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 1,328.9 cents, 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.

• CEO Leila Fourie steps down after nearly seven years, with Valdene Reddy named as successor.

• Proactive cost management and disciplined execution drove operating leverage and margin improvement.

Financial highlights

• Operating income rose to R3.5bn (+14.2% YoY); NPAT reached R1.1bn (+16.7% YoY).

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

• Total dividend per share increased by 28.1% to 1,061 cents, including a special dividend.

• Net cash generated was R1.23bn, up 12.3% YoY; cash balance rose to R3.16bn.

• Operating margin rose to 33.9%; NPAT margin at 31.4%.

Outlook and guidance

• Operating expense growth guided at 5%-7% for FY2026, with CapEx expected between R190m and R230m.

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

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

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