PSG Financial Services (KST) H1 2026 earnings summary

Executive summary

• Recurring headline earnings per share rose 21% year-over-year to 58.1 cents, with total recurring headline earnings up 19% to ZAR 726 million and return on equity at 28.6%.

• Assets under management increased 19% to ZAR 518 billion, and assets under administration rose 21% to ZAR 721 billion.

• All business units—Wealth, Asset Management, and Insure—delivered double-digit earnings growth, reflecting consistent performance.

• The adviser network expanded to 972, with 265 offices and ongoing investment in technology and talent, including 73 new graduates hired.

• The group remains equity market dependent, free cash flow generative, and exposed to regulatory changes.

Financial highlights

• Headline and recurring headline earnings reached ZAR 726 million, up 19% year-over-year, with recurring HEPS at 58.1 cents, up 21%.

• Wealth division earnings up 15% to ZAR 407 million; Asset Management up 25% to ZAR 197 million; Insure up 26% to ZAR 122 million.

• Premium income increased 6% to ZAR 4 billion; gross written premium for Insure up 6% to ZAR 4.0 billion.

• Dividend per share increased 18% to 20.0 cents, with a payout ratio between 40% and 60% of recurring headline earnings.

• Net profit for the period was ZAR 853.6 million, and net asset value per share rose to 418.3 cents.

Outlook and guidance

• Focus remains on top-line revenue growth, optimizing risk-adjusted return per share, and expanding the adviser network.

• Continued investment in technology, systems, and people to support long-term growth.

• Management expects to maintain high capital levels and monitor local and global developments for sustainable growth.