Slide 1: Interim Results Presentation 2025
JSE Limited Interim Results Presentation 2025 6 August 2025 ©Johannesburg Stock Exchange. The content of this presentation is strictly reserved for the use of the JSE.
Slide 2: Agenda
Agenda 03 Overview 09 Financial review 22 Conclusion 27 Appendix let’s connect | 2
Slide 3: Overview
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Slide 4: Resilient business performance in dynamic markets
Resilient business performance in dynamic markets Earnings supported by equity market activity ➢ Broad-based revenue growth across core segments ➢ Quality of earnings underpinned by diversification Proactive cost management amid higher trade-related costs R1.7bn R1.09bn ➢ 1.6% of the increase in OPE
Slide 5: Equity market activity reflects global macro and geopolitical uncertainty
Equity market activity reflects global macro and geopolitical uncertainty Global equity indices (1 May 2024 – 30 June 2025) ► JSE all share hits record high, driven by the 60% extended rally in commodity and safe-haven 50% 55.06% plays, along with a rotational shift into emerging 40% 30.09% markets
Slide 6: Diversifying income streams remains a core strategic priority
Diversifying income streams remains a core strategic priority Non-trading income1: • 11% CAGR and 70% nominal growth (R250m) 50% 39% 40% 36% 34% 36% 35% 32% 40% 28% 30% 30% 27% 24% 25% 20% 19% 18% 13% 12% 13% 12% 12% 20% 11% 10% 10% 4% 4% 15% 1% 0% 10% -3% -10% -6% -6% 5% -13% -20% 0% H1 2020 H1 202
Slide 7: Solid progress across our strategic pillars
Solid progress across our strategic pillars Protect the Core Transform Sustainable Marketplace Operational excellence Client-centricity Engagement and sustainability ➢ Continued operational ➢ Expanding core products ➢ Extended collaboration with resilience with market (JSE Fix Hub live, scaling Colo
Slide 8: BDA modernisation project tracking ahead of plan
BDA modernisation project tracking ahead of plan Complete Remaining Commence mass testing Subset pilot pilot scope full-scale code and Conclude the pilot phase Commence scope migration migration verification with incremental go/no- pilot phase migration (in progress) phase activities Go-live go chec
Slide 9: Financial review
Financial review let’s connect | 9
Slide 10: Financial summary – Income statement
Financial summary – Income statement Operating income (Rbn) Total operating expenditure (Rbn)¹ EBITDA margin +11.4% +7.5% +0.2 pts 1.71 1.01 1.09 41.9% 42.1% 1.54 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 Net finance income (Rm) NPAT (Rm) HEPS (cents) -4.3% +13.2% +13.4% 557.8 492.7 687.0 103.
Slide 11: Financial summary – Cash and capital allocation
Financial summary – Cash and capital allocation Net cash generated (Rm) Cash balance (Rbn)¹ Cash conversion ratio +3.1% +8.9% +4.6% 502.6 518.2 1.19 1.25 2.30 2.50 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 CAPEX (Rm) Regulatory capital (Rbn)2 -6.4% -8.1% 28.9 27.1 0.88 0.80 H1 2024 H1 2025 H1
Slide 12: Income statement snapshot
Income statement snapshot (Rm) H1 2025 H1 2024 (%) Revenue 1 650 1 476 11.8% Margin income and collateral 61 61 0.4% Operating income 1 711 1 537 11.4% Other income 12 27 -54.7% Total income 1 723 1 563 10.3% Personnel expenses 410 362 13.2% Other operating expenses 589 546 8.0% EBITDA 725 656 10.
Slide 13: Revenue breakdown
Revenue breakdown Growth across key segments Revenue (Rm) H1 2025 H1 2024 % Growth YoY H1 2025 revenue contribution (inner circle represents H1 2024) Capital Markets 611 529 +16% Primary Market 94 87 +8% 34% Post-Trade Services Equity Market trading 272 212 +28% JIS 7% 32% 9% Colocation 26 24 +9% Bo
Slide 14: Capital Markets and JIS
Capital Markets and JIS Growth driven by Equity Market, Primary Market and Bonds and Financial Derivatives % Growth H1 2025 revenue contribution Revenue (Rm) H1 2025 H1 2024 YoY Capital Markets 611 529 +16% Equity Market: Trading Primary Market 94 87 +8% 38% Equity Market: trading 272 212 +28% Finan
Slide 15: Post-Trade Services and JSE Clear
Post-Trade Services and JSE Clear Growth driven by Clearing and Settlement Fees and BDA % Growth H1 2025 revenue contribution Revenue (Rm) H1 2025 H1 2024 YoY Post-Trade Services 525 447 +17% Equity Market: Clearing and 37% BDA 261 197 +33% Equity Market: Clearing Settlement and Settlement BDA 216 2
Slide 16: Information Services
Information Services Growth supported by Market data and Index fees % Growth H1 2025 revenue contribution Revenue (Rm) H1 2025 H1 2024 YoY Information Services 254 242 5% Market Data 205 194 6% Index fees 50 48 3% Market Data 20% Index Fees 80% Information Services revenue up 5% ► Growth supported b
Slide 17: Proactive cost management amid higher trade-related costs
Proactive cost management amid higher trade-related costs Excluding trading activity costs, OPEX is up 5.9% +7.5% Personnel costs up 12.7% (R46m) to R408m ► Reflects annual salary increases, filled vacancies (low prior year R1.08bn base effect) and an increase in Long-Term Incentive Scheme (LTIS) R1
Slide 18: Disciplined CAPEX spend with full-year guidance narrowed
Disciplined CAPEX spend with full-year guidance narrowed (Rm) -6.4% CAPEX guidance narrowed: R150 – R170m (previously R190 – R215m) 29 27 ► Saving on infrastructure spend 6 ► Budget reallocations for BDA modernisation 9 CAPEX drivers H1 H2 BDA modernisation 23 Regulatory enhancements 18 Bond Repo f
Slide 19: Robust balance sheet and healthy cash generation
Robust balance sheet and healthy cash generation Investing activities (Rm) ► Sale of shares ► Intangible assets 518 ► Acquisition of plant and equipment - 12 * - 113 ► Bond movements* 2 806 2 505 - 694 Financing activities ► Acquisition of treasury shares ► Lease liability repaid ► Dividends paid Ca
Slide 20: 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 2.5 0 2.50 2.30 0.80 2.36 Available cash 2.08 2.0 0 0.99 0.80 0.88 ► CAPEX 0
Slide 21: FY 2025 expectations
FY 2025 expectations OPEX growth 5% – 7%1 CAPEX R150m – R170m Dividend pay-out ratio 67% – 100% ¹This range doesn’t account for higher trading-related activity shifts in costs. let’s connect | 21
Slide 22: Conclusion
Conclusion let’s connect | 22
Slide 23: 2025 Agenda: On track to achieve our strategic priorities
2025 Agenda: On track to achieve our strategic priorities as we protect and grow ► Block liquidity service, ETP spread trading ► Growth in structured products Capital ► JIS asset reunification campaign 1 Markets ► BDA modernisation Post-Trade 2 Services ► Deliver market data products on marketplace
Slide 24: Evolving marketplace infrastructure services to futureproof the business
Evolving marketplace infrastructure services to futureproof the business 2026 and 2014 2023 2025 – Q1 2025 – Q2 2026 beyond JSE Colocation JSE Colo 2.0 launched JSE FIX Hub JSE Colo 2.0 JSE Network Alliance Financial Fabric − launched secondary solution NEXUS Live On the roadmap let’s connect | 24
Slide 25: Strong value proposition underwritten by solid execution capabilities
Strong value proposition underwritten by solid execution capabilities Transforming and modernising through Increasing revenue diversification across partnerships and innovation business segments and asset classes Resilient and stable markets Consistent dividend profile Healthy cash generation and ro
Slide 26: Q&A
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Slide 27: Appendix
Appendix let’s connect | 27
Slide 28: H1 2025 market drivers
H1 2025 market drivers H1 2025 H1 2024 H1 2025 H1 2024 Primary Market Secondary Market Number of IPOs 2 4 Billable average daily value 27bn 21bn Additional capital raised 4.4bn 79bn Billable ADV4 % +27% -13% Aggregate market cap. of all equity listed Published average daily value 27bn 21bn +11% -10%
Slide 29: H1 2021 – 2025 revenue segment data
H1 2021 – 2025 revenue segment data CAPITAL MARKETS Primary Market (Rm) Equity Trading (Rm) Equity billable value traded (Rtr) and effective Equity Derivatives (Rm) and value rate (bps)¹ traded (Rtr) 3.40 3.50 300 27 31 3.19 3.10 25 24 0.39 0.37 0.37 0.38 0.38 2.82 23 250 21 26 200 21 150 16 74 94 2
Slide 30: H1 2021 – 2025 revenue segment data
H1 2021 – 2025 revenue segment data POST-TRADE SERVICES Clearing and Settlement¹ (Rm) Back-Office Services (Rm) and cents per transaction 0.72 0.73 0.68 300 250 0.8 0.64 0.64 0.7 250 200 0.6 200 0.5 150 150 0.4 261 203 216 229 221 100 100 207 197 173 180 181 0.3 0.2 50 50 0.1 0 0 0 H1 2021 H1 2022 H
Slide 31: Equities – Billable average daily value per month
Equities – Billable average daily value per month Rbn 35 32.3 30.9 30 29.4 28.2 25.6 25 23.1 23.3 22.4 21.0 20.4 20 16.3 15.3 15 10 Jan Feb Mar Apr May Jun 2024 2025 31 let’s connect | 31
Slide 32: Multi-year depreciation profile of assets
Multi-year depreciation profile of assets (Rm) 273 258 17 18 39 27 207 12 190 24 12 174 8 30 12 22 213 216 172 148 132 2021 2022 2023 2024 2025F Existing assets (Incl. ITaC and Lease) Licences JIS (Incl. customer contracts) Infrastructure investment 32 let’s connect | 32
Slide 33: Balance sheet
Balance sheet (Rm) H1 2025 H1 2024 Non-current assets 2 403 2 265 Property and equipment 138 144 Intangible assets 650 648 Investment in associate 368 342 Other non-current assets 1 247 1 131 Current assets 54 530 53 052 Margin deposits 51 020 49 781 JSE Clear Derivatives Default Fund collateral dep
Slide 34: Financial metrics (for the half year ended 30 June)
Financial metrics (for the half year ended 30 June) H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 Operating margin (EBIT) 31% 36% 37% 35% 37% EPS (cents) 420.2 542.7 602.0 606.0 687.0 HEPS (cents) 420.1 542.7 607.2 606.0 687.0 PE 25.1 18.5 15.1 17.9 19.6 NPAT (Rm) 348 447 493 493 558 NPAT margin 28% 32% 3
Slide 35: Thank you
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