AMP (AMP) H2 2025 earnings summary

Executive summary

• Underlying NPAT increased 21% to AUD 285 million and EPS rose 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.

• Revenue grew 2.8% and controllable costs fell nearly 7%, driving EBIT up over 21%.

• Platforms business saw strong advisor growth and net cash flows up 85% to AUD 5.1 billion.

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

Financial highlights

• Total AUM rose 9% to AUD 161.7 billion, with increases across all wealth management units.

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

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

• Platforms net cash flows surged 85.2% to AUD 5.1 billion (excluding pension payments).

• Group return on equity improved to 8% for FY 2025.

Outlook and guidance

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

• AMP Bank Go targeting AUD 1 billion in deposits and NIM of 125-130 bps in FY 2026.

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

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

• Partnerships expected to deliver 10% annual return medium-term.