Pre-1H26: An Update with an Upgrade

Research evidence excerpt

Pre-1H26: An Update with an Upgrade

sets within a legacy fund that was retained from the sale of AMP Capital's International

Infrastructure Equity Business. This will be recognised in 'Other Partnerships'. We note Figure 1 - AMP AU vs AMPXJO XJO(Indexed)

that the timing of such fees is subject to fund wind-up, asset sales and is outside AMP's $2.0

$1.8 control.

Lastly, a negative revaluation of 'Other Partnerships' of ~$12m. $1.6•

$1.4

More on Legacy Funds Carried Interest: AMP will recognise $18m of pre-tax carried interest $1.2

($13m post-tax) in 1H26 within Other Partnerships, relating to DigitalBridge’s sale of a 51% $1.0

interest in the remaining assets of a legacy AMP Capital infrastructure fund. While AMP’s $0.8Dec-23 Apr-24 Aug-24 Dec-24 Apr-25 Aug-25 Dec-25 Apr-26

entitlement was previously conditional on the subsequent sale of DigitalBridge’s remaining .Source: FactSet

49% interest, DigitalBridge has elected to pay the carry associated with the completed 51%

transaction early, with the other relevant sale conditions now satisfied. Figure 2 - AMP Historical P/E Ratio

AMP P/E AMP Average +1 Stdev -1 Stdev

Further upside remains possible if the remaining 49% interest is sold and the necessary criteria 20.0x

are met. AMP continues to estimate total potential carried interest of approximately $40–74m 18.0x16.0x

pre-tax, representing 30% either side of the previously disclosed $57m estimate. This range 14.0x

includes the $18m now recognised, and is reduced accordingly. 12.0x

10.0x

Capital Management? JEFe forecasts do not include on-market buybacks that have not been 8.0x

announced. That said, mortgage securitisations so far in 2026 are signalling a more capital- . Mar-21 Dec-21 Sep-22 Jun-23 Mar-24 Dec-24 Sep-25 Jun-26 Source: FactSet

light model.