The Johannesburg Stock Exchange (JSE) today announced a robust set of financial results for the first half of its financial year, ensuring the Group enters its next strategic growth phase from a position of resilience, financial strength and strategic clarity. The bourse’s performance was driven by elevated equity market activity, disciplined cost management and focused execution across its core business lines, and a diversified revenue base, demonstrating high quality of earnings.

The Group reported an increase in Net Profit After Tax (NPAT) of 16.9%, to R652 million, translating into Headline Earnings Per Share (HEPS) of 816.2 cents per share, up 18.8% year-on-year (YoY). 

Operating income grew by 14.6% to R2.0 billion, supported by broad-based delivery across the bourse’s core business lines, including equity market revenues in Capital Markets and Post-Trade Services, and non-trading income growth of 8.1% to R659 million. 

The Group remains strongly cash generative and maintains a robust balance sheet. At the end of June 2026, the cash balance stood at R1.9 billion (2025: R2.1 billion) excluding the bond investment of R679 million, with net cash generated from operations up 20.6% YoY to R625 million. This strong cash position provides the flexibility to fund strategic investment to capture future growth opportunities and create sustainable long-term value for shareholders, clients and the broader market ecosystem. 

Commenting on her first set of results as JSE Group CEO, Valdene Reddy noted, “Our strategic focus remains firmly on the quality, resilience and diversification of earnings through the cycles. We continue to broaden the Group's revenue base, expand our data and services offering, maintain disciplined cost management and invest selectively in capabilities that support sustainable long-term growth.” 

During the period, the Group sustained positive momentum in primary market activity, attracting new equity listings and facilitating R8.4 billion in additional capital raised, alongside growth in bond and structured product listings. Spread trading on Bond Exchange Traded Products was introduced, broadening the fixed-income product suite and enhancing market functionality for participants. Colocation capacity was expanded in response to client demand, reinforcing a strategic infrastructure asset that supports a growing proportion of equity market trading activity. 

“Our vision is to build and grow a globally relevant, resilient exchange of the future. Structured around the pillars of Transform and Grow, the FORGE 2031 strategy builds on the JSE's proud legacy while providing a bold blueprint and strategic roadmap for the future, strengthening our competitiveness, relevance and growth trajectory. It reflects a commitment to sustained relevance, ensuring that the JSE remains at the forefront of innovation while continuing to deliver on its core mandate of trust, transparency and market integrity. In doing so, the JSE is not only responding to change but playing an active role as an enabler in shaping the future of capital markets in South Africa, across Africa and within the global financial system,” concluded Reddy.

Supported by trusted market infrastructure, a strong balance sheet and a clear strategic roadmap, the JSE Group remains confident in the opportunities available to the JSE over the long term and is well positioned to enhance its relevance, global competitiveness and growth trajectory, while continuing to create sustainable value for shareholders, clients and the broader market ecosystem. 

Revenue performance per segment:

Capital Markets

• Primary Market: +9.4% to R103 million
• Equity Trading: +21.9% to R332 million
• Colocation Fees: +24.6% to R32 million
• Equity Derivatives Trading: +24.8% to R76 million
• Bonds: +6.3% to R53 million
• Financial Derivatives: -8.6% to R27 million
• Commodity Derivatives Trading: +22.7% to R50 million
• Other1 : +21.1% to R46 million

JSE Investor Services (JIS)

• JIS: -5.6% to R102 million

Post-Trade Services

• Clearing and Settlement: +21.7% to R318 million
• Back-office services (BDA): +4.4% to R226 million
• Funds under management: +43.6% to R68 million
• Margin and Collateral: +11.2% to R8 million

JSE Clear

• JSE Clear: +23.3% to R142 million

Information Services: 

• Information services: +7.3% to R273 million

Other2 income: +98.1% to R24 million 

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

2 Other includes: Other income increased by 98%, driven primarily by foreign currency gains.