THE Zimbabwe Stock Exchange Holdings posted a modest profit for the year ended December 31, 2025, despite a sharp decline in revenue, demonstrating resilience in a difficult operating environment.Zimbabwe economic experts
According to the group’s audited financial results, revenue fell by 15 percent to US$6,38 million from US$7,55 million in 2024, reflecting reduced activity across certain segments of the capital market.
Despite the revenue contraction, the group recorded a profit after tax of US$116 182, a marked improvement from US$20 123 achieved in the previous year.
In a statement accompanying the results, chairperson Mrs Caroline Sandura said the performance underscored the exchange’s ability to remain stable amid market headwinds.
“The year under review was characterised by a challenging operating environment, which had an impact on revenue performance. Nonetheless, the group remained focused on maintaining operational resilience and strengthening the capital markets infrastructure,” she said.
The decline in revenue also affected operating profitability, with earnings before interest, tax, depreciation and amortisation (EBITDA) dropping sharply by 65 percent to US$649 415 from US$1,84 million in the prior year.
Despite the fall in operating earnings, Mrs Sandura said the group prioritised efficiency and operational stability throughout the year. “Our focus during the period was on ensuring the sustainability of the exchange and continuing to provide reliable market infrastructure for investors, issuers and other stakeholders,” she said.
One of the notable highlights of the year was improved cash generation, which rose to US$654 549 from US$187 287 in 2024.
The increase in operating cash flow reflects improved working capital management and the group’s efforts to maintain financial discipline during a period of declining revenue.
Mrs Sandura said maintaining liquidity and operational capacity remained a key component of the exchange’s long term strategy.
“The group continues to place emphasis on sound financial management and operational efficiency as we position the exchange for future growth,” she said.
Total assets declined by 14 percent to US$4,29 million from US$4,98 million in the prior year. Non-current assets fell by 19 percent to US$3,09 million, while current assets remained relatively stable at US$1,2 million.
The group’s equity position softened, with net assets decreasing by 16 percent to US$3,09 million. Total liabilities declined by nine percent to US$1,21 million, signalling a modest reduction in obligations over the period.
Despite the contraction in the balance sheet, Mrs Sandura said the exchange remains well positioned to continue supporting Zimbabwe’s capital markets.
“The Zimbabwe Stock Exchange remains a critical institution in the development of the national financial ecosystem, providing transparent and efficient platforms for capital formation,” she said.Zimbabwe economic experts
Auditors identified revenue recognition as a key audit matter, noting that exchange revenues are derived from various streams, including transaction levies, listing fees, membership fees and document review charges, all of which involve high transaction volumes and complex information technology systems.
Looking ahead, Mrs Sandura said the group would continue strengthening market infrastructure while supporting the growth and development of Zimbabwe’s capital markets.
“The board remains committed to advancing initiatives that deepen the capital markets, enhance investor participation and improve the overall efficiency of the exchange,” she said.
She added that the exchange would continue engaging closely with regulators, market participants and issuers to expand opportunities for capital raising and investment.
