Final Results 31/03/2026

Investec (comprising Investec plc and Investec Limited) - Unaudited combined consolidated financial results for the year ended 31 March 2026

Resilient performance, strong capital generation, continued strategic investment for growth

Fani Titi, Group Chief Executive commented:

"The Group delivered a resilient performance in an uncertain macro-economic environment, reflecting the strength of our diversified business model and balance sheet. Adjusted earnings per share increased by 4.8% to 82.9 pence, as we continued to support our clients, while investing for long-term growth. We do not take for granted the trust our clients continue to place in us.

We are making good progress with our strategy to enhance our platforms, leverage our franchises, and deliver long-term value for our stakeholders. We are on track to achieve returns at the upper end of our target range by FY2030. Today we will present a business update on our Private Client strategy, outlining our plans to expand our proposition, strengthen cross-collaboration and evolve our business model to improve operating leverage. Our Private Client offering supports clients across their lifecycle with bespoke solutions, combining deep relationships, digital enablement and the power of One Investec.

Through our dynamic capital management approach, we will continue to deploy capital optimally to advance returns.

As the next phase of our disciplined growth agenda accelerates, we remain guided by our purpose to create enduring worth for our clients, colleagues and the communities in which we operate.

I would like to express my deep gratitude to our colleagues across the Group for the dedication they show in supporting our clients and communities."

Key financial metrics:

Totals and variances are presented in £'millions which may result in rounding differences. The key financial metrics are defined on page 9.

Key drivers:

Net core loans increased 9.6% to £35.5 billion driven by growth across our diversified lending books.

Customer deposits increased by 8.7% to £44.7 billion.

Funds under management (FUM) in the Southern African wealth business increased by 15.4% to £27.0 billion(FY2025: £23.4 billion). Strong net inflows in our discretionary and annuity funds of £987 million (R23.0 billion) were supplemented by £333 million (R7.8 billion) additional FUM from a strategic acquisition by our Swiss operations in September 2025. This was partly offset by net outflows of £365 million (R8.5 billion) in non-discretionary funds.

Our associate Rathbones reported Funds under management and administration (FUMA) of £113.6 billion at 31 March 2026 (31 March 2025: £104.1 billion).

Group financial summary:

Revenue growth was supported by ongoing client acquisition, client activity, growth in average lending portfolios, and continued net inflows in discretionary and annuity funds under management (FUM). Net interest income (NII) benefitted from growth in average lending books and lower cost of funds reflecting optimisation of the funding mix in Southern Africa in recent years. This was offset by the endowment effect of lower interest rates. Non-interest revenue (NIR) growth reflects a strong increase in fee income generated by our Banking businesses, as well as higher annuity fees from our SA Wealth & Investment business. Customer-flow trading income reflects increased client hedging activity in response to global market volatility. This was augmented by higher investment income and an increase in the Group's share of post-tax profits from associates.

The cost to income ratio was 52.9% (FY2025: 52.6%). Total operating costs increased by 4.7%. Fixed operating expenditure growth reflects continued investment in people and technology to support the Group's growth initiatives, as well as targeted project spend to transform the business and enhance resilience, alongside annual cost inflation.

Pre-provision adjusted operating profit increased by 3.5% to £1 075.2 million (FY2025: £1 039.2 million). The Group saw strong levels of lending origination and fee generation, counterbalanced by the impact of declining interest rates and increased investment in the business.

The credit loss ratio (CLR) on core loans was 36bps (FY2025: 38bps), within the Group's through-the-cycle (TTC) range of 25bps to 45bps. Expected credit loss (ECL) impairment charges amounted to £124.2 million (FY2025: £119.2 million). Overall credit quality remained strong.

Earnings attributable to other equity holders reduced to £69.2 million (FY2025: £70.6 million).

Return on equity (ROE) was 13.6% (FY2025: 13.9%) within the Group's medium-term 13% to 17% target range. 

Return on tangible equity (ROTE) of 15.7% (FY2025: 16.2%) is within the Group's medium-term 14% to 18% target range.

Distribution to shareholders The Board has proposed a final dividend of 21.0p per share (FY2025: 20.0p), bringing the total dividend for the year to 38.5p (FY2025: 36.5p) translating to a 46.4% payout ratio, within the Group's current 35% to 50% payout policy. As part of the ongoing capital management process, the Group has completed the c.R2.5 billion / £110 million share buy-back announced in May 2025.

Balance sheet strength:

The Group remained well capitalised, with Investec Limited reporting a CET1 ratio of 13.6% measured on the Advanced Internal Ratings-Based approach and the Investec plc CET1 ratio at 13.0% measured on the standardised approach. The UK business continues to make progress on its journey towards migrating its capital measurement from the standardised approach to the Internal Ratings-Based approach.

Capital allocation:

The Group is committed to optimising shareholder returns. We are focused on allocating capital to activities that generate returns above our cost of capital. The Group manages its capital dynamically, maintaining an appropriate balance between total returns to shareholders, investment in the business and holding strong capital levels. One of the Group's priorities is to increase the earnings contribution from capital light activities, and as such the Group continues to evaluate organic and inorganic opportunities to achieve this objective.

Update on our sustainability targets

As part of our commitment to achieving net zero by 2050, in May 2025 the Group announced a five-year target to facilitate £18 billion of sustainable and transition finance by FY2030. We are pleased to have facilitated £3.1 billion in sustainable and transition finance in our first year of measuring progress towards our target.

Today, we announce initial sector specific decarbonisation targets, including targeting:

• a 20% to 45% emissions intensity reduction in power generation by FY2030

• engagement with 85% (in South Africa) and 95% (in the UK and US) of our qualifying oil and gas clients by FY2029 to support credible transition pathways.

Please refer to our Investec Group year-end results booklet for further detail.

Financial Outlook:

The execution of our growth agenda outlined in May 2025 is on track. The Group expects FY2027 to be the peak investment year, with a positive inflection in both earnings growth delivery and sustainable improvement in shareholder returns to commence in FY2028. We remain on track to deliver ROE of c.16.0% and ROTE of c.18.0% by the financial year ending 31 March 2030. We are confident in the resilience of our client franchises across varying market cycles.

31 March 2027 guidance

Revenue is expected to be supported by book growth, ongoing client activity and continued success in our client acquisition and entrenchment strategies. The Group currently expects:

Group ROE to be between 13.0% and 14.0% within the 13.0% to 17.0% target range and ROTE to be between 14.8% and 15.8% within the target range of 14.0% to 18.0%, incorporating significant investment in our growth initiatives amid an evolving operating environment.

• Southern Africa is expected to report ROE between 18.0% and 19.0%, within the target range of 16.0% to 20.0%

• UK & Other is expected to report ROTE between 12.5% and 13.5%, near the lower end of the target range of 13.0% to 17.0%.

Overall costs to be well managed in the context of continued investment in the business and inflationary pressures, with the cost to income ratio expected to be between 52.0% and 54.0%

The credit loss ratio to be within the through-the-cycle (TTC) range of 25bps to 45bps.

The Group has maintained robust capital and liquidity levels well above Board-approved minimums. The Group is well-positioned to continue to support our clients in navigating the current economic uncertainty and deliver on our clear strategy to enhance long-term shareholder returns.

31 March 2028 guidance

The Group is expected to deliver improved ROE of 13.8% to 14.6% and ROTE of 15.8% to 16.6%, as we continue to leverage our existing franchises, supplemented by a meaningful contribution from our investment in our SA Corporate mid-market business. In the UK, we expect our Private Client and Corporate mid-market propositions to generate positive incremental returns into FY2030. Our dynamic capital management, including ongoing optimisation of capital is also expected to contribute to the progression of returns. 

Business update

The Group will be hosting a Private Client business update today which will set out a range of targets and present our plans to enhance our platforms, strengthen global collaboration and evolve our business model to drive market share growth and incremental returns.

Key financial data

This announcement covers the results of Investec plc and Investec Limited (together "the Investec Group" or "Investec" or "the Group") for the year ended 31 March 2026 (FY2026). Unless stated otherwise, comparatives relate to the Group's operations for the year ended 31 March 2025 (FY2025).

Totals and variances are presented in £'billions which may result in rounding differences.

** As at 31 March 2026, Rathbones Group, a long-term associate of the Investec Group, had funds under management and administration of £113.6 billion(31 March 2025: £104.1 billion).

Totals and variance are presented in £'billions, unless otherwise stated, which may result in rounding differences.

Enquiries

Investec Investor Relations

Results: Qaqambile DwayiTel: +27 (0) 11 291 0129

General enquiries:Tel: +27 (0) 11 286 7070 or [email protected]

Brunswick (SA PR advisers)

Tim SchultzTel: +27 (0) 82 309 2496

Lansons (UK PR advisers)

Tom BaldockTel: +44 (0) 78 6010 1715

Presentation/conference call details

Investec will host its results presentation live from London and broadcast live in Johannesburg today at 10h00 (SA)/ 09h00 (UK) time.

Please register for the presentation at:www.investec.com/investorrelations

A live video webcast of the presentation will be available on www.investec.com

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, corporate, and institutional clients, and delivers tailored solutions with exceptional service in the areas of private banking and wealth management, 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 8,000+ employees. Investec has a dual-listed company structure with primary listings on the London and Johannesburg Stock Exchanges.

Johannesburg and LondonJSE Debt and Equity Sponsor: Investec Bank Limited

Group financial performance

Overview

Revenue increased 4.2% to £2 281.4 million (FY2025: £2 190.5 million)

Net interest income (NII) decreased 1.6% to £1 335.8 million (FY2025: £1 358.1 million); growth in average interest earning assets and lower funding costs driven by the execution of our strategy to optimise the funding pool in Southern Africa in recent years, was offset by the negative endowment effect of declining global interest rates. NII was also impacted by margin pressure due to highly competitive pricing across our operating jurisdictions.

Non-interest revenue increased 13.6% to £945.7 million (FY2025: £832.4 million).

• Net fee and commission income increased by 14.7% to £506.0 million (FY2025: £441.2 million), driven by increased activity across our global corporate lending and investment banking franchises, and strong FX structuring fees in Southern Africa. This was supported by strong fee generation in our private client franchise in Southern Africa, reflecting increased client activity and higher average discretionary FUM

• Investment income of £142.0 million (FY2025: £130.7 million) reflects net fair value gains and dividends received on investment portfolios

• Share of post tax operating profit of associates and joint venture holdings amounted to £90.9 million (FY2025: £75.8 million) primarily consists of Investec's share of Rathbones reported post-tax underlying profit attributable to shareholders for their year ended 31 December 2025. The Group's equity accounted earnings for current year accrued at 43.15%, being our average effective interest taking into consideration the elimination of treasury shares held within Rathbones Group and the Rathbones share buyback

• Trading income arising from customer flow increased by 10.9% to £169.9 million (FY2025: £153.2 million) reflecting higher levels of client FX and interest rate hedging activity given heightened market volatility

• Trading income from balance sheet management and other trading activities amounted to £9.4 million (FY2025: £25.6 million). This reflects MTM movements in various hedging instruments used to manage interest rate risk on the balance sheet; these are accounting mismatches and are expected to reverse over the life of the instruments, as well as FX movements on foreign currency denominated financial assets

• Other operating income increased to £27.6 million (FY2025: £5.8 million) primarily driven by an insurance recovery from a previously written off exposure.

Expected credit loss (ECL) impairment charges amounted to £124.2 million (FY2025: £119.2 million)

Asset quality remains within Group risk appetite limits, with exposures to a carefully defined target market and well covered by collateral. The increase in the ECL impairment charges is primarily driven by an IFRS 9 model charge in the current year versus a release in the prior year and lower recoveries and in Southern Africa. The credit loss ratio on core loans was 36bps (FY2025: 38bps).

Operating costs increased by 4.7% to £1 205.3 million (FY2025: £1 151.4 million)

The cost-to-income ratio was 52.9% (FY2025: 52.6%). Fixed operating expenditure increased due to continued investment in technology and people to support the Group's growth ambitions and enhance business resilience. Higher personnel expenses relate to both annual salary increases and growth in headcount. Variable remuneration in each geography was in line with respective underlying business performance.

Taxation

The taxation charge on adjusted operating profit was £178.0 million (FY2025: £169.6 million), resulting in an effective tax rate of 20.7% (FY2025: 20.1%).

Investec plc effective tax rate is 20.0% (FY2025: 19.3%), reflecting the weighted effective tax rate from multiple jurisdictions where Investec plc has operations. Investec Limited's effective tax rate is 21.2% (FY2025: 20.7%).

Funding and liquidity

Customer deposits increased 8.7% to £44.7 billion (FY2025: £41.2 billion) on a reported basis and 6.1% in neutral currency. Customer deposits increased by 4.7% to £22.5 billion for Investec plc and increased by 13.1% on a reported basis and by 7.5% in neutral currency to R503.3 billion for Investec Limited since 31 March 2025.

Cash and near cash of £18.2 billion (FY2025: £16.9 billion) being £9.4 billion in Investec plc and R199 billion in Investec Limited at 31 March 2026 representing approximately 40.7% of customer deposits (41.8% for Investec plc and 39.5% for Investec Limited).

Loans and advances to customers as a percentage of customer deposits was 79.3% (FY2025: 78.4%) for Investec plc and 77.9% (FY2025: 77.2%) for Investec Limited.

The Group comfortably exceeds Board-approved internal targets and Basel liquidity requirements for the Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR).

• Investec plc reported a LCR of 349% and a NSFR of 139% at 31 March 2026

• Investec Bank Limited (consolidated Group) reported a LCR of 185.7% and an NSFR of 117.3% at 31 March 2026.

Capital adequacy and leverage ratios

Capital and leverage ratios remain sound, ahead of regulatory requirements. The CET1 and leverage ratio were 13.0% (FY2025: 12.6%) and 9.4% for Investec plc (standardised approach) and 13.6% (FY2025: 14.8%) and 6.1% for Investec Limited (Advanced Internal Ratings-Based approach) respectively. The Investec Limited CET1 ratio incorporates a RWA add-on resulting from the new output floor introduced through the remaining Basel post crisis reforms effective 1 July 2025. Once fully phased in by 1 January 2028, the output floor is designed to limit the benefit from modelling RWAs to 72.5% of prescribed non-modelled RWAs.At 31 March 2026, the prescribed output floor was 65%, resulting in a RWA add-on which reduced Investec Limited's CET 1 ratio by 40 bps.

Segmental performance

Specialist Banking

Adjusted operating profit from Specialist Banking increased by 2.2% to £857.1 million (FY2025: £839.0 million).

Totals and variances are presented in £'million which may result in rounding differences.

Southern Africa Specialist Banking (in Rands)

Adjusted operating profit increased by 6.0% to R10 579 million (FY2025: R9 976 million) reflecting a strong performance in an improving, albeit still uncertain, operating environment. Our core client franchises demonstrated good momentum supported by continued success in our client acquisition and entrenchment strategies, as well as improved business confidence. We are focused on a client segment-led approach to deepen relationships, grow market share and enhance connectivity. We continue to invest in people and key digital modernisation initiatives to further our growth agenda, while maintaining cost discipline.

Net core loans grew by 8.1% to R399.5 billion (FY2025: R369.8 billion) driven by 10.7% growth in our private banking lending book, as well as strong growth across our corporate credit portfolios particularly in our Listed corporate, Energy and Infrastructure finance, and Fund Finance portfolios. In line with our strategic investment into the Corporate mid-market segment, the lending book grew by 14.4%, well ahead of the estimated market growth.

Revenue increased 7.9% benefitting from growth in average interest earning assets, and continued client acquisition in line with our growth strategies.

• Net interest income (NII) increased by 6.3% driven by 9.2% growth in the average net core loans balance and lower cost of funds which has benefitted from the successful execution of our strategies to optimise the funding pool. This was partially offset by the negative endowment effects of lower average interest rates and competitive pricing in the market

• Non-interest revenue increased by 11.3% driven by:

- Net fee and commission income which grew by 17.8% reflecting higher equity capital market and advisory fees, as well as increased FX structuring fee activity in the corporate and investment banking business. This was further supported by higher private banking fees resulting from increased client activity

- Higher trading income from customer flow supported by stronger client flows from FX and interest rate trading desks given increased market volatility

- Other operating income reflects an insurance recovery from a previously written-off exposure

Partly offset by:

- Lower trading income from balance sheet management activities which reflects unrealised MTM losses associated with managing interest rate risk. Recognition of these MTM movements are temporary and reverse over the life of the financial instruments.

ECL impairment charges increased to R617 million (FY2025: R517 million) primarily driven by an IFRS 9 model charge in the current year versus a release in the prior year and lower recoveries relative to prior year, partly offset by lower specific impairments. The credit loss ratio was 14bps (FY2025: 15bps).

The cost to income ratio was 48.6% (FY2025: 48.1%). Operating costs increased by 9.0% reflecting our continued investment into the business to achieve strategic growth and operational efficiency. Fixed operating costs grew 9.4% driven by higher headcount to support our strategic growth initiatives and enhance business resilience, as well as annual salary increases. Technology spend increased in order to drive our growth agenda, in particular transactional banking modernisation and feature rollout to scale our existing capability. Variable remuneration increased in line with performance.

UK & Other Specialist Banking

Adjusted operating profit of £401.6 million (FY2025: £410.4 million) reflects a resilient performance in a volatile and lower-rate environment, where underlying franchise momentum was counterbalanced by margin compression and continued strategic investment. We are executing the next phase of our growth strategy, scaling our Private Client franchise, accelerating our transactional banking capabilities, and expanding both our mid‑market advisory proposition and our Alternative Investment Management platform. These initiatives will drive client acquisition, deepen client relationships, and underpin sustainable future growth.

Net core loans grew 5.9% to £17.8 billion driven by growth across our diversified corporate loan book, particularly in our Fund Solutions, Direct Lending, and Real Estate portfolios, as well as 10.3% growth in the residential mortgage portfolio.

Revenue decreased slightly on prior year; as strong growth in net fee and commission income, generated from our Investment Banking lending and advisory activities, was offset by lower net interest income and lower income from balance sheet management and other trading activities. Investment income and Customer flow trading income both contributed positively to revenue.

• Net interest income decreased by 6.8% as the benefit of a larger average loan book was offset by the impact of lower average interest rates and margin compression from competitive pricing

• Non-interest revenue increased by 14.7% driven by:

- Net fees and commissions increasing by 14.0% reflecting higher arrangement fees generated across our investment banking lending franchises, including strong deal activity in our Aviation franchise

- Increased investment income driven by net realised fair value movements from equity investments and higher dividend income

- Higher trading income from customer flow underpinned by increased facilitation of hedging for clients by our Treasury Risk Solutions business

- Other operating income mainly reflects an insurance recovery from a previously written off exposure

Partly offset by:

- Lower income from balance sheet management and other trading activities.

ECL impairment charges amounted to £97.4 million, resulting in a credit loss ratio of 57bps (FY2025: 60bps) in line with guidance, predominantly driven by Stage 3 ECL charges on certain exposures. Overall asset quality of the book remained stable; Stage 3 exposures remained at 3.4% of gross core loans subject to ECL (FY2025: 3.4%) and Stage 2 exposures decreasing to 7.4% (FY2025: 8.1%) of gross core loans subject to ECL.

The cost to income ratio was 54.0% (FY2025: 53.5%). Total operating costs increased by 0.6%. Fixed operating cost growth of 4.1% reflects continued and accelerated investment in our Private Client and Corporate mid-market growth initiatives, strategic and regulatory projects to transform the business and enable future growth, as well as inflationary pressure. Variable remuneration decreased relative to the prior year.

The Group notes the FCA's announcement on 30 March 2026 regarding the final scope of the Motor Finance compensation scheme. Based on the scheme as currently proposed, the Group has concluded that its existing £30 million provision, covering both redress and associated operational costs, remains appropriate based on information currently available and our estimate of a potential response rate. Refer to page 24 for further information.

Wealth & Investment

Adjusted operating profit from the Wealth & Investment businesses increased 13.9% to £127.9 million (FY2025: £112.3 million).

Totals and variances are presented in £'million which may result in rounding differences.

Southern Africa Wealth & Investment International Business (in Rands)

Adjusted operating profit increased by 8.2% to R1 086 million (FY2025: R1 004 million).

Total FUM increased by 9.8% to R609.6 billion (FY2025: R555.2 billion) driven by discretionary and annuity net inflows of R30.7 billion (including R7.8 billion additional FUM from a strategic acquisition) and positive market movements, partly offset by foreign currency translation impact on dollar denominated portfolios as the South African Rand strengthened against the US Dollar, and non-discretionary outflows of R8.5 billion. The business delivered strong client retention and acquisition in a dynamic market, underscoring the strength of our international wealth management proposition. We are also scaling through increasing client overlap with Private Banking and disciplined execution of growth levers across clients, platforms and international distribution. Rising shared clients and sustained net inflows reflect improved coordination, platform integration and a more integrated international offering.

Revenue grew by 10.1% underpinned by strong current and prior year inflows in our discretionary and annuity portfolios across local and offshore investment products, partly offset by lower fee income generated from structured products relative to the prior year. Revenue in Switzerland grew by 3.8% in Pounds driven by higher net fee income as a result of higher average FUM, partly offset by lower net interest income due to lower average interest rates.

Operating costs increased 10.9%, driven by investment in people for continued growth, higher technology spend, and inflation. Variable remuneration increased in line with underlying performance. Fixed operating expenditure increased by 11.0%. Operating margin was 29.6% (FY2025: 30.1%).

UK & Other Wealth & Investment

The all-share combination of IW&I UK and Rathbones successfully completed in September 2023. Investec continues to hold c.44.5 million Rathbones shares (ordinary and convertible), unchanged since completion of the combination.

The current financial year consists of the Group's share of Rathbones post-tax underlying profit attributable to shareholders of £177.4 million for their year ended 31 December 2025 which amounts to £76.6 million (FY2025: £69.1 million). We have accrued earnings at an average effective interest of 43.15% for the year, taking into consideration the elimination of treasury shares held within Rathbones Group and the impact of the Rathbones share buyback in the current year. In prior years, the consideration of treasury shares had not been applied and earnings were accrued at 41.25%, as such an additional £4.3 million has been recognised in 1H2026 to account for the differential.

Rathbones announced the successful completion of the planned IW&I UK client and asset migration during the current financial year, establishing a strong foundation for realising the full benefits of the combined organisation going forward. Rathbones reported annualised synergies of £76 million for the year ended 31 December 2025, well ahead of the original £60 million target. At 31 March 2026 Rathbones reported FUMA of £ 113.6 billion FUMA.

As we approach three years post the combination of IW&I UK and Rathbones, we are evolving our strategic partnership from a referral-based model to an integrated assets-under-advice model. Investec will now lead the client relationship and advice, with Rathbones providing underlying investment capabilities, alongside Investec Wealth & Investment International. This is aligned to the Group's strategy to deliver a unified Banking and Wealth proposition via a single platform, enabling holistic advice and seamless digital delivery.

Group Investments

Group Investments includes the holding in Ninety One held by the UK, as well as Bud Group Holdings, Burstone Group (formerly known as IPF) and other equity investments held in Southern Africa.

Totals and variances are presented in £'million which may result in rounding differences.

 The contribution from Group Investments is expected to reduce over time as the South African portfolio is realised.

Further information

Additional information on each of the business units is provided in the Group results analyst book published on the Group's website: http://www.investec.com.

The maintenance and integrity of the Investec website are the responsibility of the directors. The statutory auditors did not carry out a review of the analyst booklets or any other financial information that is published on the website.

On behalf of the Boards of Investec plc and Investec Limited

Notes to the commentary section above

Presentation of financial information

Investec operates under a Dual Listed Companies (DLC) structure with primary listings of Investec plc on the London Stock Exchange and Investec Limited on the JSE Limited.

In terms of the contracts constituting the DLC structure, Investec plc and Investec Limited effectively form a single economic enterprise from a shareholder perspective, in which the economic and voting rights of ordinary shareholders of the companies are maintained in equilibrium relative to each other. Creditors, however, are ring-fenced to either Investec plc or Investec Limited as there are no cross-guarantees between the companies. The directors of the two companies consider that for financial reporting purposes, the fairest presentation is achieved by combining the results and financial position of both companies.

Accordingly, these results reflect the results and financial position of the combined DLC Group under UK adopted IFRS® Accounting Standards which comply with IFRS® Accounting Standards as issued by the International Accounting Standards Board (IASB) and the (EC) No. 1606/2002 as it applies in the European Union, denominated in Pound Sterling. In the commentary above, all references to Investec or the Group relate to the combined DLC Group comprising Investec plc and Investec Limited.

Following a review of the liquidity, capital position, profitability, the business model and operational risks facing the business, the directors have a reasonable expectation that the Investec Group will be a going concern for a period of at least 12 months. The results for the year ended 31 March 2026 have accordingly been prepared on the going concern basis.

Unless the context indicates otherwise, all comparatives included in the commentary above relate to the year ended 31 March 2025.

Amounts represented on a neutral currency basis for income statement items assume that the relevant average exchange rates for the year ended 31 March 2026 remain the same as those in the prior year. Amounts represented on a neutral currency basis for balance sheet items assume that the relevant closing exchange rates as at 31 March 2026 remain the same as those at 31 March 2025.

Foreign currency impact

The Group's reporting currency is Pound 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, Australian Dollars, Euros, US Dollars and Indian Rupees. These results are then translated into Pound 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 Pound Sterling over the period:

Profit Forecast

Revenue momentum is expected to be underpinned by book growth, stronger client activity levels and continued success in our client acquisition and entrenchment strategies.

The Group currently expects:

• Group ROE to be between 13.0% and 14.0%. Investec Limited is expected to report ROE between 18.0% and 19.0%, and Investec plc is expected to report ROTE between 12.5% and 13.5%

• Overall costs to be well managed in the context of continued investment in the business and inflationary pressures, with cost to income ratio expected to be between 52.0% and 54.0%

• The credit loss ratio to be within the through-the-cycle (TTC) range of 25bps to 45bps.

The Group has maintained robust capital and liquidity levels well above Board-approved minimums. The Group is well-positioned to continue to support our clients in navigating the current economic uncertainty and deliver on our clear strategy to enhance long-term shareholder returns. 

The basis of preparation of this statement and the assumptions upon which it was based are set out below. This statement is subject to various risks and uncertainties and other factors - these factors may cause the Group's actual future results, performance or achievements in the markets in which it operates to differ from those expressed in this Profit Forecast.

Any forward-looking statements made are based on the knowledge of the Group at 21 May 2026.

This forward-looking statement represents a profit forecast under the Listing Rules of the UK's Financial Conduct Authority. The Profit Forecast relates to the year ending 31 March 2026.

The financial information on which the Profit Forecast was 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 Forecast has been properly compiled using the assumptions stated below, and on a basis consistent with the accounting policies adopted in the Group's 31 March 2025 audited annual financial statements, which are in accordance with UK adopted international accounting standards and IFRS® Accounting Standards as issued by the International Accounting Standards Board (IASB).

At 31 March 2026, UK adopted IFRS Accounting Standards are identical in all material respects to current IFRS applicable to the Group, with differences only in the effective dates of certain standards.

Assumptions

The Profit Forecast has 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, whether for the economic effects of increased geopolitical tensions or otherwise

• The Rand/Pound Sterling, Euro/Pound, INR/Pound and US Dollar/Pound Sterling exchange rates and the tax rates remain materially unchanged from the prevailing rates detailed above

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

• There will be no material change to the facts and circumstances relating to legal proceedings and uncertain tax matters

• There have been no material changes to the Group's principal risks as disclosed on pages 10 to 29 of the Investec Group Risk and Governance report for the year ended 31 March 2025.

Estimates and judgements

In preparation of the Profit Forecast, 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 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, the underlying model assumptions and economic scenarios all which are 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

• The estimates relating to dividends tax arbitrage and motor finance provisions remain materially unchanged.

Accounting policies, significant judgements and disclosures

These unaudited condensed consolidated financial statements for the year to 31 March 2026 have been prepared in accordance with the Listing Rules of the Financial Conduct Authority (FCA) relating to Preliminary Announcements and comprise the results of Investec PLC and Investec Limited together with its subsidiaries (the Group). They comply with the recognition and measurement criteria of IFRS® Accounting Standards and UK adopted IFRS, and the presentation and disclosure requirements of IAS 34 Interim Financial Reporting, and therefore do not include all of the information required for full annual financial statements. At 31 March 2026, UK adopted IFRS are identical in all material respects to current IFRS applicable to the Group, with differences only in the effective dates of certain standards.

The accounting policies applied in the preparation for the results for the year ended 31 March 2026 are consistent with those in the audited financial statements for the year ended 31 March 2025. These results should be read in conjunction with the 31 March 2025 annual financial statements, which provide the comparatives for the disclosures in this document.

The financial results have been prepared under the supervision of Nishlan Samujh, the Group Finance Director. The financial statements for the year ended 31 March 2026 will be available on the Group's website:

www.investec.com

Proviso

• Please note that matters discussed in this announcement may contain forward-looking statements which are subject to various risks and uncertainties and other factors, including, but not limited to:

- changes in the political and/or economic environment that would materially affect the Investec Group

- changes in legislation or regulation impacting the Investec Group's operations or its accounting policies

- changes in business conditions that will have a significant impact on the Investec Group's operations

- changes in exchange rates and/or tax rates from the prevailing rates outlined in this announcement

- changes in the structure of the markets, client demand or the competitive environment

• A number of these factors are beyond the Group's control

• These factors may cause the Group's future results, performance or achievements in the markets in which it operates to differ from those expressed or implied

• Any forward-looking statements made are based on the knowledge of the Group at 21 May 2026

• The information in the Group's announcement for the year ended 31 March 2026, which was approved by the Board of Directors on 21 May 2026, does not constitute statutory accounts as defined in Section 434 of the UK Companies Act 2006. The 31 March 2025 financial statements were filed with the registrar and were unqualified with the audit report containing no statements in respect of sections 498(2) or 498(3) of the UK Companies Act

• The financial information on which forward-looking statements are based is the responsibility of the Directors of the Group and has not been reviewed and reported on by the Group's auditors.

This announcement is available on the Group's website: www.investec.com

Definitions

• Adjusted operating profit refers to profit before tax, 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 financial information as per the JSE Listing Requirements. The financial information is the responsibility of the Group's Board of Directors.

• Adjusted earnings attributable to shareholders refers to 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 basic earnings per share is calculated as adjusted earnings attributable to 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 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"

• Dividend payout ratio is calculated as the dividend per share divided by adjusted earnings per share

• Pre-provision adjusted operating profit is calculated as total operating income before expected credit loss impairment charges, net of operating costs and net of operating profits or losses attributable to other non-controlling interests

• 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

• The coverage ratio is ECL as a percentage of gross core loans subject to ECL

• Revenue refers to operating income as found on the face of the condensed combined consolidated income statement adjusted to remove transactions relating to goodwill, acquired intangibles, and strategic actions within equity accounted earnings

• The cost to income ratio is calculated as operating costs divided by operating income before expected credit loss impairment charges (net of operating profits or losses attributable to other non-controlling interests)

• Return on average ordinary shareholders' equity (ROE) is calculated as adjusted earnings attributable to ordinary shareholders divided by average ordinary shareholders' equity

• Return on average tangible ordinary shareholders' equity (ROTE) is calculated as adjusted earnings attributable to ordinary shareholders divided by average tangible ordinary shareholders' equity

• Net core loans is defined as net loans to customers plus net own originated securitised assets

• Cash and near cash includes cash, near cash (other 'monetisable assets' which largely include short-dated trading assets) and central bank cash placements and guaranteed liquidity

• NCI is non-controlling interests.

Financial assistance

Shareholders are referred to Special Resolution number 3, which was approved at the annual general meeting held on 7 August 2025, relating to the provision of direct or indirect financial assistance in terms of Section 45 of the South African Companies Act, No 71 of 2008 to related or inter-related companies. Shareholders are hereby notified that in terms of S45(5)(a) of the South African Companies Act, the Boards of Directors of Investec Limited and Investec Bank Limited provided such financial assistance during the period 1 April 2025 to 31 March 2026 to various Group subsidiaries.

Exchange rate impact on statutory results

Exchange rates between local currencies and Pound Sterling have fluctuated over the period. The most significant impact arises from the volatility of the Rand. The average Rand: Pound Sterling exchange rate over the period is in line with the comparative period ended 31 March 2025, and the closing rate has appreciated by 4.9% since 31 March 2025 . The following tables provide an analysis of the impact of the Rand on our reported numbers.

^ For income statement items we have used the average Rand: Pound Sterling exchange rate that was applied in the prior year, i.e. R23.25.

^^ For balance sheet items we have assumed that the Rand: Pound Sterling closing exchange rate has remained neutral since 31 March 2025.

* Restated as detailed below.

Condensed combined consolidated income statement

^ Restated as detailed below.

* Included in trading income arising from customer flow is income of £292.1 million (March 2025: £283.3 million) and interest expense of £122.2 million (March 2025: £152.8 million). 

** In the prior year, an immaterial amount in respect of Closure and rundown of the Hong Kong direct investments business was presented separately. In the current year, this has been collapsed into Financial impact of strategic actions, with the comparative restated accordingly.

Earnings per share

Condensed combined consolidated statement of total comprehensive income

* These amounts are net of a total tax credit of £1.9 million (March 2025: tax credit of £4.8 million).

Condensed combined consolidated balance sheet

^ Restated as detailed below.

Included in 'loans and advances to banks' £46 million (2025: £48 million), 'sovereign debt securities' £1 235 million (2025: £340 million), 'bank debt securities' £77 million (2025: £57 million, 'other debt securities' £163 million (2025: £nil) and 'securities arising from trading activities' £507 million (2025: £601 million) and 'other loans and advances' £nil (2025: £1 million) are assets provided as collateral where the transferee has the right to resell or re-pledge.

Condensed combined consolidated statement of changes in equity

Total comprehensive income attributable to ordinary shareholders is total comprehensive income attributable to equity holders, less dividends distributed to other equity holders including other Additional Tier 1 security holders, and amounts to £809.8 million.

Total comprehensive income attributable to ordinary shareholders is total comprehensive income attributable to equity holders, less dividends distributed to other equity holders including other Additional Tier 1 security holders, and amounts to £580.5 million.

Condensed combined consolidated cash flow statement

^ Restated as detailed below.

Cash and cash equivalents comprise 'cash and balances at central banks' and 'loans and advances to banks', excluding £150.9 million (March 2025: £165.5 million) of balances that are not short term in nature, and net of £9.8 million (March 2025: £22.3 million) of overdrafts.

Headline earnings per share

Adjusted earnings per share

* In accordance with IFRS® Accounting Standards, dividends attributable to equity holders are accounted for when a constructive liability arises i.e. on declaration by the Board of Directors and approval by the shareholders where required. Investec's preference is to present EPS by adjusting for earnings that are attributed to equity instruments (other than ordinary shares) on an accrual basis and therefore adjusts the paid dividend on such instruments to accrued in arriving at adjusted earnings per share.

** Taxation on disposal of aircraft, property revaluation and disposal of associate and business amounted to £8.5 million (March 2025: £0.7 million) with no impact on earnings attributable to non-controlling interests.

*** Headline earnings per share and diluted headline earnings per share have been calculated and is disclosed in accordance with the JSE Listing Requirements, and in terms of Circular 1/2023 issued by the South African Institute of Chartered Accountants. Current year adjustments include the gain on deemed disposal arising on gaining control of an associate, the recycling of the foreign currency reserve of a liquidated entity, the profit on disposal of a division in the South African Wealth business and the profit on disposal of aircraft held as PPE.

Management's measure of segmental profit or loss

Management's measure of operating profit, 'adjusted operating profit', is calculated based on profit before taxation, adjusted to remove goodwill, acquired intangibles and strategic actions, including such items within equity accounted earnings, and non-controlling interests.

* Included within this line are movements in value on deferred considerations on various transactions, continuing integration costs resulting from the Rathbones deal as well as various capital costs incurred in contemplation of potential transactions.

Combined consolidated segmental analysis

Segmental geographical and business analysis of adjusted operating profit before goodwill, acquired intangibles, non-operating items, taxation and after non-controlling interests.

^ Following a strategic review of our Private Capital business in Southern Africa, previously reported as part of our Private Banking segment, the business is now reported in the Corporate, Investment Banking and Other segment. The comparative year has been restated to reflect this change, resulting in a £5.2 million movement in adjusted operating profit between segments.

Combined consolidated segmental geographical analysis of total assets and total liabilities

^ Restated as detailed below.

Combined consolidated segmental geographical analysis of operating income

^ Following a strategic review of our Private Capital business in Southern Africa, previously reported as part of our Private Banking segment, the business is now reported in the Corporate, Investment Banking and Other segment. The comparative year has been restated to reflect this change, resulting in a £31.9 million movement in adjusted operating profit between segments.

Balance sheet restatements

Presentation of derivatives and settlement balances on open trades

The Group's application of the offsetting requirements of IAS 32 - Financial Instruments: Presentation was incorrectly implemented on certain derivative positions at 31 March 2025 and 31 March 2024. Restating the balance sheet at this date to offset these instruments resulted in a £21.3 million (31 March 2024: £33.4 million) decrease in 'derivative financial instruments' assets and 'derivative financial instruments' liabilities.

In addition, at 31 March 2025 and 31 March 2024, certain settlement debtors and creditors were presented net where there was no right to do so, and certain unsettled trades were not recognised. The balance sheet has therefore been restated at these dates to gross up these instruments appropriately. This resulted in changes to settlement debtors and creditors in 'other assets' and 'other liabilities' respectively, as well as the traded instruments.

This offsetting restatement was previously presented in the 30 September 2025 interim results, and has subsequently been revised for purposes of 31 March 2026 reporting as a result of the above offsetting matter identified in another business unit, to accurately reflect the impact thereof. As a result, the comparative interim period in the 30 September 2026 interim financial statements will be impacted.

These changes have no impact on the income statement, statement of changes in equity or cash flow statement (other than the consequential impact on operating assets and operating liabilities, due to the changes in the balance sheet line items).

The impact of these changes on the 31 March 2025 balance sheet was:

The impact of these changes on the 31 March 2024 balance sheet was:

Cash flow restatements

Due to the restatements above, there was a net increase in operating assets and operating liabilities of £6.2 million within the cash flow statement with a net nil impact on operating cash flows.

Income statement restatements

Classification of gains

Gains on certain financial instruments were inappropriately classified as fee and commission income and therefore did not reflect the substance of the underlying transactions. The comparative information has been restated accordingly. 

This change had no impact on the cash flow statement.

Contingent liabilities, provisions and legal matters

Historical German dividend tax arbitrage transactions

Investec Bank plc has previously been notified by the Office of the Public Prosecutor in Cologne, Germany, that it and certain of its current and former employees may be involved in possible charges relating to historical involvement in German dividend tax arbitrage transactions (known as cum-ex transactions). Investigations are ongoing and no formal proceedings have been issued against Investec Bank plc by the Office of the Public Prosecutor. In addition, Investec Bank plc received certain enquiries in respect of client tax reclaims for the periods 2010-2011 relating to the historical German dividend arbitrage transactions from the German Federal Tax Office (FTO) in Bonn. The FTO provided more information in relation to their claims and Investec Bank plc has sought further information and clarification.

Investec Bank plc is cooperating with the German authorities and continues to conduct its own internal investigation into the matters in question. A provision is held to reflect the estimate of financial outflows that could arise as a result of this matter and is reassessed at each reporting date. There are factual issues to be resolved which may have legal consequences, including financial penalties.

In relation to potential civil claims; whilst Investec Bank plc is not a claimant nor a defendant to any civil claims in respect of cum-ex transactions, Investec Bank plc has received third party notices in relation to two civil proceedings in Germany and may elect to join the proceedings as a third party participant. Investec Bank plc has itself served third party notices on various participants to these historic transactions in order to preserve the statute of limitations on any potential future claims that Investec Bank plc may seek to bring against those parties, should Investec Bank plc incur any liability in the future. Investec Bank plc has also entered into standstill agreements with some third parties in order to suspend the limitation period in respect of the potential civil claims. While Investec Bank plc is not a claimant nor a defendant to any civil claims at this stage, it cannot rule out the possibility of civil claims by or against Investec Bank plc in future in relation to the relevant transactions.

The Group has not provided further disclosure with respect to these historical dividend arbitrage transactions because it has concluded that such disclosure may be expected to seriously prejudice its outcome.

Motor finance commission review

The Investec Group (the Group) notes the FCA's announcement on 30 March 2026 regarding the final scope of the Motor Finance compensation scheme, following the Supreme Court judgment handed down on 1 August 2025, and has undertaken an assessment of the implications and potential impact of the proposed redress scheme.

As previously disclosed, in determining its existing provision the Group considered a range of scenarios to reflect uncertainties in key assumptions, including potential regulatory responses and redress outcomes. The FCA has now provided further detail on the approach, including the products in scope, the circumstances in which inadequate disclosure may give rise to an unfair relationship, the methodology for calculating redress, and the proposed customer engagement approach and time limits.

Based on the scheme as currently proposed, the Group has concluded that its existing provision of £30m, covering both redress and associated operational costs, remains appropriate based on information currently available and our estimate of a potential response rate. The ultimate financial impact could differ from these estimates as a result of customer take-up rates and the associated impact on operational costs however, we do not believe this will impact the overall provision materially.

The Group notes that the FCA's scheme is subject to ongoing legal challenges which, if successful, may materially affect the design, implementation or existence of any redress framework. Accordingly, the legal and regulatory position, as well as the nature, extent and timing of any remediation, remain materially uncertain pending the outcome of this challenge.

Events after the reporting period

There have been no significant events subsequent to the reporting date that would require adjustment to or disclosure in the financial statements. In the ordinary course of business, events may occur that influence the credit quality of loans and advances. At the date of this report, we have concluded that no changes are required to our ECL provisions or there is insufficient new information available since the reporting date of any conditions which existed at the balance sheet date to reliably estimate any adjustments to these ECL provisions.

Net fee and commission income

^ Restated as detailed below.

* Included in Specialist Banking fee and commission income is operating lease income of £8.4 million (2025: £9.0 million) generated from investment property and£26.1 million (2025: £8.4 million) generated from aircraft leasing structures, which are out of the scope of IFRS 15 - Revenue from Contracts with Customers.

Analysis of financial assets and liabilities by category of financial instrument

Financial instruments at fair value

The table below analyses recurring fair value measurements for financial assets and financial liabilities. These fair value measurements are categorised into different levels in the fair value hierarchy based on the inputs to the valuation technique used.

The different levels are identified as follows:

Level 1 - quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2 - inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs).

Transfers between level 1 and level 2

There were no significant transfers between level 1 and level 2 in the current year.

Measurement of financial assets and liabilities at level 2

The table below sets out information about the valuation techniques used at the end of the reporting period in measuring financial instruments categorised as level 2 in the fair value hierarchy:

Level 3 financial instruments

The following tables show a reconciliation of the opening balances to the closing balances for level 3 financial instruments. All instruments are at fair value through profit or loss.

The Group transfers between levels within the fair value hierarchy when the significance of the unobservable inputs change or if the valuation methods change. Transfers are deemed to occur at the end of each semi-annual reporting period. During the year ended 31 March 2026, investment portfolio assets of £9.3 million were transferred from level 3 to Level 2 due to the use of broker‑observable valuation inputs. There were no significant transfers into level 3 in the current year.

The following tables quantify the gains or (losses) included in the income statement and statement of other comprehensive income recognised on level 3 financial instruments:

Sensitivity of fair values to reasonably possible alternative assumptions by level 3 instrument type

The fair value of financial instruments in level 3 are measured using valuation techniques that incorporate assumptions that are

not evidenced by prices from observable market data. The following table shows the sensitivity of these fair values to reasonably possible alternative assumptions, determined at a transactional level. Reasonable possible changes are determined depending on the nature of the instrument, for example, for credit related inputs, this is a one rating grade movement up or down. In other instances, the extent of a reasonable change is based on market experience.