AMP –26.65%: Shares were crunched today, with the stock having its worst session since 2003, after the group delivered a significant earnings miss and disappointed investors hoping the recent turnaround momentum would translate into stronger profitability and capital returns.
- Total Revenue: $2.81bn (–2% YoY)
- Net Income: $133mn (–11% YoY) vs $219.5mn estimate
- Final Dividend: 2cps (vs 1cps YoY)
- Total Assets under Management (AUM) $161.7bn (+9% YoY)
The result has triggered a significant reversal of the optimism build in recent quarters. Only a few months ago, AMP was being rewarded for improving inflows, settling legacy legal issues, and signs of stabilisation across the wealth platform.
Today’s result is a reminder that AMP is still a rebuilding story, and while underlying profit improved, the headline miss, softer platform performance and guidance for FY26 platform revenue margins set at 40–41bps show the turnaround remains fragile.
For now, the stock goes back into the ‘prove’ it basket – cheap for a reason, and needs to show signs of improved margins and better capital management before it regains favour.
MM is neutral toward AMP
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