AMP LIMITED — Management Reports 2026

Jan 28, 2026

ASX Release

29 January 2026

Update to Group costs and CTI methodology, and FY 26 costs

Ahead of its FY 25 Results on 12 February 2026, AMP Limited provides an update on its cost allocation methodology and its cost-to-income calculation.

AMP has reviewed how costs are allocated across its business units and corporate centre (Group). This follows a period of transformation and an extensive cost reduction program.

Through the Business Simplification program, AMP has reset its cost base to reflect the go forward business. These cost allocation changes, which largely represent technology and property related costs, more accurately reflect the costs of operating the business units in their current configuration within the AMP Group. The updated allocation gives the market the most appropriate view from which to assess performance of the business units and future prospects.

These changes do not impact AMP Limited’s total controllable cost base, nor its total net profit after tax (NPAT).

However, the cost allocation changes result in a restatement of the individual business unit reported underlying NPAT figures for FY 24 and 1H 25 (excluding New Zealand as it operates on a stand-alone basis). Prior periods have been restated below[1] (appendix 1). In FY 24, $48 million has been re-allocated from Group to the business units, and in 1H 25 $25 million has been reallocated.

Cost outlook

AMP expects FY 25 costs to be in line with guidance.

FY 26 controllable costs are expected to be in the range of $630 - $640 million reflecting inflation of 3-4% as well as the costs attributable to the scaling of AMP Bank GO.

Cost-to-income methodology

AMP also provides an update on its cost-to-income (CTI) calculation, to bring its definition in line with peers (primarily by removing the impact of investment income in the calculation).

Going forward, CTI will be calculated as: controllable costs divided by gross profit. This will be at both the AMP Limited and business unit level. Prior periods for AMP Limited have been restated below:

	1H 25	FY 24
CTI reported	59.4%	63.8%
New CTI calculation	63.0%	67.6%

1 Prior periods will not be restated in the segment note in the Annual Financial Report, as these changes do not meet the restatement requirements under Australian Accounting Standards. However, prior period business unit results presented in the Data Pack, which reflects a management view of the businesses, will be restated accordingly.

Media enquiries

Investor enquiries

Brett Zarb

Mobile: +61 417 256 563

Richard Nelson

Mobile: +61 455 088 099

Adrian Howard

Mobile: +61 413 184 488

Jo Starr

Mobile: +61 416 835 301

All amounts are in Australian dollars (A$) unless otherwise stated. Authorised for release by the Market Disclosure Committee.

2

APPENDIX I

Financial summary

	Profit and loss ($m)	1H 25	FY 24
	Revenue	632	1,252
	Variable costs	(151)	(294)
	Gross profit	481	958
	Total controllable costs	(303)	(648)
	New Group cost allocations	-	-
	Rebased total controllable costs	(303)	(648)
	EBIT	178	310
	Interest expense	(28)	(53)
	Investment income	29	62
	Tax expense	(48)	(83)
	NPAT (underlying)	131	236
	Cost to income ratio1	63.0%	67.6%

1 Calculated as controllable costs divided by gross profit. Gross profit is calculated as total revenue less total variable costs (pre-tax).

Platforms

	Profit and loss ($m)	1H 25	FY 24
	Revenue	178	346
	Variable costs	(20)	(40)
	Gross profit	158	306
	Total controllable costs	(83)	(169)
	New Group cost allocations	(7)	(14)
	Rebased total controllable costs	(90)	(183)
	EBIT	68	123
	Investment income	8	16
	Tax expense	(23)	(42)
	NPAT (underlying)	53	97
	Cost to income ratio1	57.0%	59.8%
	ROTE	29.9%	30.3%

1 Calculated as controllable costs divided by gross profit. Gross profit is calculated as total revenue less total variable costs (pre-tax).

3

Superannuation & Investments

	Profit and loss ($m)	1H 25	FY 24
	Revenue	172	343
	Variable costs	(46)	(89)
	Gross profit	126	254
	Total controllable costs	(82)	(170)
	New Group cost allocations	(10)	(19)
	Rebased total controllable costs	(92)	(189)
	EBIT	34	65
	Investment income	5	12
	Tax expense	(12)	(23)
	NPAT (underlying)	27	54
	Cost to income ratio1	73.0%	74.4%
	ROTE	16.9%	18.3%

1 Calculated as controllable costs divided by gross profit. Gross profit is calculated as total revenue less total variable costs (pre-tax).

AMP Bank

	Profit and loss ($m)	1H 25	FY 24
	Revenue	173	332
	Variable costs	(60)	(111)
	Gross profit	113	221
	Total controllable costs	(61)	(118)
	New Group cost allocations	(8)	(15)
	Rebased total controllable costs	(69)	(133)
	EBIT	44	88
	Tax expense	(14)	(27)
	NPAT (underlying)	30	61
	Cost to income ratio1	61.1%	60.2%
	Return on capital	5.2%	5.2%

1 Calculated as controllable costs divided by gross profit. Gross profit is calculated as total revenue less total variable costs (pre-tax).

4

New Zealand Wealth Management (unchanged)

	Profit and loss ($m)	1H 25	FY 24
	Revenue	68	139
	Variable costs	(25)	(54)
	Gross profit	43	85
	Total controllable costs	(17)	(34)
	New Group cost allocations	-	-
	Rebased total controllable costs	(17)	(34)
	EBIT	26	51
	Tax expense	(7)	(14)
	NPAT (underlying)	19	37
	Cost to income ratio1	39.5%	40.0%
	ROTE	76.0%	74.0%

1 Calculated as controllable costs divided by gross profit. Gross profit is calculated as total revenue less total variable costs (pre-tax).

Group

Group
Profit and loss ($m)	1H 25	FY 24
Revenue	41	92
Total controllable costs	(60)	(157)
New Group cost allocations	25	48
Rebased total controllable costs	(35)	(109)
EBIT	6	(17)
Interest expense on corporate debt	(28)	(53)
Investment income from Group cash	16	34
Tax expense	8	23
NPAT(underlying)	2	(13)

5