Slides
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Fourth Quarter 2025 Results Andrew Schlossberg President and Chief Executive Officer Allison Dukes Chief Financial Officer January 27, 2026
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This presentation and comments made in the associated conference call today may include “forward-looking statements.” Forward-looking statements include information concerning future results of our operations, expenses, earnings, liquidity, cash flow, capital expenditures and AUM and could differ materially from events that actually occur in the future due to known and unknown risks and other important factors, including, but not limited to, industry or market conditions, geopolitical events, including wars, global trade tensions, tariffs, natural disasters, and pandemics or health crises and their respective potential impact on the company, acquisitions and divestitures, debt and our ability to obtain additional financing or make payments, regulatory developments, demand for and pricing of our products and other aspects of our business or general economic conditions. In addition, words such as “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates,” “projects,” “forecasts,” and future or conditional verbs such as “will,” “may,” “could,” “should,” and “would” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. None of this information should be considered in isolation from, or as a substitute for, historical financial statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from our expectations. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our most recent Form 10- K and subsequent Forms 10-Q, filed with the Securities and Exchange Commission. You may obtain these reports from the SEC’s website at www.sec.gov. We expressly disclaim any obligation to update the information in any public disclosure if any forward-looking statement later turns out to be inaccurate. This presentation includes the following non-GAAP performance measures: net revenues (and by calculation, net revenue yield on AUM), adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income attributable to Invesco Ltd., and adjusted diluted earnings per share (EPS). We believe the adjusted measures provide valuable insight into our ongoing operational performance and assist in comparisons to our competitors. These measures also assist management with the establishment of operational budgets and forecasts. The most directly comparable U.S. GAAP measures are operating revenues (and by calculation, gross revenue yield on AUM), operating expenses, operating income, operating margin, net income attributable to Invesco Ltd., and diluted EPS. A reconciliation of U.S. GAAP results to non-GAAP results may be found in the Appendix. The information in this presentation is meant to supplement the information contained in the earnings release and includes a more detailed reconciliation format of the income statement from U.S. GAAP to a non-GAAP presentation. We believe that this presentation is useful, as it aggregates the various non-GAAP adjustments to illustrate adjusted revenue and expense categories and allows more transparency into the calculation of the non-GAAP financial measures. 2 Forward-Looking Statements and Important Information
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3 In 2025 We Strengthened Our Capital Management, Simplified and Focused Our Organization, and Accelerated Growth Focusing Efforts Unlocking Value Improving Performance Recapitalization of Balance Sheet Improving Balance Sheet Flexibility and Deleveraging • Repurchased additional $500MM of preferred stock in Q4’25; $1.5B of preferred stock repurchased in total • Repaid $500MM 3-year bank term loan entered into in 2Q’25; earlier repayment accelerates estimated annual accretion of preferred repurchases: • Redeemed $500MM senior note maturity in January 2026 Hybrid Investment Platform Implementation Simplifying Architecture, Future Cost Avoidance • Expected completion by end of 2026 ‒ 2026 Implementation Costs: $10-$15MM/quarter ‒ 2026 Incremental Platform Fees: Building to ~$10MM/quarter by year end ‒ 2026 Total Expense Increase: $25-$30MM Re-alignment of Fundamental Equities Teams Improving Performance, Simplifying • Improving fundamental equity performance: 40% in the top quartile, net long- term inflows in APAC and EMEA Sale of intelliflo Simplifying Strategy; Honing Focus • Net cash of ~$100MM in Q4’25; up to $65MM in potential additional earn-outs Canadian Business Transformation/Strategic Partnership CI Investments Simplifying Strategy; Honing Focus While Improving Revenue Generation Opportunities • CI acquiring Invesco Canada assets: 100 mutual funds and ETFs, $19B AUM • Entering long-term strategic partnership; sub-advising 63 funds with $9B AUM • 2Q’26 expected close Sale of Majority Interest in India Improved Distribution Access to Enhance Revenue Generation • Oct 2025 close with cash proceeds of $145MM • 40% share of net income now reported in Equity in Earnings • Assets/flows no longer reported in Invesco results Strategic Private Markets Partnership with Barings Accelerating Growth in High Opportunity U.S. Private Wealth Markets • $650MM total initial commitment from MassMutual • Delivery of multi-strategy credit offerings for the U.S. wealth channel • Completed first initiative: the jointly managed Invesco Dynamic Credit Opportunity Fund for U.S. wealth clients, MassMutual intends to invest $150MM LGT Capital Strategic Partnership Accelerating Growth in High Opportunity U.S. Private Wealth and Defined Contribution Markets • Accelerating our time to market by partnering with an established leader in private markets • Commitment of seed capital by LGT Capital to support product launches Conversion of QQQ Modernized Structure, Reduced Fees to Owners and Augmented Revenue • Conversion completed on December 20, 2025 ‒ Investment Management Fees: ~18bps ‒ Third Party, Dist. and Advisory: ~12bps ‒ Net Revenue: ~6bps ‒ Marketing Expense: Discretionary $60-$100MM ‒ Operating Income: ~4bps ‒ $0.11 EPS accretion captured in run-rate ‒ Ultimate total EPS accretion now $0.20 for the $1.5B of repurchases Strengthening Capital Management Accelerating Growth Simplifying and Focusing the Organization
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4 Significant Progress on Key Performance Drivers in 2025 ($s in billions, except Diluted EPS) * Numbers on an adjusted basis. See Appendix for footnote disclosures and non-GAAP reconciliation ** Leverage Ratio includes preferred stock *** Payout Ratio: Total dividends and share repurchases divided by adjusted net income attributable to common shareholders **** Total Shareholder Returns; peers include: BLK, LAZ, AB, BEN, JHG, STT, BK, TROW, NTRS $4.4 $4.7 2024 2025 Net Revenues Net revenues up 6% Operating Expenses* Well managed expenses Operating Income* 14% increase—352 bps of operating leverage Operating Margin* 230 bps improvement Diluted EPS* Growth of 19% Net Long-Term Flows 6% organic growth rate Headcount Reduction of 12% Total Payout Ratio*** Improving balance sheet and returning capital to shareholders Leverage Ratio** Significant progress TSR**** Outperformed peers $3.0 $3.1 2024 2025 $1.4 $1.6 2024 2025 31.1% 33.4% 2024 2025 $1.71 $2.03 2024 2025 $65.1 $81.2 2024 2025 2.83x 2.20x 2024 2025 56.9% 2024 2025 2.9% 8,508 7,499 2024 2025 54% 52% 2024 2025
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Global Liquidity8 $189.7 ($0.5) Ending AUM $2,169.9 Investment Capability* Ending AUM Net Flows Highlights ETFs and Index1 $630.2 $11.9 Record high AUM with annualized organic growth of 8%. QQQM continued to generate strong inflows, augmented by inflows across several ETFs in our index suite. We continue to build-out our active ETF suite, recently launching another fund; we now have nearly 40 active ETFs across investment capabilities. The annual BulletShares redemptions were a $3.8 billion flow headwind. QQQ2 $407.2 $1.5 Fund converted on 12/20/25, flows occurring from this date forward are included in long- term flows, with revenue earned on the total AUM from that date forward. Total net flows for the quarter were $13 billion, with record high AUM. Fundamental Fixed Income3 $311.5 $2.2 Continued strength in Investment Grade and Stable Value—strong institutional activity was augmented by continued growth in our U.S. wealth SMA platform which now stands at a record $35 billion in total AUM. Fundamental Equities4 $298.4 ($5.5) Positive flows from Global/Regional equities from clients in Asia Pacific and EMEA, offset by moderating net outflows in the US region in the Developing Markets fund of $1.5 billion. China JV5 $132.5 $8.9 Record AUM with strong net long-term inflows driven by both institutional and retail fixed income plus, augmented by continued ETF inflows. Private Markets6 $130.7 $0.3 Net inflows led by Direct Real Estate including through the INCREF credit fund; Direct Real Estate funds have $7 billion of dry powder available to capitalize on opportunities. Multi Asset/Other7 $69.7 ($0.2) Continued net long-term inflows in Quantitative strategies were offset by outflows in certain balanced-risk funds. Total Long-Term $1,980.2 $19.1 Annualized long-term organic growth of 5% with continued strong net inflows in APAC and EMEA across passive and active and in the retail and institutional channels. Fourth Quarter 2025 Investment Capability Highlights 5 * Dollars are in billions unless otherwise noted. Numbers may not add up due to rounding. See Appendix for footnote disclosures and non-GAAP reconciliation.
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6 Investment Performance Fundamental Equities Fundamental Fixed Income 1-Yr 3-Yr 5-Yr Multi-Asset 76% 44% 77% 55% 71% 46% 19% 6% 6% 45% 15% 59% 22% 64% 23% 38% 44% 42% 39% 19% 35% 31% 52% 40% 34% 28% 10% AUM above benchmark 1st quartile 2nd quartile AUM measured in the one, three, and five-year quartile rankings represents 35%, 34%, and 33% of total Invesco AUM, respectively, and AUM measured versus benchmark on a one, three, and five-year basis represents 44%, 43%, and 42% of total Invesco AUM as of 12/31/2025. Peer group rankings are sourced from a widely-used third party ranking agency in each fund’s market (Morningstar, IA, Lipper, eVestment, Mercer, Galaxy, SITCA, Value Research) and asset-weighted in USD. Rankings are as of prior quarter-end for most institutional products and prior month-end for Australian retail funds due to their late release by third parties. Rankings are calculated against all funds in each peer group. Rankings for the primary share class of the most representative fund in each composite are applied to all products within each composite. Performance assumes the reinvestment of dividends. Past performance is not indicative of future results and may not reflect an investor’s experience. Overall 61% 38% 63% 44% 70% 48% 27% 26% 19% 1-Yr 3-Yr 5-Yr 1-Yr 3-Yr 5-Yr1-Yr 3-Yr 5-Yr
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* Dollars other than EPS are in billions unless otherwise noted. See Appendix for footnote disclosures and non-GAAP reconciliation. Numbers may not add up due to rounding. Financial Highlights 7 Key Metrics Q4’24 Q4’25 ($) Net Long-Term Flows $25.6 $19.1 ($9.8) Ending AUM $1,846.0 $2,169.9 $45.1 Ending Long-Term AUM $1,301.1 $1,942.3 $432.0 Average AUM $1,824.4 $2,161.8 $101.4 Average Long-Term AUM $1,310.1 $1,581.7 $119.7 Net Revenues* (millions) $1,157.2 $1,258.9 $72.6 Adj Operating Expenses* (millions) $767.1 $801.1 $20.9 Adj Operating Income* (millions) $390.1 $457.8 $51.7 Adj Operating Margin* 33.7% 36.4% 220 bps Adj Diluted EPS* $0.52 $0.62 $0.01 • Net Long-Term inflows of $19.1 billion or 5% annualized organic growth in the fourth quarter of 2025 ‒ AUM of $2.2 trillion ‒ Ending Long-Term AUM is now $1.9 trillion with the inclusion of QQQ • Net revenues increased 8.8% and expenses remained well-managed with a 4.4% increase from the fourth quarter of 2024 ‒ Net revenues increased 6.1% and expenses increased 2.7% from the third quarter of 2025 • Generated positive operating leverage of 440 basis points from the fourth quarter of 2024; drove 270 basis points of operating margin improvement – Generated positive operating leverage of over 340 basis points from the third quarter of 2025; drove 220 basis points of operating margin improvement • Continued strengthening of the balance sheet with leverage ratio improvement (inclusive of preferred stock) ‒ Repurchased additional $500 million of preferred stock in Q4’25; repurchased $1.5 billion of preferred stock in total ‒ Repaid the remaining $240 million of the 3-year bank term loan entered in Q2’25—50% of the term loans used for the $1 billion preferred stock repurchase in May are now repaid ‒ Executed common share buybacks of $25 million or 1.0 million shares (%) (33.9)% 2.1% 28.6% 4.9% 8.2% 6.1% 2.7% 12.7% 1.6% ($) (%) ($6.5) (25.4)% $323.9 17.5% $641.2 49.3% $337.4 18.5% $271.6 20.7% $101.7 8.8% $34.0 4.4% $67.7 17.4% 270 bps $0.10 19.2% Q3’25 $28.9 $2,124.8 $1,510.3 $2,060.4 $1,462.0 $1,186.3 $780.2 $406.1 34.2% $0.61 Q3’25-Q4’25 Change Q4’24-Q4’25 Change
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Significant AUM Growth; Capturing Flows as Client Demand Shifts and Impacts Asset Mix 8 Average AUM, $B | Net Revenue Yield (NRY)* 33–39 bps Fundamental Equities4 Fundamental Fixed Income5 ETFs and Index6 Private Markets3 Multi-Asset / Other1 Global Liquidity8 QQQ7 China JV2 NRY Trend10 9% 14% 19% 4%5% *See Appendix for footnote disclosures and non-GAAP reconciliation. Numbers may not add up due to rounding. • Secular shifts in client demand have altered our asset mix and overall NRY as our broad set of capabilities have allowed us to capture evolving client product preferences • Multi-Asset/Other is trending toward the lower end of the range • China JV is trending toward the lower end of the range • Private Markets is trending in toward the higher end of the range • Fundamental Equity is trending in a tight range • Fundamental Fixed Income is trending in a tight range • ETFs and Index is trending in a tight range 4Q’25 NRY Drivers Current TrendsPost OFI Acquisition 32–35 bps 49–52 bps 61–62 bps 21-22 bps 13-14 bps ~10 bps ~6 bps upon 12/20/25 conversion 5% 7% 16% 15% 26% 17% 10% Q4’24 4% 5% 7% 15% 15% 27% 17% 10% Q1’25 4% 5% 7% 14% 16% 27% 17% 10% Q2’25 4% 5% 6% 14% 15% 28% 18% 10% Q3’25 3% 6% 4% 14% 14% 29% 19% 9% 6% $1,824.4 24.6 bps $1,880.8 23.5 bps $1,897.4 23.2 bps $2,060.4 22.9 bps $2,161.8 22.5 bps Q4’25 9% 3% 11% 31% 19% 14% 6% 7% Q2’19 $1,187.2 40.7 bps9
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Q4 2024 $28 Employee compensation $2 Marketing ($13) Property office & technology $17 G&A Q4 2025 $767 $801 +4.4% 9 Revenues and Expenses See Appendix for footnote disclosures and non-GAAP reconciliation. Numbers may not add up due to rounding. Net Revenues Adjusted Operating Expenses (in millions) Q3’25 vs Q4’25 $34 million increase Increase Decrease $63 Investment mgmt. fees ($18) Service & distribution fees $32 Performance fees $2 Other ($6) Third-party1 $1,259 Q4 2025 $1,186 Q3 2025 +6.1% $73 million increase Q4’24 vs Q4’25 Q4 2024 $136 ($42) Third-party1 $1,259 Q4 2025 $0 Performance fees $6 Service & distribution fees $2 Investment mgmt. fees $1,157 Other +8.8% $102 million increase Q3 2025 $7 Employee compensation $4 Marketing ($1) Property office & technology $11 G&A $801 Q4 2025 $780 +2.7% $21 million increase
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*See Appendix for footnote disclosures and non-GAAP reconciliation. Numbers may not add up due to rounding Capital Returned to Shareholders Leverage Ratio 2 Sources of Liquidity by Type 10 $2,000 $2,062 $987 $1,038 Q4’24 Q4’25 $2,987 $3,100 Cash and cash equiv. Available Credit Facility Credit Facility - Exp. ’30 2026 2028 2030 2043 (in millions, except ratio information) Common Shareholders Payout Ratio 3 , as % of Adj. Net Income* Debt by Maturity 0.25x 0.30x 0.83x 0.63x 0.73x 2.83x 2.77x 2.70x 2.50x 2.20x Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 $391 $392 $499 $496 $500 $438 $0 Q4’24 $0 Q4’25 $891 $1,825 Leverage ratio2 Leverage ratio incl. Preferred Stock2 $93 $93 $95 $95 $95 $59 $59 $57 $44 $44 $25 $25 $25 $25 $25 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 $177 $177 $177 $164 $164 Buybacks1Common dividends Preferred dividends 0% 40% 80% 39% 11% 50% Q4’24 46% 12% 58% Q1’25 58% 15% 73% Q2’25 35% 9% 44% Q3’25 34% 9% 43% Q4’25 Common dividend Buybacks1 Total Payout Net Debt/Cash 4 Q4’24 Q4’25 $96 $788 Net Debt Net Cash Capital Management
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11 Appendix
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(billions) 1-Yr Change ETFs & Index Fundamental Fixed Income Fundamental Equities China JV Private Markets Multi-Asset/Other Global Liquidity QQQ TotalNumbers may not add up due to rounding. 12 Diversification (billions) 1-Yr Change Americas Asia Pac EMEA Total (billions) 1-Yr Change Retail Institutional Total By Client Domicile By Channel By Investment Capability 15% 16% 69% 30%70% $1,492.4 $321.0 $356.5 $2,169.9 13.4 % 18.8 % 37.0 % 17.5 % $1,515.7 $654.2 $2,169.9 19.8 % 12.7 % 17.5 % $2,169.9 17.5 % 3% 6% 6% 9% 14% 14% 19% 29% $630.2 30.0 % $311.5 11.6 % $298.4 7.8 % $132.5 42.2 % $130.7 $69.7 (3.5)% $189.7 (0.9)% $407.2 27.7 % 0.8 %
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Geography Channel Dollars are in billions unless otherwise noted. Numbers may not add up due to rounding. See Appendix for footnote disclosures and non-GAAP reconciliation. 13 $1,266 $580 $1,478 $647 $1,516 $654 $28.4 ($2.8) $19.7 $9.2$10.2 $8.9 69% 31% 12.4% -2.8% Solid Growth With Ample Opportunity Retail2 Institutional3 Retail2 Institutional3 AUMNet Long-Term Flows 16%15% 14%69% $1,316 $270 $260 $1,466 $320 $338 $1,492 $321 $357 Americas Asia Pac EMEA 4.2% 13.2% 15.6% $8.9 $7.5 $9.2$9.6 $11.4 $7.9 ($1.2) $14.1 $6.2 Americas Asia Pac EMEA 69%71% 15% 15% 16% 70% 70% 30% 30% 4.3% -0.5% 17.1% 20.7% 10.4% 7.5% 7.8% 3.6% 8.2% 7.7% Q4'24 Q3'25 Q4'25 % of Total Firm AUM Annualized Long-Term Org. Growth 1
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Investment Capability 14 Solid Growth With Ample Opportunity AUMNet Long-Term Flows $485 $279 $277 $93 $130 $72 $191 $319 $606 $309 $300 $122 $131 $82 $190 $386 $630 $312 $298 $133 $131 $70 $190 $407 ETFs and Index Fundamental Fixed Income Fundamental Equities China JV Private Markets Multi-Asset/Other Global Liquidity QQQ $29.5 ($0.8) ($5.8) $2.6 $0.8 ($0.7) $21.4 $4.1 ($5.0) $7.3 $0.6 $0.5 $11.9 $2.2 ($5.5) $8.9 $0.3 ($0.2) $1.5 ETFs and Index Fundamental Fixed Income Fundamental Equities China JV Private Markets Multi-Asset/Other QQQ 26% 15% 14%14% 5% 7% 4% 10% 17%9% 9% 15.2%-1.1%24.5% 2.4% -4.5% 29% 29% 6% 6% 6% 6% 3% 3% 18% 19% 14.8% 7.6% 33.5% 36.2% 1.8% 0.9% 2.9% -1.3% 15% 15% 14% Dollars are in billions unless otherwise noted. Numbers may not add up due to rounding. See Appendix for footnote disclosures and non-GAAP reconciliation. 5.4% 2.8% -6.9% -7.4%-8.1% Q4'24 Q3'25 Q4'25 % of Total Firm AUM Annualized Long-Term Org. Growth 1 0.0% 0.0% 0.0%
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15 Key Market Indices Source: Bloomberg Equity Indices 12/31/2024 9/30/2025 12/31/2025 12/31/2024 9/30/2025 Q4 2024 Q3 2025 Q4 2025 Q4 2024 Q3 2025 Domestic S&P 500 (SPX) 5,882 6,688 6,846 16% 2% 5,905 6,428 6,778 15% 5% S&P 500 Equal-Weight (SPW) 7,101 7,693 7,764 9% 1% 7,322 7,545 7,686 5% 2% S&P 500 Growth (SGX) 4,095 4,871 4,971 21% 2% 4,021 4,638 4,935 23% 6% S&P 500 Value (SVX) 1,886 2,038 2,093 11% 3% 1,956 1,980 2,065 6% 4% NASDAQ 100 (NDX) 21,012 24,680 25,250 20% 2% 20,768 23,528 25,214 21% 7% Global MSCI Europe (MXEU) 176 219 232 32% 6% 183 215 224 22% 4% FTSE 100 (UKX) 10,232 12,585 13,360 31% 6% 10,550 12,304 12,838 22% 4% MSCI Emerging Markets (MXEF) 1,075 1,346 1,404 31% 4% 1118 1273 1380 23% 8% MSCI AC Asia Pacific (MXAP) 182 221 228 25% 3% 187 211 225 20% 7% MSCI China (MXCN) 8 12 11 28% -8% 9 10 11 29% 5% MSCI Japan (MXJP) 11 13 13 22% 3% 11 12 13 21% 6% Bloomberg US Aggregate Bond (LBUSTRUU) 2,189 2,323 2,349 7% 1% 2,212 2,292 2,342 6% 2% Bloomberg Global Aggregate Bond (LEGATRUU) 463 500 501 8% 0% 472 496 500 6% 1% Bloomberg China Aggregate Bond (LACHTRUU) 275 282 289 5% 2% 274 282 285 4% 1% Fixed Income Indices Equity Indices % Change 12/31/25 vs. Average % Change Q4 2025 vs. Spot
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US GAAP Basis Non-GAAP Basis (in millions) Q4-25 Q3-25 % Change (1) (in millions) Q4-25 Q3-25 % Change (1) Investment management fees $1,229.4 $1,184.7 3.8% Investment management fees $1,384.8 $1,321.3 4.8% Service and distribution fees 382.7 400.7 (4.5)% Service and distribution fees 382.7 400.7 (4.5)% Performance fees 28.9 6.5 344.6% Performance fees 40.7 9.0 352.2% Other 51.0 48.5 5.2% Other 55.1 53.4 3.2% Revenue adjustments* — — N/A Revenue adjustments* (604.4) (598.1) 1.1% Total operating revenues $1,692.0 $1,640.4 3.1% Net revenues $1,258.9 $1,186.3 6.1% Third-party distribution, service and advisory* 559.1 558.3 0.1% Third-party distribution, service and advisory* — — N/A Employee compensation 506.2 521.6 (3.0)% Employee compensation 512.6 506.1 1.3% Marketing 23.8 20.1 18.4% Marketing 27.9 24.0 16.3% Property, office and technology 108.7 109.2 (0.5)% Property, office and technology 112.9 113.4 (0.4)% General and administrative 148.7 151.3 (1.7)% General and administrative 147.7 136.7 8.0% Amortization and impairment of intangibles 1,803.6 9.0 19,940.0% Amortization and impairment of intangibles — — N/A Total operating expenses $3,150.1 $1,369.5 130.0% Adjusted operating expenses $801.1 $780.2 2.7% Operating income/(loss) ($1,458.1) $270.9 N/A Adjusted operating income $457.8 $406.1 12.7% Equity in earnings of unconsolidated affiliates 25.4 34.8 (27.0)% Equity in earnings of unconsolidated affiliates (22.4) 21.4 N/A Interest and dividend income 21.6 10.5 105.7% Interest and dividend income 11.4 12.4 (8.1)% Interest expense (23.0) (25.7) (10.5)% Interest expense (23.0) (25.7) (10.5)% Other gains and losses, net 21.3 (0.8) N/A Other gains and losses, net 25.5 (20.2) N/A Other income/(expense) of CIP, net 67.4 57.0 18.2% Other income/(expense) of CIP, net — — N/A Income/(loss) before income taxes ($1,345.4) $346.7 N/A Adjusted income before taxes $449.3 $394.0 14.0% Income tax benefit/(provision) 349.5 9.7 3,503.1% Income tax benefit/(provision) (94.3) (44.3) 112.9% Effective tax rate (2) 26.0% (2.8)% Effective tax rate (2) 21.0% 11.2% Net income/(loss) (995.9) 356.4 N/A Adjusted net income 355.0 349.7 1.5% Net (income)/loss attributable to noncontrolling interests in consolidated entities (65.2) (10.7) 509.3% Adjusted net (income)/loss attributable to noncontrolling interests in consolidated entities (29.7) (29.9) (0.7)% Less: Dividends declared on preferred shares (44.4) (44.4) —% Less: Dividends declared on preferred shares (44.4) (44.4) —% Less: Cost of preferred stock repurchase (80.7) — N/A Less: Cost of preferred stock repurchase — — N/A Net Income/(loss) attributable to Invesco Ltd. ($1,186.2) $301.3 N/A Adjusted net income attributable to Invesco Ltd. $280.9 $275.4 2.0% Diluted EPS ($2.61) $0.66 N/A Adjusted diluted EPS $0.62 $0.61 1.6% US GAAP and Non-GAAP operating results Q4-25 vs. Q3-25 16 (1) Change based on rounded figures (2) Effective tax rate = Tax expense / Income before income taxes For further information and reconciliation between US GAAP and non -GAAP, see the Non-GAAP Information and Reconciliations sections of the current earnings release and prior period Forms 10 -K, 10-Q, and 8-K. * Revenue adjustments include passed through investment management, service and distribution, and other revenues and sum to t he same amount as the third-party distribution, service and advisory expenses.
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See also the Non-GAAP Information and Reconciliations section of the current earnings release. Additional detailed information a nd disclosures regarding the reconciliation from US GAAP to non -GAAP measures may be found in prior period Forms 10-K, 10-Q, and 8-K. * Third party revenue adjustments include passed through investment management, service and distribution, and other revenues and sum to the same amount as the third-party distribution, service and advisory expenses. Reconciliation of US GAAP results to Non-GAAP results Three months ended December 31, 2025 Please refer to pages 10-13 in the 4Q 2025 earnings press release for a description of the adjustments 17 (in millions) US GAAP basis Consolidation of joint ventures 3rd party distribution, service and advisory expenses Amortization and impairment of intangibles Market appreciation / depreciation of deferred compensation awards Consolidated investment products Other non- GAAP adjustments Non-GAAP basis Operating revenues Investment management fees $1,229.4 $141.7 $— $— $— $13.7 $— $1,384.8 Service and distribution fees 382.7 — — — — — — 382.7 Performance fees 28.9 11.8 — — — — — 40.7 Other 51.0 4.1 — — — — — 55.1 Revenue adjustments* — (45.3) (559.1) — — — — (604.4) Total operating revenues reconciled to net revenues $1,692.0 $112.3 ($559.1) $— $— $13.7 $— $1,258.9 Operating expenses Third-party distribution, service and advisory* 559.1 — (559.1) — — — — — Employee compensation 506.2 24.3 — — (17.9) — — 512.6 Marketing 23.8 4.1 — — — — — 27.9 Property, office and technology 108.7 4.2 — — — — — 112.9 General and administrative 148.7 3.9 — — — (4.9) — 147.7 Amortization and impairment of intangibles 1,803.6 — — (1,803.6) — — — — Total operating expenses $3,150.1 $36.5 ($559.1) ($1,803.6) ($17.9) ($4.9) $— $801.1 Operating income/(loss) reconciled to adjusted operating income ($1,458.1) $75.8 $— $1,803.6 $17.9 $18.6 $— $457.8 Equity in earnings of unconsolidated affiliates 25.4 (28.4) — — — (19.4) — (22.4) Interest and dividend income 21.6 2.3 — — (12.5) — — 11.4 Interest expense (23.0) — — — — — — (23.0) Other gains and losses, net 21.3 (0.8) — — 1.9 3.1 — 25.5 Other income/(expense) of CIP, net 67.4 — — — — (67.4) — — Income/(loss) before income taxes ($1,345.4) $48.9 $— $1,803.6 $7.3 ($65.1) $— $449.3 Income tax benefit/(provision) 349.5 (19.3) — (422.7) (1.8) — — (94.3) Net income/(loss) (995.9) 29.6 — 1,380.9 5.5 (65.1) — 355.0 Net (income)/loss attributable to noncontrolling interests in consolidated entities (65.2) (29.6) — — — 65.1 — (29.7) Dividends declared on preferred shares (44.4) — — — — — — (44.4) Cost of preferred stock repurchase (80.7) — — — — — 80.7 — Net income/(loss) attributable to Invesco Ltd. reconciled to adjusted net income attributable to Invesco Ltd. ($1,186.2) $— $— $1,380.9 $5.5 $— $80.7 $280.9 Diluted EPS ($2.61) Adjusted diluted EPS $0.62 Diluted shares outstanding 453.8 Diluted shares outstanding 453.8 Operating margin (86.2)% Adjusted operating margin 36.4%
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See also the Non-GAAP Information and Reconciliations section of the current earnings release. Additional detailed information a nd disclosures regarding the reconciliation from US GAAP to non -GAAP measures may be found in prior period Forms 10-K, 10-Q, and 8-K. * Third party revenue adjustments include passed through investment management, service and distribution, and other revenues and sum to the same amount as the third-party distribution, service and advisory expenses. Reconciliation of US GAAP results to Non-GAAP results Three months ended September 30, 2025 Please refer to pages 8-11 in the Q3 2025 earnings press release for a description of the adjustments 18 (in millions) US GAAP basis Consolidation of joint ventures 3rd party distribution, service and advisory expenses Amortization of intangibles Market appreciation / depreciation of deferred compensation awards Consolidated investment products Other non- GAAP adjustments Non-GAAP basis Operating revenues Investment management fees $1,184.7 $126.7 $— $— $— $9.9 $— $1,321.3 Service and distribution fees 400.7 — — — — — — 400.7 Performance fees 6.5 2.5 — — — — — 9.0 Other 48.5 4.9 — — — — — 53.4 Revenue adjustments* — (39.8) (558.3) — — — — (598.1) Total operating revenues reconciled to net revenues $1,640.4 $94.3 ($558.3) $— $— $9.9 $— $1,186.3 Operating expenses Third-party distribution, service and advisory* 558.3 — (558.3) — — — — — Employee compensation 521.6 14.1 — — (29.6) — — 506.1 Marketing 20.1 3.9 — — — — — 24.0 Property, office and technology 109.2 4.2 — — — — — 113.4 General and administrative 151.3 4.1 — — — (18.7) — 136.7 Amortization and impairment of intangibles 9.0 — — (9.0) — — — — Total operating expenses $1,369.5 $26.3 ($558.3) ($9.0) ($29.6) ($18.7) $— $780.2 Operating income reconciled to adjusted operating income $270.9 $68.0 $— $9.0 $29.6 $28.6 $— $406.1 Equity in earnings of unconsolidated affiliates 34.8 (28.8) — — — 15.4 — 21.4 Interest and dividend income 10.5 2.2 — — (0.5) 0.2 — 12.4 Interest expense (25.7) — — — — — — (25.7) Other gains and losses, net (0.8) 7.5 — — (29.0) 2.1 — (20.2) Other income/(expense) of CIP, net 57.0 — — — — (57.0) — — Income before income taxes $346.7 $48.9 $— $9.0 $0.1 ($10.7) $— $394.0 Income tax benefit/(provision) 9.7 (19.0) — 4.0 — — (39.0) (44.3) Net income 356.4 29.9 — 13.0 0.1 (10.7) (39.0) 349.7 Net (income)/loss attributable to noncontrolling interests in consolidated entities (10.7) (29.9) — — — 10.7 — (29.9) Dividends declared on preferred shares (44.4) — — — — — — (44.4) Net income attributable to Invesco Ltd. reconciled to adjusted net income attributable to Invesco Ltd. $301.3 $— $— $13.0 $0.1 $— ($39.0) $275.4 Diluted EPS $0.66 Adjusted diluted EPS $0.61 Diluted shares outstanding 454.5 Diluted shares outstanding 454.5 Operating margin 16.5% Adjusted operating margin 34.2%
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(in millions) Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4’25 Operating revenues $1,413.4 $1,475.3 $1,483.3 $1,515.4 $1,593.0 $1,529.2 $1,515.5 $1,640.4 $1,692.0 Non-GAAP adjustments (367.5) (422.1) (397.5) (411.1) (435.8) (420.5) (410.9) (454.1) (433.1) Total operating revenues reconciled to net revenues $1,045.9 $1,053.2 $1,085.8 $1,104.3 $1,157.2 $1,108.7 $1,104.6 $1,186.3 $1,258.9 Operating expenses $2,489.2 $1,262.2 $1,276.5 $1,414.9 $1,281.3 $1,251.9 $1,301.3 $1,369.5 $3,150.1 Non-GAAP adjustments (1,718.7) (505.5) (526.0) (659.4) (514.2) (492.7) (541.1) (589.3) (2,349.0) Adjusted operating expenses $770.5 $756.7 $750.5 $755.5 $767.1 $759.2 $760.2 $780.2 $801.1 Operating income/(loss) ($1,075.8) $213.1 $206.8 $100.5 $311.7 $277.3 $214.2 $270.9 ($1,458.1) Non-GAAP adjustments 1,351.2 83.4 128.5 248.3 78.4 72.2 130.2 135.2 1,915.9 Adjusted operating income $275.4 $296.5 $335.3 $348.8 $390.1 $349.5 $344.4 $406.1 $457.8 Net income/(loss) attributable to Invesco Ltd. ($742.3) $141.5 $132.2 $55.0 $209.3 $171.1 ($12.5) $301.3 ($1,186.2) Non-GAAP adjustments 955.0 6.9 64.0 144.8 28.0 29.4 177.7 (25.9) 1,467.1 Adjusted net income attributable to Invesco Ltd. $212.7 $148.4 $196.2 $199.8 $237.3 $200.5 $165.2 $275.4 $280.9 Operating margin (76.1)% 14.4% 13.9% 6.6% 19.6% 18.1% 14.1% 16.5% (86.2)% Adjusted operating margin 26.3% 28.2% 30.9% 31.6% 33.7% 31.5% 31.2% 34.2% 36.4% Diluted EPS ($1.64) $0.31 $0.29 $0.12 $0.46 $0.38 ($0.03) $0.66 ($2.61) Adjusted diluted EPS $0.47 $0.33 $0.43 $0.44 $0.52 $0.44 $0.36 $0.61 $0.62 19 Reconciliation of US GAAP results to Non-GAAP results Non-GAAP adjustments include amounts related to the consolidation of our China joint venture, the reclassification of third-party distribution, service and advisory expenses to net revenues, the removal of transaction, integration and restructuring expenses, amortization of intangible assets and market appreciation/depreciation of deferred compensation awards, the deconsolidation of consolidated investment products and other reconciling items. See also the Non-GAAP Information and Reconciliations section of the current earnings release. Additional detailed information and disclosures regarding the reconciliation from US GAAP to non-GAAP measures may be found in prior period Forms 10-K, 10-Q, and 8-K.
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20 Footnote Disclosures Footnotes for Slide 5, Fourth quarter 2025 Investment Capability Highlights Non-GAAP financial measures – For the reconciliations from US GAAP to non-GAAP measures, see the Appendix to this presentation and the non-GAAP Information and Reconciliations section of the current earnings release. Additional detailed information and disclosures may be found in prior period Forms 10-K, 10-Q, and 8-K (1) ETFs & Index includes ETFs and Indexed Strategies; excludes Invesco QQQ Trust (2) QQQ represents assets held within Invesco QQQ Trust. Non-management fee earning flows reflect the Invesco QQQ fund flows prior to its restructuring from a unit investment trust ETF to an open-end fund ETF on December 20, 2025; following the restructuring, the fund’s flows are included in long-term flows (3) Fundamental Fixed Income includes Fixed Income products, including certain ETFs managed within this capability (4) Fundamental Equities includes Equity products (5) China JV - Beginning in the fourth quarter of 2025, products managed by Invesco Great Wall are included in the newly defined China JV in vestment capability. Products managed by Invesco Asset Management (India) Private Limited, previously categorized under the China JV & India investment capability, were reclassified to Multi-Asset/Other. (6) Private Markets includes Private Credit and Real Estate investments comprised primarily of Real Estate, CLOs, Private Credit and listed real assets, including certain ETFs managed within this capability (7) Multi-Asset/Other includes Global Asset Allocation (GAA), Invesco Quantitative Strategies (IQS), Global Targeted Returns (GTR), Solutions, UITs, and products managed by Invesco Asset Management (India) Private Limited prior to the October 31, 2025, sale of Invesco's majority interest at which time the India-based assets under management were removed, including certain ETFs managed within this capability (8) Global Liquidity is comprised mainly of Money Market funds Footnotes for Slide 8, Asset mix Non-GAAP financial measures - For the reconciliations from US GAAP to non-GAAP measures, see the Appendix to this presentation and the non-GAAP Information and Reconciliations section of the current earnings release. Additional detailed information and disclosures may be found in prior period Forms 10-K, 10-Q, and 8-K, as well as in the supplemental information section on net revenue yields below Net Revenue Yields exclude performance fees (1) Multi-Asset/Other includes Global Asset Allocation (GAA), Invesco Quantitative Strategies (IQS), Global Targeted Returns (GTR), Solutions, UITs, and products managed by Invesco Asset Management (India) Private Limited prior to the October 31, 2025, sale of Invesco's majority interest at which time the India-based assets under management were removed, including certain ETFs managed within this capability (2) China JV - Beginning in the fourth quarter of 2025, products managed by Invesco Great Wall are included in the newly defined China JV investment capability. Products managed by Invesco Asset Management (India) Private Limited, previously categorized under the China JV & India investment capability, were reclassified to Multi-Asset/Other. Historical periods reflect the current period presentation. (3) Private Markets includes Private Credit and Real Estate investments comprised primarily of Real Estate, CLOs, Private Credit and listed real assets, including certain ETFs managed within this capability (4) Fundamental Equities includes Equity products (5) Fundamental Fixed Income includes Fixed Income products, including certain ETFs managed within this capability (6) ETFs & Index includes ETFs and Indexed Strategies; excludes Invesco QQQ Trust (7) QQQ represents assets held within Invesco QQQ Trust. Non-management fee earning flows reflect the Invesco QQQ fund flows prior to its restructuring from a unit investment trust ETF to an open-end fund ETF on December 20, 2025; following the restructuring, the fund’s flows are included in long-term flows (8) Global Liquidity is comprised mainly of Money Market funds (9) Net Revenue Yield is based on Q3 2019 to be consistent with asset mix given May 2019 close of OFI acquisition (10) The range covers the most current 5 quarter period Footnotes for Slide 9, Revenues and expenses Non-GAAP financial measures - For the reconciliations from US GAAP to non-GAAP measures, see the Appendix to this presentation and the non-GAAP Information and Reconciliations section of the current earnings release. Additional detailed information and disclosures may be found in prior period Forms 10-K, 10-Q, and 8-K (1) Third-party includes passed through investment management, service and distribution, and other revenues and sum to the same amount as the third-party distribution, service and advisory expenses Footnotes for Slide 10, Capital management Non-GAAP financial measures – For the reconciliations from US GAAP to non-GAAP measures, see the Appendix to this presentation and the non-GAAP Information and Reconciliations section of the current earnings release. Additional detailed information and disclosures may be found in prior period Forms 10-K, 10-Q, and 8-K (1) Excludes amounts related to vesting of employee share awards (2) Leverage ratio calculations and reconciliation of US GAAP measures to Non-GAAP measures
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21 Footnote Disclosures (continued) The leverage ratio is defined by our credit facility agreement and equals adjusted debt divided by covenant adjusted EBITDA. Adjusted debt and covenant adjusted EBITDA are non-GAAP financial measures that are used by management in connection with certain debt covenant calculations under our credit agreement. The calculation of covenant adjusted EBITDA below (a reconciliation from net income attributable to Invesco Ltd.) is defined by our credit agreement, and therefore net income attributable to Invesco Ltd. is the most appropriate GAAP measure from which to reconcile covenant adjusted EBITDA. Leverage ratio including preferred stock is adjusted debt, as defined in the credit agreement, plus the preferred stock balance of $2,510.5 million as of Q4 2025 ($4,010.5 million as of Q4 2024), divided by covenant adjusted EBITDA. The calculation of adjusted debt is defined in our credit facility and equals debt plus letters of credit less excess unrestricted cash (cash and cash equivalents less the minimum regulatory capital requirement), not to exceed $600 million. For Q4 2025, adjusted debt of $1,228.7 million is calculated as debt of $1,825.1 million plus $3.6 million in letters of credit less $600.0 million of excess unrestricted cash. Covenant adjusted EBITDA is calculated on a rolling four quarters basis. For the rolling four quarters ended Q4 2025, the calculation and reconciliation from Net income attributable to Invesco Ltd. to covenant adjusted EBITDA is presented below: (3) Payout Ratio: Total dividends and share repurchases divided by adjusted net income attributable to common shareholders (4) Net Debt/Cash: Debt (excluding Preferred) Less Cash and Cash Equiv. Management believes these measures are useful to investors to provide context on the Company’s liquidity position. Additional detailed information and disclosures regarding the reconciliation from US GAAP to non-GAAP measures may be found in prior period Forms 10-K and 10-Q Footnotes for Slide 14, Solid growth with ample opportunity (continued) (1) Annualized long-term organic growth rate is calculated using net long-term flows (annualized) divided by average long-term AUM for the period. Average long-term AUM is disclosed in the supplemental schedules to the earnings release $ In millions Total Net income/(loss) attributable to Invesco Ltd. ($726.3) Dividends on preferred shares $204.6 Interest expense $82.5 Tax expense/(benefit) ($204.6) Amortization/depreciation/impairment $1,982.0 Common share-based compensation expense $78.0 Severance $16.9 Cost of preferred stock repurchase $240.0 Unrealized (gains)/losses from investments, net $5.0 Covenant adjusted EBITDA $1,678.1 (in bps) Q4’24 Q3’25 Q4’25 US GAAP Gross Revenue Yield 36.8 33.7 33.2 Net Revenue Yield ex performance fees ex QQQ 29.5 27.7 27.5 Active NRY ex performance fees 36.9 35.3 35.8 Passive NRY ex QQQ 14.2 13.7 12.9 Supplemental Information: Net Revenue Yields Footnotes for Slide 13, Solid growth with ample opportunity (1) Annualized long-term organic growth rate is calculated using net long-term flows (annualized) divided by average long-term AUM for the period. Average long-term AUM is disclosed in the supplemental schedules to the earnings release (2) Retail AUM are distributed by the company’s retail sales team and generally include retail products in the U.S., Canada, U.K., Continental Europe, Asia and our offshore product line. Retail AUM and flows exclude money market and non-management fee earning AUM (3) Institutional AUM are distributed by the company’s institutional sales team and generally includes our institutional investment capabilities in the U.S., Canada, U.K., Continental Europe and Asia. Institutional AUM and flows exclude money market and non-management fee earning AUM