JTC 2025 Full Year Financial Results

Resilient Full Year Performance with Record New Business Wins as JTC Enters New Era

Global professional services business JTC Group today reports a resilient full year performance for the year ended 31 December 2025, delivered against a backdrop of significant strategic activity and continued macroeconomic uncertainty.

Record new business wins and resilient growth

The Group delivered revenue growth of 25.1% to £381.9m, driven by net organic growth of 8.5% and strategic M&A, alongside a 22.4% increase in underlying EBITDA to £124.5m, with the underlying EBITDA margin remaining consistent at 32.6%.
New business wins grew 21.8% to a record £43.5m. Cash conversion was 87% and leverage stood at 2.2x underlying EBITDA at period end, increased as expected following two successful acquisitions in the year.

Successful execution of growth strategy expands scale and reach

The Institutional Capital Services Division performed well in a challenging market environment, delivering net organic growth of 9.0% and revenue of £211.1m. The Private Capital Services Division achieved net organic growth of 7.9% and revenue of £170.8m, driven by particularly strong growth in the US and Caribbean.

The year also saw the completion of two transformational acquisitions: Citi’s global fiduciary and trust administration business, formerly known as Citi Trust, and Kleinwort Hambros Trust Company and its subsidiaries from Union Bancaire Privée. Both businesses are integrating well and already adding great value to the wider Group.

Progress of Permira transaction following strong shareholder support

On 10 November 2025, JTC announced that it had reached agreement on the terms of a recommended cash acquisition by Permira at a price of £13.40 per share, giving an enterprise value of approximately £2.7bn. In January 2026, shareholders voted overwhelmingly to approve the transaction.

The process continues to move forward positively and in line with expectation, with all necessary regulatory consents and required completion approvals now being sought. Based on current expectations, the transaction is due to complete during Q3 2026, subject to satisfaction of the remaining conditions.

A proven platform, a new era and a clear path to continued growth

JTC’s two Divisions position the Group at the intersection of trillions of dollars of capital flows from both private and institutional clients, all seeking efficient and compliant access to alternative assets – a growth trend that is set to remain a strong tailwind for the foreseeable future.

Having enjoyed significant success as a public company, doubling the business through the Odyssey era, again through the Galaxy era and now materially progressed for a third time through the Cosmos era, JTC now looks to a future under private ownership.
The Cosmos era is regarded as materially complete, and the Group moves into a new era, Genesis that coincides and aligns with this fundamental change. With Permira’s four decades of thematic investment expertise in service businesses, the Group aims to continue achieving strong organic growth and making high quality acquisitions to deliver its long-term aspirations.

Nigel Le Quesne, CEO of JTC PLC, said:

This is most likely the last time that I will present a CEO review as a listed business. I would like to take this opportunity, both personally and on behalf of everyone at JTC, to say that we have enjoyed our time as a public company immensely. We are grateful for the support and advice we have received during this time from shareholders, advisers and our non-executive colleagues.

In 2025, we delivered a resilient performance against a backdrop of global markets that remained challenging. Organically, we once again achieved record new business wins, strengthening and deepening our client book for years to come. Inorganically, we secured two more bank carveout transactions that represent excellent value and enhance our position as the world’s leading independent trust company.

Our latest era, Cosmos, began in 2024 and aimed to once again double the size of the Group by the end of 2027. As we have reported previously, the business has performed ahead of schedule to this plan, which given global economic conditions and geopolitical activity in the period, is testament to the resilience of our model and the quality of our platform and our people. As we now look to a future under private ownership, it makes sense to draw a line under the Cosmos era plan, which we regard as materially complete, and move into a new era, Genesis, that coincides and aligns with this fundamental change.

While our overall ownership structure may be transitioning from public to private, our culture of shared ownership remains firmly at the heart of what makes JTC a special and unique business.”