PSG Financial Services (KST) H2 2025 earnings summary

Executive summary

• Recurring headline earnings per share (HEPS) grew by 25% year-over-year to 101.1 cents for FY 2025, with total recurring headline earnings up 23% to R1,272 million.

• Assets under management increased by 15% to R471 billion, and assets under administration rose 19% to R646 billion compared to the previous year.

• The adviser network expanded to 971 advisers across 260 offices, supporting growth in client assets and distribution reach.

• Dividend per share increased by 24% year-over-year to 52.0 cents.

Financial highlights

• Core revenues grew 14% year-over-year to R8,360 million.

• Premiums increased by 8% to R7.6 billion.

• Operating margin improved to 17.4% from 16.9% in the prior year.

• Return on equity (ROE) rose to 26.6% from 23.4% year-over-year.

• No debt on the balance sheet; debt-to-equity ratio remains at 0%.

Outlook and guidance

• Focus remains on growing recurring revenues, enhancing margins, and optimizing risk-adjusted returns per share.

• Continued expansion of adviser network and geographic footprint is expected to drive future growth.

• Emphasis on maintaining strong governance and capital discipline.