JSE (JSE) H1 2025 earnings summary

Executive summary

• Net profit after tax rose 13.2% year-over-year to R557.8 million, driven by strong equity market activity and diversified revenue streams.

• Operating income increased 11.4% to R1.71 billion, with most business segments reporting revenue growth.

• Cash generation remained strong, with net cash generated up 3.1% to R518.2 million and a cash balance of R2.5 billion.

• Infrastructure modernization is ahead of schedule, supporting strategic growth and operational resilience.

• Operational stability maintained with 99.94% market availability and strong progress on strategic initiatives.

Financial highlights

• Total income rose 10.3% year-over-year to R1.7 billion; operating income up 11.4%.

• EBIT margin improved to 37% from 35.4% last year; EBITDA margin stable at 42.1%.

• Operating expenses increased 7.5% year-over-year, with personnel and technology costs as key drivers.

• Headline earnings per share (HEPS) and EPS both rose 13.4% to 687.0 cents.

• Net cash generated from operations increased 3.1% to R518.2 million.

Outlook and guidance

• Operating expenditure growth for full year 2025 expected at 5–7%; CAPEX guidance narrowed to R150–R170 million.

• Dividend policy maintained at a 67%–100% payout ratio.

• Strategic focus remains on technology, product expansion, and operational resilience.