The Zimbabwe Stock Exchange delivered a striking turnaround in its Q3 2025 results—engineered less by top-line expansion and more by tightened controls and operational discipline.
Although revenue slipped by about 3%, the bourse’s earnings before interest, tax, depreciation and amortisation soared 442%, while profit before tax exploded 1,334%.
The sharp recovery was largely fuelled by an 11% cut in operating costs, offsetting the muted revenue performance and pointing to a stronger internal focus on efficiency.
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Key performance indicators also reflected a revived market: turnover climbed 32.21% to ZiG$1.97 billion, while the market-capitalisation rose to ZiG$65.68 billion as at September 30 2025—an increase of 7.73% over the prior quarter.
Large-cap stocks drove much of this activity. The leading contributors to market value included Delta Corporation (≈ 28.6%), Econet Wireless Zimbabwe (≈ 21.8%), FBC Holdings (≈ 8.1%), CBZ Holdings (≈ 6.5%) and Mashonaland Holdings (≈ 3.7%).
While the numbers are encouraging, the exchange faces important questions around depth and investor diversity.
Foreign participation fell to 17.04% during the quarter, indicating that global investors remain cautious amid Zimbabwe’s broader macro-economic pressures.
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