PSG Financial Services (KST) H2 2026 earnings summary

Executive summary

• Recurring headline earnings per share grew 34% year-over-year, with total recurring headline earnings up 32% to R1,682 million.

• Wealth division contributed 57% of earnings, asset management 28%, and Insure the balance.

• Assets under management increased 20% to R565 billion, and assets under administration rose 24% to R801 billion.

• Advisor network includes 265 offices and 976 advisors nationwide, supporting continued client growth.

• Platform businesses are cash flow generative and not balance sheet intensive.

Financial highlights

• Headline earnings up 32% for the period, headline earnings per share up 34%.

• Assets under management increased 20% year-over-year, reaching ZAR 565 billion.

• Wealth earnings up 25%, asset management up 59%, Insure up 22% compared to the previous year.

• Operating margin improved to 19.0% from 17.4% in FY 2025.

• Return on equity reached 31.7%.

Outlook and guidance

• Continued expansion of advisor network and geographic footprint in South Africa.

• Clear growth opportunities identified due to relatively small market share.

• Focus remains on growing core operations, optimizing risk-adjusted returns, and expanding the adviser network.

• Continued emphasis on recurring revenues and margin enhancement to support sustainable growth.