JTC (JTC) H2 2025 earnings summary

Executive summary

• Revenue increased 25.1% to £381.9m, with underlying EBITDA up 22.4% to £124.5m year-over-year.

• Net organic revenue growth was 8.5%, with record new business wins of £43.5m, up 21.8% from the prior year.

• Underlying profit for the period rose 12.1% to £76.5m, and underlying basic EPS increased 9.0% to 45.55p.

• The group completed major acquisitions (Citi Trust and KHT), cementing its position as the largest global independent trust company.

• A recommended bid by Permira to take the company private was announced, with completion expected in Q3 2026.

Financial highlights

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

• Underlying EBITDA: £124.5m (2024: £101.7m), +22.4% year-over-year.

• Underlying EBITDA margin: 32.6% (2024: 33.3%).

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

• Underlying basic EPS: 45.55p (2024: 41.80p), +9.0%.

• Net organic revenue growth: 8.5% (2024: 11.3%).

• Underlying cash conversion: 87% (2024: 98%).

• Underlying leverage: 2.2x underlying EBITDA (2024: 1.79x).

• Dividend per share: 5p (2024: 12.54p), reflecting timing of the proposed acquisition.

Outlook and guidance

• The group expects continued strong organic growth and high-quality acquisitions, supported by Permira's backing.

• The business model is considered resilient, with a focus on sustainable growth and operational efficiency.

• The company targets annual organic growth of 10%+, EBITDA margin of 33–38%, and cash conversion of 85–90%.

• The proposed acquisition by Permira is expected to complete in Q3 2026, with the company transitioning to private ownership.