Investec Group (INVP) Q4 2025 TU earnings summary

Executive summary

• Underlying client franchises advanced strategic priorities, driving revenue growth despite challenging conditions and supporting results within target ranges.

• Diversified business model and strong capital and liquidity levels enabled continued client support and performance within financial targets.

• Year-to-date performance benefited from client acquisition, net inflows in funds under management, and higher average advances.

Financial highlights

• Revenue growth was driven by client acquisition, higher discretionary and annuity fund inflows, and increased average advances.

• Pre-provision adjusted operating profit expected between £1,013m and £1,076m, up 5.0%–12.0% year-over-year (FY2024: £963.6m).

• Adjusted EPS forecast at 75.0p–81.2p (FY2024: 78.1p), or 4.0% below to 4.0% above prior year.

• Net core loans rose 4.7% annualized to GBP 32.2 billion, with growth in both private client and corporate lending.

• Customer deposits increased 4.8% annualized to GBP 31.2 billion.

Outlook and guidance

• Pre-provision adjusted operating profit expected to be 5%-12% ahead of prior year.

• Group ROE expected at 13.0%–14.0%, within medium-term target of 13.0%–17.0%.

• Group ROTE forecast at 15.5%–16.5%, within 14.0%–18.0% target range.

• Cost-to-income ratio projected below prior period's 53.8% as revenue outpaces costs.

• Credit loss ratio to remain within 25bps–45bps TTC range; overall credit quality strong.