Investec Plc · LSE:INVP
Investec — Q2 2026 Earnings Presentation
49 slides from Investec's earnings presentation, Nov 20, 2025
Slide 1: Creating enduring worth
Creating enduring worth RESULTS PRESENTATION Month Yearfor the six months ended 30 September 2025
Slide 2: Agenda: Overview
Agenda Overview Fani Titi Group Chief Executive
Slide 3: Strategic positioning
Strategic positioning LEADING INTERNATIONAL BANK AND WEALTH MANAGER 1 Regional focus in South Africa and the United Kingdom, complemented by a strategic presence in selected geographies Rich heritage in private banking, wealth management and, corporate & investment banking DISTINGUISHED BY OUR ENTRE
Slide 4: Key takeaways
Key takeaways Earnings continue to Deep client franchises, Strong capital Returns to shareholders show resilience diversified earnings generation within target £’bn 41.2 41.9 608.1 40.5 32.4 33.7 Target range: 13 - 17% 510.3 26.5 13.7% 13.6% 23.4 32.9 1H23 1H24 1H25 1H26 Mar-25 Sept-25 Mar-23 Mar-24
Slide 5: Results highlights
Results highlights Pre-provision adjusted operating profit Cost to income Credit loss ratio £527.4mn 51.9% 35bps (Sept-24: £541.6mn) (Sept-24: 50.8%) (Sept-24: 42bps) 2.6% behind prior period Up 0.3% in Rands Adjusted operating profit Return on Tangible Equity Tangible Net Asset Value per share £468
Slide 6: Our pathway to Net Zero by 2050
Our pathway to Net Zero by 2050 Three channels of impact 30 Sept 2025 loan book exposure: Coal: 0.05% (Mar-25: 0.05%) 1 Meeting our fossil fuel exposure commitments Fossil fuels: 0.99% (Mar-25: 1.17%*) Targeting £18bn by 2030, driving investments that 2 Driving sustainable and transition finance act
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% 1.5% 1.4% 1.1% 1.1% 0.5% SA UK • SA economy expected to expand by 1.1% y/y for the calendar year 2025 • GDP growth of 1.5% is expected for the calendar year 2025 • Limitations include the ongoing freight cri
Slide 9: Macro-economic environment
Macro-economic environment Interest Rates (%) Sept-24 Sept-25 Sept-2026 (Forecast) 11.5% 10.5% 9.8% 5.0% 4.0% 3.3% SA prime rate UK Bank rate SA UK Closing rates Average rates Closing rates Average rates Interest rates Sept-24 Sept-25 Sept-24 Sept-25 Interest rates Sept-24 Sept-25 Sept-24 Sept-25 SA
Slide 10: Market indicators
Market indicators GBP/ZAR exchange rate Markets 1H2025 1H2026 1H2025 1H2026 26.00 110 000 5 500 105 000 100 000 5 000 95 000 24.00 90 000 4 500 85 000 80 000 4 000 22.00 75 000 70 000 3 500 65 000 20.00 60 000 3 000 Apr- May- Jul- Sept- Oct- Dec- Feb- Mar- May- Jul- Sept- Apr- May- Jul- Sept- Oct- D
Slide 11: Earnings drivers
Earnings drivers 41.2 41.9 Diversified core loan book £’bn Annualised growth since 32.4 33.7 31 March 2025 26.5 23.4 UK & Other SA Corporate Private Banking Banking & Other ▲ 6.9% ▲ 10.8% ▲ 6.2%in neutral currency Mar-25 Sept-25 FUM - SA Loans Deposits £33.7bn ▲ 8.0% FUM for IW&I SA Net core loans 1
Slide 12: Unpacking Group performance
Unpacking Group performance NII benefitted from growth in average lending books and lower funding costs in SA, this was offset by negative endowment effect of lower interest rates £’mn Sept-24 Sept-25 % change Net interest income (NII) 684 670 (2.1%) NIR growth reflects a strong increase in capital
Slide 13: Technology investment to fuel our growth
Technology investment to fuel our 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 clients and
Slide 14: Agenda: Divisional review
Agenda Divisional review 14
Slide 15: UK & Other adjusted operating profit
Adjusted operating profit UK & Other adjusted operating profit £230.0mn Sept 2024: £222.7mn £’mn Sept-24 Sept-25 % change Wealth & Investment* 32.3 38.2 18.2% Specialist Banking 202.3 200.1 (1.1%) Group Investments 6.0 6.3 6.2% Group costs (17.9) (14.6) 18.5% Total 222.7 230.0 3.3% Note: The above n
Slide 16: Specialist Banking UK and Other | Operating income
Specialist Banking UK and Other | Operating income £'mn 800 UK & Other Operating income £534.6mn 600 Sept 2024: £539.3mn 539.3 534.6 NII decreased 5.8% 400 • Higher average loan book was offset by lower average interest rates NIR increased 11.4% driven by: • Higher fees across corporate & investment
Slide 17: Specialist Banking UK and Other | Cost to income
Specialist Banking UK and Other | Cost to income £'mn UK & Other Cost to income 600.0 539.3 534.6 53.3% Sept 2024: 52.6% 400.0 Operating income decreased by 0.9% 283.3 285.0 Operating costs increased by 0.6%: 53.3% • Fixed costs grew 7.3% reflecting: 52.6% – Continued and accelerated investment in o
Slide 18: Unpacking the credit loss ratio - UK & Other
Unpacking the credit loss ratio - UK & Other ECL impairment charge 1H2025 1H2026 CLR ECL impairment charge (£'mn) 53 49 in line with guidance Credit loss ratio (bps) 67 56 56bps (Sept-24: 67bps) Gross core loans and coverage Stage 1 Stage 2 Stage 3 Total Gross core loans* (£'mn) 1 331 563 16 418 ECL
Slide 19: Wealth & Investment UK: £38.2 million
Underlying profit attributable to shareholders* Wealth & Investment UK Combination with Rathbones successfully completed in Sept 2023 £38.2 million (Sept-24: £32.3 million) post-taxation profit from associates recognised from our holding in the combined Rathbones Group 2 1 3 4 Created the UK’s leadi
Slide 20: SA adjusted operating profit
Adjusted operating profit SA adjusted operating profit R5 733mn Sept 2024: R5 889mn R’mn Sept-24 Sept-25 % change Wealth & Investment 519 530 2.1% Specialist Banking 5 251 5 385 2.6% Group Investments 309 13 (95.8%) Group costs (190) (195) (2.6%) Total 5 889 5 733 (2.6%) 20
Slide 21: Specialist Banking SA | Operating income
Specialist Banking SA | Operating income R'bn 12 SA 10.3 10.7 Operating income 9 R10.7bn Sept 2024: R10.3bn NII increased 6.5% driven by 6 • Growth in average net core loans and lower cost of funds NIR decreased by 2.1% driven by: • Higher net fee and commission income from increased activity in equ
Slide 22: Specialist Banking SA | Cost to income
Specialist Banking SA | Cost to income R'bn SA Cost to income 12 10.7 10.3 47.4% 9 Sept 2024: 45.9% Operating income grew 3.7% Operating costs increased 7.1%: 6 • Fixed operating costs grew 10.2% driven by: 5.1 4.7 47.4% • Personnel expenses due to headcount growth as well as annual salary increases
Slide 23: Unpacking the credit loss ratio - Southern Africa
Unpacking the credit loss ratio - Southern Africa ECL impairment charge 1H2025 1H2026 CLR in line with guidance ECL impairment charge (R'mn) 328 237 Credit loss ratio (bps) 16 12 12bps (Sept-24: 16bps) driven by: Gross core loans and coverage Stage 1 Stage 2 Stage 3 Total • Lower stage 3 ECL charges
Slide 24: Wealth & Investment
Wealth & Investment Solid financial performance in a challenging operating environment Funds under management Adjusted operating profit Operating margin R’bn R’mn 700 600 616.1 530 31.4% 30.5% 519 600 555.2 30% 244 500 500 224 400 400 20% 300 372 300 331 200 200 10% 100 100 Mar-22 Mar-23 Mar-24 Mar-
Slide 25: Group performance by division
Group performance by division Adjusted operating profit* £’mn SA^ ▼ 6% (▼ 3% in ZAR) UK & Other^ ▲ 3% ▼ 1% 550 500 6 0 3 474.7 (1) 0 468.1 450 (13) (2) 400 350 300 ▼—% ▼1% in GBP ▼ 97% in GBP ▼ 1% ▲ 18% ▲ 6% ▼ 13% ▲ 2.6% in ZAR ▲ 2.1% in ZAR ▼ 96% in ZAR 250 Sept-24 Specialist Banking Wealth Group I
Slide 26: Attributable earnings
Attributable earnings Reconciliation between operating profit and adjusted earnings £'000 Sept-24 Sept-25 % change Operating Profit 475.4 468.0 (1.6%) Non-controlling interest (0.7) 0.1 >100.0% Operating profit after non-controlling interest 474.7 468.1 (1.4%) Preference dividends - perpetual prefs
Slide 27: ROE and ROTE
ROE and ROTE UK & Other SA Group Return on equity (ROE) Return on Equity 10.8% 18.3% 13.6% 13.6% (Sept-24: 13.9%) within the Group’s medium- term 13% to 17% target range Return on Tangible Equity 13.6% 18.5% 15.7% Average allocated Equity £3 171mn £1 920mn £5 091mn Average allocated Tangible Equity
Slide 28: Net Asset Value
Net Asset Value Underpinned by earnings growth Net asset value per share Tangible net asset value per share Pence Pence 650 650 40 1 1 600 -18 608.1 600 608.1 -5 -10 587.7 550 550 -71 527.9 500 500 450 450 400 400 350 350 Mar-25 Adjusted DPS SBB / FX Other Sept-25 NAV Goodwill and Goodwill and TNAV
Slide 29: Capital and liquidity
Capital and liquidity Group cash and near cash £’bn Group liquidity summary 20 16.9bn • Strong liquidity positions to support growth 18 Min • Loans to customers as a % of customer deposits of 79.6% 16 Average 12.7bn (Mar-25: 77.8%) 14 Max Capital summary 12 19.0bn • CET1 ratio well in excess of >10%
Slide 30: Agenda: Closing
Agenda Closing Fani Titi Group Chief Executive
Slide 31: Financial outlook | FY2026
Financial outlook | FY2026 The global macro-economic environment is facing heightened uncertainty, creating volatility in economic forecasts and financial markets. The guidance below is based on our current expectations for interest rates and economic conditions. Revenue momentum is expected to be u
Slide 32: 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 sustainable growth We are dedicated to our purp
Slide 33: Thank you
I~ o Investec Thank you
Slide 34: Appendix
Appendix 34
Slide 35: 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 36: Taking stock
Taking stock Consistent execution of our strategy underpinned the achievement of all our medium-term targets £’mn FY22 FY23 FY24 FY25 1H26 Adjusted EPS - pence per share 55.1 68.9 78.1 79.1 40.5 Sustained earnings growth Total operating income 1990 1912 2 046 2 190 1 096 Total costs 1234 1086 1120 1
Slide 37: Macro-economic scenarios – 30 September 2025
Macro-economic scenarios – 30 September 2025 At 30 September 2025 Base case average 2025 - 2030 Downside 2 global Macro-economic scenarios Downside 1 synchronised % 2025/2026 2026/2027 2027/2028 2028/2029 2029/2030 Upside Base case trade war downturn UK GDP growth 1.2 1.6 1.8 1.8 1.9 2.1 1.7 0.6 0.4
Slide 38: Investec
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 entrepreneuria
Slide 39: Our strategic objectives
Our strategic objectives Growth Objectives Continued execution with Accelerate and scale Further develop connected discipline to drive growth initiatives client eco-systems across optimisation of returns business units & geographies Underpinned by Deepening our entrepreneurial culture (Out of the or
Slide 40: A distinctive banking and wealth management business
A distinctive banking and wealth management business creating sustainable, 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+ £33.7bn £41.9bn £26.5bn FUMA*: £113.0bn Key client groups a
Slide 41: Geographic highlights
Geographic highlights UK & Other SA Loan book £17.4bn ▲ 3.3% £16.3bn ▲ 4.8% (▲ 2.5% in Rands) Deposits £21.3bn ▼ 0.6% £20.6bn ▲ 4.4%% (▲ 2.1% in Rands) FUM £113.0bn Rathbones Group plc FUMA* £26.5bn ▲ 13.4% (▲ 11.0% in Rands) Adjusted £230.0mn ▲ 3.3% £238.0mn ▼ 5.5% operating profit (▼ 2.6% in Rands
Slide 42: Divisional highlights
Divisional highlights UK & Other Southern Africa Specialist Bank Specialist Bank Loan book Deposits Loan book Deposits grew by 3.3% to declined by 0.6% to up 2.5% to up 2.1% to £17.4bn £21.3bn R378.9bn R477.9bn Continued client acquisition and Adjusted operating profit Strong growth in Residential A
Slide 43: Diversified, quality revenue mix across geographies and businesses
Diversified, quality revenue mix across geographies and businesses By Geography By Division 1% 10% Sept-25 Sept-25 Operating income^ down 0.6% to 47% 53% £1 096.3mn 89% 1% 12% Adjusted operating profit* down 2.0% to 50% 50% £490.8mn 86% Southern Africa UK and other Wealth & Investment Specialist Ban
Slide 44: UK & Other net core loans up 6.6% annualised to £17.4bn
Mar-25 Sept-25 £’mn HNW & Other private 6 000 client lending Property Corporate & Other Lending 5 500 5 376 5 000 4 500 UK & Other net core 4 000 loans up 6.6% 3 500 annualised to £17.4bn 3 000 2 755 • Growth across our diversified corporate 2 405 loan book, particularly in our Fund 2 500 2 197 Solu
Slide 45: Southern Africa net core loans up 5.0% annualised
Mar-25 Sept-25 R’bn HNW & Other private client lending Property Corporate & Other Lending 120 107 Southern Africa net 100 core loans up 5.0% 82 84 annualised to 80 R378.9bn • Private Client loan book up 5.3% annualised 59 with strong growth in residential mortgages 60 • Strong growth from Energy and
Slide 46: 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 Amidst divergent views We firmly believe that financial institutions have a crucial role to play in addressing the pressing challenges
Slide 47: 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 48: Investec's sustainability awards and recognition
Investec’s sustainability awards and recognition INSEAD Alumni 2025 Euromoney Climate Leaders Balance in Business awards 2025 Awards 2024 For a third consecutive year, Recognised as Africa’s best Awarded best FTSE 250 Recognised as one of Europe's Investec has been recognised for Philanthropic Advis
Slide 49: 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 190 7.3% 10.0% Burstone Group (formerly IPF) 57 14.3% 19.3% The Bud Group Holdings 108 1.2% 36.4% (formerly IEP) Equity investme