Johannesburg, 5 August 2025: The Johannesburg Stock Exchange (JSE) announced a strong set of results for the first half of its financial year, during a period of heightened geopolitical and trade tensions. The Bourse’s growth was driven by elevated equity market activity, supported by broad-based revenue growth across the core business demonstrating high quality of earnings underpinned by diversification.

The Group reported an increase in Net Profit After Tax (NPAT) of 13.2% to R557.8 million, translating into Headline Earnings Per Share (HEPS) of 687.0 cents, up 13.4% year -on-year (YoY). 

Operating income grew by 11.4%, supported by consistent execution across the bourse’s core business lines, including equity market revenues in Capital Markets (+16%), Post-Trade Services (+17%) and Information Services (+5%). 

The JSE continues to be cash-generative with net cash generated from operations of R518.2 million, up 3.1% YoY. 

“Our resilience through dynamic market cycles demonstrates the strength of our earnings diversification strategy. We recorded revenue growth across most of our asset classes with increased activity in our equity market and consistent execution across our core business lines. Capital Markets, Post-Trade and Information Services each delivered solid revenue gains, reinforcing the strength of our established businesses. While newer segments remain in their development phase, they are aligned to long-term demand and are progressing in line with expectations,” said Leila Fourie, JSE Group CEO. “Our performance was further underpinned by robust and resilient systems as well as operational processes and an uptime of 99.94% across all our markets.” 

The Bourse continues to lead on transformation in technology and innovation to build a modern, sustainable platform for the future. Good progress has been made on the modernisation of its Broker Dealer Accounting (BDA) system, with the pilot phase tracking ahead of plan, and preparations underway for full-scale mass modernization of the code. Additionally, the Group has made further enhancements to its Listing Requirements and extended its collaboration with Nasdaq following the launch of a new modernisation blueprint - developed in partnership with Amazon Web Services which will support the JSE in modernising its technology, leveraging cutting edge computing infrastructure, exploring AI to deliver innovative market solutions, and driving operational efficiencies. 

The Group has continued to advance its strategic and operational priorities to transform the business and improve client-centricity by expanding core products. In H1 2025, the Exchange delivered Bond Repos and added new clients to the Colo 2.0 secondary cloud solution, whose function is to mitigate outage risks and ensure business continuity for clients. 

The JSE is delivering on the Information Services growth strategy with the public access subscription of JSE Trade Explorer being launched, providing investors with access to unique exchange analytics. Steady progress is being made on the JSE Market Data Connect infrastructure, incorporating management of JSE data assets, modern data distribution channels and cloud-based infrastructure. 

Furthermore, the process of developing a central clearing solution for the bond electronic trading platform (ETP) through JSE Clear is underway to broaden access to the bond and repo markets, increase trade liquidity, reduce counterparty credit risk, and enhance market transparency. 

The JSE Claim It initiative continues to scale. Since launch in March 2025, nearly 65 000 individuals have come forward to check their dividend eligibility status with close to 8 200 people matched as having dividends due to them. 

“As we continue to advance our strategic agenda of positioning the JSE as a future-fit and sustainable exchange, our operational resilience, diverse revenue streams and advancements in cutting-edge technology provide a secure foundation for delivering on our long-term strategic goals and driving our future success. Our infrastructure modernisation programme is ahead of schedule, with key milestones delivered. Backed by a strong balance sheet, an expanding product and data offering and a disciplined investment approach, the JSE is well-positioned to advance its strategic agenda in the second half of 2025,” concluded Fourie.

Revenue performance per segment:

Capital Markets

• Primary Market: +8% to R94 million
• Equity Trading: +28% to R272 million
• Colocation Fees: +9% to R26 million
• Equity Derivatives Trading: +5% to R61 million
• Bonds: +9% to R50 million
• Financial derivatives: +21% to R29 million
• Commodity Derivatives Trading: -11% to R41 million
• Other¹  : +23% to R38 million

JSE Investor Services (JIS)

• JIS: -11% to R108 million

Post-Trade Services

• Clearing and Settlement: +33% to R261 million
• Back-office services (BDA): +7% to R216 million
• Funds under management: -1% to R47 million

JSE Clear

• JSE Clear: +2% to R61 million
• Information services: +5% to R254 million

Information Services: 

Other income²: 

• Other income: -55% to R12 million

¹ Other includes: Issuer Services revenue, Investor Protection Levy income and SME revenue.

²Other income decreased by 55%, primarily due to forex losses in 2025 compared to a gain in 2024. The decrease also reflects a high base in the prior year, which includes issuer regulation fines and VAT recovery income. This is partly offset by profit on sale of bonds and other sundry income in the current year.

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ABOUT THE JSE

The Johannesburg Stock Exchange (JSE) has a well-established history of operating as a marketplace for trading financial products. It is a pioneering, globally connected exchange group that enables inclusive economic growth through trusted, world-class, socially responsible products, and services for the investor of the future. It offers secure and efficient primary and secondary capital markets across a diverse range of securities, spanning equities, derivatives, and debt markets. It prides itself on being the market of choice for local and international investors looking to gain exposure to leading capital markets on the African continent.

The JSE is currently ranked in the Top 20 largest stock exchanges in the world by market capitalisation, and is the largest stock exchange in Africa, having been in operation for 137 years. As a leading global exchange, the JSE co-creates, unlocks value and makes real connections happen. www.jse.co.za 

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