Wrap Text
Reviewed Results For The Year Ended 28 February 2026 And Dividend Declaration
PSG FINANCIAL SERVICES LIMITED
(Incorporated in the Republic of South Africa)
Registration Number: 1993/003941/06
JSE Share Code: KST
NSX Share Code: KFS
SEM Share code: PSGK.N0000
ISIN Code: ZAE000191417
LEI Code: 378900ECF3D86FD28194
("PSG Financial Services" or "PSG" or "the company" or "the group")
REVIEWED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2026 AND DIVIDEND
DECLARATION
1. FINANCIAL RESULTS
• Recurring headline earnings per share increased by 34% to 135.0 cents per share
• Total dividend per share increased by 25% to 65.0 cents per share
• Assets under management increased by 20% to R564.6bn
• Gross written premium increased by 5% to R8.0bn
Note: All amounts contained in this short-form announcement are presented in ZAR.
PSG delivered a 33.5% increase in recurring headline earnings per share and a return on
equity of 31.7%.
Our key financial metrics continue to highlight the competitive advantage of the PSG
advice-led business model. While operating conditions remained challenging, favourable
securities markets aided the group's results during the period. Positive markets resulted
in better asset performance, improved investment income and a rise in performance fees,
which constituted 9.2% (2025: 3.7%) of headline earnings. Total assets under
management increased by 19.9% to R564.6 billion, comprising assets managed by PSG
Wealth of R480.9 billion (17.3% increase) and PSG Asset Management of R83.7 billion
(37.7% increase), while PSG Insure's gross written premium amounted to R8.0 billion
(5.0% increase)*.
* If the impact of the sale of the Western Namibia business is excluded, PSG Insure's gross written premium
has increased by 7.0%
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 8.6% (these costs continue
to be fully expensed), while our fixed remuneration cost grew by 8.1%. We are proud of
the progress made in growing our own talent, with 147 newly qualified graduates having
joined during the period.
PSG's key financial performance indicators for the year ended 28 February 2026 are
shown below:
28 Feb 2026 Change 28 Feb 2025
R'000 % R'000
Core income 8 279 652 22 6 797 835
Headline and recurring headline earnings 1 682 243 32 1 272 236
Non-headline items^ 54 515 1 565
Earnings attributable to ordinary shareholders 1 736 758 36 1 273 801
Divisional recurring headline earnings
PSG Wealth 950 626 25 763 212
PSG Asset Management 472 777 59 297 246
PSG Insure 258 840 22 211 778
1 682 243 32 1 272 236
Weighted average number of shares in issue
(net of treasury shares) (millions) 1 246.4 (1) 1 258.7
Earnings per share (basic) (cents)
– Headline and recurring headline 135.0 34 101.1
– Recurring headline (excluding intangible asset 141.3 32 107.1
amortisation cost)
– Recurring headline (excluding performance fees) 122.5 26 97.3
– Attributable 139.3 38 101.2
Dividend per share (cents) 65.0 25 52.0
– Interim dividend per share 20.0 17.0
– Final dividend per share 45.0 35.0
Return on equity (ROE) (%) 31.7 26.6
^ Includes a R56.5 million profit on sale of the Western 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 260% (2025: 257%) based on the latest
insurance group return. This comfortably exceeds the minimum regulatory requirement of
100%. During July 2025, Global Credit Rating Company upgraded the group's long-term
and short-term credit ratings to AA-(ZA) from A+(ZA) and to A1+(ZA) from A1(ZA)
respectively, with a Stable Outlook. This is the fifth rating upgrade that the group has
received over the last 10 years. The increase in the group's capital cover ratio and the
credit rating upgrade is 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 12.3 million shares during the year at a cost
of R296.9 million as part of shareholder capital optimisation. This repurchase
included an amount equivalent to all shares issued under the group's long?term
incentive schemes during the financial year.
• Our shareholder investable asset's exposure to equity marginally increased to
10% (9% in the comparable period). We continue to monitor investment markets
and will gradually increase our value at risk exposure to align with our long-term
target.
2. FINAL DIVIDEND DECLARATION
Considering the strong cash position, the board declared a final gross dividend of
45.0 ZAR cents per share from income reserves for the year ended 28 February 2026
(2025: 35.0 ZAR cents per share). This brings the total dividend distribution to
shareholders to 65.0 ZAR cents per share (2025: 52.0 ZAR cents per share) for the full
year, reflecting the group's sound financial position and confidence in its prospects. 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
final dividend of 36.0 ZAR cents (2025: 28.0 ZAR cents) per share. The number of issued
ordinary shares is 1 248 509 839 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, 16 April 2026
Last day to trade cum dividend Tuesday, 5 May 2026
Trading ex-dividend commences Wednesday, 6 May 2026
Record date Friday, 8 May 2026
Date of payment Monday, 11 May 2026
As the dividend has been declared and denominated in ZAR, it will be paid (in ZAR) into
the bank accounts of shareholders appearing on the Mauritian register.
Share certificates may not be dematerialised or rematerialised between Wednesday,
6 May 2026 and Friday, 8 May 2026, both days inclusive.
3. LOOKING FORWARD
PSG is a proudly South African company that believes in the future of our country. In the
short term we are concerned that both international and domestic markets have not
sufficiently discounted downside risks and perhaps moved ahead of current economic
fundamentals.
Developed markets are heavily indebted and the advent of political populism makes a
return to normality difficult. At the same time, global competition on trade, combined with
emerging disruptive technologies, present clear risks, while military action in the Gulf is a
particular concern.
Domestically the SARB and National Treasury should be applauded for reducing inflation,
while also reigning in the budget deficit and national debt. Along with higher commodity
prices, we have experienced a better backdrop for securities markets. However, promised
government reforms have lagged and professional management remains uneven, which
is why we have not seen material improvements in a broad range of economic indicators.
At the same time, a lack of adequate socioeconomic impact studies, to support policy and
legislation, casts doubt on the rationale for sustained improvements in economic growth
and employment. An integrated economic plan that looks beyond current crisis
management, is an imperative.
PSG remains optimistic regarding the ability of ordinary South Africans to engineer a
better future for themselves and their families, and we are positive about a range of
opportunities for the firm. As such, we will continue to increase our investment in both
technology and human resources at a rate roughly consistent with our long-term historical
averages. We will however monitor conditions as the year advances.
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/PSGFY2026.pdf
Copies of the Full Announcement are also available for viewing on the company's website
at https://www.psg.co.za/files/investor-relations/financial-information/PSGFY2026.pdf
In addition, electronic copies of the Full Announcement may be requested and obtained,
at no charge, from the company at company.secretary@psg.co.za.
Any investment decisions by investors and/or shareholders should be based on
consideration of the Full Announcement, as a whole.
The content of this announcement is derived from reviewed information, but is not itself
reviewed. The company has based this short-form announcement on the financial results
for the year ended 28 February 2026, which have been reviewed by the company's
auditor, Deloitte & Touche, who expressed an unmodified review conclusion thereon.
Tyger Valley
16 April 2026
JSE Sponsor: PSG Capital Proprietary Limited ("PSG Capital")
NSX Sponsor: PSG Wealth Management (Namibia) Proprietary Limited, member of the
Namibian Stock Exchange
SEM Authorised Representative and SEM Sponsor: Perigeum Capital Ltd
This notice is issued pursuant to the JSE Limited Listings Requirements and the SEM Listing
Rules. The board of directors of PSG Financial Services accepts full responsibility for the
accuracy of the information contained in this communiqué.
Date: 16-04-2026 11:20:00
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