The Johannesburg Stock Exchange has announced record financial results for the 2025 financial year amid the heightened investment in South African assets.
The JSE saw Net Profit After Tax (NPAT) increase to 16.7%, to R1,071 million (2024: R918 million), translating into Headline Earnings Per Share (HEPS) of 1,329 cents per share, up 17.7% year-on-year (YoY).
The group’s operating income grew by 14.2% to R3.5 billion, which was supported by strong delivery across its main business lines.
This included equity market revenues in Capital Markets (+18%), Post-Trade Services (+18%), Information Services (+10%) and JSE Clear (+10%).
The group said its strong performance comes amid a renewed national confidence and global interest in South African assets.
“The Bourse’s growth was driven by elevated equity market activity, proactive cost management and consistent execution across its core business lines and a diversified revenue base, demonstrating high quality of earnings,” it said.
With the group’s cash balance increasing by 12.7% to R3.2 billion, the group declared an ordinary dividend of 961 cents per share and a special dividend of 100 cents per share.
This resulted in a total dividend payout ratio of 85.6% (2024: 78%) and a 28.1% year-on-year increase in total dividends.
“As we near the conclusion of this strategy cycle, our strategic priority has been to transform the JSE into an innovative, sustainable exchange for the future and a conduit for growth in South Africa’s financial markets,” said outgoing CEO Leila Fourie.
“Our focus on earnings diversification, a core component of Strategy 2026, has enabled us to significantly diversify income, reducing the impact of equity trading volatility, and fortifying our earnings profile through market cycles to deliver long-term business and financial sustainability.”
The group also boasted an uptime of 99.96% across all its markets despite increased trading volumes.
| R million (unless otherwise stated) | FY2025 | FY2024 | % change |
|---|---|---|---|
| Revenue | 3 401 | 2 971 | 14.4% |
| Operating income | 3 535 | 3 095 | 14.2% |
| Total income | 3 549 | 3 167 | 12.1% |
| Earnings before interest and tax (EBIT) | 1 203 | 1 000 | 20.3% |
| Net finance income | 197 | 205 | (3.9%) |
| Share of profit from associate | 52 | 46 | 12.6% |
| Income tax expense | 381 | 333 | 14.4% |
| Net profit after tax (NPAT) | 1 071 | 918 | 16.7% |
| NPAT margin | 30.3% | 30.2% | 0.6 pts |
| Earnings per share (EPS) (cents) | 1 322.3 | 1 129.4 | 17.1% |
| Headline earnings per share (HEPS) (cents) | 1 328.9 | 1 128.6 | 17.7% |
| Ordinary dividend per share declared (cents) | 961 | 828 | 16.0% |
| Special dividend per share declared (cents) | 100 | – | 100% |
| Net cash generated from operations | 1 229 | 1 094 | 12.3% |
| ROE | 22.0% | 20.2% | 1.8 pts |
A change of the guard
Fourie will step down on 1 April 2026, having led the JSE for around 6 years.
“It has been an immense privilege to lead the JSE. I am grateful to my executive team and to all our staff for their commitment and contribution to building better markets,” said Fourie.
“I am confident that the JSE Group will continue to thrive and deliver on its important mandate for South Africa’s capital markets under the able leadership of Valdene Reddy as she assumes the role of Group CEO from 1 April 2026,” said Fourie.
The group said it is well-positioned to advance its strategic agenda and will continue to deliver on its mandate under Reddy’s leadership. Reddy is currently the Director of Capital Markets at the JSE
“The Group remains committed to fiscal discipline and deploying capital responsibly and consistently to drive shareholder value and future-proof the Bourse,” it said.
