Pre-Close Trading Statement

Investec PLC

18 September 2026

 

Investec Limited Incorporated in the Republic of South Africa Registration number 1925/002833/06 JSE share code: INL JSE hybrid code: INPR JSE debt code: INLV NSX share code: IVD BSE share code: INVESTEC ISIN: ZAE000081949 LEI: 213800CU7SM6O4UWOZ70

Investec plc Incorporated in England and Wales Registration number 3633621 LSE share code: INVP JSE share code: INP ISIN: GB00B17BBQ50 LEI: 2138007Z3U5GWDN3MY22

Investec Group pre-close trading update

 

18 September 2026

Investec Group today announces its scheduled pre-close trading update for the interim period ending 30 September 2026 (1H2027). An investor conference call will be held today at 09:00 UK time / 10:00 South African time. Please register for the call at www.investec.com/investorrelations.

Commentary on the Group's financial performance in this pre-close trading update represents the five months ended 31 August 2026 and compares forecast 1H2027 to 1H2026 (30 September 2025).

1H2027 earnings update and guidance

The Group is expected to deliver results in line with guidance provided in May 2026. Stable year to date financial performance was underpinned by disciplined execution, strong client franchises, continued balance sheet growth and sound asset quality. In a period of persistent macroeconomic uncertainty, we continued to support our clients while investing in the business for long-term growth.

Our strategic priorities remain unchanged: growing and enhancing our client propositions, allocating capital efficiently, and modernising our operating and digital platforms to support sustainable value creation. We remain committed to advancing returns towards the upper end of our target range by FY2030.

For the six months ending 30 September 2026, the Group expects:

·      Adjusted earnings per share of 41.7p to 43.3p (1H2026: 40.5p) or 3% to 7% ahead of prior period

·      Headline earnings per share of 38.1p to 39.7p (1H2026: 36.7p) or 4% to 8% ahead of prior period

·      Basic earnings per share of 38.1p to 39.7p (1H2026: 37.8p) or 1% to 5% ahead of prior period

·      Pre-provision adjusted operating profit to be between £531.4 million and £548.4 million (1H2026: £527.4 million) or 1% to 4% ahead of prior period

·      Credit loss ratio to be within the through-the-cycle (TTC) range of 25bps to 45bps. The overall credit quality remains sound

·      Cost to income ratio to be between 52% and 54%, in line with guidance

·      Adjusted operating profit before tax to be between £479.2 million and £496.2 million
(1H2026: £468.1 million)

o  The Southern African business adjusted operating profit is expected to be up to 6% ahead of the prior period in Rands and up to 14% in Pounds Sterling (1H2026: R5 733 million, £238.0 million). The Specialist Bank adjusted operating profit is expected to be up to 4% ahead of the prior period in Rands and up to 14% in Pounds Sterling (1H2026: R5 385 million, £223.6 million). The credit loss ratio is expected to be below the 15bps to 35bps TTC range. The Southern African business ROE is expected to be between 18.5% and 19.0%, near the upper end of the guided range of 18.0% to 19.0%. The Investec Limited CET1 ratio at 30 June 2026 was 14.2%¹ (30 September 2025: 14.6%)

o  For the UK business, including our interest in Rathbones, adjusted operating profit is expected to be between 2% and 6% behind the prior period (1H2026: £230.0 million). The UK Specialist Bank adjusted operating profit is expected to be between 3% and 7% behind the prior period (1H2026: £200.1 million). We expect to report a credit loss ratio around the upper end of our TTC range of 35bps to 55bps. The UK business ROTE is expected to be between 12.3% and 12.7%, near the lower end of the 12.5% to 13.5% guided range. The Investec plc CET1 ratio at 30 June 2026 was 12.7%² (30 September 2025: 12.7%³)

·      Group ROE to be between 13.1% and 13.5%, within the guided range of 13.0% to 14.0%. Group ROTE is expected to be between 15.0% and 15.5%, within the guided range of 14.8% to 15.8%.

The year-to-date performance that formed the basis for the guidance provided above is summarised below:

·      Revenue growth was supported by increased activity levels, higher average advances, and positive net inflows in discretionary and annuity funds under management (FUM). This was counterbalanced by the negative impact of lower average interest rates

o  Net interest income reflects solid growth in average lending books, and lower cost of funding in Southern Africa as we continue to execute our strategy to optimise the funding mix. This was partly offset by the endowment effect of declining global interest rates and margin compression from competitive pricing

o  Non-interest Revenue (NIR) growth was underpinned by strong fee growth from our Southern African Private Client business. Increased client activity in interest rate, equity derivatives and commodity trading supported customer‑flow trading income. Investment income and Trading income from balance sheet management were behind the prior period. NIR also benefitted from growth in the Group's share of Rathbones post-tax underlying profit attributable to shareholders.

·      Operating expenditure growth reflected investment in client-facing roles, technology, and strategic and regulatory projects to support growth, as well as annual salary adjustments.

¹ Investec Limited is predominantly on the advanced approach for credit and market risk. Investec Limited's capital information includes unappropriated profits. If unappropriated profits are excluded from capital information, Investec Limited's CET1 ratio would be 210bps (2025: 167bps) lower.

² Investec plc reports capital ratios measured on a Standardised capital measurement approach. Investec plc's June 2026 CET1 ratio excludes quarterly profits and associated foreseeable charges and dividends for the period 1 April 2026 to 30 June 2026. In accordance with the Prudential Regulation Authority rules, quarterly profits may only be included in a firm's capital position once the profits have been independently verified by an external audit firm.

³Investec plc's September 2025 capital disclosures follow Investec's normal basis of presentation and do not include the deduction of foreseeable charges and dividends when calculating the CET1 ratio as required under the Capital Requirements Regulation.

For the five-month period ended 31 August 2026:

·      Within Specialist Banking, core loans increased by 6.3% annualised in neutral currency and by 10.3% annualised in reported currency to £37.0 billion (31 March 2026: £35.5 billion), benefitting from the 3.3% appreciation of the Rand to Pound sterling compared to 31 March 2026. Growth was seen across the private client and corporate lending books in both geographies

·      Customer deposits increased by 2.8% annualised in neutral currency and by 6.8% annualised in reported currency to £46.0 billion

·      FUM in our Southern African Wealth business increased by 13.8% since 31 March 2026 to £30.7 billion at
31 August 2026 (31 March 2026: £27.0 billion). Strong net inflows in our discretionary and annuity funds of R10.7 billion (£0.5 billion), as well as non-discretionary inflows of R18.9 billion (£0.9 billion)

Investec's associate, Rathbones reported funds under management and administration (FUMA) of
£120.7 billion as at 30 June 2026 (31 March 2026: £113.6 billion).

The Group maintains robust capital and liquidity levels, enabling us to continue supporting our clients and execute our growth strategy.

Other information

The financial information on which this trading update is based, has not been reviewed and reported on by the external auditors.

An investor conference call will be held today at 09:00 UK time / 10:00 South African time. Please REGISTER HERE for the call.

Interim results

The interim results for the six months ending 30 September 2026 are scheduled for release on Thursday, 19 November 2026.

Webcast details will be provided in due course.

On behalf of the board

Henrietta Baldock (Chair), Fani Titi (Group Chief Executive)

For further information please contact:

Investec Investor Relations

General enquiries: [e-mail]

Results:

Qaqambile Dwayi                                                  

SA Tel: [phone]                                   

Brunswick (SA PR advisers)

Tim Schultz Tel: [phone]

Lansons (UK PR advisers)

Tom Baldock Tel: [phone]

About Investec

Investec Group is a leading international bank and wealth manager, with a regional focus in Southern Africa and the United Kingdom, complemented by a strategic presence in Continental Europe, Channel Islands, Dubai, India, Mauritius, Switzerland, and the United States.

Investec partners with private, business, corporate, and institutional clients, delivering tailored solutions with exceptional service across private banking, wealth management, business and commercial banking, and corporate and investment banking. Investec is driven by its purpose to create enduring worth for all its stakeholders.

The Group was established in 1974 and currently has approximately 8,000 employees. Investec has a dual-listed company structure with primary listings on the London and Johannesburg Stock Exchanges.

Johannesburg and London

JSE Equity and Debt Sponsor: Investec Bank Limited

Key income drivers

    Core loans

£'m	31-Aug-26	31- Mar-26	Annualised % change	Annualised Neutral currency % change
UK and Other	18,165	17,804	4.9%	4.9%
South Africa	18,857	17,694	15.8%	7.7%
Total	37,022	35,498	10.3%	6.3%

    Customer deposits

£'m	31-Aug-26	31- Mar-26	Annualised % change	Annualised Neutral currency % change
UK and Other	22,515	22,460	0.6%	0.6%
South Africa	23,500	22,289	13.0%	5.1%
Total	46,015	44,749	6.8%	2.8%

Funds under Management (FUM)
£'m	31-Aug-26	31-Mar-26	% change	Neutral currency % change
Wealth & Investment - Southern Africa	30,715	26,996	13.8%	10.7%
Discretionary	18,645	16,551	12.7%	9.5%
Non-discretionary	12,069	10,445	15.6%	12.8%
Rathbones Group plc*	120,735	113,634

Note: Totals and variances are presented in £'millions which may result in rounding differences

*  The balance of £120.7bn reflects total FUMA as reported at 30 June 2026 by Investec's associate, Rathbones.

Notes

1.     Definitions

·      Adjusted operating profit refers to profit before tax of continuing operations, adjusted to remove goodwill, acquired intangibles and strategic actions, including such items within equity accounted earnings, and non-controlling interests. Non-IFRS measures such as adjusted operating profit are considered as pro-forma financial information as per the JSE Listings Requirements. The pro-forma financial information is the responsibility of the Group's Board of Directors. Pro-forma financial information was prepared for illustrative purposes and because of its nature may not fairly present the issuer's financial position, changes in equity, results of operations or cash flows. This pro-forma financial information has not been reported on by the Group's external auditors

·      Adjusted earnings attributable to ordinary shareholders is calculated as earnings attributable to shareholders adjusted to remove goodwill, acquired intangible assets, strategic actions, including such items within equity accounted earnings, and earnings attributable to perpetual preference shareholders and Other additional tier 1 security holders

·      Adjusted earnings per share is calculated as adjusted earnings attributable to ordinary shareholders divided by the weighted average number of ordinary shares in issue during the year

·      Headline earnings is an earnings measure required to be calculated and disclosed by the JSE and is calculated in accordance with the guidance provided by The South African Institute of Chartered Accountants in Circular 1/2023

·      Headline earnings per share (HEPS) is calculated as headline earnings divided by the weighted average number of ordinary shares in issue during the year.

·      Basic earnings is earnings attributable to ordinary shareholders as defined by IAS33 Earnings Per Share

·      Core loans is defined as net loans to customers plus net own originated securitised assets

·      The credit loss ratio is calculated as expected credit loss (ECL) impairment charges on gross core loans as a percentage of average gross core loans subject to ECL.

2.     Exchange rates              

The Group's reporting currency is Pounds Sterling. Certain of the Group's operations are conducted by entities outside the UK. The results of operations and the financial condition of these individual companies are reported in the local currencies in which they are domiciled, including Rands, Euros and US Dollars. These results are then translated into Pounds Sterling at the applicable foreign currency exchange rates for inclusion in the Group's combined consolidated financial statements. In the case of the income statement, the weighted average rate for the relevant period is applied and, in the case of the balance sheet, the relevant closing rate is used. The following table sets out the movements in certain relevant exchange rates against the Pound Sterling over the period:

	Five months to 31 August 2026		Year ended 31 March 2026		Six months ended 30 September 2025
Currency per GBP1.00	Period end	Average	Period end	Average	Period end	Average
South African Rand	21.87	22.06	22.58	23.25	23.22	24.11
Euro	1.17	1.16	1.15	1.16	1.15	1.16
US Dollar	1.36	1.34	1.32	1.34	1.34	1.34

3.     Profit forecasts

·      The following matters highlighted in this announcement contain forward-looking statements:

§ Adjusted earnings per share (EPS) is expected to be between 41.7p and 43.3p, which is 3% to 7% ahead of 1H2026

§ Headline earnings per share is expected to be between 38.1p and 39.7p or 4% to 8% ahead of 1H2026

§ Basic EPS is expected to be between 38.1p and 39.7p, between 1% and 5% ahead of 1H2026

§ Pre-provision adjusted operating profit is expected to be between £531.4 million and £548.4 million

§ Adjusted operating profit is expected to be between £479.2 million and £496.2 million

§ The UK business' (including our interest in Rathbones) adjusted operating profit to be between 2% and 6% behind the prior period. The UK Specialist Bank adjusted operating profit is expected to be between 3% and 7% behind the prior period. The UK business ROTE is expected to be between 12.3% and 12.7%

§ The Southern African business adjusted operating profit is expected to be up to 6% ahead of the prior period in Rands. The Southern African Specialist Bank adjusted operating profit is expected to be up to 4% ahead of the prior period in Rands. SA business ROE is expected to be between 18.5% and 19.0%

§ Group ROE is expected to be between 13.1% and 13.5%, within the guided range of 13% to 14%.

(collectively the Profit Forecasts)

·      The basis of preparation of each of these statements and the assumptions upon which they are based are set out below. These statements are subject to various risks and uncertainties and other factors - which may cause the Group's actual future results, performance or achievements in the markets in which it operates to differ from those expressed in the Profit Forecasts

·      Global uncertainty is currently heightened. Our guidance is based on current conditions, the unabating conflict in the Middle East could impact key macroeconomic assumptions, including sentiment, trade, inflation, interest rate expectations and growth

·      Any forward-looking statements made are based on the knowledge of the Group at 18 September 2026

·      These forward-looking statements represent a profit forecast under the Listing Rules. The Profit Forecasts relate to the six months ending 30 September 2026

The financial information on which the Profit Forecasts are based is the responsibility of the Directors of the Group and has not been reviewed and reported on by the Group's auditors.

Basis of preparation

·     The Profit Forecasts have been compiled using the assumptions stated below, and on a basis consistent with the accounting policies adopted in the Group's March 2026 audited financial statements, which are in accordance with IFRS and are those which the Group anticipates will be applicable for the year ending 31 March 2027.

·      The Profit Forecasts have been prepared based on (a) audited financial statements of the Group for the year ended 31 March 2026, and the results of the Specialist Banking and Wealth & Investment businesses underlying those audited financial statements; (b) the unaudited management accounts of the Group and the Specialist Banking and Wealth & Investment businesses for the five months to 31 August 2026; and (c) the projected financial performance of the Group and the Specialist Banking and Wealth & Investment businesses for the remaining one month of the period ending 30 September 2026.

·      Percentage changes shown on a neutral currency basis for balance sheet items assume that the relevant closing exchange rates at 31 August 2026 remain the same as those at 31 March 2026. This neutral currency information has not been reported on by the Group's auditors.

Assumptions

The Profit Forecasts have been prepared on the basis of the following assumptions during the forecast period:

Factors outside the influence or control of the Investec Board:

·     There will be no material change in the political and/or economic environment that would materially affect the Investec Group

·      There will be no material change in legislation or regulation impacting on the Investec Group's operations or its accounting policies

·      There will be no business disruption that will have a significant impact on the Investec Group's operations

·      The Rand/Pound Sterling and US Dollar/Pound Sterling exchange rates remain materially unchanged from the prevailing rates detailed above

·      The tax rates remain materially unchanged

·      There will be no material changes in the structure of the markets, client demand or the competitive environment.

Estimates and judgements

In preparation of the Profit Forecasts, the Group makes estimations and applies judgement that could affect the reported amount of assets and liabilities within the reporting period. Key areas in which judgement is applied include:

·      Valuation of unlisted investments primarily in the private equity, direct investments portfolios and embedded derivatives. Key valuation inputs are based on the most relevant observable market inputs, adjusted where necessary for factors that specifically apply to the individual investments and recognising market volatility

·      The determination of ECL against assets that are carried at amortised cost and ECL relating to debt instruments at fair value through other comprehensive income (FVOCI) involves the assessment of future cash flows which is judgmental in nature

·      Valuation of investment properties is performed by capitalising the budgeted net income of the property at the market related yield applicable at the time

·      The Group's income tax charge and balance sheet provision are judgmental in nature. This arises from certain transactions for which the ultimate tax treatment can only be determined by final resolution with the relevant local tax authorities. The Group recognises in its tax provision certain amounts in respect of taxation that involve a degree of estimation and uncertainty where the tax treatment cannot finally be determined until a resolution has been reached by the relevant tax authority. The carrying amount of this provision is often dependent on the timetable and progress of discussions and negotiations with the relevant tax authorities, arbitration processes and legal proceedings in the relevant tax jurisdictions in which the Group operates. Issues can take many years to resolve and assumptions on the likely outcome would therefore have to be made by the Group

·     Where appropriate, the Group has utilised expert external advice as well as experience of similar situations elsewhere in making any such provisions

·     Determination of interest income and interest expense using the effective interest rate method involves judgement in determining the timing and extent of future cash flows.

 

END