2025: The Year South African Business Tested Its Nerves — and Found Its Feet
If 2024 was about survival, 2025 was about stress-testing recovery. South Africa’s business environment spent the year lurching between progress and disruption, often in the same month. Optimism surfaced, confidence wobbled, and resilience became the defining theme.
The year opened with cautious hope. Interest rates appeared to be turning, and the Government of National Unity created expectations that reform might finally move from speeches to spreadsheets. That hope became tangible early on when Eskom crossed a historic threshold: hundreds of consecutive days without load shedding. For businesses, this was not symbolic — it was operational. Fewer diesel generators, longer trading hours, predictable production schedules, and lower costs marked a quiet but meaningful reset.
Then came the Budget saga. Instead of certainty, markets watched three attempts to table a national Budget, exposing the growing pains of coalition politics. A proposed VAT increase triggered political resistance, delays, and fiscal recalibration. While markets avoided panic, the episode highlighted how policy uncertainty directly translates into pressure on households, businesses, and public services.
Global shocks soon followed. In April, sweeping US tariff announcements jolted emerging markets, including South Africa, reminding exporters and manufacturers how exposed they remain to geopolitical decisions made far from home.
Relief arrived later in the year. Inflation eased, interest rate expectations softened, and South Africa exited the FATF greylist faster than anticipated. A long-awaited credit ratings upgrade followed, lowering the cost of capital and restoring some investor confidence. Hosting the G20 in November further signalled institutional stability at a time when global scrutiny was intense.
By year-end, the shift to a 3% inflation target underscored a broader message: discipline is back on the agenda. 2025 did not deliver miracles — but it restored credibility. For South African business, that may be the most valuable currency of all.
BUSINESS NEWSMAKER OF THE YEAR:
Dan Marokane & Nkosana Makate
This year’s recognition is shared by two figures whose stories defined South Africa’s business narrative in very different ways.
Eskom CEO Dan Marokane led Eskom back to profitability, ending a devastating eight-year streak of consecutive losses. Under his leadership, South Africa recorded just 13 days of load shedding – a critical milestone that restored industrial confidence and contributed to a sovereign credit rating upgrade. His focus on plant maintenance and operational stability shifted Eskom from a national crisis point to a more sustainable, investable utility.
Alongside him, Nkosana Makate dominated headlines as his 18-year legal battle against Vodacom reached a conclusive out-of-court settlement in November 2025. After years of deadlock and multi-billion-rand claims, the agreement closed one of the most significant intellectual property disputes in South African corporate history. While the settlement amount remains confidential, the outcome stands as a landmark victory for persistence and corporate accountability.
Together, Marokane and Makate represent 2025’s most powerful shifts: one proving that state-owned entities can be revived, and the other proving that an individual can hold a corporate giant to account. Their combined impact on the economy and legal precedent makes them the definitive business newsmakers of the year.
BUSINESS LEADER OF THE YEAR:
Adrian Gore (Founder & Group CEO of Discovery)
He stands out in 2025 for proving that long-term thinking still works. Discovery continued to execute its integrated health, insurance, and banking model despite a tough economic environment. While many businesses shifted towards short-term strategies, Gore doubled down on data, behaviour-based incentives, and platform thinking.
Discovery Bank gained traction, Vitality expanded its partnerships, and the group demonstrated resilience amid rising healthcare costs and ongoing regulatory pressure. Gore’s leadership is particularly notable because he resisted chasing trends, instead refining a model he has spent decades building.
In a year where business confidence was fragile, Discovery showed that disciplined strategy, innovation, and patience can coexist. Gore’s ability to lead through complexity while maintaining investor confidence and customer trust earns him Business Leader of the Year.
DEALMAKER OF THE YEAR:
Shameel Joosub (CEO at Vodacom Group)
Joosub earns this title for orchestrating a series of high-impact transactions that reshaped Vodacom’s future. In December 2025, he successfully closed the R13.5 billion acquisition of a 30% stake in Maziv, the parent company of Vumatel and Dark Fibre Africa. The landmark deal, which faced years of regulatory hurdles, cements Vodacom’s position as a dominant force in South Africa’s fibre market.
Joosub further disrupted the industry by launching a pan-African partnership with Starlink to deliver high-speed satellite broadband to remote regions, helping bridge the digital divide where terrestrial infrastructure falls short. He also operationalised South Africa’s first virtual wheeling agreement with Eskom, enabling Vodacom to source 100% renewable energy across its network of 15,000 sites.
In addition, under Joosub’s leadership, Vodacom concluded its long-running dispute with please-call-me inventor Nkosana Makate through a landmark out-of-court settlement.
Together, these moves have transformed Vodacom from a traditional mobile operator into a diversified infrastructure and technology powerhouse, creating significant value for shareholders and the broader economy.
BOARDROOM VOICE OF THE YEAR:
Mteto Nyati (Eskom Chairman of the Board)
He is the definitive choice for Boardroom Voice of the Year. As chairperson of Eskom, his leadership was a primary catalyst behind the utility’s historic return to profitability in 2025. Nyati’s influence stems from a rare combination of deep technical acumen and an uncompromising commitment to consequence management. In championing structural reforms and embedding a culture of accountability, he helped restore operational stability and bring an effective end to systemic load shedding.
His impact extends well beyond the energy sector. Recently named 2025 Chairman of the Year at the All Africa Business Leaders Awards, Nyati is widely regarded as a central figure in South Africa’s corporate governance renewal. His ability to bridge private-sector discipline with public-sector complexity has made him one of the most trusted voices in the country’s most critical boardrooms.
When Nyati speaks, his words carry the authority of a leader who has successfully steered some of South Africa’s most complex institutional turnarounds.
TURNAROUND STRATEGIST OF THE YEAR:
Ralph Mupita (MTN Group President & CEO)
Mupita is the definitive choice for Turnaround Strategist of the Year after masterfully navigating MTN through the Nigerian market crisis. Following a brutal 2024 marked by sharp currency devaluation, Mupita steered MTN Nigeria back to a remarkable profit after tax of ₦750.2 billion in late 2025.
This historic recovery restored the subsidiary’s positive retained earnings and net equity positions, enabling the resumption of dividend payments and stabilising the group’s overall balance sheet.
In securing critical tariff adjustments and driving a 57.5% surge in service revenue, Mupita demonstrated that operational discipline can overcome extreme macroeconomic volatility. His focus on expanding MTN’s fintech and data ecosystems – serving more than 165 million active data users within a broader base of over 300 million customers across the group – turned a period of systemic risk into a blueprint for sustainable pan-African growth.
Steady leadership in MTN’s largest market, combined with record group-wide EBITDA growth, has firmly established Mupita as one of the most effective turnaround strategists operating on the Continent.
EXPANSION LEADER OF THE YEAR:
Pieter Engelbrecht (CEO of Shoprite Holdings)
He has cemented his status as South Africa’s leading expansion strategist. In 2025, Shoprite reached the landmark milestone of R250-billion in annual sales, driven by Engelbrecht’s focus on both physical scale and digital dominance. Under his leadership, the group opened hundreds of new stores, including the 500th Usave outlet. This expansion directly contributed to the creation of more than 8,000 new jobs, reinforcing Shoprite’s role as one of the country’s largest private-sector employers.
The expansion of the Shoprite ecosystem has been relentless. Checkers Sixty60 grew by nearly 48% this year, evolving from a grocery delivery app into a broader marketplace offering premium general merchandise and big-ticket items delivered within sixty minutes. Beyond core retail, Engelbrecht successfully integrated high-growth adjacent brands such as Petshop Science and UNIQ Clothing into the group’s portfolio.
Him keeping internal inflation well below national averages while accelerating the rollout of solar-powered operations, Engelbrecht has built a resilient, future-ready model that defines modern South African retail.
CAPITAL MARKETS MOVER OF THE YEAR:
Jorge Mendes (CEO of Cell C)
Mendes earns the title for delivering 2025’s most transformative capital markets moment. After twenty-four years of private ownership and a gruelling, multi-year restructuring, Mendes successfully led Cell C to its official listing on the JSE Main Board. This historic debut marked the final step in a complex financial overhaul, positioning the mobile operator as a standalone, transparent, and investable entity.
Under Mendes’ leadership, Cell C delivered a remarkable return to profitability, moving from a modest R9-million profit to a pro forma net income of R3.5-billion in 2025. In implementing a capex-light operating model that leverages 28,000 radio sites through strategic roaming partnerships, he transformed a distressed asset into a lean, competitive challenger. The listing raised R2.7-billion for shareholders and injected much-needed liquidity into the JSE.
In doing so, Mendes revived Cell C and set a compelling blueprint for corporate recovery in South Africa’s capital markets.
M&A NEWSMAKER OF THE YEAR:
Paul Hanratty (Sanlam’s Group Chief Executive Officer)
He earns this title for masterminding a series of sophisticated, partnership-led transactions that have reshaped Sanlam into a global financial powerhouse. In 2025, Hanratty moved beyond traditional acquisitions to execute a landmark asset-swap with Ninety One, transferring Sanlam’s active investment management business in exchange for a strategic 12.3% stake in the global firm. The deal created a long-term, mutually beneficial ecosystem anchored in world-class investment expertise.
Under Hanratty’s leadership, the SanlamAllianz joint venture also reached full maturity, with Allianz increasing its stake to 49%, cementing the entity as Africa’s largest non-banking financial services group. In addition, Hanratty’s decisive expansion into India saw Sanlam lift its economic interest in Shriram Life to 68%, securing a strong foothold in one of the world’s fastest-growing economies.
His strategic finesse lies in building resilient, multi-continental partnerships that prioritise capital efficiency and sustainable long-term value over simple consolidation.
INDUSTRY DISRUPTOR OF THE YEAR:
Chinese Motor Vehicles (Collectively)
In 2025, Chinese automotive brands transitioned from market challengers to dominant industry forces, rapidly capturing a 15% market share in South Africa. This structural shift was led by Chery and GWM, which now consistently rank among the country’s top ten best-selling manufacturers, with Chery’s sales alone at times surpassing legacy brands such as Nissan and BMW. Their success has been driven (so to speak) by a value-first strategy – offering premium features, advanced safety technology, and ten-year warranties at price points that traditional European and Japanese rivals struggle to match.
The disruption extends well beyond the showroom. BYD has accelerated the transition to electric mobility, launching the Dolphin Surf as South Africa’s most affordable electric vehicle and committing to the rollout of 300 fast-charging stations by 2026. This aggressive expansion has placed significant pressure on the used-car market, where searches for Chinese brands jumped by 67% this year, while forcing local dealerships to rethink pricing, after-sales service, and business models.
As Chery and Omoda initiate feasibility studies for local assembly plants, 2025 marks the year the so-called “Chinese Revolution” became the new standard in South Africa’s automotive landscape.
EXECUTIVE APPOINTMENT OF THE YEAR:
Joelene Pierce (KPMG) & Anastacia Tshesane (PwC)
South Africa’s auditing landscape underwent a historic shift in 2025 with the back-to-back announcements of new female CEOs at two of the country’s largest professional services firms. In August, KPMG in South Africa confirmed that Joelene Pierce will assume the role of CEO on 1 March 2026. A 26-year veteran of the firm and its current Head of Financial Services, Pierce was elected by Partners to succeed Ignatius Sehoole. She brings nearly three decades of experience spanning retail banking and corporate treasuries to the top role.
This was followed in December by PwC South Africa appointing Anastacia Tshesane as its incoming CEO, effective 1 July 2026. Tshesane, who currently chairs PwC’s Africa Governance Board, will succeed Shirley Machaba. With 19 years at the firm, she is a recognised specialist in assurance and auditing for multinational organisations.
Together, these appointments signal a new era for South Africa’s auditing profession – one increasingly defined by strong governance, ethical leadership, and digital modernisation across the financial services sector.
TECH LEADER OF THE YEAR:
Gerrie Fourie (Capitec Bank CEO, 2014 – 2025)
Fourie concludes his tenure by cementing Capitec’s status as a data-driven technology company rather than simply a bank. In 2025, he oversaw an increase to 25 million clients, with more than 14 million active on a digital app that processes trillions of data points to deliver hyper-personalised services. His leadership transformed Capitec into a true technology powerhouse, deploying industrial-scale AI that prevented R300-million in fraud and blocked over 200,000 scam payments in real time during the year.
Under Fourie, Capitec pioneered Capitec Pay, the first local platform to enable passwordless, biometric-linked payments for global merchants such as Netflix and Shein. In integrating advanced machine learning and cloud infrastructure, he ensured the bank could handle massive transaction volumes while preserving radical simplicity.
Fourie leaves behind a digital-first ecosystem in which value-added services and fintech integrations now drive the majority of group profits, firmly establishing him as the definitive tech leader of 2025.
POLICY SHAPER OF THE YEAR:
Busi Mavuso (CEO of Business Leadership South Africa)
She is the definitive Policy Shaper of the Year for translating high-level advocacy into measurable national reform. In 2025, Mavuso spearheaded the launch of the BLSA Reform Tracker, a transparent tool that monitors more than 240 government deliverables across energy, logistics, and criminal justice. This data-driven approach shifted the national conversation from intent to execution, providing the private sector with the clarity required to resume large-scale investment.
Under her leadership, the business–government partnership mobilised more than 350 private-sector experts through the National Electricity Crisis Committee, contributing over 12,000 hours of specialist support directly to Eskom’s operational recovery. Beyond energy, Mavuso emerged as a key voice in the Government of National Unity’s Phase 2 reforms, with a focus on resolving the logistics crisis and unblocking water infrastructure.
Having successfully co-hosting the B20 Summit alongside the G20, she showcased South Africa’s renewed stability to global investors. Mavuso has ensured that business is no longer merely a critic of the state, but a central architect of its turnaround.
YOUNG EXECUTIVE OF THE YEAR:
Cheslyn Jacobs (TymeBank CEO-designate)
At just 40 years old, Jacobs is a founding member of the bank who has risen from Sales and Distribution Manager to the top leadership role. His promotion marks a pivotal moment for the digital challenger as it transitions from a high-growth startup into a mature, profitable financial institution serving more than 11 million customers.
Jacobs has been a central architect of TymeBank’s commercial success. In his previous role as Chief Commercial Officer, he drove revenue growth and scaled the bank’s distinctive “high-tech, high-touch” model. By the end of 2025, his leadership helped the bank achieve record customer acquisition while maintaining one of the lowest cost-to-serve ratios in the industry.
As he prepares to officially assume the role on 1 January 2026, Jacobs represents a new generation of South African executives who combine deep institutional knowledge with a relentless focus on digital innovation and financial inclusion.
QUIET ACHIEVER OF THE YEAR:
John Lamola (SAA Group CEO)
Professor Lamola steered South African Airways (SAA) through a period of low-profile, high-impact reconstruction. Following his permanent appointment as Group CEO in February 2025, Lamola successfully transitioned the airline from a state-funded rescue case into a debt-free, asset-rich enterprise. Under his leadership, SAA reported revenue of R7-billion in the 2024/25 financial year despite significant global headwinds.
Lamola’s strategy has centred on disciplined regional growth and technological modernisation. In late 2025, he launched a landmark partnership with Emirates and introduced AI-driven predictive demand systems for new routes such as Johannesburg–Gaborone. In expanding the fleet to 20 aircraft and reopening critical intercontinental corridors to Perth and São Paulo, Lamola restored SAA’s global footprint without a single cent in new sovereign guarantees.
His steady hand has replaced the era of bailouts with a credible blueprint for commercial sustainability, quietly proving that the national carrier can indeed fly on its own.
SHOCKING ANNOUNCEMENT OF THE YEAR:
Abey Kgotle (Mercedes-Benz South Africa)
The most stunning corporate reversal of 2025 occurred in November when Abey Kgotle, the CEO-designate of Mercedes-Benz South Africa (MBSA), resigned just weeks before he was set to take office. Kgotle, a seasoned executive who has been with the firm since 2017, was appointed in June to succeed Andreas Brand on 1 December 2025. His sudden exit for “personal reasons” sent shockwaves through the automotive sector, as he was poised to become one of the few Black leaders at the helm of a major vehicle manufacturer.
This unexpected vacancy forced an immediate strategic pivot for the German luxury brand. Andreas Brand, who was scheduled to relocate to Stuttgart to oversee seven global manufacturing plants, has now been asked to remain as CEO “until further notice.” The resignation has left a significant gap in the executive suite of the East London-based automaker during a critical period of transition toward electric mobility.
While Kgotle’s eight-year contribution to human resources and corporate affairs was praised, his departure remains the year’s most significant “what if” in South African boardroom succession planning.
RISK TAKE OF THE YEAR:
Neal Froneman (Sibanye-Stillwater CEO, 2013 – 2025)
In 2025, Froneman concluded his remarkable tenure as CEO, leaving behind a company he grew from a struggling South African gold producer into one of the world’s top three platinum group metals players.
His career has been defined by bold contrarian thinking – acquiring assets when they were deeply out of favour and investing through long-term commodity cycles others were unwilling to back. Froneman’s final year was marked by decisive moves into battery metals, including securing EU strategic recognition for Sibanye-Stillwater’s lithium and nickel expansions to support the global electric vehicle transition. Despite volatile market conditions, he maintained a disciplined “no regrets” approach to diversification, returning more than R40-billion to shareholders over his leadership period.
Froneman’s retirement on 30 September 2025 closes a chapter defined by calculated risk-taking, international scale, and an eight-fold increase in market capitalisation – proof that bold strategy can still deliver outsized rewards in global mining.
BUSINESS DEAL OF THE YEAR:
Maxime Saada (Canal+ Chair and CEO)
Maxime Saada, Chairman and CEO of Canal+ Group, secures Deal of the Year for concluding the most significant corporate transaction of 2025: the approximately R55-billion mandatory takeover of MultiChoice Group. After nearly two years of strategic manoeuvring and intense regulatory scrutiny, Saada successfully navigated South Africa’s complex broadcasting framework to acquire more than 94% of the company by October 2025.
The transaction creates a global media heavyweight with a combined subscriber base of roughly 40 million across nearly 70 countries. To ensure regulatory alignment and long-term market confidence, Saada committed to a secondary inward listing of Canal+ on the JSE, preserving South African investor participation while maintaining the group’s primary listing in London.
The combination of Francophone and Anglophone African media assets reshapes the continent’s broadcasting landscape and establishes a powerful competitor to global streaming giants such as Netflix and Disney+.
THREE BUSINESS LEADERS TO WATCH IN 2026
- Mary Vilakazi (FirstRand CEO): After delivering a robust 2025 performance with a 20.2% return on equity, Vilakazi enters 2026 as the primary champion of South Africa’s new growth phase. She has successfully navigated a challenging R5.7-billion UK regulatory provision while maintaining FirstRand’s status as a global quality stock. In 2026, all eyes will be on her strategy to unlock corporate-led credit growth as business confidence turns the corner. Vilakazi – ranked #74 on Forbes’ World’s 100 Most Powerful Women list for 2025 – is betting on a machinery replacement cycle and infrastructure deals to drive the next wave of banking profitability.
- Jurie Strydom (Old Mutual CEO): Following his appointment in June 2025, Strydom enters 2026 with a high-octane mandate to revive the 180-year-old insurer. A qualified actuary and MIT MBA holder, he has already signalled an aggressive new era with the R2.2-billion acquisition of a majority stake in 10X Investments and the ongoing public rollout of OM Bank. In 2026, his focus will be on “speed of execution” – specifically improving value-of-new-business margins and delivering R2.5-billion in cumulative cost savings by end-2027. Strydom is the leader to watch as he attempts to turn a massive legacy machine into a nimble, fintech-driven powerhouse.
- Kenny Fihla (Absa Group CEO): 2026 marks the first full year of leadership for Kenny Fihla, who officially assumed the CEO role on 17 June 2025. Poached from Standard Bank, Fihla has been tasked with stabilising a “revolving door” at the top of Absa and executing a high-stakes Pan-African growth strategy. His focus for 2026 will be on simplifying organisational design and leveraging data to regain market share in retail banking. Fihla is the strategic anchor the board is betting on to deliver long-term consistency and digital excellence.
THREE INDUSTRIES TO WATCH IN 2026
- Fintech: The sector is shifting from simple digital payments to deep embedded finance. In 2026, expect the first widespread implementations of PayShap Real-Time Payouts (RTP) at major retailers, significantly reducing transaction costs for the unbanked. Agentic AI is also set to emerge in banking, with autonomous agents handling hyper-personalised credit scoring and real-time fraud detection. This evolution supports strong growth in Africa’s fintech market, with South Africa leading on regulatory innovation.
- E-commerce Logistics: Driven by a 38% annualised growth rate in online sales this year, 2026 will be the year of last-mile innovation. Retailers are shifting toward urban micro-warehouses and AI-driven inventory for same-day delivery. Watch for expanded networks into township economies, accelerated by ongoing 2G/3G phase-outs pushing mobile-first shopping to 4G/5G. Logistics players are piloting sustainable solutions, including electric and solar-supported fleets, to navigate congested routes.
- Electric Vehicles (EVs): 1 March 2026 marks the launch of the 150% tax incentive for electric and hydrogen vehicle manufacturing. This is expected to catalyse initial local production of South African EVs by year-end. As premium brands like BMW and Mercedes-Benz adapt lines, affordable Chinese imports from BYD and others – many sub-R500,000 – will disrupt the consumer market. Supporting this, off-grid solar-powered charging networks are rolling out rapidly to address grid challenges.
THREE BUSINESSES TO WATCH IN 2026
- Coca-Cola HBC: Following the blockbuster 21 October 2025 announcement that Coca-Cola HBC will acquire a 75% controlling interest in Coca-Cola Beverages Africa (CCBA) for $2.6-billion, 2026 is set to be a decisive year. As the deal targets a final close by end-2026, the group has committed to a secondary listing on the Johannesburg Stock Exchange. With a market capitalisation expected to place it comfortably within the JSE Top 40, Coca-Cola HBC will become a primary target for institutional investors looking for exposure to the second-largest Coca-Cola bottler globally.
- Old Mutual Bank: Following its phased public launch in late 2025, the next twelve months will be the definitive test for this new entrant. Old Mutual has invested approximately R2.8-billion into the core technology of the bank and anticipates an initial loss run rate as it builds toward its 2028 break-even goal. In 2026, the market will be watching to see if it can successfully convert its massive insurance customer base into active banking clients while fending off competition from established incumbents and new retail entries.
- Transnet: 2026 will be the year of reckoning for the state-owned logistics utility as it moves from stabilisation to private sector integration. Under the leadership of Michelle Phillips, Transnet enters the year focusing on the operationalisation of the R127-billion infrastructure investment plan. The market will be watching for the successful rollout of the DCT Pier 2 partnership with ICTSI (effective 1 January 2026) and the expansion of private rail slots. For the South African economy, Transnet’s ability to move closer to its 200-million-tonne rail volume target in 2026 is the single most important factor for export growth.
As 2025 draws to a close, South Africa’s business landscape has shifted decisively from recovery to renewed ambition. Load shedding’s near-elimination, landmark listings, bold turnarounds, and transformative deals signal a nation finally executing on long-promised reforms. Leaders proved that disciplined strategy, accountability, and calculated risk can overcome entrenched challenges—whether reviving state giants, disrupting legacy industries, or forging global partnerships.
The year belonged to those who delivered tangible progress amid uncertainty, restoring investor confidence and laying foundations for sustainable growth. Heading into 2026, with improving logistics, digital acceleration, and green incentives on the horizon, the momentum feels real. South Africa is no longer just surviving – it is positioning itself to compete.
As always, Business Explainer will continue breaking down what matters, why it matters, and what comes next.