JSE (JSE) H2 2025 earnings summary

Executive summary

• Delivered record financial 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.

• 35% of operating income now comes from non-trading sources, enhancing revenue stability and predictability.

• Operational resilience remained high, with 99.96% market availability and no equity market outages for three years.

• Leadership transition as CEO steps down after seven years, with Valdene Reddy named as successor.

Financial highlights

• Operating income increased 14.2% year-on-year to R3.5bn, driven by growth across all core segments.

• NPAT up 16.7% year-on-year to over ZAR 1.07 billion; HEPS up 17.7% to ZAR 13.29.

• Total dividend per share increased 28.1% to ZAR 10.61 (1,061 cents), including a special dividend.

• 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 at R3.16bn.

Outlook and guidance

• Operating expense growth guided at 5%-7% for 2026, 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.