Chamwe Kaira
The JSE Limited has reported record financial results for the year ended 31 December 2025, with net profit after tax exceeding R1 billion for the first time.
Net profit after tax rose 16.7% to R1.07 billion from R918 million in 2024. Headline earnings per share increased 17.7% to 1,328.9 cents from 1,128.6 cents the previous year.
Earnings before interest, tax and depreciation increased by 15.5% to R1.38 billion. Return on equity improved to 22.0% from 20.2% in 2024.
The exchange generated net cash from operations of R1.23 billion, up 12.3% from the previous year. The board increased the ordinary cash dividend by 16.0% to 961 cents per share from 828 cents in 2024. The payout ratio remained at 78%.
The board also declared a special cash dividend of 100 cents per share. This raised the total payout ratio to 85.6%.
Group operating income increased by 14.2% to R3.5 billion. Capital markets revenue rose by 18%. Post-trade services revenue also increased by 18%, while information services revenue grew by 10%.
Revenue from JSE Investor Services declined by 7%. The exchange said this was due to lower interest rates and the impact of a margin income adjustment recorded in the previous year.
Non-trading income reached R1.24 billion, representing 35% of operating income, compared with R1.18 billion, or 38%, in 2024.
Total operating expenditure increased by 8.3% to R2.3 billion. When adjusted for higher trading activity, operating expenditure rose by 6.5%. Operating leverage improved to 5.9% from negative 1.1% in the prior year.
Net finance income declined by 3.9% to R197 million from R205 million in 2024. The decrease was linked to lower interest rates and the impact of lease renewals on finance costs.
Capital expenditure for the year amounted to R141 million. The funds were directed toward strengthening core infrastructure and expanding new business lines.
The group ended the year with cash of R3.2 billion, including bond investments of R603 million. Of this amount, R1.3 billion represents ring-fenced and non-distributable funds held for regulatory capital and investor protection.
Outgoing group CEO Leila Fourie said the results reflected strong market conditions and disciplined execution of the exchange’s strategy. She said the JSE’s systems achieved 99.96% uptime during the year, while the BDA transformation programme reached key milestones ahead of schedule.
Fourie will step down at the end of March. Valdene Reddy will take over as group CEO from 1 April 2026.
More than 40 companies are dual-listed on the Namibia Securities Exchange and the JSE. The Namibian government also has bonds listed on the JSE, while Namibian asset managers and pension funds hold investments on the exchange.
