Slides
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Third Quarter 2026 Results Andrew Schlossberg President and Chief Executive Officer Allison Dukes Chief Financial Officer October 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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Advantageous Position + Strategic Execution = Enhanced Performance We have an advantageous position globally as a diversified, client -centric asset manager and a strategy to deliver for our shareholders Advantageous Market Position • Global footprint Significant and unique APAC presence including a hard-to- replicate China JV • Diverse and focused range of Active Investment Strategies Public, private, multi-asset, solutions, and custom strategies that enable Invesco to cover a breadth of client needs • ETF Platform Scaled, innovative, and growing • Leading distribution Particular strength in wealth management platforms in the US, the world’s largest asset channel 3 • Prioritize - the intersection of market size, secular change, and Invesco’s unique position to drive growth in the highest opportunity regions • Deliver Active Equity Performance - with top quality and consistency to garner market share gains where we are positioned to win, regardless of demand • Drive Profitable Organic Growth - emphasizing high demand, scalable investment capabilities (e.g., Fixed Income) and efficient delivery vehicles such as ETFs • Provide a Holistic Client Value Proposition - featuring robust solutions and custom strategies delivered through SMAs and models • Grow High Demand Private Markets – leveraging our strong retail channel and expanding investment strategies and partnerships • Embed Next Generation Technology - harness innovation including AI to support operating leverage • Strengthen Financial Flexibility - emphasizing operating leverage • Profitable Growth and positive operating leverage, driving higher operating margins • Grow Operating Income • Increase Market Share • Achieve top quartile Investment Performance • Continue Balance Sheet deleveraging, operate with zero net debt • Enhance Shareholder Return through regular return of capital to shareholders Winning Strategic Focus Key Performance Drivers
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Global Liquidity8 $261.6 $47.0 Total Global Liquidity flows of $52.9 billion across all investment capabilities. Ending AUM $2,537.8 Investment Capability* Ending AUM Net Flows Highlights ETFs and Index1 $774.6 $28.5 Record AUM with annualized organic growth of 15%. Garnered net inflows across a diverse set of products with 14 products generating more than $500 million in net inflows. EMEA delivered nearly half of the net inflows with a 26% annualized organic growth rate. Launched seven highly targeted, strategically aligned products including five active ETFs in EMEA. QQQ2 $498.9 $6.7 QQQ maintained momentum with strong engagement and annualized organic growth of nearly 6%. Fundamental Equities3 $309.1 ($1.9) Significantly moderated net outflows with another strong gross sales quarter. Continued positive net inflows in Global/Regional equities from clients in Asia Pacific and ongoing strength in the U.S. Small and Mid Value funds, offset by net outflows in other fundamental equity strategies. Fundamental Fixed Income4 $307.9 ($2.6) Net long-term inflows in Active ETFs and SMAs in our retail channel were offset by a few institutional clients re-allocating from Investment Grade and Stable Value. China JV5 $166.3 $1.5 Record AUM with institutional net long-term inflows driven by strength in fixed income augmented by net inflows in equities. Launched nine new products. Private Markets6 $134.9 ($0.4) Strong inflows within our Real Estate Debt fund for U.S. Wealth Management clients and in CLOs with institutions were offset by outflows in our Senior Bank Loan ETF and U.S. Core Real Estate institutional outflows. Multi Asset/Other7 $84.5 $3.3 Strength globally with net inflows driven by systematic equities with demand for quantitative strategies and custom equity products. Third 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 $2,276.2 $35.1 6.3% annualized organic growth marks the 13th 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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56% 11% 64% 22% 55% 45% 45% 52% 15% 5 Investment Performance Fundamental Equities Fundamental Fixed Income 1-Yr 3-Yr 5-Yr Multi-Asset 83% 70% 84% 65% 85% 53% 19%6%6% 30% 17% 30% 20% 49% 40% 18% 26% 15% AUM above benchmark 1st quartile 2nd quartile AUM measured in the one, three, and five-year quartile rankings represents 34%, 34%, and 33% of total Invesco AUM, respectively, and AUM measured versus benchmark on a one, three, and five-year basis represents 43%, 42%, and 41% of total Invesco AUM as of 9/30/2026. 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% 43% 66% 47% 70% 58% 21% 23% 13% 1-Yr 3-Yr 5-Yr1-Yr 3-Yr 5-Yr 1-Yr 3-Yr 5-Yr
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$2.5B in Bank Term Loans $500M $308M $192M $287M $622M $591M $0.02 $0.13 $0.17 $0.20 $0.25 $0.30 $0.37 $0.00 $0.20 $0.40 0 500 1,000 1,500 2,000 2025 & 2026 2025 2026 2027 2028 2029 2030 2031 2028 Bank Term Loan Repaid 2030 Bank Term Loan 2031 Bank Term Loan2028 Bank Term Loan 6 EPS Accretion Forecast Run-Rate Impact = $0.41 $2.0B Bank Term Loan Forecast Repayments Additional $1.5 Billion Repurchase of Invesco Preferred Stock Financed with a Five-Year Bank Term Loan; $3.0 Billion Total Repurchased Earnings accretive, ultimately contributing run-rate EPS improvement of $0.41 in total while reducing leverage and improving balance sheet flexibility 3.48x 0.69x Leverage Ratios Down to 0.39x in 5 years Pro Forma* 2.83x 0.25x 2.20x 0.73x 1.54x 1.04x 1.40x 0.90x 0.83x 0.49x 0.19x 1.32x 0.98x 0.68x 0.39x * Based on trailing four quarter EBITDA as of 3Q 2026 which is $2,051 million; the calculation of adjusted debt is defined in our credit facility and equals debt plus letters of credit less excess unrestricted cash not to exceed $600 million. Year $1B Repurchase May 2025 $0.5B Repurchase Dec 2025 $1.5B Repurchase Oct 2026 Total Impact 2025 $0.02 $0.00 $0.00 $0.02 2026 $0.09 $0.05 $0.00 $0.13 2027 $0.08 $0.07 $0.02 $0.17 2028 $0.11 $0.07 $0.03 $0.20 2029 $0.13 $0.07 $0.05 $0.25 2030 $0.14 $0.07 $0.09 $0.30 2031 $0.14 $0.07 $0.16 $0.37 Run-Rate Impact $0.14 $0.07 $0.20 $0.41
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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 • Net Long-Term inflows of $35.1 billion or 6.3% annualized organic growth in the third quarter of 2026 marking the 13th consecutive quarter of net inflows ‒ AUM of $2.5 trillion ‒ Net inflows across active/passive and spanning geographies • Net revenues increased 4.0% and operating expenses decreased 1.3% from the second quarter of 2026, generating 530 basis points of operating leverage ‒ As compared to the third quarter of 2025, net revenues increased 16.5%; the benefit from QQQ revenues and higher average AUM, overall, coupled with well-managed expenses drove significant operating leverage • Drove 320 basis points of operating margin improvement from the second quarter of 2026 to 40.7%; operating income increased 12.8% • EPS increased 18.0% from the third quarter of last year • Our focus on strengthening the balance sheet continues ‒ Reduced net debt by $393 million in the third quarter; the reduction combined with improved EBITDA resulted in a substantial improvement in our leverage ratios ‒ Reflecting our strong balance sheet and cash flows, we increased common share buybacks to $65 million, or 2.1 million shares, and paid a quarterly common stock dividend of $0.215 per share Key Metrics Q3’25 Q3’26 ($) Net Long-Term Flows $28.9 $17.6 $35.1 $21.8 ($10.0) $2.7 ($9.8) Ending AUM $2,124.8 $1,844.8 $2,537.8 $2,159.5 $67.5 ($10.4)Ending Long-Term AUM $1,510.3 $1,311.2 $2,226.4 $13.8 Average AUM $2,060.4 $1,880.8 $2,510.2 $2,218.9 $141.4 $57.1Average Long-Term AUM $1,462.0 $1,326.8 $2,216.5 $92.1 Net Revenues* (millions) $1,186.3 $1,108.7 $1,381.7 $52.6 Adj Operating Expenses* (millions) $780.2 $759.2 $819.4 ($11.0) Adj Operating Income* (millions) $406.1 $349.5 $562.3 $63.6 Adj Operating Margin* 34.2% 31.5% 40.7% 320 bps (190 bps)Adj Diluted EPS* $0.61 $0.72 $0.01 (%) (22.2%) 106.9% 14.1% (33.9)% 2.7% (0.5%)0.6% (1.1%) (1.1%) 6.0% 2.6%4.3% 4.0% (1.3%) 0.3%12.8% (4.8%) (4.8%) 1.4% ($) $6.2 23.9% (25.4)% $413.0 17.1%$716.1 46.4%$449.8 18.0%$754.5 49.6%$195.4 14.0%$39.2 9.1%$156.2 24.7% 17.4% 650 bps $0.11 Q2’26 $45.1 $2,470.3 $2,212.6 $2,368.8 $2,124.4 $1,329.1 $830.4 $498.7 37.5% $0.71 Q2’26-Q3’26 Change (%) 21.5% 21.1%19.4% 47.4% 21.8% 51.6% 16.5% 5.0% 38.5% 18.0% Q3’25-Q3’26 Change
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AUM Mix and Net Revenue Yield Trend 8 24–36 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 • Q3’26 NRY impacted by strong Global Liquidity growth • Multi-Asset/Other is mid-20 bps after India and Intelliflo transactions • Private Markets is trending toward the lower end of the range 30–32 bps 46–52 bps 59–61 bps ~21 bps ~ 13 bps ~10 bps ~6 bps** 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% 6% 13% 13% 30% 19% 9% Q2’26 3% 7% 4% 13% 12% 31% 19% 10% 5% $2,060.4 $2,161.8 $2,218.9 $2,368.8 $2,510.2 Q3’26 Average AUM, $B Net Revenue Yield (NRY)* 22.9 bps 22.5 bps 22.9 bps 22.4 bps 21.5 bps
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Q3 2025 $21 Employee compensation $15 Marketing ($3) Property office & technology $6 G&A Q3 2026 $780 $819 +5.0% 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) Q2’26 vs Q3’26 $39 million increase Increase Decrease $1,382 Third-party1 Q3 2026 ($18) Other ($4) Performance fees $14 Service & distribution fees $3 Investment mgmt. fees $57 $1,329 Q2 2026 +4.0% $53 million increase Q3’25 vs Q3’26 Performance fees ($1) Other ($104) Third-party1 $1,186 $1,382 Q3 2025 $378 ($88) Service & distribution fees $10 Q3 2026 +16.5% $196 million increase Marketing ($4) Property office & technology ($3) G&A $830 $819 Q3 2026Q2 2026 ($3) Employee compensation ($1) -1.3% $11 million decrease Investment mgmt. fees
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0% 40% 80% 35% 9% 44% Q3’25 34% 9% 43% Q4’25 37% 15% 52% Q1’26 30% 16% 46% Q2’26 30% 20% 50% Q3’26 *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 $2,500 $2,107 $973 $966 Q3’25 Q3’26 $3,473 $3,073 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 0.63x 0.73x 0.85x 0.54x 0.33x 2.50x 2.20x 2.30x 1.90x 1.60x Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 $392 $392 $496 $497 $238 $500 $393 $0 Q3’25 $0$0 Q3’26 $1,625 $1,281 Leverage ratio2 Leverage ratio incl. Preferred Stock2 $95 $95 $95 $97 $98 $44 $44 $38 $37 $37 $25 $25 $40 $50 $65 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 $164 $164 $173 $184 $200 Buybacks1Common dividends Preferred dividends Common dividend Buybacks1 Total Payout Net Debt 4 Q3’25 Q3’26 $652 $316 Net Debt Capital Management
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11 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. 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% 29%71% $1,748.4 $375.4 $414.0 $2,537.8 19.2 % 17.3 % 22.3 % 19.4 % $1,793.4 $744.4 $2,537.8 21.3 % 15.1 % 19.4 % $2,537.8 19.4 % 3% 5% 7% 10% 12% 12% 20% 31% $774.6 27.9 % $309.1 3.2 % $307.9 (0.3)% $166.3 36.5 % $134.9 $84.5 2.9 % $261.6 37.6 % 3.1 % $498.9 29.3 %
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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 $1,478 $647 $1,766 $704 $1,793 $744 $19.7 $9.2 $47.3 ($2.2) $41.7 ($6.6) 70% 30% 7.8% 8.2% Solid Growth With Ample Opportunity Retail 2 Institutional 3 Retail 2 Institutional 3 AUMNet Long-Term Flows 15% 16%69% $1,466 $320 $338 $1,708 $367 $396 $1,748 $375 $414 Americas Asia Pac EMEA 4.3% 17.1% 10.4% $9.6 $11.4 $7.9 $30.8 $8.2 $6.1 $10.3 $8.9 $15.9 Americas Asia Pac EMEA 69%69% 15% 15% 16% 72% 71% 28% 29% 8.6% 2.8% 10.2% 10.7% 6.5% 15.8% 11.6% 9.7% (1.8%) (5.4%) 16% Q3'25 Q2'26 Q3'26 % 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 $606 $309 $300 $122 $131 $82 $190 $386 $754 $316 $318 $163 $136 $80 $215 $490 $775 $308 $309 $166 $135 $85 $262 $499 ETFs and Index Fundamental Fixed Income Fundamental Equities China JV Private Markets Multi-Asset/Other Global Liquidity QQQ $21.4 $4.1 ($5.0) $7.3 $0.6 $0.5 $30.1 $0.4 ($7.7) $6.9 $1.9 ($0.3) $13.8 $28.5 ($2.6) ($1.9) $1.5 ($0.4) $3.3 $6.7 ETFs and Index Fundamental Fixed Income Fundamental Equities China JV Private Markets Multi-Asset/Other QQQ 29% 6% 6% 4% 9% 18%7% 7% 5% 5% 3% 3% 20% 20%15% 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% 0.5% (3.3%) 33.5% 21.9% 4.7% 9% 10%14% 13% 12% (6.9%) (9.9%) (2.4%) 1.8% 5.7% (1.2%) 2.9% (1.8%) 18.2% 5.6%12.2%14.8% 16.8% 14.8% Q3'25 Q2'26 Q3'26 % of Total Firm AUM Annualized Long-Term Org. Growth 1 31% 31% 13% 12%
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15 Key Market Indices Source: Bloomberg Equity Indices 9/30/2025 6/30/2026 9/30/2026 9/30/2025 6/30/2026 Q3 2025 Q2 2026 Q3 2026 Q3 2025 Q2 2026 Domestic S&P 500 (SPX) 6,688 7,499 7,652 14% 2% 6,428 7,271 7,619 19% 5% S&P 500 Equal-Weight (SPW) 7,693 8,627 8,429 10% -2% 7,545 8,286 8,750 16% 6% S&P 500 Growth (SGX) 4,871 5,552 5,735 18% 3% 4,638 5,324 5,590 21% 5% S&P 500 Value (SVX) 2,038 2,240 2,250 10% 0% 1,980 2,201 2,300 16% 5% NASDAQ 100 (NDX) 24,680 30,276 30,409 23% 0% 23,528 28,276 29,369 25% 4% Global MSCI Europe (MXEU) 219 245 241 10% -2% 215 240 249 16% 4% FTSE 100 (UKX) 12,585 13,910 14,068 12% 1% 12,304 13,985 14,414 17% 3% MSCI Emerging Markets (MXEF) 1,346 1,723 1,705 27% -1% 1,273 1,662 1,689 33% 2% MSCI AC Asia Pacific (MXAP) 221 274 276 25% 1% 211 265 273 29% 3% MSCI China (MXCN) 12 9 9 -20% 3% 10 10 10 -9% -4% MSCI Japan (MXJP) 13 15 16 24% 5% 12 15 16 26% 5% Bloomberg US Aggregate Bond (LBUSTRUU) 2,323 2,363 2,280 -2% -4% 2,292 2,354 2,336 2% -1% Bloomberg Global Aggregate Bond (LEGATRUU) 500 500 488 -2% -2% 496 501 498 0% -1% Bloomberg China Aggregate Bond (LACHTRUU) 282 304 310 10% 2% 282 301 307 9% 2% Fixed Income Indices Equity Indices % Change 09/30/26 vs. Average % Change Q3 2026 vs. Spot
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US GAAP Basis Non-GAAP Basis (in millions) Q3-26 Q2-26 % Change (1) (in millions) Q3-26 Q2-26 % Change (1) Investment management fees $1,512.2 $1,461.8 3.4% Investment management fees $1,698.9 $1,641.5 3.5% Service and distribution fees 313.2 309.9 1.1% Service and distribution fees 313.2 309.9 1.1% Performance fees 2.0 3.7 (45.9)% Performance fees 18.8 4.6 308.7% Other 45.8 50.2 (8.8)% Other 52.5 56.4 (6.9)% Revenue adjustments* — — N/A Revenue adjustments* (701.7) (683.3) 2.7% Total operating revenues $1,873.2 $1,825.6 2.6% Net revenues $1,381.7 $1,329.1 4.0% Third-party distribution, service and advisory* 643.7 627.1 2.6% Third-party distribution, service and advisory* — — N/A Employee compensation 493.8 546.7 (9.7)% Employee compensation 526.8 530.1 (0.6)% Marketing 35.9 36.7 (2.2)% Marketing 39.1 40.4 (3.2)% Property, office and technology 105.9 109.3 (3.1)% Property, office and technology 110.4 113.9 (3.1)% General and administrative 149.4 133.5 11.9% General and administrative 143.1 146.0 (2.0)% Amortization of intangible assets 8.0 8.1 (1.2)% Amortization of intangible assets — — N/A Total operating expenses $1,436.7 $1,461.4 (1.7)% Adjusted operating expenses $819.4 $830.4 (1.3)% Operating income $436.5 $364.2 19.9% Adjusted operating income $562.3 $498.7 12.8% Equity in earnings of unconsolidated affiliates 42.6 35.1 21.4% Equity in earnings of unconsolidated affiliates (1.0) (6.8) (85.3)% Interest and dividend income 9.8 9.9 (1.0)% Interest and dividend income 12.9 11.7 10.3% Interest expense (20.3) (23.6) (14.0)% Interest expense (20.3) (23.6) (14.0)% Other gains and losses, net (34.2) 105.8 N/A Other gains and losses, net (23.8) 43.1 N/A Other income/(expense) of CIP, net 29.5 (36.0) N/A Other income/(expense) of CIP, net — — N/A Income before income taxes $463.9 $455.4 1.9% Adjusted income before taxes $530.1 $523.1 1.3% Income tax provision (108.3) (116.5) (7.0)% Income tax provision (133.0) (130.5) 1.9% Effective tax rate (2) 23.3% 25.6% Effective tax rate (2) 25.1% 24.9% Net income 355.6 338.9 4.9% Adjusted net income 397.1 392.6 1.1% Net (income)/loss attributable to noncontrolling interests in consolidated entities (24.1) 43.4 N/A Adjusted net (income)/loss attributable to noncontrolling interests in consolidated entities (33.7) (33.3) 1.2% Less: Dividends declared on preferred shares (37.0) (37.0) —% Less: Dividends declared on preferred shares (37.0) (37.0) —% Net Income attributable to Invesco Ltd. $294.5 $345.3 (14.7)% Adjusted net income attributable to Invesco Ltd. $326.4 $322.3 1.3% Diluted EPS $0.65 $0.76 (14.5)% Adjusted diluted EPS $0.72 $0.71 1.4% US GAAP and Non-GAAP operating results Q3-26 vs. Q2-26 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 September 30, 2026 Please refer to pages 8-11 in the 3Q 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 $1,512.2 $176.1 $— $— $— $10.6 $— $1,698.9 Service and distribution fees 313.2 — — — — — — 313.2 Performance fees 2.0 16.8 — — — — — 18.8 Other 45.8 6.7 — — — — — 52.5 Revenue adjustments* — (58.0) (643.7) — — — — (701.7) Total operating revenues reconciled to net revenues $1,873.2 $141.6 ($643.7) $— $— $10.6 $— $1,381.7 Operating expenses Third-party distribution, service and advisory* 643.7 — (643.7) — — — — — Employee compensation 493.8 37.8 — — (4.8) — — 526.8 Marketing 35.9 3.2 — — — — — 39.1 Property, office and technology 105.9 4.5 — — — — — 110.4 General and administrative 149.4 4.9 — — — (11.2) — 143.1 Amortization of intangible assets 8.0 — — (8.0) — — — — Total operating expenses $1,436.7 $50.4 ($643.7) ($8.0) ($4.8) ($11.2) $— $819.4 Operating income/(loss) reconciled to adjusted operating income $436.5 $91.2 $— $8.0 $4.8 $21.8 $— $562.3 Equity in earnings of unconsolidated affiliates 42.6 (32.3) — — — (11.3) — (1.0) Interest and dividend income 9.8 2.3 — — (0.5) 1.3 — 12.9 Interest expense (20.3) — — — — — — (20.3) Other gains and losses, net (34.2) (5.1) — — 21.9 (6.4) — (23.8) Other income/(expense) of CIP, net 29.5 — — — — (29.5) — — Income/(loss) before income taxes $463.9 $56.1 $— $8.0 $26.2 ($24.1) $— $530.1 Income tax provision (108.3) (22.4) — 3.9 (6.2) — — (133.0) Net income/(loss) 355.6 33.7 — 11.9 20.0 (24.1) — 397.1 Net (income)/loss attributable to noncontrolling interests in consolidated entities (24.1) (33.7) — — — 24.1 — (33.7) 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. $294.5 $— $— $11.9 $20.0 $— $— $326.4 Diluted EPS $0.65 Adjusted diluted EPS $0.72 Diluted shares outstanding 452.5 Diluted shares outstanding 452.5 Operating margin 23.3% Adjusted operating margin 40.7%
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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 18 (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 6.4 — (3.0) (130.5) Net income/(loss) 338.9 33.2 — 12.1 (20.4) 43.5 (14.7) 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 ($20.4) $— ($14.7) $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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(in millions) Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3’26 Operating revenues $1,515.4 $1,593.0 $1,529.2 $1,515.5 $1,640.4 $1,692.0 $1,744.5 $1,825.6 $1,873.2 Non-GAAP adjustments (411.1) (435.8) (420.5) (410.9) (454.1) (433.1) (480.2) (496.5) (491.5) Total operating revenues reconciled to net revenues $1,104.3 $1,157.2 $1,108.7 $1,104.6 $1,186.3 $1,258.9 $1,264.3 $1,329.1 $1,381.7 Operating expenses $1,414.9 $1,281.3 $1,251.9 $1,301.3 $1,369.5 $3,150.1 $1,411.3 $1,461.4 $1,436.7 Non-GAAP adjustments (659.4) (514.2) (492.7) (541.1) (589.3) (2,349.0) (583.0) (631.0) (617.3) Adjusted operating expenses $755.5 $767.1 $759.2 $760.2 $780.2 $801.1 $828.3 $830.4 $819.4 Operating income/(loss) $100.5 $311.7 $277.3 $214.2 $270.9 ($1,458.1) $333.2 $364.2 $436.5 Non-GAAP adjustments 248.3 78.4 72.2 130.2 135.2 1,915.9 102.8 134.5 125.8 Adjusted operating income $348.8 $390.1 $349.5 $344.4 $406.1 $457.8 $436.0 $498.7 $562.3 Net income/(loss) attributable to Invesco Ltd. $55.0 $209.3 $171.1 ($12.5) $301.3 ($1,186.2) $230.4 $345.3 $294.5 Non-GAAP adjustments 144.8 28.0 29.4 177.7 (25.9) 1,467.1 30.4 (23.0) 31.9 Adjusted net income attributable to Invesco Ltd. $199.8 $237.3 $200.5 $165.2 $275.4 $280.9 $260.8 $322.3 $326.4 Operating margin 6.6% 19.6% 18.1% 14.1% 16.5% (86.2)% 19.1% 19.9% 23.3% Adjusted operating margin 31.6% 33.7% 31.5% 31.2% 34.2% 36.4% 34.5% 37.5% 40.7% Diluted EPS $0.12 $0.46 $0.38 ($0.03) $0.66 ($2.61) $0.51 $0.76 $0.65 Adjusted diluted EPS $0.44 $0.52 $0.44 $0.36 $0.61 $0.62 $0.57 $0.71 $0.72 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 4, Third 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 8, 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 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 agreements 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 agreements. The calculation of covenant adjusted EBITDA below (a reconciliation from net income attributable to Invesco Ltd.) is defined by our credit agreements, 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 agreements, plus the preferred stock balance of $2,510.5 million as of Q3 2026 ($2,510.5 million as of Q2 2026), divided by covenant adjusted EBITDA. The calculation of adjusted debt is defined in our credit agreements 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 Q3 2026, adjusted debt of $684.4 million is calculated as debt of $1,281.3 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 Q3 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. ($316.0) Dividends on preferred shares $156.6 Interest expense $91.2 Tax expense/(benefit) ($43.6) Amortization/depreciation/impairment $1,953.7 Common share-based compensation expense $112.1 Cost of preferred stock repurchase $80.7 Canadian sale and restructuring ($11.7) Unrealized (gains)/losses from investments, net $28.4 Covenant adjusted EBITDA $2,051.4 (in bps) Q3’25 Q2’26 Q3’26 US GAAP Gross Revenue Yield 33.7 33.1 31.7 Net Revenue Yield ex performance fees 22.9 22.4 21.5 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 Footnotes for Slide 14, 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