Investec Groups pre-close trading update for FY2026 highlights a resilient performance, driven by strong client franchises and diversified revenue streams. Key financial metrics include
**Earnings Growth**Adjusted EPS is expected to rise 3-6% to 81.6p-84.0p, while basic EPS is projected to increase 6-9% to 76.9p-79.2p. Headline EPS is expected to remain flat to 2% ahead at 72.6p-74.1p.
**Profitability**Pre-provision adjusted operating profit is forecasted to grow 3-5% to £1,066.9m-£1,092.5m, with adjusted operating profit before tax ranging from £940.3m to £965.9m.
**Credit Quality**The credit loss ratio is expected to remain within the through-the-cycle range of 25bps to 45bps, reflecting solid overall credit quality.
**Cost Efficiency**The cost-to-income ratio is projected to stay between 52% and 54%, in line with guidance.
**Business Segments**The Southern African business is expected to deliver at least 4% growth in adjusted operating profit in Rands, while the UK business is anticipated to perform at least in line with the prior year.
**Capital Position**The Group maintains robust capital and liquidity levels, with CET1 ratios of 14.2% for Investec Limited and 12.3% for Investec plc as of 31 December 2025.
**Strategic Progress**Investec is advancing its strategic growth agenda, including investments in Corporate mid-market and Private Client segments, and modernizing operating and digital platforms.
**Share Buy-back**The R2.5 billion / c.£110 million share buy-back programme announced in May 2025 has been completed.
**Key Metrics Growth**Core loans grew 7.4% annualized in neutral currency to £36.3 billion, customer deposits increased 5.7% to £45.5 billion, and Funds Under Management (FUM) in the Southern African Wealth business rose 26.7% to £29.6 billion.
Investec remains focused on enhancing long-term shareholder returns through market share growth, deepening client relationships, and maintaining cost discipline and capital efficiency. The Group is committed to advancing returns towards the upper end of its medium-term target range by FY2030.
| Metric | FY2025 | FY2026 (Forecast) | Year-on-Year Change |
|---|---|---|---|
| Adjusted Earnings per Share (p) | 79.1 | 81.6 - 84.0 | 3% - 6% |
| Headline Earnings per Share (p) | 72.6 | 72.6 - 74.1 | 0% - 2% |
| Basic Earnings per Share (p) | 72.8 | 76.9 - 79.2 | 6% - 9% |
| Pre-provision Adjusted Operating Profit (£ million) | 1,039.2 | 1,066.9 - 1,092.5 | 3% - 5% |
| Adjusted Operating Profit Before Tax (£ million) | 920.0 | 940.3 - 965.9 | 2% - 5% |
| Core Loans (£ billion) | 32.4 | 36.3 | 12% |
| Customer Deposits (£ billion) | 41.2 | 45.5 | 10% |
| Funds Under Management (FUM) - Southern Africa (£ billion) | 23.4 | 29.6 | 27% |
| Credit Loss Ratio (bps) | N/A | Within 25-45 (TTC) | N/A |
| Cost to Income Ratio | N/A | 52% - 54% | N/A |
| Group ROE | N/A | 13.3% - 13.7% | N/A |