Investec Group (INVP) Trading Update summary

Financial performance and outlook

• Earnings for 1H2026 are expected to be broadly in line with the prior period, with adjusted EPS forecast between 38.7p and 41.5p, and headline EPS between 35.2p and 38.0p, reflecting a range from slightly below to slightly above last year.

• Pre-provision adjusted operating profit is projected at £509.4m–£540.3m, and adjusted operating profit at £451.0m–£481.8m, compared to £474.7m in 1H2025.

• Revenue growth was driven by increased client activity, higher average advances, and net inflows in the wealth business, offset by lower average interest rates and reduced investment portfolio earnings.

• Net core loans increased by 4.7% annualized to £33 billion, while customer deposits decreased by 1.9% annualized to £40.8 billion due to liability mix optimization.

• Cost-to-income ratio is anticipated at 52%-54%, consistent with full-year guidance.

Segmental and regional performance

• Southern Africa Specialist Bank adjusted operating profit is expected up to 7% ahead in Rands, with overall Southern Africa business flat to 5% behind prior period due to weaker Group Investments.

• UK business (including Rathbones) adjusted operating profit is expected to be 1% behind to 6% ahead of prior period; UK Specialist Bank is 4% behind to 4% ahead.

• Southern Africa business ROE is expected at 18.5%, and UK business ROTE at 13%, both within target ranges.

• Funds under management in South African wealth and investment rose by 7.8% to £25.2 billion, with strong discretionary inflows; Rathbones FUMA reached £109.0bn as of 30 June 2025.

• South African wealth and investment business shows robust performance, with strong discretionary AUM growth and net inflows of £9.3 billion.

Strategic initiatives and capital management

• Progress continues on building scale, leveraging client franchises, and enhancing the proposition.

• Share buyback program commenced, with approximately £46 million repurchased to date out of a £100m programme.

• Continued investment in people and technology to support strategic growth, despite inflationary pressures.

• Robust capital and liquidity levels maintained, with CET1 ratios at 15.3% (Investec Limited) and 12.2% (Investec plc) as of 30 June 2025.

• Interim results for the six months ending 30 September 2025 will be released on 20 November 2025, with a further update on mid-market growth initiatives.