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AMP 1H 26 Results Presented by Blair Vernon , CEO and Jackie Cleary , CFO 6 August 2026
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AMP 1H 26 Results - 6 August 2026 Page : Important information This presentation has been prepared by AMP Limited (ABN 49 079 354 519) (“AMP") and is general background information about AMP and its activities current at the date of this presentation, which may be subject to change. It is information in summary form and does not purport to be complete. It is to be read in conjunction with AMP’s other announcements released to the Australian Securities Exchange (available at www.asx.com.au). Information in this presentation is not intended to be relied on as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. Investors should consider these factors, and their own professional advice, for any investment decision. Past performance is not a reliable indicator of future performance. Forward -looking statements and guidance This presentation may contain forward-looking statements, including guidance on various financial metrics and statements regarding the financial position, financial performance, results of operations, market conditions, risk management practices, climate-related risks and opportunities and business of, or applicable to, AMP, and the implementation of AMP’s plans and strategy. These statements relate to AMP’s expectations, opinions, beliefs, intentions or strategies regarding the future. Forward-looking statements may be identified by the use of words like ‘anticipate’, ‘believe’, ‘aim’, ‘estimate’, ‘expect’, ‘intend’, ‘may’, ‘plan’, ‘project’, ‘will’, ‘should’, ‘seek’ and similar expressions. They reflect views and assumptions with respect to future events as at the date of this presentation. They are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions, contingencies and other factors, many of which are beyond the control of AMP, and may involve significant elements of subjective judgement and assumptions as to future events that may or may not be correct. There can be no assurance that actual outcomes will not differ materially. No guarantee, representation or warranty, express or implied, is made as to the accuracy, likelihood of achievement or reasonableness of any forward-looking statements, forecasts, prospects, returns, statements or tax treatment in relation to future matters contained in this presentation. AMP does not undertake to publicly update any forward-looking statements, whether as a result of new information or future events or circumstances. Non-IFRS financial information Investors should be aware that certain financial measures included in this presentation are ‘non-IFRS financial information’ under ASIC Regulatory Guide 230 and are not recognised under Australian Accounting Standards (“AAS”) and International Financial Reporting Standards (“IFRS”). The non-IFRS financial information includes, amongst others, “Net profit after tax (NPAT) (underlying)”. This non-IFRS financial information does not have a standardised meaning prescribed by AAS or IFRS. Therefore, the non-IFRS financial information may not be comparable to similarly titled measures presented by other entities and should not be construed as an alternative to other financial measures determined in accordance with AAS or IFRS. Although AMP believes this non-IFRS financial information provides useful information in measuring the financial performance and condition of its business, investors are cautioned not to place undue reliance on any non-IFRS financial information. Australian dollars (A$) All dollar values are in Australian dollars (A$), unless otherwise indicated. Certain figures may be subject to rounding differences. This presentation has been authorised for release by the AMP Limited Board. 02
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AMP 1H 26 Results - 6 August 2026 Page : Acknowledgement of country AMP acknowledges all First Nations Peoples across Australia. We recognise the Traditional Custodians of the land and value the connection to Country, waterways and sky. We pay our respects to the Elders for their resilience, courage and wisdom; for ensuring the survival of this country’s rich culture and heritage. 03
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Page : AMP 1H 26 Results - 6 August 2026 1H 26 highlights 1H 26 strategic progress 1H 26 financial results Business unit performance FY 26 guidance Priorities 1 2 3 4 5 6 04
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Page : AMP 1H 26 Results - 6 August 2026 1H 26 highlights 05
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Page : AMP 1H 26 Results - 6 August 2026 S&I positive cashflows1 AUM: $62.6bn2 Platforms cashflows1 AUM: $92.7bn2 AUM2 up 3.6% since FY 25 1H 26 highlights All amounts are in Australian dollars (A$) unless otherwise specified. Percentage changes are compared to the prior corresponding period, unless otherwise specified. 1. Excluding pension payments. 2. Closing AUM Underlying NPAT to $174m Statutory profit to $154m Returned to shareholders via dividend and buyback Additional on-market share buyback announced +33% +57% $201m 3.0cps +$76m+$3. 1bn $167.6bn +107% 06Page : Interim dividend announced, 20% franked $150m China partnerships NPAT contribution: $56m
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Page : AMP 1H 26 Results - 6 August 2026 1H 26 strategic progress 07
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Page : AMP 1H 26 Results - 6 August 2026 $92.7bn AUM 1 Delivering innovative solutions for 4,257 advisers and their clients $12.3bn AUM 1 Wealth management, financial advice and general insurance for over 256,000 customers $62.6bn AUM 1 Providing super and retirement income solutions to over 552,000 members CLPC: The pre- eminent pension company CLAMP: A leading China asset manager Servicing over 198,000 customers including 34,500 GO customers with deposits, transactional banking and residential mortgages PCCP LLC: US real estate investment manager Other interests: Sponsor capital and potential carried interest from legacy AMP Capital funds Wealth management and retirement focus Capital release and realisation focus A clear focus on growing our wealth businesses and releasing capital China partnerships Non-strategic partnerships 081. Closing AUM New Zealand Wealth ManagementPlatforms Superannuation & Investments Partnerships & Group Bank
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Page : AMP 1H 26 Results - 6 August 2026 Australia Compelling dynamics underpin our wealth and retirement businesses Source: ABS Retirement Intentions Report 2025; ASIC Key issues outlook 2026; AIHW Income support for older Australians 2025; Stats NZ 2026; KPMG China Pensions Reform Paper 2023. $94.7bn $143.0 bn 27% 2021 2023 32% 2025 CAGR 11% KiwiSaver Market ($NZDbn) % of GDP $3.3tr $4.3tr 10.0% 2021 10.5% 11.0% 2023 11.5% 12.0% 2025 CAGR 7% AUM ($tr) SG Contribution rates 0.4tr 1.5 4.0 5.8 7.1 1.0 3.5 7.6 0.3 0.1 0.5 1.8tr 4.9tr 9.4tr 15.2tr 2005 2015 2025 CAGR 20% Pillar 1 Pillar 2 Pillar 3 China Pension Market Growth AUM (RMB tr) Australian Superannuation Market Growth AUM (AUD tr) New Zealand KiwiSaver Market Growth AUM (NZD bn) • 12% compulsory contributions to super • 4.5m Australians already retired, with 806,000 more expected to retire within five years • $750bn of assets set to move into the retirement phase over the next decade New Zealand • Voluntary super, default contribution rate currently 3.5% - an election issue • ~340,000 additional New Zealanders reaching retirement age by 2036 and rising KiwiSaver participation China Pension • 12% compulsory contributions (Pillar 2 Occupational Pension segment) • ~1.4bn people with government prioritising retirement savings • Pension market growing rapidly • Pillar 3 personal pensions launched Dec 2024 09
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AMP 1H 26 Results - 6 August 2026 Page : • Innovating in retirement: MyNorth Lifetime grew to $1.2bn; launched AMP Super Lifetime, with $20bn participating AUM • Delivering for members in AMP Super and NZWM: Top quartile returns1, expanded digital advice tools, and migration underway to an enhanced digital web and app experience • Delivering for advisers : Launched North Interactive Wealth Portal; Interactive Client Review is saving up to 2 hours per review, with advisers conducting approx. 110-130 reviews per year AMP’s 2026 priorities: Progress • Enhancing the North proposition with AI - powered advice at scale: North Interactive Wealth Portal and AI FileNote helping advisers spend less time on administration and more time with clients • Launched AI call centre solution, improving member service experience and improving workflows • Enterprise productivity gains, through wide adoption of Copilot (85% weekly usage; >600 active agents) • Mitigate and minimise AI risks: Established the foundations for secure and scalable AI adoption at AMP 10 • Growth in underlying NPAT; reduced items below-the-line • Increased payout ratios across businesses • Realising capital from AMP Bank and non- strategic partnerships • Net DTA utilisation continues: $56m utilised this half • $201m returned to shareholders in 1H 26: Executed $150m on-market share buyback and $51m in dividend • Additional $150m buyback and interim dividend of 3.0cps announced today Increasing business cash generation and returns to shareholders Leveraging AI and managing risk Accelerate growth in wealth businesses 01 02 03 1. SuperRatings, Accumulation Fund Crediting Rate Survey, Default Options, June 2026
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AMP 1H 26 Results - 6 August 2026 Page : A clear path to sustainable shareholder value Simplification complete • Business simplified and cost base reset • Legacy matters largely resolved • Reputation score now rated as ‘strong1’– highest since tracking began in 2008 • Sales team rebuilt ; continuing to onboard new talent and capability • Significant investment in technology capability delivered within existing investment envelope Capturing growth in wealth and retirement Strong cash generating businesses • Capital release from Bank and non-strategic assets remains a key focus as we prioritise growth in Wealth • $150m on -market share buyback completed in June; additional $150m buyback announced for 2H 26 • Dividend + buybacks increasing total return to shareholders • Demographics underpin growth across Australia, New Zealand and China • Compulsory savings regimes and rising retirement needs play to AMP’s strategic focus • Continued innovation in retirement solutions • Operating leverage emerging in all wealth businesses 111. Based on AMP's Reptrak Q2 2026 score of 70.6; Strong range = 70-79
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Page : AMP 1H 26 Results - 6 August 2026 1H 26 financial results Jackie Cleary - CFO 12
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Page : AMP 1H 26 Results - 6 August 2026 $m 1H 26 1H 25 1H 26 v 1H 25 Total revenue 671 632 ▲ 6.2% Variable costs (150) (151) ▼ 0.7% Controllable costs (315) (303) ▲ 4.0% EBIT 206 178 ▲ 15.7% Interest expense (16) (28) ▼ 42.9% Investment income1 36 29 ▲ 24.1% Tax expense (52) (48) ▲ 8.3% NPAT (underlying) 174 131 ▲ 32.8% NPAT (statutory) 154 98 ▲ 57.1% Earnings per share (underlying) (cps) 6.9 5.2 ▲ 32.7% EBIT margin (%) 30.7 28.2 ▲ 2.5pp Cost to income (%) 60.5 63.0 ▼ 2.5pp ROE (underlying) (%) 9.8 7.4 ▲ 2.4pp Underlying NPAT up 33% to $174m driven by Platforms, S&I, CLPC earnings and carried interest 1H 26 results summary: earnings quality improving; disciplined cost control EPS up 33% , reflecting improved earnings and impact of on-market share buyback Cost to income of 60.5% (1H 25: 63.0%), reflecting ongoing cost discipline Statutory NPAT up 57% to $154m, concluding the majority of legacy litigation matters 1. Includes investment income from Group Cash. 13 ROE of 9.8% up 2.4pp
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Page : AMP 1H 26 Results - 6 August 2026 Return to shareholders $201m or 85% of surplus capital generation 174 236 (20) 56 (53) 79 NPAT Underlying (17) Items reported below underlying NPAT Utilised DTA Net business activities Bank capital efficiency Total surplus capital generation Statutory profit $154m 1H 26 surplus capital generation and cash returns to shareholders Surplus capital generation ($m) Return to shareholders ($m) 1H 26 Net DTA utilisation $56m Total value of remaining on - balance sheet net DTA balance $418m 14 51 201 150 FY 25 Final Dividend 1H 26 share buyback Total returns to shareholders
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Page : AMP 1H 26 Results - 6 August 2026 $m 1H 26 FY 25 % change Shareholder equity 3,504 3,583 ▼ 2.2% Regulatory adjustments (1,257) (1,261) ▼ 0.3% Net deferred tax assets1 (418) (474) ▼ 11.8% Group CET1 capital 2 1,829 1,848 ▼ 1.0% Group CET1 capital requirements 1,507 1,561 ▼ 3.5% Group CET1 surplus capital 322 287 ▲ 12.2% Group cash and liquids 832 884 ▼ 5.9% Net tangible assets per ordinary share ($) 1.35 1.33 ▲ 1.5% Capital position: Strong capital generation supporting shareholder returns 1H 26 Surplus capital generated $236m: including statutory earnings, net DTA utilisation and capital released from AMP Bank FY 25 Group CET1 Surplus Capital 1H 26 Surplus Capital Generated by businesses (underlying) ($51m) FY 25 Final Dividend ($150m) 1H 26 Share Buy Back 1H 26 Group CET1 Capital Surplus $287m 151. Net Deferred tax assets (DTAs) primarily comprise recognised tax losses available to offset future taxable income. 2. Includes statutory NPAT, utilisation of net deferred tax assets, business unit CET1 target capital requirements, and capital returns. 1H 26 Return to shareholders $201m: $51m dividend and $150m on-market share buyback completed 1H 26 Group CET1 surplus capital $322m: Supporting FY 26 Interim Dividend 3.0 cps 20% franked, additional $150m buyback, future capital flexibility Capital generated $236m Returned to shareholders $201m Surplus capital $322m
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AMP 1H 26 Results - 6 August 2026 Page : Platforms BankPartnerships & GroupNew Zealand Wealth Management Superannuation & Investments 53 27 19 27 (25) 30 61 32 18 56 (13) 20 1H 26 Business performance: Operating leverage building in wealth management China PartnershipsNet cashflows improving period on period Consistent in a challenging market Scaling AMP Bank GO adjusting funding mix Strong net cashflow momentum Non-strategic Partnerships & Group 1 $56m $32m $18m $20m$61m ($13m) 1H 25 Underlying NPAT 1H 26 Underlying NPAT $43m 1. Includes non-China Partnerships, Group costs not recovered from Business Units, investment income and interest expense on corporate debt. Wealth management and retirement focus Capital release and realisation focus 16
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AMP 1H 26 Results - 6 August 2026 Page : 741 1,160 2,305 3,075 1H 23 1H 24 1H 25 1H 26 Net Cashflows ($m)1 (993) (470) (75) 76 1H 23 1H 24 1H 25 1H 26 1H 26 Positive net cashflows with good momentum 39 36 97 116 1H 23 1H 24 1H 25 1H 26 Net Cashflows ($m)1 Platforms CLPC AUM (RMB) +9% in 1H 26 Total AUM of RMB ~2.6tr S&I New Zealand AUM (RMB tr) CLPC 1. Net cashflows exclude pension payments. Net Cashflows ($m)1 New Zealand net cashflows +19.6% 1H 26: net cashflows of $116m Closing AUM of $12.3bn S&I positive net cashflows $76m First positive half since 2017 Closing AUM of $62.6bn Platforms net cashflows +33.4% to $3.1bn Closing AUM of $92.7bn 17Page : 1.69 2.05 2.39 FY 23 FY 24 FY 25 1H 26 ~2.60
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Page : AMP 1H 26 Results - 6 August 2026 Business unit performance 18
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Page : AMP 1H 26 Results - 6 August 2026 $m 1H 26 1H 25 1H 26 v 1H 25 AUM based revenue ($m)1 183 172 ▲ 6.4% Other revenue & investment income ($m)2 14 14 - - Variable costs ($m) (18) (20) ▼ 10.0% Controllable costs ($m) (92) (90) ▲ 2.2% EBIT ($m) 80 68 ▲ 17.6% NPAT (underlying) ($m) 61 53 ▲ 15.1% Average AUM ($bn)3 89.4 80.5 ▲ 11.0% Net cashflows (excluding pension payments) ($m) 3,075 2,305 ▲ 33.4% AUM based revenue to average AUM (bps)1,3 41 43 ▼ 2bps Investment management expense to average AUM (bps)3 (3) (3) - - Net AUM based margin (bps)3 38 40 ▼ 2bps EBIT margin (%) 42.1 38.2 ▲ 3.9pp Cost to income ratio (%) 53.5 57.0 ▼ 3.5pp ROTE (%) 32.9 29.9 ▲ 3.0pp Platforms: Strong cashflow growth and operating leverage Underlying NPAT up 15% driven by increased cashflows, margin management and positive market conditions Net cashflows up over 33% to $3.1bn driven by new adviser activations and growth from existing advisers Revenue margin of 41bps reflects AUM growth, fee caps and mix effects across the book, steady on 2H 25 EBIT margin up 3.9pp to 42.1% (1H 25: 38.2%) demonstrating the scalability of the platform and continued operating leverage 1. AUM based revenue refers to administration and investment revenue on superannuation, retirement income and investment products. 2. Includes North Guarantee hedging program gains/losses and timing impacts, and backdating and remediation payments. 3. Based on average of monthly average AUM. 19
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AMP 1H 26 Results - 6 August 2026 Page : 836 763 678 685 1,352 1,450 1,632 1,699 2H 24 1H 25 2H 25 1H 26 2,213 2,310 2,384 2,188 14,972 12,280 4,257 2,384 Total advisers Addressable market Total advisers on North Advisers on North >$1m 1,160 1,596 2,305 2,800 3,075 (17) 487 1,002 1,543 1,591 1H 24 2H 24 1H 25 2H 25 1H 26 Net cashflows (excl pension payments) Net cashflows (incl pension payments) Net cashflows ($m) Addressable market 1 34.9 39.7 18.1 Superannuation Pension Investment (IDPS) Assets Under Management ($bn) Advisers on North (per half) +74 Platforms: Cashflows continue from new and existing advisers 1. Adviser Ratings. Total advisers and addressable market as at July 2026. Addressable market excludes stockbrokers, industry super funds, limited licensees and banks who are licensed financial advisers but are not likely to use a platform like North. > $1m AUM and positive cashflow > $1m AUM and negative cashflow 74 net new advisers with FUA >$1m 38 new distribution agreements with AFSLs 20 +97+25 Net new advisers
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Page : AMP 1H 26 Results - 6 August 2026 5% 5% 25% 23% 28% 31% 42% 41% Platforms AUM construct Managed PortfoliosAMP Managed Funds Other – direct holdings in shares, managed funds etc. Cash Account FY 25 1H 26 59% of AUM generates investment-related fees Platforms: Stable margin and increased operating leverage EBIT margin 68,072 75,444 83,593 89,360 30% 36% 39% 42% FY 23 FY 24 FY 25 1H 26 AVG AUM ($m) EBIT margin % Platforms AUM -based revenue margin (bps) Other fees1Administration Net margin 22 21 21 21 20 20 40 38 38 1H 25 2H 25 1H 26 43 41 41 Revenue margins consist of administration revenue and other fees which vary by segment, tiered fee structures and fee caps 59% of AUM generates investment - related fees. Shifting AUM mix - relative weighting of Managed Portfolios and Managed Funds as a percentage of total book AUM based revenue margins reflects interaction of strong AUM growth with tiered fee structures and fee caps, plus investment mix changes 1. Other fees includes investment management fees on cash, AMP managed funds, managed portfolio RE fees, guarantee fees and transaction costs. $88.7bn $92.7bn Growth in EBIT margin continues, demonstrating the scalability of the platform, ongoing operating leverage and cost discipline 21
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Page : AMP 1H 26 Results - 6 August 2026 $m 1H 26 1H 25 1H 26 v 1H 25 AUM based revenue ($m)1 184 175 ▲ 5.1% Other revenue & investment income ($m) 1 2 ▼ 50.0% Variable costs ($m) (47) (46) ▲ 2.2% Controllable costs ($m) (93) (92) ▲ 1.1% EBIT ($m) 41 34 ▲ 20.6% NPAT (underlying) ($m) 32 27 ▲ 18.5% Average AUM ($bn)2 60.8 57.1 ▲ 6.6% Net cashflows (excluding pension payments) ($m) 76 (75) n/a AUM based revenue to average AUM (bps)1, 2 61 62 ▼ 1bp Investment management expense to average AUM (bps)2 (14) (15) ▼ 1bp Net AUM based margin (bps)2 47 47 - - EBIT margin (%) 22.7 19.8 ▲ 2.9pp Cost to income ratio (%) 69.4 73.0 ▼ 3.6pp ROTE (%) 19.9 16.9 ▲ 3.0pp Super & Investments: Positive 1H 26 cashflows Underlying NPAT up over 18% Positive net cashflows of $76m , first positive half since 2017 EBIT margin of 22.7% up 2.9pp (1H 25 19.8%) driven by realised operating leverage 1. AUM based revenue refers to administration and investment revenue on superannuation and retirement income products. 2. Based on average of monthly average AUM. 22 Revenue margin of 61bps steady on 2H 25
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Page : AMP 1H 26 Results - 6 August 2026 31 30 30 31 31 31 47 47 47 53,452 54,467 58,645 60,844 15% 19% 22% 23% EBIT margin FY 23 FY 24 FY 25 1H 26 AVG AUM ($m) EBIT margin % S&I AUM construct Employer - MySuperPersonal - Choice Personal - MySuperEmployer - Choice FY 25 1H 26 Super & Investments: Stable margins; emerging operating leverage S&I AUM -based revenue margin (bps) Other feesAdministration Net margin Revenue margins consist of administration revenue (including a fixed member fee) with applicable fee caps and investment fees which vary by investment menu and member type Net Revenue based margins is Revenue based margins less Investment Management expense AUM based revenue margins steady at 61bps in 1H 26 (1H 25: 62bps). Administration margin down by 1bp reflecting interaction of strong AUM growth, fee structures and fee caps 17% 17% 41% 39% 25% 26% 17% 18% 62 61 61 $60.7bn $62.6bn 23 1H 25 2H 25 1H 26
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Page : AMP 1H 26 Results - 6 August 2026 $m 1H 26 1H 25 1H 26 v 1H 25 AUM based revenue ($m) 45 46 ▼ 2.2% Other revenue ($m) 18 22 ▼ 18.2% Total revenue ($m) 63 68 ▼ 7.4% Variable costs ($m) (22) (25) ▼ 12.0% Controllable costs ($m) (16) (17) ▼ 5.9% EBIT ($m) 25 26 ▼ 3.8% NPAT (underlying) ($m) 18 19 ▼ 5.3% NPAT (underlying) ($NZDm) 22 21 ▲ 4.8% Average AUM ($bn)1 12.0 11.8 ▲ 1.5% Net cashflows (excluding pension payments) ($m) 116 97 ▲ 19.6% AUM based revenue to average AUM (bps)1 76 78 ▼ 2bps Investment management expense to average AUM (bps)1 (12) (14) ▼ 2bps Net AUM based margin (bps)1 64 64 - - EBIT margin (%) 39.7 38.2 ▲ 1.5pp Cost to income ratio (%) 39.0 39.5 ▼ 0.5pp ROTE (%) 72.0 76.0 ▼ 4.0pp NZWM: Resilient earnings underpinned by margin discipline and cost control Underlying NPAT of $18m - down 5.3% in AUD predominantly impacted by FX headwinds (NPAT up 4.8% in NZD) Net cashflows up 19.6% driven by increased KiwiSaver inflows with higher contribution rate and voluntary contributions, lower outflows and strong growth in Managed Funds EBIT margin of 39.7% Cost-to-income improved to 39.0% through continued cost management with business managing through inflationary pressures 1. Based on average of monthly average AUM. 24
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Page : AMP 1H 26 Results - 6 August 2026 $m 1H 26 1H 25 1H 26 v 1H 25 China partnerships1 56 27 ▲ 107.4% Other partnerships2 7 10 ▼ 30.0% Partnerships 63 37 ▲ 70.3% Other revenue3 6 4 ▲ 50.0% Total Revenue 69 41 ▲ 68.3% Controllable costs (38) (35) ▲ 8.6% EBIT 31 6 ▲ Large Interest expense on corporate debt4 (16) (28) ▼ 42.9% Investment income from Group cash and liquids 25 16 ▲ 56.3% Tax expense5 3 8 ▼ 62.5% NPAT (underlying) 43 2 ▲ Large Partnerships & Group: Positives from China partnerships and interest rates Non-strategic interests remain a realisation focus. Continued focus on releasing capital over time while managing residual value Other partnerships benefiting from $18m (pre-tax) of carried interest, offset by downward revaluations in sponsor investments Interest expense driven by lower average corporate debt following redemption of $275m AT1 notes in late 2H 25 Investment income increased given continued strength in Group cash holdings, combined with higher interest rates 1. Partnership investments are accounted for using the equity accounting method. 2. Includes profit contributions from PCCP, Akumin Pty Ltd and sponsor investments. 3. Includes income on certain Advice retained assets. 4. Includes fees associated with Group credit facilities which were terminated in 3Q 25. 5. JV income component of China partnerships is non assessable for tax purposes. 25
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Page : AMP 1H 26 Results - 6 August 2026 $m 1H 26 1H 25 1H 26 v 1H 25 China Partnerships 56 27 ▲ 107.4% Tax expense1 - - n/a NPAT (underlying) 56 27 ▲ 107.4% Carrying value – CLPC2 589 525 ▲ 12.2% Carrying value – CLAMP2 116 103 ▲ 12.6% Total carrying value 705 628 ▲ 12.3% ROI (%)3 16 9 ▲ 7pp China Partnerships: Strong contribution up 107% Strong China partnerships contribution, up 107% driven by continued growth in CLPC China partnerships annualised ROI increased to 16% up 7 percentage points (1H 25: 9%) 1. JV income component of China partnerships is non assessable for tax purposes. 2. Partnership investments are accounted for using the equity accounting method. 3. Annualised CLPC operating leverage improved further , with CTI improving to 45.1% in FY 25, compared with 49.8% in FY 24 and 55.0% in FY 23 26 20 27 27 45 56562 631 628 683 705 1H 24 2H 24 1H 25 2H 25 1H 26 Total carrying value ($m) NPAT contribution ($m) China contribution and carrying value
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Page : AMP 1H 26 Results - 6 August 2026 1,533 1,525 1,690 2,054 2,388 340 322 331 419 414 FY 21 FY 22 FY 23 FY 24 FY 25 1H 26 AUM RMB (billion) CLPC CLAMP China Partnerships: CLPC China Life Pension Company (CLPC) is the pre-eminent pension company in China, one of only 12 Trustee Licences in the market • AMP has a 19.99% ownership stake ($589m AMP’s 1H 26 carrying value1) • AUM up 9% (~$45bn AUD) for the 6 months to 1H 26 from FY 25 to RMB ~2.6tr • Increasing dividend payout ratio over past 3 years. 2025 dividend represents payout ratio of 41% China Life AMP Asset Management Company (CLAMP) • AMP has a 14.97% ownership stake ($116m AMP’s 1H 26 carrying value1) • Distributes and manages investment solutions for >75m retail customers and 95,000 institutional clients through >240 products • 2025 dividend represents a 40% payout ratio of distributable net profit China Partnerships: CLAMP 1. Partnership investments are accounted for using the equity accounting method. RMB:AUD as at 30 June 2026: RMB 1: AUD $0.21 27 30 35 41 0 40 40 FY 23 FY 24 FY 25 Dividend payout ratio (%) CLPC CLAMP CAGR 12% CAGR 5% ~2,600 CLPC key financial metrics (100%) FY 25 FY 24 FY 23 FY 25 v FY 24 Operating revenue (RMB m) 4,298 3,332 2,406 ▲ 29.0% Operating expenses (RMB m) 1,938 1,659 1,324 ▲ 16.8% NPAT (RMB m) 1,748 1,246 795 ▲ 40.3% AUM (RMB bn) 2,388 2,054 1,690 ▲ 16.3% Cost-to-income ratio (%) 45.1 49.8 55.0 ▼ 4.7pp Return on capital (%) 51.4 36.6 23.4 ▲ 14.8pp Dividend payout ratio (%) 41 35 30 ▲ 6pp
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Page : AMP 1H 26 Results - 6 August 2026 $m 1H 26 1H 25 1H 26 v 1H 25 Net interest income ($m) 162 167 ▼ 3.0% Fee and other income ($m)1 6 6 - - Variable costs ($m) (63) (60) ▲ 5.0% Controllable costs ($m) (76) (69) ▲ 10.1% EBIT ($m) 29 44 ▼ 34.1% NPAT (underlying) ($m) 20 30 ▼ 33.3% Residential mortgage book ($m) 23,607 23,326 ▲ 1.2% Total Deposits ($m) 17,766 20,497 ▼ 13.3% Term deposits ($m) 2,700 4,600 ▼ 41.3% Net interest margin (%) 1.25 1.30 ▼ 5bps Liquidity coverage ratio (%) 157 134 ▲ 23pp Common Equity Tier 1 capital ratio (%) 11.6 10.1 ▲ 1.5pp Return on capital (%) 3.6 5.2 ▼ 160bps Cost to income ratio (%) 72.4 61.1 ▲ 11.3pp AMP Bank: Funding mix transformation and capital optimisation progressing Underlying NPAT of $20m impacted by investment to scale AMP Bank GO NIM of 1.25% reflects structural shift of funding and increased securitisation AMP Bank GO deposits reached $1.7bn scaling to address funding mix and reduce funding costs in the medium term 1. Fee and other income mainly comprises mortgage origination, servicing and discharge fees as well as foreign exchange losses and profit on sale of invested assets. 28 Return on capital reflects investment in AMP Bank GO and temporarily elevated capital levels following securitisation activity Closed legacy deposit platform to new business, to realise future cost synergies as we scale Bank GO deposits
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Page : AMP 1H 26 Results - 6 August 2026 (3) 89 79 FY 25 CET1 Capital Deficit to Target 20 NPAT (Underlying) (7) Below the line items Capital management and Net Business Activity 1H 26 CET1 Surplus to Target 10.5% Total Loans to Risk Weighted Assets (Standardised)1 AMP Bank: Capital management and balance sheet efficiency remain clear focus CET1 Surplus/(Deficit) to target of 10.5% ($m) 1. Due to rounding, numbers presented in this section may not sum precisely to the totals provided. 8,740 8,369 8,114 7,510 24,441 23,274 24,098 23,734 FY 23 FY 24 FY 25 1H 26 9,268 8,897 8,561 7,930 Credit Risk Operational, Market and Other Risk Total Loans 29 AMP Bank remains focused on improving returns through: • disciplined cost management, • funding mix optimisation, • targeted lending and • capital efficiency initiatives, including securitisation Active capital management delivered an $89m capital surplus to target in 1H 26 – including $2.3bn of securitisation Capital above current target settings will be actively managed to enhance balance sheet efficiency and improve shareholder returns over time
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Page : AMP 1H 26 Results - 6 August 2026 FY 26 guidance 30
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Page : AMP 1H 26 Results - 6 August 2026 Page : FY 26 guidance: subject to market conditions FY 26 AUM based revenue margins expected: 40 – 41 bps FY 26 AUM based revenue margins expected: 60 – 61bps Target $2.0bn in total deposits in AMP Bank GO Further capital management impacting NIM ~1.25% Platforms Superannuation & Investments AMP Bank Anticipate combined annualised 12 - 15% ROI FY 26 controllable costs expected to be $630m – $640m Partnerships (China & non-strategic) Controllable costs 31Refer to important information on slide 2 The Board will review the final dividend at FY 26 Dividend
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Page : AMP 1H 26 Results - 6 August 2026 Priorities Blair Vernon - CEO 32
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AMP 1H 26 Results - 6 August 2026 Page : AMP’s 2H 26 priorities • Extend AMP’s innovation in retirement • Leverage refreshed sales capability and compelling member offer in Australia and NZ • Deliver productivity and capability to advisers – including AI Implement in North • S&I digital transformation delivering a better member experience and extending operating leverage • Drive dividends from Partnerships • Accelerate capital release in AMP Bank and improve cost efficiency • Return capital to shareholders as AMP prioritises growth in capital light, wealth- oriented businesses • Pursue AI opportunities to deliver for members, advisers and our people • Manage the emerging risks – cyber and fiscal • Drive a more efficient operating model enterprise wide 33 Increasing business cash generation and returns to shareholders Leveraging AI and managing risk Accelerate growth in wealth businesses 01 02 03
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Page : AMP 1H 26 Results - 6 August 2026 Q&A 34
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Page : AMP 1H 26 Results - 6 August 2026 Appendix 35
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Page : AMP 1H 26 Results - 6 August 2026 $m 1H 26 1H 25 1H 26 v 1H 25 NPAT (underlying) 1 174 131 ▲ 32.8% Litigation and remediation related costs (5) (11) ▼ 54.5% Business simplification (10) (21) ▼ 52.4% Other items (2) 2 n/a Amortisation of intangible assets (3) (3) - - Total items reported below NPAT (post -tax) (20) (33) ▼ 39.4% NPAT (statutory) 154 98 ▲ 57.1% Statutory NPA T reconciliation Statutory NPAT up 57.1% to $154m, concluding the majority of legacy litigation matters Litigation and remediation related costs reduced by 54.5% following resolution of legacy matters Business simplification to complete in 2H 26 1. Net profit after tax (underlying) represents shareholder attributable net profit or loss after tax excluding non-recurring revenue and expenses. NPAT (underlying) is AMP’s preferred measure of profitability as it best reflects the underlying performance of AMP’s business units 36
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AMP 1H 26 Results - 6 August 2026 Page : Pillar 1 China’s pension market: Strong in Pillars 1 and 2; CLPC well positioned for Pillar 3 Basic Pension A$1.85 trillion in AUM • Currently the major component of China’s pension system • Retirement savings now covering the whole working population of ~1.07bn people 1 • Mandated savings rate 8%; Employers contribute a further 16%1. Ministry of Human Resources and Social Security, 2026 37 A$3.5 trillion in AUM across all three pillars Employer A$1.6 trillion in AUM • Growth expected to mainly come from enterprise annuities • Ongoing policy reforms to increase participation • Enterprise annuities: Workplace super for SOE and large corporates. CLPC is #1 player in trustee market with 30% market share and #2 in investment management with 12.6% market share • Occupational Pensions: Public and Civil Servants. CLPC is largest player with nationwide coverage in China, and the master trustee in 29 of the 33 provinces Personal Relatively new in China, with only A$63 billion in AUM • Officially launched in Dec 2024 • Current scale negligible but significant growth potential with further policy support expected • Current tax incentive applies to contributions of up to RMB 12,000 pa Pillar 2 Pillar 3
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AMP 1H 26 Results - 6 August 2026 Page : Non-strategic partnerships 1. Partnership investments are accounted for using the equity accounting method. 2. Entitlement to further carried interest is subject to conditions, is uncertain and cannot be determined until the sale of the remaining interest in the assets. In the event that the remaining interest is sold and criteria are met, AMP estimates a possible total earning in the range of 30% above or below the amount previously disclosed ($57m). This includes the carried interest recognised in 1H 26. PCCP LLC • AMP has a 21.07% ownership stake ($183m AMP’s 1H 26 carrying value1) • Established US real estate investment manager managing US$29.3bn in AUM as of end Q4 2025 • Following the divestment of AMP Capital , PCCP is no longer a core strategic interest of the Group • Continue to explore the sale of AMP’s equity stake at the appropriate time Other interests • Includes sponsor capital and potential carried interest from residual AMP Capital funds and investments • $18m (pre -tax) carried interest from DigitalBridge, following recent partial asset sale within a legacy fund. Further carried interest dependent on the sale of residual interests. 2 Page : 38
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Page : AMP 1H 26 Results - 6 August 2026 Deposits 55 56 54 61 59 16 18 18 21 21 29 26 28 18 20 0.00 18.00 36.00 54.00 72.00 90.00 108.00 1H 24 2H 24 1H 25 2H 25 1H 26 Average NIM: 2H 25 – 1H 26 23 AMP Bank: Funding composition and Net Interest Margin Deposit mix (%) Call Deposit (Retail and Platform, S&I) Notice and Offset Funding mix (%) Securitisation Wholesale funding + subordinated debt Funding mix: Strategy to focus on structural shift of funding and continued focus on capital management via securitisation Asset mix: Lending stable on the prior period with competition in the mortgage market offset by an increase in higher return segments Liability mix: Improved funding margins were partially offset by the higher proportion of securitisation and capital efficient wholesale funding. 74 71 71 66 61 17 19 19 25 30 4 5 5 6 6 5 5 5 3 3 0.00 18.00 36.00 54.00 72.00 90.00 108.00 1H 24 2H 24 1H 25 2H 25 1H 26 1.26% 1.25% (0.05%) 0.12% (0.09%) 0.01% 0.50% 0.70% 0.90% 1.10% 1.30% 2H 25 Lending Funding Liability mix Treasury 1H 26 Equity + Reserves Term Deposits 39
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AMP 1H 26 Results - 6 August 2026 Page : 6.5 2.7 1.4 1 (5) 0 1 (1) -6.00 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 1H 24 2H 24 1H 25 2H 25 1H 26 Loan Bad debts Written Off ( incl. resi and BFL) ($m) Loan Impairment Expenses (LIE) (bps) AMP Bank Residential Mortgage Portfolio Breakdown Total Loan Bad Debts Written Off and LIE AMP Bank’s 30+ and 90+ days mortgage arrears Loan Purpose Investor Owner occupier 1H 24 37% 63% 2H 24 38% 62% 1H 25 39% 61% 2H 25 39% 61% 1H 26 40% 60% Repayment Type Interest only Principal & interest 1H 24 18% 82% 2H 24 18% 82% 1H 25 18% 82% 2H 25 19% 81% 1H 26 20% 80% Residential Mortgages: Current Weighted Average Loan to Value Ratio 1.72 1.36 1.44 1.17 1.19 0.88 0.76 0.88 0.69 0.71 1H 24 2H 24 1H 25 2H 25 1H 26 30+ days arrears (%) 90+ days arrears (%) 40 4.7 3.2 4.4 8.6 2.1 0.3 4.8 3.2 4.3 9.0 2.3 0.4 4.7 3.1 4.2 9.1 2.2 0.3 <=50% 50%-60% 60%-70% 70%-80% 80%-90% >90% 1H 26 Portfolio ($bn)2H 25 Portfolio ($bn)1H 25 Portfolio ($bn)