JOHANNESBURG, Mar 23 – The Johannesburg Stock Exchange delivered record financial results for the year ended December 31, 2025, with the group surpassing the R1 billion profit threshold for the first time in its history.
The results arrive as the JSE prepares to install a new chief executive, with Valdene Reddy set to assume the Group CEO role on 1 April 2026
Net profit after tax rose 16.7% to R1.071 billion ($62 million), translating into headline earnings per share of 1 329 cents, up 17.7% year-on-year. Return on equity improved to 22.0% from 20.2% in the prior year.
Operating income grew 14.2% to R3.5 billion, supported by consistent delivery across the group’s core business lines, with Capital Markets revenues advancing 18%, Post-Trade Services up 18%, Information Services up 10%, and JSE Clear up 10%
The group ended December 2025 with a cash balance of R3.2 billion, up 12.7%, including bond investments. Net cash generated from operations reached R1.23 billion, a 12.3% increase year-on-year. The board declared an ordinary dividend of 961 cents per share alongside a special dividend of 100 cents per share the first special dividend declared bringing the total dividend payout ratio to 85.6% and total dividend growth of 28.1% year-on-year
The results mark the second consecutive year of double-digit growth. The group attributed performance to elevated equity market activity, proactive cost management, and consistent execution across its core business lines, underpinned by a diversified revenue base
The financial results are the last to be presented by outgoing Group CEO Leila Fourie, who retires on 31 March 2026 after a seven-year tenure. Fourie has led the JSE since 2019, delivering a turnaround in earnings quality, diversifying the group’s revenue base, and modernising its technology and regulatory frameworks. During her tenure, the combined market capitalisation of JSE-listed entities grew from R12.6 trillion in 2019 to over R24 trillion
The board appointed Valdene Reddy as Group CEO, effective 1 April 2026. Reddy currently serves as Director of Capital Markets at the JSE. She has held that position since 2020, and previously served as head of equities and equity derivatives at the exchange. Her career began in equity derivatives sales and trading at Bank of America Merrill Lynch, followed by equity derivative sales at Renaissance Capital
JSE Chairman Phuthuma Nhleko said the board is confident that Reddy’s deep industry expertise, strategic acumen, and stakeholder relationships will position the JSE for continued success in a rapidly evolving financial landscape. Reddy herself stated that her focus will be on accelerating innovation and enhancing competitiveness through ongoing strategic transformation
The group’s next strategic phase will include the go-live of a central clearing solution for the bond electronic trading platform through JSE Clear, targeted for 2027, and continued advancement of the Broker Dealer Accounting system modernisation, which delivered its pilot phase ahead of schedule in 2025
