Overview Market Securities Financials Strategy Governance & Risk Data Notes

Market growth alongside investment cost and operational risk

Botswana's capital market expanded strongly in 2025, with record equity activity and higher BSE Group revenue. Operating profit declined as the Group increased investment in technology, people and execution of its 10X by 2030 strategy. A four-day trading outage in October sharpened the focus on operational resilience and elevated technology risk to Board-level attention.

What happened in FY2025

Total market turnover

P9.3bn

↑ +18.1% FY2024 · P7.9bn

✓ Verified

Equity market capitalisation

P710.0bn

↑ +3.4% FY2024 · P686.8bn

✓ Verified

Group revenue

P78.8m

↑ +17.1% FY2024 · P67.3m

✓ Audited

Operating profit

P12.2m

↓ −33.1% FY2024 · P18.2m

✓ Audited

Market activity snapshot

Total market turnoverP7.9bn → P9.3bn

Equity market capitalisationP686.8bn → P710.0bn

Bars scaled within each indicator.

Explore market performance →

Honest reading

2025 was not simply a record year. A large institutional transition mandate in Q2 inflated equity turnover. Revenue grew, but operating profit fell as costs grew faster, and a four-day outage in October exposed resilience weaknesses.

See market concentration evidence → Read the outage account →

Financial trade-off

Financial trade-off: all three facts are true at once

Revenue +17.1% Operating expenses +24.7% Operating profit −33.1% Final profit +30.3%*

Finance income up and tax down turned an operating decline into a higher final profit. *Reported as both 30.3% and 30.4% across sections of the source report, governed treatment (R018) uses 30.3%; 30.4% arises from rounded headline figures.

Explore group financials →

Displaying revenue and final profit without the operating-profit decline would over-state the year. Complete analysis on Group Financials.

10X by 2030: first year of execution

BSE self-assessment

Most completed items are foundations. Market availability above 99% and a planned sustainable bond were deferred.

Explore the 10X strategy →

10X by 2030 is BSE's growth strategy, approved in June 2025. FY2025 marked its first year of execution, with 15 Board-approved commitments organised across five strategic pillars: Talent and Culture, Technology Modernisation, Product Innovation, Internationalisation and Force for Good. Performance is measured against a 2024 KPI baseline, with 2027 and 2030 targets. See the full scorecard on Strategy.

Material developments

New leadership

CEO appointed 12 March 2025

Aobakwe Monyatsi joins as CEO and Executive Director.

Governance →

New strategy

10X by 2030 approved

Approved June 2025 · 15 commitments set for the baseline year.

10X Strategy →

Group expansion

Two subsidiaries incorporated

BMX and BSE Impact Funds Company join the Group in 2025.

Group financials →

Material event

Four-day market outage

October 2025 · trading suspended · settlement continuity preserved through manual processes.

Failure, response and remediation →

Continue exploring

02 · Market Performance

P9.3bn total turnover

+ 18.1 % · record, concentrated

03 · Securities & Participation

33 counters · 21 up / 4 down

Retail-share figures under review

04 · Group Financials

P78.8m revenue

P12.2m operating profit · audited

05 · 10X Strategy

10 of 15 achieved

2025 is the strategy baseline year

06 · Governance & Risk

4-day outage

7 principal risks · 2 High

07 · Data Quality

26 cases under review

Full reconciliation register →

BSE at a glance

1989 established 4 group entities 30 employees Sole licensed securities exchange in Botswana

Sources: BSE Integrated Report 2025 and Annual Reports 2022-2024, visually verified. Canonical release bse_canonical_v1_0_2 · database status approved (Thegreat P. Malema, 2026-09-08). Dashboard deployment and publication are governed separately. This is a public analytical dashboard, not a trading terminal or investment advice.