Interim report
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Commentary Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows Notes to the condensed consolidated financial statements Commentary Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows Notes to the condensed consolidated financial statements C Interim Results 2026 INTERIM RESULTS for the six months ended 30 June 2026
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Interim Results 2026 1 Presentation 34 Commentary 39 Condensed consolidated statement of comprehensive income 40 Condensed consolidated statement of financial position 41 Condensed consolidated statement of changes in equity 44 Condensed consolidated statement of cash flows 45 Notes to the condensed consolidated financial statements In this report JSE Limited (Incorporated in the Republic of South Africa) (Registration number: 2005/022939/06) Share code: JSE ISIN: ZAE000079711 LEI: 213800MZ1VUQEBWRFO39 (“JSE” or “the Group”)
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Interim Results 2026 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 Notes
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Interim Results 2026 let’s connect | 2 Agenda 03 Overview 14 Financial review 23 Conclusion 27 Appendix Notes
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Interim Results 2026 let’s connect | 3 let’s connect | 3 Overview Notes
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Interim Results 2026 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) Notes
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Interim Results 2026 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 Notes
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Interim Results 2026 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 Notes
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Interim Results 2026 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 Notes
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Interim Results 2026 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 Notes
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Interim Results 2026 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 Notes
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Interim Results 2026 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 Notes
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Interim Results 2026 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 Notes
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Interim Results 2026 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 Notes
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Interim Results 2026 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 Notes
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Interim Results 2026 let’s connect | 14 let’s connect | 14 Financial review Notes
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Interim Results 2026 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 Notes
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Interim Results 2026 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 Notes
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Interim Results 2026 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 Notes
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Interim Results 2026 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) Notes
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Interim Results 2026 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% Notes
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Interim Results 2026 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). Notes
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Interim Results 2026 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% Notes
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Interim Results 2026 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 Notes
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Interim Results 2026 let’s connect | 23 let’s connect | 23 Conclusion Notes
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Interim Results 2026 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 Notes
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Interim Results 2026 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 Notes
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Interim Results 2026 let’s connect | 26 let’s connect | 26 Q&A Notes
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Interim Results 2026 let’s connect | 27 let’s connect | 27 Appendix Notes
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Interim Results 2026 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 Notes
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Interim Results 2026 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 0.36 4 0.36 6 0.36 8 0.37 0.37 2 0.37 4 0.37 6 0.37 8 0.38 0.38 2 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 Notes
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Interim Results 2026 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 0.21 5 0.22 0.22 5 0.23 0.23 5 0.24 0.24 5 0.25 0.25 5 0.26 0.26 5 0 50 1 00 1 50 2 00 2 50 3 00 3 50 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 1 00 1 50 2 00 2 50 2022 2023 2024 2025 2026 Revenue Cents for transaction 201 227 242 255 273 Notes
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Interim Results 2026 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) Notes
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Interim Results 2026 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 Notes
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Interim Results 2026 let’s connect | ©Johannesburg Stock Exchange. The content of this presentation is strictly reserved for the use of the JSE. Thank you Notes
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COMMENTARY Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows Notes to the condensed consolidated financial statements 34 Interim Results 2026 Commentary Unreviewed Condensed Consolidated Interim Financial Statements for the six months ended 30 June 2026 The JSE delivered a strong first-half performance, with operating income up 14.6% and headline earnings per share increasing by 18.8%. Growth was broad-based, supported by strong activity across our markets, disciplined cost management and continued contribution from our diversified revenue streams. Our operational performance remained strong, with 99.99% market availability and zero market outages. Together with a robust balance sheet and strong cash generation, this provides a solid foundation for FORGE 2031, our strategy to strengthen the competitiveness, growth and long-term relevance of the JSE. We remain focused on executing against our strategic priorities, investing selectively in future growth opportunities and delivering sustainable value for shareholders. Valdene Reddy, Group CEO “ Overview of results ⸋ Operating income was up by 14.6% to R2.0 billion, primarily supported by equity market revenues in Capital Markets and Post-Trade Services and non-trading income growth of 8.1% to R659 million. Growth was broad-based, with most segments contributing; JIS revenue was the exception, declining by 5.6% due to lower margin income, reflecting lower interest rates, and reduced corporate action activity. ⸋ Non-trading income represented 33.6% of operating income (2025: 35.6%), the shift reflecting faster growth in trading rather than any weakening of the non-trading base. ⸋ Total operating expenditure rose by 11.5% to R1.2 billion. This included approximately R44.5 million in once-off costs relating to the organisational redesign. Excluding this, the CEO departure costs and trade-related activity, operating expenditure increased by 3.5%, reflecting sustained cost discipline. The Group delivered positive operating leverage of 3.1%. ⸋ Net profit after tax (NPAT) increased by 16.9% to R652 million. Headline earnings per share (HEPS) increased by 18.8% year-on-year (YoY) to 816.2 cents. ⸋ Net finance income declined by 9.8% YoY to R89.0 million (2025: R98.7 million) as a result of lower interest rates on cash balances. ⸋ Capital expenditure remains focused on protecting the core business, as well as growing new business lines. ⸋ The Group maintains a robust balance sheet and cash position of R2.6 billion as at 30 June 2026, including bond investments of R679 million. Ring-fenced and non- distributable cash and bonds (regulatory capital and investor protection funds) amounted to R1.3 billion.
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COMMENTARY Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows Notes to the condensed consolidated financial statements 35 Interim Results 2026 R million (unless otherwise stated) H1 2026 H1 2025 % change Revenue 1 882 1 650 14.1% Net margin and collateral1 79 61 27.8% Operating income 1 961 1 711 14.6% Other income 24 12 98.1% Total income 1 984 1 723 15.1% Personnel expenses 503 410 22.8% Other expenses 625 589 6.1% Depreciation and amortisation 82 87 (5.7%) Total expenditure 1 210 1 086 11.5% Earnings before interest and tax (EBIT) 774 638 21.4% Net finance income 89 99 (9.8%) Income tax expense 239 202 18.7% Net profit after tax (NPAT) 652 558 16.9% NPAT margin 33.3% 33.6% (0.3 pts) Earnings before interest, tax, depreciation and amortisation (EBITDA) 856 725 18.1% EBITDA margin 43.1% 42.1% 1 pt Earnings per share (EPS) (cents) 816.2 687.0 18.8% Headline earnings per share (HEPS) (cents) 816.2 687.0 18.8% Net cash generated from operations 625 518 20.6% Capital expenditure (CAPEX) 110 27 307.3% 1 Income earned on margin and collateral deposits, largely for JSE Clear. Note: Numbers may contain rounding differences. Business highlights Operational resilience and infrastructure ⸋ Sustained market availability of 99.99% across JSE markets, maintaining the operational resilience on which the market depends, with zero market outages during the period. ⸋ Successfully completed the transition from JIBAR to ZARONIA, supporting the continued evolution and robustness of South Africa’s financial market infrastructure. ⸋ Delivered key milestones in the BDA modernisation programme, with execution remaining on track and within plan. Market and product development ⸋ Introduced spread trading on Bond ETPs, broadening the fixed-income product suite and enhancing market functionality for participants. ⸋ Supported continued primary market activity, including new equity listings and R8.4 billion in additional capital raised, alongside growth in bond and structured product listings. ⸋ Expanded colocation capacity in response to client demand, reinforcing a strategic infrastructure asset that supports a growing proportion of equity market trading activity. ⸋ Advanced key strategic market development initiatives, including progress on Bond CCP and expanded market data and analytics capabilities. Strategic execution and organisational transformation ⸋ Completed the Group’s organisational redesign, enhancing strategic alignment and positioning the business to execute its long-term growth agenda. ⸋ Undertook a comprehensive profitability review to strengthen capital allocation, support cost optimisation and enhance returns from strategic investments. ⸋ Established the foundations for FORGE 2031, the JSE’s next phase of strategic development, to accelerate growth, strengthen competitiveness, diversify revenue streams and position the exchange as a leading technology-enabled market infrastructure provider for South Africa and the broader African capital markets.
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COMMENTARY Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows Notes to the condensed consolidated financial statements 36 Interim Results 2026 Financial performance Revenue performance per segment R million (unless stated otherwise) H1 2026 H1 2025 % change Capital markets 719 611 17.7% Primary Market 103 94 9.4% Equity Trading 332 272 21.9% Colocation Fees 32 26 24.6% Equity Derivatives Trading 76 61 24.8% Bonds 53 50 6.3% Financial Derivatives 27 29 (8.6%) Commodity Derivatives Trading 50 41 22.7% Other1 46 38 21.1% JSE Investor Services (JIS) 102 108 (5.6%) Post-Trade Services 620 532 16.5% Clearing and Settlement 318 262 21.7% Back-office services (BDA) 226 216 4.4% Funds under management 68 47 43.6% Margin and Collateral 8 7 11.2% JSE Clear 142 115 23.3% Information Services 273 254 7.3% Other income2 24 12 98.1% 1 Other includes: Issuer Services revenue, Investor Protection Levy income and SME revenue. 2 Other income increased by 98%, driven primarily by foreign currency gains. Operating expenditure Total operating expenditure increased by 11.5% YoY to R1.2 billion. The increase reflects approximately R44.5 million of once-off costs relating to the organisational redesign. Excluding the organisational redesign, the CEO departure and trade-related activity costs, underlying operating expenditure increased by 3.5%, reflecting sustained cost discipline. With operating income up 14.6%, the Group delivered positive operating leverage of 3.1%. ⸋ Personnel costs increased due to once-off organisational redesign costs, L TIS charges and annual salary adjustments. Excluding once-off costs, personnel expenses are up by 7.8%. ⸋ Project costs declined following the completion of certain initiatives in 2025, with expenditure expected to increase in H2 as new strategic initiatives progress. ⸋ Regulatory and other fees rose, largely reflecting higher Strate ad valorem fees in line with increased market activity. ⸋ Technology costs increased, largely owing to cloud migration and hosting, infrastructure modernisation and ongoing technology support services. ⸋ Depreciation and amortisation decreased, as fully depreciated infrastructure and software assets reached the end of their useful lives. ⸋ General operating expenses increased, reflecting investment in FORGE 2031 initiatives and future growth. Net finance income Net finance income declined by 9.8% to R89.0 million (2025: R98.7 million). The reduction reflects lower prevailing interest rates on cash balances over the period, notwithstanding a higher average cash position, with rate movements more than offsetting the benefit of the larger balance. Cash flows, investments and capital allocation The Group was strongly cash generative in the period, with net cash generated from operations of R624.7 million (2025: R518.2 million), up by 20.6%. At 30 June 2026, the cash balance stood at R1.9 billion (2025: R2.1 billion), excluding the bond investment of R679 million, resulting in total cash and bonds of R2.6 billion. This strong cash position allows the Group to fund its investment programme and shareholder returns from internal resources.
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COMMENTARY Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows Notes to the condensed consolidated financial statements 37 Interim Results 2026 Capital expenditure totalling R110 million (2025: R27 million) was focused on protecting and growing the core business. All planned investments and capital requirements for 2026 can be met from the Group’s cash resources. In accordance with a general authority granted by shareholders, the Company initiated a share buyback in June 2026 as part of an ongoing programme to return surplus cash to shareholders. A total of 1 105 477 ordinary shares were repurchased, representing 1.28% of the Company’s issued share capital. Regulation In compliance with the Financial Markets Act, 19 of 2012 (FMA), the JSE and JSE Clear are required to hold regulatory capital. The Group calculates and holds regulatory capital in the form of equity capital, which amounted to R835 million in total for JSE Limited and JSE Clear, both of which are adequately capitalised. Future focus and prospects The JSE enters the second half of the year from a position of strength, supported by the resilience of its core markets franchise, a diversified and growing revenue base, and continued progress against its strategic priorities. Our focus remains on safeguarding the market integrity, trust and operational resilience that underpin South Africa’s financial markets, while positioning the Group for its next phase of growth and competitiveness. We remain committed to strengthening our core exchange businesses, expanding non-trading revenues, deepening client relevance, and leveraging technology, data and AI to enhance operational efficiency, client value and long-term scalability. This will be delivered through disciplined execution, prudent capital allocation and a continued focus on creating sustainable value for shareholders. FORGE 2031 provides the strategic framework for this next phase. Through its Transform and Grow pillars, the Group is strengthening the foundations of the business while pursuing new growth opportunities. During the period, progress was made in technology harmonisation, organisational redesign and the modernisation of core market infrastructure. Early data, automation and AI initiatives are already being deployed to improve productivity, scalability and decision-making, while the Group’s profitability review is informing a more focused approach to cost optimisation, capital allocation and returns from strategic investment. Key priorities for the remainder of the year include: ⸋ Progressing the implementation of a Bond Central Counterparty (CCP), supporting the continued development, resilience and competitiveness of South Africa’s capital markets. ⸋ Advancing the replacement of the SENS platform to enhance the issuer and investor experience. ⸋ Continuing the execution of the BDA modernisation programme and the renewal of critical market infrastructure, including MIT hardware replacement and regulatory systems upgrades. ⸋ Embedding FORGE 2031 across the Group through clear divisional plans, measurable outcomes and disciplined accountability. ⸋ Maintaining cost discipline while investing in future-state technology, data, AI capabilities and operational resilience. ⸋ Driving benefits realisation through rigorous investment governance and disciplined capital allocation. ⸋ Pursuing strategic partnerships and selectively evaluating M&A opportunities that enhance capabilities, accelerate growth and support long-term value creation. We remain confident in the structural opportunities available to the JSE over the long term. Supported by our trusted role at the centre of South Africa’s capital markets, a strong balance sheet and a clear strategic roadmap, the Group is well positioned to enhance its relevance, competitiveness and growth trajectory, while continuing to create sustainable value for shareholders, clients and the broader market ecosystem. Full-year 2026 guidance ⸋ OPEX guidance has been revised 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). Excluding these non-recurring costs, the underlying cost trajectory remains well controlled, and we expect OPEX growth to normalise in 2027 as the benefits of the organisational redesign are realised and once-off implementation costs fall away. ⸋ CAPEX guidance maintained at R190 million to R230 million. ⸋ Dividend policy unchanged at a pay-out ratio of 67% to 100% of earnings. Forecasts have not been reviewed or reported on by the Group’s external auditors.
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COMMENTARY Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows Notes to the condensed consolidated financial statements 38 Interim Results 2026 Changes to the Board During the period under review, and as previously announced: ⸋ Ms Valdene Reddy succeeded Dr Leila Fourie as Chief Executive Officer and Executive Director with effect from 1 April 2026. ⸋ Mr Ben Kruger, Lead Independent Director, retired from the Board with effect from 13 May 2026, having served as a non-executive director for eight years. During his tenure, Mr Kruger chaired the Group Investment Committee and served as a member of the Group Risk, Group Remuneration, and Group Nominations and Governance Committees. Subsequent to the period under review, and as previously announced, Ms Tasneem Abdool-Samad and Mr Richard Wainwright were appointed as independent non-executive directors with effect from 1 July 2026. Directors’ responsibility statement The directors are responsible for the preparation and presentation of these condensed consolidated interim financial statements in accordance with International Financial Reporting Standards (IFRS), International Accounting Standard (IAS) 34 Interim Financial Reporting, the South African Institute of Chartered Accountants (SAICA) Financial Reporting Guides as issued by the Accounting Practices Committee, the Financial Pronouncements as issued by the Financial Reporting Standards Council, the requirements of the Companies Act, 71 of 2008 (as amended) (the Companies Act), and in compliance with the JSE Listings Requirements. The directors are also responsible for such internal controls as the directors determine to be necessary to enable the preparation of interim financial statements that are free from material misstatement, whether owing to fraud or error. Preparation of unreviewed results announcement This announcement covers the unreviewed condensed consolidated financial statements of the Group for the six months ended 30 June 2026 as prepared in accordance with IFRS. The preparation of these condensed consolidated financial statements has been supervised by the Group Chief Financial Officer, Fawzia Suliman CA(SA), in terms of section 29(1)(e) of the Companies Act. Approval of financial statements The unreviewed condensed consolidated financial statements for the six months ended 30 June 2026 were approved by the Board on 3 August 2026 and signed by: Phuthuma Nhleko Valdene Reddy Chairman Group chief executive officer One Exchange Square, 2 Gwen Lane, Sandown, South Africa (Private Bag X991174, Sandton, 2146, South Africa) Tel: +27 11 520 7000 Fax: +27 11 520 8584 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) 4 August 2026 About the JSE The JSE is a self-regulatory, multi-asset-class stock exchange that offers listings, trading, clearing and settlement (post-trade) services, Information Services, Issuer Services and JSE Investor Services. The JSE connects buyers and sellers in five financial markets: equities, equity derivatives, commodity derivatives, currency derivatives and interest rate instruments. The JSE provides investors with a trusted, cost-effective, and well-regulated infrastructure for trading, clearing and settling financial market transactions. The JSE is among the 20 largest exchanges in the world in terms of market capitalisation. The JSE also offers Private Placements, which supports private markets by providing a forum to raise equity and debt through an automated and digitised platform and a Voluntary Carbon Market.
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Commentary CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Condensed consolidated statement of financial position Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows Notes to the condensed consolidated financial statements 39 Interim Results 2026 Group 6 months ended 30 June Year ended 31 December Notes 2026 R’000 2025 R’000 2025 R’000 Revenue 13.1 1 882 340 1 650 294 3 401 170 Other net income 23 829 12 029 13 734 Margin and collateral deposit interest income 13.2 2 240 842 2 043 024 4 405 188 Margin and collateral deposit interest expense 13.2 (2 162 682) (1 981 873) (4 270 584) Personnel expenses 14 (503 052) (409 812) (960 032) Other expenses 15 (707 367) (674 191) (1 382 546) Expected credit loss (ECL) recoveries/(impairments) 20 385 (1 532) (3 642) Profit from operating activities before net finance income 774 295 637 939 1 203 288 Finance income 107 274 108 366 215 082 Finance costs (18 259) (9 672) (18 172) Net finance income 89 015 98 694 196 910 Share of profit from associate (net of income tax) 28 192 22 911 51 713 Profit before income tax 891 502 759 544 1 451 911 Income tax expense 16 (239 494) (201 730) (381 257) Profit for the period 652 008 557 814 1 070 654 Attributable to: Equity holders of the parent 652 008 557 814 1 070 654 Other comprehensive income Change in financial instruments at fair value through other comprehensive income that will not be reclassified to profit or loss (net of tax) (5 184) (31 208) 6 656 Change in financial instruments at fair value through other comprehensive income that may be reclassified to profit or loss in subsequent periods (net of tax) 920 (10 863) 40 506 Other comprehensive (loss)/income for the period, net of income tax (4 264) (42 071) 47 162 Total comprehensive income for the period 647 744 515 743 1 117 816 Attributable to: Equity holders of the parent company 647 744 515 743 1 117 816 Total earnings per share Basic earnings per share (cents) 17.1 816.2 687.0 1 322.3 Diluted earnings per share (cents) 17.2 796.5 671.6 1 289.8 Condensed consolidated statement of comprehensive income for the period ended 30 June 2026
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Commentary Condensed consolidated statement of comprehensive income CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows Notes to the condensed consolidated financial statements 40 Interim Results 2026 Group 6 months ended 30 June Year ended 31 December Notes 2026 R’000 2025 R’000 2025 R’000 Assets Non-current Assets 2 740 657 2 403 198 2 660 392 Property and equipment 160 128 138 291 147 626 Intangible assets 18 709 372 650 453 678 139 Investment in associate 393 915 367 702 396 504 Other investments 25 1 309 387 1 053 550 1 246 908 Right-of-use-assets 24 137 923 164 418 153 248 Deferred taxation 29 932 28 784 37 968 Current assets 64 932 755 54 529 904 64 883 471 Trade and other receivables 995 844 847 324 849 834 Income tax receivable 28 459 5 757 – JSE Clear Derivatives Default Fund collateral deposits 600 000 600 000 600 000 Margin deposits 61 387 309 51 019 764 60 862 371 Collateral deposits 5 862 280 11 573 Cash and cash equivalents 1 915 281 2 056 779 2 559 693 Total Assets 67 673 412 56 933 102 67 543 863 Condensed consolidated statement of financial position as at 30 June 2026 Group 6 months ended 30 June Year ended 31 December Notes 2026 R’000 2025 R’000 2025 R’000 Equity and Liabilities Total Equity 4 657 211 4 430 612 5 063 561 Stated capital (388 636) (243 249) (234 148) Reserves 22 1 016 498 897 596 1 008 105 Retained earnings 4 029 349 3 776 265 4 289 604 Equity attributable to equity holders of the parent 4 657 211 4 430 612 5 063 561 Non-current liabilities 208 243 226 386 224 592 Employee benefits 19 7 876 3 488 8 960 Deferred taxation 22 588 24 997 23 792 Lease liability 24 144 113 168 735 161 322 Deferred income 33 666 29 166 30 518 Current liabilities 62 807 958 52 276 104 62 255 710 Trade and other payables 715 462 642 861 627 019 Income tax payable 54 810 18 089 790 Deferred income 2 751 3 086 3 190 Employee benefits 19 115 726 71 010 227 275 Lease liability 24 26 038 21 014 23 492 JSE Clear Derivatives Default Fund collateral contribution 500 000 500 000 500 000 Margin deposits 61 387 309 51 019 764 60 862 371 Collateral deposits 5 862 280 11 573 Total equity and liabilities 67 673 412 56 933 102 67 543 863
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Commentary Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Condensed consolidated statement of cash flows Notes to the condensed consolidated financial statements 41 Interim Results 2026 Condensed consolidated statement of changes in equity for the period ended 30 June 2026 Notes Stated capital and treasury shares3 R’000 NDR6 R’000 Share-based payments reserve R’000 Fair value reserve2 R’000 Total reserves R’000 Retained earnings R’000 Total equity R’000 Group Balance at 1 January 2025 (182 472) 880 731 69 544 (17 796) 932 478 3 932 740 4 682 747 Profit for the period – – – – – 557 814 557 814 Other comprehensive income/(loss) – 17 142 – (59 214) (42 072) – (42 072) Total comprehensive income for the period – 17 142 – (59 214) (42 072) 557 814 515 742 L TIS 2018 Allocation 4 – shares vested 8 549 – (16 618) – (16 618) – (8 069) L TIS 2018 Allocation 5 – shares vested 14 082 – (27 376) – (27 376) – (13 294) Distribution from the JSE Debt Guarantee Fund Trust1 – (2 804) – – (2 804) 2 804 – Dividends paid to owners5 – 17 633 – – 17 633 (711 281) (693 648) Equity-settled share-based payment expense – – 30 542 – 30 542 30 542 Transfer of profit to investor protection funds – 6 290 – – 6 290 (6 290) – Transfer of listed companies fines – Issuer regulation – – – – – – – Transfer of qualifying deductible expenses related to Fines – Issuer Regulation – (478) – – (478) 478 – Treasury shares – acquisitions4 (108 489) – – – – – (108 489) Treasury shares – sales 25 506 – – – – – 25 506 Treasury shares – transaction costs (425) – – – – – (425) Total contributions by and distributions to owners of the Group recognised directly in equity (60 777) 20 641 (13 452) – 7 189 (714 289) (767 877) 1 The JSE Debt Guarantee Fund Trust Deed makes specific provision for the utilisation of excess funds for the purpose of reducing the risk of claims being made against the Trust. To this effect, R2.6 million (June 2025: R2.8 million, December 2025: R5.5 million) before intercompany adjustments was transferred to the JSE Limited to defray market regulatory expenditure. 2 This reserve relates to the equity investment in Globacap Technology Limited net of deferred tax. Refer to note 25 for details on this transaction. The fair value of the investment asset in the current period is Rnil million (June 2025: Rnil million, December 2025: Rnil million). 3 Debit balance due to treasury shares held by the JSE Empowerment Fund Trust and shares held to facilitate the settlement of Long-Term Incentive Schemes. 4 Shares acquired at an average price of R164.15 (June 2025: R130.07, December 2025: R128.47). 5 Dividend declared and paid in the current period amounted to R911 million (June & December 2025: R711 million) with a reduction due to the JSE Empowerment Fund Trust treasury share dividend amounting to R22.6 million (June & December 2025: R17.6 million). 6 This reserve comprises funds that have been ring-fenced for specific purposes. These include income received from fines imposed on listed companies and the related costs incurred in the recovery of such fines, in support of compliance with the JSE Listings Requirements. The reserve also includes amounts relating to the JSE Empowerment Fund Trust, Investor Protection Funds, and the South African Government Bond portfolio held by JSE Limited. Refer to note 22.
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Commentary Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Condensed consolidated statement of cash flows Notes to the condensed consolidated financial statements 42 Interim Results 2026 Notes Stated capital and treasury shares3 R’000 NDR6 R’000 Share–based payments reserve R’000 Fair value reserve2 R’000 Total reserves R’000 Retained earnings R’000 Total equity R’000 Balance at 30 June 2025 (243 249) 918 514 56 092 (77 010) 897 596 3 776 265 4 430 612 Profit for the period – – – – – 512 840 512 840 Other comprehensive income – 89 234 – – 89 234 – 89 234 Total comprehensive income for the period – 89 234 – – 89 234 512 840 602 074 L TIS 2018 Allocation 4 shares vested (2 621) – – – – – (2 621) L TIS 2018 Allocation 5 shares vested (2 917) – – – – – (2 917) Distribution from the JSE Debt Guarantee Fund Trust1 – (2 667) – – (2 667) 2 667 – Dividends paid to owners5 – – – – – (1) (1) Equity-settled share-based payment expense – – 21 776 – 21 776 – 21 776 Transfer of profit to investor protection funds – 6 650 – – 6 650 (6 650) – Transfer of listed companies fines – Issuer regulation – – – – – – – Transfer of qualifying deductible expenses related to Fines-Issuer Regulation – (4 483) – – (4 483) 4 483 – Treasury shares – acquisitions4 1 – – – – – 1 Treasury shares – sales 14 675 – – – – – 14 675 Treasury shares – transaction costs (37) – – – – – (37) Total contributions by and distributions to owners of the Group recognised directly in equity 9 101 (500) 21 776 – 21 275 499 30 875 Balance at 31 December 2025 (234 148) 1 007 247 77 868 (77 010) 1 008 105 4 289 604 5 063 561 1 The JSE Debt Guarantee Fund Trust Deed makes specific provision for the utilisation of excess funds for the purpose of reducing the risk of claims being made against the Trust. To this effect, R2.6 million (June 2025: R2.8 million, December 2025: R5.5 million) before intercompany adjustments was transferred to the JSE Limited to defray market regulatory expenditure. 2 This reserve relates to the equity investment in Globacap Technology Limited net of deferred tax. Refer to note 25 for details on this transaction. The fair value of the investment asset in the current period is Rnil million (June 2025: Rnil million, December 2025: Rnil million). 3 Debit balance due to treasury shares held by the JSE Empowerment Fund Trust and shares held to facilitate the settlement of Long-Term Incentive Schemes. 4 Shares acquired at an average price of R164.15 (June 2025: R130.07, December 2025: R128.47). 5 Dividend declared and paid in the current period amounted to R911 million (June & December 2025: R711 million) with a reduction due to the JSE Empowerment Fund Trust treasury share dividend amounting to R22.6 million (June & December 2025: R17.6 million). 6 This reserve comprises funds that have been ring-fenced for specific purposes. These include income received from fines imposed on listed companies and the related costs incurred in the recovery of such fines, in support of compliance with the JSE Listings Requirements. The reserve also includes amounts relating to the JSE Empowerment Fund Trust, Investor Protection Funds, and the South African Government Bond portfolio held by JSE Limited. Refer to note 22.
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Commentary Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Condensed consolidated statement of cash flows Notes to the condensed consolidated financial statements 43 Interim Results 2026 Notes Stated capital and treasury shares3 R’000 NDR6 R’000 Share-based payments reserve R’000 Fair value reserve2 R’000 Total reserves R’000 Retained earnings R’000 Total equity R’000 Group Balance at 1 January 2026 (234 148) 1 007 247 77 868 (77 010) 1 008 105 4 289 604 5 063 561 Profit for the period – – – – – 652 008 652 008 Other comprehensive income/(loss) – (4 264) – – (4 264) – (4 264) Total comprehensive income for the period – (4 264) – – (4 264) 652 008 647 744 L TIS 2018 Allocation 5 shares vested 27 035 – (27 035) – (27 035) – – L TIS 2018 Allocation 6 shares vested 38 009 – (38 009) – (38 009) – – Distribution from the JSE Debt Guarantee Fund Trust1 (2 556) – – (2 556) 2 556 – Dividends paid to owners5 – 22 595 – – 22 595 (910 861) (888 266) Equity-settled share-based payment expense – – 61 676 – 61 676 61 676 Transfer of profit to investor protection funds – 7 364 – – 7 364 (7 364) – Transfer of qualifying deductible expenses related to Fines-Issuer Regulation – (3 406) – – (3 406) 3 406 – Treasury shares – acquisitions4 (279 254) – – – – – (279 254) Treasury shares – sales 53 410 – – – – – 53 410 Treasury shares – transaction costs (1 660) – – – – – (1 660) Restraint of trade – Shares vested7 7 972 – (7 972) – (7 972) – – Total contributions by and distributions to owners of the Group recognised directly in equity (154 488) 23 997 (11 340) – 12 657 (912 263) (1 054 094) Balance at 30 June 2026 (388 636) 1 026 980 66 528 (77 010) 1 016 498 4 029 349 4 657 211 1 The JSE Debt Guarantee Fund Trust Deed makes specific provision for the utilisation of excess funds for the purpose of reducing the risk of claims being made against the Trust. To this effect, R2.6 million (June 2025: R2.8 million, December 2025: R5.5 million) before intercompany adjustments was transferred to the JSE Limited to defray market regulatory expenditure. 2 This reserve relates to the equity investment in Globacap Technology Limited net of deferred tax. Refer to note 25 for details on this transaction. The fair value of the investment asset in the current period is Rnil million (June 2025: Rnil million, December 2025: Rnil million). 3 Debit balance due to treasury shares held by the JSE Empowerment Fund Trust, share bought back and shares held to facilitate the settlement of Long-Term Incentive Schemes (‘L TIS’). 4 Shares acquired at an average price of R164.15 (June 2025: R130.07, December 2025: R128.47). The Group repurchased approximately 1.1 million ordinary shares for a consideration of approximately R175 million (excluding transaction costs). The remaining treasury share acquisitions are to facilitate L TIS settlements. 5 Dividend declared and paid in the current period amounted to R911 million (June & December 2025: R711 million) with a reduction due to the JSE Empowerment Fund Trust treasury share dividend amounting to R22.6 million (June & December 2025: R17.6 million) 6 This reserve comprises funds that have been ring-fenced for specific purposes. These include income received from fines imposed on listed companies and the related costs incurred in the recovery of such fines, in support of compliance with the JSE Listings Requirements. The reserve also includes amounts relating to the JSE Empowerment Fund Trust, Investor Protection Funds, and the South African Government Bond portfolio held by JSE Limited. Refer to note 22. 7 Value of restraint of trade agreement exercised by the Group Remuneration Committee in respect of the former Group CEO. The restraint payment comprise JSE shares awarded to the former Group CEO. Refer to note 23(ii) for further information.
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Commentary Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of changes in equity CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Notes to the condensed consolidated financial statements 44 Interim Results 2026 Condensed consolidated statement of cash flows for the period ended 30 June 2026 Group 6 months ended 30 June Year ended 31 December 2026 R’000 2025 R’000 2025 R’000 Cash flows from operating activities Cash generated by operations 657 767 581 213 1 301 689 Finance income received 2 373 622 2 152 188 4 603 318 Finance costs paid (2 204 021) (2 017 102) (4 267 154) Dividends received 4 722 3 362 8 200 Taxation paid (207 355) (201 446) (417 057) Net cash generated by operating activities 624 735 518 215 1 228 997 Cash flows from investing activities Proceeds from sale of other investments 88 008 150 489 257 972 Acquisition of other investments (144 926) (8 649) (192 368) Dividends from associate 30 781 24 201 24 201 Acquisition of leasehold improvements – – (2 170) Acquisition of intangible assets (75 474) (24 395) (104 590) Acquisition of other property and equipment (34 825) (857) (32 505) Proceeds from disposal property plant and equipment 22 – – Net cash (used)/generated in investing activities (136 414) 140 789 (49 460) Cash flows from financing activities Acquisition of treasury shares (280 914) (108 913) (108 951) Proceeds on sale of treasury shares 53 410 25 506 40 181 Lease liabilities repaid (14 663) (19 171) (28 134) Dividends paid (888 267) (693 648) (693 648) Net cash used in financing activities (1 130 434) (796 226) (790 552) Net (decrease)/increase in cash and cash equivalents (642 114) (137 222) 388 985 Cash and cash equivalents at 1 January 2 559 693 2 204 759 2 204 759 Effect of exchange rate fluctuations on cash held (2 298) (10 758) (34 050) Cash and cash equivalents at the end of the period 1 915 281 2 056 779 2 559 693
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Commentary Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 45 Interim Results 2026 Notes to the condensed consolidated financial statements for the period ended 30 June 2026 1. Reporting entity JSE Limited (the “JSE” or the “Company”) is a company domiciled in South Africa. Its registration number is 2005/022939/06. The JSE is licensed as an exchange in terms of the Financial Markets Act 2012 (“”FMA””). The JSE Group has the following main lines of business: Capital Markets, Post-Trade Services and Information Services, JSE Clear and JSE Investor Services. The address of the Company’s registered office is One Exchange Square, 2 Gwen Lane, Sandown. The Group condensed consolidated interim financial statements as at and for the six months ended 30 June 2026 comprise the Company and its subsidiaries and controlled structured entities (collectively referred to as the “Group” and individually as “Group entities”) and reflect the Group’s interest in associates. When reference is made to the “Group” in the accounting policies, it should be interpreted as referring to the Company, where the context requires, unless otherwise noted. 2. Basis of preparation Statement of compliance The Group condensed consolidated interim financial statements have been prepared in accordance with IFRS® Accounting Standards (“IFRS Accounting Standards”), IFRIC® Interpretations issued by the IFRS Interpretations Committee (“Committee”), IAS 34 Interim Financial Reporting, the South African Institute of Chartered Accountants (SAICA) financial reporting guides as issued by the Accounting Practice Committee, the SAICA Headline Earnings Circular 1/2023, the Financial Pronouncements as issued by the Financial Reporting Standards Council, the JSE Listings Requirements and the requirements of the Companies Act, 2008 (“Companies Act”). The Group condensed consolidated interim financial statements were authorised for issue by the Board of Directors (Board) on 3 August 2026. 3. Changes in accounting policies The Group condensed consolidated interim financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group’s annual financial statements as at 31 December 2025. The accounting policies adopted in the preparation of the Group condensed consolidated interim financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended 31 December 2025 note 3, except for the adoption of the new standards effective as of 1 January 2026. New standards and amendments that impact on the Group’s accounting policies have been assessed during the period, and these have had no material impact on the Group’s condensed consolidated interim financial statements. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Refer to note 9 for new standards and interpretations not yet adopted. Annual Improvements to IFRS Accounting Standards — Volume 11 Contains amendments to five standards as result of the IASB’s annual improvements project. The amendments are effective for annual reporting periods beginning on or after 1 January 2026. The amendments did not have a material impact on the Group’s financial statements. Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) The amendments effective 1 January 2026, address matters identified during the post-implementation review of the classification and measurement requirements of IFRS 9 Financial Instruments. The amendment did not have a material impact on the Group’s financial statements.
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Commentary Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 46 Interim Results 2026 3. Changes in accounting policies continued Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7) The amendments aim at enabling entities to include information in their financial statements that in the IASB’s view more faithfully represents contracts referencing nature-dependent electricity. The amendments are effective for annual reporting periods beginning on or after 1 January 2026. The amendment did not have a material impact on the Group’s financial statements. 4. Comparative figures Unless otherwise indicated, comparative figures refer to the six months ended 30 June 2025 and the year ended 31 December 2025. 5. Use of estimates and judgements The preparation of financial statements are in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board and requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Judgements and estimates are consistent with those in the consolidated financial statements as at and for the year ended 31 December 2025. 6. Non-disclosure of operating segments The Group determines and presents segments based on the information used to run the business by the Executive Committee (Exco). These are not operating segments as defined in IFRS 8. An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group’s other components. Costs in the JSE are managed holistically across the Exchange and variances against budget are closely monitored. Revenue results as disclosed in note 13 are reviewed regularly by the entity’s chief operating decision makers (Exco) to make key decisions about resources to be allocated to the segment and assess its performance. Costs are not allocated to the individual segments and are reviewed by Exco as a single unit. The holistic cost centre segment does not meet the definition of an operating segment as it does not earn revenues and thus not disclosed in these financial statements. 7. Financial risk management The Group’s financial risk management objectives and policies are consistent with those disclosed in the consolidated financial statements as at and for the year ended 31 December 2025 with additional disclosures included for financial instruments acquired in the current period. 8. Significant events Transactions Share buyback transaction During June 2026, the Group repurchased approximately 1.1 million ordinary shares for a consideration of approximately R175 million (excluding transaction costs). The general authority to repurchase shares was granted by shareholders at the Annual General Meeting held on 13 May 2026. At 30 June 2026, the repurchased shares were held as treasury shares, and subsequently delisted from the market in July 2026. Organisational redesign During the period, the Group implemented a voluntary separation process (“VSP”) as part of its organisational redesign. This resulted in once-off costs of approximately R44.5 million, which were recognised in profit or loss and are disclosed in Note 14.
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Commentary Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 47 Interim Results 2026 9. New standards and interpretations not yet adopted Certain new accounting standards and amendments to accounting standards have been published that are not mandatory for the reporting period under review and have not been early adopted by the group. The Group’s assessment of the impact of these new standards and amendments is set out below: IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January 2027. The Group has not elected to early adopt the new accounting standard. The Group is in the process of assessing the impact that the initial application of IFRS 18 will have on its consolidated financial statements. The expected impacts in the period of initial application are described below. The actual impacts of adopting IFRS 18 on 1 January 2027 may change because the Group has not finalised the assessment and implementation of changes to processes, controls and disclosures. a) Structure of the statement of profit or loss IFRS 18 requires entities to classify income and expenses into the operating, investing, financing, income tax and discontinued operations categories. The Group has assessed that it does not have a specified main business activity of investing in assets or providing financing to customers at consolidated level. However certain subsidiaries were determined to have a specified main business activity of investing at a standalone basis. The Group expects no impact on profit for the period or total equity. However, the Group will be required to present the newly defined subtotals ‘operating profit’ and ‘profit before financing and income taxes’. The most significant impact will be the reclassification of certain items currently presented in operating profit to the investing category. These include dividends received, fair value gains and losses on investments, rental income from subleases and foreign exchange differences on investments. Income and expenses relating to margin and collateral deposits are expected to remain in the operating category because these activities are integral to the Group’s core exchange and clearing operations. Interest expense on lease liabilities and other financing- related liabilities will be classified in the financing category. Operating expenses are expected to continue to be presented by nature and remain unchanged on the face of the Statement of comprehensive income. b) Management-defined performance measures IFRS 18 requires specific disclosures for management-defined performance measures (MPMs) in a single note to the financial statements. Based on the Group’s current assessment, the measures expected to qualify as MPMs are ‘Profit before interest, tax and incentives (PBITI)’ and ‘Earnings before interest, tax, depreciation and amortisation (EBITDA)’. The Group will disclose descriptions of these measures and reconciliations to the most directly comparable IFRS 18 subtotals. c) Principles of aggregation and disaggregation IFRS 18 introduces enhanced principles for aggregation, disaggregation and labelling of items in the primary financial statements and notes. The Group is assessing whether existing line items and disclosures require refinement to provide more useful and informative summaries of financial performance. d) Statement of Cash Flows IFRS 18 introduces consequential amendments to IAS 7 Statement of Cash Flows, including the use of operating profit as the starting point for the indirect method cash flow statement. The Group also expects changes in the classification of interest and dividend cash flows. Dividends paid and interest paid on financing liabilities will be classified in financing activities, while interest and dividends received on investment balances will be classified in investing activities. Interest cash flows relating to margin and collateral balances that are integral to operations are expected to remain within operating activities.
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Commentary Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 48 Interim Results 2026 9. New standards and interpretations not yet adopted continued IFRS 18 Presentation and Disclosure in Financial Statements continued e) Other considerations In accordance with IFRS 18.103(d), which requires goodwill to be presented separately on the face of the statement of financial position, the Group will disaggregate goodwill from the amount currently included within intangible assets. Apart from this reclassification, the statement of financial position and the statement of changes in equity are expected to remain largely unchanged, and the overall impact is anticipated to be immaterial. The Group will continue to assess the impact of IFRS 18 on the presentation and disclosure of its financial statements, including any consequential changes to internal reporting, processes, controls and financial statement note disclosures, ahead of the effective date. IFRS 19 Subsidiaries without Public Accountability: Disclosures The new standard applies to annual reporting periods beginning on or after 1 January 2027. IFRS 19 allows eligible entities to elect to apply reduced disclosure requirements while still applying the recognition, measurement, and presentation requirements of other IFRS Accounting Standards. To be eligible, an entity must, at the end of the reporting period, be a subsidiary as defined in IFRS 10, not have public accountability, and have a parent (ultimate or intermediate) that prepares consolidated financial statements, available for public use, that comply with IFRS Accounting Standards. Management performed an impact assessment for the JSE subsidiaries and determined that only a few subsidiaries qualify to apply IFRS 19. Accordingly, the JSE Group has elected not to adopt IFRS 19 for its subsidiaries. This approach ensures consistency in reporting, avoids unnecessary complexity, and maintains efficiency across the Group’s financial reporting processes. The impact of the new standard will be assessed on an ongoing basis, and elections will be made where appropriate. Other accounting standards The following new and amended accounting standards are not expected to have a material impact on the Group’s financial statements: ⸋ Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28) The amendments address the conflict between IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures in dealing with the loss of control of a subsidiary that is sold or contributed to an associate or joint venture. The effective date for the amendment is deferred. ⸋ Translation to a Hyperinflationary Presentation Currency (Amendments to IAS 21) The amendments clarify how companies should translate financial statements from a non-hyperinflationary currency into a hyperinflationary one. The effective date for the amendment 1 January 2027. 10. Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: In the principal market for the asset or liability or in the absence of a principal market, in the most advantageous market for the asset or liability. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: ⸋ Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities ⸋ Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable ⸋ Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable
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Commentary Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 49 Interim Results 2026 11. Financial assets and financial liabilities A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (FVOCI), and fair value through profit or loss (FVPL). The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. Financial assets at fair value through other comprehensive income (OCI) – debt instruments The Group’s investments in debt securities are classified as fair value through OCI financial assets and this relates to the investor protection fund investments and South African Government Bonds held by the JSE Limited. The principal objective of holding these investments are to collect contractual cash flows and selling these investments in accordance with the relevant mandates. The contractual terms of these investments gives rise to cash flows that are solely payments of principal and interest. Fair value gains and losses relating to debt instruments are subsequently classified to profit or loss upon realisation of the investment. Impairment losses on monetary items such as debt securities and foreign exchange gains and losses are recognised in profit or loss. Translation differences included in fair value adjustment are recognised in other comprehensive income. When these investments are derecognised, the cumulative gain or loss previously recognised in OCI is transferred to profit or loss. Where these investments are interest-bearing, interest calculated using the effective interest method is recognised in profit or loss. Refer to note 25 (Fair value estimation) for the financial assets classified as fair value through OCI. Financial assets designated at fair value through OCI (equity instruments) Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at FVOCI when they meet the definition of equity under IAS 32 Financial Instruments: Presentation and are not held for trading. The classification is determined on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognised as other income in the statement of profit or loss when the right of payment has been established. Equity instruments designated at FVOCI are not subject to impairment assessment. The Group elected to classify irrevocably its non-listed equity investment in Globacap under this category. Refer to note 25 for more detail. Financial assets at amortised cost For debt instruments, the business model test and cash flow characteristics of solely payments of principal and interest (SPPI) test is applied by the Group in determining the category which best applies to the financial instruments that it holds and or trades. Under the business model test the Group determines the objective for which it holds the financial instrument. Financial assets that are held for collection of contractual cash flows where those cash flows represent SPPI are measured at amortised cost. Financial assets at amortised cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. Other non-derivative financial instruments classified at amortised cost include trade and other receivables, contributions in JSE Clear Derivatives Default Fund (Pty) Limited, trade and other payables, cash and cash equivalents, amounts due to and from Group companies, and margin and collateral deposits. Fair value through profit or loss Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of comprehensive income. A financial asset is primarily derecognised when: ⸋ the rights to receive cash flows from the asset has expired; or ⸋ the Group has transferred its rights to receive cash flows from the asset.
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Commentary Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 50 Interim Results 2026 12. Basis of consolidation and financial information on material partly-owned subsidiaries The Group condensed consolidated interim financial statements comprise the interim financial statements of the Company and its subsidiaries as at 30 June 2026. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has: ⸋ Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee) ⸋ Exposure, or rights, to variable returns from its involvement with the investee ⸋ The ability to use its power over the investee to affect its returns The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the period are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. Group 6 months ended 30 June Year ended 31 December 2026 R’000 2025 R’000 2025 R’000 13. Revenue and other income 13.1 Revenue from contracts with clients comprises: Capital Markets Bond Electronic Trading Platform (ETP) 5 190 4 518 8 713 Colocation fees 32 155 25 811 53 950 Commodity derivatives fees 50 093 40 838 93 854 Issuer services fees 6 262 5 623 13 100 Currency derivatives fees 22 606 25 305 45 629 Equity derivatives fees 75 940 60 835 130 085 Equity market fees 367 959 303 300 635 425 Interest rate market fees 55 228 51 660 105 919 Primary market fees1 103 116 94 253 193 601 JSE Private Placement fees 50 66 327 SME development revenue2 541 (850) 6 091 JSE Investor Services fees 101 540 107 540 212 567 Post-trade services Clearing and settlement fees 317 936 261 308 547 597 Back-office services (BDA) 225 765 216 222 432 314 Funds under management 67 876 47 260 101 885 JSE Clear revenue3 71 318 60 767 130 158 Information services Index fees 53 245 49 686 84 046 Market data fees 219 720 204 709 414 174 Total revenue excluding Strate ad valorem fees – cash equities and bonds4 1 776 540 1 558 851 3 209 434 Strate ad valorem fees – cash equities 91 298 77 134 162 173 Strate ad valorem fees – bonds 14 502 14 309 29 562 1 882 340 1 650 294 3 401 170 1 An amount of R1.3 million (June 2025: R1.5 million, December 2025: R7.5 million) was recognised in Primary market fees relating to initial listing fees income for the current period. Additional revenue recognised over time from annual fees amounts to R67 million (June 2025: R67 million, December 2025: R86 million). 2 The prior year balance is negative due to credit notes issued which exceeds revenues recognised for that period at a point in time. 3 Includes revenue recognised over time from annual clearing membership fees of approximately R6.3 million (June 2025: R6 million, December 2025: R12.1 million). The remaining balance is recognised at a point in time. 4 Strate ad valorem stream of income is evaluated in conjunction with the directly attributable cost included in note 15.
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Commentary Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 51 Interim Results 2026 Group 6 months ended 30 June Year ended 31 December 2026 R’000 2025 R’000 2025 R’000 13. Revenue and other income continued 13.2 Margin and collateral interest income and interest expense1 Interest income earned on margin and collateral deposits 2 240 842 2 043 024 4 405 188 – Derivatives 2 177 653 1 986 791 4 294 997 – JSE Clear Derivatives Default Fund 17 214 18 513 36 816 – Equities 45 976 37 720 73 375 Interest expense on margin and collateral deposits (2 162 682) (1 981 873) (4 270 584) – Derivatives (2 107 240) (1 932 584) (4 173 139) – JSE Clear Derivatives Default Fund (17 174) (18 503) (36 801) – Equities (38 268) (30 786) (60 644) Total net margin and collateral deposit interest income 78 160 61 151 134 604 1 Total Interest income and total interest expense calculated using the effective interest rate method. Group 6 months ended 30 June Year ended 31 December 2026 R’000 2025 R’000 2025 R’000 14. Personnel expenses Remuneration expenses 385 155 370 104 887 778 Gross remuneration paid 390 307 376 559 899 481 Less: Capitalised to intangible assets (5 151) (6 455) (11 703) Long-term incentive schemes1 73 421 39 708 72 254 Organisational redesign costs2 44 477 – – 503 052 409 812 960 032 1 Includes the accounting impact of accelerated L TIS for good leavers and adjustments to bad leavers; and also includes the critical skills cash scheme expense amounting to R11.9 million (June 2025: R9.2 million; December 2025: R22.7 million). The increase in the expense is primarily driven by accelerated IFRS 2 charges applicable to the former Group CEO, together with higher vesting rates confirmed in 2026. 2 During the current period, the Group implemented a voluntary separation process in support of its organisational redesign. This resulted in termination benefits amounting to approximately R44.5 million recognised in profit or loss in accordance with IAS 19 for the period ended 30 June 2026. The termination liability remains outstanding and is expected to be settled subsequent to the interim reporting period.
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Commentary Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 52 Interim Results 2026 Group 6 months ended 30 June Year ended 31 December 2026 R’000 2025 R’000 2025 R’000 15. Other expenses Amortisation of intangible assets 44 241 47 616 92 819 Auditor’s remuneration 5 737 6 588 12 827 Consulting fees 8 300 13 981 28 755 Depreciation for Property and equipment and Right-of-use-assets 37 647 39 211 78 894 Enterprise development 3 015 5 169 10 835 Impairment of intangible asset – – 7 306 Investor protection levy (Equity market) 45 138 47 266 95 311 Other expenses1, 2 65 243 56 964 108 112 Strate ad valorem fees 100 800 84 422 178 619 Technology costs 246 261 235 379 472 612 Professional fees 31 583 22 405 53 766 Marketing and promotional expenses 14 037 19 431 43 052 Premises and facility costs 26 226 23 695 50 363 Regulatory and other compliance costs 13 159 10 680 22 416 Staff training and membership fees 18 486 18 727 41 200 Transactional and management fees2 28 537 25 529 52 756 Data information charges 18 957 17 128 32 902 707 367 674 191 1 382 546 1 Other expenses comprises of travel, operational risk losses, entertainment, stationery and other administrative costs. All these categories are below R6 million individually. 2 June 2025 balance includes the disaggregation of management fees from other expenses to transactional and management fees to provide further information. As a result, the June 2025 transactional and management fees amount of R13.9 million was restated to R25.5 million and other expenses restated from R68.5 million to R57 million. 16. Income tax expenses The Group’s consolidated effective tax rate for the period ended 30 June 2026 was 27% (30 June 2025: 27%; 31 December 2025: 27%). Deferred tax assets and deferred tax liabilities for the Group are offset when there is a legally enforceable right to set off and when they relate to income taxes levied by the same taxation authority on the same taxable entity. Group 6 months ended 30 June Year ended 31 December 2026 2025 2025 17. Earnings and headline earnings per share 17.1 Total basic earnings per share Profit for the period attributable to ordinary shareholders (R’000) 652 008 557 814 1 070 654 Weighted average number of ordinary shares: Issued ordinary shares at 1 January 86 355 491 86 355 491 86 355 491 Effect of shares repurchased during the current period (27 323) – – Effect of own shares held (JSE L TIS 2018 and JEF Trust) (6 443 007) (5 156 373) (5 384 648) Weighted average number of ordinary shares at 31 December 79 885 161 81 199 118 80 970 843 Total earnings per share (cents) 816.18 686.97 1 322.3 17.2 Total diluted earnings per share Profit for the period attributable and distributable to ordinary shareholders (R’000) 652 008 557 814 1 070 654 Weighted average number of ordinary shares (diluted): Weighted average number of ordinary shares at (basic) 79 885 161 81 199 118 80 970 843 Effect of L TIS Share Scheme 1 976 653 1 852 602 2 039 072 Weighted average number of ordinary shares (diluted) 81 861 814 83 051 720 83 009 915 Diluted earnings per share (cents) 796.5 671.6 1 289.8 The average market value of the Group’s shares for purposes of calculating the dilutive effect of share options was based on quoted market prices using a volume-weighted average price for the period.
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Commentary Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 53 Interim Results 2026 Group 6 months ended 30 June Year ended 31 December 2026 2025 2025 17. Earnings and headline earnings per share continued 17.3 Headline earnings per share Reconciliation of headline earnings (R’000): Profit for the period attributable to ordinary shareholders 652 008 557 814 1 070 654 Adjustments are made to the following: Net of tax impact (R’000) – – 5 334 Impairment of intangible asset (R’000) – – 7 306 – Taxation effect (R’000) – – (1 973) Total headline earnings (R’000) 652 008 557 814 1 075 988 Total headline earnings per share (cents) 816.2 687.0 1 328.9 17.4 Diluted headline earnings per share Diluted headline earnings per share (cents) 796.5 671.6 1 296.2 18. Intangible assets Included in the intangible asset of R709 million (June 2025: R650 million, December 2025: R678 million) is the goodwill of R216 million (June 2025: R216 million; December 2025: R216 million), customer relationships of R83 million (June 2025: R101 million; December 2025: R88 million) related to the acquisition of JSE Investor Services (Pty) Limited (JIS), computer software of R224 million (June 2025: R244 million, December 2025: R231 million) software under development of R186 million (June 2025: R89 million; December 2025: R143 million) mainly in respect of BDA modernisation, SENS strategy, Bond CCP system, Pentagon and Webstir automation projects. 19. Employee benefits Employee benefits comprise provisions for leave pay, the Critical Skills Scheme, organisational redesign costs, and discretionary bonuses, with the latter recognised only in December of each reporting period. The increase in employee benefits during the interim period is primarily attributable to organisational redesign costs. These represent a non-recurring expense recognised in the current interim reporting period as a result of changes to the Group’s operating model. The related liabilities remain outstanding at the reporting date and are expected to be settled subsequent to the interim reporting period. 20. Expected credit losses The movement in the allowance for impairment losses in respect of trade receivables during the year was as follows: Group R’000 At 1 January 2025 28 998 Increase in allowance for impairment (trade receivables) (P&L) 1 532 Receivables written off during the year as uncollectable (169) At 30 June 2025 30 361 Increase in allowance for impairment (trade receivables) (P&L) 2 110 Receivables written off during the year as uncollectable (738) At 31 December 2025 total provision 31 733 Increase in allowance for impairment (trade receivables) (P&L) 1 014 Decrease in allowance due to recoveries (trade receivables) (P&L) (1 399) Receivables written off during the year as uncollectable (38) At 30 June 2026 total provision 31 310 Under IFRS 9, the Group uses debtor historic default rates in the assessment of the probability of credit losses, while incorporating forward-looking macro-economic factors. The year to date impairment was mainly raised in respect of specific debtors where the recoverability of amounts owing appeared to be doubtful. The Group believes the impairment allowance is sufficient in respect of trade receivables. The Group uses the simplified approach in calculating ECL for trade receivables. The debtors credit terms are 30 days. Debtors are written off when they are outstanding for more than 120 days and all collection processes have been followed. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full, such as counterparty being financially distress, bankrupt or started a business rescue process.
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Commentary Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 54 Interim Results 2026 21. Financial instruments The carrying amount of all significant financial instruments approximates the fair value. Group 6 months ended 30 June Year ended 31 December 2026 R’000 2025 R’000 2025 R’000 22. Reserves Accumulated dividends paid to JEF Trust 124 818 102 223 102 223 South African Government bonds reserve1 67 998 15 708 67 078 Fines – listed companies 10 728 18 617 14 134 JEF Trust reserve 54 360 54 360 54 360 Investor protection funds reserve2 769 076 727 606 769 453 – JSE Debt Guarantee Fund Trust 129 907 127 408 128 631 – JSE Derivatives Fidelity Fund Trust 366 909 342 139 366 716 – JSE Guarantee Fund Trust 272 260 258 059 274 106 Non-distributable reserves 1 026 980 918 514 1 007 247 Share-based payment reserve3 66 528 56 092 77 868 Fair value reserve4 (77 010) (77 010) (77 010) Total reserves 1 016 498 897 596 1 008 105 1 This reserve comprises of fair value through OCI financial assets related to the South African Government bond portfolio held by JSE Limited. The after tax fair value movement for JSE Limited in 30 June 2026 was R0.9 million gain (June 2025: 10 million loss December 2025: R40.5 million gain) reflected in the company statement of comprehensive income. The same movement is consolidated at Group level. 2 These funds were established for the purpose of investor protection in the event of a member defaulting in the Equity, Equity Derivatives and Bond Markets. 3 This reserve relates to the portion of the 2018 Long-Term Incentive Schemes that have been expensed to date. 4 This reserve comprises fair value adjustments in respect of fair value through OCI financial assets for the investment held in Globacap. 23. Share based payment reserve i) Vesting of Allocation 5 Tranche 2 and Allocation 6 Tranche 1 (LTIS 2018) Allocation 5 Tranche 2 (L TIS 2018) and Allocation 6 Tranche 1 (L TIS 2018) vested on 1 March 2026. Participation in the vesting of these tranches was available to all L TIS 2018 participants who were employed by the Group on the vesting date, as well as qualifying good leavers, in accordance with the terms and conditions of the Scheme Rules. ii) Restraint of trade – Share allocation In April 2026, the Group Remuneration Committee approved a restraint of trade agreement applicable to the former Group CEO for the 12-month period ending 31 March 2027. Under the terms of the agreement, 51 364 shares, with a grant-date fair value VWAP of R155 per share, were transferred to the participant at the commencement of the restraint period. An expense of approximately R2 million was recognised in respect of this arrangement for the period ended 30 June 2026. iii) Allocation #9 under LTIS 2018 – Granted during the period under review In accordance with shareholder approval, for the provision of financial assistance to the JSE L TIS 2018 Trust, the Board approved a fresh annual allocation of shares (Allocation 9) to selected employees for the 2026 period. These individual allocations were all accepted by the scheme participants on or before 12 March 2026. Allocation 9 comprises a total of 554 062 JSE ordinary shares, and these shares were acquired in the open market on or before 12 March 2026, at a volume-weighted average price (including all execution costs) of 174.18 per ordinary share for both Executive Committee and Senior members. These shares are held in trust and are restricted until all vesting conditions are fulfilled whereupon the shares vest. Of the total number of shares granted in Allocation 9, a total of 354 470 shares has been granted to members of the JSE’s Executive Committee.
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Commentary Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 55 Interim Results 2026 23. Share based payment reserve continued iii) Allocation #9 under LTIS 2018 – Granted during the period under review continued Information on Allocation 9 is as follows: Executive Committee award Corporate performance shares Weighted average share price at grant date (rands per share) 174.18 Total number of shares granted 354 470 Dividend yield (%) 3.7% Grant date 01-Mar-26 Vesting profile: 50% of the shares awarded vest on 1 March 2029 (Tranche 1) 177 235 50% of the shares awarded vest on 1 March 2030 (Tranche 2) 177 235 The shares forfeited by leavers on the new allocation to date are nil (Tranche 1 and Tranche 2). The total shares outstanding at period end are 354 470. Senior management award Corporate performance shares Share price at grant date (rands per share) 174.18 Total number of shares granted 199 592 Dividend yield (%) 3.7% Grant date 01-Mar-26 Vesting profile: 50% of the shares awarded vest on 1 March 2029 (Tranche 1) 99 796 50% of the shares awarded vest on 1 March 2030 (Tranche 2) 99 796 Total shares forfeited by leavers to date are nil for the new allocation (Tranche 1 and Tranche 2). The total shares outstanding at year end are 199 592. The profit or loss charge for the period, calculated using the VWAP methodology to determine the grant date fair value, in respect of each allocation granted under L TIS 2018 is as follows: Group 6 months ended 30 June Year ended 31 December 2026 2025 2025 Allocation #4 (granted in March 2021) – R3.6m R3.6m Allocation #5 (granted in March 2022) R11.2m R12.8m R12.8m Allocation #6 (granted in March 2023) R19.2m R4.8m R11.1m Allocation #7 (granted in March 2024) R8.1m R4.4m R9.6m Allocation #8 (granted in March 2025) R16.7m R4.9m R12.8m Allocation #9 (granted in March 2026) R4.4m – – Restraint of trade allocation R2.0m – – R61.6m R30.5m R49.9m Group 6 months ended 30 June Year ended 31 December 2026 R’000 2025 R’000 2025 R’000 24. Leases Impact on the statements of financial position as at period ended Assets Right-of-use assets at 1 January1 408 654 404 625 404 625 Lease modification2 – – 4 029 Accumulated depreciation (270 731) (240 207) (255 406) Total assets1 137 923 164 418 153 248 Lease Liabilities Current portion 26 038 21 014 23 492 Non-current portion 144 113 168 735 161 322 Total liabilities 170 151 189 749 184 814 1 The right-of-use asset relates solely to the head office property lease, which has a lease term expiring on 31 December 2030. 2 The 2025 lease modification arises from the leasing of additional parking spaces at the head office building.
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Commentary Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 56 Interim Results 2026 Group 6 months ended 30 June Year ended 31 December 2026 R’000 2025 R’000 2025 R’000 24. Leases continued The following amounts are recognised in the statement of comprehensive income for the period ending Depreciation (15 325) (14 947) (30 146) Loss from operating activities (15 325) (14 947) (30 146) Finance cost (8 665) (9 679) (18 810) Impact on profit for the period (23 990) (24 626) (48 956) Changes in liabilities arising from financing activities Opening balance 1 January 184 814 208 920 208 920 Lease modification – – 4 029 Loan repayments for the period1 (23 328) (28 850) (46 945) Interest charges for the period 8 665 9 679 18 810 Balance as at period end 170 151 189 749 184 814 There is no material impact on other comprehensive income or the basic and diluted earnings per share. 1 Loan repayments includes the interest charged portion of R8.7 million (30 June 2025: R9.7 million, 31 December 2025: R18.8 million) included in operating activities in the Statement of Cash Flow, with the remaining balance being included within financing activities. 25. Fair value estimation Financial instruments measured in the statement of financial position at fair value require disclosure. The following is the fair value measurement hierarchy: ⸋ Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1) ⸋ Inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2) ⸋ Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3) Group Level 1 R’000 Level 2 R’000 Level 3 R’000 Total balance R’000 June 2026 Assets Other investments1 – Equity securities (financial instruments) 259 754 323 709 – 583 463 – Debt securities (financial instruments measured at fair value through OCI) 710 923 – – 710 923 Total assets 970 677 323 709 – 1 294 386 December 2025 Assets Other investments1 – Equity securities (financial instruments) 276 745 318 903 – 595 648 – Debt securities (financial instruments measured at fair value through OCI) 636 260 – – 636 260 Total assets 913 005 318 903 – 1 231 908 June 2025 Assets Other investments1 – Equity securities (financial instruments) 247 086 308 727 – 555 813 – Debt securities (financial instruments measured at fair value through OCI) 482 736 – – 482 736 Total assets 729 822 308 727 – 1 038 549 1 Excludes the aurik supplier development investment measured at amortised cost with a carrying value of R15 million (June & December 2025: R15 million).
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Commentary Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 57 Interim Results 2026 25. Fair value estimation continued The fair value of financial instruments traded in active markets is based on quoted market prices, which represent actual and regularly occurring market transactions between market participants at the reporting date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker or industry group pricing market transactions on an arm’s length basis and transactions occur regularly. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in level 1. Instruments included in level 1 comprise primarily FTSE 100 equity investments and South African Government Bonds classified as fair value through OCI. The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. Level 2 is made up of protective cell funds and collective investment schemes, which is measured at the clean price and the foreign currency respectively and are publicly traded. If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. Level 3 comprises of unlisted equity investments in Globacap Fintech company which has been impaired to nil. For all other financial assets and liabilities, the carrying value approximates the fair value. 25.1 Reconciliation: Level 3 recurring fair value measurements In the prior year, JSE Limited determined the fair value of its investment in Globacap Technology Ltd (“Globacap”) to be nil, reflecting the significant financial and regulatory challenges facing the investee. Globacap is an unlisted entity incorporated in the United Kingdom. JSE Limited acquired the initial investment in 2021 for R84 million (£4 million) and made an additional investment of R9.6 million (£0.5 million) in 2022. The valuation was based on management’s assessment of relevant facts and circumstances, including continued cash flow constraints and regulatory concerns affecting Globacap’s ability to sustain operations and generate future economic benefits. In the current year, no new information came to management’s attention to indicate that the prior year fair value determination of nil should be revised. The investment remains in the books of the JSE and impaired to nil as the liquidation of the entity is yet to be finalised. Ordinary shares R’000 Preferred shares R’000 Globacap equity interest R’000 Globacap equity investment reconciliation Opening balance 1 January 2025 64 896 10 631 75 527 Net fair value movement recognised in OCI during the period (pre-tax) (64 896) (10 631) (75 527) Closing balance 30 June 2025 – – – Net fair value movement recognised in OCI during the period (pre-tax) Closing balance 31 December 2025 – – – Net fair value movement recognised in OCI during the period (pre-tax) – – – Closing balance 30 June 2026 – – – 26. Guarantees, contingent liabilities and commitments 26.1 Guarantees A guarantee of an amount of R14 million (June 2025: R14 million, December 2025: R14 million) was issued by Rand Merchant Bank of South Africa Limited in favour of Strate Limited on behalf of JSE Limited in terms of an agreement to cover any failure by JSE Investor Services CSDP (Pty) Limited to comply with Strate rules and regulations. JSE Limited issued a letter of undertaking and indemnity to Strate Limited in respect of JSE Investor Services CSDP (Pty) Limited for R7 million (June 2025: R7 million, December 2025: R7 million) for the purpose of ensuring that the subsidiary is in compliance with the Rules of Strate which applies to Central Securities Depository Participants in South Africa. 26.2 Contingent liabilities No material contingent liabilities existed as at 30 June 2026. 26.3 Commitments No material commitments existed as at 30 June 2026. 27. Events after reporting date There have been no material events that would require adjustment or disclosure in the annual financial statements between 30 June 2026 and the date of Board approval of the annual financial statements. Sandton 4 August 2026 Sponsor: Rand Merchant Bank (A division of FirstRand Bank Limited)
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Commentary Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows Notes to the condensed consolidated financial statements 58 Interim Results 2026 Interim Results 2026 Notes
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Commentary Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows Notes to the condensed consolidated financial statements 59 Interim Results 2026 # 19939
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Commentary Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows Notes to the condensed consolidated financial statements Commentary Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows Notes to the condensed consolidated financial statements A Interim Results 2026 www.jse.co.za