AMP (AMP) H1 2026 earnings summary

Executive summary

• Underlying NPAT rose 33% year-over-year to $174 million, with statutory NPAT up 57% to $154 million, driven by strong performance in wealth businesses, Platforms, Super & Investments, and China partnerships.

• Over $200 million was returned to shareholders via dividends and buybacks, with an additional $150 million buyback announced and interim dividend of 3.0 cents per share (20% franked) declared.

• Total AUM increased to $167.6 billion, reflecting strong net cashflows and momentum across Platforms, Super & Investments, and New Zealand Wealth Management.

• Strategic focus remains on organic growth in wealth, capital release from banking and non-strategic assets, and leveraging AI and digital enhancements for efficiency and risk management.

• Business simplification largely complete, with cost base reset and legacy litigation matters resolved, reducing related costs.

Financial highlights

• Revenue grew 6.2% year-over-year to $671 million, with EBIT up 15.7% to $206 million and group EBIT margin improving to 30.7%.

• Underlying EPS increased 32.7% to 6.9 cents; statutory EPS up to 6.1 cents; ROE (underlying) improved to 9.8%.

• Cost-to-income ratio improved to 60.5% from 63.0% in 1H 25.

• Surplus capital generated was $236 million, with $201 million returned to shareholders and Group CET1 surplus capital at $322 million.

• Interim dividend of 3.0 cents per share (20% franked) declared.

Outlook and guidance

• FY 2026 guidance raised for partnerships ROI to 12%-15% annualized; China partnerships annualized ROI improved to 16%.

• Wealth focus: grow AUM while maintaining stable margins; Platforms and S&I AUM-based revenue margins expected at 40–41bps and 60–61bps, respectively.

• AMP Bank to prioritize capital efficiency and cost savings, with NIM expected to remain stable at 1.25%.

• Pro forma capital returns for FY 2026 projected at $425 million; controllable costs forecast at $630–640 million.

• Board will review final dividend at FY26.