PSG FINANCIAL SERVICES LIMITED - Unaudited Interim Results And Dividend Declaration For The Six Months Ended 31 August 2026
15 October, 2026 - Posted at - 11:00:00
Unaudited Interim Results And Dividend Declaration For The Six Months Ended 31 August 2026
PSG FINANCIAL SERVICES LIMITED
(Incorporated in the Republic of South Africa)
Registration Number: 1993/003941/06
JSE Share Code: KST
NSX Share Code: KFS
ISIN Code: ZAE000191417
LEI Code: 378900ECF3D86FD28194
(“PSG Financial Services” or “PSG” or “the company” or “the group”)
UNAUDITED INTERIM RESULTS AND DIVIDEND DECLARATION FOR THE SIX MONTHS
ENDED 31 AUGUST 2026
1. FINANCIAL RESULTS
• Recurring headline earnings per share increased by 5% to 60.9 cents
• Dividend per share increased by 10% to 22.0 cents
• Total assets under management increased by 15% to R594.1 billion
• Gross written premium increased by 5% to R4.2 billion
PSG delivered a 5% increase in recurring headline earnings per share and a return on
equity of 26.5%.
We achieved these results against a challenging operating backdrop, with securities
market conditions much less favourable than the previous comparable period. PSG
Wealth nevertheless performed in line with historical trends; PSG Asset Management's
earnings were negatively impacted by lower performance fees, while PSG Insure's
investment income was much lower than the previous equivalent period, with its
underwriting result adversely impacted by the Western Cape storms.
Notwithstanding these headwinds, the performance of our key operating and financial
metrics demonstrates our competitive advantage and the resilience of our advice-led
business model. Total assets under management increased by 15% to R594.1 billion,
comprising assets managed by PSG Wealth of R504.9 billion (12% increase) and PSG
Asset Management of R89.2 billion (30% increase), while PSG Insure's gross written
premium amounted to R4.2 billion (5% increase). Performance fees constituted 1.9%
(2025: 7.3%) of headline earnings.
The firm remains confident about its long-term growth prospects, and we therefore
continued to invest in both technology and people. Compared to the prior comparable
period, our technology and infrastructure spend increased by 4% (these costs continue
to be fully expensed), while our fixed remuneration cost grew by 10%. We are proud of
the progress made in growing our own talent, with 95 newly qualified graduates having
joined during the period.
PSG's key financial performance indicators for the six months ended 31 August 2026 are
shown below.
31 Aug 26 Change 31 Aug 25
R'000 % R'000
Core income 4 162 467 5 3 947 497
Headline and recurring headline earnings 754 538 4 726 261
Non-headline items 558 51 811^
Earnings attributable to ordinary shareholders 755 096 (3) 778 072
Divisional recurring headline earnings
PSG Wealth 464 130 14 406 960
PSG Asset Management 188 139 (5) 197 221
PSG Insure 102 269 (16) 122 080
754 538 4 726 261
Weighted average number of shares in issue
(net of treasury shares) (millions) 1 238.5 (1) 1 249.7
Earnings per share (basic) (cents)
– Headline and recurring headline 60.9 5 58.1
– Recurring headline (excluding intangible asset 63.8 4 61.1
amortisation cost)
– Recurring headline (excluding performance fees) 59.8 11 53.9
– Attributable 61.0 (2) 62.3
Dividend per share (cents) 22.0 10 20.0
Return on equity (ROE) (%) 26.5 28.6
^ Includes a R51.0 million profit on sale of the Western National Insurance Namibia business to Santam Namibia.
The sale was concluded on 3 March 2025, after the fulfilment of suspensive conditions. The assets and liabilities relating
to this business were previously recognised as held-for-sale.
Capital management
PSG's capital cover ratio remains strong at 292% (2025: 299%) based on the latest
insurance group return. This comfortably exceeds the minimum regulatory requirement of
100%. During July 2026, Global Credit Rating Company affirmed the group's long-term
and short-term credit ratings at AA-(ZA) and A1+(ZA), respectively, with a Stable Outlook.
The group's capital cover ratio and the credit rating affirmation are a testament to the
group's strong financial position and excellent liquidity.
PSG continues to generate strong cash flows, which gives us various options to optimise
our capital structure and risk-adjusted returns to the benefit of shareholders:
• The group repurchased and cancelled 8.0 million shares at a cost of R243.3 million
during the period as part of shareholder capital optimisation.
• Our shareholder investable asset's exposure to equity remained in line with the
comparable period at 10%. We continue to monitor investment markets and will
gradually increase our value at risk exposure to align with our long-term target.
2. INTERIM DIVIDEND DECLARATION
Considering the strong cash position, the board declared an interim gross dividend of 22.0
cents per share from income reserves for the period ended 31 August 2026 (2025: 20.0
cents per share). The group's dividend pay-out ratio remains between 40% to 60% of full
year recurring headline earnings excluding intangible asset amortisation.
The dividend is subject to a South African dividend withholding tax (DWT) rate of 20%,
unless the shareholder is exempt from paying dividend tax or is entitled to a reduced rate
in terms of the applicable double-tax agreement. Including DWT at 20% results in a net
dividend of 17.6 cents (2025: 16.0 cents) per share. The number of issued ordinary shares
is 1 240 501 032 at the date of this declaration. PSG Financial Services' income tax
reference number is 9550/644/07/5.
The salient dates of the dividend declaration are:
Declaration date Thursday, 15 October 2026
Last day to trade cum dividend Monday, 2 November 2026
Trading ex-dividend commences Tuesday, 3 November 2026
Record date Friday, 6 November 2026
Date of payment Monday, 9 November 2026
Share certificates may not be dematerialised or rematerialised between Tuesday,
3 November 2026 and Friday, 6 November 2026, both days inclusive.
3. LOOKING FORWARD
PSG is a proudly South African company with a strong conviction in the long-term future
of our country. While we remain constructive about South Africa's prospects, we
recognise that short-term volatility and uncertainty are likely to persist.
Global financial markets have remained resilient despite elevated geopolitical uncertainty,
rising sovereign debt levels and asset valuations in certain sectors that increasingly
appear dependent on optimistic growth expectations.
Ongoing conflict in the Middle East, pressure on global trade relationships, and the rapid
advancement of artificial intelligence and other disruptive technologies continue to create
both opportunities and risks for investors.
Domestically, the South African Reserve Bank and National Treasury continue to provide
an important anchor of macroeconomic stability. While inflation and fiscal outcomes have
generally remained well managed, economic growth remains below the levels required to
address unemployment, reduce poverty and meaningfully improve living standards.
Although progress has been made in several reform areas, infrastructure constraints,
uneven service delivery and policy uncertainty continue to weigh on investment and
economic activity.
PSG remains optimistic regarding the ability of ordinary South Africans to engineer a
better future for themselves and their families. The country continues to offer attractive
opportunities across a range of sectors, supported by entrepreneurial talent, resilient
businesses and deep capital markets. As such, we will continue to invest in technology
and human resources at levels broadly consistent with our long-term historical averages,
while remaining disciplined and adaptable to changing economic and market conditions.
4. SHORT-FORM ANNOUNCEMENT
This short-form announcement is the responsibility of the directors of the company. It
contains only a summary of the information in the full announcement
(“Full Announcement”) and does not contain full or complete details. The Full
Announcement can be found at:
https://senspdf.jse.co.za/documents/2026/JSE/ISSE/KST/PSGH12027.pdf
A copy of the Full Announcement is also available for viewing on the company's website at
https://download.psg.co.za/files/investor-relations/financial-information/PSGH12027.pdf
Any investment decisions by investors and/or shareholders should be based on
consideration of the Full Announcement, as a whole.
Tyger Valley
15 October 2026
JSE Sponsor: PSG Capital Proprietary Limited (“PSG Capital”)
NSX Sponsor: PSG Wealth Management (Namibia) Proprietary Limited, member of the
Namibian Stock Exchange
This notice is issued pursuant to the JSE Limited Listings Requirements. The board of directors
of PSG Financial Services accepts full responsibility for the accuracy of the information
contained in this communiqué.
Date: 15/10/2026 11:00:00
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