THE year 2025 is now behind us, market participants are keen to assess how Zimbabwe’s capital markets performed in 2025 and identify potential opportunities and risks in 2026.
Below, we highlight some of the key developments that shaped the market during the year.
Corporate transactions
One of the most significant corporate restructurings in recent years was the transfer of the mobile money platform previously housed under EcoCash Holdings back to Econet Wireless Zimbabwe, implemented through a Scheme of Reconstruction approved in April 2024.
The transaction resulted in the transfer of several subsidiaries to Econet, including EcoCash (Private) Limited, VAYA Technologies Zimbabwe (Private) Limited, Econet Insurance (Private) Limited, Econet Life (Private) Limited, MARS Zimbabwe (Private) Limited, and Maisha Health Fund (Private) Limited.
The primary objective was to reintegrate these services into Econet’s core mobile network operations, thereby leveraging customer base synergies and streamlining operational efficiency.
Following this restructuring, EcoCash Holdings was left with Steward Bank Limited as its sole subsidiary. In July 2025, the company rebranded to TN CyberTech Investments Holdings Limited, following shareholder approval and regulatory consent, effectively repositioning itself as a bank holding company, with Steward Bank as its principal asset.
Delistings on the ZSE
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The Zimbabwe Stock Exchange (ZSE) experienced a notable wave of delistings during 2025. The Old Mutual Top 10 ETF delisted on January 17, followed by Khayah Cement on May 22, Truworths on July 22, and National Tyre Services on December 31.
In addition, Econet Wireless Zimbabwe announced its intention to voluntarily delist from the ZSE in December, subject to shareholder approval.
The proposed restructuring involves listing its infrastructure arm, Econet InfraCo, on the Victoria Falls Stock Exchange (VFEX), while the services business would be taken private.
The company is expected to convene an Extraordinary General Meeting to vote on the proposal and confirm a delisting date. If implemented, this would mark one of the most consequential exits from the ZSE in recent history.
Listings, delistings on VFEX
On the VFEX, National Foods delisted on January 31, 2025. However, the exchange also recorded new activity, most notably the listing of Eagle REIT on May 16, 2025, strengthening the VFEX’s real estate investment trust offering.
Looking ahead, Pfuma REIT is expected to list on the VFEX on February 4, 2026, with its subscription period having opened on December 11, 2025 and closing on January 23, 2026.
Pfuma REIT’s investment objective is to build a diversified portfolio of retail-focused real estate assets, complemented by selective developments aimed at enhancing earnings capacity and asset quality over time.
Strategically, Pfuma REIT positions itself between the acquisition-led, relatively mature model of Tigere REIT (listed on the ZSE) and the more development-intensive approach of Eagle REIT, offering investors a balanced growth-and-income proposition.
Market performance in 2025
In terms of market performance, the VFEX All Share Index surged by 69%, rising from 104,57 to 177,12 during 2025. The ZSE All Share Index also posted gains, increasing 28% from 217,50 to 277,86.
Within the listed property space, Tigere REIT gained 33%, Revitus REIT rose 40%, while Eagle REIT surged 60% over its seven-month trading period.
Overall, the VFEX outperformed the ZSE, benefiting from stronger USD-based pricing and relative insulation from liquidity constraints experienced on the ZSE.
Market breadth also highlighted this divergence. On the VFEX, the majority of equities closed the year in positive territory, only Seed Co International closed in the red, while on the ZSE, more counters ended the year in the red than in the green, reflecting both stock-specific challenges and broader market risk factors.
Outlook for 2026
As 2026 begins, investors seeking to unlock value should closely examine ZSE counters that ended 2025 in the red, distinguishing between those affected by fundamental reasons and those impacted primarily by market-wide risk.
While the ZSE is widely perceived to be under strain, we believe that rational, long-term investors may still uncover compelling opportunities.
As Warren Buffett famously noted, “Be fearful when others are greedy, and greedy when others are fearful”.
On the VFEX, momentum remains positive, and strong 2025 returns may tempt investors to go all in on select counters. While I remain constructive on the VFEX, I caution that repeat stellar gains (Y-o-Y) across the board are unlikely.
That said, quality companies tend to remain quality companies, and investors should consider exposure to such counters with a long-term perspective, rather than solely pursuing short-term capital appreciation.
- Taimo is an investment analyst with a talent for writing about equities and addressing topical issues in local capital markets. He holds a First Class Degree in Finance and Banking from the University of Zimbabwe. He is an active member of the Investment Professionals of Zimbabwe community, pursuing the Chartered Financial Analyst charter designation.
