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PSG Financial Services has told shareholders it expects a sharp jump in earnings for the year ended Feb. 28, 2026, putting fresh attention on a JSE-listed financial group that has often been overshadowed by the bigger names in the wider business empire associated with the Mouton family.
In a trading statement, the company said it expects attributable earnings per share to rise between 36% and 39%, landing in a range of 137.8 cents to 140.9 cents per share. Headline earnings per share are expected to increase between 32% and 35%, to between 133.5 cents and 136.5 cents. The company said it will release its full annual results on April 16, 2026.
The numbers, taken together, point to broad-based growth rather than a one-off event. Recurring headline earnings are forecast to rise between 32% and 35%. Recurring headline earnings excluding amortization are expected to increase between 30% and 33%. Even when performance fees are stripped out, recurring headline earnings are seen climbing between 24% and 27%. That last figure matters because it signals that the underlying business, not just a strong fee year, is doing well.
PSG Financial Services, originally founded as PSG Konsult in 1998 by Willem Theron and Wallie Krumm, has grown into a sizeable financial advisory and wealth management operation with a market capitalization of about R32 billion. The company sits within the orbit of the PSG stable, the constellation of businesses built by South African billionaire Jannie Mouton, whose net worth Forbes has pegged at around $2.2 billion. Beyond PSG Financial, Mouton's network helped build Capitec Bank, private schooling group Curro and logistics and industrial group KAP, among others.
The family connection remains active. Piet Mouton, Jannie's son, serves on the PSG Financial board as an independent non-executive director.
The Mouton family's direct shareholding in PSG Financial has shifted since the PSG Group restructuring of 2022, when the group unbundled its stakes in PSG Financial Services, Curro, KAL Group and Stadio. That restructuring was designed to give investors more direct exposure to each business. By the end of the 2025 financial year, the Mouton family trust still held a 13% stake in PSG Financial. That position has since been partially reduced as the family pursued a deal to acquire and delist Curro in a transaction valued at roughly R7.2 billion, with PSG Financial shares forming part of the consideration.
Despite the group's size and its backing, PSG Financial has tended to attract less investor commentary than Capitec or Curro. Its core work is wealth management, financial planning and investment products, a business that generates steady fees but rarely makes headlines. The 2026 earnings guidance may change that dynamic in the short term, at least until results day on April 16.
What the trading statement does not do is explain precisely which parts of the business drove the outperformance. The detail that recurring earnings growth, even after removing performance fees, is running at 24% to 27% is worth noting. It suggests the company's advisers and platforms are generating more revenue from ongoing client relationships, not just from markets doing well or one exceptional quarter of deal-linked fees.
PSG Financial's full-year results later this month will give investors a clearer view of where the growth came from and whether the momentum is durable heading into the 2027 financial year.
