JSE Limited (JSE) investor relations material

Executive summary

• NPAT increased 13.2% year-on-year to R557.8 million, with headline EPS at 687 cents, reflecting strong earnings growth and a resilient, diversified business model.

• Operating income rose 11.4% year-on-year to R1.71 billion, supported by elevated equity market activity and positive operating leverage.

• Infrastructure modernization and technology transformation are ahead of schedule, supporting strategic growth and operational resilience.

• Cash generation remains strong, with a cash position of R2.5 billion and regulatory capital requirements met.

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

Financial highlights

• Total income grew 10.3%–11.8% year-on-year to R1.65–R1.7 billion, with solid contributions from information services.

• EBITDA margin remained strong at 42.1%, stable compared to last year; EBIT margin improved to 37%.

• Net cash generated was R518 million, up 3.1% year-on-year; cash balance increased to R2.5 billion.

• CapEx for the period was R27 million, 6.4% lower year-on-year, with guidance narrowed to R150–170 million for the full year.

• OPEX grew 7.5% year-on-year, with 1.6% of the increase linked to higher trading activity.

Outlook and guidance

• Cost growth expected between 5% and 7% for the full year, excluding higher trading-related activity costs.

• CapEx guidance narrowed to R150–170 million, reflecting savings and timing differences in modernization projects.

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

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

• Confident in delivering sustainable, high-quality earnings and achieving full-year targets.