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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.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.
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