AMP flags underlying NPAT of $170m–$180m for 1H 26
AMP Limited has flagged an upgraded earnings expectation, guiding to underlying net profit after tax (NPAT) of $170m–$180m for the first half of 2026 (1H 26).
The guidance update, released on 16 July 2026, comes ahead of the company’s formal 1H 26 results due on 6 August 2026. A stronger contribution from AMP’s China partnerships sits at the centre of the improved expectation.
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What’s driving the upgraded result
AMP attributes the increase to a series of specific post-tax items, spanning both positive contributions and one offsetting revaluation. The standout driver is the company’s China partnerships, which are expected to deliver a 24% increase on 2H 25.
The table below breaks down the individual items and their approximate post-tax impact.
| Item | Detail | Post-tax impact |
|---|---|---|
| China partnerships | Stronger contribution, a 24% increase on 2H 25 | ~$56m |
| Group Investment income | Favourable impact on 1H 25 due to recent interest rate increases | ~$5m |
| Platforms | Favourable North Guarantee impact in 1H 26 | ~$5m |
| Carried interest | Partial sale of remaining assets in a legacy fund, recognised in ‘Other Partnerships’ | ~$13m |
| ‘Other Partnerships’ revaluation | Negative revaluation of sponsor investments | ~−$12m |
The China partnerships contribution is the clear standout, and the net effect of these items lifts the company’s underlying earnings expectation for the half.
The carried interest explained
One item warrants closer explanation. In AMP’s case, this relates to a legacy fund retained from the sale of AMP Capital’s International Infrastructure Equity business.
As disclosed on 12 February 2026, AMP’s right to receive carried interest in the legacy fund, in which DigitalBridge had sold a 51% interest in remaining assets, was subject to certain conditions. These included the sale of the remaining interest in those assets and regulatory approvals.
The recent update relates to the timing of that entitlement. DigitalBridge has chosen to pay a portion of the carried interest to AMP, associated with the sale of the 51% interest, ahead of the sale of the remaining interest.
The sequence of events is as follows:
-
February 2026 — AMP’s carried interest right disclosed, subject to conditions.
-
DigitalBridge sold a 51% interest in the remaining assets.
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DigitalBridge has now chosen to pay a portion of the carried interest early.
-
The other sale conditions have been satisfied.
The carry entitlement recognised at this stage is approximately $13m post-tax ($18m pre-tax). Potential future upside relates to the sale of the remaining 49% interest in the assets. That entitlement is subject to conditions, is uncertain, and cannot be determined until the remaining interest is sold.
Consistent with the February 2026 announcement, AMP estimates a possible total earning in the range of 30% above or below the previously disclosed $57m, should the remaining interest be sold and the relevant criteria met. This figure is a possible total only and is not confirmed.
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What it means for investors and what’s next
The guidance update points to a positive signal ahead of formal results, driven in large part by international partnership strength. The 24% lift in the China partnerships contribution on 2H 25 underscores the stronger contribution from AMP’s China partnerships in this half.
Beyond the current half, there remains the potential to realise additional carried interest from the sale of the remaining 49% interest. That upside is uncertain and condition-dependent, and cannot be determined until the sale occurs. Investors should treat it as a possible future catalyst rather than a secured outcome.
1H 26 guidance snapshot
Underlying NPAT expected in the range of $170m–$180m, with full results and further FY 26 outlook guidance due on 6 August 2026.
AMP will announce its 1H 26 results on 6 August 2026 and provide further guidance on its FY 26 outlook at that time. That reporting date now stands as the near-term catalyst for investors watching how the upgraded expectation translates into confirmed figures.
The 6 August 2026 results date carries weight beyond earnings confirmation, with the AMP share buyback completed in June 2026 and management having flagged further capital return decisions as a key agenda item for that announcement.
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