Half Year Results to 30 September

Investec (comprising Investec plc and Investec Limited) - Reviewed condensed combined consolidated financial results for the six months ended 30 September 2024 and cash dividend declaration

Fani Titi, Group Chief Executive commented:

"The Group has delivered a solid performance in the first half of the 2025 financial year in an evolving environment. Adjusted operating profit grew 7.6% to £475 million demonstrating continued momentum from our differentiated client franchises. We are pleased to report a ROE of 13.9% putting us on track to achieve the Group's full year ROE guidance. The Group has maintained strong capital and liquidity levels, positioning us well to support our clients and pursue disciplined growth in an improving operating environment. We remain committed to our purpose of creating enduring worth for all our stakeholders."

Basis of presentation

The comparability of the Group's total period on period performance is impacted by the financial effects of the combination of Investec Wealth & Investment UK (IW&I UK) with the Rathbones Group (Rathbones) and the disposal of the property management companies to Burstone Group Limited (formerly known as Investec Property Fund (IPF)), which result in IW&I UK and IPF being presented as discontinued operations in the prior period in line with applicable accounting standards.

The interim statements are unaudited but have been reviewed by the auditors and their independent review report is included in this report.

Key financial metrics

Given the nature of the IW&I UK and IPF transactions completed in the prior period, the Group essentially retained similar economic interest to these investments before and after the transactions. To provide information that is more comparable to the current period, the prior period has been presented on a pro-forma basis as if the transactions had been in effect from the beginning of the prior period, i.e. IW&I UK has been presented as an equity accounted investment and IPF as an investment at fair value through profit or loss in the prior period.

Totals and variances are presented in £'millions which may result in rounding differences.

* The Basic EPS decrease reflects the impact of significant net gains from strategic actions executed in the prior period.

Group financial summary:

Pre-provision adjusted operating profit increased 11.1% to £541.6 million (1H2024: £487.7 million), as revenue grew 5.6% against operating cost growth of 0.8%, resulting in a positive jaws ratio.

Revenue benefitted from balance sheet growth, the breadth and depth of our client franchises, as well as the elevated interest rate environment. Net interest income (NII) was supported by higher average lending books and higher average interest rates, partly offset by the effects of deposit repricing in the UK. Non-interest revenue (NIR) growth reflects increased capital-light income from our Banking businesses, as well as strong growth in fees from our SA Wealth & Investment business. Investment income also contributed positively to NIR growth given the improving global markets backdrop. Trading income was lower in the current period due to the non-repeat of prior-year risk management gains from hedging the remaining financial products run down book in the UK, as well as due to the implementation of hedge accounting in the South African credit investments portfolio from the first quarter of the current period.

The cost to income ratio improved to 50.8% (1H2024: 53.3%) as revenue grew ahead of costs. Total operating costs remained broadly flat increasing by 0.8%. Fixed operating expenditure increased 6.7% reflecting continued investment in people and technology for growth and inflationary pressures. Variable remuneration in each geography was in line with respective performance.

Credit loss ratio (CLR) on core loans was 42bps (1H2024: 32bps), at the upper end of the Group's through-the-cycle (TTC) range of 25bps to 45bps. Expected credit loss (ECL) impairment charges increased to £66.9 million (1H2024: £46.3 million). The overall credit quality remained strong, with no evidence of trend deterioration.

Return on equity (ROE) of 13.9% (1H2024: 14.6%) is within the Group's upgraded medium-term 13% to 17% target range, notwithstanding the increase in the average equity base resulting from the net gain recognised on completion of the combination of IW&I UK with Rathbones at the end of the prior period. Return on tangible equity (ROTE) was 16.4% (1H2024: 16.5%) within the Group's upgraded medium-term 14% to 18% target range.

Net asset value (NAV) per share amounted to 575.7p (31 March 2024: 563.9p), driven by strong capital generation in the current period and foreign exchange translation gains, partly offset by distribution to shareholders.

Tangible net asset value (TNAV) per share increased to 491.6p (31 March 2024: 477.5p).

Key drivers

Net core loans increased 5.4% annualised to £31.7 billion (31 March 2024: £30.9 billion) and grew by 1.9% annualised on a neutral currency basis; driven by growth from private clients lending in both geographies alongside muted overall growth in corporate lending portfolios which were offset by higher repayment rates given the elevated interest rate environment.

Customer deposits increased by 4.7% annualised to £40.4 billion (31 March 2024: £39.5 billion) and grew by 1.3% in neutral currency. Investec plc grew customer deposits by 8.1% annualised in a competitive deposit market. Investec Limited continued its strategy to increase the more efficient retail deposits (up 6.9% annualised) and reduce shorter term wholesale deposits (down 22.2% annualised); and consequently, lengthened the deposit tenure. As a result, total Investec Limited customer deposits decreased by 6.2% annualised in neutral currency.

Funds under management (FUM) in Southern Africa increased by 11.9% to £23.4 billion (31 March 2024: £20.9 billion) driven by net inflows in our discretionary and annuity funds of R10.0 billion (£428 million), as well as increased market levels. These were partly offset by FX translation losses and non-discretionary outflows of R1.9 billion (£79 million).

Investec Wealth & Investment UK FUM is now reported as part of the Rathbones Group following the completion of the combination in September 2023. Rathbones Funds Under Management and Administration (FUMA) totalled £108.8 billion at 30 September 2024. Investec owns 41.25% of Rathbones.

Balance sheet strength and strategic execution:

The Group remained well capitalised in both our anchor geographies, with Investec Limited reporting a CET1 ratio of 14.8% measured on the Advanced Internal Ratings-Based approach and the Investec plc CET1 at 12.6% measured on a standardised approach. The strong capital generation from our client franchises gives us the ability to continue to support our clients, invest in the business, and make distributions to our shareholders. Liquidity levels remained strong and well ahead of regulatory and board-approved minimums.

The Group remains committed to its strategic priority to optimise shareholder returns. The investment in Bud Group Holdings reduced significantly to £108.7 million / R 2.5 billion at 30 September 2024 from £179.6 million / R4.3 billion at 31 March 2024 following the completion of the previously announced disposal of Assupol. The UK business continues to make progress towards migrating its capital measurement from the standardised approach to the internal ratings-based approach.

The Board has proposed an interim dividend of 16.5p per share (1H2024: 15.5p), translating to a 41.7% payout ratio and within the Group's current 35% to 50% payout policy.

FY2025 Outlook

Revenue momentum is expected to be underpinned by average book growth, stronger client activity levels given expected improvement in GDP growth and continued success in our client acquisition strategies, partly offset by the effects of reducing global interest rates.

The Group currently expects:

• Group ROE to be c.14.0% and ROTE to be c.16.0%. Southern Africa is expected to report ROE of c.19.0%, and UK & Other is expected to report ROTE of c.13.5% in line with 1H2025

• Overall costs to be well managed in the context of inflationary pressures and continued investment in the business, with cost to income ratio expected to be between 51.0% and 53.0%

• The credit loss ratio to be within the through-the-cycle range of 25bps to 45bps. Southern Africa is expected to be close to the lower end of the TTC range of 15bps to 35bps. UK & Other credit loss ratio is expected to be between 50bps and 60bps.

The Group has maintained strong capital and liquidity levels and is well positioned to continue supporting our clients and build to scale our identified growth opportunities, in an improving economic environment.

Key financial data

This announcement covers the results of Investec plc and Investec Limited (together "the Investec Group" or "Investec" or "the Group") for the six months ended 30 September 2024 (1H2025). Unless stated otherwise, comparatives relate to the Group's operations for the six months ended 30 September 2023 (1H2024).

Basic earnings per share in the prior period includes a gain of £360.9 million on the combination of Investec Wealth & Investment UK with Rathbones plc, partly offset by the net loss on deconsolidation of IPF totalling £95.3 million.

* Operating income has been prepared on a pro-forma basis for the prior period. ^ Restated.

Totals and variances are presented in £'billions which may result in rounding differences.

** Following the all-share combination of IW&I UK and Rathbones, IW&I UK now forms part of the Rathbones Group. As at 30 September 2024, Rathbones Group, of which Investec holds a 41.25% economic interest, had funds under management of £108.8 billion.

Totals and variance are presented in £'billions, unless otherwise stated, which may result in rounding differences.

Enquiries

Investec Investor Relations

Results: Qaqambile DwayiTel: +27 (0) 11 291 0129

General enquiries:Tel: +27 (0) 11 286 7070 or [email protected]

Brunswick (SA PR advisers)

Tim SchultzTel: +27 (0) 82 309 2496

Lansons (UK PR advisers)

Tom BaldockTel: +44 (0) 78 6010 1715

Presentation/conference call details

Investec will host its interim results presentation live from Cape Town and broadcast live in London today at 11h00 (SA)/ 09h00 (UK) time.

Please register for the presentation at: www.investec.com/investorrelations

A live video webcast of the presentation will be available on www.investec.com

About Investec

Investec partners with private, institutional, and corporate clients, offering international banking, investments, and wealth management services in two principal markets, South Africa, and the UK, as well as certain other countries. The Group was established in 1974 and currently has 7,700+ employees.

Investec has a dual listed company structure with primary listings on the London and Johannesburg Stock Exchanges.

Johannesburg and LondonJSE Debt and Equity Sponsor: Investec Bank Limited

Group financial performance

Overview

Pre-provision adjusted operating profit increased 11.1% to £541.6 million (1H2024: £487.7 million).

Revenue increased 5.6% to £1 102.6 million (1H2024: £1 043.8 million)

Net interest income increased 2.0% to £684.4 million (1H2024: £670.9 million) driven by higher average interest earning assets and higher average interest rates which was partly offset by the effects of deposit repricing in the UK. Southern Africa also benefitted from lower cost of funds as we continued to implement our strategies to optimise the cost of funds.

Non-interest revenue increased 12.2% to £418.2 million (1H2024: £372.9 million).

• Net fee and commission income increased 13.0% to £221.6 million (1H2024: £196.1 million). This growth benefitted from higher average discretionary FUM in the SA wealth business, higher UK M&A fees primarily from the consolidation of Capitalmind for the full period, and higher fees from the SA Private Banking business given increased activity levels

• Investment income of £63.2 million (1H2024: £25.4 million) reflects net fair value gains and dividends received on investment portfolios

• Share of post tax operating profit of associates and joint venture holdings decreased to £35.2 million (1H2024: £39.1 million), primarily driven by lower share of earnings from the wealth and investment business in the UK, comprising IW&I UK in the prior period versus our 41.25% share of operating earnings from Rathbones in the current period

• Trading income arising from customer flow decreased to £74.3 million (1H2024: £94.6 million), primarily as a result of lower risk management gains in hedging the remaining and significantly reduced financial products run down book in the UK. The implementation of hedge accounting for the credit investment portfolio in South Africa from the first quarter of the current period has also resulted in lower trading income in the current period. MTM movements in the derivatives associated with credit investments are now recognised in the balance sheet and amortised over the life of the hedging instrument. Equity trading income arising from client flow in both anchor geographies was strong as markets trended upwards

• Trading income from balance sheet management and other trading activities increased to £22.3 million (1H2024: £17.9 million), largely as a result of gains arising from MTM movements in the value of interest rate hedges on the balance sheet in South Africa.

Expected credit loss (ECL) impairment charges increased to £66.9 million (1H2024: £46.3 million) resulting in a credit loss ratio on core loans of 42bps (1H2024: 32bps)

Asset quality remains within Group appetite limits, with exposures to a carefully defined target market well covered by collateral. The increase in the ECL impairment charges was primarily driven by higher specific impairments on certain Stage 3 exposures.

Operating costs are broadly flat, up 0.8% to £560.3 million (1H2024: £556.1 million)

The cost-to-income ratio improved to 50.8% from 53.3% in 1H2024. Fixed operating expenditure increased by 6.7% due to inflationary pressures and continued investment in technology and people for growth. Higher expenses primarily on personnel was due to annual salary increases and growth in headcount as well as higher business expenses given increased business activity. Variable remuneration in each geography is in line with respective performance.

Taxation

The taxation charge on adjusted operating profit was £98.3 million (1H2024: £89.1 million), resulting in an effective tax rate of 22.3% (1H2024: 22.3%).

Investec plc effective tax rate is 23.3% (1H2024: 22.3%), reflecting the weighted effective tax rate from multiple jurisdictions where Investec plc has operations.

Investec Limited effective tax rate is 21.6% (1H2024: 22.3%).

Funding and liquidity

Customer deposits increased 4.8% annualised to £40.4 billion (March 2024: £39.5 billion) on a reported basis and 1.3% annualised in neutral currency. Customer deposits increased by 8.1% annualised to £21.6 billion for Investec plc since 31 March 2024. Investec Limited continued its strategy to increase the more efficient retail deposits and reduce short to medium term wholesale deposits; and consequently lengthened the wholesale deposit tenure. As a result, total Investec Limited customer deposits decreased by 6.2% annualised in neutral currency to R434.7 billion since 31 March 2024.

Cash and near cash of £17.2 billion (£9.8 billion in Investec plc and R170.9 billion in Investec Limited) at 30 September 2024 represent approximately 42.4% of customer deposits (45.2% for Investec plc and 39.3% for Investec Limited). Loans and advances to customers as a percentage of customer deposits was 78.0% (1H2024: 72.1%, FY2024: 75.2%) for Investec Limited and 77.4% (1H2024: 81.7%, FY2024: 79.7%) for Investec plc.

The Group comfortably exceeds Board-approved internal targets and Basel liquidity requirements for the Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR)

• Investec Bank Limited (consolidated Group) reported a LCR of 176.3% and an NSFR of 122.3% at 30 September 2024

• Investec plc reported a LCR of 433% and a NSFR of 149% at 30 September 2024.

Capital adequacy and leverage ratios

Capital and leverage ratios remain sound, ahead of regulatory requirements. The CET1 and leverage ratio were 14.8% and 6.3% for Investec Limited (Advanced Internal Ratings Based scope) and 12.6% and 9.9% for Investec plc (Standardised approach) respectively.

Segmental performance

Specialist Banking

Adjusted operating profit from Specialist Banking increased 5.6% to £426.9 million (1H2024: £404.2 million). Pre-provision adjusted operating profit increased 9.6% to £493.8 million (1H2024: £450.5 million).

Totals and variances are presented in £'million which may result in rounding differences.

Southern Africa Specialist Banking (in Rands)

Pre-provision adjusted operating profit increased by 16.6% to R 5 579 million. Adjusted operating profit increased 13.8% to R5 251 million (1H2024: R4 616 million), delivered against a backdrop of weak economic activity and uncertainty in the initial months of the period ahead of the national elections. We remain focused on building to scale our various growth initiatives and gaining market share in our core client franchises.

Net core loans grew by 1.5% annualised to R346.2 billion (FY2024: R343.7 billion) reflecting the subdued activity leading up to the SA elections, as well as the translation impact on the dollar denominated lending books given the strengthening of the Rand against the US Dollar since 31 March 2024. The latter months of the period saw increased growth in the private client loan book and certain corporate credit portfolios, partly offset by higher redemptions relative to prior periods.

Revenue increased 12.6%, benefitting from higher average net interest margins, increased activity levels and continued client acquisition in line with our growth strategies. This was augmented by positive investment income.

• Net interest income (NII) growth of 12.7% benefitted from lower cost of funds as we continued to implement our strategies to optimise the funding pool, as well as higher average advances and interest rates. Our non-wholesale deposits grew by 6.9% annualised in line with our strategy to increase the proportion of non-wholesale deposits in our funding pool

• Non-interest revenue increased 12.3% driven by:

- Net fee and commission income increased 2.7%, benefitting from growth in activity levels in the private banking business which was partly offset by the higher costs associated with the increased transactional activity. Higher structuring, FX and equity market fees in the corporate and institutional banking business were offset by lower investment banking fees and muted utilization of trade finance facilities

- Income from Balance sheet management activities increased due to a reduction in losses from MTM movements associated with managing fixed deposit interest rate risk. Recognition of these MTM movements are temporary and reverse over the life of the fixed deposits

- Positive contribution from Investment income, driven by higher net fair value gains from investment portfolios in our client franchises as South African assets repriced following the successful formation of the Government of National Unity (GNU)

Offset by:

- The reduction in trading income from customer flow; stronger client flows from equity derivatives and interest rate desks were offset by the net impact of hedge accounting implementation in the credit investments portfolio.

ECL impairment charges amounted to R328 million (1H2024: R167 million), resulting in a credit loss ratio of 16bps (1H2024: 8bps), driven by higher Stage 3 ECL charges and lower recoveries from previously impaired exposures

The cost to income ratio improved to 45.9% (1H2024: 47.7%). Operating costs increased by 8.3% driven by higher personnel expenses due to annual salary increases and higher headcount, as well as increased IT spend to support business growth. Variable remuneration increased in line with performance.

UK & Other Specialist Banking

Pre-provision adjusted operating profit increased by 3.4% to £255.2 million. Adjusted operating profit decreased by 2.4% to £202.3 million (1H2024: £207.4 million); our diversified client franchises in the UK mid-market and selected geographies performed well within the context of a challenging macro-economic environment. The two-year (i.e. post COVID-19) adjusted operating profit compound annual growth rate (CAGR) is 25.4%. We have continued to successfully execute our client acquisition strategies to build scale and relevance in the UK and other markets in which we operate. Our value proposition is underpinned by our 'One Investec' integrated approach, taking our clients along both their personal and business journey.

Net core loans grew by 2.3% annualised to £16.7 billion driven by 6.9% annualised growth in the UK residential mortgage lending book, alongside a flat corporate lending portfolio within a constrained market environment. Moderate growth across the corporate loan book was offset by higher levels of repayments, particularly in the real estate lending portfolio, as well as the translation impact of US Dollar and Euro denominated loans. Our diversified lending franchises allowed us to navigate the uncertain operating environment which prevailed over the period.

Revenue decreased by 2.5%; strong growth in net fee and commission income generated from our M&A advisory business in line with our strategy to grow capital light earnings was offset by lower net interest income and lower trading income from customer flow. Investment income contributed positively given the improving global markets backdrop.

• Net interest income decreased by 5.2%, the benefit of a larger average loan book and higher average interest rates was offset by higher cost of funding as deposits repriced

• Non-interest revenue increased by 4.6% driven by:

- Higher M&A advisory fees primarily from the consolidation of Capitalmind as it became a subsidiary in June 2023. We have also seen higher arrangement fees in certain lending areas

- Higher investment income was largely driven by net fair value gains from equity investments

Offset by:

- Lower trading income from customer flow, primarily as a result of lower risk management gains from hedging the significantly reduced financial products run down book and lower interest rate and FX hedging volumes in our Treasury Risk Solutions business. This was partially offset by strong equity trading income from customer flow on the back of positive market sentiment

ECL impairment charges amounted to £52.8 million, resulting in a credit loss ratio of 67bps (1H2024: 55bps) in line with September 2024 pre-close guidance. The increase in ECL charges was largely driven by stage 3 ECL charges on certain exposures. Overall asset quality of the book remained stable; Stage 3 and Stage 2 exposures decreased to 3.2%(31 March 2024: 3.3%) and 6.9% (31 March 2024: 8.6%) of gross core loans subject to ECL at 30 September 2024 respectively. We have seen a reduction in exposures migrating into Stage 3.

The cost to income ratio improved to 52.6% (1H2024: 55.4%). Total operating costs decreased by 7.7%. Fixed operating costs increased by 3.4%, in line with the average UK inflation rate over the period. Variable remuneration decreased in line with business performance.

The Group notes the recent Court of Appeal decisions on the Wrench, Johnson and Hopcraft cases relating to motor commission arrangements. The Group has assessed the potential impact of these decisions, as well as any broader implications, pending the outcome of the intended appeal applications and concluded the provision of £30 million at 31 March 2024 still remains appropriate based on the information currently available. The ultimate financial impact of the Court of Appeal decision and ongoing FCA investigation into motor commission could materially vary, pending further guidance from the FCA or the outcome of the intended appeal to the UK Supreme Court.

Wealth & Investment

Adjusted operating profit from the Wealth & Investment businesses increased 2.3% to £54.6 million (1H2024: £53.3 million).

Totals and variances are presented in £'million which may result in rounding differences.

Southern Africa Wealth & Investment International Business (in Rands)

Adjusted operating profit increased by 26.3% to R519 million (1H2024: R411 million) in an evolving operating environment.

Total FUM increased by 7.9% to R540.9 billion (FY2024: R501.3 billion) driven by discretionary and annuity net inflows of R10.0 billion, positive market movements partly offset by foreign currency translation impact on dollar denominated portfolios as the South African Rand strengthened against the US Dollar and non-discretionary outflows of R1.9 billion. The business reported strong client retention and acquisitions in a challenging market, demonstrating the strength and quality of our international wealth management offering.

Revenue grew by 18.9% underpinned by strong inflows in our discretionary and annuity portfolios across local and offshore investment products in the current and prior periods. We also experienced strong growth in fee income generated from structured products. Non-discretionary brokerage increased in the current period due to higher trading volumes. Revenue in Switzerland grew by 6.4% in Pounds driven by higher fee income and customer flow foreign currency trading income.

Operating costs increased 15.8%, driven by investment in people for growth, higher technology spend, and higher variable remuneration in line with performance. Fixed operating expenditure increased by 10.7%. Operating margins increased to 31.4% (1H2024: 29.5%).

UK & Other Wealth & Investment

The all-share combination of IW&I UK and Rathbones successfully completed at the end of the prior period, creating the UK's leading discretionary wealth manager with £108.8 billion FUMA at 30 September 2024.

In the prior period (pre the combination) the IW&I UK business generated adjusted operating profit (post-tax) of £35.9 million and an operating margin of 25.2%, on a pro-forma basis this is recognised as post taxation profit from associates.

The current period consists of the Group's 41.25% share of the combined Rathbones Group operating earnings recognised as post taxation income from associates of £32.3 million. As disclosed by Rathbones on 17 October 2024, going forward the Investec Group will be incorporating Rathbones' latest published interim results i.e. post taxation earnings for the six months ended 30 June 2024 in our interim results for the six months to 30 September 2024. Rathbones reported underlying operating margin of 25.1% for the six months to 30 June 2024 (31 December 2023: 22.3%), showing progress towards the target of a 30%+ margin.

The Rathbones Group reported that synergy delivery increased to £25.5 million per annum on a cash run-rate basis at 30 September 2024, significantly ahead of the first-year post-combination objective of £15 million.

We remain confident that the combination will deliver scale and efficiency to power future long-term growth.

Group Investments

Group Investments includes the holding in Ninety One, Bud Group Holdings, Burstone Group (formerly known as IPF) and other equity investments

Totals and variances are presented in £'million which may result in rounding differences.

Adjusted operating profit from Group Investments increased to £19.3 million (1H2024: £4.9 million) driven by higher investment income on the fair value measurement of our shareholding, and higher dividend income from our investment, in Burstone Group.

Further information

Additional information on each of the business units is provided in the Group results analyst book published on the Group's website: http://www.investec.com.

The maintenance and integrity of the Investec website are the responsibility of the directors; the review report carried out by the statutory auditors does not involve a review of the analyst booklets or any other interim financial information that is published on the website.

On behalf of the Boards of Investec plc and Investec Limited

Notes to the commentary section above

Presentation of financial information

Investec operates under a Dual Listed Companies (DLC) structure with primary listings of Investec plc on the London Stock Exchange and Investec Limited on the JSE Limited.

In terms of the contracts constituting the DLC structure, Investec plc and Investec Limited effectively form a single economic enterprise from a shareholder perspective, in which the economic and voting rights of ordinary shareholders of the companies are maintained in equilibrium relative to each other. Creditors, however, are ring-fenced to either Investec plc or Investec Limited as there are no cross-guarantees between the companies. The directors of the two companies consider that for financial reporting purposes, the fairest presentation is achieved by combining the results and financial position of both companies.

Accordingly, these interim results reflect the results and financial position of the combined DLC Group under UK adopted International Financial Reporting Standards (IFRS) which comply with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and the (EC) No. 1606/2022 as it applies in the European Union, denominated in Pounds Sterling. In the commentary above, all references to Investec or the Group relate to the combined DLC Group comprising Investec plc and Investec Limited.

Following a review of the liquidity, capital position, profitability, the business model and operational risks facing the business, the directors have a reasonable expectation that the Investec Group will be a going concern for a period of at least 12 months. The results for the six months ended 30 September 2024 have accordingly been prepared on the going concern basis.

Unless the context indicates otherwise, all comparatives included in the commentary above relate to the six months ended 30 September 2024.

Amounts represented on a neutral currency basis for income statement items assume that the relevant average exchange rates for the six months ended 30 September 2024 remain the same as those in the prior period. Amounts represented on a neutral currency basis for balance sheet items assume that the relevant closing exchange rates as at 30 September 2024 remain the same as those at 31 March 2024.

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, or results of operations.

Foreign currency impact

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, Australian Dollars, Euros, US Dollars and Indian Rupee. 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 Pounds Sterling over the period:

Profit Forecast

Revenue momentum is expected to be underpinned by average book growth, stronger client activity levels given expected improvement in GDP growth and continued success in our client acquisition strategies, partly offset by the effects of reducing global interest rates.

The Group currently expects:

• Group ROE to be c.14.0% and ROTE to be c.16.0%. Investec Limited is expected to report ROE of c.19.0%, and Investec plc is expected to report ROTE of c.13.5% in line with 1H2025

• Overall costs to be well managed in the context of inflationary pressures and continued investment in the business, with cost to income ratio expected to be between 51.0% and 53.0%

• The credit loss ratio to be within the through-the-cycle (TTC) range of 25bps to 45bps. Investec Limited is expected to be close to the lower end of the TTC range of 15bps to 35bps. Investec plc credit loss ratio is expected to be between 50bps to 60bps range.

The Group has maintained strong capital and liquidity levels and is well positioned to continue supporting our clients and build to scale our identified growth opportunities, in an improving economic environment.

The basis of preparation of this statement and the assumptions upon which it was based are set out below. This statement is subject to various risks and uncertainties and other factors - these factors may cause the Group's actual future results, performance or achievements in the markets in which it operates to differ from those expressed in this Profit Forecast.

Any forward-looking statements made are based on the knowledge of the Group at 20 November 2024.

This forward-looking statement represents a profit forecast under the Listing Rules of the UK's Financial Conduct Authority. The Profit Forecast relates to the year ending 31 March 2025.

The financial information on which the Profit Forecast was 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 Forecast has been properly compiled using the assumptions stated below, and on a basis consistent with the accounting policies adopted in the Group's 31 March 2024 audited annual financial statements, which are in accordance with UK adopted international accounting standards and International Financial Reporting Standards Accounting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

At 30 September 2024, UK adopted IAS are identical in all material respects to current IFRS applicable to the Group, with differences only in the effective dates of certain standards.

Assumptions

The Profit Forecast has 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, whether for the economic effects of increased geopolitical tensions or otherwise

• The Rand/Pound Sterling, Euro/Pound, INR/Pound and US Dollar/Pound Sterling exchange rates and the tax rates remain materially unchanged from the prevailing rates detailed above

• There will be no material changes in the structure of the markets, client demand or the competitive environment

• There will be no material change to the facts and circumstances relating to legal proceedings and uncertain tax matters.

• There have been no material changes to the Group's principal risks as disclosed on pages 8 to 26 of the Investec Group Risk and Governance report for the year ended 31 March 2024.

Estimates and judgements

In preparation of the Profit Forecast, 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 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, the underlying model assumptions and economic scenarios all which are 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

• There will be no business disruption that will have a significant impact on the Investec Group's operations, whether due to the economic effects of increased geopolitical tensions or otherwise.

Accounting policies, significant judgements and disclosures

These reviewed condensed combined consolidated financial results have been prepared in terms of the recognition and measurement criteria of International Financial Reporting Standards (IFRS) and the presentation and disclosure requirements of IAS 34, "Interim Financial Reporting" and IFRS as adopted by the UK which comply with IFRS as issued by the IASB. At 30 September 2024, UK adopted IFRS are identical in all material respects to current IFRS applicable to the Group, with differences only in the effective dates of certain standards.

The accounting policies applied in the preparation of the results for the six months ended 30 September 2024 are consistent with those in the audited financial statements for year ended 31 March 2024.

The financial results have been prepared under the supervision of Nishlan Samujh, the Group Finance Director. The interim financial statements for the six months ended 30 September 2024 are available on the Group's website:

www.investec.com

Proviso

• Please note that matters discussed in this announcement 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 Investec Group

- changes in legislation or regulation impacting the Investec Group's operations or its accounting policies

- changes in business conditions that will have a significant impact on the Investec Group's operations

- changes in exchange rates and/or tax rates from the prevailing rates outlined in this announcement

- changes in the structure of the markets, client demand or the competitive environment

• A number of these factors are beyond the Group's control

• These factors may cause the Group's future results, performance or achievements in the markets in which it operates to differ from those expressed or implied

• Any forward-looking statements made are based on the knowledge of the Group at 20 November 2024

• The information in the Group's announcement for the six months ended 30 September 2024, which was approved by the Board of Directors on 20 November 2024, does not constitute statutory accounts as defined in Section 435 of the UK Companies Act 2006. The 31 March 2024 financial statements were filed with the registrar and were unqualified with the audit report containing no statements in respect of sections 498(2) or 498(3) of the UK Companies Act

• The financial information on which forward-looking statements are based is the responsibility of the Directors of the Group and has not been reviewed and reported on by the Group's auditors.

This announcement is available on the Group's website:www.investec.com

Definitions

• Adjusted operating profit refers to operating profit before goodwill, acquired intangibles and strategic actions and after adjusting for earnings attributable to other non-controlling interests. Non-IFRS measures such as adjusted operating profit are considered as pro-forma financial information as per the JSE Listing 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 or results of operations

• Adjusted earnings is calculated by adjusting basic earnings attributable to shareholders for the amortisation of acquired intangible assets, non-operating items including strategic actions, and earnings attributable to perpetual preference shareholders and other additional tier 1 security holders

• Adjusted basic earnings per share is calculated as adjusted earnings attributable to shareholders divided by the weighted average number of ordinary shares in issue during the year

• Headline earnings is adjusted earnings plus the after tax financial effect of strategic actions and the amortisation of acquired intangible assets. Headline earnings is an earnings measure required to be calculated and disclosed by the JSE and is calculated in accordance with the guidance provided 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"

• Dividend payout ratio is calculated as the dividend per share divided by adjusted earnings per share

• Pre-provision adjusted operating profit is calculated as total operating income before expected credit loss impairment charges, net of operating costs and net of operating profits or losses attributable to other non-controlling interests

• 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

• Revenue refers to operating income as found on the face of the condensed combined consolidated income statement

• The cost to income ratio is calculated as operating costs divided by operating income before expected credit loss impairment charges (net of operating profits or losses attributable to other non-controlling interests)

• Return on average ordinary shareholders' equity (ROE) is calculated as adjusted earnings attributable to ordinary shareholders divided by average ordinary shareholders' equity

• Return on average tangible ordinary shareholders' equity (ROTE) is calculated as adjusted earnings attributable to ordinary shareholders divided by average tangible ordinary shareholders' equity

• Core loans is defined as net loans to customers plus net own originated securitised assets

• Cash and near cash includes cash, near cash (other 'monetisable assets' which largely include short-dated trading assets) and central bank cash placements and guaranteed liquidity

• NCI is non-controlling interests.

Financial assistance

Shareholders are referred to Special Resolution number 3, which was approved at the annual general meeting held on 8 August 2024, relating to the provision of direct or indirect financial assistance in terms of Section 45 of the South African Companies Act, No 71 of 2008 to related or inter-related companies. Shareholders are hereby notified that in terms of S45(5)(a) of the South African Companies Act, the Boards of Directors of Investec Limited and Investec Bank Limited provided such financial assistance during the period 1 April 2023 to 31 March 2024 to various Group subsidiaries.

Exchange rate impact on statutory results

Exchange rates between local currencies and Pounds Sterling have fluctuated over the period. The most significant impact arises from the volatility of the Rand. The average Rand: Pound Sterling exchange rate over the period has appreciated by 0.3% against the comparative 30 September 2023, and the closing rate has depreciated by 3.6% since 31 March 2024. The following tables provide an analysis of the impact of the Rand on our reported numbers.

^ For income statement items we have used the average Rand: Pound Sterling exchange rate that was applied in the prior period, i.e. 23.48.

^^ For balance sheet items we have assumed that the Rand: Pound Sterling closing exchange rate has remained neutral since 31 March 2024.

* Restated as detailed below.

Condensed combined consolidated income statement

^ Restated

* The lines 'amortisation of acquired intangibles reported by associate' and 'acquisition related and integration costs within associate' reported in the prior year as 'financial impact of strategic actions' have been disaggregated to provide information at a more granular level.

** Refer to discontinued operations disclosure

Earnings per share

Combined consolidated statement of total comprehensive income

^ Restated

* These amounts are net of taxation of a tax credit of £3.0 million (30 September 2023: tax expense £14.2 million; 31 March 2024: tax expense £17.3 million).

Condensed combined consolidated balance sheet

^ Restated

^^ At 31 March 2024 the Group reassessed the order of liquidity within the balance sheet and moved 'Investment portfolio' to below 'Other financial instruments at fair value through profit or loss in respect of liabilities to customers' as it was found to be less liquid than the items that were listed above it. The reorder has now been applied to 30 September 2023. In addition, 'Insurance liabilities, including unit-linked liabilities' has been aggregated with 'Liabilities to customers under investment contracts'.

^^^ The detailed breakdown of 'ordinary shareholders' equity' was not considered to provide useful information to decision makers and therefore the lines have been condensed to simplify the condensed results.

Included in 'loans and advances to banks' £43 million (March 24: £19 million), 'reverse repurchase agreements and cash collateral on securities borrowed' £128 million (March 24: £88 million), 'sovereign debt securities' £841 million (March 24: £461 million), 'bank debt securities' £66 million (March 24: £81 million), 'other debt securities' £73 million (£41 million), 'securities arising from trading activities' £165 million (March 24: £113 million) and 'other loans and advances' £2 million (March 24: £3 million) are assets provided as collateral where the transferee has the right to resell or repledge.

Condensed combined consolidated statement of changes in equity

 ^ Restated

^^ The detailed breakdown of 'ordinary shareholders' equity' was not considered to provide useful information to decision makers and therefore the additional columns previously disclosed have been condensed to simplify the condensed results.

Condensed combined consolidated statement of changes in equity continued

^^ The detailed breakdown of 'ordinary shareholders' equity' was not considered to provide useful information to decision makers and therefore the additional columns previously disclosed have been condensed to simplify the condensed results.

Condensed combined consolidated cash flow statement

In line with best practice, the detail of the interim cash flow statement has been expanded.

Headline earnings per share

Prior to becoming a subsidiary, the investment in Capitalmind associates met the definition of a venture capital investment as defined in the Headline Earnings Circular 1/2023. During the prior period a gain of £4mn was recognised as a result of a stepped acquisition of Capitalmind from 30% to 60% that required a revaluation of the previously held 30%. This amount was included in headline earnings.

** Taxation on property revaluation headline earnings adjustments amounted to £0.2 million (September 2023: £0.1 million; March 2024: £0.7 million) no impact on earnings attributable to non-controlling interests. The amount includes property revaluations included in equity accounted earnings.

*** Headline earnings per share and diluted headline earnings per share have been calculated and is disclosed in accordance with the JSE listing requirements, and in terms of circular 1/2023 issued by the South African Institute of Chartered Accountants.

Adjusted earnings per share

Combined consolidated segmental analysis

Segmental geographical and business analysis of adjusted operating profit before goodwill, acquired intangibles, non-operating items, taxation and after non-controlling interests.

* Refer to discontinued operations disclosure

^ Restated. Following a strategic review of our Private Capital business, previously reported as part of our UK and Other Private Banking segment, the business is now reported in the UK and Other Corporate, Investment Banking & Other segment. The comparative period has been restated to reflect this change.

Combined consolidated segmental geographical analysis of total assets and total liabilities

Combined consolidated segmental geographical analysis of operating income

Pro-forma income statement

Given the nature of the IW&I UK and IPF transactions completed in the prior period, the Group essentially retained similar economic interest to these investments before and after the transactions. To provide information that is more comparable to the current period, the prior period has been presented on a pro-forma basis as if the transactions had been in effect from the beginning of the prior period, i.e. IW&I UK has been presented as an equity accounted investment and IPF as an investment at fair value through profit or loss in the prior period.