Pre-close Full Year Trading Update

Summary by AI ^BETAClose X

JTC PLC reported a resilient performance for the year ended 31 December 2025, with record new business wins exceeding 20% in both Institutional Capital Services and Private Capital Services divisions, despite macro-economic headwinds. The integration of the acquired Citi Trust business is progressing well and is on track to meet Group margin guidance by the end of 2026, while the Kleinwort Hambros Trust acquisition, completed in Q4 2025, is expected to be earnings accretive in 2026. Trading was in line with Board expectations, and the recommended cash acquisition by Permira at £13.40 per share, valuing the company at approximately £2.7 billion, received overwhelming shareholder support with completion anticipated in Q3 2026.

Disclaimer*

JTC PLC

05 February 2026

JTC PLC

(the "Company" and together with its subsidiaries "JTC" or the "Group")

Pre-close Full Year Trading Update

Resilient new business wins and latest acquisitions integrating well

JTC, the global professional services business, issues the following trading update in advance of its full-year results for the year ended 31 December 2025.

The Group delivered a resilient performance with record new business wins. Growth was balanced across the Company's two divisions with both Institutional Capital Services (ICS) and Private Capital Services (PCS) achieving new business win growth of greater than 20%, despite ongoing macro-economic headwinds. These challenges, particularly in ICS markets, resulted in longer lead times, impacting short-term net organic revenue growth, which nevertheless grew strongly.

On 1 July 2025, the Group completed the acquisition of Citi's global fiduciary and trust administration services business, formerly known as Citi Trust. The transaction cements JTC as the world's leading independent provider of global trust services. Integration of the business is progressing well and remains on track to deliver within Group margin guidance by the end of 2026.

The acquisition of the Kleinwort Hambros Trust (KHT) business completed in the final quarter of 2025 and will be earnings accretive in 2026. KHT is highly complementary to JTC's existing PCS offering and also brings a small, high-quality Employer Solutions business, which now sits within the ICS Division.

Overall, trading was in line with the Board's expectations.

Nigel Le Quesne, CEO of JTC PLC, said:

"We were pleased with our progress during 2025, including another record year of new business wins, despite continued macro-economic challenges in many markets, especially those relating to our ICS Division.

The Citi Trust and KHT acquisitions have strengthened our already market-leading PCS Division and the integration of these two high-value bank carve-out businesses is progressing well, further cementing our position as the leading independent trust provider.

Post period end we were delighted to receive overwhelming support for the proposed acquisition of JTC by Permira, with 99.97% of votes received in favour and completion now expected in Q3 2026.

As we look ahead to the next exciting chapter in JTC's growth journey, I would particularly like to express my thanks to our outstanding employee-owners, who continue to focus on what we do best, delivering service excellence for all our clients."

Offer for JTC PLC

On 10 November 2025, JTC announced that it had reached agreement on the terms of a recommended cash acquisition by Papilio Bidco Limited ("Bidco") of the entire issued and to be issued ordinary share capital of JTC at a price of £13.40 per share, giving an enterprise value of c. £2.7bn. Following receipt of the requisite majority of Scheme Shareholders at The Court Meeting and General Meeting, held on 15 January 2026, the current expectation remains that, with ongoing regulatory approvals underway, completion will be achieved in the third quarter of 2026.

Notice of results

The Group will announce its full-year results for the year ended 31 December 2025 on Tuesday 7 April 2026. There will be no briefing presentation on the day as the Company remains in an Offer Period.

For further information, contact:

JTC PLC	+44 (0) 1534 700 000
Nigel Le Quesne, Chief Executive Officer
Martin Fotheringham, Chief Financial Officer
David Vieira, Chief Communications Officer
(ir@jtcgroup.com)

About JTC

JTC is a publicly listed, global professional services business with deep expertise in fund, corporate, private client and employer solutions services. Every JTC person is an owner of the business, and this fundamental part of our culture aligns us with the best interests of all of our stakeholders. Our purpose is to maximise potential, and our success is built on service excellence, long-term relationships and technology capabilities that drive efficiency and add value.

www.jtcgroup.com

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