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JSE (JSE) investor relations material

JSE H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary3 Mar, 2026

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.

Dollar-based market: progress on policy changes?
Competition Tribunal: basis for no provision?
Non-trading revenue: how to accelerate growth?
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