JTC (JTC) H2 2025 earnings summary

Executive summary

• Achieved 25.1% revenue growth to £381.9m year-over-year, with net organic growth of 8.5% and strong contributions from strategic acquisitions.

• Underlying EBITDA rose 22.4% to £124.5m, with a margin of 32.6%; record new business wins of £43.5m (+21.8%).

• Completed major acquisitions: Citi Trust and Kleinwort Hambros Trust Company, significantly expanding scale and market presence.

• Shareholders approved a recommended cash acquisition by Papilio Bidco Limited (Permira), with completion expected in Q3 2026.

• Transitioning from public to private ownership, concluding the 'Cosmos' era and launching the 'Genesis' era for future growth.

Financial highlights

• Revenue: £381.9m (2024: £305.4m), +25.1% year-over-year.

• Underlying EBITDA: £124.5m (2024: £101.7m), +22.4%; margin 32.6% (2024: 33.3%).

• Operating profit: £39.1m (2024: £18.9m), +106.3%.

• Underlying profit for the period: £76.5m (2024: £68.3m), +12.1%.

• Basic EPS: 0.56p (2024: -4.44p); underlying EPS: 45.55p (2024: 41.80p), +9.0%.

• Net debt: £313.0m (2024: £206.9m); underlying leverage 2.22x EBITDA.

• Cash conversion: 87% (2024: 98%), impacted by timing of acquisitions.

• Dividend per share: 5.00p (2024: 12.54p), reflecting acquisition timing.

Outlook and guidance

• Expect continued strong organic growth and high-quality acquisitions under new private ownership.

• Sector tailwinds from increasing global capital flows into alternative assets; positioned to benefit from ongoing market consolidation.

• Guidance for medium-term organic growth remains at 10%+; EBITDA margin guidance 33–38%; cash conversion 85–90%; leverage 1.5x–2.0x.

• Acquisition by Permira expected to complete in Q3 2026, with all regulatory approvals in progress.