JTC (JTC) Trading update summary

Trading performance and business growth

• Achieved record new business wins with both divisions growing new business by over 20%.

• Growth was balanced across Institutional Capital Services and Private Capital Services.

• Net organic revenue growth remained strong despite longer lead times from macroeconomic headwinds.

• Trading was in line with Board expectations for the year.

Acquisitions and integration

• Completed acquisition of Citi's global fiduciary and trust administration services business in July 2025.

• Integration of Citi Trust is progressing well and expected to meet margin guidance by end of 2026.

• Acquired Kleinwort Hambros Trust in Q4 2025, expected to be earnings accretive in 2026.

• KHT acquisition adds a high-quality Employer Solutions business to the ICS Division.

Corporate developments and outlook

• Shareholders overwhelmingly approved the proposed acquisition by Permira, with completion expected in Q3 2026.

• The recommended cash acquisition by Papilio Bidco values the business at approximately £2.7bn.

• Full-year results for 2025 will be announced on 7 April 2026.