AMP Raises 1H 2026 NPAT Forecast on China Gains and Carried Interest Boost
AMP Limited has lifted its underlying net profit after tax (NPAT) guidance for the first half of 2026 to $170 million-$180 million, driven by stronger China partnerships and recognition of carried interest from legacy asset sales.
- 1H 2026 underlying NPAT expected at $170m-$180m
- China partnerships deliver 24% uplift from 2H 2025
- Carried interest recognition adds $13 million post-tax
- Favourable investment income and North Guarantee benefits
- Potential for further carried interest remains uncertain
AMP Lifts Earnings Guidance for 1H 2026
AMP Limited (ASX:AMP) has revised its underlying net profit after tax (NPAT) forecast for the first half of 2026 upward to a range of $170 million to $180 million. This marks a notable improvement from prior expectations, reflecting a combination of stronger operational contributions and one-off financial items.
China Partnerships and Investment Income Drive Growth
A key driver behind the upgraded outlook is a 24% increase in earnings from AMP’s China partnerships compared to the second half of 2025, contributing approximately $56 million post-tax. This growth underscores AMP’s ongoing strategic foothold in the Chinese market, where partnerships continue to bolster revenue streams.
Additionally, AMP benefited from approximately $5 million in favourable investment income linked to recent interest rate rises, supporting the group’s overall investment returns.
Carried Interest Recognition Adds $13 Million
AMP will also recognise around $13 million post-tax in carried interest related to the partial sale of remaining assets within a legacy fund retained from the sale of AMP Capital’s International Infrastructure Equity business. This recognition follows DigitalBridge’s decision to pay a portion of the carried interest associated with the sale of a 51% stake in those assets, despite the remaining 49% interest yet to be sold.
The company cautions that entitlement to any additional carried interest from the sale of the remaining assets is uncertain and contingent on regulatory approvals and sale conditions. AMP estimates the total potential carried interest could vary by approximately 30% above or below the previously disclosed $57 million figure, including the $18 million pre-tax portion now recognised.
Other Financial Impacts and Upcoming Results
Favourable impacts from the North Guarantee added around $5 million to earnings in the first half, while a negative revaluation of approximately $12 million in sponsor investments will be recorded within ‘Other Partnerships’. These offsetting items reflect the dynamic nature of AMP’s investment portfolio.
AMP is scheduled to release its full first-half 2026 results on 6 August, where it will provide more detailed financial disclosures and update its outlook for the full year.
Bottom Line?
AMP’s upgraded 1H 2026 earnings guidance highlights growth momentum from China partnerships and legacy asset sales, but the final profit impact hinges on uncertain future carried interest realisations.
Questions in the middle?
- How will the sale of the remaining 49% interest in legacy assets impact AMP’s full-year earnings?
- Can AMP sustain or grow its China partnership contributions amid evolving market conditions?
- What guidance will AMP provide on FY 2026 profitability and capital management in August?
