Slide 1: 1H 25 Results
1H 25 Results Alexis George, CEO Blair Vernon, CFO 7 August 2025
Slide 2: 1H 25 overview and agenda
1 2 1H 25 overview 1H 25 Financial results 3 4 Business unit Costs performance 5 6 Capital FY 25 guidance 7 2H 25 priorities
Slide 3: 1H 25 overview
1H 25 overview Alexis George, CEO
Slide 4: 1H 25 highlights
1H 25 highlights Delivering on strategic Controllable Group underlying NPAT Controllable costs improved priorities costs improved 4.4% +9.2% 4.4% building on momentum in cashflows in wealth businesses, and managed Delivered in line with guidance, with momentum for 2H 25 to $131m to $303m growth in b
Slide 5: AMP's portfolio
AMP’s portfolio Rebalanced towards wealth management Operating business units Platforms Super & Investments AMP Bank NZ Wealth Management A leading provider of super, Superannuation, pension and A digital-focused challenger A standalone wealth management, retirement and investment new retirement sol
Slide 6: 1H 25 business unit execution
1H 25 business unit execution Platforms Superannuation & Investments One of the fastest growing Managed Portfolios, now at Rolled out AMP Lifetime Super – an innovative income $21.8bn solution for ~140,000 AMP Choice Super members Innovating in retirement including new retirement Continued strong in
Slide 7: 1H 25 business unit execution
1H 25 business unit execution New Zealand Wealth Management AMP Bank Improved performance despite challenging Focused on higher margin lending opportunities, whilst economic environment in NZ continuing to manage margin on both sides of the Improved retention observed in high value balance sheet cus
Slide 8: 'AMP Bank GO' launched: On time, on budget
‘AMP Bank GO’ launched: On time, on budget Ongoing uplift in customer experience on the app, upgrading features and enhancing fraud protection – driven by customer feedback As at 30 June 2025 (20 weeks from go-live): Feb 25: April 25: $123m transactional balances AMP Bank Go launched Qantas partners
Slide 9: 1H 25 financial results
1H 25 financial results Blair Vernon, CFO
Slide 10: 1H 25 results summary
1H 25 results summary $m 1H 25 1H 24 1H 25 v 1H 24 Underlying NPAT up 9.2% to $131m (1H 24: $120m) Total revenue 632 621 ▲ 1.8% Variable costs (151) (148) ▲ 2.0% Total revenue was up 1.8%, with increase in Bank, S&I and Platforms partly offset by lower Group earnings Controllable costs (303) (317) ▼
Slide 11: Statutory NPAT reconciliation
Statutory NPAT reconciliation $m 1H 25 1H 24 1H 25 v 1H 24 Business simplification of $21m ($30m pre-tax) NPAT (underlying)1 131 120 ▲ 9.2% reflects 6 month spend of the business simplification Litigation and remediation program (11) (2) ▲ Large related costs Business simplification (21) (13) ▲ 61.5
Slide 12: $153.9bn of AUM
$153.9bn of AUM Positive cashflows and market movements increased AUM to $153.9bn – up 3.7% 4.8 153.9 2.3 0.1 12.2 Platforms 148.4 (0.1) Closing AUM grew 4.3% to $83.2bn driven by positive net (1.6) 11.8 cashflows and market movements (FY 24: $79.8bn) 58.5 43bps AUM based revenue to Average AUM (FY
Slide 13: 1H 25 business unit overview
1H 25 business unit overview Superannuation New Zealand Wealth Platforms & Investments AMP Bank Management Group1 Loss improved NPAT v $58m ▲ 7.4% $34m Stable $36m ▲ 2.9% $19m ▲ 11.8% -$16m 20.0% 1H 24 (44% of NPAT) (26% of NPAT) (27% of NPAT) (15% NPAT) (-12% of NPAT) Ongoing net Continued improvem
Slide 14: Business unit performance
Business unit performance 21
Slide 15: Platforms 1H 25 results
Platforms 1H 25 results Strong net cashflow momentum with sustainable revenue and disciplined cost management $m 1H 25 1H 24 1H 25 v 1H 24 Underlying NPAT up 7.4% driven by increased cashflows, AUM based revenue ($m) 1 172 168 ▲ 2.4% positive market conditions and cost discipline Other revenue & inv
Slide 16: Platforms margin
Platforms margin Platforms AUM-based revenue margin (bps) 46 43 43 • Revenue margins consist of administration revenue and other fees which 42 vary by segment, tiered fee structures and fee caps 40 40 23 21 21 • 56% of AUM generates investment-related fees (56% in FY 24), shifting AUM mix is evident
Slide 17: Platforms cashflow and distribution
Platforms cashflow and distribution Net cashflows ($m) Assets Under Management ($b) 2,305 16.3 , 20% Superannuation 1,596 Net cashflows Pension (excl pension 31.6 , 38% Investment 1,160 payments) 1,002 Net cashflows 35.3 , 42% 741 660 (incl pension 487 payments) (17) Advisers with > $1m on North (11
Slide 18: S&I 1H 25 results
S&I 1H 25 results Improving net cashflows and AUM growth with an increasing focus on innovation & growth initiatives $m 1H 25 1H 24 1H 25 v 1H 24 Underlying NPAT steady, reflecting a one-off positive impact to investment income in 1H 24, offset by higher AUM based revenue ($m)1 175 168 ▲ 4.2% AUM ba
Slide 19: S&I margin
S&I margin S&I AUM-based revenue margin construct (bps) 64 63 62 • Revenue margins consist of administration revenue (including a fixed member fee) with applicable fee caps 49 48 47 and investment fees which vary by investment menu and member type 32 32 31 • AUM based revenue margin of 62bps in 1H 2
Slide 20: S&I cashflow
S&I cashflow Momentum towards positive cashflows Net cashflows ($m) Improvement in flows continues driven by compelling member proposition including strong investment returns (75) (285) 2Q 25 cashflows positive $33m, (noting 2Q is typically the strongest quarter), with momentum towards (470) sustain
Slide 21: AMP Bank 1H 25 results
AMP Bank 1H 25 results Improving trends in volume and margin. Successful launch of small business and personal bank. $m 1H 25 1H 24 1H 25 v 1H 24 Net interest income ($m) 167 163 ▲ 2.5% Residential mortgage book growth of 2.8% in 1H 25 driven mainly from higher margin investor segment Fee and other
Slide 22: AMP Bank: Net Interest Margin
AMP Bank: Net Interest Margin 1.35% 1.30% 0.03% 0.01% 0.01% 1.25% 0.03% 1.20% 1.15% 1.30% 1.24% 1.10% 1.05% 1.00% 2H24 Lending Funding (incl. Deposit 3bps and Portfolio mix 1H25 Wholesale 1bp) Impact of Fixed to Focus on Maturities Variable loan rollovers resulted in favourable resulted in higher De
Slide 23: AMP Bank
AMP Bank Residential Mortgage Portfolio Breakdown AMP Bank’s 30+ and 90+ days mortgage arrears AMP 90+ days (%) AMP 30+ days (%) Loan Investor Owner Repayment Interest Principal & 2.35 Purpose occupier Type only interest 2.10 1.72 1H 23 35% 65% 1H 23 16% 84% 1.85 1.44 1.60 1.31 1.29 1.36 2H 23 36% 6
Slide 24: NZWM 1H 25 results
NZWM 1H 25 results Exploring new revenue opportunities to pivot to growth, particularly in retirement segment Revenue diversification maintained with 32% of revenue from non-AUM business lines. AUM-based revenue up 4.5%, driven by $m 1H 25 1H 24 1H 25 v 1H 24 positive market movements AUM based reve
Slide 25: Group 1H 25 results
Group 1H 25 results Strong Partnerships contribution $m 1H 25 1H 24 1H 25 v 1H 24 China partnerships contribution up 35.0% driven by China partnerships 27 20 ▲ 35.0% growth in pension market, following the regulatory changes that impacted the 1H 24 result Other partnerships 10 17 ▼ 41.2% Other partn
Slide 26: China Life Partnerships
China Life Partnerships China Life is the largest financial services company in China outside the big four banks. AMP has two joint ventures with China Life: CLPC and CLAMP China Life Pension Company (CLPC) China Life AMP Asset Management Company (CLAMP) • Pre-eminent pension company in China, one o
Slide 27: Costs
Costs 14
Slide 28: 1H 25 controllable costs
1H 25 controllable costs ($m) Controllable costs in 1H 25 reduced by 4.4% to $303m offsetting inflation pressure of ~3% and 6 the impact of previously announced stranded 317 costs (7) 44 (6) 303 • Employment costs up reflecting inflationary (4) (3) impacts, and resourcing of AMP Bank GO ($2m). • Ins
Slide 29: Capital
Capital
Slide 30: Capital position
Capital position $m 1H 25 FY 24 % change Total capital resources 4,339 4,285 ▲ 1.3% Common Equity Tier 1 (CET1) surplus capital includes Statutory NPAT, business unit CET1 target capital requirements, and capital returns. Total corporate subordinated debt (275) (275) - ($m) Total corporate senior de
Slide 31: FY 25 guidance
FY 25 guidance
Slide 32: FY 25 guidance
FY 25 guidance Subject to market conditions Platforms FY 25 controllable costs FY 25 AUM based revenue margins Expected to be ~$600 million, predominantly expected to be ~43 bps driven by Group cost reduction whilst absorbing initial AMP Bank GO operational costs Superannuation & investments Busines
Slide 33: 2H 25 priorities
2H 25 priorities
Slide 34: 2H 25 priorities
2H 25 priorities Focused on execution of strategy to drive growth Drive flows in wealth businesses Maintain cost control Driving North flows, including through Managed Portfolios and Deliver on FY 25 cost guidance, and embed cost discipline for innovative retirement offer; delivering retention initi
Slide 35: Delivering on our promises
Delivering on our promises Delivered on our commitments to reposition AMP; now building on our challenger brand mindset Returned capital to shareholders Delivering on cost commitments Innovating in retirement Demonstrating growth 35
Slide 36: Q&A
Q&A
Slide 37: 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 38: AMP-
AMP-