Staff Writer
The Johannesburg Stock Exchange (JSE) reported a 16.9% increase in net profit after tax (NPAT) to R652 million for the six months ended 30 June 2026, supported by stronger market activity, revenue growth and disciplined cost management.
The exchange operator’s revenue increased by 14.1% year-on-year to R1.88 billion, while operating income rose 14.6% to R1.96 billion from R1.71 billion in the prior comparative period.
Headline earnings per share (HEPS) increased by 18.8% to 816.2 cents, compared with 687 cents in the first half of 2025, while earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 18.1% to R856 million. The EBITDA margin improved to 43.1% from 42.1%.
JSE Group chief executive officer Valdene Reddy said the company delivered a strong first-half performance, driven by growth across its markets, cost discipline and contributions from its diversified revenue streams.
“The JSE delivered a strong first-half performance, with operating income up 14.6% and headline earnings per share increasing by 18.8%,” Reddy said.
Operating income growth was mainly supported by equity market revenues in Capital Markets and Post-Trade Services, as well as an 8.1% increase in non-trading income to R659 million.
The JSE said growth was broad-based across most business segments, although revenue from JSE Information Services (JIS) declined by 5.6% due to lower margin income following reduced interest rates and weaker corporate action activity.
Non-trading income accounted for 33.6% of operating income, down from 35.6% in the previous year. The group said the change reflected stronger growth in trading revenues rather than a decline in its non-trading business.
Total operating expenditure increased by 11.5% to R1.21 billion, including approximately R44.5 million in once-off costs related to an organisational redesign.
Excluding these costs, CEO departure expenses and trade-related activity, operating expenditure increased by 3.5%.
The group achieved positive operating leverage of 3.1%, reflecting revenue growth outpacing cost increases.
Net finance income declined by 9.8% to R89 million, compared with R98.7 million in the previous year, due to lower interest rates earned on cash balances.
The JSE generated R625 million in net cash from operations, up 20.6% from R518 million in the first half of 2025.
Capital expenditure increased significantly to R110 million from R27 million, reflecting continued investment in core infrastructure and new business opportunities.
The exchange maintained a strong balance sheet, with cash and cash equivalents of R2.6 billion at 30 June 2026, including R679 million in bond investments.
Ring-fenced and non-distributable cash and bonds, including regulatory capital and investor protection funds, totalled R1.3 billion.
