Half Year 2026 JSE Ltd Earnings Call Transcript
Key Points
- Operating income grew 14.6% with EBITDA margin expanding to 43.1% and net profit after tax up 16.9%.
- Market availability reached an all-time high of 99.99% with no market outages during the period.
- Diversified revenue growth across segments, with non-trading income now contributing almost 34% of total revenue.
- Strong cash generation with net cash up 20.6% to R624.7 million, supporting continued shareholder returns.
- Launch of FORGE 2031 strategy focused on transformation and growth, with organizational redesign completed and AI deployment underway.
- Trading activity moderated in Q2 with expectations of further softening and normalization in H2.
- JSE Investor Services revenue declined due to lower margin income in a reduced rate environment and lower corporate action volumes.
- Information services revenue growth was partly offset by a materially stronger rand, which weighed on dollar-denominated revenue translation.
- Operating expenses increased 11.5% on a reported basis, including once-off costs related to organizational redesign.
- CapEx increased significantly to R110.3 million from R27.1 million, with a heavier second half expected, reflecting modernization initiatives.
Good afternoon and thank you for joining us online today. I am delighted to present our half-year performance alongside Fawzia and then spend some time on the next chapter of the JSE strategic journey.
This is my first set of results as Group CEO, so let me start with the things that matter most.
The JSE is a resilient, high-quality business and it enters this next phase with a financial strength and strategic clarity to deliver on our ambitions.
The first half results bear that out. Operating income grew 14.6%. Costs were held well below revenue growth. The EBITDA margin expanded to 43.1% and net profit after tax increased by 16.9%.
Growth was diversified across segments.
Operating leverage remained positive and earnings continued to convert into cash at a high rate.
Market availability reached an all-time high of 99.99% with no market outages during the period.
That reliability remains the foundational strength of our business.
These results demonstrate
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