The Johannesburg Stock Exchange delivered record financial results for the year ended December 2025, with net profit after tax rising 16.7% to R1.07 billion — exceeding the R1 billion mark for the first time in its history.
The performance comes amid a powerful rally in local equities that has pushed the bourse to fresh highs above 128 000 index points, delivering gains of roughly 50% over the past year. The strong trading environment boosted operating income by 14.2% to R3.5 billion, reflecting improved domestic confidence and increased global investor exposure to South African markets.
The exchange rewarded shareholders with increased payouts, declaring an ordinary dividend of 961 cents per share, up 16%, alongside a special dividend of 100 cents per share. Headline earnings per share climbed 17.7% to 1 328.9 cents, while EBITDA rose 15.5% to R1.38 billion. Return on equity strengthened to 22%, up from 20.2% a year earlier.
The JSE ended the year with a robust balance sheet, holding R3.2 billion in cash and bonds. Capital expenditure of R141 million was directed toward maintaining core systems and developing new business initiatives.
These results represent the final full-year set under group CEO Leila Fourie, who will step down at the end of March after seven years in the role and over 15 years with the bourse. Valdene Reddy, currently director of capital markets at the JSE, will take over from 1 April.
"It has been an immense privilege to lead the JSE. I am grateful to my executive team and to all our staff for their commitment and contribution to building better markets," Fourie said.
The JSE's share price has reflected the positive momentum, trading recently at R164.11, though down slightly from earlier in the week.
The sentiment is strongly positive, reflecting a bourse firing on all cylinders. Breaking through R1 billion in profit for the first time is a symbolic and financial milestone, validating the JSE's positioning as Africa's premier exchange. The 50% index rally over the past year has translated directly into trading revenue, while cost discipline and balance sheet strength provided resilience. The increased ordinary dividend and special payout signal confidence in sustained cash generation and a shareholder-friendly capital allocation stance. Fourie's departure after a successful seven-year tenure introduces leadership transition risk, but Reddy's internal promotion suggests continuity. The market will watch her early priorities — whether she maintains the strategic trajectory or introduces new initiatives. For now, the JSE is capitalising on South Africa's improved investment climate, and these results confirm that the operational and financial benefits are flowing through.
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