Slide 1: 1H 26 Results
1H 26 Results Presented by Blair Vernon, CEO and Jackie Cleary, CFO 6 August 2026
Slide 2: Important information
AMP 1H 26 Results - 6 August 2026 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 su
Slide 3: Acknowledgement of country
AMP 1H 26 Results - 6 August 2026 Acknowledgement of country AMP acknowledges all First Nations Peoples across Australia. We recognise the Traditional Custodians of the land and value the connection to Country, waterways and sky. We pay our respects to the Elders for their resilience, courage and wi
Slide 4: 1H 26 highlights, strategic progress, financial results
AMP 1H 26 Results - 6 August 2026 1 1H 26 highlights 2 1H 26 strategic progress 3 1H 26 financial results 4 Business unit performance 5 FY 26 guidance 6 Priorities Page : 04
Slide 5: 1H 26 highlights
AMP 1H 26 Results - 6 August 2026 1H 26 highlights Page : 05
Slide 6: 1H 26 highlights
AMP 1H 26 Results - 6 August 2026 1H 26 highlights +33% +57% +107% Underlying NPAT to $174m Statutory profit to $154m China partnerships NPAT contribution: $56m $201m $150m 3.0cps Returned to shareholders Additional on-market Interim dividend announced, via dividend and buyback share buyback announc
Slide 7: 1H 26 strategic progress
AMP 1H 26 Results - 6 August 2026 1H 26 strategic progress Page : 07
Slide 8: A clear focus on growing our wealth businesses and releasing capital
AMP 1H 26 Results - 6 August 2026 A clear focus on growing our wealth businesses and releasing capital Wealth management and retirement focus Capital release and realisation focus Superannuation & New Zealand Platforms Partnerships & Group Bank Investments Wealth Management Non-strategic China partn
Slide 9: Compelling dynamics underpin our wealth and retirement businesses
AMP 1H 26 Results - 6 August 2026 Compelling dynamics underpin our wealth and retirement businesses Australia New Zealand China Pension • 12% compulsory contributions to super • Voluntary super, default contribution rate • 12% compulsory contributions • 4.5m Australians already retired, with current
Slide 10: AMP's 2026 priorities: Progress
AMP 1H 26 Results - 6 August 2026 AMP’s 2026 priorities: Progress 01 Accelerate growth 02 Increasing business cash 03 Leveraging AI and in wealth businesses generation and returns to managing risk shareholders • Innovating in retirement: MyNorth Lifetime • Growth in underlying NPAT; reduced items •
Slide 11: A clear path to sustainable shareholder value
AMP 1H 26 Results - 6 August 2026 A clear path to sustainable shareholder value Simplification complete Capturing growth in wealth and retirement Strong cash generating businesses • Business simplified and cost base reset • Demographics underpin growth across • Capital release from Bank and non-stra
Slide 12: 1H 26 financial results
AMP 1H 26 Results - 6 August 2026 1H 26 financial results Jackie Cleary - CFO Page : 12
Slide 13: 1H 26 results summary: earnings quality improving; disciplined cost control
AMP 1H 26 Results - 6 August 2026 1H 26 results summary: earnings quality improving; disciplined cost control Underlying NPAT up 33% to $174m $m 1H 26 1H 25 1H 26 v 1H 25 driven by Platforms, S&I, CLPC earnings and carried interest Total revenue 671 632 ▲ 6.2% Variable costs (150) (151) ▼ 0.7% Statu
Slide 14: 1H 26 surplus capital generation and cash returns to shareholders
AMP 1H 26 Results - 6 August 2026 1H 26 surplus capital generation and cash returns to shareholders Return to shareholders Surplus capital generation ($m) Return to shareholders ($m) $201m Statutory profit $154m or 85% of surplus capital generation 79 174 (20) 56 (53) 1H 26 Net DTA utilisation 150 (
Slide 15: Capital position: Strong capital generation supporting shareholder returns
AMP 1H 26 Results - 6 August 2026 Capital position: Strong capital generation supporting shareholder returns $m 1H 26 FY 25 % change 1H 26 Surplus capital generated Shareholder equity 3,504 3,583 ▼ 2.2% $236m: including statutory earnings, net DTA utilisation and capital Regulatory adjustments (1,25
Slide 16: 1H 26 Business performance: Operating leverage building in wealth management
AMP 1H 26 Results - 6 August 2026 1H 26 Business performance: Operating leverage building in wealth management Wealth management and retirement focus Capital release and realisation focus Superannuation & New Zealand Platforms Partnerships & Group Bank Investments Wealth Management $61m $32m $18m $4
Slide 17: 1H 26 Positive net cashflows with good momentum
AMP 1H 26 Results - 6 August 2026 1H 26 Positive net cashflows with good momentum Platforms S&I New Zealand CLPC 3,075 ~2.60 116 2.39 2,305 2.05 97 1.69 1,160 741 39 36 76 1H 23 1H 24 1H 25 1H 26 1H 23 1H 24 1H 25 1H 26 FY 23 FY 24 FY 25 1H 26 (75) Net Cashflows ($m)1 Net Cashflows ($m)1 AUM (RMB tr
Slide 18: Business unit performance
AMP 1H 26 Results - 6 August 2026 Business unit performance Page : 18
Slide 19: Platforms: Strong cashflow growth and operating leverage
AMP 1H 26 Results - 6 August 2026 Platforms: Strong cashflow growth and operating leverage $m 1H 26 1H 25 1H 26 v 1H 25 Underlying NPAT up 15% driven by AUM based revenue ($m) 1 183 172 ▲ 6.4% increased cashflows, margin management and positive market Other revenue & investment income ($m)2 14 14 -
Slide 20: Platforms: Cashflows continue from new and existing advisers
AMP 1H 26 Results - 6 August 2026 Platforms: Cashflows continue from new and existing advisers Net cashflows ($m) Assets Under Management ($bn) 3,075 2,800 2,305 Superannuation 18.1 1,596 1,591 Pension 1,543 1,160 34.9 Investment (IDPS) 1,002 487 (17) 39.7 1H 24 2H 24 1H 25 2H 25 1H 26 Net cashflows
Slide 21: Platforms: Stable margin and increased operating leverage
AMP 1H 26 Results - 6 August 2026 Platforms: Stable margin and increased operating leverage Platforms AUM-based revenue margin (bps) EBIT margin Growth in EBIT margin continues, demonstrating the scalability of the 43 41 41 42% platform, ongoing operating leverage 39% 40 38 38 36% and cost disciplin
Slide 22: Super & Investments: Positive 1H 26 cashflows
AMP 1H 26 Results - 6 August 2026 Super & Investments: Positive 1H 26 cashflows $m 1H 26 1H 25 1H 26 v 1H 25 Underlying NPAT up over 18% 1 AUM based revenue ($m) 184 175 ▲ 5.1% Other revenue & investment income ($m) 1 2 ▼ 50.0% Positive net cashflows of $76m, first positive half since 2017 Variable
Slide 23: Super & Investments: Stable margins; emerging operating leverage
AMP 1H 26 Results - 6 August 2026 Super & Investments: Stable margins; emerging operating leverage Revenue margins consist of S&I AUM-based revenue margin (bps) EBIT margin administration revenue (including a 62 61 61 22% 23% fixed member fee) with applicable fee 19% 47 47 47 15% caps and investment
Slide 24: NZWM: Resilient earnings underpinned by margin discipline and cost control
AMP 1H 26 Results - 6 August 2026 NZWM: Resilient earnings underpinned by margin discipline and cost control Underlying NPAT of $18m - down $m 1H 26 1H 25 1H 26 v 1H 25 5.3% in AUD predominantly impacted AUM based revenue ($m) 45 46 ▼ 2.2% by FX headwinds (NPAT up 4.8% in Other revenue ($m) 18 22 ▼
Slide 25: Partnerships & Group: Positives from China partnerships and interest rates
AMP 1H 26 Results - 6 August 2026 Partnerships & Group: Positives from China partnerships and interest rates $m 1H 26 1H 25 1H 26 v 1H 25 Non-strategic interests remain a China partnerships 1 56 27 ▲ 107.4% realisation focus. Continued focus on releasing capital over time while Other partnerships2 7
Slide 26: China Partnerships: Strong contribution up 107%
AMP 1H 26 Results - 6 August 2026 China Partnerships: Strong contribution up 107% $m 1H 26 1H 25 1H 26 v 1H 25 Strong China partnerships China Partnerships 56 27 ▲ 107.4% contribution, up 107% driven by Tax expense1 - - n/a continued growth in CLPC NPAT (underlying) 56 27 ▲ 107.4% Carrying value – C
Slide 27: China Partnerships: CLPC and CLAMP
AMP 1H 26 Results - 6 August 2026 China Partnerships: CLPC AUM RMB (billion) ~2,600 2,388 China Life Pension Company (CLPC) is the pre-eminent pension CAGR company in China, one of only 12 Trustee Licences in the market 12% 2,054 • AMP has a 19.99% ownership stake ($589m AMP’s 1H 26 carrying value1)
Slide 28: AMP Bank: Funding mix transformation and capital optimisation progressing
AMP 1H 26 Results - 6 August 2026 AMP Bank: Funding mix transformation and capital optimisation progressing $m 1H 26 1H 25 1H 26 v 1H 25 Underlying NPAT of $20m impacted Net interest income ($m) 162 167 ▼ 3.0% by investment to scale AMP Bank GO Fee and other income ($m)1 6 6 - - AMP Bank GO deposits
Slide 29: AMP Bank: Capital management and balance sheet efficiency remain clear focus
AMP 1H 26 Results - 6 August 2026 AMP Bank: Capital management and balance sheet efficiency remain clear focus Active capital management CET1 Surplus/(Deficit) to target of 10.5% ($m) 89 delivered an $89m capital surplus to target in 1H 26 – including $2.3bn of securitisation 79 (7) 20 AMP Bank rema
Slide 30: FY 26 guidance
AMP 1H 26 Results - 6 August 2026 FY 26 guidance Page : 30
Slide 31: FY 26 guidance: subject to market conditions
AMP 1H 26 Results - 6 August 2026 FY 26 guidance: subject to market conditions Platforms Superannuation & AMP Bank Investments FY 26 AUM based revenue FY 26 AUM based revenue Target $2.0bn in total margins expected: 40 – 41 margins expected: 60 – 61bps deposits in AMP Bank GO bps Further capital man
Slide 32: Priorities
AMP 1H 26 Results - 6 August 2026 Priorities Blair Vernon - CEO Page : 32
Slide 33: AMP's 2H 26 priorities
AMP 1H 26 Results - 6 August 2026 AMP’s 2H 26 priorities 01 Accelerate growth 02 Increasing business cash 03 Leveraging AI and in wealth businesses generation and returns to managing risk shareholders • Extend AMP’s innovation in retirement • Drive dividends from Partnerships • Pursue AI opportuniti
Slide 34: Q&A
AMP 1H 26 Results - 6 August 2026 Q&A Page : 34
Slide 35: Appendix
AMP 1H 26 Results - 6 August 2026 Appendix Page : 35
Slide 36: Statutory NPAT reconciliation
AMP 1H 26 Results - 6 August 2026 Statutory NPAT reconciliation $m 1H 26 1H 25 1H 26 v 1H 25 Statutory NPAT up 57.1% to $154m, NPAT (underlying) 1 174 131 ▲ 32.8% concluding the majority of legacy litigation matters Litigation and remediation related costs (5) (11) ▼ 54.5% Business simplification (1
Slide 37: China's pension market: Strong in Pillars 1 and 2; CLPC well positioned for Pillar 3
AMP 1H 26 Results - 6 August 2026 China’s pension market: Strong in Pillars 1 and 2; CLPC well positioned for Pillar 3 A$3.5 trillion in AUM across all three pillars Pillar 1 Pillar 2 Pillar 3 Basic Pension Employer Personal A$1.85 trillion in AUM A$1.6 trillion in AUM Relatively new in China, with
Slide 38: Non-strategic partnerships
AMP 1H 26 Results - 6 August 2026 Non-strategic partnerships PCCP LLC Other interests • AMP has a 21.07% ownership stake ($183m • Includes sponsor capital and potential AMP’s 1H 26 carrying value1) carried interest from residual AMP Capital • Established US real estate investment funds and investmen
Slide 39: AMP Bank: Funding composition and Net Interest Margin
AMP 1H 26 Results - 6 August 2026 AMP Bank: Funding composition and Net Interest Margin Funding mix (%) Deposit mix (%) Funding mix: Strategy to focus 108.00 5 5 5 3 3 108.00 on structural shift of funding 4 5 5 6 6 90.00 18 20 and continued focus on capital 26 management via securitisation 90.00 29
Slide 40: AMP Bank
AMP 1H 26 Results - 6 August 2026 AMP Bank Residential Mortgage Portfolio Breakdown AMP Bank’s 30+ and 90+ days mortgage arrears Loan Investor Owner Repayment Interest only Principal & 1.72 30+ days arrears (%) 90+ days arrears (%) Purpose occupier Type interest 1.36 1.44 1H 24 37% 63% 1H 24 18% 82%
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