AMP Limited Model Update: 2QCY26 mark to market – strong June quarter for markets

Research evidence excerpt

AMP Limited Model Update: 2QCY26 mark to market – strong June quarter for markets

J P M O R G A N Asia Pacific Equity Research

30 June 2026

AMP Limited Overweight

AMP.AX, AMP AU

Model Update: 2QCY26 mark to market – strong June Price (30 Jun 26):A$1.61

quarter for markets ▲Price Target (Jun-27):A$1.75 Prior (Dec-26):A$1.50

We have revised our forecasts to reflect movements in investment markets over the

period from 1 April 2026 to 29 June 2026. Investment markets saw favourable Australia

moves over the quarter, leading us to upgrade our earnings and AUM-based Insurance and Diversified Financials

revenue estimates for CY26 onwards (as we adjust for higher closing balances). AC Siddharth Parameswaran

The changes are summarised in the table overleaf. Key points to note are: (61-2) 9003-8629

siddharth.x.parameswaran@jpmorgan.com

• Based on AMP’s disclosed asset allocation, we have assumed 2QCY26 (to J.P. Morgan Securities Australia Limited

29/06) market movements on FUM of roughly +6.1% for Platforms and +7.1%

Tharan Jeyathasan

for S&I (less fees and less pension payments), which compares to JPMe prior (61-2) 9003-6098

expectations of +1.6%. We have assumed NZWM movement is broadly tharan.jeyathasan@jpmorgan.com

consistent with Platforms. This has led to earnings upgrades in both CY26 and J.P. Morgan Securities Australia Limited

future periods for Platforms, S&I and NZWM. See below (Figure 2Mark-to-marketmovementsinkeyasetclases) for Rishi S Parihar

movements in key indices. (91-22) 6157-3775

rishi.parihar@jpmchase.com

• We have slightly moderated our flow expectations in Platforms for 2Q, to J.P. Morgan India Private Limited

reflect feedback of heightened uncertainty following the Middle East conflict

and 2026 budget changes slowing down client/advisor decision making and