Slide 1: Annual Results Presentation 2025
JSE Limited Annual Results Presentation 2025 4 March 2025 ©Johannesburg Stock Exchange. The content of this presentation is strictly reserved for the use of the JSE.
Slide 2: Agenda
Agenda 03 Overview 10 Financial review 24 Conclusion 29 Appendix let’s connect | 2
Slide 3: Overview
Overview let’s connect | 3
Slide 4: Strong business resilience in a shifting market
Strong business resilience in a shifting market R3.1bn Total income Diversification supports revenue growth +6.5% YoY Growth supported by diversified asset classes and Primary Market revenue, with improved trading activity in our Equity Market in H2 Disciplined approach to cost management R2.2bn OPE
Slide 5: Markets gained despite ongoing uncertainty
Markets gained despite ongoing uncertainty ► Emerging markets followed global benchmarks, but Q4 JSE Ltd vs emerging markets exchanges (31 January – 31 Dec 2024) diverged due to US election-driven tariff concerns, especially on China 120% 100% 94.82% 80% ► JALSH up 9.37%, led by IND25 (+14.43%) and
Slide 6: Market sentiment impacts overall activity with net foreign inflows in bonds
Market sentiment impacts overall activity with net foreign inflows in bonds ► Market volatility increased in H2 2024 due to the US Equities market – Quarterly Average Daily Value Traded growth YoY / VIX quarterly average election outcome, potential tariffs, and interest rate 25% 18 cuts 15% 5% 15 -5
Slide 7: Diversifying revenues for greater resilience
Diversifying revenues for greater resilience Non-trading income: • 12.7% CAGR* • 81.5% nominal growth* 50% 37% 38% 40% 28% 35% 35% 40% 35% 29% 29% 30% 30% 25% 20% 14% 15% 14% 12% 12% 20% 11% 10% 7% 7% 6% 5% 3% 15% 1% 2% 1% 0% 0% 10% -10% -7% -9% 5% -20% 0% 2019 2020 2021 2022 2023 2024 Cash equity m
Slide 8: Capital markets growth supported by diversified asset classes and primary markets
Capital markets growth supported by diversified asset classes and primary markets (Rm) +5.8% 7 1 092 5 25 4 9 10 1 032 1 2 1 000 2023 Equity Market: Equity derivatives Bonds & Commodity Colocation Primary Market Investor protection Other* 2024 trading financial derivatives income derivatives *Other:
Slide 9: Strategic progress in 2024
Strategic progress in 2024 Protect Sustainable the Core Transform Marketplace Generate sustainable high-quality earnings over the period to 2026 ► Strengthened ► Expanded core ► BBBEE Level 1 status operational products (JSE Fix Hub live processes and & scaling Colo 2.0) ► Enhanced listing platform
Slide 10: Financial review
Financial review let’s connect | 10
Slide 11: Financial summary – Income statement
Financial summary – Income statement Operating income (Rbn)¹ Total operating expenditure (Rbn) EBITDA margin¹ +5.2% +6.2% -0.8% pts 3.1 2.2 38.4% 37.6% 2.9 2.0 2023 2024 2023 2024 2023 2024 Net finance income (Rm) NPAT (Rm) HEPS (cents) +21.3% +10.4% +9.6% 204.9 831.0 917.8 168.9 1 029.8 1 128.6 202
Slide 12: Financial summary – Cash and capital allocation
Financial summary – Cash and capital allocation Net cash generated (Rbn) Cash balance (Rbn)¹ CAPEX (Rm) -1.5% +9.6% -5.4% 2.56 2.81 1.11 155.4 146.7 1.09 2023 2024 2023 2024 2023 2024 Regulatory capital (Rbn) Ordinary dividend per share (cents) ROE -3.5% +5.6% +0.8pts 784.4 828.5 20.2% 0.83 0.80 19.
Slide 13: Income statement snapshot
Income statement snapshot (Rm) 2024 2023 (%) Revenue 2 971 2 814 5.6% Margin income & collateral 124 128 -3.6% Operating income 3 095 2 943 5.2% Other income 72 30 >100% Total income 3 167 2 972 6.5% Personnel expenses 854 784 8.9% Other operating expenses 1 123 1 048 7.2% EBITDA 1 190 1 141 4.3%
Slide 14: Revenue breakdown: Growth across key segments
Revenue breakdown: Growth across key segments FY 2024 revenue contribution (inner circle represents FY 2023) Revenue % Growth 2024 2023 (Rm) YoY Capital Markets 1 092 1 032 6% Post-Trade Services 33% JIS 34% JIS 229 190 20% 8% 7% Post-Trade Services 920 883 4% JSE Clear 4% 4% JSE Clear 118 112 6% 17
Slide 15: Capital Markets & JIS
Capital Markets & JIS Growth driven by Primary Market and JIS FY 2024 revenue contribution (inner circle represents FY 2023) FY24 Revenue FY23 Revenue % Growth (Rm) (Rm) YoY Capital Markets 1 092 1 032 6% Equity Market: Trading 33% 36% Primary Market 187 161 16% Bonds & financial derivatives Equity
Slide 16: Post-Trade Services & JSE Clear
Post-Trade Services & JSE Clear Growth in BDA and JSE Clear offsets declines in Funds under management FY 2024 revenue contribution (inner circle represents FY 2023) FY24 Revenue FY23 Revenue % Growth (Rm) (Rm) YoY Post-Trade Services 920 883 4% 40% BDA 37% Equity Market: Clearing & 409 411 -1% Sett
Slide 17: Information Services
Information Services Core market data growth offset by a decline in index revenue FY 2024 revenue contribution (inner circle represents FY 2023) FY24 Revenue FY23 Revenue % Growth (Rm) (Rm) YoY Information Services 454 448 1% Market Data 379 369 3% Index fees 75 79 -6% 18% Market Data 16% Index Fees
Slide 18: Strategic initiatives to support growth while maintaining cost discipline
Strategic initiatives to support growth while maintaining cost discipline Personnel costs up 9.3% (R73m) to R853m +6.2% 380 Technology costs up 9.6% (R28m) to R400m 378 304 277 190 Project costs up 73.4%1 (R17m) to R39m 207 39 23 400 373 Depreciation and amortisation down 8.6% (R18m) to R190m 781 85
Slide 19: CAPEX spend in line with expectations
CAPEX spend in line with expectations Grow the business: (Rm) ► Delivered inflation-linked bonds ► Information Services – transfer of market data to the cloud, data marketplace and self-service BI 208 ► Bond CCP requirements completed & rules updated 20 168 Maintain the business 155 11 147 ► Infrast
Slide 20: Robust balance sheet and healthy cash generation
Robust balance sheet and healthy cash generation Investing activities (Rm) ► Intangible assets ► Acquisition of plant and 1 094 equipment 345 ► Investment in government bonds - 99 - 435 Financing activities 2 806 2 560 - 660 ► Acquisition of treasury shares ► Share repurchase ► Lease liability repai
Slide 21: Strong cash balance with adequate regulatory capital
Strong cash balance with adequate regulatory capital Investor protection and other funds Cash and bonds (Rbn) ► JSE Derivatives Fidelity Fund ► JSE Guarantee Fund 2.81 3.0 0 ► BESA Guarantee Fund JSE 2.56 ► Empowerment Fund 2.46 2.40 2.5 0 2.36 0.80 Available cash 0.83 2.0 0 0.79 0.76 0.96 ► CAPEX 0
Slide 22: Shareholder returns
Shareholder returns Dividend per share (cents) 854 828 100 784 769 725 828 784 769 754 725 2020 2021 2022 2023 2024 Ordinary dividend Special dividend ► Share repurchase in 2024 of 0.6% of the Company's issued share capital 22 let’s connect | 22
Slide 23: FY 2025 expectations
FY 2025 expectations OPEX growth 5% – 7% CAPEX R190m – R215m Dividend 67% – 100% pay-out ratio let’s connect | 23
Slide 24: Conclusion
Conclusion let’s connect | 24
Slide 25: Strategy: Innovating for a resilient, diversified & sustainable Exchange
Strategy: Innovating for a resilient, diversified & sustainable Exchange Protect Sustainable the Core Transform Marketplace Generate sustainable high-quality earnings over the period to 2026 Operational Client centricity Employee engagement Financial outcomes excellence ► Maintain CSAT score & susta
Slide 26: 2025 Agenda: On track to achieve our strategic priorities as we protect & grow
2025 Agenda: On track to achieve our strategic priorities as we protect & grow ► Deliver market data products on marketplace ► Onboard new members to JSE Trade Explorer ► JSE Colo 2.0 secondary solution ► Onboard new clients to big xyt ecosystems ► JSE FIX Hub ► JSE Network Alliance ► AWS Outposts a
Slide 27: BDA modernisation
BDA modernisation 2024 2025 2026 2027 Thorough technical feasibility assessment Conclude the pilot phase with Finalise testing and data migration Complete code migration efforts conducted and concluded incremental go/no-go checkpoints activities Successfully deployed core AWS cloud Initiate full-sca
Slide 28: Strong value proposition underwritten by solid execution capabilities
Strong value proposition underwritten by solid execution capabilities Transforming and modernising Increasing revenue through partnerships and diversification across business innovation segments & asset classes Resilient and stable markets Consistent dividend profile Healthy cash generation & Delibe
Slide 29: Appendix
Appendix let’s connect | 29
Slide 30: FY 2024 market drivers
FY 2024 market drivers 2024 2023 2024 2023 Primary Market Secondary Market Number of IPOs 8 3 Published equity value traded +1% -9.5% Additional capital raised 103.1bn 41bn ADV4 % +1% -9% Aggregate market cap. of all equity listed Colocation activity as a % of total value traded +70% +69% -2% -6% in
Slide 31: FY 2020 – 2024 revenue segment data
FY 2020 – 2024 revenue segment data CAPITAL MARKETS Primary Market (Rm) Equity Trading (Rm) Published value traded (Rtr) and effective rate (bps)¹ 0.40 0.40 0.39 0.38 0.39 0.37 187 152 153 158 161 493 489 479 5.8 5.9 5.9 5.3 5.4 443 444 5.1 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2019 2020
Slide 32: FY 2020 – 2024 revenue segment data
FY 2020 – 2024 revenue segment data POST-TRADE SERVICES Clearing and Settlement¹ (Rm) and effective rate Back-Office Services (Rm) and cents per transaction (bps)² 500 0.27 0.25 0.25 0.3 0 450 0.22 0.23 0.2 5 0.68 0.72 0.64 0.64 400 350 450 400 0.64 0.8 0 0.7 0 0.2 0 300 350 0.6 0 250 446 0.1 5 300
Slide 33: Equities – Average Daily Value per Month
Equities – Average Daily Value per Month Rbn 28.2 27.7 26.5 25.9 23.3 23.1 22.5 22.4 22.4 22.2 21.7 21.6 20.40 21.1 21.0 20.9 20.2 20.1 19.9 19.7 19.7 18.3 16.9 16.3 15.3 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2024 2025 33 let’s connect | 33
Slide 34: Equity Market: JSE effective rates pricing trend
Equity Market: JSE effective rates pricing trend ► Trading (bps) 2024: effective rates slightly declined YoY due to decreased activity in the AT trade type ► Clearing and Settlement (bps) 2024: effective rate slightly increased YoY owing 0.72 to higher volume of transactions where 0.68 0.64 0.64 0.6
Slide 35: Multi-year depreciation profile of assets and planned CAPEX
Multi-year depreciation profile of assets and planned CAPEX (Rm) 273 258 17 18 39 27 207 38 12 190 38 24 12 30 157 38 17 74 83 33 12 15 22 15 30 14 118 92 104 100 62 2021 2022 2023 2024 2025B Existing assets ITaC1 Application of IFRS 16 on lease Licences JIS (incl. customer contracts) Investment env
Slide 36: Balance sheet
Balance sheet (Rm) 2024 2023 Non-current assets 2 656 2 153 Property and equipment 162 174 Intangible assets 674 675 Investment in associate 369 347 Other non-current assets 1 452 958 Current assets 53 019 57 637 Margin deposits 49 527 53 999 JSE Clear Derivatives Default Fund collateral deposits 50
Slide 37: Financial metrics
Financial metrics 2020 2021 2022 2023 2024 Operating margin (EBIT)¹ 34.3% 33.2% 31.9% 31.4% 31.6% EPS (cents) 936.7 874.1 911.1 1 019.3 1 129.4 HEPS (cents) 936.7 878.9 917.7 1 029.8 1 128.6 PE 12.6 12.8 11.9 9.0 9.2 NPAT (Rm) 778.4 722.4 748.6 831.0 917.8 NPAT margin 30.8% 28.1% 27.7% 29.2% 30.2% R
Slide 38: Thank you
JSE Limited Thank you ©Johannesburg Stock Exchange. The content of this presentation is strictly reserved for the use of the JSE. 38