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Unaudited condensed consolidated financial results for the period ended 30 September 2025
Investec Limited Investec plc
(Incorporated in the Republic of South Africa) (Incorporated in England and Wales)
(Registration number: 1952/002833/06) (Registration number 3633621)
LEI No: 213800CU7SM6O4UWOZ70 LSE share code: INVP
JSE ordinary share code: INL JSE share code: INP
JSE hybrid code: INPR ISIN: GB00B17BBQ50
JSE debt code: INLV LEI: 2138007Z3U5GWDN3MY22
NSX ordinary share code: IVD
BSE ordinary share code: INVESTEC
ISIN: ZAE000081949
Unaudited condensed consolidated financial results for the period ended 30 September 2025
This announcement is intended for the holders of debt instruments in Investec Limited only
The unaudited condensed consolidated financial results for the period ended 30 September 2025 are available for inspection
at the registered office of the Issuer, as well as on Investec's website at www.investec.com.
Pursuant to paragraph 6.7(c) of the JSE Debt and Specialist Securities Listings Requirements, Investec advises of the
following restatements:
1. Presentation of derivatives and settlement balances on open trades
The Group's application of the offsetting requirements of IAS 32 Financial Instruments: Presentation was incorrectly
implemented on certain derivative positions at 31 March 2025. Restating the balance sheet at this date to offset these
instruments resulted in a decrease in 'derivative financial instruments' assets and 'derivative financial instruments' liabilities.
In addition at 31 March 2025 and 30 September 2024, certain settlement debtors and creditors were presented net where
there was no right to do so and certain unsettled trades were not recognised. The balance sheet has therefore been restated
at these dates to gross up these instruments appropriately. This resulted in changes to settlement debtors and creditors in
'other assets' and 'other liabilities' respectively, as well as the traded instruments. These changes have no impact on the
income statement and statement of changes in equity.
Due to the restatement above, there was a net increase in operating assets and operating liabilities at March 2025, within the
cash flow statement, with a net nil impact on operating cash flows.
2. Restatement of treasury shares
At 30 September 2024, Investec Limited shares backing related liabilities to customers were previously reflected as
'securities arising from trading activities'. As these meet the definition of treasury shares, they have been offset within
ordinary shareholders' equity.
3. Variation margin balances
Historically, certain variation margin balances were offset against related derivative trades. In the prior year, the legal
contracts and settlement mechanisms were reconsidered. Because of the gross settlement mechanism, it was concluded
that these balances did not qualify for offset. Subsequently, the derivative and margin balances have been grossed up,
reflecting margin accounts on the appropriate line items determined based on whether they are to, or from, banking or non-
banking counterparties. This restatement is consistent with that disclosed at the 31 March 2025 year-end.
These changes had no impact on the income statement.
4. Repurchase agreements
Certain equity stock trades entered into at the same time as related forward purchase agreements, in respect of the same
assets, were booked as separate trades rather than in line with the true substance of the transaction, as a single repurchase
agreement. As a result, trading assets were derecognised or short positions in respect of the same stock were incorrectly
recognised within 'other trading liabilities'. To appropriately reflect these transactions, comparatives have been corrected to
recognise the repurchase agreements and stock positions, including reducing the short trading securities positions, included
in 'other trading liabilities', and the financial instruments, previously recognised as reverse repurchase assets and repurchase
liabilities. This restatement is consistent with that disclosed at the 31 March 2025 year-end.
5. Investec's Rewards programme revenue recognition
Investec's Rewards programme awards cardholders points in proportion to eligible transactions. These points are, in
substance, a reduction in fees. Historically, these have been incorrectly reflected as 'fee and commission expense', therefore
a restatement has been performed to reduce 'fee and commission income' for the points allocated within the prior period.
This restatement is consistent with that disclosed at the 31 March 2025 year-end
The impact of the above restatements are disclosed in the financial results on Investec's website at www.investec.com.
By order of the board
Niki van Wyk
Company Secretary
19 November 2025
For further information
Registered office
100 Grayston Drive
Sandown, Sandton, 2196
Transfer secretaries
Computershare Investor Services (Pty) Ltd
Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196
Company Secretary
Niki van Wyk
JSE Debt Sponsor
Investec Bank Limited
Date: 20-11-2025 09:00:00
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