Slide 1: FY 25 Results
FY 25 Results Alexis George, CEO Blair Vernon, CFO 12 February 2026
Slide 2: FY 25 overview and agenda
1 2 FY 25 overview FY 25 financial results 3 4 Business unit Business performance efficiency 5 6 Capital FY 26 guidance 7 Priorities Refer to page 44 for relevant information on awards and ratings
Slide 3: Positioned for growth
Positioned for growth Following five years of transformation, AMP is positioned to lead in wealth and retirement in Australia and New Zealand 1. AMP’s 4Q 25 Reptrak reputation score of 67.9 now highest since reporting began in 2008
Slide 4: AMP's strategic focus on retirement
AMP’s strategic focus on retirement A suite of offers and solutions providing AMP customers financial confidence in retirement Citro
Slide 5: Retirement reimagined: AMP's strategy
Retirement reimagined: AMP’s strategy PURPOSE Helping people create their tomorrow VISION Helping more people build wealth and retire with confidence PILLARS Customer growth Pursue innovation Embrace new business models • Drive cashflows: • Expand AMP’s market-leading • Leverage AI to improve outcom
Slide 6: FY 25 overview
FY 25 overview Alexis George, CEO
Slide 7: FY 25 highlights
FY 25 highlights Delivering for customers, members and shareholders; driving performance and innovation Underlying NPAT and EPS Delivered 2-year cost out: Delivering on strategic Completed cost-out controllable costs improved priorities program >20% 6.9% Driving cashflow growth in wealth businesses,
Slide 8: Platforms: FY 25 execution
Platforms: FY 25 execution Positioned to take advantage of the large and growing market opportunity in retirement for mass affluent clients; North Interactive Wealth Portal to launch in 1H 26 Total Platform AUM $88.7bn Platforms cashflows ($m) 1,565 1,588 • Strong cashflow momentum from existing and
Slide 9: Superannuation & Investments: FY 25 execution
Superannuation & Investments: FY 25 execution S&I on pathway to sustainable positive cashflows through member retention initiatives Total S&I AUM $60.7bn • Delivering top quartile returns for majority of MySuper members1, momentum towards positive cashflows • AMP Lifetime Boost rolled out to ~141,00
Slide 10: AMP Bank: FY 25 execution
AMP Bank: FY 25 execution Focused on targeted opportunities in AMP Bank, while scaling AMP Bank GO • Careful margin management while focusing on targeted higher return lending opportunities. $310m in deposits, 40% in transaction accounts Investment loan growth >2.5x owner occupied segment growth • D
Slide 11: New Zealand: FY 25 execution
New Zealand: FY 25 execution Diversification of revenues despite challenging economic environment Total AUM $12.3bn 15.0% • Strong investment performance, above market for 1, 3, and 5 year periods, driving AUM growth1 12.6% 12.4% • Delivering continued growth and diversification of 11.5% revenues am
Slide 12: FY 25 financial results
FY 25 financial results Blair Vernon, CFO
Slide 13: FY 25 results summary
FY 25 results summary $m FY 25 FY 24 FY 25 v FY 24 Total revenue 1,287 1,252 ▲ 2.8% Underlying NPAT up 20.8% to $285m (FY 24: $236m) Variable costs (307) (294) ▲ 4.4% Total revenue was up 2.8%, with increase in Bank, S&I, Controllable costs (603) (648) ▼ 6.9% Platforms and Group partly offset by NZW
Slide 14: Statutory NPAT reconciliation
Statutory NPAT reconciliation $m FY 25 FY 24 FY 25 v FY 24 NPAT (underlying)1 285 236 ▲ 20.8% Lower statutory profit compared to prior period predominantly reflecting the settlement of legal Litigation and remediation related costs2 (95) (8) n/a matters Business simplification (50) (43) ▲ 16.3% Liti
Slide 15: Total AUM of $161.7bn
Total AUM of $161.7bn Positive cashflows and market movements increased AUM to $161.7bn – up 9.0% 11.6 161.7 12.3 5.1 0.2 (0.5) 148.4 (3.1) Platforms 11.8 60.7 Closing AUM grew 11.2% to $88.7bn driven by positive net cashflows and market movements (FY 24: $79.8bn) 133.8 56.8 130.0 10.8 Superannuatio
Slide 16: FY 25 business unit overview
FY 25 business unit overview Banking Superannuation New Zealand Wealth Platforms & Investments AMP Bank AMP Bank GO Management Group1 Improved NPAT v $106m ▲ 9.3% $62m ▲ 14.8% $65m -$10m $39m ▲ 5.4% $23m $36m FY 24 AMP Bank total: $55m 9.8% (37% of NPAT) (22% of NPAT) (19% of NPAT) (14% NPAT) (8% of
Slide 17: Business unit performance
Business unit performance 21
Slide 18: Platforms FY 25 results
Platforms FY 25 results Strong net cashflow momentum driven by new and existing advisers $m FY 25 FY 24 FY 25 v FY 24 AUM based revenue ($m)1 350 338 ▲ 3.6% Underlying NPAT up 9.3% driven by increased cashflows, positive market conditions and cost discipline Other revenue & investment income ($m)2 1
Slide 19: Platforms margin
Platforms margin Platforms AUM-based revenue margin (bps) 47 45 42 42 41 39 • Revenue margins consist of administration revenue and other fees 24 22 20 Administration which vary by segment, tiered fee structures and fee caps Other fees1 Net margin • Net Revenue based margins is Revenue based margins
Slide 20: Platforms cashflow and distribution
Platforms cashflow and distribution Assets Under Management ($b) Net cashflows ($m) 5,105 17.4 Net cashflows 33.1 Superannuation (excl pension payments) Pension 2,756 2,545 Investment Net cashflows (incl pension 38.3 1,401 payments) 470 (443) Advisers with > $1m on North FY23 FY24 FY25 2,188 +122 2,
Slide 21: S&I FY 25 results
S&I FY 25 results Net cashflows improving year on year, with a focus on retention and growth initiatives $m FY 25 FY 24 FY 25 v FY 24 AUM based revenue ($m)1 361 345 ▲ 4.6% Underlying NPAT up 14.8%, reflecting higher AUM based Other revenue & investment income ($m) 5 10 ▼ 50.0% revenue in FY 25, par
Slide 22: S&I margin
S&I margin S&I AUM-based revenue margin construct (bps) 64 63 62 47 48 48 • Revenue margins consist of administration revenue 32 32 (including a fixed member fee) with applicable fee caps 31 Administration and investment fees which vary by investment menu and Other fees member type Net margin 32 31
Slide 23: S&I cashflow
S&I cashflow Momentum continues towards positive net cashflows Net cashflows ($m) Focused on member retention and new member acquisition via direct-to-consumer and employers, to drive towards sustainable positive net cashflows through: (542) • Maintaining compelling member proposition, including (95
Slide 24: FY 25 results: AMP Bank and AMP Bank GO
FY 25 results: AMP Bank and AMP Bank GO Delivering on strategy to improve returns AMP Bank (combined) FY 25 FY 24 FY 25 v FY 24 Total revenue ($m) 343 332 ▲ 3.3% Combined AMP Bank Total costs ($m)1 (263) (244) ▲ 7.8% • Underlying NPAT down 9.8% – reflects AMP Bank GO costs and the NPAT (underlying)
Slide 25: AMP Bank: Funding composition and Net Interest Margin
AMP Bank: Funding composition and Net Interest Margin Funding mix (%) Deposit funding (%) 5 5 6 18 29 26 28 17 36 19 25 21 16 18 18 17 73 71 55 56 61 66 54 47 FY23 1H24 FY24 1H25 FY25 FY 23 FY 24 FY 25 At call (Direct and Platform, S&I) Offset TD's Deposits Securitisation Wholesale funding + sub deb
Slide 26: AMP Bank: Capital management and balance sheet efficiency
AMP Bank Capital management and balance sheet efficiency CET1 Walk (%)1 0.61 0.62 0.31 0.66 10.41 1.42 10.46 1.01 Continued discipline in managing capital consumption. The use of securitisation is a critical tool, and supports the focus on the FY 24 NPAT Items Dividends & Credit Securitisation Other
Slide 27: AMP Bank: Residential Mortgage Portfolio
AMP Bank Residential Mortgage Portfolio Breakdown AMP Bank’s 30+ and 90+ days mortgage arrears 90+ days arrears (%) 30+ days arrears (%) 1.85 Loan Investor Owner Repayment Interest Principal & Purpose occupier Type only interest 1.36 1.60 1.29 1.35 1.17 Dec 23 36% 64% Dec 23 17% 83% 1.10 0.80 Dec 24
Slide 28: NZWM FY 25 results
NZWM FY 25 results Continued profit growth with product diversification supporting contemporary cashflow growth $m FY 25 FY 24 FY 25 v FY 24 AUM based revenue ($m) 94 91 ▲ 3.3% Other revenue ($m) 41 48 ▼ 14.6% NPAT up 5.4% to $39m (FY 24: $37m). AUM-based revenue up 3.3% driven by strong investment
Slide 29: Group FY 25 results
Group FY 25 results Strong China Partnerships contribution, controllable costs reduced further $m FY 25 FY 24 FY 25 v FY 24 China partnerships 72 47 ▲ 53.2% China partnerships contribution up 53.2% driven Other partnerships 19 32 ▼ 40.6% by continued growth in CLPC Partnerships1 91 79 ▲ 15.2% Other
Slide 30: Partnerships: CLPC
Partnerships: CLPC With a strong market position in Pillars 1 and 2, CLPC is well China Life Pension Company (CLPC) is the pre-eminent positioned for the expected uptake in Pillar 3 pension company in China, one of only 12 Trustee Licences in the market Pillar 1: A$1.85 trillion in AUM Retirement sa
Slide 31: Partnerships
Partnerships China Life AMP Asset Management Company (CLAMP) PCCP LLC • AMP has a 14.97% ownership stake (A$111m AMP’s FY 25 • AMP has a 21.56% ownership stake (A$193m AMP’s FY 25 carrying value1) carrying value1) • Distributes and manages investment solutions for >75m retail • Established US real e
Slide 32: Business efficiency
Business efficiency 14
Slide 33: Transformation cost out program
Transformation cost out program ($m) 690 Controllable costs in FY 25 reduced by 6.9% to ▼ 6.9% $603m, delivery of cost out offsetting inflationary pressure of ~3% and the impact of previously 648 announced stranded costs. 44 (7) • Employment costs down reflecting cost out (7) program offsetting infl
Slide 34: Capital
Capital
Slide 35: Capital position
Capital position $m FY 25 FY 24 % change Group Cash proforma ~$884m, adjusted for settled legacy legal matters in Total capital resources 4,058 4,285 ▼ 5.3% 1H 26. Total corporate subordinated debt - (275) n/a FY 25 Final Dividend of 2.0cps, franked at 20%. Reduction of CET1 requirements primarily d
Slide 36: Capital management approach
Capital management approach Capital management – future view Dividends • Orientate to grow the business and generate capital Total FY 25 dividend: 4.0cps (2.0cps final, 20% from organic growth and business performance franked) • Actively manage capital efficiency, particularly AMP • Capital remains
Slide 37: FY 26 guidance
FY 26 guidance
Slide 38: FY 26 guidance
FY 26 guidance Subject to market conditions Platforms Partnerships FY 26 AUM based revenue margins expected: 40 – 41 bps Includes CLPC, CLAMP and PCCP: anticipate a combined ~10% p.a. return over medium-term Superannuation & investments Controllable costs FY 26 AUM based revenue margins expected: 60
Slide 39: Priorities
Priorities
Slide 40: Tailwinds in the Australian wealth and retirement sector
Tailwinds in the Australian wealth and retirement sector Retirees continue to grow as a proportion of the population Retiree wealth largely held in family home and super1 Number of retirement age people per 100 working age people1 33 Australia’s superannuation Household wealth Retirees who don’t 30
Slide 41: Priorities: Execution to drive growth
Priorities Execution to drive growth Customer Launch North Interactive Wealth portal growth Drive cashflows Drive retention and member growth in S&I Grow deposit base in AMP Bank GO Targeted marketing and partnership activity to further drive AMP Bank GO customer growth Expand AMP’s market-lea
Slide 42: Welcoming AMP's next chapter
Welcoming AMP’s next chapter Today, AMP is helping more Australians to retire with confidence Repositioned the business and returned capital to shareholders Reputation restored to highest levels since reporting began in 2008 Resolved several legacy legal matters Leading in retirement innovat
Slide 43: Q&A
Q&A
Slide 44: Important information
Important information This presentation has been prepared by AMP Limited (ABN 49 079 354 519) (“AMP") and is general background information about AMP and its activities current at the date of this presentation, which may be subject to change. It is information in summary form and does not purport to
Slide 45: AMP-
AMP-