Earnings release
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AMP ASX Release 6 August 2026 AMP announces 1H 26 results and further $ 150 million buyback AMP delivers 33 % underlying profit growth , strong Platforms net cashflows and additional capital returns to shareholders through dividends and buybacks - Underlying NPAT¹ increased 33 % to $ 174 million , with statutory NPAT up 57 % to $ 154 million - Assets under management increased to $ 167.6 billion , reflecting momentum in AMP's wealth and retirement businesses - - Platforms net cashflows² increased 33 % to $ 3.1 billion for the half Superannuation & Investments delivered its first positive half - year net cashflow² result since 2017 Contribution from AMP's China partnerships more than doubled to $ 56 million , supported by CLPC AUM growth to RMB ~ 2.6 trillion Capital release strategy from AMP Bank progressing , generating a surplus capital position of $ 89 million at end of the half AMP generated $ 236 million of surplus capital in 1H 26 and returned $ 201 million to shareholders through dividends and buyback - Additional $ 150 million on - market share buyback and an interim dividend of 3.0 cents per share , 20 % franked , announced today AMP Chief Executive Blair Vernon said : " AMP's first half results reflect the momentum we are building as we grow our wealth and retirement businesses , deepen customer engagement and maintain a disciplined approach to capital management . " Demand continues to grow for our market - leading retirement solutions from advisers and direct- members . In Platforms , more new advisers are coming to North , attracted to its features and functionality including the new Al - powered North Interactive Wealth Portal . " Cashflows across all our wealth businesses reached new milestones in this half - up 33 % in North , turning positive in Super & Investments for the first time since 2017 , and up almost 20 % in New Zealand . " Our China partnerships are performing strongly , supported by growth in retirement savings and pensions in China and the strength of our long - standing partnerships . " Releasing capital from AMP Bank and non - strategic assets remains a key priority in our capital management strategy . During the half , we generated $ 236 million of surplus capital and returned $ 201 million to shareholders . Today , we are announcing a further $ 150 million on - market share buyback , in addition to an interim dividend of 3.0 cents per share . " 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 . 2. Excluding pension payments
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2 Business unit results Platforms • Underlying NPAT increased 15.1% to $61 million (1H 25: $53 million) • Net cashflows (excluding pension payments) up 33.4% to $3.1 billion (1H 25: $2.3 billion) • Closing AUM of $92.7 billion (FY 25: $88.7 billion) Momentum in Platforms cashflows continued, with strong cashflows driven by new adviser activations and growth from existing advisers. 38 new distribution agreements were signed with AFSLs, and 74 net new advisers activated with AUM over $1 million on North. North’s Managed Portfolios offer grew to $28.3 billion, and AMP’s market-leading retirement solution, MyNorth Lifetime, grew to $1.2 billion. AUM based revenue margin of 41bps was steady on 2H 25 (1H 25: 43bps), with ongoing management of the margin impact of investment mix changes and tiered fee structures. EBIT margin rose to 42% (FY 25: 39%), demonstrating increased operating leverage in this business. Superannuation & Investments • Underlying NPAT increased 18.5% to $32 million (1H 25: $27 million) • Positive net cashflows (excluding pension payments) of $76 million; first positive half since 2017 • Closing AUM of $62.6 billion (FY 25: $60.7 billion) AMP Super delivered positive net cashflows (excluding pension payments) of $76 million for the half, up from net cash outflows of $75 million in 1H 25, demonstrating growth in inflows and improving member retention, both of which are critical to achieving sustainable positive cashflows. AUM based revenue was up 5.1% to $184 million (1H 25: $175 million) and controllable costs were $93 million (1H 25: $92 million). AUM based revenue margin of 61bps remained steady from 2H 25 ( 1H 25: 62bps). EBIT margin increased to 23% (FY 25: 22%). AMP Super again delivered strong investment performance for members, with the majority of MySuper members receiving top quartile returns for the 12 months to 30 June 2026 2 3. AMP Super’s enhanced member offer includes digital advice tools, the market-leading AMP Super Lifetime solution and AMP Rewards, aimed at driving retention and new members. New Zealand Wealth Management • Underlying NPAT of $18 million (1H 25: $19 million) • Resilient earnings underpinned by margin discipline and cost control, offset by the impact of FX headwinds • Closing AUM of $12.3 billion (FY 25: $12.3 billion) Cost discipline was maintained despite ongoing inflationary pressures, with controllable costs of $16 million (1H 25: $17 million). Net cashflows (excluding pension payments) increased 19.6% to $116 million (1H 25: $97 million), with KiwiSaver inflows increasing in line with the higher contribution rate of 3.5%, effective 1 April 2026, as well as additional voluntary contributions. 3. SuperRatings, Accumulation Fund Crediting Rate Survey, Default Options, June 2026
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3 Partnerships and Group • Underlying NPAT of $43 million (1H 25: $2 million) • China partnerships contribution increased 107.4% to $56 million (1H 25: $27 million), with strong growth from CLPC in particular, as the Chinese pension market continues to build momentum The total carrying value of the two joint ventures increased 12.3% to $705 million, while the combined annualised return on investment improved to 16% (1H 25: 9%). CLPC’s dividend payout ratio increased to 41% (FY 24: 35%), and CLAMP’s was steady at 40% for FY 25, having commenced dividends the prior year. Group controllable costs of $38 million (1H 25: $35 million) reflect inflationary pressures. AMP Bank • Underlying NPAT of $20 million (1H 25: $30 million) • Capital efficiency strategy remains a key priority • AMP Bank GO deposits reached $1.7 billion (FY 25: $310 million) Underlying NPAT of $20 million reflects the impact of the investment to accelerate the transition to AMP Bank GO, as part of the strategy to improve the funding mix in the medium term. AMP Bank GO growth continues, reaching $1.7 billion in deposits and ~34,500 customers, driven by a compelling customer proposition and the transition of existing bank customers to the new, contemporary offer. During the period, AMP closed its heritage bank to new deposits, to realise future cost synergies. AMP Bank’s residential mortgage book continued to be managed for margin, with the loan book reduced to $23.6 billion (FY 25: $23.9 billion). 30 and 90-day arrears remain at low levels. AMP continued its strategy to release capital from within AMP Bank through active capital management including securitisation, delivering an $89 million surplus above target at the end of the half. Securitisation, along with funding mix and mortgage market competition, saw Net interest margin (NIM) reduce to 1.25% (1H 25: 1.30%). AMP Bank remains focused on improving returns and managing capital to target settings over time. Dividend and buyback The Board has resolved to declare an interim dividend of 3.0 cents per share, 20% franked. The Board also announces a further $150 million on-market share buyback, to commence following the required regulatory waiting period. Briefing More detailed information on the 1H 26 result is available in the 1H 26 Presentation and AMP Data Pack, available at AMP's shareholder centre. An analyst briefing, starting at 10.00am, can be viewed (listen only) via webcast at: AMP 1H 26 Results briefing.
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4 Media enquiries Investor enquiries Brett Zarb Mobile: +61 417 256 563 Adrian Howard Mobile: +61 413 184 488 Richard Nelson Mobile: +61 455 088 099 Jo Starr Mobile: +61 416 835 301 All amounts are in Australian dollars (A$) unless otherwise stated. Growth is the percentage increase on prior corresponding period. Authorised for release by the AMP Limited Board.
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5 2Q 26 cashflows Platforms $m 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 % 2Q 26/ 2Q 25 Closing AUM North1 81,756 85,537 88,731 85,534 92,738 13.4% External platforms2 1,429 1,360 - - - n/a Total Platforms 83,185 86,897 88,731 85,534 92,738 11.5% of which North Managed Portfolios3 21,789 23,840 25,177 25,404 28,265 29.7% Average AUM 80,528 85,367 88,001 88,830 89,889 11.6% Cashflows North inflows4 3,255 2,850 4,568 2,494 3,812 17.1% North outflows4,5 (1,569) (1,537) (1,605) (1,419) (1,812) (15.5%) North net cashflows5 1,686 1,313 2,963 1,075 2,000 18.6% External platforms inflows4 32 9 1 - - n/a External platforms outflows4,5 (153) (110) (1,376) - - n/a External platforms net cashflows5 (121) (101) (1,375) - - n/a Platforms net cashflows5 1,565 1,212 1,588 1,075 2,000 27.8% Pension payments North (783) (574) (672) (573) (911) (16.3%) External platforms (13) (9) (2) - - n/a Total Pension payments (796) (583) (674) (573) (911) (14.4%) Market/Other movements6 North 3,508 3,042 903 (3,699) 6,115 74.3% External platforms 66 41 17 - - n/a Total Market/Other movements 3,574 3,083 920 (3,699) 6,115 71.1% 1 North is an award winning wrap platform which includes guaranteed and non-guaranteed options. Includes North and MyNorth platforms. 2 External platforms comprise Asgard platform products issued by AMP. During 4Q 25 the Asgard products were closed with existing customers moved to MyNorth. 3 Represents Managed Portfolios within Platforms AUM. 4 Inflows and outflows exclude internal product flows (i.e. transfers across and within products). 5 Cash outflows and net cashflows excludes regular pension payments to members. 6 Other movements includes fees, investment returns, distributions, taxes and foreign exchange movements. 38% 43% 19% AUM by product Superannuation Pension Investment $92,738m AUM 30% 30% 35% 4% 1% AUM by asset class Cash and fixed interest Australian equities International equities Property Other $92,738m AUM
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6 Superannuation & Investments $m 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 % 2Q 26/ 2Q 25 Closing AUM Personal superannuation1 33,502 34,685 34,831 33,786 35,987 7.4% Employer superannuation2 24,951 25,776 25,830 25,034 26,581 6.5% Total Superannuation & Investments 58,453 60,461 60,661 58,820 62,568 7.0% Average AUM 56,909 59,653 60,781 60,724 60,964 7.1% Cashflows Superannuation & Investments inflows3 1,243 931 1,006 947 1,441 15.9% Superannuation & Investments outflows3,4 (1,210) (1,172) (1,232) (1,027) (1,285) (6.2%) Superannuation & Investments net cashflows4 33 (241) (226) (80) 156 372.7% Personal superannuation net cashflows4 24 (122) (76) (13) 106 341.7% Employer superannuation net cashflows4 9 (119) (150) (67) 50 455.6% Pension payments (123) (102) (100) (87) (132) (7.3%) Market/Other movements5 2,721 2,351 526 (1,674) 3,724 36.9% 1 Personal superannuation includes $11.2bn in MySuper (1Q 26 $10.3bn). 2 Employer superannuation includes $16.2bn in MySuper (1Q 26 $15.1bn). 3 Inflows and outflows exclude internal product flows (i.e. transfers across and within products). 4 Cash outflows and net cashflows excludes regular pension payments to members. 5 Other movements includes fees, investment returns, distributions, taxes and foreign exchange movements. 92% 8% AUM by product Superannuation Pension $62,568m AUM 19% 30% 45% 6% AUM by asset class Cash and fixed interest Australian equities International equities Property $62,568m AUM
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7 New Zealand Wealth Management $m 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 % 2Q 26/ 2Q 25 Closing AUM KiwiSaver 6,842 6,846 6,914 6,494 6,935 1.4% Other1 5,375 5,332 5,366 5,016 5,326 (0.9%) Total New Zealand Wealth Management 12,217 12,178 12,280 11,510 12,261 0.4% Cashflows KiwiSaver inflows 159 203 164 152 164 3.1% KiwiSaver outflows2 (120) (139) (129) (117) (120) - KiwiSaver net cashflows2 39 64 35 35 44 12.8% Other inflows1 188 160 183 152 193 2.7% Other outflows1,2 (187) (160) (160) (146) (162) 13.4% Other net cashflows1,2 1 - 23 6 31 Large New Zealand Wealth Management net cashflows2 40 64 58 41 75 87.5% Pension payments KiwiSaver (25) (22) (25) (30) (31) (24.0%) Other1 (16) (17) (19) (20) (16) - Total Pension payments (41) (39) (44) (50) (47) (14.6%) Market/Other movements3 KiwiSaver 330 (38) 58 (425) 428 29.7% Other1 259 (26) 30 (336) 295 13.9% Total Market/Other movements 589 (64) 88 (761) 723 22.8% 1 Other includes superannuation, retail investment and legacy products and term deposits. 2 Cash outflows and net cashflows excludes pension payments to members. Equivalent retirement withdrawals have been classified as pension payments to align to Platforms and Superannuation & Investments definitions. 3 Other movements include fees, investment returns, distributions, taxes, as well as movements related to the foreign currency fluctuations due to NZD FUM being reported in AUD.
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8 AMP Bank $m 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 % 2Q 26/ 2Q 25 Deposits and loans At call deposits 8,969 9,223 9,282 9,142 8,800 (1.9%) Term deposits 4,571 4,090 2,711 2,593 2,645 (42.1%) Customer deposits 13,540 13,313 11,993 11,735 11,445 (15.5%) Platforms1 5,046 5,555 5,671 5,504 4,367 (13.5%) Superannuation & Investments2 1,909 1,897 1,873 1,973 1,914 0.3% Other3 2 3 46 131 40 Large Total deposits 20,497 20,768 19,583 19,343 17,766 (13.3%) Residential Mortgages 23,326 23,609 23,922 23,883 23,607 1.2% Business Finance Loans 195 185 176 176 127 (34.9%) Total loans 23,521 23,794 24,098 24,059 23,734 0.9% Deposit to loan ratio 87% 87% 81% 80% 75% n/a 1. At 2Q 2026, Platforms include Cash (A$3.6bn) and Term Deposits (A$0.8bn). 2. At 2Q 2026, Superannuation & Investments deposits include AMP Supercash (A$1.8bn) and Super TDs (A$0.1bn). 3. Other deposits include internal deposits and wholesale deposits.