EBITDA soars 442%
....as ZSE delivers strong Q3 performance

SAMANTHA MADE
The Zimbabwe Stock Exchange (ZSE) has posted a remarkable surge in earnings before interest, tax, depreciation and amortisation (EBITDA), which jumped by 442% in the third quarter of 2025, signalling a strong rebound in operational efficiency and profitability.
Profit Before Tax (PBT) also skyrocketed by 1,334%, underscoring the success of the exchange’s aggressive cost management and efficiency drive.
Despite a marginal 3% decline in revenue, the ZSE achieved substantial growth through disciplined cost control, trimming operating expenses by 11% during the period.
“The ZSE achieved significant growth in profitability, with PBT increasing by 1,334% and EBITDA surging by 442%,” the exchange said.
Market capitalisation rose to ZWG65.68 billion as of September 30, 2025 — a 7.73% increase from the previous quarter’s ZWG60.97 billion. However, as of yesterday, the bourse’s market capitalisation stood at ZWG62.11 billion.
The biggest contributors to the market’s value were the country’s largest brewer Delta Corporation (28.57%), Econet Wireless Zimbabwe (21.76%), FBC Holdings (8.07%), CBZ Holdings (6.49%), and Mashonaland Holdings (3.73%).
Market turnover climbed 32.21% to ZWG1.97 billion, driven largely by a 39.06% rise in equities turnover to ZWG1.95 billion. The top five most traded counters were Econet Wireless Zimbabwe (ZWG1.06 billion), Delta Corporation (ZWG488 million), NMB Holdings (ZWG146 million), and CBZ Holdings (ZWG90 million).
The ZSE All Share Index gained 6.80% to close Q3 at 210.63 points, while the Top 10 Index rose 6.45% to 206.67 points — reflecting renewed investor confidence and market resilience.
The impressive financial performance stemmed largely from the absence of significant monetary losses that had weighed down results in the prior year, as well as ongoing efforts to streamline operations and enhance efficiency.
“This impressive growth in both EBITDA and PBT was primarily driven by the absence of a significant monetary loss that impacted the previous year, coupled with effective expense management,” ZSE said.