthi Mahanyele-Dabengwa , the South African CEO of Naspers, will join our boards. We take leave today of Cobus Stofberg as our director. He's a true founding leader of this group. You'll notice that we are becoming less of an investor into a wide range of assets, more of an operating company.
We are constructing great e-commerce ecosystems in Europe, in Latin America, India, and South Africa. One of our aims is to make money. We constantly remind ourselves of what Henry Ford is credited with saying. He said, "Wealth, like happiness, is seldom attained when sought after directly. It comes as a byproduct of providing a useful service." You may ask, why do Prosus and Naspers do this useful? We simplify or enrich the lives of our customers through food delivery, e-commerce, and payments. As a consequence of this drive, our financial profile is changing. In the past, we grew, but we made losses. Now we grow and we make profits. ZAR 1.6 billion of revenues yield hard cash flow. Hopefully, more of it next year. We're recommending to you that the group double our dividend. Firstly, because we can afford it. Secondly, because we think we can sustain it.
I want to thank our board members here for your sensible advice over the past year and our staff for making dramatic things happen.
Over the last year, I tried to give you much more transparency, what we are doing, what is working, what's not working. I'm going to share seven or eight highlights over the last four months. Hope you appreciate. First, we are on budgets. Actually, we are a little better than the budget. Our revenue is more or less in line with our revenue target. As you can see there, around 15% growth and ZAR 1.7 billion in revenue. Our EBITDA is around 14%-15% ahead of the plan, which puts us much closer to the top of the guidance I gave. That's my goal, the top of the guidance. We started well. We are confident that we are going to keep increasing this number and growing, not only inside the guidance, but going to the top of the guidance. We have very good news.
We got approval from the DG Company, European Commission, in five and a half months. Everyone said it's going to take one to two years, five and a half months, even for the pessimist shareholder. Hope you are happy. We are moving faster. That's what we have to do, move faster and deliver results. I'm quite happy with that. This is our, the previous guidance I gave you two months ago, adding the existing Just Eat Away guidance. Looking to that, maybe we are going to be a ZAR 9.5 billion company this fiscal year. I believe we can be a ZAR 1.3, ZAR 1.4. Some optimistic people think even more one day, a billion dollar EBITDA company this year. We optimized our portfolio, so we sold and got cash for almost ZAR 800 million just in the last four months.
I announced the number for the last year, I think in April or May. Just in the last four months, ZAR 800 million. My intention is to do that with ZAR 2 billion. Why? Because investing is easy. Divest and say this is not working, take the hard decision or say this is not getting where I want. To invest in better things is what a company has to do to keep the discipline. Our bar on discipline keeps going up. The big topic for us last year was highlight value. Our priority is India. We are happy and proud that we made the Swiggy IPO. I want to remind you, we invest in Swiggy when it was a very small company. Now it's a ZAR 10 billion company, more or less. We had yesterday another IPO in India of a company called Bluestone that processes our investors.
It's a more or less a billion dollars IPO in total. We are a small shareholder, but we are very happy because it's the second IPO in a few months. I told you a few times, I expected five IPOs in India. We expect more three IPOs in the next 12 months or less, highlighting the value of our very good Indian portfolio, where we are investors of many of the best companies in India. We always talk well about Tencent, about how proud we are that we invested in one of the best companies in the world. They just delivered their results. I know it sounds good. ZAR 25 billion in revenue. It's good. I'm sure even the pessimistic shareholder there, he says, yeah, ZAR 25 billion is good. ZAR 8 billion in operating profit. Actually, that's not the best news. The best news is what's written here.
The consensus for Tencent was 11% growth in revenue, and they grow 15%. The consensus for Tencent was a 15% growth in profit, and they grow 22%. I want to say that because many times people say, but you still believe in Tencent? Yes, we still believe in Tencent. It's going to keep growing. It's going to generate good returns for us, shareholders. In the last three or four months, most people in AI are talking about agents and how agents enable productivity, very high productivity growth. This is an internal number of Prosus. We had around, we started to do agents, working, helping people to work faster in December with our own system called Tokan. It was around like 500 agents. In the last two or three months, it grew from around 1,300 to close to 3,000 agents. More than that, look to this green.
We say here, considered AI employee. It was 500 in February or March. Now it's around 1,600. What means that we have around 1,600 people doing the job faster for other real people. I'd like to invite here one of our new employees. He's an intern, so he's not very smart yet. That's what we are working on now. Rob, our new employee, is being connected to Tokan right now. We are spending our time to think, to understand how we can teach Rob how to read all our information. Hello, good morning. Say hello to everyone. Don't be unpolite and say, yeah, he's a new internee. He's a little like, yeah, thank you very much. You are very kind, very polite. It's very funny to have a robot, but what we are working with then, really. I asked the team to put BenchMaker questions today.
They said, come on, it's not ready yet. It's real. I can promise you in the next AGM, Rob will be there with me with absolutely all the data of Prosus. He's going to answer that because he's integrated with Tokan. Impact is one of our values. We tried this year to disclose more information about what we are doing. We are committed to disclosing even more information about what we are doing. I also defined a priority, and the priority for us is technology to improve education. We have many, many projects, over 30 learning initiatives across all around the world, obviously more in India, South Africa, Brazil, but other 10 countries. We are starting now to have this information in a format that we can display everything we are doing all around the world. A few data that I enjoy to share.
We have more than 100,000 people impacted by our education initiatives. We think that's very high transformational impact, around 10,000 people on education through technology. That's a start, good start. I love the way we are trying to put the word together to talk about impact on gig work. A few times this year, we put all companies, not only iFood or the companies that are related to Prosus, but all companies together to share how we treat employees, how is the wage dynamics, how is the driver safety dynamics, share the best practices and numbers. I really think this kind of event is amazing. I am very proud that Prosus is sponsoring that. Now we are giving one step more.
We are working together with the World Economic Forum to create the, we are one of the founding partners of the future of gig work to try to define a way to analyze the quality, compare, and share best practices all around the world. I really expect you to share more what we are doing here over the next year. Also, it's not only education and gig work, but also electric fleets, where we have the number one in South Africa. This is important for many reasons. To finish, our buyback is still going on. We bought back ZAR 40 billion in total, Prosus plus Naspers, more or less 30% of the outstanding shares. Lots of hard work, lots of work from the board, but most of that from the 30,000 people that do Prosus, changing culture, innovation, bottom line, making difficult decisions.
I thank you for the positive response or the trust on that. Over the last one year, our share price was up around 60%, 59%. I think it's a good start. Are we there? Obviously not. We still need to grow like a lot for 10 years, but it's a good start. The discount reduced by 7% more or less. Two or three weeks ago, it was 28%, so it was even more. I think the trend is quite good. It created ZAR 13 billion. Hope you enjoyed to start this conversation with some news. Thank you.
Ladies and gentlemen, and all shareholders, thank you for joining us today as we reflect on our sustainability journey over the past year and look forward to the road ahead. This year marked a significant milestone with the publishing of our first CSRD-compliant sustainability statements with limited assurance. While we recognize the importance of the Corporate Sustainability Reporting Directive and believe in the fundamental drivers behind it, namely relevant, comparable, and reliable reporting of non-financial performance, we also very much welcome the European Commission's Omnibus proposal. This is a step in the right direction by simplifying reporting requirements so we can leverage the same resources for putting words into real action. At our core, we remain driven by something greater, our belief in the power of innovation and technology to deliver a lasting and positive impact on society and the planet. We create and thrive in change.
Our strategy is rooted in responsible investing, rigorous governance, and a maturing sustainability framework that is embedded across our global ecosystem. Our regional ecosystem approach in markets like India, Latin America, and Europe enables us to share best practices and accelerate innovation for sustainable transitions across platforms. On climate action, zero emission deliveries is a key focus area. With a substantial portion of Scope 3 emissions arising from delivery operations, electrifying our fleet isn't just a strategic priority, it's an opportunity to lead transformative change. The benefits of transitioning to electric vehicles for e-commerce deliveries are both environmental and financial. From an environmental perspective, this shift promises cleaner air and healthier cities. With the fluctuating cost of petrol, drivers who adopt electric vehicles could see an increase in their earning potential, while the cost of ownership of the vehicles can also be significantly lower than combustion vehicles.
Yet, such progress is not achieved alone. The challenges we face require collective action and connected strategies. Together with partners, visionaries, and innovators, we are committed to reimagining delivery operations. On the people side, driver welfare and safety remain paramount. Across our group companies, platform worker earnings consistently exceed minimum wage, and we've expanded safety training, insurance coverage, and AI-powered routing tools to improve delivery safety and efficiency. At the board level, oversight of sustainability and climate strategy is firmly embedded, led by me as Chair of the Sustainability Committee. We receive regular updates on progress, and our executive team is directly accountable with 20% of the CEO and CFO short-term incentives tied to ESG and climate-related goals. For the year ahead, for the first time, we have a target on social impact.
While we build our dream of becoming the number one lifestyle e-commerce company, we want to build this for and with the people in our ecosystem. By enabling access to learning and education, we seek to unlock the potential of an AI-first digital future for underserved communities. This is our story, our mission, and our commitment to shaping a better tomorrow. I welcome your engagement and feedback. Thank you.
It's great to be here today. Thank you for investing in Naspers and for the opportunity to share our financial progress for the year ended 31 March 2025. This year was a game changer. We proved we can keep growing sustainably by investing smartly in tech and innovation, all while staying transparent and delivering more value to you, our stakeholders. Here's the big picture. Group revenue went up 20% year-on- year to ZAR 7.2 billion, double the growth rate of our peers. Classifieds and food delivery led the charge. Let me break down the numbers. In food delivery, iFood performed exceptionally, with a 29% jump in orders and 30% revenue growth to ZAR 1.3 billion. Adjusted EBIT came in at ZAR 226 million. Likewise, our classifieds unit OLX saw an 18% revenue boost to ZAR 777 million, with an adjusted EBIT soaring 63% and margins improving to 35%.
Our payments and fintech businesses made progress on revenue and margins, though PayU India posted a trading loss. Fixing that profitability is a key priority. Within eTail, eMAG posted an adjusted EBIT of ZAR 1 4 million, with Romania driving strong performance. Takelot recorded a strong revenue growth of 20%. On the bottom line, core headline earnings came in at ZAR 3.1 billion, up 59% on a per-share basis. This was thanks to stronger profits across our e-commerce portfolio, equity accounted investments like Tencent, as well as higher net interest income. We ended the year with a solid ZAR 2.4 billion net cash position, ZAR 19.2 billion in cash offset by ZAR 16.8 billion in debt. Overall free cash flow topped ZAR 1 billion for the first time, a huge leap from the ZAR 375 million last year.
iFood, OLX, and better working capital management allowed us to achieve a major milestone, with ZAR 36 million positive free cash flow, excluding the Tencent dividend at a Prosus level. This is almost a ZAR 1 billion improvement over the last three years. The Tencent dividend was meaningful at more than ZAR 1 billion. These strong results led to a 100% increase in the Prosus dividend per share to ZAR 0.20 per share. Naspers will pay dividends to its shareholders from the dividend it receives from Prosus. Our strong balance sheet gives us muscle to pursue opportunities that drive sustainable growth and returns. We've invested boldly in the last year, ZAR 7.8 billion spent and committed. We're disciplined, especially in today's environment. With regard to capital returns, we should not forget the open-ended share repurchase program.
Since launch in mid-2022, it's been a big value creator, boosting net asset value per share, cutting the share count by 29%, and unlocking significant value for shareholders. Thank you for your trust and support. Over to you, Craig.
Ladies and gentlemen, good morning and thank you for joining us at our annual general meeting. Reflecting on fiscal 2025 and looking ahead to fiscal 2026, I'm inspired by the professionalism and dedication of our shareholder community. You are more than stakeholders. You are our partners in pursuing growth, resilience, and innovation. Today, I'll highlight the key advancements we've made, particularly in executive remuneration, ensuring leadership incentives drive long-term value. To accelerate growth and boost returns, we have materially refined our remuneration structure over the past year and for the time ahead. At its core, we have now included a high-risk, high-return incentive, the Moonshot Award. For the CEO, it's a ZAR 100 million incentive, triggered by meeting two exceptionally difficult goalposts. Firstly, by doubling market capitalization, and secondly, by exceeding median performance against an exceptionally competitive set of peers.
It's a bold reflection of our pay-for-performance philosophy, rewarding outcomes, not just ambitions. We are clear that events such as acquisitions, asset sales, and other structural actions will adjust the measurement to ensure true value is being created for you in the measurement. Further, we have expressly stated that the program is designed such that the share buyback remains a positive behavioral incentive for the company, and there is no conflict with this incentive. The Moonshot Award has also been extended to the CEO's direct reports and other senior team members, while reducing the issuance of incentives under other existing LTI plans. The aspiration to emphasize an even more risk-based and shareholder-aligned approach to remuneration.
In response to shareholder feedback, performance share units, or PSUs, tied to shareholder returns, including Tencent's performance, as opposed to e-commerce compound annual growth, were introduced into the policy and are awarded to the CEO and CFO. Value creation extends beyond financial results. Therefore, 10% of executives' short-term incentives in fiscal 2026 will link directly to ESG metrics, including employee engagement and community impact. This reflects our shareholders' expectations and commitment to a broader societal mandate. Our pay-for-performance philosophy remains key. In fiscal 2026, 99% of the CEO's pay will be at-risk pay, principally tied to ambitious, measurable goals, ensuring executive awards align closely with your returns. We listen carefully to your feedback, particularly about long-term incentives and reducing the NAV discount. We've implemented stronger transparency, detailed performance metrics, and enhanced communications to reflect these priorities.
Despite various management efforts, including our open-ended share buyback program in fiscal 2025, the NAV discount gap widened as of March 31st, 2024. To ensure management's focus on the discount reduction and in line with shareholder feedback, 10% of the CEO's and 15% of the CFO's short-term incentives for fiscal 2026 are tied to progress on this front, highlighting our commitment to reducing the gap and delivering shareholder value. In our remuneration policy, which will be put to you, our shareholders, later today, as committed when we spoke last year, we have reintroduced the requirement for the CEO to hold a material number of Naspers and Prosus shares of at least 4x-6x his annual salary. The purpose is to foster longer-term alignment to shareholders. I am pleased to report that the CEO's ownership already exceeds this requirement.
Some core themes in the remuneration strategy are strategic alignment with shareholder value creation. A well-balanced LTI package promotes our aim to double market capitalization and per-share value creation and delivers strong returns relative to the industry. Transparency and engagement. Your feedback shapes policies, performance goals, and dialogue. Your perspective had absolute impact on policy and implementation. Sustainability focus. ESG-linked pay demonstrates commitment to governance and talent attraction. These pillars and others reflect our shared belief. We recognize our success depends on yours. With fiscal 2026 ahead, I'm confident these enhancements position us to tackle challenges, seize opportunities, and create lasting value for shareholders. Thank you for your trust, insights, and commitment to our vision. Together, let's make exceptional performance our legacy. Thank you.
We now move on to the more formal side of the meeting. If you are unable to ask a question during the meeting, please feel free to email your questions to our investor relations. You can use the address that appears on the screen. Contact details are also on our website. We will now start by answering the written questions and then move on to the verbal questions. Questions will be taken one by one, and the job of answering will be allocated to the best person. This is the only Q&A session for the entire meeting. Chair, we have a few questions, and I'm going to start by reading out the first one. It's from Mthuli Ncube from ESG Insights. The question relates to remuneration policy alignment.
While the new performance-linked LTI design and Moonshot Award aim to drive shareholder alignment, how does the board address concerns over SaaS and stock options lacking robust performance conditions and the potential for disproportionate payouts driven by Tencent tailwinds rather than actual management outperformance?
Thank you, Mthuli . We happen to have our Chair of the Remuneration Committee, Craig Enenstein, here. Craig, if you stand over here in the good light.
Thank you. Thank you for the question. There's a few embedded components to the question. First, I'll address the question of SaaS and share options. From the share option angle, there are no share options issued in this year's incentive architecture, so that I believe is covered by the lack of issuance. In terms of the SaaS question, the actual embedded piece of that is whether or not there's any sort of metrics or performance-based elements. For a SaaS to be value creating, the SaaS must actually show that value was created inside the overall e-commerce valuation itself. No value created, no payout exists. There's a high correlation between value creation and the ultimate payout. The actual value creation, were it to be negative, which there have been occasions in the past where that was the case, in such cases had no payout.
The performance aspect of it ultimately is driven by the performance of the businesses as they improve or do not improve relative to their historical baseline levels. As the businesses show performance improvement, in this case now generating real cash flow with prospects of further increased cash flow, that will show up in the value creation metrics themselves through the valuation architecture. I oversee the valuation subcommittee. The valuation subcommittee is using rigorous principles to value those businesses against standards that are ultimately reviewed by KPMG, who's doing the valuation work, and then ultimately audited by Deloitte. There is a fairly rigorous procedure that's being applied to estimating the actual value creation.
In terms of can management win in the case of Tencent tailwinds without otherwise creating value, the short answer is what we're asking management to do is to be stewards not just of the controlled assets, but also of capital allocation. As capital allocation decisions are being made, and in today's market, as you can see, they're being made quite actively, decisions are being made to sell Tencent and to buy back shares, as an example. That is a reduction in ownership of Tencent, but an actual change or appreciation to the actual ownership on a per-share basis. The NAV per share goes up as discounted shares are purchased. That stewardship is ultimately an embedded mechanism for management to be playing a role in the evaluation of the decisions around the Tencent story. We're obviously not controlling the actions of Tencent itself.
In combination, the stewardship through capital allocation decisions, which do involve Tencent, as well as the day-to-day oversight of controlled and influenced assets, are the totality of how management's going to be compensated. We believe that that creates a rigorous and ultimately aligned opportunity for shareholder value creation and ultimately management being paid for the creation of value that you get. Thank you.
Thank you, Craig.
Chair, we have another question from Ms. [Luli], and it relates to board evaluation objectivity and transparency. The question is, the board evaluation process is internally facilitated and relies on peer questionnaires. Given Naspers' growing complexity and scale, will the board consider adopting an externally facilitated evaluation process to enhance transparency, benchmark governance maturity, and ensure alignment with global governance norms?
I could comment on that, but we happen to have also the Chair of our Nominations Committee, and she might add to it if she feels something is missing. Our board is rather unusual, maybe not unique in the world, but certainly unusual. We cover almost 100 countries in interest, and then we have various involvements in different industries, so you need different types of expertise. To assess how well a board member does, you'll have to observe the board over a long time. At one moment, we talk India, then we talk Brazil, so different board members come into play at different times, and a lot of the work is done in committee. The ESG Committee, and we happen to have the Chair here, would look at drivers in Brazil, for example, the Remuneration Committee at the questions posed in the first section.
To observe the board and judge how useful people are, you have to sit through a year of board meetings and every committee meeting, and I'm not even sure that's legal. The answer is we're very happy with the process we follow, and just to outline it, every year, all board members observe other members because we're constantly in interaction. We have a process where we ask people to rate colleagues and themselves on parameters, and then independent of what they say, the Nominations Committee would review it and then feed back to individual directors. I think we're very happy with our board, the composition of the board, the work ethic of the board, and we think that process is as good as we can make it. Further questions?
Thank you, Chair. We do have a further question from Ms. [Luli], and it relates to share buybacks and shareholder value unlock. The question and statement is, given the persistent discount and the fact that Naspers' massive ZAR 35 billion share buyback program benefits only existing shareholders, while the majority of long-term South African pension funds remain invested, will the board consider introducing special dividends or targeted cash-in-hand distributions to ensure equitable capital return to all shareholders, especially income-dependent retirement funds?
Do you think we should try [audio distortion] or should we stick with Nico? Nico?
That's both me. The second question with core ratio.
Sorry.
Thank you for the question. Maybe before I answer the specific question, just there was a comment in the question saying the share buyback benefits the exiting shareholders. I think there are significant benefits also for the shareholders that remain. Over the period of the buyback, it's created increased exposure to the underlying NAV of more than 14%. On top of that, we've seen a significant reduction in the overall discount. When we started the share buyback, Naspers' discount was in the 60%. It's now in the 50s, and that's yielded significant returns and value unlock for shareholders that actually remain. To your specific question, do we have plans to consider a special dividend in lieu of this sort of buyback? At this point in time, we do not foresee that.
We will continue to fund the share buyback at both the Prosus as well as the Naspers level through the selling of small amounts of Tencent shares. Sharing cash flow and putting cash in the hands of our shareholders are very important. Yesterday at the Prosus IGM, the shareholders approved a 100% increase in a dividend per share. That dividend will also flow up to the Naspers level, and the proposal today is to underplay that dividend to all Naspers shareholders. Naspers shareholders this year will see a likewise significant increase in their dividend. You've heard from Fabricio. We're just getting started. We want to do a lot more, and hence we'll hopefully have scope to share and increase our dividends as our cash flow and our profitability improves over time.
Welcome.
Hello, a few additional comments. I agree with Nico. I think the biggest beneficiary of our current buybacks are the existing shareholders. They have much more of our own shares, and I think we are just getting started in improving the value of those shares. As I said in my quick pre-recorded video, every time more we keep focusing on being more disciplined, and you could see we just sold ZAR 800 million in assets. We are going to sell a few billion, ZAR 2 billion in assets in the next 12 months. Our focus in increasing, just reinforcing the importance of discipline, our focus in increasing the profitability of Naspers and Prosus Group is as high as ever. You can see we're expecting at least 84% in increase in our profits. Probably the first numbers we get for the year that we are going to be more than 84%.
First, we have a company that your own shares, the ones of you that have not sold, as you, I believe, you have a much higher, a smaller number of shares, so your shares are going to value more. Second, we are demonstrating discipline, selling some assets, and increasing profitability. Third, we never thought so much about growth. A few things about that. The Jet acquisition, I think we will unlock a lot of value for us, and we are much ahead of the expected timeline to complete the Jet acquisition. At the same time, we are investing a lot in the future. You saw me talking yesterday, but also three and six months ago, we are investing in a large commerce model that is an AI model for e-commerce. We are investing in agents, for example, autonomous agents, as I showed yesterday.
I think we have at the same time a company that is delivering a lot of discipline and looking a lot for the future, while our shareholders have more participation in our own company. Just to finish, I'm very happy that after this one year, we show very briefly this slide on Naspers' numbers, but our share price was around ZAR 590,000 five days ago. Today is around that. This is a 55% increase over the year. You saw that Nasdaq increased 26%. I think we are happy that our shareholders that stay have their shares at their maximum value over the last 100 years of Naspers. Congratulations for 100 years. Very good. My message to you, we are just getting started, so we will work a lot to make the next few years our best, the best years of our story. Thank you.
Chair, I'm checking for any further written questions, but it appears that we have answered all of those. It's time to move on to the verbal questions, and we're going to check if any shareholders have joined and are available to ask their verbal questions. They're invited to use the raise the hand icon to address the meeting directly. We're going to check if that's the case. Chair, there appears to be no parties joining the meeting live to ask any live or verbal questions. It brings us to the end of the Q&A session.
Folks, thanks very much for participation. This session is now at an end. Lynelle, could you kindly put the specific agenda items to the meeting, and then we can vote? Thank you.
Thank you, Koos. All shareholders have had the opportunity to consider the resolutions put to them and the meeting today. The explanations were provided in the notice of meeting, so I won't repeat them now. I'll simply note the resolution, and the full text will be displayed on the screen. We will begin with ordinary resolution one, moving on to ordinary resolution two, followed by ordinary resolution three, ordinary resolution four, ordinary resolution 5.1 to 5.4 dealing with the reelection of directors, followed by ordinary resolution number six dealing with the reappointment and reelection of the audit committee members, ordinary resolution number 7.1 through to 7.4 dealing with the newly elected social and ethics committee members, onto ordinary resolution number eight, followed by ordinary resolution number nine, ordinary resolution number ten, and we now move on to the special resolutions.
Special resolution 1.1 to 1.6, special resolution 1.7 to 1.13, followed by special resolution number two, special resolution number three, special resolution number four, special resolution number five, special resolution number six, and finally, special resolution number seven. We'd like to remind shareholders who have not yet voted to please do so now, and we'll leave the voting open for a few seconds. Chair, the voting is now closed.
Try that. Folks, we'll take a minute to finalize the results. Our technical team will show you these results on the screen, and Lynelle will then summarize them as soon as they become available.
What connects Sao Paulo to Amsterdam, Mumbai to Cape Town, and every customer in between? Not just time, not just tech, but intent. Our intent, a checkpoint of our velocity. We are the power behind the world's leading lifestyle e-commerce brands, a global ecosystem, from Latin America to Europe to India. A system that learns, shares, and scales. It's a system in motion. We are not just scaling businesses. We are connecting them. Each move amplified, each insight echoed, each signal stacked. We're unlocking an AI-first world for 2 billion customers. This is more than an AGM. This is where governance meets growth, where ownership meets leadership, where votes drive acceleration and decisions shape what comes next. This system doesn't just move on its own. It moves with you. Thank you for your vote.
Chair, I can confirm that all agenda items have been passed with the required majority, and the details will now be displayed on the screen, with the full details to be published tomorrow morning on the Stock Exchange News Services and BusinessWise. Back to you.
Ladies and gentlemen, I conclude that all the agenda items put to this meeting have been adopted. As our business is now to an end, I can declare that the meeting is closed, and I wish to thank you very much indeed for your attendance. Thank you.