Slide 1: Investing for long-term growth
Investing for long-term growth RESULTS PRESENTATION FOR THE YEAR ENDED 31 MARCH 2026 Month Year
Slide 2: Agenda: Overview
Agenda Overview Fani Titi Group Chief Executive
Slide 3: Business Overview
Business Overview Overall results in line with guidance 1 Resilient performance in a challenging environment 2 Well capitalised with strong liquidity levels to support disciplined growth 3 Made progress in our investment programme to deliver long-term growth 4 We are on track to deliver ROE of c.16.
Slide 4: Key takeaways
Key takeaways Earnings continue to Deep client franchises, Strong capital Returns to shareholders show resilience diversified earnings generation within TTC target range £’bn 44.7 41.2 636.6 82.9 35.5 32.4 Target range: 13 - 17% 510.3 68.9 27.0 13.7% 13.6% 23.4 Mar-23 Mar-24 Mar-25 Mar-26 Mar-25 Mar
Slide 5: Results highlights
Results highlights Pre-provision adjusted operating profit Cost to income Credit loss ratio £1 075.2mn 52.9% 36bps (Mar-25: £1 039.2mn) (Mar-25: 52.6%) (Mar-25: 38bps) 3.5% ahead of prior year Up 3.4% in Rands Adjusted operating profit Return on Tangible Equity Tangible Net Asset Value per share £95
Slide 6: Our pathway to Net Zero by 2050
Our pathway to Net Zero by 2050 Three channels of impact FY26 loan book exposure: Coal: 0.09% (Mar-25: 0.05%) 1 Meeting our fossil fuel exposure commitments Fossil fuels: 0.98% (Mar-25: 1.17%*) Facilitated £3.1bn in year 1 of our 5-year target to 2 Driving sustainable and transition finance activiti
Slide 7: Agenda: Financial review
Agenda Financial review Nishlan Samujh Group Finance Director
Slide 8: Macro-economic environment | GDP growth
Macro-economic environment | GDP growth Annual GDP Growth (%) 2024 2025 2026 (Forecast) 1.5% 1.4% 1.1% 1.1% 1.1% 0.5% SA UK • GDP growth is expected to soften in the near-term due to the headwinds • SA economy expected to expand by 1.5% y/y for the calendar year 2026 emanating from conflict in the M
Slide 9: Macro-economic environment
Macro-economic environment Interest Rates (%) Mar-2025 Mar-2026 Mar-2027 (Forecast) 11.00% 10.25% 9.50% 4.50% 3.75% 3.50% SA prime rate UK Bank rate SA UK Closing rates Average rates Closing rates Average rates Interest rates Mar-25 Mar-26 Mar-25 Mar-26 Interest rates Mar-25 Mar-26 Mar-25 Mar-26 SA
Slide 10: Market indicators
Market indicators GBP/ZAR exchange rate Markets FY2025 FY2026 FY2025 FY2026 26.00 130 000 6 000 120 000 5 500 110 000 24.00 5 000 100 000 4 500 90 000 22.00 4 000 80 000 70 000 3 500 20.00 60 000 3 000 Apr- May- Jul- Sept- Nov- Jan- Feb- Apr- Jun- Aug- Oct- Nov- Jan- Mar- Apr- May- Jul- Sept- Nov- J
Slide 11: Earnings drivers
Earnings drivers 44.7 £’bn 41.2 35.5 Diversified core loan book 32.4 27.0 23.4 SA Corporate UK & Other Banking & Other Private Banking ▲ 18.8% ▲ 8.5% ▲ 12.9% in neutral currency Mar-25 Mar-26 FUM - SA Loans Deposits £35.5bn ▲ 9.6% FUM for IW&I SA Net core loans 15.4% 9.6% 10.5% in neutral currency 6
Slide 12: Unpacking Group performance
Unpacking Group performance NII benefitted from growth in average lending books and lower funding costs in SA, offset by the endowment effect of lower interest rates and competitive pricing £’mn Mar-25 Mar-26 % change Net interest income (NII) 1 358 1 336 (1.6%) NIR growth reflects a strong increase
Slide 13: Technology investment is shifting toward growth
Technology investment is shifting toward growth STRATEGIC PRIORITIES Technology spend Run vs Business investment Modernising our (Grow and Transform) Drive our Deliver out of the Protect Unlock technology and growth agenda ordinary experiences Investec the power strengthening our across the for clie
Slide 14: Disciplined investment to drive growth
Disciplined investment to drive growth FY2027 is expected to be the peak investment year, with benefits from the current investment cycle underpinning enhanced medium-term returns £'million CAPITALISED COSTS • Costs directly attributable to the development or enhancement of technology platforms incl
Slide 15: Agenda: Divisional review
Agenda Divisional review 14
Slide 16: Adjusted operating profit
Adjusted operating profit UK & Other adjusted operating profit £462.7mn Mar 2025: £457.0mn £’mn Mar-25 Mar-26 % change Wealth & Investment* 69.1 80.9 17.0% Specialist Banking 410.4 401.6 (2.1%) Group Investments 11.0 11.9 8.5% Group costs (33.5) (31.7) 5.3% Total 457.0 462.7 1.3% *Wealth & Investmen
Slide 17: Specialist Banking UK and Other | Operating income
Specialist Banking UK and Other | Operating income £'mn 1 090.3 1 085.8 UK & Other 1 000 Operating income £1 085.8mn 800 Mar 2025: £1090.3mn NII decreased 6.8% 600 • Benefit of a larger average loan book was offset by lower average interest rates and margin pressure from competitive pricing NIR incr
Slide 18: Specialist Banking UK and Other | Cost to income
Specialist Banking UK and Other | Cost to income £'mn UK & Other Cost to income 1 200.0 1 090.3 1 085.8 1 000.0 54.0% Mar 2025: 53.5% 800.0 Operating income decreased by 0.4% 582.9 586.4 600.0 Operating costs increased by 0.6%: 54.0% 53.5% • Fixed costs grew 4.1% reflecting: – Continued and accelera
Slide 19: Unpacking the credit loss ratio - UK & Other
Unpacking the credit loss ratio - UK & Other ECL impairment charge 2025 2026 CLR ECL impairment charge (£'mn) 97.0 97.4 in line with guidance Credit loss ratio (bps) 60 57 57bps (Mar-25: 60bps) Gross core loans and coverage Stage 1 Stage 2 Stage 3 Total Gross core loans* (£'mn) 1 331 563 16 418 ECL
Slide 20: Wealth & Investment UK: £80.9 million
Underlying profit attributable to shareholders* Wealth & Investment UK Combination with Rathbones successfully completed in Sept 2023 £80.9 million (Mar-25: £69.1 million) post-taxation profit from associates recognised from our holding in the combined Rathbones Group 2 1 3 4 Created the UK’s leadin
Slide 21: Adjusted operating profit
Adjusted operating profit SA adjusted operating profit R11 336mn Mar 2025: R10 775mn R’mn Mar-25 Mar-26 % change Wealth & Investment 1 004 1 086 8.2% Specialist Banking 9 976 10 578 6.0% Group Investments 178 81 (54.5%) Group costs (383) (409) (6.8%) Total 10 775 11 336 5.2% 20
Slide 22: Specialist Banking SA | Operating income
Specialist Banking SA | Operating income R'bn 24 SA Operating income 21.8 21 20.2 18 R21.8bn Mar 2025: R20.2bn 15 NII increased 6.3% driven by: 12 • Growth in average net core loans and lower cost of funds, partly offset by endowment effect of lower interest rates and competitive pricing 9 NIR incre
Slide 23: Specialist Banking SA | Cost to income
Specialist Banking SA | Cost to income R'bn SA Cost to income 70% 24 21.8 21 20.2 65% 48.6% Mar 2025: 48.1% 18 60% 15 Operating income grew 7.9% 55% 12 10.6 Operating costs increased 9.0%: 9.7 • Fixed operating costs grew 9.4% driven by: 9 50% – Headcount growth to support growth and enhance 48.1% 4
Slide 24: Unpacking the credit loss ratio - Southern Africa
Unpacking the credit loss ratio - Southern Africa ECL impairment charge 2025 2026 CLR in line with guidance ECL impairment charge (R'mn) 516 616 Credit loss ratio (bps) 15 14 14bps (Mar-25: 15bps) driven by: Gross core loans and coverage Stage 1 Stage 2 Stage 3 Total • IFRS 9 model charge in current
Slide 25: Wealth & Investment
Wealth & Investment Solid financial performance in a challenging operating environment Funds under management Adjusted operating profit Operating margin R’bn R’mn 1 200 609.6 1 086 30.1% 555.2 1 004 29.6% 600 30% 236 1 000 224 800 400 20% 374 600 331 200 400 10% 200 0 Mar-22 Mar-23 Mar-24 Mar-25 Mar
Slide 26: Group performance by division
Group performance by division Adjusted operating profit* SA^ ▲ 5.5% (▲ 5.2% in ZAR) UK & Other^ ▲ 1.3% £’mn ▲ 3.4% 4 12 1 1 27 950 951.0 (4) (9) 920.0 900 850 800 ▲ 6% ▲ 9% in GBP ▼ 55% in GBP ▼ 2% ▲ 17% ▲ 8% ▼ 1% ▲ 6% in ZAR ▲ 8% in ZAR ▼ 54% in ZAR 750 Mar-25 Specialist Banking Wealth Group Invest
Slide 27: Attributable earnings
Attributable earnings Reconciliation between operating profit and adjusted earnings £'000 Mar-25 Mar-26 % change Operating Profit 919.8 951.9 3.5% Non-controlling interest 0.2 (0.9) >100.0% Operating profit after non-controlling interest 920.0 951.0 3.4% Preference dividends - perpetual prefs and ti
Slide 28: ROE and ROTE
ROE and ROTE UK & Other SA Group Return on equity (ROE) Return on Equity 10.8% 18.2% 13.6% 13.6% (Mar-25: 13.9%) within the Group’s medium- term 13% to 17% target range Return on Tangible Equity 13.7% 18.4% 15.7% Average allocated Equity £3 231mn £1 947mn £5 178mn Average allocated Tangible Equity £
Slide 29: Net Asset Value
Net Asset Value Underpinned by earnings growth Net asset value per share Tangible net asset value per share Pence Pence 83 650 636.6 650 26 -10 -38 636.6 600 -13 600 -10 587.7 550 -74 553.1 550 500 500 450 450 400 400 350 350 Mar-25 Adjusted DPS SBB / FX Other Mar-26 NAV Goodwill and Goodwill and TN
Slide 30: Capital and liquidity
Capital and liquidity Group cash and near cash £’bn 20 18.2bn Group liquidity summary 18 • Strong liquidity positions to support growth Min 16 Average 13.0bn • Loans to customers as a % of customer deposits of 78.6% (Mar-25: 77.8%) 14 Max Capital summary 12 18.9bn • CET1 ratio well in excess of >10%
Slide 31: Fani Titi, Group Chief Executive
Fani Titi Group Chief Executive
Slide 32: Financial outlook
Financial outlook The execution of our growth agenda is on track. We are on track to deliver ROE of c.16.0% and ROTE of c.18.0% by 31 March 2030, across varying market cycles. FY2027 is expected to be the peak investment year, with a positive inflection in earnings growth and shareholder returns to
Slide 33: In closing
In closing We are a focused business with deep client franchises Our client franchises have scale and relevance in our chosen markets Strong capital generation to support growth and returns to shareholders Clear set of scalable opportunities to deliver long-term growth We are dedicated to our purpos
Slide 34: Thank you
I~ o Investec Thank you
Slide 35: Appendix
Appendix 34
Slide 36: Proviso
Proviso • Please note that matters discussed in today’s presentation may contain forward looking statements which are subject to various risks and uncertainties and other factors including, but not limited to: – changes in the political and/or economic environment that would materially affect the In
Slide 37: Taking stock
Taking stock Consistent execution of our strategy underpinned the achievement of our medium-term targets £’mn FY22 FY23 FY24 FY25 FY26 Adjusted EPS - pence per share 55.1 68.9 78.1 79.1 82.9 Sustained earnings growth Total operating income 1990 1912 2 046 2 190 2 281 Total costs 1234 1086 1120 1151
Slide 38: Macro-economic scenarios – March 2026
Macro-economic scenarios – 31 March 2026 At 31 March 2026 Base case average 2026 - 2031 Macro-economic scenarios Severe % 2026/2027 2027/2028 2028/2029 2029/2030 2030/2031 Upside Base case downside 1 Downside 2 UK GDP growth 1.0 1.9 1.6 1.6 1.6 2.1 1.5 0.7 (0.3) UK & Unemployment rate 5.2 5.0 4.6 4.
Slide 39: About Investec
About Investec Investec is a leading international bank wealth manager, with regional Our purpose is to create focus in Southern Africa and the UK, We are a people backed business, enduring worth complemented by a strategic our distinction is embodied in our presence in selected geographies entrepre
Slide 40: Our strategic intent today | Disciplined growth
Our strategic intent today | Disciplined growth GROWING EXISTING CLIENT FRANCHISES CAPITAL ALLOCATION DISCIPLINE We remain focused on growing our core client franchises, through disciplined and targeted A disciplined approach to capital allocation ensures expansion across key businesses. our aim is
Slide 41: A distinctive banking and wealth management business
A distinctive banking and wealth management business creating long-term value for our stakeholders Funds under management Principal geographies Total Employees Core loans Customer deposits IW&I SA Rathbones Group plc 2 c.8 000+ £35.5bn £44.7bn £27.0bn FUMA*: £113.6bn Key client groups and our offeri
Slide 42: Geographic highlights
Geographic highlights UK & Other SA Loan book £17.8bn ▲ 5.9% £17.7bn ▲ 13.6% (▲ 8.1% in Rands) Deposits £22.5bn ▲ 4.7% £22.3bn ▲ 13.1% (▲ 7.5% in Rands) FUM £113.6bn Rathbones Group plc FUMA* £27.0bn ▲ 15.4% (▲ 9.8% in Rands) Adjusted £462.7mn ▲ 1.3% £488.3mn ▲ 5.5% operating profit (▲ 5.2% in Rands
Slide 43: Divisional highlights
Divisional highlights UK & Other Southern Africa Specialist Bank Specialist Bank Loan book Deposits Loan book Deposits grew by 5.9% to grew by 4.7% to up 8.1% to up 7.5% to £17.8bn £22.5bn R399.5bn R503.3bn Continued client acquisition and Adjusted operating profit Strong growth in Residential Adjus
Slide 44: Diversified, quality revenue mix across geographies and businesses
Diversified, quality revenue mix across geographies and businesses By Geography By Division 1% 11% Mar-26 Mar-26 Operating income^ up 4.2% to 48% 52% £2 281.4mn 89% 1% 13% Adjusted operating profit* up 3.4% to 51% 49% £951.0mn 86% Southern Africa UK and other Wealth & Investment Specialist Banking G
Slide 45: UK & Other net core loans up 5.9% to £17.8bn
Mar-25 Mar-26 £’mn HNW & Other private 6 000 client lending Property Corporate & Other Lending 5 656 5 500 5 000 4 500 UK & Other net core 4 000 loans up 5.9% to 3 500 £17.8bn 3 000 2 827 • Growth across our diversified corporate 2 482 loan book, particularly in our Fund 2 500 2 191 Solutions, Direc
Slide 46: Southern Africa net core loans up 8.1% to R399.5bn
Mar-25 Mar-26 R’bn HNW & Other private client lending Property Corporate & Other Lending 120 113 Southern Africa net 100 94 core loans up 8.1% 84 to R399.5bn 80 59 • Private Client loan book up 10.7% with 60 strong growth in residential mortgages • Strong growth across our corporate credit portfolio
Slide 47: Committed to our purpose to create enduring worth
Committed to our purpose to create enduring worth Sustainability is deeply embedded in our culture and purpose, and we are committed to living in society, not off it Our sustainability strategy remains anchored on two focus areas that reflect the issues most significant to the markets and communitie
Slide 48: Highlights: Investec's commitment to society and the environment
Highlights: Investec’s commitment to society and the environment Commercial activity Philanthropic activity Own operations Prioritising the development of the mid-market sector – Investec Promaths We pursue diversity and strive to a crucial driver of job creation and economic growth has supported cr
Slide 49: Investec's sustainability awards and recognition
Investec’s sustainability awards and recognition Better Society Awards INSEAD Alumni Climate Leaders 2025 2026 Balance in Business Awards 2024 Recognised as Africa’s best Winner of the best Awarded best FTSE 250 Recognised as one of Europe's for Philanthropic Advisory, Partnership with a Local Chari
Slide 50: Group Investments
Group Investments Group Investments pillar consists of equity investments held outside the Group’s banking activities Carrying Income % £’mn value yield Holding Ninety One 212 12.9% 9.3% Burstone Group (formerly IPF) 31 53.2% 9.8% The Bud Group Holdings 113 3.3% 36.4% (formerly IEP) Equity investmen