Invesco Ltd · NYSE:IVZ
Invesco — Q4 2025 Earnings Presentation
21 slides from Invesco's earnings presentation, Jan 27, 2026
Slide 1: Fourth Quarter 2025 Results
Fourth Quarter 2025 Results Andrew Schlossberg President and Chief Executive Officer Allison Dukes Chief Financial Officer January 27, 2026
Slide 2: Forward-Looking Statements and Important Information
Forward-Looking Statements and Important Information This presentation and comments made in the associated SEC’s website at www.sec.gov. We expressly disclaim any conference call today may include “forward-looking statements.” obligation to update the information in any public disclosure if any Forw
Slide 3: In 2025 We Strengthened Our Capital Management, Simplified and Focused Our Organization, and Accelerated Growth
In 2025 We Strengthened Our Capital Management, Simplified and Focused Our Organization, and Accelerated Growth Focusing Efforts Unlocking Value Improving Performance • Repurchased additional $500MM of preferred stock in Q4’25; $1.5B of Strengthening preferred stock repurchased in total Management I
Slide 4: Significant Progress on Key Performance Drivers in 2025
Significant Progress on Key Performance Drivers in 2025 ($s in billions, except Diluted EPS) Net Revenues Operating Expenses* Operating Income* Operating Margin* Diluted EPS* Net revenues up 6% Well managed expenses 14% increase—352 bps of 230 bps improvement Growth of 19% operating leverage $4.7 $4
Slide 5: Fourth Quarter 2025 Investment Capability Highlights
Fourth Quarter 2025 Investment Capability Highlights Investment Capability* Ending AUM Net Flows Highlights 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 ETFs and Index1 $630.2
Slide 6: Investment Performance
Investment Performance Fundamental Equities Fundamental Fixed Income 28% 10% 44% 42% 34% 38% 59% 64% 52% 45% 39% 35% 40% 31% 19% 22% 23% 15% 1-Yr 3-Yr 5-Yr 1-Yr 3-Yr 5-Yr Multi-Asset Overall 6% 26% 19% 19% 27% 6% 76% 77% 71% 70% 61% 63% 55% 44% 46% 44% 48% 38% 1-Yr 3-Yr 5-Yr 1-Yr 3-Yr 5-Yr AUM above
Slide 7: Financial Highlights
Financial Highlights • 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% increa
Slide 8: Significant AUM Growth; Capturing Flows as Client Demand Shifts and Impacts Asset Mix
Significant AUM Growth; Capturing Flows as Client Demand Shifts and Impacts Asset Mix Average AUM, $B | Net Revenue Yield (NRY)* NRY Trend10 4Q’25 NRY Drivers Post OFI Current Trends Acquisition $2,161.8 22.5 bps • Secular shifts in client demand $2,060.4 22.9 bps 3% Multi-Asset / Other1 33–39 bps h
Slide 9: Revenues and Expenses
Revenues and Expenses (in millions) Net Revenues Adjusted Operating Expenses +8.8% +4.4% $136 $2 $6 $0 ($42) $17 $801 $28 $2 ($13) Q4’24 vs Q4’25 $1,259 $1,157 $767 $102 million increase $34 million increase Q4 2024 Investment Service & Performance Other Third-party1 Q4 2025 Q4 2024 Employee Marketi
Slide 10: Capital Management
Capital Management (in millions, except ratio information) Capital Returned to Shareholders Leverage Ratio2 $177 $177 $177 $164 $164 $25 $25 $25 $25 $25 $59 $59 $57 $44 $44 2.83x 2.77x 2.70x 2.50x 2.20x $93 $93 $95 $95 $95 0.83x 0.63x 0.73x 0.25x 0.30x Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q4’24 Q1’25 Q2’25
Slide 11: Appendix
Appendix 4 Invesco
Slide 12: Diversification
Diversification By Client Domicile By Channel By Investment Capability 3% 6% 6% 29% 15% 9% 69% 70% 30% 14% 16% 19% 14% 1-Yr 1-Yr 1-Yr (billions) Change (billions) Change (billions) Change Americas $1,492.4 13.4 % Retail $1,515.7 19.8 % ETFs & Index $630.2 30.0 % Asia Pac $321.0 18.8 % Institutional
Slide 13: Net Long-Term Flows
Solid Growth With Ample Opportunity 1 Q4'24 Q3'25 Q4'25 % of Total Firm AUM Annualized Long-Term Org. Grow th Geography Channel 71% 69% 69% 15% 15% 15% 14% 16% 16% 69% 70% 70% 31% 30% 30% $1,466 $1,492 $1,478 $1,516 $1,316 $1,266 AUM $647 $654 $580 $320 $321 $338 $357 $270 $260 Americas Asia Pac EME
Slide 14: Net Long-Term Flows
Solid Growth With Ample Opportunity 1 Q4'24 Q3'25 Q4'25 % of Total Firm AUM Annualized Long-Term Org. Grow th Investment Capability 26% 29% 29% 15% 15% 14% 15% 14% 14% 5% 6% 6% 7% 6% 6% 4% 3% 3% 10% 9% 9% 17% 18% 19% $630 $606 $485 $407 $386 AUM $309 $312 $300 $298 $319 $279 $277 $191 $190 $190 $122
Slide 15: Key Market Indices
Key Market Indices % Change % Change Spot 12/31/25 vs. Average Q4 2025 vs. 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 Equity Indices 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,
Slide 16: US GAAP and Non-GAAP operating results Q4-25 vs. Q3-25
US GAAP and Non-GAAP operating results Q4-25 vs. Q3-25 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 40
Slide 17: Reconciliation of US GAAP results to Non-GAAP results Three months ended December 31, 2025
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 3rd party distribution, Amortization and Market appreciation / Consolidated Other non- Consolidation of se
Slide 18: Reconciliation of US GAAP results to Non-GAAP results Three months ended September 30, 2025
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 3rd party distribution, Market appreciation / Consolidated Other non- Consolidation of service and advisor
Slide 19: Reconciliation of US GAAP results to Non-GAAP results
Reconciliation of US GAAP results to Non-GAAP results (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) (
Slide 20: Footnote Disclosures
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 earn
Slide 21: Footnote Disclosures (continued)
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 covenan