JSE (JSE) investor relations material

Executive summary

• Operating income rose 14.6% year-on-year to R2.0bn, with net profit after tax up 16.9% to R652m and headline EPS up 18.8% to 816.2c, driven by broad-based growth and disciplined cost management.

• Market availability reached an all-time high of 99.99%, with no outages and robust operational resilience.

• Strategic focus shifted to FORGE 2031, emphasizing transformation, technology, data monetisation, and a Pan-African digital marketplace, building on Vision 2026.

• Share buyback of 1.28% of issued capital executed, supporting capital returns.

Financial highlights

• EBITDA margin expanded to 43.1%, up one percentage point, with EBIT rising 21.4% to R774m.

• Net cash generated from operations increased 20.6% to R624.7m, and cash and bonds balance reached R2.59bn.

• Capital expenditure surged 307.3% to R110.3m, focused on BDA modernization and infrastructure.

• Total revenue increased 14.1% to R1.88bn, with trading income up 18.1% and non-trading income up 8.1%.

• Share buyback of 1.1 million shares, 1.28% of issued capital.

Outlook and guidance

• OPEX growth guidance for FY2026 revised to 6%-8% due to once-off costs; CAPEX guidance set at R190m–R230m.

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

• Strategic focus on advancing FORGE 2031, technology harmonisation, and non-trading revenue initiatives.

• Anticipates value traded to normalize and soften in H2.