Slides
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Second Quarter 2026 Results Andrew Schlossberg President and Chief Executive Officer Allison Dukes Chief Financial Officer July 28, 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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Focusing Efforts Unlocking Value Improving Performance Product Suite Innovation and Expansion Launching Innovative Products to Meet Evolving Client Demands Globally and Accelerate Growth • Launched >50 new products YTD across the Americas, EMEA and APAC including 6 new active ETFs • Completed the transition and took over management of our first tokenized treasury fund Conversion of QQQ Modernized Structure, Reduced Fees to Owners and Augmented Revenue • QQQ AUM increased 20% YTD • Added $130MM in net revenue YTD • Now cross-listed on the Hong Kong and Tokyo Stock Exchanges with AUM of ~$10B Strategic Private Markets Partnerships Accelerating Growth in High Opportunity U.S. Private Wealth and Defined Contribution Markets • Progress in fund development for both Barings and LGT Capital continues • Expect significant seed capital from both partners to support product launches Canadian Business Transformation/Strategic Partnership CI Investments Simplifying Strategy; Honing Focus While Improving Revenue Generation Opportunities • Successful completion of CI GAM’s acquisition of Invesco Canada assets • Formed a long-term strategic partnership—sub-advising funds with ~$9B AUM Hybrid Investment Platform Implementation Simplifying Architecture, Future Cost Avoidance • 2026 Implementation Costs: $10-$15MM/quarter • 2026 Incremental Platform Fees: Building to ~$10MM/quarter by year end • Expect future cost savings beginning in 2027 Recapitalization of Balance Sheet Improving Balance Sheet Flexibility and Deleveraging • Redeemed $500MM senior note maturity in January 2026 • Lowered leverage ratio (including preferred stock) from 2.7x to 1.9x over past year • Increased common share buybacks 80% YTD versus the same period last year and increased the common stock dividend, while reinvesting in the business, and reducing debt and preferred stock • Ultimate total EPS accretion of $0.20 from preferred stock repurchases 3 In 2026 We Are Continuing to Strengthen Capital Management, Simplify and Focus the Organization, and Accelerate Growth Strengthening Capital Management Accelerating Growth Simplifying and Focusing the Organization Focused Execution Yielded Record YTD Net Inflows of $67B or 7% Annualized Organic Growth, Record Net Revenues Up 17%, Operating Income Growth of 35%, Operating Margin Expansion of Nearly 470 basis points, and EPS Growth of 60%* * As compared to the first half of 2025
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Global Liquidity8 $214.5 $13.2 Ending AUM $2,470.3 Investment Capability* Ending AUM Net Flows Highlights ETFs and Index1 $753.5 $30.1 Record AUM with annualized organic growth of 17%. Garnered record net inflows across a diverse set of products led by our QQQ innovation suite and S&P Quality and Momentum lineup. EMEA delivered over $9 billion of net inflows, or a 19% annualized organic growth rate. Continue to innovate to meet market demand, launched seven new products in the Americas and five new products in EMEA. QQQ2 $490.1 $13.8 QQQ regained momentum in the second quarter with strong engagement and annualized organic growth of 12%. Fundamental Equities3 $318.1 ($7.7) Another near record gross sales quarter; positive net inflows in Global/Regional equities from clients in Asia Pacific and value products in the US, offset by idiosyncratic liquidations and net outflows in other equity strategies. Fundamental Fixed Income4 $315.5 $0.4 Record AUM driven by net long-term institutional inflows in EMEA and our U.S. wealth SMA platform which now stands at $39 billion in total AUM. China JV5 $163.2 $6.9 Record AUM with institutional net long-term inflows driven by strength in fixed income and fixed income plus products. Launched 11 new products. Private Markets6 $135.5 $1.9 Net inflows led by the Senior Secured Bank Loan ETF and Direct Real Estate driven by the INCREF credit fund; Direct Real Estate funds have $6 billion of dry powder available to capitalize on opportunities. Multi Asset/Other7 $79.9 ($0.3) Continued systematic equities inflows offset by outflows from balanced risk allocation strategies. Second Quarter 2026 Investment Capability Highlights 4 * Dollars are in billions unless otherwise noted. Numbers may not add up due to rounding. See Appendix for footnote disclosures and non-GAAP reconciliation. Total $2,255.8 $45.1 Record net long-term inflows with 8.5% annualized organic growth marking the 12th consecutive quarter of net inflows; continued breadth of flows reflecting our diversified, scaled global platform with inflows across the Americas, EMEA and APAC and in both passive and active.
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5 Investment Performance Fundamental Equities Fundamental Fixed Income 1-Yr 3-Yr 5-Yr Multi-Asset 80% 68% 82% 69% 83% 54% 9% 19% 4% 64% 22% 64% 18% 58% 22% 50% 55% 39% 26% 19% 43% 31% 50% 41% 22% 38% 24% AUM above benchmark 1st quartile 2nd quartile AUM measured in the one, three, and five-year quartile rankings represents 33%, 33%, and 32% of total Invesco AUM, respectively, and AUM measured versus benchmark on a one, three, and five-year basis represents 43%, 41%, and 40% of total Invesco AUM as of 6/30/2026. 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 64% 38% 69% 44% 69% 49% 27% 32% 23% 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 6 • Record net Long-Term inflows of $45.1 billion or 8.5% annualized organic growth in the second quarter of 2026 marking the 12th consecutive quarter of net inflows ‒ AUM of $2.5 trillion ‒ Net inflows across active/passive and spanning geographies • Net revenues increased 5.1% and expenses were flat from the first quarter of 2026, generating 480 basis points of operating leverage ‒ As compared to the second quarter of 2025, net revenues increased 20.3%; the benefit from QQQ revenues and higher average AUM, overall, coupled with well-managed expenses drove significant operating leverage • Drove 300 basis points of operating margin improvement from the first quarter of 2026 to 37.5% • Operating income increased 14.4% and EPS increased 24.6% from the first quarter of 2026 • Our focus on strengthening the balance sheet continued during the quarter as we reduced net debt by more than $450 million in the second quarter; the reduction combined with improved EBITDA resulted in a substantial improvement in our leverage ratios • Increased common share buybacks to $50 million, or 1.9 million shares, and in April we announced an increase in our quarterly common stock dividend to $0.215 per share reflecting our strong balance sheet and cash flows Key Metrics Q2’25 Q2’26 ($) Net Long-Term Flows $15.6 $17.6 $45.1 $21.8 $23.2 $2.7 ($9.8) Ending AUM $2,001.4 $1,844.8 $2,470.3 $2,159.5 $310.8 ($10.4)Ending Long-Term AUM $1,415.3 $1,311.2 $2,212.6 $292.5 Average AUM $1,897.4 $1,880.8 $2,368.8 $2,218.9 $149.9 $57.1Average Long-Term AUM $1,343.8 $1,326.8 $2,124.4 $139.9 Net Revenues* (millions) $1,104.6 $1,108.7 $1,329.1 $64.8 Adj Operating Expenses* (millions) $760.2 $759.2 $830.4 $2.1 Adj Operating Income* (millions) $344.4 $349.5 $498.7 $62.7 Adj Operating Margin* 31.2% 31.5% 37.5% 300 bps (190 bps)Adj Diluted EPS* $0.36 $0.71 $0.14 (%) 106.9% 14.1% (33.9)% 14.4% (0.5%)15.2% (1.1%) (1.1%) 6.8% 2.6%7.0% 5.1% 0.3% 14.4% (4.8%) (4.8%) 24.6% ($) $29.5 23.9% (25.4)% $468.9 17.1%$797.3 46.4%$471.4 18.0%$780.6 49.6%$224.5 14.0%$70.2 9.1%$154.3 24.7% 17.4% 630 bps $0.35 Q1’26 $21.8 $2,159.5 $1,920.1 $2,218.9 $1,984.5 $1,264.3 $828.3 $436.0 34.5% $0.57 Q1’26-Q2’26 Change (%) 189.1% 23.4% 56.3% 24.8% 58.1% 20.3% 9.2% 44.8% 97.2% Q2’25-Q2’26 Change
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Significant AUM Growth With Stabilizing Net Revenue Yield Trend 7 25-37 bps Fundamental Equities4 Fundamental Fixed Income5 ETFs and Index6 Private Markets3 Multi-Asset / Other1 Global Liquidity8 QQQ7 China JV2 NRY Trend9 *See Appendix for footnote disclosures and non-GAAP reconciliation. Numbers may not add up due to rounding. **Due to structural changes over the timeframe, NRY range reflects most recent quarter • 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 • Q2’26 NRY impacted by QQQ AUM growth • Multi-Asset/Other is mid-20 bps after India and Intelliflo transactions • China JV is trending in a tight range • Private Markets is trending toward the middle of the range 2Q’26 NRY Drivers 31–32 bps 48–52 bps ~61 bps ~21 bps ~ 13 bps ~10 bps ~6 bps** 5% 7% 14% 16% 27% 17% 10% Q2’25 4% 5% 6% 14% 15% 28% 18% 10% Q3’25 3% 6% 6% 14% 14% 29% 19% 9% Q4’25 3% 6% 6% 14% 14% 30% 18% 9% Q1’26 3% 7% 4% 13% 13% 30% 19% 9% 6% $1,897.4 $2,060.4 $2,161.8 $2,218.9 $2,368.8 Q2’26 Average AUM, $B Net Revenue Yield (NRY)* 23.2 bps 22.9 bps 22.5 bps 22.9 bps 22.4 bps
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Q2 2025 $49 Employee compensation $14 Marketing ($1) Property office & technology $8 G&A Q2 2026 $760 $830 +9.2% 8 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) Q1’26 vs Q2’26 $70 million increase Increase Decrease Q1 2026 $93 Investment mgmt. fees $8 Service & distribution fees ($7) Performance fees $2 Other ($31) Third-party1 $1,329 Q2 2026 $1,264 +5.1% $65 million increase Q2’25 vs Q2’26 Performance fees $5 Other ($147) Third-party1 $1,105 $1,329 Q2 2025 $419 ($54) Service & distribution fees $1 Q2 2026 +20.3% $224 million increase Q1 2026 ($4) Employee compensation ($1) Marketing $5 Property office & technology $1 G&A $830 Q2 2026 $828 +0.3% $2 million increase Investment mgmt. fees
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35% 58% *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 9 $2,500 $1,764 $923 $915 Q2’25 Q2’26 $3,423 $2,679 Cash and cash equiv. Available Credit Facility Credit Facility - Exp. ’30 2026 - Unsecured Senior Note 2028 - 3-Year Term Loan 2030 - 5-Year Term Loan 2043 - Unsecured Senior Note (in millions, except ratio information) Common Shareholders Payout Ratio 3 , as % of Adj. Net Income* Debt by Maturity 0.83x 0.63x 0.73x 0.85x 0.54x 2.70x 2.50x 2.20x 2.30x 1.90x Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 $391 $392 $495 $496 $498 $500 $736 $0 Q2’25 $0$0 Q2’26 $1,884 $1,624 Leverage ratio2 Leverage ratio incl. Preferred Stock2 $95 $95 $95 $95 $97 $57 $44 $44 $38 $37 $25 $25 $25 $40 $50 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 $177 $164 $164 $173 $184 Buybacks1Common dividends Preferred dividends 0% 40% 80% 15% 73% Q2’25 9% 44% Q3’25 34% 9% 43% Q4’25 37% 15% 52% Q1’26 30% 16% 46% Q2’26 Common dividend Buybacks1 Total Payout Net Debt 4 Q2’25 Q2’26 $961 $709 Net Debt Capital Management
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10 Appendix
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(billions) 1-Yr Change ETFs & Index QQQ Fundamental Equities Fundamental Fixed Income China JV Private Markets Multi-Asset/Other Global Liquidity TotalNumbers may not add up due to rounding. 11 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% 28%72% $1,707.6 $366.5 $396.2 $2,470.3 22.3 % 23.4 % 28.7 % 23.4 % $1,766.3 $704.0 $2,470.3 28.9 % 11.6 % 23.4 % $2,470.3 23.4 % 3% 5% 7% 9% 13% 13% 20% 31% $753.5 37.8 % $318.1 10.3 % $315.5 4.6 % $163.2 55.4 % $135.5 $79.9 0.8 % $214.5 9.2 % 3.3 % $490.1 39.0 %
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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. 12 $1,371 $631 $1,489 $670 $1,766 $704 $9.1 $6.5 $14.7 $7.1 $47.3 ($2.2) 68% 32% 3.9% 6.2% Solid Growth With Ample Opportunity Retail 2 Institutional 3 Retail 2 Institutional 3 AUMNet Long-Term Flows 15% 15%69% $1,397 $297 $308$330 $359 $1,708 $367 $396 Americas Asia Pac EMEA $1,471 (0.4%) 16.2% 9.7% ($0.8) $9.8 $6.6 $1.0 $13.2 $7.6 $30.8 $8.2 $6.1 Americas Asia Pac EMEA 68%70% 15% 15% 17% 69% 72% 31% 28% 0.3% 8.6% 17.4% 10.2% 8.3% 6.5% 3.9% 11.6% 5.9% (1.8%) 16% Q2'25 Q1'26 Q2'26 % of Total Firm AUM Annualized Long-Term Org. Growth 1
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Investment Capability 13 Solid Growth With Ample Opportunity AUMNet Long-Term Flows $547 $302 $288 $105 $131 $79 $196 $353 $638 $313 $288 $142 $131 $74 $201 $373 $754 $316 $318 $163 $136 $80 $215 $490 ETFs and Index Fundamental Fixed Income Fundamental Equities China JV Private Markets Multi-Asset/Other Global Liquidity QQQ $12.6 $2.8 ($3.6) $4.6 ($2.3) $1.5 $18.6 $3.7 ($2.4) $8.7 $0.4 $3.6 ($10.8) $30.1 $0.4 ($7.7) $6.9 $1.9 ($0.3) $13.8 ETFs and Index Fundamental Fixed Income Fundamental Equities China JV Private Markets Multi-Asset/Other QQQ 27% 5% 7% 4% 10% 18%30% 31% 7% 7% 6% 5% 3% 3% 17% 20%15% 14% 13% Dollars are in billions unless otherwise noted. Numbers may not add up due to rounding. See Appendix for footnote disclosures and non-GAAP reconciliation. 3.8% 4.7% 0.5% 24.8% 30.5% 21.9% Q2'25 Q1'26 Q2'26 % of Total Firm AUM Annualized Long-Term Org. Growth 1 9% 9%14% 14% 13% (5.4%) (3.2%) (9.9%) (7.1%) 1.2% 5.7% 9.3% 22.1% (1.8%) 12.2%(10.8%)9.9% 11.3% 16.8%
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14 Key Market Indices Source: Bloomberg Equity Indices 6/30/2025 3/31/2026 6/30/2026 6/30/2025 3/31/2026 Q2 2025 Q1 2026 Q2 2026 Q2 2025 Q1 2026 Domestic S&P 500 (SPX) 6,205 6,529 7,499 21% 15% 5,730 6,819 7,271 27% 7% S&P 500 Equal-Weight (SPW) 7,373 7,779 8,627 17% 11% 6,991 8,021 8,286 19% 3% S&P 500 Growth (SGX) 4,443 4,561 5,552 25% 22% 3,988 4,850 5,324 33% 10% S&P 500 Value (SVX) 1,928 2,084 2,240 16% 8% 1,838 2,135 2,201 20% 3% NASDAQ 100 (NDX) 22,679 23,740 30,276 33% 28% 20,420 24,967 28,276 38% 13% Global MSCI Europe (MXEU) 213 225 245 15% 9% 202 237 240 19% 1% FTSE 100 (UKX) 12,015 13,449 13,910 16% 3% 11,447 13,887 13,985 22% 1% MSCI Emerging Markets (MXEF) 1,223 1,397 1,723 41% 23% 1,139 1,505 1,662 46% 10% MSCI AC Asia Pacific (MXAP) 203 226 274 35% 21% 190 243 265 39% 9% MSCI China (MXCN) 10 10 9 (7%) (8%) 9 11 10 6% (7%) MSCI Japan (MXJP) 12 13 15 26% 14% 11 14 15 31% 4% Bloomberg US Aggregate Bond (LBUSTRUU) 2,277 2,348 2,363 4% 1% 2,242 2,358 2,354 5% 0% Bloomberg Global Aggregate Bond (LEGATRUU) 497 496 500 1% 1% 486 503 501 3% 0% Bloomberg China Aggregate Bond (LACHTRUU) 283 295 304 7% 3% 279 293 301 8% 3% Fixed Income Indices Equity Indices % Change 06/30/26 vs. Average % Change Q2 2026 vs. Spot
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US GAAP Basis Non-GAAP Basis (in millions) Q2-26 Q1-26 % Change (1) (in millions) Q2-26 Q1-26 % Change (1) Investment management fees $1,461.8 $1,382.2 5.8% Investment management fees $1,641.5 $1,548.5 6.0% Service and distribution fees 309.9 301.8 2.7% Service and distribution fees 309.9 301.8 2.7% Performance fees 3.7 11.3 (67.3)% Performance fees 4.6 11.9 (61.3)% Other 50.2 49.2 2.0% Other 56.4 54.7 3.1% Revenue adjustments* — — N/A Revenue adjustments* (683.3) (652.6) 4.7% Total operating revenues $1,825.6 $1,744.5 4.6% Net revenues $1,329.1 $1,264.3 5.1% Third-party distribution, service and advisory* 627.1 601.4 4.3% Third-party distribution, service and advisory* — — N/A Employee compensation 546.7 512.7 6.6% Employee compensation 530.1 533.7 (0.7)% Marketing 36.7 37.4 (1.9)% Marketing 40.4 41.0 (1.5)% Property, office and technology 109.3 104.6 4.5% Property, office and technology 113.9 109.1 4.4% General and administrative 133.5 147.1 (9.2)% General and administrative 146.0 144.5 1.0% Amortization of intangible assets 8.1 8.1 0.0% Amortization of intangible assets — — N/A Total operating expenses $1,461.4 $1,411.3 3.5% Adjusted operating expenses $830.4 $828.3 0.3% Operating income $364.2 $333.2 9.3% Adjusted operating income $498.7 $436.0 14.4% Equity in earnings of unconsolidated affiliates 35.1 34.0 3.2% Equity in earnings of unconsolidated affiliates (6.8) (5.8) 17.2% Interest and dividend income 9.9 9.2 7.6% Interest and dividend income 11.7 11.0 6.4% Interest expense (23.6) (24.3) (2.9)% Interest expense (23.6) (24.3) (2.9)% Other gains and losses, net 105.8 (0.4) N/A Other gains and losses, net 43.1 9.6 349.0% Other income/(expense) of CIP, net (36.0) (51.5) (30.1)% Other income/(expense) of CIP, net — — N/A Income before income taxes $455.4 $300.2 51.7% Adjusted income before taxes $523.1 $426.5 22.6% Income tax provision (116.5) (81.1) 43.6% Income tax provision (130.5) (100.8) 29.5% Effective tax rate (2) 25.6% 27.0% Effective tax rate (2) 24.9% 23.6% Net income 338.9 219.1 54.7% Adjusted net income 392.6 325.7 20.5% Net (income)/loss attributable to noncontrolling interests in consolidated entities 43.4 49.5 (12.3)% Adjusted net (income)/loss attributable to noncontrolling interests in consolidated entities (33.3) (26.7) 24.7% Less: Dividends declared on preferred shares (37.0) (38.2) (3.1)% Less: Dividends declared on preferred shares (37.0) (38.2) (3.1)% Net Income attributable to Invesco Ltd. $345.3 $230.4 49.9% Adjusted net income attributable to Invesco Ltd. $322.3 $260.8 23.6% Diluted EPS $0.76 $0.51 49.0% Adjusted diluted EPS $0.71 $0.57 24.6% US GAAP and Non-GAAP operating results Q2-26 vs. Q1-26 15 (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 June 30, 2026 Please refer to pages 8-11 in the 2Q 2026 earnings press release for a description of the adjustments 16 (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 $1,461.8 $170.9 $— $— $— $8.8 $— $1,641.5 Service and distribution fees 309.9 — — — — — — 309.9 Performance fees 3.7 0.9 — — — — — 4.6 Other 50.2 6.2 — — — — — 56.4 Revenue adjustments* — (56.2) (627.1) — — — — (683.3) Total operating revenues reconciled to net revenues $1,825.6 $121.8 ($627.1) $— $— $8.8 $— $1,329.1 Operating expenses Third-party distribution, service and advisory* 627.1 — (627.1) — — — — — Employee compensation 546.7 31.8 — — (48.4) — — 530.1 Marketing 36.7 3.7 — — — — — 40.4 Property, office and technology 109.3 4.6 — — — — — 113.9 General and administrative 133.5 5.0 — — — (4.2) 11.7 146.0 Amortization of intangible assets 8.1 — — (8.1) — — — — Total operating expenses $1,461.4 $45.1 ($627.1) ($8.1) ($48.4) ($4.2) $11.7 $830.4 Operating income/(loss) reconciled to adjusted operating income $364.2 $76.7 $— $8.1 $48.4 $13.0 ($11.7) $498.7 Equity in earnings of unconsolidated affiliates 35.1 (32.0) — — — (9.9) — (6.8) Interest and dividend income 9.9 2.2 — — (0.4) — — 11.7 Interest expense (23.6) — — — — — — (23.6) Other gains and losses, net 105.8 7.7 — — (74.8) 4.4 — 43.1 Other income/(expense) of CIP, net (36.0) — — — — 36.0 — — Income/(loss) before income taxes $455.4 $54.6 $— $8.1 ($26.8) $43.5 ($11.7) $523.1 Income tax provision (116.5) (21.4) — 4.0 0.2 — 3.2 (130.5) Net income/(loss) 338.9 33.2 — 12.1 (26.6) 43.5 (8.5) 392.6 Net (income)/loss attributable to noncontrolling interests in consolidated entities 43.4 (33.2) — — — (43.5) — (33.3) Dividends declared on preferred shares (37.0) — — — — — — (37.0) Net income/(loss) attributable to Invesco Ltd. reconciled to adjusted net income attributable to Invesco Ltd. $345.3 $— $— $12.1 ($26.6) $— ($8.5) $322.3 Diluted EPS $0.76 Adjusted diluted EPS $0.71 Diluted shares outstanding 454.4 Diluted shares outstanding 454.4 Operating margin 19.9% Adjusted operating margin 37.5%
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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 March 31, 2026 Please refer to pages 9-12 in the 1Q 2026 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 $1,382.2 $155.9 $— $— $— $10.4 $— $1,548.5 Service and distribution fees 301.8 — — — — — — 301.8 Performance fees 11.3 0.6 — — — — — 11.9 Other 49.2 5.5 — — — — — 54.7 Revenue adjustments* — (51.2) (601.4) — — — — (652.6) Total operating revenues reconciled to net revenues $1,744.5 $110.8 ($601.4) $— $— $10.4 $— $1,264.3 Operating expenses Third-party distribution, service and advisory* 601.4 — (601.4) — — — — — Employee compensation 512.7 29.9 — — (8.9) — — 533.7 Marketing 37.4 3.6 — — — — — 41.0 Property, office and technology 104.6 4.5 — — — — — 109.1 General and administrative 147.1 4.6 — — — (7.2) — 144.5 Amortization of intangible assets 8.1 — — (8.1) — — — — Total operating expenses $1,411.3 $42.6 ($601.4) ($8.1) ($8.9) ($7.2) $— $828.3 Operating income reconciled to adjusted operating income $333.2 $68.2 $— $8.1 $8.9 $17.6 $— $436.0 Equity in earnings of unconsolidated affiliates 34.0 (25.7) — — — (14.1) — (5.8) Interest and dividend income 9.2 2.3 — — (0.5) — — 11.0 Interest expense (24.3) — — — — — — (24.3) Other gains and losses, net (0.4) (0.3) — — 15.9 (5.6) — 9.6 Other income/(expense) of CIP, net (51.5) — — — — 51.5 — — Income before income taxes $300.2 $44.5 $— $8.1 $24.3 $49.4 $— $426.5 Income tax provision (81.1) (17.7) — 3.8 (5.8) — — (100.8) Net income 219.1 26.8 — 11.9 18.5 49.4 — 325.7 Net (income)/loss attributable to noncontrolling interests in consolidated entities 49.5 (26.8) — — — (49.4) — (26.7) Dividends declared on preferred shares (38.2) — — — — — — (38.2) Net income attributable to Invesco Ltd. reconciled to adjusted net income attributable to Invesco Ltd. $230.4 $— $— $11.9 $18.5 $— $— $260.8 Diluted EPS $0.51 Adjusted diluted EPS $0.57 Diluted shares outstanding 453.7 Diluted shares outstanding 453.7 Operating margin 19.1% Adjusted operating margin 34.5%
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(in millions) Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Operating revenues $1,483.3 $1,515.4 $1,593.0 $1,529.2 $1,515.5 $1,640.4 $1,692.0 $1,744.5 $1,825.6 Non-GAAP adjustments (397.5) (411.1) (435.8) (420.5) (410.9) (454.1) (433.1) (480.2) (496.5) Total operating revenues reconciled to net revenues $1,085.8 $1,104.3 $1,157.2 $1,108.7 $1,104.6 $1,186.3 $1,258.9 $1,264.3 $1,329.1 Operating expenses $1,276.5 $1,414.9 $1,281.3 $1,251.9 $1,301.3 $1,369.5 $3,150.1 $1,411.3 $1,461.4 Non-GAAP adjustments (526.0) (659.4) (514.2) (492.7) (541.1) (589.3) (2,349.0) (583.0) (631.0) Adjusted operating expenses $750.5 $755.5 $767.1 $759.2 $760.2 $780.2 $801.1 $828.3 $830.4 Operating income/(loss) $206.8 $100.5 $311.7 $277.3 $214.2 $270.9 ($1,458.1) $333.2 $364.2 Non-GAAP adjustments 128.5 248.3 78.4 72.2 130.2 135.2 1,915.9 102.8 134.5 Adjusted operating income $335.3 $348.8 $390.1 $349.5 $344.4 $406.1 $457.8 $436.0 $498.7 Net income/(loss) attributable to Invesco Ltd. $132.2 $55.0 $209.3 $171.1 ($12.5) $301.3 ($1,186.2) $230.4 $345.3 Non-GAAP adjustments 64.0 144.8 28.0 29.4 177.7 (25.9) 1,467.1 30.4 (23.0) Adjusted net income attributable to Invesco Ltd. $196.2 $199.8 $237.3 $200.5 $165.2 $275.4 $280.9 $260.8 $322.3 Operating margin 13.9% 6.6% 19.6% 18.1% 14.1% 16.5% (86.2)% 19.1% 19.9% Adjusted operating margin 30.9% 31.6% 33.7% 31.5% 31.2% 34.2% 36.4% 34.5% 37.5% Diluted EPS $0.29 $0.12 $0.46 $0.38 ($0.03) $0.66 ($2.61) $0.51 $0.76 Adjusted diluted EPS $0.43 $0.44 $0.52 $0.44 $0.36 $0.61 $0.62 $0.57 $0.71 18 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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19 Footnote Disclosures Footnotes for Slide 4, Second quarter 2026 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 (2) QQQ represents assets held within Invesco QQQ. 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 Equities includes Equity products (4) Fundamental Fixed Income includes Fixed Income products, including certain ETFs managed within this capability (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 7, Asset Mix & Net Revenue Yield Trend 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 (7) QQQ represents assets held within Invesco QQQ. 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) The range covers the most current 5 quarter period Footnotes for Slide 8, 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 9, 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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20 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 Q2 2026 ($2,510.5 million as of Q1 2026), 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 Q2 2026, adjusted debt of $1,027.1 million is calculated as debt of $1,624.0 million plus $3.1 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 Q2 2026, 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: 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 $ In millions Total Net income/(loss) attributable to Invesco Ltd. ($309.2) Dividends on preferred shares $164.0 Interest expense $96.6 Tax expense/(benefit) ($161.6) Amortization/depreciation/impairment $1,959.0 Common share-based compensation expense $106.4 Cost of preferred stock repurchase $80.7 Canadian sale and restructuring ($11.7) Unrealized (gains)/losses from investments, net ($24.8) Covenant adjusted EBITDA $1,899.4 (in bps) Q2’25 Q1’26 Q2’26 US GAAP Gross Revenue Yield 33.7 34.1 33.1 Net Revenue Yield ex performance fees 23.2 22.9 22.4 Supplemental Information: Net Revenue Yields Footnotes for Slide 12, 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 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