Half-year Financial Report 30 Sep 2025

Investec (comprising Investec plc and Investec Limited) - Reviewed condensed combined consolidated financial results for the six months ended 30 September 2025 and cash dividend declaration

Fani Titi, Group Chief Executive commented:

"The Group delivered resilient results in a challenging macro-economic environment characterised by geopolitical uncertainty and ongoing market volatility. Our commitment to supporting our clients and the diverse nature of our revenue streams underpinned our financial performance, resulting in a 2.5% growth in adjusted earnings per share to 40.5 pence.

Over the past twelve months, we have returned c.£376 million (c.R9 billion) to shareholders, equivalent to 7.4% of the Group's average market capitalisation, through ordinary dividends and share buybacks.

We are progressing well with our strategy to build scale and leverage existing client franchises, allocate capital optimally and drive investment to enhance our proposition. We have a clear path to achieving incremental return on equity of c.200bps by FY2030. Today we will present a business update on our Corporate mid-market growth initiatives outlining our plans to expand and deepen the breadth of our current proposition. We will bring the private client banking experience to mid-sized corporates, delivered through our differentiated service model and entrepreneurial approach.

Our strong capital generation has allowed us to deliver sustainable returns to our shareholders, invest in initiatives to enhance our offering, and support our clients, colleagues, and societies through an evolving economic environment."

Key financial metrics

Totals and variances are presented in £'millions which may result in rounding differences. The Key financial metrics are defined below.

Group financial summary:

Revenue 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 in Southern Africa as a result of our strategy to optimise the funding pool. This was offset by the impact of lower average interest rates. Non-interest revenue (NIR) growth reflects a strong increase in fee income generated by our UK Banking business, as well as higher annuity fees from our SA Wealth & Investment business. Trading income and investment income is behind the comparative period which benefited from the positive sentiment that followed the Government of National Unity (GNU) formation in South Africa. This was augmented by an increase in the Group's share of post-tax profits from associates.

The cost to income ratio was 51.9% (1H2025: 50.8%; FY2025: 52.6%). Total operating costs increased by 1.5%. Fixed operating expenditure growth reflects continued investment in people and technology for strategic growth initiatives, project spend to transform and enhance business resilience, as well as inflationary pressures. Variable remuneration in each geography was in line with respective underlying business performance.

Pre-provision adjusted operating profit decreased by 2.6% to £527.4 million (1H2025: £541.6 million). The Group saw good levels of lending origination with strong fee generation, which was counterbalanced by the negative impact of declining interest rates and lower income from the SA Group investments portfolio.

The credit loss ratio (CLR) on core loans was 35bps (1H2025: 42bps), within the Group's through-the-cycle (TTC) range of 25bps to 45bps. Expected credit loss (ECL) impairment charges decreased to £59.3 million (1H2025: £66.9 million). Overall credit quality remained strong, with no evidence of trend deterioration.

Return on equity (ROE) was 13.6% (1H2025: 13.9%) within the Group's medium-term 13% to 17% target range. 

Return on tangible equity (ROTE) of 15.7% (1H2025: 16.4%) is within the Group's medium-term 14% to 18% target range.

Distribution to shareholders The Board has declared an interim dividend of 17.5p per share (1H2025: 16.5p), translating to a 43.2% payout ratio, within the Group's current 35% to 50% payout policy. As part of the ongoing capital management process, the Group has repurchased c.R1.1 billion / c.£46 million of the R2.5 billion / c.£100 million share buy-back programme announced in May 2025.

Net asset value (NAV) per share increased to 608.1p (31 March 2025: 587.7p), driven by strong capital generation in the current period, partly offset by distribution to shareholders. Tangible net asset value (TNAV) per share increased to 527.9p (31 March 2025: 506.3p).

Earnings attributable to other equity holders reduced to £33.0 million (1H2025: £38.5 million) due to the normalization of Additional Tier 1 (AT1) costs following the settlement of the remaining 2017 AT1 issuance in December 2024.

Key drivers:

Net core loans increased 8.0% annualised to £33.7 billion (31 March 2025: £32.4 billion) and grew by 5.8% annualised on a neutral currency basis, driven by growth across our diversified corporate lending portfolio, as well as private client lending books in both geographies.

Customer deposits increased by 3.6% annualised to £41.9 billion (31 March 2025: £41.2 billion) and grew by 1.4% annualised in neutral currency. In Southern Africa we continued our strategy to optimise the liability mix where non-wholesale deposit growth was 7.6% annualised while wholesale deposits grew by 3.6% annualised.

Funds under management (FUM) in the Southern African wealth business increased by 13.4% to £26.5 billion (31 March 2025: £23.4 billion). Strong net inflows in our discretionary and annuity funds of R11.5 billion (£478 million) were supplemented by R5.2 billion (£215 million) additional FUM from a strategic acquisition by our Swiss operations in September 2025. This was partly offset by non-discretionary outflows of R7.8 billion (£325 million).

Our associate Rathbones reported Funds Under Management and Administration (FUMA) of £113.0 billion at 30 September 2025.

Balance sheet strength:

The Group remained well capitalised in both our anchor geographies, with Investec Limited reporting a CET1 ratio of 14.6% measured on the Advanced Internal Ratings-Based approach and the Investec plc CET1 ratio at 12.7% measured on the standardised approach. The UK business continues to make progress in 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.

Financial Outlook:

The global macro-economic environment continues to face heightened uncertainty, creating volatility in economic forecasts and financial markets. We are continuously monitoring the evolving environment. The following statements are based on our current expectations for interest rates and economic conditions and our guidance for FY2026 is as follows:

FY2026 Outlook

Revenue is expected to be supported by book growth, ongoing client activity and continued success in our client acquisition and entrenchment strategies, partly offset by the impact of lower average interest rates.

We expect Group performance in the second half of the financial year to be broadly in line with the current period.

The Group currently expects:

• Group ROE to be c.13.7% within the 13.0% to 17.0% target range:

◦ Southern Africa is expected to report ROE of c.18.5%, within the target range of 16.0% to 20.0%

◦ UK & Other is expected to report ROTE of c.13.6%, within the target range of 13.0% to 17.0%

• Overall costs to be well managed in the context of inflationary pressures and continued investment in the business, 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. Southern Africa is expected to be around the lower end of the TTC range of 15bps to 35bps. The UK & Other credit loss ratio is expected to be around the upper end of the 50bps to 60bps previously guided range.

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. 

Business updates

We remain committed to advancing our return on equity to the upper end of our target range by FY2030.

We are making progress on the strategic execution of our growth objectives; we are expanding our capability to support our clients in a differentiated approach leveraging our heritage client franchises.

The Group will be hosting a Corporate mid-market business update today which will set out a range of targets and present our plans to enhance the breadth of our client offering, increase our market share, and deliver significant incremental returns.

On 21 May 2026 post the Group's FY2026 results presentation a detailed update on our Private Client growth initiatives will be provided.

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 six months ended 30 September 2025 (1H2026). Unless stated otherwise, comparatives relate to the Group's operations for the six months ended 30 September 2024 (1H2025).

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

** Following the all-share combination of IW&I UK and Rathbones, IW&I UK now forms part of the Rathbones Group. As at 30 September 2025, Rathbones Group, now an associate of the Investec Group, had funds under management and administration of £113.0 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 interim results presentation live from London and broadcast live in Johannesburg today at 11h00 (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 approximately 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 decreased 0.6% to £1 096.3million (1H2025: £1 102.6 million)

Net interest income (NII) decreased 2.1% to £670.1 million (1H2025: £684.4 million); growth in average lending books and lower funding costs in Southern Africa, was offset by the negative endowment effect of declining global interest rates. NII was also impacted by margin pressure due to highly competitive pricing in our anchor geographies.

Non-interest revenue increased 1.9% to £426.2 million (1H2025: £418.2 million).

• Net fee and commission income increased by 9.4% to £242.5 million (1H2025: £221.6 million) driven by increased activity levels across our various UK corporate lending franchises, as well as higher average discretionary FUM in the SA wealth business. The SA Bank delivered strong fee growth from our Investment Banking franchise as well as higher Private Banking fees reflecting increased client activity, this was offset by muted interest rate and FX structuring fees

• Investment income of £57.2 million (1H2025: £63.2 million) reflects net fair value gains and dividends received on investment portfolios, offset by lower valuation gains in listed investments in the Southern Africa Group Investments portfolio relative to the prior period

• Share of post tax operating profit of associates and joint venture holdings amounted to £42.9 million (1H2025: £35.2 million) primarily consists of Investec's share of Rathbones reported post-tax underlying profit attributable to shareholders for their six months ended 30 June 2025. The period on period variance reflects equity accounted earnings for current and prior periods accrued at 43.05%, being our effective interest; the increase in effective interest from 41.25% takes into consideration the elimination of treasury shares held within Rathbones Group

• Trading income arising from customer flow decreased by 10.1% to £66.8 million (1H2025: £74.3 million). Increased facilitation of interest rate and FX hedging for clients by our UK Treasury Risk Solutions area was offset by subdued equity trading income arising from customer flow primarily in Southern Africa

• Trading income from balance sheet management and other trading activities amounted to £14.7 million (1H2025: £22.3 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.

Expected credit loss (ECL) impairment charges amounted to £59.3 million (1H2025: £66.9 million)

Asset quality remains within Group risk appetite limits, with exposures to a carefully defined target market and well covered by collateral. The decrease in the ECL impairment charges is primarily due to lower Stage 3 specific impairments relative to the prior period, resulting in a credit loss ratio on core loans of 35bps (1H2025: 42bps).

Operating costs increased by 1.5% to £568.9 million (1H2025: £560.3 million)

The cost-to-income ratio was 51.9% (1H2025: 50.8%). Fixed operating expenditure increased due to continued investment in technology and people to support the Group's growth ambitions and enhance business resilience, as well as inflationary pressures. Higher personnel expenses relate to both annual salary increases and growth in headcount. Variable remuneration declined relative to prior period.

Taxation

The taxation charge on adjusted operating profit was £88.8 million (1H2025: £98.3 million), resulting in an effective tax rate of 20.9% (1H2025: 22.3%).

Investec plc effective tax rate is 21.5% (1H2025: 23.3%), reflecting the weighted effective tax rate from multiple jurisdictions where Investec plc has operations. Investec Limited effective tax rate is 20.4% (1H2025: 21.6%).

Funding and liquidity

Customer deposits increased 3.6% annualised to £41.9 billion (FY2025: £41.2 billion) on a reported basis and 1.4% annualised in neutral currency. Customer deposits decreased by 1.1% annualised to £21.3 billion for Investec plc and increased by 4.2% annualised to R477.9 billion for Investec Limited since 31 March 2025.

Cash and near cash of £16.9 billion being £8.4 billion in Investec plc and R197.2 billion in Investec Limited at 30 September 2025 (31 March 2025: £16.9 billion) representing approximately 40.3% of customer deposits (39.4% for Investec plc and 41.3% for Investec Limited).

Loans and advances to customers as a percentage of customer deposits was 81.4% (1H2025: 77.4%; FY2025: 78.3%) for Investec plc and 77.7% (1H2025: 78.0%; 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 340% and a NSFR of 140% at 30 September 2025

• Investec Bank Limited (consolidated Group) reported a LCR of 181.5% and an NSFR of 116.1% at 30 September 2025.

Capital adequacy and leverage ratios

Capital and leverage ratios remain sound, ahead of regulatory requirements. The CET1 and leverage ratio were 14.6% and 6.3% for Investec Limited (Advanced Internal Ratings-Based approach) and 12.7% and 9.8% for Investec plc (standardised approach) respectively.

Segmental performance

Specialist Banking

Adjusted operating profit from Specialist Banking decreased by 0.7% to £423.7 million (1H2025: £426.9 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 2.6% to R5 385 million (1H2025: R5 251 million), delivered in an environment where domestic economic recovery momentum slowed and global macro-economic uncertainty prevailed.

Throughout the Bank we continue to execute on our strategy to further entrench clients in our ecosystem, grow market share and drive cross-divisional and cross-border collaboration. In the period under review, we completed an internal restructuring to create a unified Corporate mid-market division that is focused on a single integrated strategy. Key leadership appointments have been made and our focus is on unlocking significant growth opportunities, efficiency and client centricity. Our growth ambitions are a natural evolution from specialisation to a full service offering that leverages on our established strong client relationships.

Net core loans grew by 5.0% annualised to R378.9 billion (FY2025: R369.8 billion) driven by increased growth in the private client loan book and certain corporate credit portfolios particularly in the Energy and Infrastructure finance, Leveraged finance and Investec for Business loan books. Corporate loans and advances grew 6.2% annualised, notwithstanding subdued business confidence levels and an uncertain economic outlook. Lending turnover growth was strong as we continued to gain market share across client franchises; this was partly offset by elevated repayment levels.

Revenue increased 3.7% benefitting from growth in average interest earning assets, and continued strong client acquisition in line with our growth strategies. This was partly offset by lower trading income primarily as a result of lower customer flow trading activity. Investment income positively contributed to revenue growth.

• Net interest income (NII) increased by 6.5% driven by growth in the average net core loans and advances balance of 9.2% and lower cost of funds which benefitted from the execution of our strategies to optimise the funding pool. This was partially offset by the effects of lower average interest rates and competitive pricing in the market. Our non-wholesale deposit base continued to grow in line with our strategy to increase the proportion of non-wholesale deposits in our funding mix

• Non-interest revenue decreased by 2.1% driven by:

- Net fee and commission income grew by 2.8% largely driven by higher equity capital market and advisory fees in the corporate and investment banking business, as well as higher private banking fees resulting from increased client activity. This was partly offset by lower interest rate and FX structuring fee activity versus the prior period

- Positive contribution from Investment income driven by realised and fair value gains from investment portfolios

Partly offset by:

- Trading income from customer flow reflecting lower client activity in equity derivatives due to reduced market liquidity relative to the prior period which benefitted from the positive sentiment following the GNU formation

- Lower trading income from balance sheet management activities 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. This was partly offset by net foreign currency translation gains on non-Rand denominated monetary assets and liabilities.

ECL impairment charges decreased to R237 million (1H2025: R328 million) resulting in a credit loss ratio of 12bps (1H2025: 16bps), primarily driven by lower Stage 3 ECL charges relative to the prior period.

The cost to income ratio was 47.4% (1H2025: 45.9%). Operating costs increased by 7.1% reflecting our continued investment into the business to achieve strategic growth and operational efficiency. Fixed operating costs grew 10.2% 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 decreased relative to the prior period.

UK & Other Specialist Banking

The Bank reported adjusted operating profit of £200.1 million, slightly down from £202.3 million in 1H2025. This performance was achieved notwithstanding a macro-economic environment marked by ongoing uncertainty.

We are focused on our growth agenda; strategically investing to enhance our offerings, as well as deliver scale and relevance and position ourselves for accelerated growth. We are investing in our transactional banking capabilities in both private and corporate banking to complement our current core specialisations. Our well-established franchise stands as the only integrated and diversified mid-market focused specialist bank, providing the capabilities of global investment banks to the corporate mid-market. Our breadth of capabilities and exceptional client service position us well to become a leading relationship banking group in the UK.

Net core loans grew 6.6% annualised to £17.4 billion driven by growth across our diversified corporate loan book, particularly in our Fund Solutions, Direct Lending and Aviation portfolios, as well as 9.6% annualised growth since 31 March 2025 in the UK residential mortgage portfolio. Lending activity during the period was supported by new client acquisition as well as recurring business with existing clients.

Revenue decreased slightly on prior period; 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 contributed positively to revenue.

• Net interest income decreased by 5.8% as the benefit of a larger average loan book was offset by the impact of lower average interest rates over the period

• Non-interest revenue increased by 11.4% driven by:

- Net fees and commissions increasing by 27.8% reflecting higher arrangement fees generated across our investment banking lending franchises, as well as higher listed advisory fees

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

Partly offset by:

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

ECL impairment charges decreased to £49.5 million, resulting in a credit loss ratio of 56bps (1H2025: 67bps) in line with guidance, predominantly driven by lower 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 (31 March 2025: 3.4%) and Stage 2 exposures decreasing to 7.2% (31 March 2025: 8.1%) of gross core loans subject to ECL.

The cost to income ratio was 53.3% (1H2025: 52.6%). Total operating costs increased by 0.6%. Fixed operating cost growth of 7.3% 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, and inflationary pressure. Variable remuneration decreased relative to the prior period.

The Group notes the recent FCA announcement and consultation paper on an industry wide redress scheme for motor finance. Based on the FCA consultation in its current form the Group has concluded that the existing £30 million provision, including both redress and operational costs, remains appropriate based on information currently available. This represents the Group's best estimate of the potential impact of this matter. The current FCA proposals remain under consultation, and the redress exposure is still uncertain, subject to variability arising from any changes made by the FCA in the final scheme rules, customer take-up rates and the potential impact these may have on operational costs. Investec commenced lending into the UK Motor Vehicle Finance market in June 2015 and motor finance gross core loans amounted to £11 million at 31 March 2016.

Wealth & Investment

Adjusted operating profit from the Wealth & Investment businesses increased 10.6% to £60.3 million (1H2025: £54.6 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 2.1% to R530 million (1H2025: R519 million).

Total FUM increased by 11.0% to R616.1 billion (FY2025: R555.2 billion) driven by discretionary and annuity net inflows of R16.7 billion 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 R7.8 billion. In a dynamic market, the business maintained strong client retention and acquisitions, demonstrating the strength and quality of our international wealth management proposition.

Revenue grew by 5.5% underpinned by strong inflows in our discretionary and annuity portfolios across local and offshore investment products in the current and prior periods, partly offset by lower fee income generated from structured products relative to the prior period. Revenue in Switzerland grew by 1.2% in Pounds driven by higher net fee income as a result of higher average FUM, partly offset by lower net interest income.

Operating costs increased 7.0%, driven by investment in people for continued growth, and higher technology spend. Variable remuneration decreased period on period. Fixed operating expenditure increased by 11.4%. Operating margin was 30.5% (1H2025: 31.4%).

UK & Other Wealth & Investment

The all-share combination of IW&I UK and Rathbones successfully completed in September 2023. At 30 September 2025 Rathbones reported FUMA of £113.0 billion FUMA.

Investec continues to hold c.44.5 million Rathbones shares (ordinary and convertible), unchanged since completion of the combination.

The current period consists of the Group's share of Rathbones post-tax underlying profit attributable to shareholders of £78.7 million for their six months ended 30 June 2025 which amounts to £33.9 million (1H2025: £32.3 million). We have accrued earnings at a 43.05% the latest effective interest taking into consideration the elimination of treasury shares held within Rathbones Group. In prior periods, this consideration had not been applied and earnings were accrued at 41.25%, as such an additional £4.3 million has been recognised in this period to account for the differential.

Rathbones have announced the successful completion of the planned IW&I UK client and asset migration, establishing a strong foundation for realising the full benefits of the combined organisation going forward. At 30 September 2025, Rathbones announced that the synergy target of £60 million on an annualised run rate basis has been achieved.

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.

Adjusted operating profit from Group Investments decreased to £6.7 million (1H2025: £19.3 million) primarily driven by lower investment income on the fair value measurement of our shareholding in the Burstone Group. The prior period fair value was positively impacted by market re-rating in South Africa post the successful formation of the GNU.

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. 1606/2022 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 six months ended 30 September 2025 have accordingly been prepared on the going concern basis.

Unless the context indicates otherwise, all comparatives included in the commentary above relate to the six months ended 30 September 2024.

Amounts represented on a neutral currency basis for income statement items assume that the relevant average exchange rates for the six months ended 30 September 2025 remain the same as those in the prior period. Amounts represented on a neutral currency basis for balance sheet items assume that the relevant closing exchange rates as at 30 September 2025 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 c.13.6%. Investec Limited is expected to report ROE of c.18.5%, and Investec plc is expected to report ROTE of c.13.6%

• Overall costs to be well managed in the context of inflationary pressures and continued investment in the business, 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. Investec Limited is expected to be close to the lower end of the TTC range of 15bps to 35bps. Investec plc credit loss ratio is expected to be around the upper end of the previously guided 50bps and 60bps range.

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 19 November 2025.

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 30 September 2025, 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 reviewed condensed combined consolidated financial results have been prepared in accordance with the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority (FCA) and with International Accounting Standard 34, "Interim Financial Reporting" and IFRS® adopted by the United Kingdom. They do not include all of the information required for full annual financial statements and should be read in conjunction with the Group's consolidated financial statements as at and for the year ended 31 March 2025 which complied in accordance with the UK adopted international accounting standards and IFRS® Accounting Standards as issued by the International Accounting Standard Board (IASB).

The accounting policies applied in the preparation for the results for the six months ended 30 September 2025 are consistent with those in the audited financial statements for the year ended 31 March 2025. Copies of the 2025 annual report and accounts are available on the Group's website. 

At 30 September 2025, 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 financial results have been prepared under the supervision of Nishlan Samujh, the Group Finance Director. The financial statements for the six months ended 30 September 2025 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 19 November 2025

• The information in the Group's announcement for the six months ended 30 September 2025, which was approved by the Board of Directors on 19 November 2025, 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

• 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 2024 to 31 March 2025 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 has depreciated by 3.0% against the comparative period ended 30 September 2024, and the closing rate has appreciated by 0.9% 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. 23.40.

^^ 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 £131.9 million (Sept 2024: £149.8 million, March 2025: £283.3 million) and interest expense of £65.1 million (Sept 2024: £75.6 million, March 2025: £152.8 million). 

Earnings per share

Condensed combined consolidated statement of total comprehensive income

* These amounts are net of a tax credit of £0.9 million (Sept 2024: tax credit £3.0 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' £58 million (March 2025: £48 million, Sept 2024: £43 million), 'sovereign debt securities' £971 million (March 2025: £340 million, Sept 2024: £841 million), 'bank debt securities' £98 million (March 2025: £57 million, Sept 2024: £66 million), 'other debt securities' £100 million (March 2025: £nil, Sept 2024: £73 million), 'securities arising from trading activities' £613 million (March 2025: £601 million, Sept 2024: £165 million) and 'other loans and advances' £nil (March 2025: £1 million, Sept 2024: £2 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

^ To reflect the treasury shares restatement disclosed in the March 2025 annual report, and the consequential changes in aggregation of related line items, the share-based payments adjustments increased by £32.6 million and the acquisition of treasury shares decreased by £32.6 million.

Condensed combined consolidated statement of changes in equity (continued)

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 £158.2 million (March 2025: £165.5 million; Sept 2024: £172.0 million) of balances that are not short term in nature, and net of £26.3 million (March 2025: £22.3 million; Sept 2024: £nil) 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 view 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 property revaluation and other headline adjustments amounted to £0.4 million (Sept 2024: £0.2 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 and the profit on disposal of a division in the South African Wealth business.

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 period has been restated to reflect this change.

Combined consolidated segmental geographical analysis of total assets and total liabilities

^ Restated, as detailed below.

Combined consolidated segmental geographical analysis of operating income

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. Restating the balance sheet at this date to offset these instruments resulted in a £21.3 million decrease in 'derivative financial instruments' assets and 'derivative financial instruments' liabilities. In addition at 31 March 2025 and 30 September 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. 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:

Variation margin balances

Historically, certain variation margin balances were offset against related derivative trades. In the prior year, the legal contracts and settlement mechanisms were reconsidered. Because of the gross settlement mechanism, it was concluded that these balances did not qualify for offset. Subsequently, the derivative and margin balances have been grossed up, reflecting margin accounts on the appropriate line items determined based on whether they are to, or from, banking or non-banking counterparties. This restatement is consistent with that disclosed at the 31 March 2025 year-end.

Repurchase agreements

Certain equity stock trades entered into at the same time as related forward purchase agreements, in respect of the same assets, were booked as separate trades rather than in line with the true substance of the transaction, as a single repurchase agreement. As a result, trading assets were derecognised or short positions in respect of the same stock were incorrectly recognised within 'other trading liabilities'. To appropriately reflect these transactions, comparatives have been corrected to recognise the repurchase agreements and stock positions, including reducing the short trading securities positions, included in 'other trading liabilities', and the financial instruments, previously recognised as reverse repurchase assets and repurchase liabilities. This restatement is consistent with that disclosed at the 31 March 2025 year-end.

Presentation of taxation balances

In prior years, current tax assets and liabilities were incorrectly grossed up. At 30 September 2024, deferred tax assets and liabilities were similarly incorrectly grossed up. The prior year balance sheet has therefore been restated to present the correct amounts. This restatement is consistent with that disclosed at the 31 March 2025 year-end.

The impact of these changes on the 30 September 2024 balance sheet was: