Slide 1: Fourth Quarter 2024 Results
Fourth Quarter 2024 Results Andrew Schlossberg President and Chief Executive Officer Allison Dukes Chief Financial Officer January 28, 2025
Slide 2: Forward-Looking Statements and Important Information
Forward-Looking Statements and Important Information This presentation and comments made in the associated obligation to update the information in any public disclosure if any conference call today may include “forward-looking statements.” forward-looking statement later turns out to be inaccurate.
Slide 3: Advantageous Position + Winning Strategic Focus = Enhanced Operating Performance
Advantageous Position + Winning Strategic Focus = Enhanced Operating 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 Winning Strategic Focus Key Performance Drivers • Glob
Slide 4: Progress on Key Performance Drivers in 2024
Progress on Key Performance Drivers in 2024 ($s in billions, except EPS; Net Debt/Cash is in millions) Net Revenues Operating Expenses* Operating Income* Operating Margin* Net Revenues Up 2% Well Managed Expenses Positive Op. Leverage Expanded Op. Margin $4.3 $4.4 $3.1 $3.0 31.1% 28.2% $1.2 $1.4 202
Slide 5: Fourth Quarter 2024 Business Highlights
Fourth Quarter 2024 Business Highlights Investment Capabilities Investment Capability* Ending AUM Net LT Flows Highlights Another strong quarter with continued market share gains. Top flowing funds were the S&P ETFs and Index1 $484.0 $29.6 500 Equal Weight, S&P 500 UCITs and QQQM. Continued to see b
Slide 6: Net Long-Term Flows
Solid Growth With Ample Opportunity Geography Investment Approach Channel 72% 71% 71% 15% 15% 15% 14% 14% 14% 62% 57% 56% 38% 43% 44% 66% 68% 69% 34% 32% 31% $1,275 $1,316 $985 $1,032 $1,027 $1,227 $1,266 $1,134 $820 $1,042 AUM $763 $600 $543 $568 $580 $236 $267 $270 $216 $254 $260 Americas Asia Pac
Slide 7: Investment Performance
Investment Performance Fundamental Equities Fundamental Fixed Income 44% 38% 27% 26% 23% 20% 60% 60% 46% 46% 52% 44% 40% 40% 38% 33% 37% 35% 1-Yr 3-Yr 5-Yr 1-Yr 3-Yr 5-Yr Multi-Asset Overall 23% 20% 23% 23% 28% 12% 72% 68% 61% 61% 64% 62% 48% 49% 47% 40% 34% 30% 1-Yr 3-Yr 5-Yr 1-Yr 3-Yr 5-Yr AUM abo
Slide 8: Fourth Quarter 2024 Financial Highlights
Fourth Quarter 2024 Financial Highlights • Net Long-Term inflows of $25.6 billion or 7.8% annualized organic growth ‒ Ending AUM grew 3% quarter-over-quarter to $1.8 trillion • Generated positive operating leverage of 330 basis points with net revenues up 4.8% and adjusted operating expenses up only
Slide 9: Significant AUM Growth; Capturing Flows as Client Demand Shifts
Significant AUM Growth; Capturing Flows as Client Demand Shifts and Impacts Asset Mix Average AUM, $B | Net Revenue Yield (NRY)* Current NRY 4Q’24 NRY Drivers Trends10 Post OFI Current Trends Acquisition $1,824.4 $1,742.0 24.6 bps 38–41 bps • Secular shifts in client demand have $1,669.3 25.3 bps 3%
Slide 10: Revenues and Expenses
Revenues and Expenses (in millions) Net Revenues Adjusted Operating Expenses +10.6% -0.5% $14 $7 ($69) $5 ($28) $36 $5 $123 $1,157 $14 Q4’23 vs Q4’24 $771 $1,046 $767 Q4 2023: Includes $22 million of org. change expenses $111 million increase $4 million decrease Q4 2023 Investment Service & Performa
Slide 11: Capital Management
Capital Management (in millions, except ratio information) Capital Returned to Shareholders Leverage Ratio2 $179 $177 $149 $149 $152 $25 $25 $59 $59 $59 $59 $59 3.48x 3.36x 3.01x 2.88x 2.83x $90 $90 $93 $95 $93 0.69x 0.54x 0.28x 0.26x 0.25x Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24
Slide 12: Appendix
Appendix 4 Invesco 12
Slide 13: Diversification
Diversification By Client Domicile By Channel By Investment Capability 3% 7% 26% 7% 14% 10% 71% 69% 31% 15% 17% 15% 15% 1-Yr 1-Yr 1-Yr (billions) Change (billions) Change (billions) Change Americas $1,315.5 16.0 % Retail $1,265.6 21.5 % ETFs & IS $484.0 33.7 % Asia Pac $270.2 14.7 % Institutional $5
Slide 14: Net Long-Term Flows by Investment Capability
Solid Growth With Ample Opportunity Investment Capability 23% 25% 26% 17% 16% 15% 16% 16% 15% 8% 7% 7% 7% 7% 7% 4% 4% 3% 12% 9% 10% 15% 17% 17% $484 $458 $362 $319 $291 $281 $295 $279 $267 AUM $273 $261 $230 $189 $165 $164 $130 $130 $129 $108 $117 $119 $57 $63 $59 ETFs and Index Fundamental Fundamen
Slide 15: Key Market Indices
Key Market Indices % Change % Change Spot 12/31/24 vs. Average Q4 2024 vs. Equity Indices 12/31/2023 9/30/2024 12/31/2024 12/31/2023 9/30/2024 Q4 2023 Q3 2024 Q4 2024 Q4 2023 Q3 2024 Equity Indices Domestic S&P 500 (SPX) 4,770 5,762 5,882 23% 2% 4,465 5,543 5,905 32% 7% S&P 500 Equal-Weight (SPW) 6,
Slide 16: US GAAP and Non-GAAP Operating Results Q4-24 vs. Q3-24
US GAAP and Non-GAAP Operating Results Q4-24 vs. Q3-24 US GAAP Basis Non-GAAP Basis (in millions) Q4-24 Q3-24 % Change (1) Q4-24 Q3-24 % Change (1) Investment management fees $1,127.3 $1,100.5 2.4% Investment management fees $1,249.1 $1,219.8 2.4% Service and distribution fees 380.8 360.3 5.7% Servi
Slide 17: Reconciliation of US GAAP Results to Non-GAAP Results Three Months Ended December 31, 2024
Reconciliation of US GAAP Results to Non-GAAP Results Three Months Ended December 31, 2024 Please refer to pages 9-12 in the 4Q 2024 earnings press release for a description of the adjustments 3rd party distribution, Market appreciation / Consolidated Consolidation of service and advisory Amortizati
Slide 18: Reconciliation of US GAAP Results to Non-GAAP Results Three Months Ended September 30, 2024
Reconciliation of US GAAP Results to Non-GAAP Results Three Months Ended September 30, 2024 Please refer to pages 7-10 in the 3Q 2024 earnings press release for a description of the adjustments 3rd party distribution, Market appreciation / Consolidated Consolidation of service and advisory Amortizat
Slide 19: Reconciliation of US GAAP Results to Non-GAAP Results
Reconciliation of US GAAP Results to Non-GAAP Results (in millions) Q4'22 Q1'23 Q2'23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Operating revenues $1,443.4 $1,418.2 $1,442.8 $1,442.0 $1,413.4 $1,475.3 $1,483.3 $1,515.4 $1,593.0 Non-GAAP adjustments (335.3) (342.3) (352.1) (343.8) (367.5) (422.1) (397.5) (
Slide 20: Footnote Disclosures
Footnote Disclosures Footnotes for Slide 5, Fourth quarter 2024 business 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.
Slide 21: Footnote Disclosures (continued)
Footnote Disclosures (continued) Footnotes for Slide 11, 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. Additio