AMP (AMP) H2 2025 earnings summary

Executive summary

• Underlying NPAT increased 20.8% to AUD 285 million, with underlying EPS up 25.6% year-over-year, driven by cost reductions and improved business performance.

• Statutory NPAT declined 11.3% to AUD 133 million, mainly due to legal settlements and business simplification costs.

• Total AUM rose 9% to AUD 161.7 billion, supported by positive cashflows and market movements.

• Most legacy issues, including Royal Commission class actions, have been resolved with settlements agreed.

• Dividend of AUD 0.04 per share for FY 2025, with a consistent approach planned for FY 2026 and FY 2027.

Financial highlights

• Revenue grew 2.8% to AUD 1,287 million, with EBIT up 21.6% to AUD 377 million year-over-year.

• Controllable costs fell 6.9% to AUD 603 million, reflecting successful cost-out initiatives.

• Cost-to-income ratio improved by 6.1pp to 61.5% at group level.

• Underlying ROE increased to 8.0% from 6.4% year-over-year.

• Platforms net cashflows surged 85.2% to AUD 5.1 billion.

Outlook and guidance

• Platform margins guided at 40–41 bps; S&I margins at 60–61 bps for FY 2026.

• Controllable costs expected at AUD 630–640 million for FY 2026.

• AMP Bank GO targeting AUD 1 billion in deposits and NIM of 1.25–1.30% in FY 2026.

• Business simplification program to complete in FY 2026 with further AUD 20 million investment.

• Strong balance sheet and sector tailwinds position the group for continued organic growth and selective inorganic opportunities.