JSE (JSE) H2 2025 earnings summary

Executive summary

• Delivered record results for FY2025, with operating income up 14.2% year-on-year to R3.5bn and NPAT up 16.7% to R1.1bn, reflecting robust market activity and strategic execution.

• Headline earnings per share rose 17.7% to ZAR 13.29, and ROE increased to 22% from 20.2% the prior year.

• Total dividend per share increased by 28.1% to ZAR 10.61, including a special dividend, supported by strong cash generation and a 7.4% dividend yield.

• Broad-based growth across all segments, with strong equity market activity and diversified earnings mix.

• Leadership transition as CEO Leila Fourie steps down, with Valdene Reddy assuming the role.

Financial highlights

• Operating income grew 14.2% year-on-year to R3.5bn, driven by higher market activity and growth across all core segments.

• NPAT increased 16.7% to just over ZAR 1.07 billion; HEPS up 17.7% to ZAR 13.29.

• EBITDA margin improved to 38.7%, up 1.2 percentage points.

• Net cash generated from operations was ZAR 1.23 billion, up 12.3% year-on-year; cash balance rose 12.7% to ZAR 3.16 billion.

• Ordinary dividend of ZAR 9.61 per share and special dividend of ZAR 1.00 per share declared.

Outlook and guidance

• Operating expense growth guided at 5%-7% for FY2026, with CapEx expected between ZAR 190 million and ZAR 230 million.

• Dividend policy maintained, targeting a payout ratio of 67%-100%.

• Strategic focus on broadening product suite, enhancing trading experience, and launching new offerings such as a crypto ETF and digital products.

• Continued investment in technology modernization, AI transformation, and infrastructure upgrades.