Investec PLC

Interim Report • Nov 28, 2025

INVESTEC PLC (EXCLUDING RESULTS OF INVESTEC LIMITED)

Unaudited condensed financial information for the six months ended 30 September 2025

IFRS Accounting Standards – Pound Sterling

OVERVIEW OF RESULTS

Introduction

We supplement our IFRS Accounting Standards figures with alternative performance measures used by management internally and which provide valuable, relevant information.

The description of alternative performance measures and their calculation is provided on page 45.

All other definitions can be found on page 46.

Key financial statistics	30 Sept 2025	30 Sept 2024	% change	31 March 2025
Operating income (£'000)	572 069	567 672	0.8%	1 188 965
Operating costs (£'000)	308 253	308 641	(0.1%)	631 810
Adjusted operating profit (£'000)	230 893	224 641	2.8%	460 103
Earnings attributable to ordinary shareholders (£'000)	168 690	155 713	8.3%	331 753
Cost to income ratio (%)	52.4%	52.7%		53.1%
Total capital resources (including subordinated liabilities) (£'000)	4 332 046	4 171 447	3.8%	4 171 447
Total equity (£'000)	3 620 178	3 489 229	3.8%	3 489 229
Total assets (£'000)^	30 241 732	29 823 889	1.4%	29 823 889
Net core loans (£'000)#	17 368 367	16 757 667	3.6%	16 813 723
Customer accounts (deposits) (£'000)	21 336 264	21 455 855	(0.6%)	21 455 855
Loans and advances to customers as a % of customer deposits	81.4%	78.4%		78.4%
Cash and near cash balances (£'million)	8 407	9 769	(13.9%)	9 090
Funds under management (£'million)	3 497	2 675	30.7%	2 691
Total gearing ratio (i.e. total assets to equity)^	8.4x	8.6x		8.6x
Total capital ratio*	17.7%	18.5%		17.8%
Tier 1 ratio*	14.1%	14.7%		14.1%
Common Equity Tier 1 ratio*	12.4%	12.3%		12.3%
Leverage ratio*	9.6%	9.7%		9.6%
Stage 3 exposure as a % of gross core loans subject to ECL#	3.4%	3.3%		3.4%
Stage 3 exposure net of ECL as a % of net core loans subject to ECL#	2.7%	2.6%		2.8%
Annualised credit loss ratio	0.56%	0.67%		0.60%

^{^} Restated as detailed on page 23.

^# Restated as detailed on page 33.

^* The September 2024 and March 2025 Common Equity Tier (CET)1, Tier 1, total capital and leverage ratios have been calculated applying the IFRS 9 transitional arrangements. Effective from 1 April 2025, IFRS 9 transitional arrangements ceased to apply, with all subsequent ratios presented on a fully loaded basis.

CONDENSED CONSOLIDATED INCOME STATEMENT

£'000	Six months to 30 Sept 2025	Six months to 30 Sept 2024^	Year to 31 March 2025
Interest income	885 914	1 019 990	1 960 100
Interest expense	(519 712)	(630 680)	(1 185 447)
Net interest income	366 202	389 310	774 653
Fee and commission income	108 429	86 777	194 743
Fee and commission expense	(6 217)	(6 532)	(13 911)
Investment income	21 878	18 564	52 718
Share of post-taxation profit of associates and joint venture holdings	25 897	15 922	40 921
Profit before amortisation and integration costs	42 410	35 155	75 220
Amortisation of acquired intangibles	(7 411)	(12 038)	(6 312)
Acquisition related and integration costs of associate	(9 102)	(7 195)	(27 987)
Trading income/(loss) arising from
– customer flow*	45 845	47 487	85 542
– balance sheet management and other trading activities	9 682	14 522	14 236
Other operating income	353	1 622	5 764
Operating income	572 069	567 672	1 154 666
Expected credit loss impairment charges	(49 488)	(52 832)	(97 040)
Operating income after expected credit loss impairment charges	522 581	514 840	1 057 626
Operating costs	(308 253)	(308 641)	(631 810)
Closure and rundown of the Hong Kong direct investments business	636	(1 269)	319
Financial impact of strategic actions	(6 050)	(4 406)	(20 312)
Profit before taxation	208 914	200 524	405 823
Taxation on operating profit before acquired intangibles and strategic actions	(40 276)	(44 020)	(73 863)
Taxation on acquired intangibles and strategic actions	—	—	(195)
Profit after taxation	168 638	156 504	331 765
Profit attributable to other non-controlling interests	52	(791)	(12)
Earnings attributable to shareholders	168 690	155 713	331 753

^{^} Restated as detailed on page 23.

^* Included within Trading income/(loss) arising from customer flow is income of £48.6 million (31 March 2025: £105.1 million, 30 September 2024: £49.1 million) and interest expense of £2.7 million (31 March 2025: £8.3 million, 30 September 2024: £1.6 million).

CONSOLIDATED STATEMENT OF TOTAL COMPREHENSIVE INCOME

£'000	Six months to 2025	Six months to 30 Sept 2024	Year to 31 March 2025
Profit after taxation	168 638	156 504	331 765
Other comprehensive income/(loss):
Items that may be reclassified to the income statement:
Fair value movements on cash flow hedges taken directly to other comprehensive income*	(4 614)	(5 111)	(11 259)
Gains on realisation of loans and advances and debt securities at FVOCI recycled through the income statement*	1 529	(177)	(166)
Fair value movements on loans and advances and debt securities at FVOCI taken directly to other comprehensive income*	(638)	(3 182)	(6 120)
Foreign currency adjustments on translating foreign operations	(5 147)	(4 196)	(4 517)
Items that will not be reclassified to the income statement:
Fair value movements on equity instruments at FVOCI taken directly to other comprehensive income	55 258	3 535	(24 559)
Share of other comprehensive (loss)/income of associates and joint venture holdings	(138)	(3 741)	(3 803)
Total comprehensive income	214 888	143 632	281 341
Total comprehensive income attributable to non-controlling interests	(26)	729	12
Total comprehensive income attributable to ordinary shareholders	196 539	119 933	241 192
Total comprehensive income attributable to perpetual preferred securities and Other Additional Tier 1 securities	18 375	22 970	40 137
Total comprehensive income	214 888	143 632	281 341

^* Net of £1.6 million tax credit (31 March 2025: £7 million tax credit, 30 September 2024: £3.7 million tax credit).

CONDENSED CONSOLIDATED BALANCE SHEET

£'000	At 30 Sept 2025	At 31 March 2025	At 30 Sept 2024
Assets
Cash and balances at central banks	3 452 756	4 191 750	3 939 001
Loans and advances to banks	612 047	860 267	724 129
Reverse repurchase agreements and cash collateral on securities borrowed	1 531 706	1 640 765	1 568 757
Sovereign debt securities	2 995 463	2 524 702	3 074 220
Bank debt securities	371 561	324 179	282 386
Other debt securities	1 053 526	770 722	594 997
Derivative financial instruments	277 519	299 281	494 803
Securities arising from trading activities	64 046	149 912	208 496
Loans and advances to customers	17 368 367	16 813 723	16 757 667
Other loans and advances	96 582	139 212	140 947
Other securitised assets	—	—	63 627
Investment portfolio	406 392	347 590	391 067
Interests in associated undertakings and joint venture holdings	828 821	832 141	858 584
Current taxation assets	30 819	25 382	47 668
Deferred taxation assets	112 076	120 918	110 379
Other assets	811 960	652 143	693 033
Property and equipment	147 886	58 940	65 839
Goodwill	75 629	67 520	67 167
Software	4 576	4 742	4 661
	30 241 732	29 823 889	30 087 428
Liabilities
Deposits by banks	773 000	1 477 568	1 464 124
Derivative financial instruments	250 787	274 791	402 014
Other trading liabilities	20 019	16 242	21 548
Repurchase agreements and cash collateral on securities lent	819 307	178 202	84 599
Customer accounts (deposits)	21 336 264	21 455 855	21 631 432
Debt securities in issue	1 638 331	1 301 802	1 206 356
Liabilities arising on securitisation of other assets	—	—	67 988
Current taxation liabilities	9 875	9 023	7 522
Other liabilities	1 062 103	938 959	949 556
	25 909 686	25 652 442	25 835 139
Subordinated liabilities	711 868	682 218	700 302
	26 621 554	26 334 660	26 535 441
Equity
Ordinary shareholders' equity	3 243 724	3 113 239	3 066 693
Perpetual preference share capital and premium	24 794	24 794	24 794
Shareholders' equity excluding non-controlling interests	3 268 518	3 138 033	3 091 487
Other Additional Tier 1 securities in issue	350 000	350 000	458 108
Non-controlling interests in partially held subsidiaries	1 660	1 196	2 392
Total equity	3 620 178	3 489 229	3 551 987
Total liabilities and equity	30 241 732	29 823 889	30 087 428

Included in Loans and advances to banks £58 million (31 March 2025: £48 million, 30 September 2024: £43 million); Sovereign debt securities £815 million (31 March 2025: £178 million, 30 September 2024: £58 million); Bank debt securities £13 million (31 March 2025: £15 million, 30 September 2024: £20 million); Securities arising from trading activities £nil million (31 March 2025: £9 million, 30 September 2024: £7 million) and Other loans and advances £0.1 million (31 March 2025: £0.5 million, 30 September 2024: £2 million) are assets provided as collateral where the transferee has the right to resell or repledge.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the six months to 30 September 2025 £'000	Ordinary shareholders' equity	Perpetual preference share capital and premium	Shareholders' equity excluding non- controlling interests	Other Additional Tier 1 securities in issue	Non- controlling interests	Total equity
Balance at the beginning of the period	3 113 239	24 794	3 138 033	350 000	1196	3 489 229
Total comprehensive income for the period	214 914	_	214 914	_	(26)	214 888
Share-based payments adjustments	29 995	_	29 995	_	_	29 995
Purchase of treasury shares	(35 008)	_	(35 008)	_	_	(35 008)
Dividends paid to ordinary shareholders	(62 349)	_	(62 349)	_	_	(62 349)
Dividends declared to perpetual preference shareholders	(816)	816	_	_	_	_
Dividends paid to perpetual preference shareholders	_	(816)	(816)	_	_	(816)
Dividends declared to Other Additional Tier 1 security holders	(18 375)	_	(18 375)	18 375	_	_
Dividends paid to Other Additional Tier 1 security holders	_	_	_	(18 375)	_	(18 375)
Dividends paid to non-controlling interests	_	_	_	_	_	_
Net equity impact of non-controlling interest movements	_	_	_	_	490	490
Net equity movements in associates and joint ventures	2 124	_	2 124	_	_	2 124
Balance at the end of the period	3 243 724	24 794	3 268 518	350 000	1 660	3 620 178

		Perpetual preference	Shareholders' equity excluding	Other Additional
For the six months to 30 September 2024 £'000	Ordinary shareholders' equity	share capital and premium	non- controlling interests	Tier 1 securities in issue	Non- controlling interests	Total equity
Balance at the beginning of the period	2 985 864	24 794	3 010 658	458 108	2 851	3 471 617
Total comprehensive income for the year	142 903	_	142 903	_	729	143 632
Share-based payments adjustments*	27 209	_	27 209	_	_	27 209
Purchase of treasury shares ^	(10 222)	_	(10 222)	_	_	(10 222)
Cancellation of special converting shares	(4)	_	(4)	_	_	(4)
Dividends paid to ordinary shareholders	(56 087)	_	(56 087)	_	_	(56 087)
Dividends declared to perpetual preference shareholders	(896)	896	_	_	_	_
Dividends paid to perpetual preference shareholders	_	(896)	(896)	_	_	(896)
Dividends declared to Other Additional Tier 1 security holders	(22 074)	_	(22 074)	22 074	_	_
Dividends paid to Other Additional Tier 1 security holders	_	_	_	(22 074)	_	(22 074)
Dividends paid to non-controlling interests	_	_	_	_	(1 276)	(1 276)
Net equity impact of non-controlling interest movements	_	_	_	_	88	88
Balance at the end of the period	3 066 693	24 794	3 091 487	458 108	2 392	3 551 987

^{^} Restated to reflect the treasury shares restatement disclosed in the March 2025 annual report.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONTINUED

For the year to 31 March 2025 £'000	Ordinary shareholders' equity	Perpetual preference share capital and premium	Shareholders' equity excluding non- controlling interests	Other Additional Tier 1 securities in issue	Non- controlling interests	Total equity
Balance at the beginning of the year	2 985 864	24 794	3 010 658	458 108	2 851	3 471 617
Total comprehensive income for the year	281 329	_	281 329	_	12	281 341
Share-based payments adjustments	41 953	_	41 953	_	_	41 953
Purchase of treasury shares	(45 171)	_	(45 171)	_	_	(45 171)
Cancellation of special converting shares	(4)	_	(4)	_	_	(4)
Redemption of Other Additional Tier 1 security instruments	_	_	_	(108 108)	_	(108 108)
Dividends paid to ordinary shareholders	(103 901)	_	(103 901)	_	_	(103 901)
Dividends declared to perpetual preference shareholders	(1 780)	1 780	_	_	_	_
Dividends paid to perpetual preference shareholders	_	(1 780)	(1 780)	_	_	(1 780)
Dividends declared to Other Additional Tier 1 security holders	(38 357)	_	(38 357)	38 357	_	_
Dividends paid to Other Additional Tier 1 security holders	_	_	_	(38 357)	_	(38 357)
Net equity impact of non-controlling interest movements	1 755	_	1 755	_	(1 667)	88
Net equity movements in associates and joint ventures	(8 449)	_	(8 449)	_	_	(8 449)
Balance at the end of the year	3 113 239	24 794	3 138 033	350 000	1196	3 489 229

SEGMENTAL BUSINESS ANALYSIS - INCOME STATEMENT

Adjusted operating profit

Management's measure of operating profit, 'adjusted operating profit' is calculated based on profit before taxation of continuing operations, adjusted to remove goodwill, acquired intangibles and strategic actions, including such items within equity accounted earnings, and non-controlling interests.

For the six months to 30 September
£'000	2025	2024
Profit before taxation from continuing operations	208 914	200 524
Amortisation of acquired intangibles	_	_
Closure and rundown of the Hong Kong direct investments business	(636)	1 269
Financial impact of strategic actions*	6 050	4 406
Adjustments related to equity accounted earnings	16 513	19 233
Amortisation of acquired intangibles	7 411	12 038
Acquisition related and integration costs of associate	9 102	7 195
Less: profit attributable to non-controlling interests	52	(791)
Adjusted operating profit for continuing operations	230 893	224 641

^* Included within this line in the current year are movements in value on deferred considerations on various transactions, continuing integration costs resulting from the Rathbones deal as well as various capital costs incurred in contemplation of potential transactions. In the prior year, strategic actions largely comprised the Rathbones transaction, and thus were included in discontinued operations.

		Specialis	t Banking
	Private	Client
For the six months to 30 September 2025 £'000	Wealth & Investment	Private Banking	Corporate, Investment Banking and Other	Group Investments	Group Costs	Total Group
Net interest income	3 264	41 050	321 888	_	_	366 202
Fee and commission income	5 655	362	102 412	_	_	108 429
Fee and commission expense	(528)	(13)	(5 676)	_	_	(6 217)
Investment income	_	_	15 552	6 326	_	21 878
Share of post-taxation operating profit of associates and joint venture holdings before amortisation and integration costs	38 215	_	4 195	_	_	42 410
Trading income/(loss) arising from
- customer flow	1 100	1 492	43 253	_	_	45 845
balance sheet management and other trading activities	(22)	34	9 670	_	_	9 682
Other operating income	_	_	353	_	_	353
Operating income	47 684	42 925	491 647	6 326	_	588 582
Expected credit loss impairment charges	1	(2 657)	(46 832)	_	_	(49 488)
Operating income after expected credit loss impairment charges	47 685	40 268	444 815	6 326	_	539 094
Operating costs	(8 609)	(21 166)	(263 870)	_	(14 608)	(308 253)
Profit attributable to other non-controlling interests	_	_	52	_	_	52
Adjusted operating profit/(loss)	39 076	19 102	180 997	6 326	(14 608)	230 893
Selected returns and key statistics
Cost to income ratio	18.1%	49.3%	53.7%	n/a	n/a	52.4%
Total assets (£'million)	983	5 374	23 695	190	_	30 242
Total liabilities (£'million)	201	23	26 395	_	3	26 622

SEGMENTAL BUSINESS ANALYSIS - INCOME STATEMENT CONTINUED

		Specialist E	Banking
	Private CI	ient
For the six months to 30 September 2024* £'000	Wealth & Investment	Private Banking	Corporate, Investment Banking and Other	Group Investments	Group Costs	Total Group
Net interest income	4 164	49 697	335 449	_	_	389 310
Fee and commission income	4 756	598	81 423	_	_	86 777
Fee and commission expense	(496)	(15)	(6 021)	_	_	(6 532)
Investment income	1	_	12 609	5 954	_	18 564
Share of post-taxation operating profit of associates and joint venture holdings before amortisation and integration costs	32 332	_	2 823	_	_	35 155
Trading income/(loss) arising from
customer flow	943	1 533	45 011	_	-	47 487
balance sheet management and other trading activities	(10)	(93)	14 625	_	_	14 522
Other operating income	_	_	1 622	_	_	1 622
Operating income	41 690	51 720	487 541	5 954	-	586 905
Expected credit loss impairment charges	(2)	(1 556)	(51 274)	_	_	(52 832)
Operating income after expected credit loss impairment charges	41 688	50 164	436 267	5 954	_	534 073
Operating costs	(7 405)	(24 383)	(258 920)	_	(17 933)	(308 641)
Profit attributable to other non-controlling interests	_	_	(791)	_	_	(791)
Adjusted operating profit/(loss)	34 283	25 781	176 556	5 954	(17 933)	224 641
Selected returns and key statistics
Cost to income ratio	17.8%	47.1%	53.2%	n/a	n/a	52.7%
Total assets (£'million)^	999	5 180	23 746	162	_	30 087
Total liabilities (£'million) ^	192	42	26 289		12	26 535

Comparative figures have been restated to align with the way that financial information is reported to the chief operating decision makers. In addition, following a strategic review of our Private Capital business, previously reported as part of our Private Banking segment, the business is now reported in the Corporate, Investment Banking and Other segment. The comparative period has been restated to reflect this change.

Restated as detailed on page 23.

ADDITIONAL INCOME STATEMENT NOTE DISCLOSURES

Net interest income

			2025		2024
For the six months to 30 September £'000	Notes	Average balance sheet value	Interest income	Average yield	Average balance sheet value	Interest income	Average yield
Cash, near cash and bank debt and sovereign debt securities	1	9 427 323	191 474	4.06%	9 959 891	251 939	5.06%
Loans and advances	2	17 061 349	626 541	7.34%	16 771 451	686 221	8.18%
Private client		5 332 761	137 128	5.14%	5 159 485	142 306	5.52%
Corporate, Investment Banking and Other		11 728 588	489 413	8.35%	11 611 966	543 915	9.37%
Other debt securities and other loans and advances	·	1 083 372	34 335	6.34%	774 119	29 688	7.67%
Other#	3	3 257	33 564	n/a	163 356	52 142	n/a
Total interest-earning assets		27 575 301	885 914	6.43%	27 668 817	1 019 990	7.37%

	Į		2025		2024
For the six months to 30 September £'000	Notes	Average balance sheet value	Interest expense	Average yield	Average balance sheet value	Interest expense	Average yield
Deposits by banks and other debt-related securities	4	3 188 114	59 763	3.75%	3 336 471	65 087	3.90%
Customer accounts (deposits)		21 387 823	414 903	3.88%	21 234 118	490 559	4.62%
Subordinated liabilities		698 875	21 359	6.11%	680 556	25 328	7.44%
Other#	5	178 828	23 687	n/a	229 366	49 706	n/a
Total interest-bearing liabilities		25 453 640	519 712	4.08%	25 480 511	630 680	4.95%
Net interest income			366 202			389 310
Net interest margin			2.66%			2.81%

Comprises (as per the balance sheet) cash and balances at central banks; loans and advances to banks; reverse repurchase agreements and cash collateral on securities borrowed; sovereign debt securities; and bank debt securities.
Comprises (as per the balance sheet) loans and advances to customers.
Comprises (as per the balance sheet) lease receivables (housed in other assets on the balance sheet) as well as interest income from derivative financial instruments and off-balance sheet assets where there is no associated balance sheet value.

Comprises (as per the balance sheet) deposits by banks; debt securities in issue; repurchase agreements and cash collateral on securities lent.

Comprises (as per the balance sheet) liabilities arising from lease liabilities (housed in other liabilities on the balance sheet) as well as interest expense from derivative

financial instruments where there is no associated balance sheet value.

Includes interest income and interest expense on derivative assets and liabilities used for hedging purposes. This results in interest income and interest expense being recognised with no associated balance sheet value.

ADDITIONAL INCOME STATEMENT NOTE DISCLOSURES CONTINUED

Net fee and commission income

For the six months to 30 September
£'000	2025	2024
Wealth & Investment businesses net fee and commission income	5 127	4 260
Fund management fees/fees for assets under management	4 648	4 142
Private client transactional fees	1 007	614
Fee and commission expense	(528)	(496)
Specialist Banking net fee and commission income	97 085	75 985
Specialist Banking fee and commission income*	102 774	82 021
Specialist Banking fee and commission expense	(5 689)	(6 036)
Net fee and commission income	102 212	80 245
Fee and commission income	108 429	86 777
Fee and commission expense	(6 217)	(6 532)
Net fee and commission income	102 212	80 245
Annuity fees (net of fees payable)	19 341	13 470
Deal fees	82 871	66 775

^* Included in Specialist Banking is fee and commission income is £4.2 million (30 September 2025: £nil) for operating lease income which is out of the scope of IFRS 15 – Revenue from Contracts with Customers.

Investment income

For the six months to 30 September £'000	Listed equities	Unlisted equities	Warrants and profit shares	Total investment portfolio	Debt securities (sovereign, bank and other)	Investment and trading properties	Other asset categories	Total
2025
Realised	_	6 850	_	6 850	1 944	_	2 803	11 597
Unrealised*	2 722	536	_	3 258	(1 936)	_	(955)	367
Dividend income	6 499	2 725	_	9 224	_	_	33	9 257
Funding and other net related income	_	_	_	_	_	657	_	657
	9 221	10 111	_	19 332	8	657	1 881	21 878
2024
Realised	(2 324)	(9 588)	514	(11 398)	986	1 400	(164)	(9 176)
Unrealised*	2 393	26 869	229	29 491	936	(11 000)	694	20 121
Dividend income	5 954	670	_	6 624	_	_	_	6 624
Funding and other net related income	_	_	_	_	_	995	_	995
	6 023	17 951	743	24 717	1 922	(8 605)	530	18 564

^* In a year of realisation, any prior period mark-to-market gains/(losses) recognised are reversed in the unrealised line item.

ADDITIONAL IAS 34 DISCLOSURES

Analysis of financial assets and liabilities by category of financial instruments

At 30 September 2025 £'000	Total instruments at fair value	Amortised cost	Non-financial instruments or scoped out of IFRS 9	Total
Assets
Cash and balances at central banks	_	3 452 756	_	3 452 756
Loans and advances to banks	_	612 047	_	612 047
Reverse repurchase agreements and cash collateral on securities borrowed	_	1 531 706	_	1 531 706
Sovereign debt securities	1 487 376	1 508 087	_	2 995 463
Bank debt securities	371 561	_	_	371 561
Other debt securities	76 613	976 913	_	1 053 526
Derivative financial instruments	277 519	_	_	277 519
Securities arising from trading activities	64 046	_	_	64 046
Loans and advances to customers	3 238 769	14 129 598	_	17 368 367
Other loans and advances	_	96 582	_	96 582
Investment portfolio	406 392	_	_	406 392
Interests in associated undertakings and joint venture holdings	_	_	828 821	828 821
Current taxation assets	_	_	30 819	30 819
Deferred taxation assets	_	_	112 076	112 076
Other assets	8 844	492 389	310 727	811 960
Property and equipment	_	_	147 886	147 886
Goodwill	_	_	75 629	75 629
Software	_	_	4 576	4 576
	5 931 120	22 800 078	1 510 534	30 241 732
Liabilities
Deposits by banks	_	773 000	_	773 000
Derivative financial instruments	250 787	_	_	250 787
Other trading liabilities	20 019	_	_	20 019
Repurchase agreements and cash collateral on securities lent	_	819 307	_	819 307
Customer accounts (deposits)	_	21 336 264	_	21 336 264
Debt securities in issue	_	1 638 331	_	1 638 331
Current taxation liabilities	_	_	9 875	9 875
Other liabilities	_	685 039	377 064	1 062 103
	270 806	25 251 941	386 939	25 909 686
Subordinated liabilities	_	711 868	_	711 868
	270 806	25 963 809	386 939	26 621 554

Fair value hierarchy

The table below analyses recurring fair value measurements for financial assets and financial liabilities. These fair value measurements are categorised into different levels in the fair value hierarchy based on the inputs to the valuation technique used. The different levels are identified as follows:

• Level 1 quoted (unadjusted) prices in active markets for identical assets or liabilities.
• Level 2 inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
• Level 3 inputs for the asset or liability that are not based on observable market data (unobservable inputs).

			Fair value category
At 30 September 2025 £'000	Total instruments at fair value	Level 1	Level 2	Level 3
Assets
Reverse repurchase agreements and cash collateral on securities borrowed	—	—	—	—
Sovereign debt securities	1 487 376	1 487 376	—	—
Bank debt securities	371 561	371 561	—	—
Other debt securities	76 613	8 623	6 056	61 934
Derivative financial instruments	277 519	—	271 216	6 303
Securities arising from trading activities	64 046	64 046	—	—
Loans and advances to customers	3 238 769	—	39 314	3 199 455
Investment portfolio	406 392	193 442	10 761	202 189
Other assets	8 844	4 779	—	4 065
	5 931 120	2 129 827	327 347	3 473 946
Liabilities
Derivative financial instruments	250 787	—	250 274	513
Other trading liabilities	20 019	20 019	—	—
	270 806	20 019	250 274	513
Net assets at fair value	5 660 314	2 109 808	77 073	3 473 433

Transfers between level 1 and level 2

During the current year, there were no transfers between level 1 and level 2.

Fair value hierarchy (continued)

The following table is a reconciliation of the opening balances to the closing balances for the fair value measurements in level 3 of the fair value hierarchy:

£'000	Investment portfolio	Loans and advances to customers	Other balance sheet assets1	Total
Assets
Balance as at 1 April 2025	211 364	2 532 138	54 038	2 797 540
Total gains or (losses)	5 059	105 967	585	111 611
In the income statement	5 059	108 609	585	114 253
In the statement of comprehensive income	—	(2 642)	—	(2 642)
Purchases and originations	3 439	2 190 925	32 450	2 226 814
Sales	(7 611)	(617 423)	(4 463)	(629 497)
Settlements	15	(1 006 938)	(7 139)	(1 014 062)
Transfers out of level 3	(8 423)	—	—	(8 423)
Foreign exchange adjustments	(1 654)	(5 214)	(3 169)	(10 037)
Balance as at 30 September 2025	202 189	3 199 455	72 302	3 473 946

^1. Comprises level 3 other debt securities, derivative financial instruments and other assets.

£'000	Other balance sheet liabilities	Total
Liabilities
Balance as at 1 April 2025	827	827
Total losses	(314)	(314)
In the income statement	(314)	(314)
Balance as at 30 September 2025	513	513

The Group transfers between levels within the fair value hierarchy when the observability of inputs change or if the valuation methods change.

For the six months to 30 September 2025, investment portfolio assets of £8.4 million were transferred from level 3 to level 2 where values were determined based on contracted prices. There were no material transfers into level 3 for the current year period.

Fair value hierarchy (continued)

The following table quantifies the gains or (losses) included in the income statement and other comprehensive income recognised on level 3 financial instruments:

For the six months to 30 September 2025
£'000	Total	Realised	Unrealised
Total gains or (losses) included in the income statement for the year
Net interest income*	115 055	91 993	23 062
Investment income**	(893)	4 029	(4 922)
Trading income arising from customer flow	405	—	405
	114 567	96 022	18 545
Total gains or (losses) included in other comprehensive income for the year
Gains on realisation on debt instruments at FVOCI recycled through the income statement	(2 225)	(2 225)	—
Fair value movements on debt instruments at FVOCI taken directly to other comprehensive income	(2 642)	—	(2 642)
	(4 867)	(2 225)	(2 642)

^* Of the above gains, £112.5 million (30 September 2024: £104.7 million) relates to loans and advances to customers and the remainder relates to 'other debt securities' and 'other loans and advances'.

Level 2 financial assets and financial liabilities

The following table sets out the Group's principal valuation techniques as at 30 September 2025 used in determining the fair value of its financial assets and financial liabilities that are classified within level 2 of the fair value hierarchy:

	Valuation basis/Technique	Main assumptions
Assets
Reverse repurchase agreements and cash collateral on securities borrowed	Discounted cash flow model	Discount rates
Other debt securities	Discounted cash flow model	Discount rates, swap curves and negotiable certificate of deposit curves, external prices and broker quotes
Derivative financial instruments	Discounted cash flow model, Hermite interpolation, industry standard derivative pricing models including Black-Scholes and Local Volatility	Discount rate, risk-free rate, volatilities, forex forward points and spot rates, interest rate swap curves and credit curves
Investment portfolio	Discounted cash flow model, net asset value model	Discount rate and fund unit price
	Comparable quoted inputs	Discount rate and net assets
Loans and advances to customers	Discounted cash flow model	Yield curves
	Broker inputs	Broker quotes
Liabilities
Derivative financial instruments	Discounted cash flow model, Hermite interpolation, industry standard derivative pricing models including Black-Scholes and Local Volatility	Discount rate, risk-free rate, volatilities, forex forward points and spot rates, interest rate swap curves and credit curves

^** Of the above loss, £5.1 million of gains (30 September 2024: £5.3 million gains) relate to investment portfolio, offset by £3.8 million loss (30 September 2024: £0.5 million loss) relating to loans and advances to customers.

Fair value hierarchy (continued)

Sensitivity of fair values to reasonably possible alternative assumptions by level 3 instrument type

The fair values of financial instruments in level 3 are measured using valuation techniques that incorporate assumptions that are not evidenced by prices from observable market data. The table below shows the sensitivity of these fair values to reasonably possible alternative assumptions, determined at a transactional level: Reasonable possible changes are determined depending on the nature of the instrument, for example, for credit related inputs, this is a one rating grade movement up or down. In other instances, the extent of a reasonable change is based on market experience.

At 30 September 2025	Balance sheet value	£'000 Valuation technique	Significant unobservable input	Range of unobservable input used	Favourable changes £'000	Unfavourable changes £'000
Assets
Other debt securities	61 934		Potential impact on income statement		1 419	(2 668)
		Discounted cash flows	Credit spreads	0.59% - 1.2%	176	(265)
		Underlying asset value	Underlying asset value	^^	1 124	(2 249)
		Other	Other	^	119	(154)
Derivative financial instruments	6 303		Potential impact on income statement		917	(3)
		Underlying asset value	Underlying asset value	^^	1	(3)
		Other	Other	^	916	—
Investment portfolio	202 189		Potential impact on income statement		21 731	(38 630)
		Price earnings	Price earnings multiple	3.4x - 5x	622	(808)
		Price earnings	EBITDA multiple	7.8x	2 904	(2 800)
		Price earnings	EBITDA adjustment	5%	3 224	(6 023)
		Price earnings	Discount rate	39%	3 811	(7 390)
		Discounted cash flow	Discount rate	10% - 15%	2 790	(4 644)
		Net asset value	Underlying asset value	^^	2 814	(4 152)
		Net asset value	Discount rate	10% - 40%	2 419	(5 331)
		Underlying asset value	Underlying asset value	^^	2 064	(5 537)
		Other	Other	^	1 083	(1 945)
Loans and advances to	3 199 455		Potential impact on income statement		15 734	(22 789)
customers		Discounted cash flows	Credit spreads	0.13% - 3.2%	12 688	(19 018)
		Discounted cash flows	Credit spreads	36.4%	1 564	(1 564)
		Net asset value	Underlying asset value	^^	167	(679)
		Underlying asset value	Underlying asset value	^^	1 315	(1 528)
			Potential impact on other comprehensive income		13 338	(21 702)
		Discounted cash flows	Credit spreads	0.14% - 4.0%	13 338	(21 702)
Other assets	4 065		Potential impact on income statement		1 048	(1 339)
		Discounted cash flows	Cash flow adjustments	79%	1 048	(1 339)
Total level 3 assets	3 473 946				54 187	(87 131)
Liabilities
Derivative financial	(513)		Potential impact on income statement		(8)	—
instruments		Other	Other	^	(8)	—
Total level 3 liabilities	(513)				(8)	—
Net level 3 assets	3 473 433

^{^} Other – The valuation sensitivity has been assessed by adjusting various inputs such as net asset value and probability of recovery rather than a single input. It is deemed appropriate to reflect the outcome on a portfolio basis for the purposes of this analysis as the sensitivity of the assets cannot be determined through the adjustment of a single input.

^{^^} Underlying asset values are calculated by reference to a tangible asset for example, property, aircraft or shares.

Fair value hierarchy (continued)

In determining the value of level 3 financial instruments the following are the principal inputs that can require judgement:

Credit spreads

Credit spreads reflect the additional yield that a market participant would demand for taking exposure to the credit risk of an instrument. The credit spread for an instrument forms part of the yield used in a discounted cash flow calculation. In general a significant increase in a credit spread in isolation will result in a movement in fair value that is unfavourable for the holder of a financial instrument. It is an unobservable input into a discounted cash flow valuation.

Discount rates

Discount rates are used to adjust for the time value of money when using a discounted cash flow valuation method. Where relevant, the discount rate also accounts for illiquidity, market conditions and uncertainty of future cash flows.

Volatilities

Volatility is a key input in the valuation of derivative products containing optionality. Volatility is a measure of the variability or uncertainty in returns for a given derivative underlying instrument. It represents an estimate of how much a particular underlying instrument, parameter or index will change in value over time.

Cash flows

Cash flows relate to the future cash flows that can be expected from the instrument and requires judgement. Cash flows are input into a discounted cash flow valuation.

Price earnings multiple

The price-to-earnings ratio is an equity valuation multiple used in the adjustment of underlying market prices. It is a key driver in the valuation of unlisted investments.

Underlying asset value

In instances where cash flows have links to referenced assets, the underlying asset value is used to determine the fair value. The underlying asset valuation is derived using observable market prices sourced from broker quotes, specialist valuers or other reliable pricing sources.

Fair value of financial instruments at amortised cost

The following table sets out the fair value of financial instruments held at amortised cost when the carrying value is not a reasonable approximation of fair value:

At 30 September 2025 £'000	Carrying amount	Fair value approximates carrying amount	Balances where fair values do not approximate carrying amounts	Fair value of balances that do not approximate carrying amounts
Assets
Cash and balances at central banks	3 452 756	3 452 756	_	_
Loans and advances to banks	612 047	612 047	_	_
Reverse repurchase agreements and cash collateral on securities borrowed	1 531 706	1 356 466	175 240	175 485
Sovereign debt securities	1 508 087	876 633	631 454	632 382
Other debt securities	976 913	101 572	875 341	878 150
Loans and advances to customers	14 129 598	588 816	13 540 782	13 587 006
Other loans and advances	96 582	88 042	8 540	8 643
Other assets	492 389	492 389	_	_
	22 800 078	7 568 721	15 231 357	15 281 666
Liabilities
Deposits by banks	773 000	97 368	675 632	692 662
Repurchase agreements and cash collateral on securities lent	819 307	618 358	200 949	200 955
Customer accounts (deposits)	21 336 264	12 452 336	8 883 928	8 851 540
Debt securities in issue	1 638 331	1 194	1 637 137	1 662 662
Other liabilities	685 039	684 717	322	21
Subordinated liabilities	711 868	_	711 868	743 509
	25 963 809	13 853 973	12 109 836	12 151 349

Expected credit loss impairment charges or (release)

For the six months to 30 September
£'000	2025	2024
Expected credit losses have arisen on the following items:
Loans and advances to customers	46 792	54 044
Other loans and advances	83	(3)
Other balance sheet assets	385	(134)
Off-balance sheet commitments and guarantees	2 228	(1 075)
	49 488	52 832

Operating costs

For the six months to 30 September
£'000	2025	2024
Staff costs	210 130	218 433
Premises expenses	14 455	13 419
Premises expenses (excluding depreciation and impairments)	6 413	5 631
Premises depreciation and impairments	8 042	7 788
Equipment expenses (excluding depreciation)	27 884	22 298
Business expenses	49 438	48 269
Marketing expenses	5 102	5 167
Depreciation, amortisation and impairment on equipment, software and intangibles	1 244	1 055
	308 253	308 641

Reverse repurchase agreements and cash collateral on securities borrowed and repurchase agreements and cash collateral on securities lent

£'000	30 Sept 2025	31 March 2025
Assets
Gross reverse repurchase agreements and cash collateral on securities borrowed	1 531 721	1 640 780
Expected credit loss	(15)	(15)
Net reverse repurchase agreements and cash collateral on securities borrowed	1 531 706	1 640 765
Reverse repurchase agreements	1 505 993	1 630 578
Cash collateral on securities borrowed	25 713	10 187
	1 531 706	1 640 765
Liabilities
Repurchase agreements	798 493	169 708
Cash collateral on securities lent	20 814	8 494
	819 307	178 202

Extract of loans and advances to customers and other loans and advances

£'000	30 Sept 2025	31 March 2025
Gross loans and advances to customers at amortised cost	14 293 391	14 390 276
Gross loans and advances to customers at FVOCI	2 470 952	2 027 975
Gross loans and advances to customers subject to expected credit losses^	16 764 343	16 418 251
Expected credit losses on loans and advances to customers at amortised cost and FVOCI	(190 736)	(176 457)
Net loans and advances to customers at amortised cost and FVOCI^	16 573 607	16 241 794
Loans and advances to customers at fair value through profit and loss	794 760	571 929
Net loans and advances to customers	17 368 367	16 813 723
Gross other loans and advances	96 674	139 221
Expected credit losses on other loans and advances	(92)	(9)
Net other loans and advances	96 582	139 212

^{^} Restated as detailed on page 33.

Other assets

£'000	30 Sept 2025	31 March 2025
Financial assets
Settlement debtors	436 276	291 083
Trading initial margin	1 164	1 228
Prepayments and accruals	8 282	2 543
Other	55 511	59 050
	501 233	353 904
Scoped out of IFRS 9
Trading properties	84 985	84 704
Prepayments and accruals	27 792	27 612
Finance lease receivables	3 081	3 584
Indirect taxation assets receivable	62	773
Aircraft and aircraft related structures	160 531	135 783
Other	34 276	45 783
	310 727	298 239
	811 960	652 143

Deposits by banks

£'000	30 Sept 2025	31 March 2025
Repayable in:
Less than three months	97 368	188 433
Three months to one year	—	704 805
One to five years	675 632	584 330
Greater than five years	—	—
	773 000	1 477 568

Debt securities in issue

£'000	30 Sept 2025	31 March 2025
Repayable in:
Less than three months	73 851	10 861
Three months to one year	18 041	98 562
One to five years	1 103 204	776 251
Greater than five years	443 235	416 128
	1 638 331	1 301 802
Debt securities in issue shown above comprise:
Senior unsecured notes	1 530 489	1 168 528
Structured notes	106 648	132 080
Redeemable preference shares	1 194	1 194
	1 638 331	1 301 802

Extract of deferred taxation

£'000	30 Sept 2025	31 March 2025
Losses carried forward	1 397	1 397

Extract of subordinated liabilities

£'000	30 Sept 2025	31 March 2025
Issued by Investec plc
Remaining maturities:
In one year or less, or on demand	—	—
In more than one year, but not more than two years	—	—
In more than two years, but not more than five years	—	—
In more than five years	711 868	682 218
	711 868	682 218

Medium-term notes

Subordinated callable fixed rate resettable medium-term notes (denominated in Pound Sterling) – accounted for at amortised cost

On 4 October 2021, Investec plc issued £350 000 000 of 2.625% subordinated notes due 2032 at a discount (2032 notes). Interest, after the initial short-period distribution paid on 4 January 2022, is paid annually commencing on 4 January 2023 and ending on the maturity date. The notes are listed on the London Stock Exchange. The notes will be redeemed at par on 4 January 2032. The issuer may redeem the notes at par on any date in the period from 4 October 2026 to (and including) 4 January 2027 subject to conditions. If the option to redeem is not exercised, the notes will be redeemed at par on the maturity date of 4 January 2032.

Subordinated callable fixed rate resettable medium-term notes (denominated in Pounds Sterling) – accounted for at amortised cost

On 6 December 2022, Investec plc issued £350 000 000 of 9.125% subordinated notes due 2033 at a discount (2033 notes). Interest, after the initial short-period distribution paid on 6 March 2023, is paid annually commencing on 6 March 2024 and ending on the maturity date. The notes are listed on the London Stock Exchange. The issuer may redeem the notes at par on any date in the period from 6 December 2027 to (and including) 6 March 2028 subject to conditions. If the option to redeem is not exercised, the notes will be redeemed at par on the maturity date of 6 March 2033.

Offsetting

	Amounts subject to enforceable netting arrangements
	Effects of of	offsetting on balance sheet Related amounts not offset			fset
At 30 September 2025 £'000	Gross amounts	Amounts offset	Net amounts reported on the balance sheet	Financial instruments (including non- cash collateral)	Cash collateral	Net amount
Assets
Reverse repurchase agreements and cash collateral on securities borrowed	1 531 706	_	1 531 706	(1 515 642)	(10 190)	5 874
Derivative financial instruments	795 116	(517 597)	277 519	(107 316)	(113 709)	56 494
Other assets	413 039	88 194	501 233	_	_	501 233
Liabilities
Derivative financial instruments	680 190	(429 403)	250 787	(107 785)	(46 686)	96 316
Repurchase agreements and cash collateral on securities lent	819 307	_	819 307	(818 880)	(251)	176
At 31 March 2025
Assets
Reverse repurchase agreements and cash collateral on securities borrowed	1 640 765	_	1 640 765	(1 606 223)	(34 542)	_
Derivative financial instruments	919 030	(619 749)	299 281	(116 383)	(113 709)	69 189
Other assets	242 472	111 432	353 904	_	_	353 904
Liabilities
Derivative financial instruments	783 108	(508 317)	274 791	(116 383)	(37 815)	120 593
Repurchase agreements and cash collateral on securities lent	178 202	_	178 202	(176 831)	(522)	849

Contingent liabilities, provisions and legal matters

Historical German dividend tax arbitrage transactions

Investec Bank plc has previously been notified by the Office of the Public Prosecutor in Cologne, Germany, that it and certain of its current and former employees may be involved in possible charges relating to historical involvement in German dividend tax arbitrage transactions (known as cum-ex transactions). Investigations are ongoing and no formal proceedings have been issued against Investec Bank plc by the Office of the Public Prosecutor. In addition, Investec Bank plc received certain enquiries in respect of client tax reclaims for the periods 2010-2011 relating to the historical German dividend arbitrage transactions from the German Federal Tax Office (FTO) in Bonn. The FTO has provided more information in relation to their claims and Investec Bank plc has sought further information and clarification.

Investec Bank plc is cooperating with the German authorities and continues to conduct its own internal investigation into the matters in question. A provision is held to reflect the estimate of financial outflows that could arise as a result of this matter. There are factual issues to be resolved which may have legal consequences, including financial penalties.

In relation to potential civil claims; whilst Investec Bank plc is not a claimant nor a defendant to any civil claims in respect of cum-ex transactions, Investec Bank plc has received third party notices in relation to two civil proceedings in Germany and may elect to join the proceedings as a third party participant. Investec Bank plc has itself served third party notices on various participants to these historic transactions in order to preserve the statute of limitations on any potential future claims that Investec Bank plc may seek to bring against those parties, should Investec Bank plc incur any liability in the future. Investec Bank plc has also entered into standstill agreements with some third parties in order to suspend the limitation period in respect of the potential civil claims. While Investec Bank plc is not a claimant nor a defendant to any civil claims at this stage, it cannot rule out the possibility of civil claims by or against Investec Bank plc in future in relation to the relevant transactions.

The Group has not provided further disclosure with respect to these historical dividend arbitrage transactions because it has concluded that such disclosure may be expected to seriously prejudice its outcome.

Motor commission review

The Investec Group notes the recent FCA announcement and consultation paper on an industry wide redress scheme for motor finance on 7 October 2025, following the Supreme Court judgment handed down on 1 August 2025 and has now undertaken an assessment of the implications and impact of the proposed redress scheme.

As previously stated, in establishing our existing provision the Group created a range of scenarios to address uncertainties on a number of key inputs, including regulatory responses and outcomes in relation to redress. The FCA consultation paper has provided further detail on its proposed redress approach, in particular the products in scope, situations where it considers inadequate disclosure would give rise to an unfair relationship, proposed redress methodology, engagement approach and time bar. Based on the FCA consultation in its current form the Group has concluded that the existing £30 million provision, including both redress and operational costs, remains appropriate based on information currently available. This represents the Group's best estimate of the potential impact of this matter.

The current FCA proposals remain under consultation, and the redress exposure is still uncertain, subject to variability arising from any changes made by the FCA in the final scheme rules, customer take-up rates and the potential impact these may have on operational costs.

Events after the reporting period

There have been no significant events subsequent to the reporting date that would require adjustment to or disclosure in the financial statements. In the ordinary course of business, events may occur that influence the credit quality of loans and advances. At the date of this report, we have concluded that no changes are required to our ECL provisions or there is insufficient new information available since 30 September 2025 of any conditions which existed at the balance sheet date to reliably estimate any adjustments to these ECL provisions.

RESTATEMENTS

Income statement restatements

Re-presentation of strategic actions and associates

In prior periods, Investec's equity accounted income was split between operating profit and loss and non-operating items such as amortisation of intangibles and profit and loss impacts from strategic actions on the face of the income statement. We have amended the presentation whereby Investec's total share of earnings of associates and joint ventures is now presented as a single line on the face of the income statement. £5.7 million in 'Amortisation of acquired intangibles of associate' and £16.6 million in 'Financial impact of strategic actions' are now within 'Share of post-taxation profit of associates and joint venture holdings' (of which £12.6 million is 'Amortisation of acquired intangibles' and £9.6 million is 'Acquisition related and integration costs within associate'). As a consequence, some of the subtotals previously presented are no longer appropriate and have been removed. This restatement is consistent with that disclosed at the 31 March 2025 year-end.

These changes had no impact on earnings per share or cash flow statement.

CREDIT AND COUNTERPARTY RISK

The following risk management and capital section provides detail on the quantitative disclosures required on a semi-annual basis. For additional qualitative disclosures, definitions and descriptions, please refer to our annual financial statements for the year ended 31 March 2025.

An analysis of gross core loans, asset quality and ECL

The tables that follow provide information with respect to the asset quality of our gross core loans on a statutory basis.

The loan book has experienced good growth and stable asset quality over the period. Gross core loans grew to £17.6 billion (31 March 2025: £17.0 billion) or 6.7% annualised growth. Diversified growth across corporate client lending asset classes accounts for the majority of this increase at 7.7% annualised to £9.1 billion. High net worth and other private client lending has increased, driven by 9.7% of annualised growth in mortgages to £5.4 billion. Lending collateralised by property has increased by £74 million since 31 March 2025 where new lending was largely offset by redemptions. Concentration risk is well managed and exposures are spread across geographies and industries.

Stage 2 exposures have decreased to £1 214 million or 7.2% of gross core loans subject to ECL at 30 September 2025 (£1 331 million or 8.1% at 31 March 2025) as underlying portfolios continue to perform.

Stage 3 exposures totalled 3.4% of gross core loans subject to ECL or £573 million (3.4% or £563 million at 31 March 2025) demonstrating ongoing resilience of the overall portfolio in the current conditions. Stage 3 exposures remain diversified across multiple asset classes with no evident trends and provisions are individually assessed.

The annualised credit loss ratio as at 30 September 2025 reduced to 56bps (31 March 2025: 60bps). We continue to expect to report a credit loss ratio around the upper end of the previously guided range of 50bps to 60bps for the full year to 31 March 2026.

£'million	30 Sept 2025	31 March 2025^
Gross core loans	17 559	16 990
Gross core loans at fair value through profit and loss (FVPL)	795	572
Gross core loans subject to ECL*	16 764	16 418
Stage 1	14 977	14 524
Stage 2	1 214	1 331
of which past due greater than 30 days	81	60
Stage 3	573	563
ECL	(191)	(176)
Stage 1	(32)	(34)
Stage 2	(28)	(31)
Stage 3	(131)	(111)
Coverage ratio
Stage 1	0.21%	0.23%
Stage 2	2.3%	2.3%
Stage 3	22.9%	19.7%
Annualised credit loss ratio	0.56%	0.60%
ECL impairment charges on core loans	(47)	(97)
Average gross core loans subject to ECL	16 591	16 270
An analysis of Stage 3 gross core loans subject to ECL
Stage 3 net of ECL	442	452
Aggregate collateral and other credit enhancements on Stage 3	451	455
Stage 3 as a % of gross core loans subject to ECL	3.4%	3.4%
Stage 3 net of ECL as a % of net core loans subject to ECL	2.7%	2.8%

Note: Our exposure (net of ECL) to the UK Legacy portfolio has reduced from £27 million at 31 March 2025 to £24 million at 30 September 2025. These Legacy assets are predominantly reported in Stage 3. These assets have been significantly provided for and coverage remains high at 45.2%.

^* Refer to definitions on page 46.

^{^} Restated as detailed on page 33.

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An analysis of core loans by risk category – Lending collateralised by property

				Gross core loans at	amortised cost and FVOCI				Gross core loans at FVPL	Gross core loans
	Stage 1		Stage 2		Stage 3		Total
£'million	Gross exposure	ECL	Gross exposure	ECL	Gross exposure	ECL	Gross exposure	ECL
At 30 September 2025
Commercial real estate	1 394	(4)	133	(2)	94	(12)	1 621	(18)	113	1 734
Commercial real estate – investment	1 157	(4)	79	(1)	88	(12)	1 324	(17)	80	1 404
Commercial real estate – development	225	—	54	(1)	—	—	279	(1)	33	312
Commercial vacant land and planning	12	—	—	—	6	—	18	—	—	18
Residential real estate	620	(1)	19	—	74	(23)	713	(24)	—	713
Residential real estate – investment	330	(1)	—	—	31	(4)	361	(5)	—	361
Residential real estate – development	273	—	19	—	16	(2)	308	(2)	—	308
Residential vacant land and planning	17	—	—	—	27	(17)	44	(17)	—	44
Total lending collateralised by property	2 014	(5)	152	(2)	168	(35)	2 334	(42)	113	2 447
Coverage ratio		0.25%		1.3%		20.8%		1.8%
At 31 March 2025*
Commercial real estate	1 251	(4)	219	(3)	73	(9)	1 543	(16)	45	1 588
Commercial real estate – investment	1 043	(4)	125	(2)	73	(9)	1 241	(15)	34	1 275
Commercial real estate – development	207	—	88	(1)	—	—	295	(1)	11	306
Commercial vacant land and planning	1	—	6	—	—	—	7	—	—	7
Residential real estate	659	(1)	29	—	92	(22)	780	(23)	5	785
Residential real estate – investment	381	(1)	13	—	46	(3)	440	(4)	5	445
Residential real estate – development	264	—	8	—	18	(2)	290	(2)	—	290
Residential vacant land and planning	14	—	8	—	28	(17)	50	(17)	—	50
Total lending collateralised by property	1 910	(5)	248	(3)	165	(31)	2 323	(39)	50	2 373
Coverage ratio		0.26%		1.2%		18.8%		1.7%

An analysis of core loans by risk category – High net worth and other private client lending

		Gross core loans at amortised cost and FVOCI								Gross core loans
	Stage 1		Stage 2		Stage 3		Total
£'million	Gross exposure	ECL	Gross exposure	ECL	Gross exposure	ECL	Gross exposure	ECL
At 30 September 2025
Mortgages	5 084	(6)	150	(1)	134	(11)	5 368	(18)	26	5 394
Other high net worth lending	512	(1)	35	—	68	(14)	615	(15)	8	623
Total high net worth and other private client lending	5 596	(7)	185	(1)	202	(25)	5 983	(33)	34	6 017
Coverage ratio		0.13%		0.5%		12.4%		0.6%
At 31 March 2025
Mortgages	4 833	(8)	151	(1)	135	(7)	5 119	(16)	26	5 145
Other high net worth lending	576	(1)	71	—	60	(12)	707	(13)	9	716
Total high net worth and
other private client lending	5 409	(9)	222	(1)	195	(19)	5 826	(29)	35	5 861
Coverage ratio		0.17%		0.5%		9.7%		0.5%

^* Restated as detailed on page 33.

An analysis of core loans by risk category – Corporate and other lending

				Gross core loans at	amortised cost and FVOCI				Gross core loans at FVPL	Gross core loans
	Stage 1		Stage 2		Stage 3		Total
£'million	Gross exposure	ECL	Gross exposure	ECL	Gross exposure	ECL	Gross exposure	ECL
At 30 September 2025
Corporate and acquisition finance	1 801	(6)	261	(9)	59	(23)	2 121	(38)	114	2 235
Asset-based lending	185	—	145	(1)	18	(4)	348	(5)	—	348
Fund finance	1 685	(1)	26	—	—	—	1 711	(1)	49	1 760
Other corporate and financial institutions and governments	638	(2)	62	(1)	29	(20)	729	(23)	26	755
Small ticket asset finance	1 474	(8)	210	(7)	22	(11)	1 706	(26)	—	1 706
Motor finance	968	(2)	95	(5)	31	(12)	1 094	(19)	—	1 094
Aviation finance	114	—	—	—	6	—	120	—	405	525
Energy and infrastructure finance	502	(1)	78	(2)	38	(1)	618	(4)	54	672
Total corporate and other lending	7 367	(20)	877	(25)	203	(71)	8 447	(116)	648	9 095
Coverage ratio		0.27%		2.9%		35.0%		1.4%
At 31 March 2025*
Corporate and acquisition finance	1 733	(6)	230	(9)	77	(17)	2 040	(32)	112	2 152
Asset-based lending	208	(1)	143	(3)	—	—	351	(4)	—	351
Fund finance	1 467	(1)	30	—	—	—	1 497	(1)	68	1 565
Other corporate and financial institutions and governments	670	(2)	57	(2)	32	(16)	759	(20)	4	763
Small ticket asset finance	1 433	(6)	199	(7)	23	(11)	1 655	(24)	—	1 655
Motor finance	994	(2)	97	(4)	29	(12)	1 120	(18)	—	1 120
Aviation finance	175	—	7	—	—	—	182	—	279	461
Energy and infrastructure finance	525	(2)	98	(2)	42	(5)	665	(9)	24	689
Total corporate and other lending	7 205	(20)	861	(27)	203	(61)	8 269	(108)	487	8 756
Coverage ratio		0.28%		3.1%		30.0%		1.3%

An analysis of gross core loans by country of exposure

30 September 2025 31 March 2025*

£17 559 million £16 990 million

United Kingdom	83.1%
Europe (excluding UK)	10.5%
North America	4.3%
Asia	1.7%
Other	0.4%

^* Restated as detailed on page 33.

An analysis of staging and ECL movements for core loans subject to ECL

The table below indicates underlying movements in gross core loans subject to ECL from 31 March 2025 to 30 September 2025. The transfers between stages of gross core loans indicate the impact of stage transfers upon the gross exposure and associated opening ECL.

There have been increased repayments in Stage 2, contributing to the overall decrease in Stage 2 exposure since 31 March 2025. Transfers into Stage 3 since 31 March 2025 remained broadly in line with the six months to 30 September 2024.

The net remeasurement of ECL arising from stage transfers represents the (increase)/decrease in ECL due to these transfers. New lending net of repayments comprises new originations, further drawdowns, repayments, sell-downs as well as Stage 3 exposures and related ECLs that have been written off.

The ECL impact of changes to risk parameters and models during the year relate to the adjustment of model changes to more effectively calculate probability of default reflective of the current experience in the economic environment. The foreign exchange and other category largely comprises the impact on the closing balance as a result of movements and translations in foreign exchange rates since 31 March 2025.

	Stage 1		Stage 2		Stage 3		Total
£'million	Gross exposure	ECL	Gross exposure	ECL	Gross exposure	ECL	Gross exposure	ECL
At 31 March 2025*	14 524	(34)	1 331	(31)	563	(111)	16 418	(176)
Transfer from Stage 1	(414)	1	380	(1)	34	—	—	—
Transfer from Stage 2	156	(2)	(292)	5	136	(3)	—	—
Transfer from Stage 3	—	—	5	—	(5)	—	—	—
ECL remeasurement arising from transfer of stage	—	2	—	(6)	—	(19)	—	(23)
New lending net of repayments (includes assets written off)	690	1	(211)	7	(160)	2	319	10
Changes to risk parameters and models	—	—	—	(2)	—	—	—	(2)
Foreign exchange and other	21	—	1	—	5	—	27	—
At 30 September 2025	14 977	(32)	1 214	(28)	573	(131)	16 764	(191)

^* Restated as detailed on page 33.

CREDIT AND COUNTERPARTY RISK

CONTINUED

The tables that follow provide further analysis of the Group's gross credit and counterparty exposures. Total gross credit and counterparty risk exposures do not take into consideration risk mitigating factors such as collateral, financial guarantees and instruments that create an economic hedge of credit and counterparty risk.

An analysis of gross credit and counterparty exposures

Gross credit and counterparty exposure totalled £31.5 billion at 30 September 2025. Cash and near cash balances amounted to £8.4 billion and are largely reflected in the following line items in the table below: cash and balances at central banks, loans and advances to banks and sovereign debt securities. These exposures are all Stage 1. Stage 2 and Stage 3 exposures outside of loans and advances to customers are immaterial relative to the balance sheet. Loans and advances to customers (including committed facilities) account for 99.0% of overall ECLs.

An analysis of gross credit and counterparty exposures

£'million	30 Sept 2025	31 March 2025*
Cash and balances at central banks	3 453	4 192
Loans and advances to banks	612	860
Reverse repurchase agreements and cash collateral on securities borrowed	1 532	1 641
Sovereign debt securities	2 995	2 525
Bank debt securities	372	324
Other debt securities	1 054	772
Derivative financial instruments	268	288
Securities arising from trading activities	—	1
Loans and advances to customers	17 559	16 990
Other loans and advances	97	139
Other assets	38	28
Total on-balance sheet exposures	27 980	27 760
Guarantees	97	108
Committed facilities related to loans and advances to customers	2 625	2 477
Contingent liabilities, letters of credit and other	772	800
Total off-balance sheet exposures	3 494	3 385
Total gross credit and counterparty exposures	31 474	31 145

^* Restated as detailed on page 33.

A further analysis of gross credit and counterparty exposures

The table below indicates in which class of asset (on the face of the consolidated balance sheet) credit and counterparty exposures are reflected. Not all assets included in the balance sheet bear credit and counterparty risk.

At 30 September 2025 £'million	Total gross credit and counterparty exposure	of which FVPL	of which amortised cost and FVOCI	ECL	Assets that we deem to have no legal credit exposure	Total assets
Cash and balances at central banks	3 453	_	3 453	_	_	3 453
Loans and advances to banks	612	_	612	_	_	612
Reverse repurchase agreements and cash collateral on securities borrowed	1 532	_	1 532	_	_	1 532
Sovereign debt securities	2 995	5	2 990	_	_	2 995
Bank debt securities	372	_	372	_	_	372
Other debt securities	1 054	68	986	_	_	1 054
Derivative financial instruments	268	268	_	_	10	278
Securities arising from trading activities	_	_	_	_	64	64
Loans and advances to customers	17 559	795	16 764	(191)	_	17 368
Other loans and advances	97	_	97	_	_	97
Investment portfolio	_	_	_	_	406*	406
Interests in associated undertakings and joint venture holdings	_	_	_	_	829	829
Current taxation assets	_	_	_	_	31	31
Deferred taxation assets	_	_	_	_	112	112
Other assets	38	_	38	_	774^	812
Property and equipment	_	_	_	_	148	148
Goodwill	_	_	_	_	76	76
Software	_	_	_	_	5	5
Total on-balance sheet exposures	27 980	1136	26 844	(191)	2 453	30 242
Guarantees	97	_	97	_	_	97
Committed facilities related to loans and advances to customers	2 625	154	2 471	(11)	_	2 614
Contingent liabilities, letters of credit and other	772	336	436	(2)	132	902
Total off-balance sheet exposures	3 494	490	3 004	(13)	132	3 613
Total exposures	31 474	1 626	29 848	(204)	2 585	33 855

^* The investment portfolio relates to exposures that are classified as investment risk.

^ Other assets include settlement debtors which we deem to have no credit risk exposure as they are settled on a delivery against payment basis.

Note: The above numbers may not cast due to rounding.

A further analysis of gross credit and counterparty exposures (continued)

At 31 March 2025** £'million	Total gross credit and counterparty exposure	of which FVPL	of which amortised cost and FVOCI	ECL	Assets that we deem to have no legal credit exposure	Total assets
Cash and balances at central banks	4 192	_	4 192	_	_	4 192
Loans and advances to banks	860	_	860	_	_	860
Reverse repurchase agreements and cash collateral on securities borrowed	1 641	56	1 585	_	_	1 641
Sovereign debt securities	2 525	_	2 525	_	_	2 525
Bank debt securities	324	_	324	_	_	324
Other debt securities	772	50	722	(1)	_	771
Derivative financial instruments	288	288	_	_	11	299
Securities arising from trading activities	1	1	_	_	149	150
Loans and advances to customers	16 990	572	16 418	(176)	_	16 814
Other loans and advances	139	_	139	_	_	139
Investment portfolio	_	_	_	_	348*	348
Interests in associated undertakings and joint venture holdings	_	_	_	_	832	832
Current taxation assets	_	_	_	_	25	25
Deferred taxation assets	_	_	_	_	121	121
Other assets	28	_	28	_	624^	652
Property and equipment	_	_	_	_	59	59
Goodwill	_	_	_	_	68	68
Software	_	_	_	_	5	5
Total on-balance sheet exposures	27 760	967	26 793	(177)	2 241	29 824
Guarantees	108	_	108	_	_	108
Committed facilities related to loans and advances to customers	2 477	165	2 312	(8)	_	2 469
Contingent liabilities, letters of credit and other	800	349	451	(2)	139	937
Total off-balance sheet exposures	3 385	514	2 871	(10)	139	3 514
Total exposures	31 145	1 481	29 664	(187)	2 380	33 338

The investment portfolio relates to exposures that are classified as investment risk.

Other assets include settlement debtors which we deem to have no credit risk exposure as they are settled on a delivery against payment basis. * The investment portuino relates to exposule the control of the restated as detailed on page 33.

Note: The above numbers may not cast due to rounding.

Gross credit and counterparty exposures by industry

	High net worth and other professional	Lending collateralised		Electricity, gas and water (utility	Public and non-business	Business	Finance and
£'million	individuals	by property	Agriculture	services)	services	services	insurance
At 30 September 2025
Cash and balances at central banks	_	_	_	_	3 453	_	_
Loans and advances to banks	_	_	_	_	_	_	612
Reverse repurchase agreements and cash collateral on securities borrowed	_	_	_	_	_	_	1 532
Sovereign debt securities	_	_	_	_	2 970	_	25
Bank debt securities	_	_	_	_	_	_	372
Other debt securities	_	_	_	22	3	15	977
Derivative financial instruments	_	3	1	15	1	11	180
Securities arising from trading activities	_	_	_	_	_	_	_
Loans and advances to customers	6 017	2 447	20	872	302	937	2 570
Other loans and advances	_	_	_	_	_	_	97
Other assets	_	_	_	11	_	_	19
Total on-balance sheet exposures	6 017	2 450	21	920	6 729	963	6 384
Guarantees	14	_	_	_	_	_	69
Committed facilities related to loans and advances to customers	233	333	_	489	82	135	730
Contingent liabilities, letters of credit and other	37	_	_	210	_	_	506
Total off-balance sheet exposures	284	333	_	699	82	135	1305
Total gross credit and counterparty exposures	6 301	2 783	21	1 619	6 811	1098	7 689
At 31 March 2025*
Cash and balances at central banks	_	_	_	_	4 192	_	_
Loans and advances to banks	_	_	_	_	_	_	860
Reverse repurchase agreements and cash collateral on securities borrowed	_	_	_	_	_	_	1 641
Sovereign debt securities	_	_	_	_	2 366	_	159
Bank debt securities	_	_	_	_	_	_	324
Other debt securities	_	_	_	_	2	15	689
Derivative financial instruments	_	2	1	10	1	16	216
Securities arising from trading activities	_	_	_	_	_	_	1
Loans and advances to customers	5 861	2 373	20	851	288	914	2 461
Other loans and advances	_	_	_	_	_	_	139
Other assets	_	_	_	_	_	_	26
Total on-balance sheet exposures	5 861	2 375	21	861	6 849	945	6 516
Guarantees	14	_	_	_	_	_	73
Committed facilities related to loans and advances to customers	226	371	_	493	47	94	762
Contingent liabilities, letters of credit and other	39	_	_	237	_	_	484
Total off-balance sheet exposures	279	371	_	730	47	94	1 319
Total gross credit and counterparty exposures	6 140	2 746	21	1 591	6 896	1039	7 835

^* Restated as detailed on page 33.

Retailers	Manufacturing		Other	Corporate		Leisure,
and wholesalers	and	commerce Construction	residential mortgages	commercial real estate	Mining and resources	entertainment and tourism	Transport	Motor finance	Com munication	Total
—	—	—	—	—	—	—	—	—	—	3 453
—	—	—	—	—	—	—	—	—	—	612
—	—	—	—	—	—	—	—	—	—	1 532
—	—	—	—	—	—	—	—	—	—	2 995
—	—	—	—	—	—	—	—	—	—	372
— 20	— 10	— 1	15 —	— 1	— —	— —	22 16	— —	— 9	1 054 268
—	—	—	—	—	—	—	—	—	—	—
327 —	878 —	171 —	— —	113 —	4 —	117 —	992 —	1 094 —	698 —	17 559 97
—	—	—	—	—	—	—	8	—	—	38
347 —	888 —	172 —	15 —	114 3	4 —	117 —	1 038 11	1 094 —	707 —	27 980 97
19	224	17	—	8	—	2	123	—	230	2 625
—	18	—	—	—	—	—	1	—	—	772
19	242	17	—	11	—	2	135	—	230	3 494
366	1 130	189	15	125	4	119	1 173	1 094	937	31 474
—	—	—	—	—	—	—	—	—	—	4 192
—	—	—	—	—	—	—	—	—	—	860
— —	— —	— —	— —	— —	— —	— —	— —	— —	— —	1 641 2 525
—	—	—	—	—	—	—	—	—	—	324
—	—	—	39	—	—	—	27	—	—	772
10	10	1	—	1	—	—	15	—	5	288
—	—	—	—	—	—	—	—	—	—	1
290	830	159	—	121	4	109	891	1 120	698	16 990
—	—	—	—	—	—	—	—	—	—	139
—	—	—	—	—	—	—	—	—	2	28
300	840	160	39	122	4	109	933	1 120	705	27 760
—	—	—	—	3	—	—	18	—	—	108
15	194	1	—	8	—	2	97	—	167	2 477
—	39	—	—	—	—	—	1	—	—	800
15	233	1	—	11	—	2	116	—	167	3 385
315	1 073	161	39	133	4	111	1 049	1 120	872	31 145

Gross credit and counterparty exposures by residual contractual maturity

At 30 September 2025 £'million	Up to three months	Three to six months	Six months to one year	One to five years	Five to 10 years	> 10 years	Total
Cash and balances at central banks	3 453	_					3 453
Loans and advances to banks	612	_	_	_	_	_	612
Reverse repurchase agreements and cash collateral on securities borrowed	1 357	175	_	_	_	_	1 532
Sovereign debt securities	1 406	818	240	471	60	_	2 995
Bank debt securities	5	11	41	315	_	_	372
Other debt securities	10	4	_	94	256	690	1 054
Derivative financial instruments	78	36	58	84	4	8	268
Securities arising from trading activities	_	_	_	_	_	_	_
Loans and advances to customers	1 827	1 140	2 137	8 973	1 883	1 599	17 559
Other loans and advances	2	_	_	40	55	_	97
Other assets	38	_	_	_	_	_	38
Total on-balance sheet exposures	8 788	2 184	2 476	9 977	2 258	2 297	27 980
Guarantees	82	12	_	3	_	_	97
Committed facilities related to loans and advances to customers	175	108	274	1 593	464	11	2 625
Contingent liabilities, letters of credit and other	344	11	180	237	_	_	772
Total off-balance sheet exposures	601	131	454	1833	464	11	3 494
Total gross credit and counterparty exposures	9 389	2 315	2 930	11 810	2 722	2 308	31 474

Re-presentation of gross and ECL values

Prior period gross and ECL values have been re-presented in line with changes to management's approach to measuring credit risk metrics. Gross and ECL values at 31 March 2025 have increased by £34 million for 'loans and advances to customers' with no change to the income statement or balance sheet. These increases were due to:

• Adjustments relating to suspended interest: In prior periods, Stage 3 gross loans and advances were presented net of
  suspended interest in management's credit risk metrics with the adjustment for suspended interest disclosed separately in the
  footnotes. The presentation has been amended such that the suspended interest against a Stage 3 exposure is now included
  within the ECL) allowance instead of being netted off the gross amount. This adjustment does not change the net carrying value
  as shown on the balance sheet
• Adjustments relating to FVOCI: The gross and ECL values of financial assets held at FVOCI were presented, either in footnotes
  or in supplementary tables. Going forward, gross values will all be presented consistently at the fair value of the instruments
  increased by ECL values. This adjustment does not change the carrying value, being the fair value, as shown on the
  balance sheet.

As a result of of these re-presentations gross core loans and ECLs are £16 990 million and £176 million as at 31 March 2025 and £16 934 million and £176 million at 30 September 2024.

ADDITIONAL CREDIT AND COUNTERPARTY RISK DISCLOSURE

Key judgements at 30 September 2025

Key judgemental areas under IFRS 9 are subject to robust governance processes. At 30 September 2025, the composition and weightings of the forward-looking macroeconomic scenarios were revised to reflect the current pressures in the macro-economic environment, however there remains reliance on expert credit judgements to ensure that the overall level of ECL is reasonable.

We continue to hold a management overlay of £3.7 million at 30 September 2025 (31 March 2025: £3.7 million) which captures the uncertainty that remains in the model's predictive capability. The overlay is apportioned to Stage 2 assets.

Forward-looking macro-economic scenarios

The measurement of ECL also requires the use of multiple economic scenarios to calculate a probability weighted forward-looking estimate. These scenarios are updated at least twice a year, or more frequently if there is a macro-economic shock or significant shift in expectations. The weighting of these scenarios for IFRS 9 as well as the scenarios themselves are discussed and presented at the relevant BRCCs as well as the relevant capital committees for approval, which form part of the principal governance framework for macro-economic scenarios. They are also approved by the relevant Audit Committees.

A number of forecast economic scenarios are considered for capital planning, stress testing (including Investec-specific stress scenarios) and IFRS 9 ECL measurement.

For Investec plc, four macro-economic scenarios are used in the measurement of ECL. These scenarios incorporate a base case, an upside case and two downside cases.

The composition of the macro-economic scenarios remained unchanged since 31 March 2025. In addition to the base and upside cases, the downside 1 - trade war scenario and downside 2 - global synchronised downturn scenario were maintained, given the ongoing risks from US trade policy. However, given recent, more benign developments around US tariffs, the weights have been updated to reflect a lower probability of a global trade war scenario. As such, the weight on the downside 1 - trade war scenario was revised lower by, 5% to 15%, while the base case saw an equal 5% rise to 65%. Both the upside case and downside 2 - global synchronised downturn scenario saw no change to the existing weights of 10% in both cases.

The base case continues to envisage a solid pace of UK economic growth, averaging an annual rate of 1.7% over the forecast horizon, unchanged from that assumed at 31 March 2025. This is supported by a solid pace of household disposable income growth and lower interest rates, while a strengthening in investment is expected to provide support in the medium term. UK CPI inflation is expected to be firmer in the near term, rising to a peak of close to 4%, but is still assumed to return to the 2% target over the medium term. This provides sufficient scope for the Bank of England (BoE) to continue easing monetary policy, with bank rate forecast to fall to 3% in 2026. The global economic outlook also assumes a strengthening in economic activity, inflation moderating to target and further reductions in monetary policy rates. Growth over the five-year forecast horizon is expected to be marginally stronger for the Euro area than envisaged at 31 March 2025, with annual Euro area GDP growth averaging 1.5% compared to 1.3% previously expected. US GDP growth is forecast at an average annual rate of 1.9%.

Downside 1 – trade war scenario, assumes an escalated global trade war, initially triggered by a US 20% universal tariff and a 100% tariff on China. Retaliatory measures see further levies applied and an escalatory trade conflict. Consequently, inflation rises, monetary policy remains more restrictive, confidence falls sharply, investment is curtailed, and credit conditions tighten. In the UK context, CPI inflation rises to 4.7%, bank rate increases to 5.5% and the economy contracts by 3%. The combination of higher inflation and interest rates prompts more severe affordability issues for households and corporates. Regarding the housing market, the consequence is an assumed 25% fall in national house prices. A recovery is envisaged over the later part of the scenario horizon, but across the whole five-year period, annual UK GDP growth averages 0.6%. The shock is assumed to be more severe in the US, with GDP projected to fall 4%.

The downside 2 – global synchronised downturn scenario, a severe hypothetical global shock designed as a proxy for macro-economic and financial tail risks. The scenario entails a deep global economic downturn, of a similar severity to the 2008/2009 global financial crisis. The broad context for the scenario is a significant global demand shock in the first year, prompting a sharp repricing in assets, a tightening in financial conditions and a material downturn in economic activity where UK GDP falls 4.1%. Unlike the downside 1 - trade war scenario, central banks are expected to undertake aggressive monetary policy easing in response. In the UK, the BoE is expected to cut bank rate by 350bps to 0.75%. Similarly, severe recessions are seen in other key jurisdictions with GDP falling 4.7% in the Euro area and by 4.2% in the US.

In the upside case, economic activity proves more resilient and the pace of recovery more robust as stronger confidence and lower interest rates prompt a pickup in investment. Ultimately, through the scenario horizon productivity growth is expected to support stronger levels of economic growth. Accordingly medium term GDP growth averages 2% per annum. The relatively swift rebound in activity is experienced globally, and monetary policy normalises gradually enough so as to not subdue growth.

The graph below shows forecasted UK GDP under each macroeconomic scenario applied at 30 September 2025.

UK GDP scenarios

ADDITIONAL CREDIT AND COUNTERPARTY RISK DISCLOSURES CONTINUED

The table that follows shows the key factors that form part of the macro-economic scenarios and their relative applied weightings.

			At 30 September 2025 average 2025 – 2030				At 31 March 2025 average 2025 – 2030
	Upside	Base case	Downside 1 trade war	Downside 2 global synchronised downturn	Upside	Base case	Downside 1 trade war	Downside 2 global synchronised downturn
Macro-economic scenarios	%	%	%	%	%	%	%	%
UK
GDP growth	2.1	1.7	0.6	0.4	2.1	1.7	0.4	0.4
Unemployment rate	4.1	4.7	6.7	6.8	4.1	4.7	6.7	6.8
CPI inflation	2.1	2.3	2.7	1.7	2.0	2.1	2.7	1.6
House price growth	3.2	2.6	(2.7)	(1.5)	3.6	2.9	(2.3)	(0.9)
BoE – Bank rate (end year)	3.1	3.1	3.9	1.9	3.0	3.1	3.9	1.7
Euro area
GDP growth	1.9	1.5	0.4	0.2	2.0	1.3	0.3	0.2
US
GDP growth	2.3	1.9	0.6	0.5	2.4	1.9	0.6	0.6
Scenario weightings	10	65	15	10	10	60	20	10

The following table shows annual averages of economic factors for the base case over a five-year period based on the economic forecasts in place as at 30 September 2025.

			Financial years
Base case %	2025/2026	2026/2027	2027/2028	2028/2029	2029/2030
UK
GDP growth	1.2	1.6	1.8	1.8	1.9
Unemployment rate	4.9	5.0	4.7	4.5	4.5
CPI inflation	3.3	2.4	2.0	2.0	2.0
House price growth	2.3	3.1	2.5	2.4	2.4
BoE – Bank rate (end year)	3.5	3.0	3.0	3.0	3.0
Euro area
GDP growth	1.2	1.8	1.9	1.4	1.4
US
GDP growth	1.5	1.7	2.1	2.0	2.0

The following table outlines the extreme point forecast for each economic factor across the scenarios as at 30 September 2025. Baseline represents the five-year base case average. Upside scenario values represent the best outcomes, namely the highest quarterly level of GDP, house price growth (year-on-year), lowest level of unemployment and bank rate. Upside scenario value for CPI inflation is represented by the five-year average. Downside scenario values represent the worst outcomes being the lowest quarterly level of GDP and house price growth (year-on-year). For bank rate and CPI inflation the most extreme point is listed, the highest level reflective in downside 1 – trade war scenario and the lowest level in downside 2 – global synchronised downturn scenario.

Five-year extreme points	Upside	Baseline: Base case five-year average	Downside 1 trade war	Downside 2 global synchronised downturn
At 30 September 2025	%	%	%	%
UK
GDP growth	2.8	1.7	(2.4)	(4.1)
Unemployment rate	3.8	4.7	8.5	8.0
CPI inflation	2.1	2.3	4.7	0.8
House price growth	5.6	2.6	(20.4)	(14.4)
BoE – Bank rate (end year)	3.0	3.1	5.5	0.8
Euro area
GDP growth	2.1	1.5	(2.8)	(4.3)
US
GDP growth	2.6	1.9	(3.3)	(3.9)

INVESTMENT RISK

Investment risk

Investment risk in the banking book comprises 1.6% of total assets at 30 September 2025.

Analysis of investments

An analysis of income and revaluations of these investments can be found in the investment income note on page 10. The balance sheet value of investments is indicated in the table below.

£'million Category	On-balance sheet value of investments 30 Sept 2025	On-balance sheet value of investments 31 March 2025
Unlisted investments	212	213
Listed equities	4	1
Ninety One	190	134
Total investment portfolio	406	348
Trading properties	85	85
Warrants and profit shares	3	4
Total	494	437

Note: The Group's investment in Rathbones is equity accounted for on a statutory basis and recognised as an associate. We do not include the investment in Rathbones Group plc as a part of the above analysis due to the nature of this strategic transaction.

An analysis of the investment portfolio (excluding Ninety One), warrants and profit shares

30 September 2025

£219 million

Finance and insurance Transport Retailers and wholesalers Other
	54.5 %
	11.7 %
	10.3 %
	7.7 %
Electricity, gas and water (utility services)	7.2 %
Real estate	3.1 %
Business services	2.9 %
Leisure, entertainment and tourism	2.6 %

SECURITISATION/STRUCTURED CREDIT

Securitisation/structured credit activities exposures

Overview

The Group's definition of securitisation/structured credit activities is wider than the definition applied for regulatory capital purposes. The regulatory capital definition focuses largely on positions we hold in an investor capacity and includes securitisation positions we have retained in transactions in which the Group has achieved significant risk transfer. We believe, however, that the information provided below is meaningful in that it groups all these related activities in order for a reviewer to obtain a full picture of the activities that we have conducted in this space. Some of the information provided below overlaps with the Group's credit and counterparty exposure information.

In the UK, capital requirements for securitisation positions are calculated using either the standardised approach (SEC-SA) or the external ratings-based approach (SEC-ERBA). Given risk-weightings under the SEC-SA approach do not rely on external ratings, an analysis by risk-weightings has been provided below.

Securitisation/structured credit analysis

In terms of our analysis of our credit and counterparty risk, exposures arising from securitisation/structured credit activities reflect only those exposures to which we consider ourselves to be at risk.

Nature of exposure/activity	30 Sept 2025 £'million	31 March 2025 £'million	Balance sheet and credit risk classification
Structured credit (gross exposure)	1 064	838
<40% risk weighted assets (RWAs)	1 010	797	Other debt securities and
>40% risk weighted assets (RWAs)	54	41	other loans and advances

Analysis of gross structured credit exposure

£'million	AAA	AA	A	BBB	BB	B and below	Total rated	Total unrated	Total
US corporate loans	841	75	—	—	—	—	916	35	951
UK RMBS	12	3	—	—	—	—	15	—	15
European corporate loans	61	37	—	—	—	—	98	—	98
Total at 30 September 2025	914	115	—	—	—	—	1 029	35	1 064
<40% RWAs	910	65	—	—	—	—	975	35	1 010
>40% RWAs	4	50	—	—	—	—	54	—	54
Total at 31 March 2025	656	157	—	—	—	—	813	25	838

MARKET RISK

Market risk in the trading book

Overview

The focus of our trading activities is primarily to support our clients. Our strategic intent is that proprietary trading should be limited and that trading should be conducted largely to facilitate client flow. Within our trading activities, we act as principal with clients or the market. Market risk exists where we have taken on principal positions resulting from market making, underwriting and facilitation of client business in the foreign exchange, interest rate, equity, credit and commodity markets.

Value at Risk (VaR)

VaR numbers using a one-day holding period are monitored daily at the 95% and 99% confidence intervals, with limits set at the 95% confidence interval. Expected shortfalls are also monitored daily at the 95% and 99% levels, being the average of the losses in the tail of the VaR distribution.

The table below contains the 95% one-day VaR figures for the trading businesses.

		30 September 2025				31 March 2025
95% one-day VaR
£'000	Period end	Average	High	Low	Year end	Average	High	Low
Interest rates	16	12	23	9	19	30	43	19
Foreign exchange	15	12	38	6	16	10	34	3
Equities	156	163	246	114	154	170	309	94
Commodities	2	3	7	1	4	4	9	2
Credit	1	13	57	—	—	8	38	—
Consolidated*	156	162	275	110	155	172	327	95

^* The consolidated VaR is lower than the sum of the individual VaRs. This arises from the correlation offset between various asset classes (diversification).

Expected shortfall (ES)

The ES measure overcomes some of VaR's shortcomings. ES seeks to quantify losses encountered in the tail beyond the VaR level. The 95% one-day ES is the average loss given that the 95% one-day VaR level has been exceeded. The table below contains the 95% one-day ES figures.

95% one-day ES £'000	30 Sept 2025 Period end	31 March 2025 Year end
Interest rates	23	29
Foreign exchange	22	22
Equities	228	199
Commodities	3	5
Credit	2	—
Consolidated*	214	203

^* The consolidated ES is lower than the sum of the individual ESs. This arises from the correlation offset between various asset classes.

Stressed VaR (sVaR)

The sVaR measure is calculated using the VaR model but is based on a one-year period through which the relevant market factors experienced stress. The information in the table below contains the 99% one-day sVaR.

£'000	30 Sept 2025 Period end	31 March 2025 Year end
99% one-day sVaR	839	1 019

MARKET RISK CONTINUED

Backtesting

The performance of the VaR model is regularly monitored through backtesting. This is done by comparing daily clean profit and loss against one-day VaR based on a 99% confidence level. Clean profit and loss excludes items such as intra-day transactions, valuation adjustments, provisions, recoveries, commission, fees and hedge costs included in the new trade revenue. If a loss exceeds the one-day VaR, a backtesting exception is considered to have occurred. Over time we expect the average rate of observed backtesting exceptions to be consistent with the percentile of the VaR statistic being tested. This is conducted at an aggregate and desk level on a daily basis.

The graph that follows shows the result of backtesting the total daily 99% one-day VaR against the clean profit and loss data for our trading activities over the reporting period. Based on these graphs, we can gauge the accuracy of the VaR figures, i.e. 99% of the time, losses are not expected to exceed the 99% one-day VaR.

The average VaR for the period ended 30 September 2025 was lower compared to the year ended 31 March 2025. Using clean profit and loss data for backtesting resulted in no exceptions over the period at the 99% confidence level, which is below the expected number of two to three exceptions per annum as implied by the 99% VaR model.

99% one-day VaR backtesting (£)

Clean profit and loss histogram

The histogram below illustrates the distribution of clean profit and loss during the six months to 30 September 2025 for our trading businesses. The graph shows that a clean profit was realised on 100 days out of a total of 126 days in the trading business. The average daily clean profit and loss generated for the six months to 30 September 2025 was £88 047 (six months to 30 September 2024: £84 144).

Clean profit and loss

BALANCE SHEET RISK AND LIQUIDITY

Balance sheet risk

Overview

The balance sheet risk framework continually ensures that a comprehensive approach is taken to the management and mitigation of liquidity, funding and IRRBB risks, while ensuring adherence to regulatory requirements and internal risk appetite and policies.

Liquidity risk

Liquidity risk refers to the possibility that, despite being solvent, we have insufficient capacity to fund increases in assets or are unable to meet our payment obligations as they fall due, in normal and stressed conditions. This includes repaying depositors or maturing wholesale debt. This risk arises from mismatches in the timing of cash flows, and is inherent in all banking operations and can be impacted by a range of institution-specific and market-wide events.

As at 30 September 2025, the preferred resolution strategy for IBP remained bank insolvency procedure with no MREL requirement in excess of its minimum capital requirements. The BoE formally notified Investec plc on 28 June 2023 that the preferred resolution strategy will change from bank insolvency procedure to bail-in and as such Investec plc, and IBP as a material subsidiary, will be subject to a revised MREL requirement.

The MREL transition will commence from 1 January 2026 in a phased manner with end-state MREL applying from 1 January 2032. Any additional MREL requirements will be met over time as part of increasing wholesale market issuance from the existing established base and we will continue to evaluate issuance opportunities in the near term as part of this glide path.

Cash and near cash trend

An analysis of cash and near cash at 30 September 2025

I	Central bank cash placements and other HQLA	82.5%
	Cash	7.9%
	Near cash	9.6%

Customer accounts (deposits) by type at 30 September 2025

£8 407 million £21 336 million

Central bank cash placements and other HQLA	82.5%	Individuals	62.5%
Cash	7.9%	Other financial institutions and corporates	31.4%
Near cash	9.6%	Small business	6.1%

BALANCE SHEET RISK AND LIQUIDITY

CONTINUED

Liquidity mismatch

The tables that follow show the contractual and behavioural liquidity mismatch.

The contractual liquidity table records all assets and liabilities with the underlying contractual maturity.

With respect to the behavioural liquidity gap, we adjust the contractual profile of certain assets and liabilities:

• Liquidity buffer: the actual contractual profile of the assets in the liquidity buffer is of little consequence, as practically the Group would meet any unexpected net cash outflows by repo'ing or selling these highly liquid securities. Consequently, for the liquidity buffer:
• The time horizon to monetise our regulatory liquid assets which are guaranteed by the central bank has been adjusted to 'on demand'
• The time horizon for the near cash portfolio of discretionary treasury assets has been set to one month where there are deep secondary markets for this elective asset class.
• Customer deposits: historical observations were used to model the behavioural maturity profile, and this analysis has identified significant additional sources of structural liquidity in the form of core deposits that exhibit stable behaviour.

Contractual liquidity at 30 September 2025

					Six
		Up	One to	Three	months	One
£'million	Demand	to one month	three months	to six months	to one year	to five years	>Five years	Total
Cash and short-term funds –
banks	4 028	32	5	—	—	—	—	4 065
Investment/trading assets	299	919	1 823	1 047	339	998	2 104	7 529
Securitised assets	—	—	—	—	—	—	—	—
Advances	171	553	1 015	1 142	2 095	8 933	3 556	17 465
Other assets excluded above	3	516	33	89	158	268	116	1 183
Assets	4 501	2 020	2 876	2 278	2 592	10 199	5 776	30 242
Deposits – banks	(96)	—	—	—	—	(677)	—	(773)
Deposits – non-banks	(6 588)	(1 573)	(6 327)	(3 629)	(2 034)	(1 161)	(24)	(21 336)
Negotiable paper	—	—	(75)	(10)	(13)	(1 540)	—	(1 638)
Securitised liabilities	—	—	—	—	—	—	—	—
Investment/trading liabilities	(76)	(490)	(150)	(240)	(36)	(66)	(32)	(1 090)
Subordinated liabilities	—	—	—	(41)	—	(153)	(518)	(712)
Other liabilities excluded above	(12)	(563)	(124)	(41)	(187)	(93)	(53)	(1 073)
Liabilities	(6 772)	(2 626)	(6 676)	(3 961)	(2 270)	(3 690)	(627)	(26 622)
Total equity	—	—	—	—	—	—	(3 620)	(3 620)
Contractual liquidity gap	(2 271)	(606)	(3 800)	(1 683)	322	6 509	1 529	—
Cumulative liquidity gap	(2 271)	(2 877)	(6 677)	(8 360)	(8 038)	(1 529)	—

Behavioural liquidity at 30 September 2025

£'million	Demand	Up to one month	One to three months	Three to six months	Six months to one year	One to five years	>Five years	Total
Behavioural liquidity gap	4 275	(1 104)	(4 870)	(2 705)	239	2 664	1 501	—
Cumulative	4 275	3 171	(1 699)	(4 404)	(4 165)	(1 501)	—

Regulatory ratios

The Investec plc and IBP (solo basis) Liquidity Coverage ratios (LCRs) are calculated based on the rules contained in the Prudential Regulatory Authority (PRA) rulebook overlaid with our own interpretations where the regulation requires. Banks are required to maintain a minimum LCR of 100%. As at 30 September 2025, the LCR was 340% for Investec plc and 319% for IBP (solo basis).

Within the UK, the Net Stable Funding ratio (NSFR) has become a binding requirement for banks since January 2022. Banks are now required to maintain a minimum NSFR of 100%. The NSFR at 30 September 2025 was 140% for Investec plc and 138% for IBP (solo basis).

BALANCE SHEET RISK AND LIQUIDITY CONTINUED

Interest rate risk in the banking book (IRRBB)

IRRBB arises from the impact of adverse movements in interest rates on both earnings and economic value of equity. IRRBB is an inherent consequence of conducting banking activities, and arises from the provision of non-trading banking services.

Sources of IRRBB include:

• Repricing risk: arises from the timing differences in the fixed rate maturity and floating rate repricing of Group assets, liabilities and derivative positions. This affects the interest rate margin realised between lending income and borrowing costs when applied to our rate sensitive portfolios
• Yield curve risk: repricing mismatches also expose the Group to changes in the slope and shape of the yield curve
• Basis risk: arises from imperfect correlation in the adjustments of the rates earned and paid on different instruments with otherwise similar repricing characteristics
• Embedded option risk: arises from optional elements embedded in items where the Group or its customers can alter the level and timing of their cash flows, such as the prepayment of fixed rate loans and withdrawal of non-maturity deposits (NMDs)
• Endowment risk: refers to the interest rate risk exposure arising from the net differential between interest rate insensitive assets, interest rate insensitive liabilities and capital.

The above sources of interest rate risk affect the interest rate margin realised between lending income and borrowing costs when applied to our rate sensitive asset and liability portfolios, which has a direct effect on future net interest earnings and the economic value of equity.

Net interest income sensitivity at 30 September 2025

IRRBB is measured and monitored using an income sensitivity approach. The table below reflects an illustrative annualised net interest income value sensitivity to a 0.25% parallel shift in interest rates, based on modelled assumptions, assuming no management intervention.

million	All (GBP)
25bps down	(8.0)
25bps up	6.7

Economic value (EV) sensitivity at 30 September 2025

IRRBB is measured and monitored using the EV sensitivity approach. The table below reflects an illustrative EV sensitivity to a 2% parallel shift in interest rates, based on modelled assumptions, assuming no management intervention. This sensitivity effect would only have a negligible direct impact on our equity.

million	All (GBP)
200bps down	(6.6)
200bps up	(6.4)

The UK Bank maintains a structural hedging programme to reduce the sensitivity of earnings to short-term interest rate movements. An amortising profile of £2.0 billion tangible equity has been assigned with an average duration of 2.5 years evenly distributed over the period. The termed equity is then hedged and managed within the overall interest rate risk appetite.

CAPITAL ADEQUACY

A summary of capital adequacy and leverage ratios

	30 September 2025*	31 March 2025*
Common Equity Tier 1 ratio**	12.4%	12.3%
Tier 1 ratio**	14.1%	14.1%
Total capital ratio**	17.7%	17.8%
Risk weighted assets (£'million)**	20 180	19 221
Leverage exposure measure (£'million)	29 700	28 089
Leverage ratio**	9.6 %	9.6 %

Capital structure and capital adequacy

£'million	30 September 2025*	31 March 2025*
Shareholders' equity	3 178	3 042
Shareholders' equity excluding non-controlling interests	3 269	3 138
Foreseeable charges and dividends	(60)	(63)
Perpetual preference share capital and share premium	(25)	(25)
Deconsolidation of special purpose entities	(6)	(8)
Non-controlling interests	—	—
Non-controlling interests per balance sheet	2	1
Non-controlling interests excluded for regulatory purposes	(2)	(1)
Regulatory adjustments to the accounting basis	(6)	(8)
Additional value adjustments	(6)	(5)
Cash flow hedging reserve	—	(6)
Adjustment under IFRS 9 transitional arrangements	—	3
Deductions	(669)	(674)
Goodwill and intangible assets net of deferred taxation	(668)	(673)
Deferred taxation assets that rely on future profitability excluding those arising from temporary difference	(1)	(1)
Common Equity Tier 1 capital	2 503	2 360
Additional Tier 1 instruments	350	350
Tier 1 capital	2 853	2 710
Tier 2 capital	714	712
Tier 2 instruments^	714	712
Total regulatory capital	3 567	3 422
Risk weighted assets**	20 180	19 221

^* The capital adequacy and leverage disclosures for Investec plc include the deduction of foreseeable charges and dividends. These disclosures differ from the disclosures included in the Investec Group's interim report, which follow our normal basis of presentation and do not include this deduction. Investec plc's CET1 ratio would be 30bps (31 March 2025: 33bps) and leverage ratio 20bps (31 March 2025: 23bps) higher, on this basis.

^** The March 2025 CET1, Tier 1, total capital and leverage ratios, and risk weighted assets (RWAs) have been calculated applying the IFRS 9 transitional arrangements.

Effective from 1 April 2025, IFRS 9 transitional arrangements ceased to apply, with all subsequent ratios presented on a fully loaded basis. ^ Tier 2 instruments include £17 million of subordinated liabilities arising from the proportional consolidation of the Group's economic interest in Rathbones Group plc.

CAPITAL ADEQUACY CONTINUED

Risk weighted assets and capital requirements

	Risk weighted assets**		Capital requirements**
£'million	30 September 2025	31 March 2025	30 September 2025	31 March 2025
	20 180	19 221	1 614	1 538
Credit risk	16 344	15 532	1 308	1 243
Equity risk	605	459	48	37
Counterparty credit risk	475	461	38	37
Credit valuation adjustment risk	27	30	2	2
Market risk	436	446	35	36
Operational risk	2 293	2 293	183	183

Leverage

£'million	30 September 2025*	31 March 2025*
Total exposure measure	29 700	28 089
Tier 1 capital**	2 853	2 710
Leverage ratio**	9.6%	9.6%

^* The leverage disclosures for Investec plc include the deduction of foreseeable charges and dividends when calculating Tier 1 capital. These disclosures differ from the leverage disclosures included in the Investec Group's interim report, which follow our normal basis of presentation and do not include this deduction. Investec plc's leverage ratio would be 20bps (31 March 2025: 23bps) higher, on this basis.

^** The March 2025 RWAs and leverage ratio have been calculated applying the IFRS 9 transitional arrangements. Effective from 1 April 2025, IFRS 9 transitional arrangements ceased to apply, with all subsequent RWAs and ratios presented on a fully loaded basis.

ANNEXURE 1 – ALTERNATIVE PERFORMANCE MEASURES

We supplement our IFRS figures with alternative performance measures used by management internally and which provide valuable, relevant information to readers. These measures are used to align internal and external reporting, identify items management believes are not representative of the underlying performance of the business and provide insight into how management assesses period-on-period performance. A description of the Group's alternative performance measures and their calculation, where relevant, is set out below.

Alternative performance measures are not measures within the scope of IFRS and are not a substitute for IFRS financial measures. Alternative performance measures constitute pro-forma financial information. The pro-forma financial information is the responsibility of the Board of Directors and is presented for illustrative purposes only and because of its nature may not fairly present the Group's financial position, changes in equity and results in operations or cash flows.

Adjusted operating profit	Pro-forma profit before taxation, adjusted to remove goodwill, acquired intangibles and strategic actions, including such items within equity accounted earnings, and non-controlling interests
	Refer to calculation on page 7 for a reconciliation of these items
Annuity income	Net interest income (refer to page 9) plus net annuity fees and commissions (refer to page 10)
Core loans	The table below describes the differences between 'loans and advances to customers' as per the balance sheet and gross core loans

£'million	30 Sept 2025	31 March 2025*
Net core loans (Loans and advances to customers per the balance sheet)	17 368	16 814
of which amortised cost and FVOCI ('subject to ECL')	16 573	16 242
of which FVPL	795	572
Add: ECL (against amortised cost and FVOCI loans)	191	176
Gross core loans	17 559	16 990
of which amortised cost and FVOCI ('subject to ECL')	16 764	16 418
of which FVPL	795	572

^* Restated as detailed on page 33.

Cost to income ratio Refer to the calculation in the table below

£'000	30 Sept 2025	30 Sept 2024	31 March 2025
Operating costs (A)	308 253	308 641	631 810
Operating income	588 582	586 905	1 188 965
Less: Profit attributable to other non-controlling interests	52	(791)	(12)
Total (B)	588 634	586 114	1 188 953
Cost to income ratio (A/B)	52.4%	52.7%	53.1%

^{^} This key metric is based on the pro-forma segmental business analysis on page 8.

Coverage ratio	ECL as a percentage of gross core loans subject to ECL
Credit loss ratio	ECL impairment charges on core loans as a percentage of average gross core loans subject to ECL
Gearing ratio	Total assets divided by total equity
Loans and advances to customers as a % of customer deposits	Loans and advances to customers as a percentage of customer accounts (deposits)
Net interest margin	Interest income net of interest expense, divided by average interest-earning assets
	Refer to calculation on page 9

DEFINITIONS

Cash and near cash

Comprises cash, near cash (which largely includes central bank prepositioned collateral), and central bank cash placements and other HQLA

ECL

Expected credit loss

Funds under management

Consists of funds managed by the Wealth & Investment business, and by the Property business (which forms part of the Specialist Bank) in the prior year

FVOCI

Fair value through other comprehensive income

FVPL

Fair value through profit and loss

Interest-earning assets

Cash and near cash, bank debt securities, sovereign debt securities, loans and advances, other debt securities, other loans and advances and finance lease receivables

Refer to page 9 for calculation

Interest-bearing liabilities

Deposits by banks, customer accounts (deposits), repurchase agreements and cash collateral on securities lent, debt securities in issue, lease liabilities and subordinated liabilities

Refer to page 9 for calculation

Legacy business in the UK Specialist Bank (Legacy)

Legacy, as separately disclosed from 2013 to 2018, comprises pre-2008 assets held on the UK bank's balance sheet, that had very low/negative margins and assets relating to business we are no longer undertaking

Strategic actions

Comprises the closure and rundown of the Hong Kong direct investments business and financial impact of Group restructures

Subject to ECL

Includes financial assets held at amortised cost and FVOCI

CET1 capital

Common Equity Tier 1 capital

RWAs

Risk weighted assets