SYDNEY, Feb 12, 2026, 11:30 AEDT
AMP shares slid 27.7% to A$1.26 by 10:30 a.m. AEDT on Thursday, one of the day’s biggest falls on the benchmark ASX 200 after the wealth manager posted its full-year results. Hub24 dropped 5.3% and Netwealth fell 4.5% in the same screen of platform names. (Market Index)
The reaction lands in the thick of Australia’s earnings season, when investors are combing for any sign that fee pressure and uneven markets are starting to bite wealth managers.
For AMP, there is less slack than most. It has spent years shrinking and simplifying, and the market is now treating the remaining businesses like a pure play on net flows, margins and retirement growth.
AMP said underlying net profit after tax (NPAT) — its preferred measure that strips out one-off items — rose 20.8% to A$285 million in 2025, while statutory NPAT fell 11.3% to A$133 million. Assets under management (AUM), a gauge of client money on its books, rose 9% to A$161.7 billion and controllable costs fell 6.9% to A$603 million; the board declared a final dividend of 2.0 cents a share, 20% franked (carrying tax credits). Chief executive Alexis George called 2025 “an important year for AMP” as platforms underlying NPAT rose 9.3% to A$106 million and super and investments profit rose 14.8% to A$62 million, while AMP Bank fell 9.8% to A$55 million on AMP Bank GO costs; the digital bank finished 2025 with A$310 million in deposits and 15,665 customers, AMP said. (MarketScreener)
NPAT is net profit after tax. The “underlying” line strips out items the company says are not part of day-to-day performance, while the statutory number is what ends up in the accounts.
AMP is also leaning harder into retirement income. Its FY25 presentation flagged an “AMP Lifetime Pension” due to launch in the first half of 2026 — a product intended to pay members an income stream for life — alongside a North interactive wealth portal that AMP said is due in 1H26. (Company Announcements)
George is due to retire from executive roles on March 30, with chief financial officer Blair Vernon set to take over as chief executive, AMP said last month. Chair Mike Hirst said the board was “unequivocal” that Vernon had the experience to lead the next phase. (AMP)
AMP’s North platform competes in an adviser-led market dominated by listed platforms and large institutional players, where scale and technology matter and margins can slip as clients move into different products.
But the same levers that helped in 2025 can work the other way. A market pullback can hit AUM and fee income, and the cost of building AMP Bank GO and new retirement products could weigh if deposit growth or member retention disappoints.
Investors will be looking for more colour on platform margins and the path to sustainable inflows in super as AMP briefs the market later on Thursday.
