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let’s connect | ©Johannesburg Stock Exchange. The content of this presentation is strictly reserved for the use of the JSE. Results Presentation JSE Limited H1 2026
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let’s connect | 2 Agenda 03 Overview 14 Financial review 23 Conclusion 27 Appendix
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let’s connect | 3 let’s connect | 3 Overview
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let’s connect | 4 Strong growth underpinned by disciplined execution Group operating income OPEX EBITDA margin NPAT HEPS Net cash generated R2.0bn R1.2bn 43.1%+14.6% YoY +11.5% YoY +1.0 pp R652.0m 816.2c R624.7m+16.9% YoY +18.8% YoY +20.6% YoY Broad-based revenue growth across most segments Positive operating leverage, with costs held below revenue growth Earnings growth converting into cash on strong balance sheet All-time high market availability of 99.99%, underscores operational resilience Sustained strategic execution across growth, efficiency and returns +3.5% YoY (Excl. org redesign, CEO departure & trade-related costs)
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let’s connect | 5 Market dynamics support growth Trading income drivers Investor positioning 27.2% 23.6% H1 2025 H1 2026 Cash equity market ADV billable growth Volatility (1 Jan – 30 June 2026) 0 7 14 21 28 35 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 VIX SA VIX Non-resident equity ownership SA's FTSE EM Index weightingBonds net foreign inflows (Rbn) 29.3% 31.1% 32.9% 31.7% Dec-24 Jun-25 Dec-25 Jun-26 26.4 38.7 58.1 41.9 H1 2023 H1 2024 H1 2025 H1 2026 3.16% 3.57% 4.29% 3.72% Dec-24 Jun-25 Dec-25 Jun-26 ▪ Published ADV increased 22.47% YoY to R32.60 billion, reflecting stronger market participation ▪ Local and foreign inflows supported activity, with bond inflows of R41.88 billion and non-resident equity ownership rising to 31.7% from 31.1% in H1 2025 ▪ Higher active and passive allocations to South Africa added further support ▪ South Africa's FTSE EM Index weighting increased from 3.57% at June 2025 to 3.72% in June 2026, driving index- related inflows
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let’s connect | 6 Resilient non-trading revenue amid evolving market dynamics Steady additional capital raise and listings boosted Primary Markets revenue FX headwinds weighed on Information Services revenue Lower interest rates weighed on JIS margin income, despite the SARB's May rate hike and July decision to hold rates unchanged JSE Clear balances remained supportive of margin income Non-trading income drivers USD/ZAR (1 Jan – 30 June 2026) SA repo rate (Jan 2022 – June 2026) 15.5 16.0 16.5 17.0 17.5 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 4.25 4.75 5.50 6.25 7.00 7.25 7.75 8.25 8.00 7.75 7.50 7.25 7.00 6.75 7.00 7.00
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let’s connect | 7 Trading activity and broad-based revenues underpin performance Revenue (R million) H1 2026 H1 2025 % YoY Trading income 1 302 1 102 18.1% Capital Markets 557 469 18.9% Post-Trade Services 574 488 17.8% JSE Clear 65 55 18.9% Strate ad valorem fees 106 92 15.5% Non-trading income 659 609 8.1% Capital markets 162 143 13.5% JIS 102 108 -5.6% Information Services 273 254 7.3% Margin income and collateral 78 61 27.4% Other¹ 44 43 1.7% Total revenue 1 961 1 711 14.6% 34% 66% of operating income of operating income ¹Other includes Post-Trade Services: R38m (2025: R37m), JSE Clear R6m (2025: R6m), and JSE Private Placements R0.05m (2025: R0.07m). Trading income grew on stronger equity market activity, Primary Market contributions, higher Post-Trade volumes and increased clearing activity in equity and commodity derivatives Non-trading income was supported by Information Services growth and higher margin income (JSEC), partially offset by lower JIS revenue
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let’s connect | 8 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 Return on equity 17.5% 28.7% Non-trading income (% of Op. Income) 29% 33.6% Operating leverage -14.7% 3.1% Market availability 99.76% 99.99% Market outages 21 0 ▪ Operational resilience and market availability at all-time highs ▪ Core technology modernisation (BDA, Information Services foundations) ▪ Significant non-trading income growth ▪ Core product expansion ▪ Enhanced listing requirements ▪ Strategic alliances established ▪ Sustainable earnings profile with high cash conversion ▪ Improved operating leverage
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let’s connect | 9 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 FORGE 2031 Creating a resilient exchange of the future Advancing a deliberate strategy, anchored in a parallel transformation and growth mandate, executing over a 5-year time horizon Grow Unlocking sustainable sources of enduring value Transform Organizational renewal to strengthen core foundations Data and Services Reimagining Operating Models Enhancing the Core Scaling technology and AI Monetizing Technology Pan African Digital Marketplace FORGE 2031 Cultural Enablement Empowering a culture of change and commerciality
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let’s connect | 10 FORGE 2031: Strategic framework with clear intent FINANCIAL AMBITION Lift revenue CAGR growth through higher quality recurring income Improve operating leverage through structural cost discipline Sustained margin accretion through the cycle Transform ST results (Y0 – Y3) Grow LT results (Y1 – Y5) Enhancing the core Doubling down on core activities to unlock organic revenue growth Reimagining operating models Driving efficiency gains through structural optimization Scaling Technology & AI Powering future business enablement by unifying technology Pan African digital marketplace Serving as the premier marketplace on the continent Data & Services Unlocking commercial value at scale (data development/ enhancement) Monetising technology Enabling revenue diversification by leveraging technological assets KEY ENABLERS Strategic partnerships Next-gen infrastructure AI embedded Aligning culture Unlocking margin expansion by prioritizing structural efficiency, targeted core growth, technology & AI enablement at scale Driving revenue diversification by capturing higher-margin opportunities, expanding the client base, deepening service offerings and enabling geographical expansion
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let’s connect | 11 Strategic continuity with clear acceleration and renewed delivery focus NewContinues Accelerates ▪ Maintaining trusted market infrastructure and regulatory excellence ▪ Delivering operational resilience, stability and market availability ▪ Protecting and growing the core exchange business ▪ Expanding market depth, liquidity and participation across core asset classes ▪ Diversifying adjacent revenue streams while reinforcing the strength of the core business ▪ Technological harmonisation ▪ Driving structural efficiency and operating leverage ▪ Stronger sales and commercial discipline ▪ Data monetisation and product innovation ▪ Enhancing revenue quality through non-trading income growth ▪ Fit-for-growth operating model ▪ Digital assets marketplace ▪ Broadening a technology-enabled ecosystem for commercialisation ▪ AI and automation across operations A strategic update with medium-term financial targets will follow at the FY 2026 results
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let’s connect | 12 dv Organisational redesign for scale, growth and impact to deliver FORGE 2031 The new organisational structure will Unlock growth capacity Enable faster, more coordinated decision-making Deliver integrated execution across the Group Drive innovation at scale Strengthen commercial discipline and accountability Sharpen competitiveness as an integrated Exchange Shift the organisation from co-ordination to execution 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 the Group ▪ 6 key group functions now reporting to Group CEO ▪ Restructure extended across the organisation to establish a future-fit operating model
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let’s connect | 13 Evolution of our business model Tech Data Post- trade List & Trade Transform Capital Markets Equities FICC Clients (Issuers/Buy-side) Capital Markets (Pan-Africa) 4 5 6 1 2 3 Products and services Clients Transform Strengthen core foundations Reimagining operating models Scaling technology & AI Enhance the core Grow Unlocking enduring value Pan African digital marketplace Data and Services Monetising technology 1 2 3 4 5 6 JSE today JSE 2031 Transforming the core to build a more technology-enabled, scalable JSE with broader products, and deeper client base
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let’s connect | 14 let’s connect | 14 Financial review
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let’s connect | 15 Broad-based revenue growth contributed to stronger margins and operating leverage 1Margin income included in operating income and EBITDA. This treatment is unchanged in the current year. ²Capex YoY increase driven by (BDA Modernisation R38m, Infrastructure hardware R36m and SENS Replacement R9m). 3Cash balance includes bonds: R679m (H1 2025: R448m). Profitability Cash and capital allocation Operating income1 R2.0bn (R1.7bn) +14.6% Total operating expenditure R1.2bn (R1.1bn) EBITDA margin 43.1% (42.1%) +1 pts Net finance income R89.0m (R98.7m) -9.8% NPAT R652.0m (R557.8m) +16.9% HEPS 816.2 cents (687.0 cents) +18.8% R2.0bn (R1.7bn) R1.2bn (R1.1bn) 43.1% (42.1%) R89.0m (R98.7m) R652.0m (R557.8m) 816.2 cents (687.0 cents) Net cash generated R616.8m (R518.2) +20.6% CAPEX2 R110.3m (R27.1m) +307.3% Cash balance3 R2.59bn (R2.50bn) +3.6% Regulatory capital 1.29 (1.38) +5.8% Share buyback 0.83 (0.80) 1.28% R624.7m (R518.2) R110.3m (R27.1m) R2.59bn (R2.50bn) R0.85bn (R0.80bn) Of issued share capital +11.5% | 3.5%* *Excl. org redesign, CEO departure & trade-related costs
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let’s connect | 16 Capital Markets: Broad-based growth across Primary Markets, Equity and derivatives trading ¹Other includes FSCA levy income: R39m (2025: R34m), Company Service fees: R6m (2025: R5m), SME Development R1m (2025: -R1m) and JPP: R0.05m (2025: R0.07m) Capital Markets (Rm) 9 6 3 -2 15 9 8 611 60 719 H1 2025 Primary Market Equity Market: trading Colocation Bonds Financial Derivatives Equity Derivatives Commodity Derivatives Other¹ H1 2026 +17.6% +9% +22% +25% +6% -9% +23% +21%+25% Primary Market ▪ Growth supported by additional listing activity and higher warrants fee income Equity Market trading ▪ Billable ADV up 24% and rising to R34bn (2025: R27bn) due to market volatility Colocation ▪ Growth driven by increased client demand, with racks rising to 63 (2025: 56) ▪ Colocation remains a key strategic asset, facilitating 73% of equity market trading activity (2025: 70%) Bonds ▪ Higher nominal value traded supported performance Financial Derivatives ▪ Currency derivatives performance was impacted by lower options trading activity in a period of subdued Rand volatility ▪ Interest rate derivatives revenue remained broadly stable YoY Equity Derivatives ▪ Revenue growth was driven by higher trading activity and improved effective rates ▪ A greater proportion of index and options activity enhanced the overall revenue mix and pricing Commodity derivatives ▪ Stronger client hedging activity increased contracts traded by 12%, while physical deliveries rose 38% following record crop production
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let’s connect | 17 Post-Trade & JSE Clear: Strong trading activity driving revenue growth Post-Trade JSE Clear (Rm) +16.5% +23.3% +22% +4% +44%,532 ,57 ,10 ,21 ,1 ,619 H1 2025 Equity Market: Clearing & Settlement BDA Funds under management Margin income H1 2026 +14% 115 142 11 16 H1 2025 Clearing fees Margin income H1 2026 +17% +30% Clearing and Settlement ▪ Higher clearing fees were supported by increased activity in the equity and commodity derivatives markets ▪ Margin income benefitted from higher average daily margin balances (Rm) Clearing and Settlement fees ▪ 17% increase in billable equity value traded ▪ Effective rates supported by favourable trade mix and higher fee caps BDA fees ▪ Higher equity trading activity supported fee growth, with average daily trades increasing to 423k (2025: 394k) Funds under management ▪ Growth was supported by higher cash balances within JSE Trustees Margin income and collateral ▪ Margin income benefited from higher average daily margin balances
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let’s connect | 18 ▪ Strong H1 performance was supported by higher non-recurring revenue, with a greater proportion of activity recognised in the first half of the year ▪ Marketplace and Trade Explorer continued to gain traction, delivering strong growth from a low base and supporting future data and services expansion ▪ Underlying USD-denominated revenue grew 10%, partially offset by an unfavourable USD/ZAR exchange rate ▪ Translated at an average exchange rate of R16.40/USD (2025: R18.44/USD) ▪ USD-denominated revenue accounted for 61% of total revenue ▪ Driven by a decrease in margin income as a result of lower interest rates and reduced corporate actions 254 15 4 273 H1 2025 Market Data Index fees H1 2026 Information Services & JIS: Resilient Information Services growth amid JIS headwinds Information Services JIS revenue (Rm) +7.3% 108 102 H1 2025 H1 2026 -5.6% +7% +7% (Rm)
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let’s connect | 19 Investing for future growth while maintaining cost discipline ¹Project costs include personnel costs: R1m (2025: R2m), technology costs: R5m (2025: R11m) and general operating expenses: R5m (2025: R11m). ²Once-off costs include the organisational redesign (R44.5m) and CEO departure costs. Excluding once-off costs and trade-related activity, OPEX is up by 3.5% (Rm) +11.5% Driven by once-off costs², LTIS costs and annual salary adjustments. Excluding once-off costs, personnel expenses are up by 7.8%. Declined following the completion of certain projects,: expenditure is expected to rise in H2 as new strategic initiatives progress Primarily reflecting higher Strate ad valorem fees in line with increased market activity Largely owing to cloud migration and hosting costs, infrastructure modernisation and ongoing technology support services Driven by fully depreciated infrastructure and software assets reaching the end of their useful lives Increase reflecting investment in FORGE 2031 strategic initiatives and future growth opportunities 1 085 94 -13 18 17 -5 14 1 210 H1 2025 Personnel Project costs¹ Regulatory, compliance & other fees Technology costs Depreciation & amortisation General operating expenses H1 2026 +22.8% +7.6%-54.7% -5.7%+11.3% +7.8%
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let’s connect | 20 Robust balance sheet and healthy cash generation Cash and bonds balance Cash allocation (Rm) (Rbn)625 - 136 - 242 76 - 2 - 888 3 162 2 594 1.27 1.29 0.43 0.45 0.80 0.85 H1 2025 H1 2026 Regulatory capital Investor protection funds Available cash balance 2.50 2.59 1 Amount invested in bonds: R679m (2025: R603m).
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let’s connect | 21 CAPEX focussed on resilience and modernisation CAPEX FY 2026 CAPEX guidance: R190m – R230m (Rm) 18 104 9 6 H1 2025 H1 2026 Maintain the business Grow the business BDA modernisation Infrastructure enhancement and rejuvenation Regulatory enhancements Bond CCP technical build-out Information Services – transfer of market data to the cloud and data marketplace Grow the business Maintain the business 27 110 +307.3%
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let’s connect | 22 *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 remains dependent on market activity levels, including average daily value traded (ADV). FY 2026 expectations 6% – 8%* R190m – R230m 67% – 100% OPEX growth CAPEX Dividend
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let’s connect | 23 let’s connect | 23 Conclusion
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let’s connect | 24 Execution focus: Near-term priorities and strategy Achieved in H1 2026 ▪ 99.99% market availability ▪ BDA modernisation milestones delivered ▪ New product and service initiatives delivered; transition from JIBAR to ZARONIA & spread trading on Bond ETP ▪ Organisational redesign completed to support strategy Ongoing priorities for next 12 months ▪ BDA modernisation execution ▪ Advance market development initiatives including Bond CCP and data product expansion ▪ Regulatory systems and infrastructure modernisation ▪ Accelerate non-trading revenue initiatives Mobilising FORGE 2031 ▪ FORGE 2031 endorsed by the Board, providing a clear framework ▪ Execution underway, with organisational redesign completed and operating model optimisation progressing ▪ Technology harmonisation advancing, with initial AI use cases being deployed across the business ▪ Disciplined capital allocation supporting strategic priorities and future growth opportunities ▪ Embedding a performance-driven culture to accelerate execution and commerciality Key operational developments Strategic priorities
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let’s connect | 25 A resilient, cash-generative franchise with improving earnings quality Unique positioning Diversified earnings Operational resilience Earnings quality Balance sheet and returns Strategic evolution: FORGE 2031 At the Centre of South African Capital Markets A vertically integrated, multi-asset exchange enabling capital formation, price discovery and market integrity Less reliant on equity trading volumes A broadening revenue base across asset classes and segments, with a growing share of recurring, non- trading income that dampens cyclicality Infrastructure the market depends on Market availability at all-time highs, underpinning client trust and the JSE's systemic role in the financial system Growth that converts into cash A scalable model delivering operating leverage, margin expansion and high cash conversion Robust balance sheet, generous distribution A net positive cash position and strong regulatory capital, funding a high and consistent dividend A path to acceleration Data and technology monetisation, a Pan-African digital marketplace and digital-asset optionality as call options on future revenue growth
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let’s connect | 26 let’s connect | 26 Q&A
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let’s connect | 27 let’s connect | 27 Appendix
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let’s connect | 28 H1 2026 market drivers ¹30 June 2025 to 30 June 2026. ²JSE Private Placements: available capital for investment. ³JIS: includes registry (2), share plans clients (4). 4 ADV – average daily value traded calculated as value traded divided by number of trading days. 5 Bond repo up 6% to R19.9tr (2025: R18.8tr), Standard bonds up 0.2% to R6.9tr (2025: R6.9tr). 2026 2025 Primary Market Number IPOs 2 2 Additional capital raised 8.4bn 4.4bn Aggregate market cap. of all equity listed instruments on the JSE¹ (YoY growth) +14% +11% New bond listings 335 440 Nominal value of listed bonds 5.6tr 5.2tr New bond listings – sustainability segment 10 15 New ETFs 15 4 New ETNs 10 16 No. of warrants and structured products 288 203 New AMCs 3 7 JPP² 14.5bn 14bn Post-Trade Services and JIS Billable equity value traded +17% 25% No. of transactions/deals 423k 394k ADTs (%) +7% +10% JIS new customers³ 6 5 2026 2025 Secondary Market Billable average daily value R34bn R27bn Billable ADV4 (%) +24% +27% Billable equity value traded +22% +28% Colocation activity as a % of total value traded +73% +70% No. of racks 63 56 Interest rate derivatives contracts traded +1% -2% Equity derivatives value traded +17% +12% Bond nominal value traded5 +4% 13% Currency derivatives – no. of contracts traded 38.3m 44.3m Commodity derivatives – no. of contracts traded 1.8m 1.6m
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let’s connect | 29 H1 2022 – H1 2026 revenue segment data ¹Effective rate: revenue divided by billable value traded. Primary Market (Rm) Equity Trading (Rm) Billable value traded (Rtr) & Effective rate (bps)¹ Interest Rate (Rm) & bond nominal value (Rtr) Currency Derivatives (Rm) & contracts traded (m) Commodity Derivatives (Rm) & contracts traded (m)Equity Derivatives (Rm) & value traded (Rtr) 81 83 87 94 103 2022 2023 2024 2025 2026 Capital Markets 260 241 212 272 332 2022 2023 2024 2025 2026 3.2 3.0 2.6 3.4 4.10.37 0.37 0.38 0.38 0.38 0.364 0.366 0.368 0.37 0.372 0.374 0.376 0.378 0.38 0.382 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 2022 2023 2024 2025 2026 Billable value traded Effective rate 58 59 58 61 76 3.4 3.2 3.1 3.5 4.1 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 0 10 20 30 40 50 60 70 80 2022 2023 2024 2025 2026 Revenue Equity derivatives value traded 3 3 3 4 4 19 22 23 26 27 0 5 10 15 20 25 30 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 2022 2023 2024 2025 2026 Interest Rate Bond nominal value 14 18 20 25 23 22 35 33 44 38 0 5 10 15 20 25 30 35 40 45 50 0 5 10 15 20 25 30 2022 2023 2024 2025 2026 Revenue Contracts traded 34 37 46 41 50 1.8 1.8 1.9 1.6 1.8 1.45 1.5 1.55 1.6 1.65 1.7 1.75 1.8 1.85 1.9 1.95 0 10 20 30 40 50 60 2022 2023 2024 2025 2026 Revenue Contracts traded
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let’s connect | 30 H1 2022 – H1 2026 revenue segment data 1Clearing & Settlement revenue only reflects equity market clearing fees. 2BDA transaction fees reduced in July 2025 from 73 cents to 69 cents, in January 2026 the fee increased from 69 cents to 71 cents. Clearing and Settlement¹ (Rm) and effective rate (bps) Back-Office Services (Rm) and cents per transaction2 Information Services (Rm) 2022 2023 2024 2025 2026 Market Data Indices Post-Trade Services Information Services 229 221 197 261 318 0.25 0.24 0.23 0.25 0.26 0.215 0.22 0.225 0.23 0.235 0.24 0.245 0.25 0.255 0.26 0.265 0 50 100 150 200 250 300 350 2022 2023 2024 2025 2026 Revenue Effective rate 180 181 203 216 2260.64 0.68 0.72 0.73 0.71 0.58 0.6 0.62 0.64 0.66 0.68 0.7 0.72 0.74 0 50 100 150 200 250 2022 2023 2024 2025 2026 Revenue Cents for transaction 201 227 242 255 273
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let’s connect | 31 19.8 26.1 29.9 32.4 24.7 31.732.9 33.1 40.6 30.0 32.1 33.1 Jan Feb Mar Apr May Jun 2025 2026 Equities – Billable average daily value traded per month (Rbn)
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let’s connect | 32 Multi-year depreciation profile of assets and planned CAPEX (Rm) 92 92 92 104 118 100 94 76 71 90 83 74 15 15 14 13 39 39 38 38 38 33 30 31 25 27 39 24 30 22 18 2 18 17 12 12 11 10 20 2019 2020 2021 2022 2023 2024 2025 2026F Existing assets ITaC1 Application of IFRS 16 on lease Licences JIS (incl. customer contracts) Investment envelope 168172 190 207 273 258249 202
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let’s connect | ©Johannesburg Stock Exchange. The content of this presentation is strictly reserved for the use of the JSE. Thank you