Investec Group Pre-Close Trading Update

Investec Group today announces its scheduled pre-close trading update for the interim period ending 30 September 2024 (1H2025). 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 2024 and compares forecast 1H2025 to 1H2024 (30 September2023).

The comparability of the total Group’s year-on-year performance will be affected by the financial effects of previously announced strategic actions which resulted in the Group’s performance being presented on a continuing and discontinuing basis in line with the relevant accounting standards in the prior period.

The following commentary is based on the Group’s total performance, with the comparative period comprising of continued and discontinued operations. 1H2025 earnings update and guidance Revenue momentum from our diversified client franchises continued. The initial months of this period were characterised by low levels of activity ahead of the national elections in both our anchor geographies. The latter part of this period has seen a more positive economic outlook reflecting increasing certainty on global interest rate cuts.

1H2025 earnings update and guidance Revenue momentum from our diversified client franchises continued. The initial months of this period were characterised by low levels of activity ahead of the national elections in both our anchor geographies. The latter part of this period has seen a more positive economic outlook reflecting increasing certainty on global interest rate cuts.

For the six months ending 30 September 2024, the Group expects:

• Pre-provision adjusted operating profit to be between £520 million and £550 million (1H2024:£487.7 million) or 6.7% to 12.9% ahead of prior period

• Adjusted earnings per share between 37.2p and 40.2p (1H2024: 38.7p) or 4.0% behind to4.0% ahead of prior period

• Headline earnings per share between 35.3p and 38.2p (1H2024: 36.9p) or 1.4% behind to3.5% ahead of prior period which includes the cost of executing strategic actions, and the amortisation of intangible assets associated with the Rathbones combination in the current period

• Basic earnings per share between 35.2p and 38.2p (1H2024: 69.6p) or 45.0% to 50.0% behind prior period. The prior period was positively impacted by the net gain from the implementation of the UK Wealth & Investment combination with Rathbones which was partially offset by the effects of Burstone’s deconsolidation; and the amortisation of intangible assets associated with the Rathbones combination in the current period

• Credit loss ratio around the upper end of the through-the-cycle (TTC) range of 25bps to45bps. The overall credit quality remained strong, in line with the position at FY2024 with noevidence of trend deterioration

• Cost to income ratio to be below the 53.3% reported in the prior period, benefitting from revenue growing ahead of costs

• Group adjusted operating profit before tax between £450 million and £482 million (1H2024:£441.4 million)

- Southern African business adjusted operating profit to be at least 15.0% ahead of prior period in Rands (1H2024: R4 832 million, £205.9 million). Specialist Bank adjusted operating profit expected to be at least 11.0% ahead of prior period in Rands (1H2024: R4 616 million, £196.8 million). Credit loss ratio is expected to be below the midpoint of the TTC range of 15bps to 35bps. The expected credit losses (ECLs) reflect lower recoveries from previously written off exposures relative to prior period. ROE is expected to be closer to the upper end of the 16.0%to 20.0% medium-term target range

- UK business, including Rathbones Group, adjusted operating profit to be 5% to 11%behind the prior period (1H2024: £235.4 million). Specialist Bank adjusted operating profit is expected to be flat to 9.0% lower following a significant increase in the prior period (1H2024: £207.4 million). We expect to report a credit loss ratio above the upper end of the guided range of 50bps to 60bps, driven by certain specific impairments. ROTE is expected to be between 13.0% to 14.0%, within the medium-term target range of 13.0% to 17.0%

• Group ROE to be between 13.0% and 14.0%, within the Group’s upgraded medium-term target range of 13.0% to 17.0%. Group ROTE is expected to be between 15.5% and 16.5%, within the 14.0% to 18.0% medium-term range.

The year-to-date performance which formed the basis for the above expectations is summarised below:

• Revenue growth was supported by balance sheet growth, increasing contribution from our various growth initiatives as well as the elevated interest rate environment

- Net interest income benefitted from the growth in average lending books and higher average interest rates which was partly offset by the effects of deposit repricing in theUK. Southern Africa also benefitted from lower cost of funds as we continued to implement our strategies to optimise the funding pool

- Non-interest revenue (NIR) growth reflects the diversified nature of our business model. Continued client acquisition and higher activity levels underpinned NIR growth. The positive net inflows into SA Wealth & Investment discretionary FUM in the prior year and the current period contributed to the NIR growth. Trading income was behind prior period due to reduced client flows in corporate foreign exchange and interest rate trading desks as well as lower risk management gains in hedging the remaining and significantly reduced financial products run down book in the UK. Equity trading income arising from client flow was strong as markets trended upwards. The consolidation of Capital mind also supported NIR growth as it became a Group subsidiary in the second quarter ofFY2024. Investment income contributed to the revenue growth given the improving global markets backdrop

• The cost to income ratio improved relative to the prior period (1H2024: 53.3%) as revenue grew ahead of costs. Fixed operating expenditure reflected continued investment in people and technology for growth and inflationary pressures. Variable remuneration decreased in line with the slower growth in profitability.

For the five-month period ended 31 August 2024:

• Within Specialist Banking, core loans increased by 6.1% annualised to £31.7 billion (31 March2024: £30.9 billion) and increased by 3.1% in neutral currency annualised, driven by private client lending in both geographies and corporate client lending in the UK. Growth in lending turnover was partially offset by the elevated repayments given the high interest rate environment. Customer deposits remained flat at £39.5 billion on reported basis and decreased by 2.9% in neutral currency annualised

• Funds under management (FUM) in Southern Africa increased by 10.7% to £23.2 billion (31March 2024: £20.9 billion. Net discretionary inflows of R8.5 billion were augmented by net inflows of R1.3 billion in non-discretionary FUM

• Rathbones Group, a 41.25% held Investec associate, reported funds under management and administration of £108.9 billion at 30 June 2024.

The Group 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 previously announced disposal of Assupol by Bud Group Holdings to Sanlam is now unconditional following the approval by the South African Prudential Authority. Assupol is a significant asset within the group of assets earmarked to facilitate Investec’s and other shareholders’ exit from The Bud Group Holdings.

The Group continues to trade in line with its FY2025 guidance.

The Group remains committed to its purpose of creating enduring worth for all our stakeholders and the strategic priority to optimise shareholder returns.