SYDNEY, Feb 12, 2026, 11:30 AEDT
AMP shares plunged 27.7% to A$1.26 by 10:30 a.m. AEDT Thursday, marking one of the steepest declines on the ASX 200 after the wealth manager revealed its full-year results. In the same sector, Hub24 slid 5.3% and Netwealth dropped 4.5%. 1
The reaction comes amid Australia’s earnings season, with investors hunting for signs that fee pressure and volatile markets are beginning to impact wealth managers.
AMP faces tighter margins than most. After years of trimming and streamlining, the market now views its remaining operations purely through the lens of net flows, margins, and retirement growth.
AMP reported a 20.8% jump in underlying net profit after tax (NPAT) to A$285 million for 2025, excluding one-off items. However, statutory NPAT dropped 11.3% to A$133 million. Assets under management (AUM) climbed 9% to A$161.7 billion, while controllable costs fell 6.9% to A$603 million. The board announced a final dividend of 2.0 cents per share, 20% franked. CEO Alexis George described 2025 as “an important year for AMP.” Platform underlying NPAT increased 9.3% to A$106 million, and super and investments profit rose 14.8% to A$62 million. AMP Bank’s profit declined 9.8% to A$55 million, hit by AMP Bank GO costs. The digital bank ended the year with A$310 million in deposits and 15,665 customers, AMP said. 2
NPAT stands for net profit after tax. The “underlying” figure excludes items the company considers outside regular operations, whereas the statutory number is the official figure recorded in the accounts.
AMP is stepping up its focus on retirement income. The FY25 presentation revealed plans for an “AMP Lifetime Pension,” set to launch in the first half of 2026. This product aims to provide members with a lifelong income stream. At the same time, AMP announced a North interactive wealth portal also targeting a 1H26 release. 3
George will step down from executive duties on March 30. AMP announced last month that chief financial officer Blair Vernon will step into the CEO role. Chair Mike Hirst emphasized the board’s firm confidence in Vernon’s ability to guide the company forward. 4
AMP’s North platform operates in an adviser-led market, where big listed platforms and major institutional players hold sway. Here, scale and technology are crucial, but margins often narrow as clients shift between products.
However, the factors that drove success in 2025 could also backfire. A market downturn might drag down AUM and fee income, while the expenses tied to launching AMP Bank GO and new retirement offerings could become a burden if deposit growth or member retention falls short.
Investors are keen to get clearer details on platform margins and the outlook for steady superannuation inflows when AMP updates the market later Thursday.
