**Investec PLC Pre-Close Trading Statement Summary (September 2025)**
**Overview**
Investec Group released its pre-close trading update for the interim period ending 30 September 2025 (1H2026), highlighting stable performance despite macroeconomic challenges and market volatility. The Group expects results in line with the prior period, supported by strong capital generation and strategic growth initiatives.
**Key Financial Expectations (1H2026 vs. 1H2025)**
**Adjusted Earnings per Share (EPS)** 38.7p to 41.5p (vs. 39.5p in 1H2025), ranging from ~2% behind to ~5% ahead.
**Headline EPS** 35.2p to 38.0p (vs. 36.6p), ~4% behind to ~4% ahead.
**Basic EPS** 36.0p to 38.8p (vs. 36.6p), ~2% behind to ~6% ahead.
**Pre-Provision Adjusted Operating Profit:** £509.4m to £540.3m (vs. £541.6m), ~6% behind to flat.
**Credit Loss Ratio** Within the through-the-cycle (TTC) range of 25bps to 45bps, with strong overall credit quality.
**Cost-to-Income Ratio:** 52% to 54%in line with full-year guidance.
**Adjusted Operating Profit Before Tax** £451.0m to £481.8m (vs. £474.7m).
**Regional Performance**
**Southern Africa**
Specialist Bank adjusted operating profit up to ~7% ahead in Rands.
Group Investments behind prior period, resulting in overall Southern African adjusted operating profit ~5% behind to flat in Rands.
ROE ~18.5%within the 16% to 20% target range.
CET1 ratio at 15.3% (June 2025)up from 14.8% (September 2024).
**UK Business (incl. Rathbones)**
Adjusted operating profit ~1% behind to ~6% ahead.
Specialist Bank adjusted operating profit ~4% behind to ~4% ahead.
ROTE ~13%within the 13% to 17% target range.
CET1 ratio at 12.2% (June 2025)down from 12.6% (September 2024).
**Group Performance**
**ROE:** 13% to 14%within the 13% to 17% target range.
**ROTE:** 15% to 16%within the 14% to 18% target range.
**Operational Highlights (Five Months to August 2025)**
**Core Loans** Increased 4.7% annualised to £33.0bn (5.5% in neutral currency), driven by corporate and private client lending.
**Customer Deposits** Decreased 1.9% annualised to £40.8bn (1.1% in neutral currency), due to liability mix optimisation in Southern Africa.
**Funds Under Management (FUM)**
Southern African Wealth FUM up 7.8% to £25.2bn, with net discretionary and annuity inflows of R9.3bn.
Rathbones FUMA at £109.0bn (June 2025).
**Strategic Progress**
Continued execution of growth initiatives despite challenging conditions.
Repurchased ~R1.1bn/£46m under the share buy-back programme (total R2.5bn/£100m announced in May 2025).
Committed to advancing returns towards the upper end of the target range by FY2030.
**Other Information**
Financial data has not been audited.
Interim results scheduled for 20 November 2025, followed by a business update on corporate mid-market growth initiatives.
Investor conference call held on 19 September 2025.
**Conclusion**
Investec Group demonstrated resilience in 1H2026, maintaining performance levels despite macroeconomic headwinds. Strategic focus on growth, capital management, and client support positions the Group for long-term shareholder value enhancement.
| Metric | 1H2025 (Actual) | 1H2026 (Forecast) | Year-on-Year Change |
|---|---|---|---|
| Adjusted Earnings per Share (p) | 39.5 | 38.7 - 41.5 | ~2% behind to ~5% ahead |
| Headline Earnings per Share (p) | 36.6 | 35.2 - 38.0 | ~4% behind to ~4% ahead |
| Basic Earnings per Share (p) | 36.6 | 36.0 - 38.8 | ~2% behind to ~6% ahead |
| Pre-Provision Adjusted Operating Profit (£m) | 541.6 | 509.4 - 540.3 | ~6% behind to flat |
| Adjusted Operating Profit Before Tax (£m) | 474.7 | 451.0 - 481.8 | ~5% behind to ~1% ahead |
| Southern Africa Adjusted Operating Profit (R'm) | 5,890 | ~5% behind to flat | ~5% behind to flat |
| UK Adjusted Operating Profit (£m) | 222.7 | ~1% behind to ~6% ahead | ~1% behind to ~6% ahead |
| Core Loans (£bn) | 32.4 (Mar-25) | 33.0 (Aug-25) | +4.7% annualised |
| Customer Deposits (£bn) | 41.2 (Mar-25) | 40.8 (Aug-25) | -1.9% annualised |
| FUM - Southern Africa Wealth (£bn) | 23.4 (Mar-25) | 25.2 (Aug-25) | +7.8% |
| Investec Limited CET1 Ratio (%) | 14.8 (Sep-24) | 15.3 (Jun-25) | +0.5% |
| Investec plc CET1 Ratio (%) | 12.6 (Sep-24) | 12.2 (Jun-25) | -0.4% |