Zimbabwe Stock Exchange Holding Limited (ZSEHL) delivered a landmark year in 2025, combining robust market performance, a historic self-listing, and accelerated sustainability initiatives, according to highlights from its 2025 Annual Report.
ZSEHL reported Group turnover of USD6.38 million for the year ended 31 December 2025, down 15.42% from USD7.55 million in 2024. The decline was offset by disciplined cost management and operational efficiency, with Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) at USD649,415 versus USD1.84 million in the prior year, a 64.7% reduction.
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Book NowThe bottom line showed marked improvement. Profit after tax jumped 477.4% to USD116,184 from USD20,121 in 2024, reflecting stronger margins and improved contributions across the Group. Total assets closed the year at USD4.29 million, down 13.9% from USD4.98 million, while total liabilities reduced 8.74% to USD1.21 million from USD1.32 million, strengthening the balance sheet.
Both exchanges under ZSEHL recorded substantial growth in market capitalisation and trading activity.
On the ZSE, market capitalisation rose to ZWG91.62 billion in 2025 from ZWG68.23 billion in 2024. Trading turnover more than doubled to ZWG5.62 billion from ZWG2.28 billion, indicating improved liquidity and investor participation.
The Victoria Falls Stock Exchange continued its upward trajectory. VFEX market capitalisation reached USD2.1 billion, up from USD1.27 billion in 2024. Trading turnover on the USD-denominated bourse doubled to USD112 million from USD56 million, underscoring growing international and local interest in hard-currency listings.
ZSEHL advanced its environmental agenda in 2025. Liquid fuel consumption fell 39% to 47,500 litres from 78,155 litres, as the Group shifted toward renewable energy and hybrid vehicles. Solar energy generation increased 30% to 30,995 kWh from 23,828 kWh, with an ambition to achieve 100% solar power from the current 51%. Water usage rose 8% to approximately 472,000 litres, with plans to reduce reliance on purchased water by expanding borehole capacity. Landfill waste dropped 16% to 0.29 tonnes, in line with a zero-waste target.
On the social front, headcount was streamlined to 42 from 51, an 18% reduction, as automation and skills development lifted productivity per employee. Recruitment fell 45% to 6 new hires, reflecting a focus on strategic, digitally competent staff. Gender diversity stood at 29 males and 13 females, with management committing to bias-free recruitment tools to improve female retention and growth. Pension contributions rose 70% to USD199,388, enhancing retirement security.
Economic impact metrics showed procurement spend at USD1.55 million, down 1.2% as ESG factors were integrated into supplier decisions. Tax payments increased 68% to USD123,944, with the Group sustaining 100% compliance.
On 10 July 2025, ZSEHL listed by way of introduction, with trading commencing the next day. The move established ZSEHL as the parent company for both ZSE and VFEX, while each retained independent regulatory licences. The self-listing places ZSEHL among few African exchanges to achieve such a structure, enhancing transparency, accountability, and global visibility for Zimbabwe’s capital markets.
ZSE Rebranding unveiled during the listing ceremony, signals a simplified, diversified brand focused on stakeholder needs while honouring its history.
On 17 March 2025, ZSEHL rolled out Data Direct, an AI-enabled platform for ZSE and VFEX market data. Accessible at www.datadirect.zse.co.zw, it offers end-of-day reports, live trading data via View Only Terminal, and customisable subscription packages with AI-generated insights. Paynow integration enables seamless payments.T+2 Settlement Cycle: The Group transitioned from T+3 to T+2, reducing systemic risk and aligning with international best practice. The shorter cycle improves liquidity and allows faster capital redeployment.
The 2025 results position ZSE Holdings as a more transparent, efficient, and globally competitive market operator. With a self-listed structure, upgraded technology, faster settlement, and a growing issuer pipeline, the Group aims to deepen capital markets and support SME growth through ZEEX, while advancing its ESG commitments into 2026.
