Jse Limited · JSE:JSE
Jse — H1 2026 Earnings Presentation
62 slides from Jse's earnings presentation, August 2026
Slide 1: Interim Results for the six months ended 30 June 2026
idated Condensed consolidated Condensed consolidated Notes Condensed to the consolidated Condensed consolidated Condensed consolidated Condensed consolidated Notes to the statementInterim of 2026 Results statementCommentary of condensed consolidated statement of statement of statement of statement o
Slide 2: In this report
Interim Results 2026 In this report 1 Presentation 34 Commentary Condensed consolidated statement of 39 comprehensive income Condensed consolidated statement of 40 financial position Condensed consolidated statement of 41 changes in equity Condensed consolidated statement of 44 cash flows Notes to t
Slide 3: JSE Limited Results Presentation H1 2026
Interim Results 2026 JSE Limited Results Presentation H1 2026 let’s connect | ©Johannesburg Stock Exchange. The content of this presentation is strictly reserved for the use of the JSE. Notes
Slide 4: Agenda
Interim Results 2026 Agenda 03 Overview 14 Financial review 23 Conclusion 27 Appendix let’s connect | 2 Notes
Slide 5: Overview
Interim Results 2026 Overview let’s connect | 3 Notes
Slide 6: Strong growth underpinned by disciplined execution
Interim Results 2026 Strong growth underpinned by disciplined execution Group operating income OPEX EBITDA margin +11.5% YoY R2.0bn +14.6% YoY R1.2bn +3.5% YoY (Excl. org redesign, CEO 43.1% +1.0 pp departure & trade-related costs) NPAT HEPS Net cash generated R652.0m +16.9% YoY 816.2c +18.8% YoY R6
Slide 7: Market dynamics support growth
Interim Results 2026 Market dynamics support growth Trading income drivers ▪ Published ADV increased 22.47% YoY to R32.60 billion, reflecting stronger Cash equity market ADV billable growth Volatility (1 Jan – 30 June 2026) market participation 35 27.2% 28 ▪ Local and foreign inflows supported 23.6%
Slide 8: Resilient non-trading revenue amid evolving market dynamics
Interim Results 2026 Resilient non-trading revenue amid evolving market dynamics Non-trading income drivers Steady additional capital raise and listings boosted Primary Markets revenue USD/ZAR (1 Jan – 30 June 2026) 17.5 17.0 16.5 16.0 FX headwinds weighed on Information Services revenue 15.5 Jan-26
Slide 9: Trading activity and broad-based revenues underpin performance
Interim Results 2026 Trading activity and broad-based revenues underpin performance 66% Revenue (R million) H1 2026 H1 2025 % YoY Trading income 1 302 1 102 18.1% of operating income Capital Markets 557 469 18.9% Trading income grew on stronger equity market activity, Primary Market contributions, h
Slide 10: Vision 2026 sets a robust foundation for the next growth phase
Interim Results 2026 Vision 2026 sets a robust foundation for the next growth phase The foundation from which we build Key milestones delivered Strategic metric Start of cycle (2019) H1 2026 ▪ Operational resilience and market availability at all-time highs Return on equity 17.5% 28.7% ▪ Core techno
Slide 11: FORGE 2031: Transforming the JSE for long-term growth
Interim Results 2026 FORGE 2031: Transforming the JSE for long-term, technology-driven growth Our ambition is clear: Strengthen the core, unlock new sources of value, and build a more competitive, technology-enabled JSE Scaling technology and AI Reimagining Transform Enhancing Grow FORGE 2031 Operat
Slide 12: FORGE 2031: Strategic framework with clear intent
Interim Results 2026 FORGE 2031: Strategic framework with clear intent FINANCIAL AMBITION Lift revenue CAGR growth Improve operating leverage through structural Sustained margin through higher quality recurring income cost discipline accretion through the cycle Transform ST results (Y0 – Y3) Grow LT
Slide 13: Strategic continuity with clear acceleration and renewed delivery focus
Interim Results 2026 Strategic continuity with clear acceleration and renewed delivery focus Continues Accelerates New ▪ Maintaining trusted market ▪ Technological harmonisation ▪ Fit-for-growth operating model infrastructure and regulatory ▪ Driving structural efficiency and ▪ Digital assets market
Slide 14: Organisational redesign for scale, growth and impact
Interim Results 2026 Organisational redesign for scale, growth and impact to deliver FORGE 2031 Evolving our structure to meet changing client needs, rising complexity, and the need for faster execution ▪ Exco realigned to sharpen strategic delivery, accountability, and commercial performance across
Slide 15: Evolution of our business model
Interim Results 2026 Evolution of our business model Transforming the core to build a more technology-enabled, scalable JSE with broader products, and deeper client base Clients List Capital Markets Clients Capital Markets & Trade Equities FICC (Issuers/Buy-side) (Pan-Africa) Transform Strengthen co
Slide 16: Financial review
Interim Results 2026 Financial review let’s connect | 14 Notes
Slide 17: Broad-based revenue growth contributed to stronger margins and operating leverage
Interim Results 2026 Broad-based revenue growth contributed to stronger margins and operating leverage Profitability Operating income1 Total operating EBITDA margin Net finance income NPAT HEPS expenditure +14.6% +11.5% | 3.5%* *Excl. org redesign, CEO departure +1 pts -9.8% +16.9% +18.8% & trade-re
Slide 18: Capital Markets: Broad-based growth
Interim Results 2026 Capital Markets: Broad-based growth across Primary Markets, Equity and derivatives trading Capital Markets (Rm) +17.6% 6 3 -2 15 9 8 9 60 +22% +25% +6% -9% +25% +23% +21% 719 611 +9% H1 2025 Primary Market Equity Market: Colocation Bonds Financial Equity Commodity Other¹ H1 2026
Slide 19: Post-Trade & JSE Clear: Strong trading activity driving revenue growth
Interim Results 2026 Post-Trade & JSE Clear: Strong trading activity driving revenue growth Post-Trade JSE Clear (Rm) (Rm) +16.5% +23.3% ,1 16 ,57 ,10 ,21 11 +22% +4% +44% +14% ,619 +30% 142 ,532 115 +17% H1 2025 Equity Market: BDA Funds under Margin income H1 2026 H1 2025 Clearing fees Margin H1 20
Slide 20: Information Services & JIS: Resilient Information Services growth
Interim Results 2026 Information Services & JIS: Resilient Information Services growth amid JIS headwinds Information Services JIS revenue (Rm) +7.3% (Rm) -5.6% 15 4 +7% +7% 273 108 254 102 H1 2025 Market Data Index fees H1 2026 H1 2025 H1 2026 ▪ Strong H1 performance was supported by higher ▪ Under
Slide 21: Investing for future growth while maintaining cost discipline
Interim Results 2026 Investing for future growth while maintaining cost discipline Excluding once-off costs and trade-related activity, OPEX is up by 3.5% (Rm) +11.5% 94 -13 18 17 -5 14 +22.8% -54.7% +11.3% +7.6% -5.7% +7.8% 1 085 1 210 H1 2025 Personnel Project costs¹ Regulatory, compliance Technol
Slide 22: Robust balance sheet and healthy cash generation
Interim Results 2026 Robust balance sheet and healthy cash generation Cash and bonds balance Cash allocation (Rm) 625 (Rbn) 2.59 2.50 - 136 76 - 242 -2 0.85 0.80 - 888 0.43 0.45 3 162 2 594 1.27 1.29 H1 2025 H1 2026 Regulatory capital Investor protection funds Available cash balance 1 Amount investe
Slide 23: CAPEX focussed on resilience and modernisation
Interim Results 2026 CAPEX focussed on resilience and modernisation CAPEX FY 2026 CAPEX guidance: R190m – R230m (Rm) +307.3% Maintain the business 110 6 BDA modernisation Infrastructure enhancement Regulatory and rejuvenation enhancements 104 27 Grow the business 9 18 H1 2025 H1 2026 Bond CCP techni
Slide 24: FY 2026 expectations
Interim Results 2026 FY 2026 expectations OPEX growth CAPEX Dividend 6% – 8%* R190m – R230m 67% – 100% *We have revised OPEX guidance to 6%–8% (from 5%–7%) to reflect once-off organisational redesign costs incurred in H1 to support the execution of FORGE 2031. Full-year cost growth let’s connect | 2
Slide 25: Conclusion
Interim Results 2026 Conclusion let’s connect | 23 Notes
Slide 26: Execution focus: Near-term priorities and strategy
Interim Results 2026 Execution focus: Near-term priorities and strategy Key operational developments Strategic priorities Achieved in H1 2026 Mobilising FORGE 2031 ▪ 99.99% market availability ▪ FORGE 2031 endorsed by the Board, providing a clear framework ▪ BDA modernisation milestones delivered ▪
Slide 27: A resilient, cash-generative franchise with improving earnings quality
Interim Results 2026 A resilient, cash-generative franchise with improving earnings quality Unique positioning Diversified earnings Operational resilience At the Centre of South African Capital Markets Less reliant on equity trading volumes Infrastructure the market depends on A vertically integrate
Slide 28: Q&A
Interim Results 2026 Q&A let’s connect | 26 Notes
Slide 29: Appendix
Interim Results 2026 Appendix let’s connect | 27 Notes
Slide 30: H1 2026 market drivers
Interim Results 2026 H1 2026 market drivers 2026 2025 2026 2025 Primary Market Secondary Market Number IPOs 2 2 Billable average daily value R34bn R27bn Additional capital raised 8.4bn 4.4bn 4 Billable ADV (%) +24% +27% Aggregate market cap. of all equity listed instruments on the JSE¹ +14% +11% Bil
Slide 31: H1 2022 – H1 2026 revenue segment data
Interim Results 2026 H1 2022 – H1 2026 revenue segment data Primary Market (Rm) Equity Trading (Rm) Billable value traded (Rtr) & Effective rate (bps)¹ 4.5 0.38 0.38 0.38 0.382 4.0 0.38 3.5 0.378 Capital 3.0 0.376 2.5 0.374 0.37 0.37 4.1 Markets 3.4 2.0 0.372 3.2 3.0 103 2.6 1.5 0.37 94 332 81 83 87
Slide 32: H1 2022 – H1 2026 revenue segment data
Interim Results 2026 H1 2022 – H1 2026 revenue segment data Clearing and Settlement¹ (Rm) and effective rate (bps) Back-Office Services (Rm) and cents per transaction2 0.26 0.72 0.73 0.71 350 0.265 250 0.74 0.25 0.25 0.26 0.72 300 0.68 0.255 200 Post-Trade 0.7 250 0.24 0.25 0.68 0.245 150 0.64 200 0
Slide 33: Equities – Billable average daily value traded per month
Interim Results 2026 Equities – Billable average daily value traded per month (Rbn) 40.6 32.9 33.1 32.4 32.1 33.1 31.7 29.9 30.0 26.1 24.7 19.8 Jan Feb Mar Apr May Jun 2025 2026 let’s connect | 31 Notes
Slide 34: Multi-year depreciation profile of assets and planned CAPEX
Interim Results 2026 Multi-year depreciation profile of assets and planned CAPEX (Rm) 273 249 258 17 2 18 39 25 27 207 202 39 12 190 38 38 172 168 39 24 12 30 11 38 20 22 10 90 74 71 83 33 18 15 30 15 31 14 13 118 92 92 92 104 100 94 76 2019 2020 2021 2022 2023 2024 2025 2026F Existing assets ITaC1
Slide 35: Thank you
Interim Results 2026 Thank you let’s connect | ©Johannesburg Stock Exchange. The content of this presentation is strictly reserved for the use of the JSE. Notes
Slide 36: Commentary
Condensed consolidated Condensed consolidated Condensed consolidated Condensed consolidated Notes to the 34 COMMENTARY statement of statement of statement of statement of condensed consolidated Interim Results 2026 comprehensive income financial position changes in equity cash flows financial statem
Slide 37: Business highlights
Condensed consolidated Condensed consolidated Condensed consolidated Condensed consolidated Notes to the Interim Results 2026 COMMENTARY statement of statement of statement of statement of condensed consolidated 35 comprehensive income financial position changes in equity cash flows financial statem
Slide 38: Financial performance
Condensed consolidated Condensed consolidated Condensed consolidated Condensed consolidated Notes to the 36 COMMENTARY statement of statement of statement of statement of condensed consolidated Interim Results 2026 comprehensive income financial position changes in equity cash flows financial statem
Slide 39: Regulation, Future focus and prospects
Condensed consolidated Condensed consolidated Condensed consolidated Condensed consolidated Notes to the Interim Results 2026 COMMENTARY statement of statement of statement of statement of condensed consolidated 37 comprehensive income financial position changes in equity cash flows financial statem
Slide 40: Changes to the Board; Approval of financial statements
Condensed consolidated Condensed consolidated Condensed consolidated Condensed consolidated Notes to the 38 COMMENTARY statement of statement of statement of statement of condensed consolidated Interim Results 2026 comprehensive income financial position changes in equity cash flows financial statem
Slide 41: Condensed consolidated statement of comprehensive income
CONDENSED CONSOLIDATED Condensed consolidated Condensed consolidated Condensed consolidated Notes to the Interim Results 2026 Commentary STATEMENT OF statement of statement of statement of condensed consolidated 39 COMPREHENSIVE INCOME financial position changes in equity cash flows financial statem
Slide 42: Condensed consolidated statement of financial position
Condensed consolidated CONDENSED CONSOLIDATED Condensed consolidated Condensed consolidated Notes to the 40 Commentary statement of STATEMENT OF statement of statement of condensed consolidated Interim Results 2026 comprehensive income FINANCIAL POSITION changes in equity cash flows financial statem
Slide 43: Condensed consolidated statement of changes in equity
Condensed consolidated Condensed consolidated CONDENSED CONSOLIDATED Condensed consolidated Notes to the Interim Results 2026 Commentary statement of statement of STATEMENT OF statement of condensed consolidated 41 comprehensive income financial position CHANGES IN EQUITY cash flows financial statem
Slide 44: Statement of changes in equity: stated capital and treasury shares
Condensed consolidated Condensed consolidated CONDENSED CONSOLIDATED Condensed consolidated Notes to the 42 Commentary statement of statement of STATEMENT OF statement of condensed consolidated Interim Results 2026 comprehensive income financial position CHANGES IN EQUITY cash flows financial statem
Slide 45: Statement of changes in equity: stated capital and treasury shares
Condensed consolidated Condensed consolidated CONDENSED CONSOLIDATED Condensed consolidated Notes to the Interim Results 2026 Commentary statement of statement of STATEMENT OF statement of condensed consolidated 43 comprehensive income financial position CHANGES IN EQUITY cash flows financial statem
Slide 46: Condensed consolidated statement of cash flows
Condensed consolidated Condensed consolidated Condensed consolidated CONDENSED CONSOLIDATED Notes to the 44 Commentary statement of statement of statement of STATEMENT OF condensed consolidated Interim Results 2026 comprehensive income financial position changes in equity CASH FLOWS financial statem
Slide 47: Notes to the condensed consolidated financial statements
Condensed consolidated Condensed consolidated Condensed consolidated Condensed consolidated NOTES TO THE Interim Results 2026 Commentary statement of statement of statement of statement of CONDENSED CONSOLIDATED 45 comprehensive income financial position changes in equity cash flows FINANCIAL STATEM
Slide 48: Changes in accounting policies continued
Condensed consolidated Condensed consolidated Condensed consolidated Condensed consolidated NOTES TO THE 46 Commentary statement of statement of statement of statement of CONDENSED CONSOLIDATED Interim Results 2026 comprehensive income financial position changes in equity cash flows FINANCIAL STATEM
Slide 49: New standards and interpretations not yet adopted
Condensed consolidated Condensed consolidated Condensed consolidated Condensed consolidated NOTES TO THE Interim Results 2026 Commentary statement of statement of statement of statement of CONDENSED CONSOLIDATED 47 comprehensive income financial position changes in equity cash flows FINANCIAL STATEM
Slide 50: New standards continued; Fair value measurement
Condensed consolidated Condensed consolidated Condensed consolidated Condensed consolidated NOTES TO THE 48 Commentary statement of statement of statement of statement of CONDENSED CONSOLIDATED Interim Results 2026 comprehensive income financial position changes in equity cash flows FINANCIAL STATEM
Slide 51: Financial assets and financial liabilities
Condensed consolidated Condensed consolidated Condensed consolidated Condensed consolidated NOTES TO THE Interim Results 2026 Commentary statement of statement of statement of statement of CONDENSED CONSOLIDATED 49 comprehensive income financial position changes in equity cash flows FINANCIAL STATEM
Slide 52: Basis of consolidation; Revenue and other income
Condensed consolidated Condensed consolidated Condensed consolidated Condensed consolidated NOTES TO THE 50 Commentary statement of statement of statement of statement of CONDENSED CONSOLIDATED Interim Results 2026 comprehensive income financial position changes in equity cash flows FINANCIAL STATEM
Slide 53: Personnel expenses; Revenue and other income continued
Condensed consolidated Condensed consolidated Condensed consolidated Condensed consolidated NOTES TO THE Interim Results 2026 Commentary statement of statement of statement of statement of CONDENSED CONSOLIDATED 51 comprehensive income financial position changes in equity cash flows FINANCIAL STATEM
Slide 54: Other expenses; Income tax; Earnings per share
Condensed consolidated Condensed consolidated Condensed consolidated Condensed consolidated NOTES TO THE 52 Commentary statement of statement of statement of statement of CONDENSED CONSOLIDATED Interim Results 2026 comprehensive income financial position changes in equity cash flows FINANCIAL STATEM
Slide 55: Earnings and headline earnings per share continued
Condensed consolidated Condensed consolidated Condensed consolidated Condensed consolidated NOTES TO THE Interim Results 2026 Commentary statement of statement of statement of statement of CONDENSED CONSOLIDATED 53 comprehensive income financial position changes in equity cash flows FINANCIAL STATEM
Slide 56: Financial instruments; Reserves; Share based payment reserve
Condensed consolidated Condensed consolidated Condensed consolidated Condensed consolidated NOTES TO THE 54 Commentary statement of statement of statement of statement of CONDENSED CONSOLIDATED Interim Results 2026 comprehensive income financial position changes in equity cash flows FINANCIAL STATEM
Slide 57: Share based payment reserve continued; Leases
Condensed consolidated Condensed consolidated Condensed consolidated Condensed consolidated NOTES TO THE Interim Results 2026 Commentary statement of statement of statement of statement of CONDENSED CONSOLIDATED 55 comprehensive income financial position changes in equity cash flows FINANCIAL STATEM
Slide 58: Leases continued; Fair value estimation
Condensed consolidated Condensed consolidated Condensed consolidated Condensed consolidated NOTES TO THE 56 Commentary statement of statement of statement of statement of CONDENSED CONSOLIDATED Interim Results 2026 comprehensive income financial position changes in equity cash flows FINANCIAL STATEM
Slide 59: Fair value estimation continued; Guarantees and commitments
Condensed consolidated Condensed consolidated Condensed consolidated Condensed consolidated NOTES TO THE Interim Results 2026 Commentary statement of statement of statement of statement of CONDENSED CONSOLIDATED 57 comprehensive income financial position changes in equity cash flows FINANCIAL STATEM
Slide 60: Notes
Condensed consolidated Condensed consolidated Condensed consolidated Condensed consolidated Notes to the 58 Interim 2026 Results Commentary statement of statement of statement of statement of condensed consolidated Interim Results 2026 comprehensive income financial position changes in equity cash f
Slide 61: Interim Results Commentary Condensed consolidated
Condensed consolidated Condensed consolidated Condensed consolidated Condensed consolidated Notes to the Interim Results 2026 Commentary statement of statement of statement of statement of condensed consolidated 59 comprehensive income financial position changes in equity cash flows financial statem
Slide 62: www.jse.co.za
Condensed consolidated Condensed consolidated Condensed consolidated Condensed consolidated Notes to the Condensed consolidated Condense A Commentary statement of statement of statement of statement of condensedCommentary consolidated Interim statement of Results 2026income stat comprehensive income