The Johannesburg Stock Exchange has reported annual profit above R1bn for the first time in its 138-year history, marking a milestone as leadership transitions at Africa’s largest bourse. JSE Limited posted net profit after tax of R1.07bn for the year ended December 2025, up 16.7% from the prior year, while headline earnings per share increased 17.7% to 1,328.9 cents.
The results provide a platform for incoming chief executive Valdene Reddy, who will assume leadership next month. Outgoing CEO Leila Fourie oversaw a strategy focused on strengthening core operations, upgrading technology infrastructure and diversifying earnings to reduce reliance on equity trading volumes.
Operating income rose 14.2% to R3.5bn, supported by growth across major divisions. Capital Markets and Post-Trade Services each recorded revenue growth of 18%, while Information Services increased 10%. Earnings before interest, tax, depreciation and amortisation climbed 15.5% to R1.375bn, reflecting improved operating leverage as market activity strengthened.
Return on equity reached 22%, compared with 20.2% in 2024 and 17% in 2019, indicating higher capital efficiency. Combined market capitalisation of listed companies has expanded from R12.6trn in 2019 to more than R24trn, reflecting both new listings and valuation gains. As reported by JSE Limited Annual Results 2025, the exchange benefited from increased average daily value traded, driven partly by stronger equity market performance.
The JSE All Share Index advanced about 37% in 2025 and has gained a further 11% so far this year, supported by improved domestic sentiment, easing inflation and renewed foreign portfolio flows into emerging markets. Emerging market equities have outperformed developed peers in early 2026 amid expectations of lower global interest rates, contributing to higher trading volumes on the South African bourse.
The exchange declared a cash dividend of 961 cents per share for 2025 and an additional special dividend of 100 cents per share following the profit milestone. Capital expenditure of R141m remained directed at safeguarding core systems and expanding new business lines, particularly in data services and derivatives.
The group is also evaluating a potential share repurchase programme, subject to board approval and market conditions, as part of broader capital allocation considerations. With diversified revenue streams and improved profitability, the JSE enters its next leadership phase with strengthened financial metrics and a broader earnings base.