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Investec Limited Investec plc
Incorporated in the Republic of South Africa Incorporated in England and Wales
Registration number 1925/002833/06 Registration number 3633621
JSE share code: INL LSE share code: INVP
JSE hybrid code: INPR JSE share code: INP
JSE debt code: INLV ISIN: GB00B17BBQ50
NSX share code: IVD LEI: 2138007Z3U5GWDN3MY22
BSE share code: INVESTEC
ISIN: ZAE000081949
LEI: 213800CU7SM6O4UWOZ70
Investec Group pre-close trading update
18 September 2026
Investec Group today announces its scheduled pre-close trading update for the interim period ending 30
September 2026 (1H2027). An investor conference call will be held today at 09:00 UK time / 10:00 South African
time. Please register for the call at www.investec.com/investorrelations.
Commentary on the Group's financial performance in this pre-close trading update represents the five months ended
31 August 2026 and compares forecast 1H2027 to 1H2026 (30 September 2025).
1H2027 earnings update and guidance
The Group is expected to deliver results in line with guidance provided in May 2026. Stable year to date financial
performance was underpinned by disciplined execution, strong client franchises, continued balance sheet growth
and sound asset quality. In a period of persistent macroeconomic uncertainty, we continued to support our clients
while investing in the business for long-term growth.
Our strategic priorities remain unchanged: growing and enhancing our client propositions, allocating capital
efficiently, and modernising our operating and digital platforms to support sustainable value creation. We remain
committed to advancing returns towards the upper end of our target range by FY2030.
For the six months ending 30 September 2026, the Group expects:
- Adjusted earnings per share of 41.7p to 43.3p (1H2026: 40.5p) or 3% to 7% ahead of prior period
- Headline earnings per share of 38.1p to 39.7p (1H2026: 36.7p) or 4% to 8% ahead of prior period
- Basic earnings per share of 38.1p to 39.7p (1H2026: 37.8p) or 1% to 5% ahead of prior period
- Pre-provision adjusted operating profit to be between #531.4 million and #548.4 million (1H2026: #527.4
million) or 1% to 4% ahead of prior period
- Credit loss ratio to be within the through-the-cycle (TTC) range of 25bps to 45bps. The overall credit quality
remains sound
- Cost to income ratio to be between 52% and 54%, in line with guidance
- Adjusted operating profit before tax to be between #479.2 million and #496.2 million
(1H2026: #468.1 million)
- The Southern African business adjusted operating profit is expected to be up to 6% ahead of the prior
period in Rands and up to 14% in Pounds Sterling (1H2026: R5 733 million, #238.0 million). The Specialist
Bank adjusted operating profit is expected to be up to 4% ahead of the prior period in Rands and up to
14% in Pounds Sterling (1H2026: R5 385 million, #223.6 million). The credit loss ratio is expected to be
below the 15bps to 35bps TTC range. The Southern African business ROE is expected to be between
18.5% and 19.0%, near the upper end of the guided range of 18.0% to 19.0%. The Investec Limited CET1
ratio at 30 June 2026 was 14.2%(1) (30 September 2025: 14.6%)
- For the UK business, including our interest in Rathbones, adjusted operating profit is expected to be
between 2% and 6% behind the prior period (1H2026: #230.0 million). The UK Specialist Bank adjusted
operating profit is expected to be between 3% and 7% behind the prior period (1H2026: #200.1 million).
We expect to report a credit loss ratio around the upper end of our TTC range of 35bps to 55bps. The
UK business ROTE is expected to be between 12.3% and 12.7%, near the lower end of the 12.5% to 13.5%
guided range. The Investec plc CET1 ratio at 30 June 2026 was 12.7%(2) (30 September 2025: 12.7%(3))
- Group ROE to be between 13.1% and 13.5%, within the guided range of 13.0% to 14.0%. Group ROTE is expected
to be between 15.0% and 15.5%, within the guided range of 14.8% to 15.8%.
The year-to-date performance that formed the basis for the guidance provided above is summarised below:
- Revenue growth was supported by increased activity levels, higher average advances, and positive net inflows
in discretionary and annuity funds under management (FUM). This was counterbalanced by the negative
impact of lower average interest rates
- Net interest income reflects solid growth in average lending books, and lower cost of funding in Southern
Africa as we continue to execute our strategy to optimise the funding mix. This was partly offset by the
endowment effect of declining global interest rates and margin compression from competitive pricing
- Non-interest Revenue (NIR) growth was underpinned by strong fee growth from our Southern African
Private Client business. Increased client activity in interest rate, equity derivatives and commodity trading
supported customer-flow trading income. Investment income and Trading income from balance sheet
management were behind the prior period. NIR also benefitted from growth in the Group's share of
Rathbones post-tax underlying profit attributable to shareholders.
- Operating expenditure growth reflected investment in client-facing roles, technology, and strategic and
regulatory projects to support growth, as well as annual salary adjustments.
(1) Investec Limited is predominantly on the advanced approach for credit and market risk. Investec Limited's capital information includes unappropriated profits. If
unappropriated profits are excluded from capital information, Investec Limited's CET1 ratio would be 210bps (2025: 167bps) lower.
(2) Investec plc reports capital ratios measured on a Standardised capital measurement approach. Investec plc's June 2026 CET1 ratio excludes quarterly profits
and associated foreseeable charges and dividends for the period 1 April 2026 to 30 June 2026. In accordance with the Prudential Regulation Authority rules,
quarterly profits may only be included in a firm's capital position once the profits have been independently verified by an external audit firm.
(3) Investec plc's September 2025 capital disclosures follow Investec's normal basis of presentation and do not include the deduction of foreseeable charges and
dividends when calculating the CET1 ratio as required under the Capital Requirements Regulation.
For the five-month period ended 31 August 2026:
- Within Specialist Banking, core loans increased by 6.3% annualised in neutral currency and by 10.3%
annualised in reported currency to #37.0 billion (31 March 2026: #35.5 billion), benefitting from the 3.3%
appreciation of the Rand to Pound sterling compared to 31 March 2026. Growth was seen across the private
client and corporate lending books in both geographies
- Customer deposits increased by 2.8% annualised in neutral currency and by 6.8% annualised in reported
currency to #46.0 billion
- FUM in our Southern African Wealth business increased by 13.8% since 31 March 2026 to #30.7 billion at
31 August 2026 (31 March 2026: #27.0 billion). Strong net inflows in our discretionary and annuity funds of
R10.7 billion (#0.5 billion), as well as non-discretionary inflows of R18.9 billion (#0.9 billion)
Investec's associate, Rathbones reported funds under management and administration (FUMA) of
#120.7 billion as at 30 June 2026 (31 March 2026: #113.6 billion).
The Group maintains robust capital and liquidity levels, enabling us to continue supporting our clients and execute
our growth strategy.
Other information
The financial information on which this trading update is based, has not been reviewed and reported on by the
external auditors.
An investor conference call will be held today at 09:00 UK time / 10:00 South African time. Please register here:
https://events.teams.microsoft.com/event/ed9ef767-640c-4678-b0d9-943acff9d265@6d6a11bc-469a-48df-a548-d3f353ac1be8
for the call.
Interim results
The interim results for the six months ending 30 September 2026 are scheduled for release on Thursday, 19
November 2026.
Webcast details will be provided in due course.
On behalf of the board
Henrietta Baldock (Chair), Fani Titi (Group Chief Executive)
For further information please contact:
Investec Investor Relations
General enquiries: ir@investec.com
Results:
Qaqambile Dwayi
SA Tel: +27 (0)83 457 2134
Brunswick (SA PR advisers)
Tim Schultz Tel: +27 (0)82 309 2496
Lansons (UK PR advisers)
Tom Baldock Tel: +44 (0)78 6010 1715
About Investec
Investec Group is a leading international bank and wealth manager, with a regional focus in Southern Africa and the
United Kingdom, complemented by a strategic presence in Continental Europe, Channel Islands, Dubai, India,
Mauritius, Switzerland, and the United States.
Investec partners with private, business, corporate, and institutional clients, delivering tailored solutions with
exceptional service across private banking, wealth management, business and commercial banking, and corporate
and investment banking. Investec is driven by its purpose to create enduring worth for all its stakeholders.
The Group was established in 1974 and currently has approximately 8,000 employees. Investec has a dual-listed
company structure with primary listings on the London and Johannesburg Stock Exchanges.
Johannesburg and London
JSE Equity and Debt Sponsor: Investec Bank Limited
Key income drivers
Core loans
Annualised % Annualised
#'m 31-Aug-26 31- Mar-26 change Neutral currency
% change
UK and Other 18,165 17,804 4.9% 4.9%
South Africa 18,857 17,694 15.8% 7.7%
Total 37,022 35,498 10.3% 6.3%
Customer deposits
Annualised % Annualised
#'m 31-Aug-26 31- Mar-26 change Neutral currency
% change
UK and Other 22,515 22,460 0.6% 0.6%
South Africa 23,500 22,289 13.0% 5.1%
Total 46,015 44,749 6.8% 2.8%
Funds under Management (FUM)
Neutral
#'m 31-Aug-26 31-Mar-26 % change currency
% change
Wealth & Investment - Southern Africa 30,715 26,996 13.8% 10.7%
Discretionary 18,645 16,551 12.7% 9.5%
Non-discretionary 12,069 10,445 15.6% 12.8%
Rathbones Group plc* 120,735 113,634
Note: Totals and variances are presented in #'millions which may result in rounding differences
* The balance of #120.7bn reflects total FUMA as reported at 30 June 2026 by Investec's associate, Rathbones.
Notes
1. Definitions
- Adjusted operating profit refers to profit before tax of continuing operations, adjusted to remove
goodwill, acquired intangibles and strategic actions, including such items within equity accounted
earnings, and non-controlling interests. Non-IFRS measures such as adjusted operating profit are
considered as pro-forma financial information as per the JSE Listings Requirements. The pro-forma
financial information is the responsibility of the Group's Board of Directors. Pro-forma financial
information was prepared for illustrative purposes and because of its nature may not fairly present the
issuer's financial position, changes in equity, results of operations or cash flows. This pro-forma financial
information has not been reported on by the Group's external auditors
- Adjusted earnings attributable to ordinary shareholders is calculated as earnings attributable to
shareholders adjusted to remove goodwill, acquired intangible assets, strategic actions, including such
items within equity accounted earnings, and earnings attributable to perpetual preference shareholders
and Other additional tier 1 security holders
- Adjusted earnings per share is calculated as adjusted earnings attributable to ordinary shareholders
divided by the weighted average number of ordinary shares in issue during the year
- Headline earnings is an earnings measure required to be calculated and disclosed by the JSE and is
calculated in accordance with the guidance provided by The South African Institute of Chartered
Accountants in Circular 1/2023
- Headline earnings per share (HEPS) is calculated as headline earnings divided by the weighted average
number of ordinary shares in issue during the year.
- Basic earnings is earnings attributable to ordinary shareholders as defined by IAS33 Earnings Per Share
- Core loans is defined as net loans to customers plus net own originated securitised assets
- The credit loss ratio is calculated as expected credit loss (ECL) impairment charges on gross core loans
as a percentage of average gross core loans subject to ECL.
2. Exchange rates
The Group's reporting currency is Pounds Sterling. Certain of the Group's operations are conducted by entities outside
the UK. The results of operations and the financial condition of these individual companies are reported in the local
currencies in which they are domiciled, including Rands, Euros and US Dollars. These results are then translated into
Pounds Sterling at the applicable foreign currency exchange rates for inclusion in the Group's combined consolidated
financial statements. In the case of the income statement, the weighted average rate for the relevant period is applied
and, in the case of the balance sheet, the relevant closing rate is used. The following table sets out the movements
in certain relevant exchange rates against the Pound Sterling over the period:
Five months to Year ended Six months ended 30 September
31 August 2026 31 March 2026 2025
Currency Period end Average Period end Average Period end Average
per GBP1.00
South African 21.87 22.06 22.58 23.25 23.22 24.11
Rand
Euro 1.17 1.16 1.15 1.16 1.15 1.16
US Dollar 1.36 1.34 1.32 1.34 1.34 1.34
3. Profit forecasts
- The following matters highlighted in this announcement contain forward-looking statements:
- Adjusted earnings per share (EPS) is expected to be between 41.7p and 43.3p, which is 3% to
7% ahead of 1H2026
- Headline earnings per share is expected to be between 38.1p and 39.7p or 4% to 8% ahead of
1H2026
- Basic EPS is expected to be between 38.1p and 39.7p, between 1% and 5% ahead of 1H2026
- Pre-provision adjusted operating profit is expected to be between #531.4 million and #548.4
million
- Adjusted operating profit is expected to be between #479.2 million and #496.2 million
- The UK business' (including our interest in Rathbones) adjusted operating profit to be between
2% and 6% behind the prior period. The UK Specialist Bank adjusted operating profit is expected
to be between 3% and 7% behind the prior period. The UK business ROTE is expected to be
between 12.3% and 12.7%
- The Southern African business adjusted operating profit is expected to be up to 6% ahead of
the prior period in Rands. The Southern African Specialist Bank adjusted operating profit is
expected to be up to 4% ahead of the prior period in Rands. SA business ROE is expected to be
between 18.5% and 19.0%
- Group ROE is expected to be between 13.1% and 13.5%, within the guided range of 13% to 14%.
(collectively the Profit Forecasts)
- The basis of preparation of each of these statements and the assumptions upon which they are based
are set out below. These statements are subject to various risks and uncertainties and other factors '
which may cause the Group's actual future results, performance or achievements in the markets in
which it operates to differ from those expressed in the Profit Forecasts
- Global uncertainty is currently heightened. Our guidance is based on current conditions, the unabating
conflict in the Middle East could impact key macroeconomic assumptions, including sentiment, trade,
inflation, interest rate expectations and growth
- Any forward-looking statements made are based on the knowledge of the Group at 18 September 2026
- These forward-looking statements represent a profit forecast under the Listing Rules. The Profit
Forecasts relate to the six months ending 30 September 2026
The financial information on which the Profit Forecasts are based is the responsibility of the Directors of the
Group and has not been reviewed and reported on by the Group's auditors.
Basis of preparation
- The Profit Forecasts have been compiled using the assumptions stated below, and on a basis consistent
with the accounting policies adopted in the Group's March 2026 audited financial statements, which are
in accordance with IFRS and are those which the Group anticipates will be applicable for the year ending
31 March 2027.
- The Profit Forecasts have been prepared based on (a) audited financial statements of the Group for the
year ended 31 March 2026, and the results of the Specialist Banking and Wealth & Investment
businesses underlying those audited financial statements; (b) the unaudited management accounts of
the Group and the Specialist Banking and Wealth & Investment businesses for the five months to 31
August 2026; and (c) the projected financial performance of the Group and the Specialist Banking and
Wealth & Investment businesses for the remaining one month of the period ending 30 September 2026.
- Percentage changes shown on a neutral currency basis for balance sheet items assume that the relevant
closing exchange rates at 31 August 2026 remain the same as those at 31 March 2026. This neutral
currency information has not been reported on by the Group's auditors.
Assumptions
The Profit Forecasts have been prepared on the basis of the following assumptions during the forecast period:
Factors outside the influence or control of the Investec Board:
- There will be no material change in the political and/or economic environment that would materially
affect the Investec Group
- There will be no material change in legislation or regulation impacting on the Investec Group's operations
or its accounting policies
- There will be no business disruption that will have a significant impact on the Investec Group's operations
- The Rand/Pound Sterling and US Dollar/Pound Sterling exchange rates remain materially unchanged
from the prevailing rates detailed above
- The tax rates remain materially unchanged
- There will be no material changes in the structure of the markets, client demand or the competitive
environment.
Estimates and judgements
In preparation of the Profit Forecasts, the Group makes estimations and applies judgement that could affect the
reported amount of assets and liabilities within the reporting period. Key areas in which judgement is applied
include:
- Valuation of unlisted investments primarily in the private equity, direct investments portfolios and
embedded derivatives. Key valuation inputs are based on the most relevant observable market inputs,
adjusted where necessary for factors that specifically apply to the individual investments and
recognising market volatility
- The determination of ECL against assets that are carried at amortised cost and ECL relating to debt
instruments at fair value through other comprehensive income (FVOCI) involves the assessment of future
cash flows which is judgmental in nature
- Valuation of investment properties is performed by capitalising the budgeted net income of the property
at the market related yield applicable at the time
- The Group's income tax charge and balance sheet provision are judgmental in nature. This arises from
certain transactions for which the ultimate tax treatment can only be determined by final resolution with
the relevant local tax authorities. The Group recognises in its tax provision certain amounts in respect of
taxation that involve a degree of estimation and uncertainty where the tax treatment cannot finally be
determined until a resolution has been reached by the relevant tax authority. The carrying amount of
this provision is often dependent on the timetable and progress of discussions and negotiations with the
relevant tax authorities, arbitration processes and legal proceedings in the relevant tax jurisdictions in
which the Group operates. Issues can take many years to resolve and assumptions on the likely outcome
would therefore have to be made by the Group
- Where appropriate, the Group has utilised expert external advice as well as experience of similar
situations elsewhere in making any such provisions
- Determination of interest income and interest expense using the effective interest rate method involves
judgement in determining the timing and extent of future cash flows.
Date: 18/09/2026 08:00:00
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