The JSE has delivered a robust first half, lifting earnings by nearly a fifth on the back of buoyant market activity, tight cost control and the breadth of its revenue base. The operator of the Johannesburg Stock Exchange reported that earnings before interest, tax, depreciation and amortisation rose 18.1% to R856m in the six months to end-June, while profit after tax advanced almost 17% to R652m and headline earnings per share climbed to 816.2c from 687c a year earlier.
Operating income grew 14.6% to R2bn, drawn mainly from equity market revenues across capital markets and post-trade services, with non-trading income adding 8.1% to reach R659m. That mix matters for an exchange whose fortunes have historically tracked trading volumes: the steady contribution from non-trading lines signals the diversification the group has been pursuing as it reduces its exposure to cyclical market flows.
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The results are the first full interim set presented under Valdene Reddy, who took the helm in April after Leila Fourie retired. Reddy, an internal appointment, framed the half as broad-based rather than driven by any single line, and pointed to operational resilience underpinning the numbers.
| JSE H1 2026 | Figure | Change |
|---|---|---|
| Ebitda | R856m | +18.1% |
| Operating income | R2bn | +14.6% |
| Profit after tax | R652m | +16.8% |
| Headline EPS | 816.2c | from 687c |
| Non-trading income | R659m | +8.1% |
| Capital expenditure | R110m | from R27m |
| Cash position | R2.6bn | — |
The exchange recorded 99.99% market availability with no outages during the period, a point of emphasis given that infrastructure reliability is central to its licence to operate and to defending order flow against offshore venues and alternative trading platforms. Reddy positioned that stability, alongside a strong balance sheet and cash generation, as the platform for Forge 2031, the group’s five-year strategy to modernise market infrastructure, sharpen global competitiveness and support capital formation across South Africa and the wider continent.
Capital spending was the clearest signal of that pivot, jumping to R110m from R27m a year earlier. The fourfold increase reflects investment aimed both at protecting the core trading business and at seeding newer revenue lines, and it marks a shift from the exchange’s traditionally capital-light profile. Management indicated the outlay is selective rather than expansive, consistent with a strategy that leans on disciplined allocation rather than broad reinvestment.
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The group closed the half with R2.6bn in cash, including R679m of bond investments, leaving it well funded to absorb the higher capex while maintaining shareholder returns. During the period it completed an organisational redesign and ran a profitability review intended to strengthen capital allocation, contain costs and improve returns from strategic investments, work that lays the groundwork for the heavier lifting Forge 2031 implies.
The backdrop is favourable. The exchange’s previous leadership credited the government of national unity with a sustained rerating of South African assets, and the improved sentiment has supported both listings appetite and secondary market turnover. Even so, the JSE faces structural pressures familiar to exchanges worldwide: a shrinking pool of listed companies over the past two decades, competition for trading volumes, and the need to build data, technology and post-trade services into durable earnings streams. The group has previously flagged an appetite for acquisitions in technology and data to accelerate that diversification.
The first-half performance, following a maiden profit above R1bn reported for the prior full year, suggests the exchange enters its strategic reset from a position of financial strength. The test for Reddy will be converting a strong balance sheet and rising investment into the growth and relevance that Forge 2031 promises over the next five years.