Forward-Looking Statements The following Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the Condensed Consolidated Financial Statements and related Notes thereto, which appear elsewhere in this Report. Except for the historical financial information, this Report may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include information concerning future results of our operations, expenses, earnings, liquidity, cash flow, capital expenditures, and AUM that could differ materially from actual results due to known and unknown risks and other important factors, including, but not limited to, industry or market conditions, geopolitical events including wars, global trade tensions, tariffs, natural disasters, and pandemics or health crises and their respective potential impact on the company, acquisitions and divestitures, debt and our ability to obtain additional financing or make payments, regulatory developments, demand for and pricing of our products, the prospects for certain legal contingencies, and other aspects of our business or general economic conditions. In addition, when used in this Report or such other documents or statements, words such as “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates,” “projects,” “forecasts,” and future or conditional verbs such as “will,” “may,” “could,” “should,” and “would” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. None of this information should be considered in isolation from, or as a substitute for, historical financial statements. Forward-looking statements are not guarantees, and involve risks, uncertainties and assumptions. There can be no assurance that actual results will not differ materially from our expectations. We caution investors not to rely unduly on any forward-looking statements and urge them to carefully consider the risks described in this Report and our most recent Form 10-K and Forms 10-Q filed with the SEC. You may obtain these reports from the SEC’s website at www.sec.gov. We expressly disclaim any obligation to update the information in any public disclosure if any forward-looking statement later turns out to be inaccurate. References In this Report, unless otherwise specified, the terms “we,” “our,” “us,” “company,” “firm,” and “Invesco” refer to Invesco Ltd., a company incorporated in Bermuda, and its consolidated entities. Executive Overview The following executive overview summarizes the significant trends affecting our results of operations and financial condition for the periods presented. This overview and the remainder of this management’s discussion and analysis and supplements should be read in conjunction with the Condensed Consolidated Financial Statements of Invesco Ltd. and the notes thereto contained elsewhere in this Report. The company’s financial results are impacted by the fluctuations in exchange rates against the U.S. Dollar, as discussed in the “Results of Operations” section as applicable. The company is an independent investment management firm dedicated to delivering a superior investment experience. Our comprehensive range of active, passive and alternative investment capabilities has been constructed over many years to help clients achieve their investment objectives. We draw on this comprehensive range of capabilities to provide solutions designed to deliver key outcomes aligned to client needs. One of Invesco's core strengths, and a key differentiator for the company within the industry, is our diversification across investment capabilities, distribution channels and geographies. This broad diversification helps to mitigate some of the impact of different market cycles on Invesco and enables the company to take advantage of growth opportunities in various markets and channels. 17 Table of Contents The table below summarizes returns based on price appreciation/(depreciation) of several major market indices for the three and six months ended June 30, 2026 and 2025: Three months ended June 30, Six months ended June 30, Equity Indices - Domestic 2026 2025 2026 2025 S&P 500 14.9% 10.6% 9.6% 5.5% S&P 500 Equal-Weight 10.9% 5.0% 11.1% 3.8% S&P 500 Growth 21.7% 11.3% 11.7% 16.8% S&P 500 Value 7.5% 2.5% 7.0% 2.2% NASDAQ 100 27.5% 17.6% 19.9% 7.9% Equity Indices - Global FTSE 100 (local currency) 3.2% 2.1% 5.7% 7.2% MSCI AC Asia Pacific 21.0% 11.7% 20.3% 12.0% MSCI China (local currency) (7.6%) 1.7% (15.3%) 16.7% MSCI Emerging Markets 23.3% 11.0% 22.7% 13.7% MSCI Europe (local currency) 10.5% 1.1% 8.8% 6.5% MSCI Japan (local currency) 16.5% 7.4% 18.9% 1.6% Fixed Income Indices Bloomberg US Aggregate Bond 0.7% 1.2% 0.6% 4.0% Bloomberg Global Aggregate Bond (local currency) 1.5% 1.5% 1.2% 2.6% Bloomberg China Aggregate Bond 2.9% 2.8% 5.0% 2.8% Our diversified platform, global scale, and breadth of products were integral to record net long-term inflows of $45.1 billion for the quarter, primarily driven by ETFs and Index, QQQ, China JV, and Private Markets. We also had $16.9 billion of net inflows into money market funds. Average AUM was $2.4 trillion for the second quarter of 2026, an increase of $471.4 billion or 24.8%, compared to the same quarter in the prior year. Ending AUM was $2.5 trillion reflecting year-over-year growth of 23.4%. We remain prudent and diligent in our approach to capital management. Our priorities are balanced with a focus on supporting future growth and maintaining the strength of our balance sheet, while continuing to return capital to shareholders. In the second quarter, we reduced debt by $342.7 million. Additionally, the company repurchased 1.9 million common shares for $50.0 million in the open market. As part of our efforts to sharpen our strategic focus, we completed the sale of the management agreements for 98 funds associated with Invesco's Canadian fund business to CI GAM on June 1, 2026 and formed a long-term strategic partnership with CI GAM under which Invesco will provide sub-advisory services to 61 of the funds. 18 Table of Contents Presentation of Management’s Discussion and Analysis of Financial Condition and Results of Operations - Impact of Consolidated Investment Products The company provides investment management services to, and has transactions with, investment products sponsored by the company in the normal course of business. The company's investment adviser subsidiaries serve as investment managers to these products, making day-to-day investment decisions concerning the assets of the products. Investment products that are consolidated are referred to in this Report as CIP. The company’s economic risk with respect to each investment in CIP is limited to its equity ownership, unfunded equity commitments and any uncollected management and performance fees. See also Note 11, "Consolidated Investment Products," for additional information regarding the impact of the consolidation of managed funds. The majority of the company’s CIP balances are related to CLOs. The collateral assets of the CLOs are held solely to satisfy the obligations of the CLOs. The company has no right to the benefits from, nor does it bear the risks associated with, the collateral assets held by the CLOs beyond the company’s direct investments in, and management and performance fees generated from, the CLOs. If the company were to liquidate, the collateral assets would not be available to the general creditors of the company, and as a result, the company does not consider these assets to be company assets. Likewise, the investors in the CLOs have no recourse to the general credit of the company for the notes issued by the CLOs. The company therefore does not consider any of the CLO debt to be a company liability. Due to the significant impact that CIP has on the presentation of the company’s Condensed Consolidated Financial Statements, the company has elected to deconsolidate these products in its non-GAAP disclosures (among other adjustments). See "Schedule of Non-GAAP Information" for additional information regarding these adjustments. The following discussion therefore combines the results presented under U.S. GAAP with the company’s non-GAAP presentation. 19 Table of Contents Summary Operating Information Wherever a non-GAAP measure is referenced, a disclosure will follow in the narrative or in the note referring the reader to the Schedule of Non-GAAP Information, where additional details regarding the use of the non-GAAP measure by the company are disclosed, along with reconciliations of the most directly comparable U.S. GAAP measures to the non-GAAP measures. To enhance the readability of the Results of Operations section, separate tables for each of the revenue, expense and other income and expense sections of the income statement introduce the narrative that follows, providing a section-by-section review of the company’s income statements for the periods presented. Summary operating information for three and six months ended June 30, 2026 and 2025 is presented in the table below: (in millions, other than per common share amounts, operating margins and AUM) Three months ended June 30, Six months ended June 30, U.S. GAAP Financial Measures Summary 2026 2025 2026 2025 Operating revenues $ 1,825.6 $ 1,515.5 $ 3,570.1 $ 3,044.7 Operating income $ 364.2 $ 214.2 $ 697.4 $ 491.5 Operating margin 19.9 % 14.1 % 19.5 % 16.1 % Net income/(loss) attributable to Invesco Ltd. $ 345.3 $ (12.5) $ 575.7 $ 158.6 Diluted EPS $ 0.76 $ (0.03) $ 1.27 $ 0.35 Non-GAAP Financial Measures Summary (1) Net revenues $ 1,329.1 $ 1,104.6 $ 2,593.4 $ 2,213.3 Adjusted operating income $ 498.7 $ 344.4 $ 934.7 $ 693.9 Adjusted operating margin 37.5 % 31.2 % 36.0 % 31.4 % Adjusted net income attributable to Invesco Ltd. $ 322.3 $ 165.2 $ 583.1 $ 365.7 Adjusted diluted EPS $ 0.71 $ 0.36 $ 1.28 $ 0.80 Assets Under Management Ending AUM (billions) $ 2,470.3 $ 2,001.4 $ 2,470.3 $ 2,001.4 Average AUM (billions) $ 2,368.8 $ 1,897.4 $ 2,293.9 $ 1,889.1 ___________ (1)Net revenues, Adjusted operating income (and by calculation, Adjusted operating margin), and Adjusted net income (and by calculation, Adjusted diluted EPS) are non-GAAP financial measures, based on methodologies other than U.S. GAAP. See “Schedule of Non-GAAP Information” for a reconciliation of the most directly comparable U.S. GAAP measures to the non-GAAP measures. 20 Table of Contents Investment Capabilities Performance Overview Among Invesco's strategic objectives is a commitment to deliver the excellence our clients expect, which includes strong investment performance over the long-term for our clients. The table below presents investment performance of our actively managed investment products measured by the percentage of our AUM in the first and second quartile compared to our peers and above benchmark for the investment capabilities for which peer and benchmark data are available. (1) 1st Quartile 2nd Quartile Above Benchmark 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr Overall 38 % 44 % 49 % 27 % 32 % 23 % 64 % 69 % 69 % Fundamental Equities 19 % 31 % 41 % 22 % 38 % 24 % 26 % 43 % 50 % Fundamental Fixed Income 22 % 18 % 22 % 50 % 55 % 39 % 64 % 64 % 58 % Multi-Asset 68 % 69 % 54 % 9 % 4 % 19 % 80 % 82 % 83 % ___________ (1) Excludes passive products, closed-end funds, private equity limited partnerships, non-discretionary funds, UITs, fund of funds with component funds managed by Invesco, stable value building block funds and collateralized debt obligations. Certain funds and products were excluded from the analysis because of limited benchmark or peer group data. Had these been available, results may have been different. These results are preliminary and subject to revision. AUM measured in the one, three and five year quartile rankings represents 33%, 33% and 32% of total Invesco AUM, respectively, and AUM measured versus benchmark on a one, three and five year basis represents 43%, 41%, and 40% of total Invesco AUM as of June 30, 2026. Peer group rankings are sourced from a widely-used third-party ranking agency in each fund’s market (Morningstar, IA, Lipper, eVestment, Mercer, Galaxy, SITCA, Value Research) and asset-weighted in USD. Rankings are as of prior quarter-end for most institutional products and prior month-end for Australian retail funds due to their late release by third parties. Rankings are calculated against all funds in each peer group. Rankings for the primary share class of the most representative fund in each composite are applied to all products within each composite. Performance assumes the reinvestment of dividends. Past performance is not indicative of future results and may not reflect an investor’s experience. 21 Table of Contents Assets Under Management Movements in global capital market levels and changes in the mix of AUM between and within asset classes and geographies may materially affect our revenues from period to period. The AUM tables and the discussion below refer to certain AUM as long-term. Long-term inflows and the underlying reasons for the movements in this line item include investments from new clients, existing clients adding new accounts/funds or contributions/subscriptions into existing accounts/funds. Long-term outflows reflect client redemptions from accounts/funds and include the return of invested capital upon maturity. We present net flows into money market funds separately because shareholders of those funds typically use them as short-term funding vehicles and the flows are particularly sensitive to short-term interest rate movements. Changes in AUM were as follows: Three months ended June 30, 2026 2025 (in billions) Total AUM Total AUM Beginning Assets (April 1) $ 2,159.5 $ 1,844.8 Long-term inflows 202.1 118.7 Long-term outflows (157.0) (103.1) Net long-term flows (1) 45.1 15.6 Net flows in non-management fee earning AUM (1) 0.7 2.8 Net flows in money market funds 16.9 (3.2) Total net flows 62.7 15.2 Reinvested distributions 1.6 1.0 Market gains and losses 256.8 126.4 Dispositions (11.0) — Foreign currency translation 0.7 14.0 Ending Assets (June 30) $ 2,470.3 $ 2,001.4 Average AUM Average long-term AUM $ 2,124.4 $ 1,343.8 Average AUM $ 2,368.8 $ 1,897.4 Six months ended June 30, 2026 2025 (in billions) Total AUM Total AUM Beginning Assets (January 1) $ 2,169.9 $ 1,846.0 Long-term inflows 364.1 240.7 Long-term outflows (297.2) (207.5) Net long-term flows (1) 66.9 33.2 Net flows in non-management fee earning AUM (1) 0.7 7.8 Net flows in money market funds 28.4 6.8 Total net flows 96.0 47.8 Reinvested distributions 2.5 2.0 Market gains and losses 214.3 84.2 Dispositions (11.0) — Foreign currency translation (1.4) 21.4 Ending Assets (June 30) $ 2,470.3 $ 2,001.4 Average AUM Average long-term AUM $ 2,054.5 $ 1,335.3 Average AUM $ 2,293.9 $ 1,889.1 22 Table of Contents Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Revenue yield (bps) U.S. GAAP gross revenue yield (2) 33.1 33.7 33.6 34.0 Net revenue yield ex performance fees (3)(4) 22.4 23.2 22.7 23.4 ___________ (1) For three and six months ended June 30, 2026, Net long-term flows include QQQ’s flows following its conversion to an open-end fund ETF on December 20, 2025. For the three and six months ended June 30, 2025, Net flows in non-management fee earning AUM include QQQ’s flows. (2) U.S. GAAP gross revenue yield on AUM is equal to U.S. GAAP annualized total operating revenues divided by average AUM, excluding Invesco Great Wall Fund Management Company Limited’s (Invesco Great Wall or IGW) AUM. It is appropriate to exclude the average AUM of IGW as the revenues resulting from these AUM are not presented in our U.S. GAAP operating revenues. The U.S. GAAP gross revenue yield is not a good measure because the numerator excludes the management fees earned from CIP, although the denominator of the measure includes the AUM of these investment products. Net revenue yield metrics include the Net revenues and average AUM of IGW and CIP. See “Schedule of Non-GAAP Information” for a reconciliation of operating revenues to net revenues. (3) Performance fees are earned when defined performance metrics are achieved and vary period over period. Therefore, net revenue yield is calculated excluding performance fees. (4) Net revenue yield is equal to Net revenues divided by Average AUM during the reporting period. For the three and six months ended June 30, 2026, QQQ’s net revenues and average AUM are included in the calculation of Net revenue yield. For the three and six months ended June 30, 2025, the calculation of Net revenue yield includes QQQ’s average AUM but does not include QQQ’s net revenues. Flows There are numerous drivers of AUM inflows and outflows, including individual investor decisions to change investment preferences, fiduciaries and other gatekeepers making broad asset allocation decisions on behalf of their clients, and reallocation of investments within portfolios. We are not a party to these asset allocation decisions, as the company does not generally have access to the underlying investors’ decision-making process, including their risk appetite or liquidity needs. Therefore, the company is not in a position to provide meaningful information regarding the drivers of inflows and outflows. Market Returns Market gains and losses include the net change in AUM resulting from changes in market values of the underlying securities from period to period. The table in the “Executive Overview” section of this Management’s Discussion and Analysis summarizes returns based on price appreciation/(depreciation) of several major market indices for the three and six months ended June 30, 2026 and 2025. Foreign Exchange Rates During the three and six months ended June 30, 2026, we experienced an increase in AUM of $0.7 billion and a decrease in AUM of $1.4 billion, respectively, due to changes in foreign exchange rates (three and six months ended June 30, 2025, AUM increased $14.0 billion and $21.4 billion, respectively). 23 Table of Contents Total AUM by Channel (1) Three months ended June 30, 2026 2025 (in billions) Total Retail Institutional Total Retail Institutional Beginning Assets (April 1) $ 2,159.5 $ 1,489.4 $ 670.1 $ 1,844.8 $ 1,237.2 $ 607.6 Long-term inflows 202.1 154.1 48.0 118.7 85.2 33.5 Long-term outflows (157.0) (106.8) (50.2) (103.1) (76.1) (27.0) Net long-term flows 45.1 47.3 (2.2) 15.6 9.1 6.5 Net flows in non-management fee earning AUM 0.7 — 0.7 2.8 3.2 (0.4) Net flows in money market funds 16.9 3.9 13.0 (3.2) (0.9) (2.3) Total net flows 62.7 51.2 11.5 15.2 11.4 3.8 Reinvested distributions 1.6 1.6 — 1.0 0.9 0.1 Market gains and losses 256.8 233.9 22.9 126.4 115.4 11.0 Dispositions (2) (11.0) (9.9) (1.1) — — — Foreign currency translation 0.7 0.1 0.6 14.0 5.8 8.2 Ending Assets (June 30) $ 2,470.3 $ 1,766.3 $ 704.0 $ 2,001.4 $ 1,370.7 $ 630.7 Six months ended June 30, 2026 2025 (in billions) Total Retail Institutional Total Retail Institutional Beginning Assets (January 1) $ 2,169.9 $ 1,515.7 $ 654.2 $ 1,846.0 $ 1,265.6 $ 580.4 Long-term inflows 364.1 268.7 95.4 240.7 171.6 69.1 Long-term outflows (297.2) (206.7) (90.5) (207.5) (150.6) (56.9) Net long-term flows 66.9 62.0 4.9 33.2 21.0 12.2 Net flows in non-management fee earning AUM 0.7 (0.1) 0.8 7.8 8.6 (0.8) Net flows in money market funds 28.4 4.3 24.1 6.8 2.9 3.9 Total net flows 96.0 66.2 29.8 47.8 32.5 15.3 Reinvested distributions 2.5 2.5 — 2.0 1.9 0.1 Market gains and losses 214.3 192.9 21.4 84.2 71.8 12.4 Dispositions (2) (11.0) (9.9) (1.1) — — — Transfer — — — — (9.5) 9.5 Foreign currency translation (1.4) (1.1) (0.3) 21.4 8.4 13.0 Ending Assets (June 30) $ 2,470.3 $ 1,766.3 $ 704.0 $ 2,001.4 $ 1,370.7 $ 630.7 __________ See accompanying notes immediately following these AUM tables. 24 Table of Contents Total AUM by Client Domicile (3) Three months ended June 30, 2026 2025 (in billions) Total Americas APAC EMEA Total Americas APAC EMEA Beginning Assets (April 1) $ 2,159.5 $ 1,470.8 $ 330.0 $ 358.7 $ 1,844.8 $ 1,293.6 $ 275.5 $ 275.7 Long-term inflows 202.1 104.1 64.3 33.7 118.7 60.0 35.9 22.8 Long-term outflows (157.0) (73.3) (56.1) (27.6) (103.1) (60.8) (26.1) (16.2) Net long-term flows 45.1 30.8 8.2 6.1 15.6 (0.8) 9.8 6.6 Net flows in non-management fee earning AUM 0.7 0.7 — — 2.8 2.7 0.7 (0.6) Net flows in money market funds 16.9 13.9 3.6 (0.6) (3.2) (3.2) 0.8 (0.8) Total net flows 62.7 45.4 11.8 5.5 15.2 (1.3) 11.3 5.2 Reinvested distributions 1.6 1.5 — 0.1 1.0 0.8 — 0.2 Market gains and losses 256.8 201.2 23.7 31.9 126.4 101.9 5.1 19.4 Dispositions (2) (11.0) (11.0) — — — — — — Foreign currency translation 0.7 (0.3) 1.0 — 14.0 1.5 5.2 7.3 Ending Assets (June 30) $ 2,470.3 $ 1,707.6 $ 366.5 $ 396.2 $ 2,001.4 $ 1,396.5 $ 297.1 $ 307.8 Six months ended June 30, 2026 2025 (in billions) Total Americas APAC EMEA Total Americas APAC EMEA Beginning Assets (January 1) $ 2,169.9 $ 1,492.4 $ 321.0 $ 356.5 $ 1,846.0 $ 1,315.5 $ 270.2 $ 260.3 Long-term inflows 364.1 173.7 125.1 65.3 240.7 119.0 69.7 52.0 Long-term outflows (297.2) (141.9) (103.7) (51.6) (207.5) (116.8) (60.3) (30.4) Net long-term flows 66.9 31.8 21.4 13.7 33.2 2.2 9.4 21.6 Net flows in non-management fee earning AUM 0.7 0.7 — — 7.8 11.6 1.7 (5.5) Net flows in money market funds 28.4 24.2 3.5 0.7 6.8 5.2 2.4 (0.8) Total net flows 96.0 56.7 24.9 14.4 47.8 19.0 13.5 15.3 Reinvested distributions 2.5 2.4 — 0.1 2.0 1.8 — 0.2 Market gains and losses 214.3 167.9 18.6 27.8 84.2 58.5 4.2 21.5 Dispositions (2) (11.0) (11.0) — — — — — — Foreign currency translation (1.4) (0.8) 2.0 (2.6) 21.4 1.7 9.2 10.5 Ending Assets (June 30) $ 2,470.3 $ 1,707.6 $ 366.5 $ 396.2 $ 2,001.4 $ 1,396.5 $ 297.1 $ 307.8 __________ See accompanying notes immediately following these AUM tables. 25 Table of Contents Total AUM by Investment Capability (4) Three months ended June 30, 2026 (in billions) Total ETFs and Index (5) Fundamental Fixed Income (6) Fundamental Equities (7) Private Markets (8) China JV (9) Multi-Asset/ Other (10) Global Liquidity (11) QQQ (12) Beginning Assets (April 1) $ 2,159.5 $ 638.3 $ 312.5 $ 287.7 $ 131.3 $ 141.9 $ 74.1 $ 201.2 $ 372.5 Long-term inflows 202.1 74.9 20.1 14.1 7.4 50.6 5.4 — 29.6 Long-term outflows (157.0) (44.8) (19.7) (21.8) (5.5) (43.7) (5.7) — (15.8) Net long-term flows 45.1 30.1 0.4 (7.7) 1.9 6.9 (0.3) — 13.8 Net flows in non-management fee earning AUM 0.7 — — — — — 0.7 — — Net flows in money market funds 16.9 — — — — 3.7 — 13.2 — Total net flows 62.7 30.1 0.4 (7.7) 1.9 10.6 0.4 13.2 13.8 Reinvested distributions 1.6 — 0.5 0.8 0.1 — 0.1 0.1 — Market gains and losses 256.8 91.9 2.8 41.5 2.4 8.3 6.1 — 103.8 Dispositions (2) (11.0) (6.7) — (3.6) — 0 (0.7) — — Foreign currency translation 0.7 (0.1) (0.7) (0.6) (0.2) 2.4 (0.1) — — Ending Assets (June 30) $ 2,470.3 $ 753.5 $ 315.5 $ 318.1 $ 135.5 $ 163.2 $ 79.9 $ 214.5 $ 490.1 Average AUM $ 2,368.8 $ 717.4 $ 315.3 $ 311.1 $ 134.3 $ 155.2 $ 78.0 $ 205.2 $ 452.3 Three months ended June 30, 2025 (in billions) Total ETFs and Index (5) Fundamental Fixed Income (6) Fundamental Equities (7) Private Markets (8) China JV (9) Multi-Asset/ Other (10) Global Liquidity (11) QQQ (12) Beginning Assets (April 1) $ 1,844.8 $ 491.0 $ 291.9 $ 262.8 $ 131.3 $ 98.5 $ 71.9 $ 200.2 $ 297.2 Long-term inflows 118.7 47.7 23.9 11.7 7.5 22.0 5.9 — — Long-term outflows (103.1) (35.1) (21.1) (15.3) (9.8) (17.4) (4.4) — — Net long-term flows 15.6 12.6 2.8 (3.6) (2.3) 4.6 1.5 — — Net flows in non-management fee earning AUM 2.8 — — — — — (0.3) — 3.1 Net flows in money market funds (3.2) — — — — 0.2 0.5 (3.9) — Total net flows 15.2 12.6 2.8 (3.6) (2.3) 4.8 1.7 (3.9) 3.1 Reinvested distributions 1.0 — 0.5 0.2 0.2 — 0.1 — — Market gains and losses 126.4 40.6 2.9 26.0 0.2 0.4 4.0 (0.1) 52.4 Foreign currency translation 14.0 2.7 3.5 2.9 1.8 1.3 1.6 0.2 — Ending Assets (June 30) $ 2,001.4 $ 546.9 $ 301.6 $ 288.3 $ 131.2 $ 105.0 $ 79.3 $ 196.4 $ 352.7 Average AUM $ 1,897.4 $ 509.7 $ 297.5 $ 268.9 $ 129.3 $ 99.7 $ 75.5 $ 197.6 $ 319.2 ___________ See accompanying notes immediately following these AUM tables. 26 Table of Contents Six months ended June 30, 2026 (in billions) Total ETFs and Index (5) Fundamental Fixed Income (6) Fundamental Equities (7) Private Markets (8) China JV (9) Multi-Asset/ Other (10) Global Liquidity (11) QQQ (12) Beginning Assets (January 1) $ 2,169.9 $ 630.2 $ 311.5 $ 298.4 $ 130.7 $ 132.5 $ 69.7 $ 189.7 $ 407.2 Long-term inflows 364.1 130.0 41.8 29.0 13.1 97.6 13.3 — 39.3 Long-term outflows (297.2) (81.3) (37.7) (39.1) (10.8) (82.0) (10.0) — (36.3) Net long-term flows 66.9 48.7 4.1 (10.1) 2.3 15.6 3.3 — 3.0 Net flows in non-management fee earning AUM 0.7 — — — — — 0.7 — — Net flows in money market funds 28.4 — — — — 3.6 — 24.8 — Total net flows 96.0 48.7 4.1 (10.1) 2.3 19.2 4.0 24.8 3.0 Reinvested distributions 2.5 — 1.0 1.0 0.2 — 0.1 0.2 — Market gains and losses 214.3 81.4 0.9 34.4 2.9 7.3 7.6 (0.1) 79.9 Dispositions (2) (11.0) (6.7) — (3.6) — — (0.7) — — Foreign currency translation (1.4) (0.1) (2.0) (2.0) (0.6) 4.2 (0.8) (0.1) — Ending Assets (June 30) $ 2,470.3 $ 753.5 $ 315.5 $ 318.1 $ 135.5 $ 163.2 $ 79.9 $ 214.5 $ 490.1 Average AUM $ 2,293.9 $ 687.3 $ 314.4 $ 307.6 $ 133.2 $ 148.8 $ 76.6 $ 200.6 $ 425.4 Six months ended June 30, 2025 (in billions) Total ETFs and Index (5) Fundamental Fixed Income (6) Fundamental Equities (7) Private Markets (8) China JV (9) Multi-Asset/ Other (10) Global Liquidity (11) QQQ (12) Beginning Assets (January 1) $ 1,846.0 $ 484.9 $ 279.1 $ 276.7 $ 129.6 $ 93.2 $ 72.2 $ 191.4 $ 318.9 Long-term inflows 240.7 99.8 47.6 23.2 15.4 44.3 10.4 — — Long-term outflows (207.5) (70.9) (36.8) (33.8) (18.5) (37.7) (9.8) — — Net long-term flows 33.2 28.9 10.8 (10.6) (3.1) 6.6 0.6 — — Net flows in non-management fee earning AUM 7.8 — — — — — (0.4) — 8.2 Net flows in money market funds 6.8 — — — — 1.9 0.3 4.6 — Total net flows 47.8 28.9 10.8 (10.6) (3.1) 8.5 0.5 4.6 8.2 Reinvested distributions 2.0 — 1.0 0.4 0.4 — 0.1 0.1 — Market gains and losses 84.2 29.7 4.6 17.2 1.5 1.5 4.1 — 25.6 Foreign currency translation 21.4 3.4 6.1 4.6 2.8 1.8 2.4 0.3 — Ending Assets (June 30) $ 2,001.4 $ 546.9 $ 301.6 $ 288.3 $ 131.2 $ 105.0 $ 79.3 $ 196.4 $ 352.7 Average AUM $ 1,889.1 $ 505.6 $ 290.8 $ 272.7 $ 130.9 $ 97.5 $ 74.0 $ 198.0 $ 319.6 ___________ See accompanying notes immediately following these AUM tables. 27 Table of Contents Footnotes to the Assets Under Management Tables (1) Channel refers to the internal distribution channel from which the AUM originated. Retail AUM represents AUM distributed by the company’s retail sales teams. Institutional AUM represents AUM distributed by our institutional sales teams. This aggregation is viewed as a proxy for presenting AUM in the retail and institutional markets in which the company operates. (2) Sale of the management agreements associated with Invesco’s Canadian fund business to CI GAM on June 1, 2026 decreased AUM by $11.0 billion. (3) Client domicile groups AUM by the domicile of the underlying clients. (4) Investment capabilities are descriptive groupings of AUM by investment strategy. (5) ETFs and Index includes ETFs and Indexed Strategies and excludes QQQ. (6) Fundamental Fixed Income includes Fixed Income products, including certain ETFs managed within this capability. (7) Fundamental Equities includes Equity products. (8) Private Markets includes Private Credit and Real Estate investments comprised primarily of Real Estate, CLOs, Private Credit and listed real assets, including certain ETFs managed within this capability. (9) China JV includes AUM managed by IGW. Comparative period has been recast to align with the current period’s investment capability presentation. (10) Multi-Asset/Other includes Global Asset Allocation, Invesco Quantitative Strategies, Global Targeted Returns, Solutions, UITs, including certain ETFs managed within this capability, and AUM managed by Invesco Asset Management (India) Private Limited until the sale of 60% of our interest in the entity on October 31, 2025. (11) Global Liquidity is comprised mainly of Money Market funds. (12) QQQ includes only Invesco QQQ Trust. 28 Table of Contents Results of Operations for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 The discussion below includes the use of non-GAAP financial measures. See “Schedule of Non-GAAP Information” for additional details and reconciliations of the most directly comparable U.S. GAAP measures to the non-GAAP measures. Operating Revenues and Net Revenues The main categories of revenues, and the dollar and percentage change between the periods, are as follows: Three months ended June 30, Six months ended June 30, (in millions) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Investment management fees $ 1,461.8 $ 1,100.9 $ 360.9 32.8 % $ 2,844.0 $ 2,201.2 $ 642.8 29.2 % Service and distribution fees 309.9 363.8 (53.9) (14.8 %) 611.7 734.7 (123.0) (16.7 %) Performance fees 3.7 2.6 1.1 42.3 % 15.0 6.1 8.9 145.9 % Other 50.2 48.2 2.0 4.1 % 99.4 102.7 (3.3) (3.2 %) Total operating revenues 1,825.6 1,515.5 310.1 20.5 % 3,570.1 3,044.7 525.4 17.3 % Revenue Adjustments: Investment management fees (385.2) (211.8) (173.4) 81.9 % (741.5) (420.8) (320.7) 76.2 % Service and distribution fees (207.2) (252.7) 45.5 (18.0 %) (413.5) (512.3) 98.8 (19.3 %) Other (34.7) (36.2) 1.5 (4.1 %) (73.5) (76.6) 3.1 (4.0 %) Total Revenue Adjustments (1) (627.1) (500.7) (126.4) 25.2 % (1,228.5) (1,009.7) (218.8) 21.7 % Invesco Great Wall 121.8 79.2 42.6 53.8 % 232.6 157.4 75.2 47.8 % CIP 8.8 10.6 (1.8) (17.0 %) 19.2 20.9 (1.7) (8.1 %) Net revenues (2) $ 1,329.1 $ 1,104.6 $ 224.5 20.3 % $ 2,593.4 $ 2,213.3 $ 380.1 17.2 % ___________ (1) Total Revenue Adjustments remove pass through investment management fees, service and distribution fees, and other revenues and equal the same amount as the Third-party distribution, service and advisory expenses. (2) See “Schedule of Non-GAAP Information” for additional important disclosures regarding the use of net revenues. Our revenues are directly influenced by the level and composition of our AUM. Therefore, movements in global capital market levels, net inflows (or outflows), and changes in the mix of investment products between and within asset classes and geographies may materially affect our revenues from period to period. See the company’s disclosures regarding the changes in AUM during the three and six months ended June 30, 2026 and June 30, 2025 in the “Assets Under Management” section above for additional information. In addition, as fee rates differ across geographic locations, changes to the mix of AUM between geographies and exchange rates have an impact on revenues and net revenue yields. Average AUM was $2,293.9 billion for the six months ended June 30, 2026 as compared to $1,889.1 billion for the six months ended June 30, 2025. As secular shifts in client demand continue, our broad set of investment capabilities have allowed us to capture evolving client product preferences, including products that have lower net revenue yields. As a result, net revenue yield excluding performance fees declined to 22.7 bps for the six months ended June 30, 2026 from 23.4 bps for the six months ended June 30, 2025. 29 Table of Contents Investment Management Fees Investment management fees were $1,461.8 million for the three months ended June 30, 2026 as compared to $1,100.9 million for the three months ended June 30, 2025. The increase in Investment management fees was primarily driven by QQQ’s investment management fees following its conversion to an open-end fund ETF and higher average AUM. Investment management fees were $2,844.0 million for the six months ended June 30, 2026 as compared to $2,201.2 million for the six months ended June 30, 2025. The impact of foreign exchange rate movements increased Investment management fees by $27.2 million during the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. Excluding the impact of foreign exchange movements, Investment management fees increased by $615.6 million primarily driven by QQQ’s investment management fees following its conversion to an open-end fund ETF and higher average AUM. Service and Distribution Fees For the three months ended June 30, 2026, Service and distribution fees were $309.9 million as compared to $363.8 million for the three months ended June 30, 2025. The decrease was primarily due to the elimination of QQQ's pass-through service revenues after its conversion. For the six months ended June 30, 2026, Service and distribution fees were $611.7 million as compared to $734.7 million for the six months ended June 30, 2025. The decrease was primarily due to the elimination of QQQ's pass-through service revenues after its conversion and the sale of the intelliflo business in the fourth quarter of 2025, partially offset by higher average AUM. Performance Fees Performance fees were $3.7 million and $15.0 million for the three and six months ended June 30, 2026, respectively. Performance fees for the three-month period were driven primarily by multi-asset/other and private markets products. For the six-month period, performance fees were also generated from fundamental fixed income products. Performance fees were $2.6 million and $6.1 million for the three and six months ended June 30, 2025, respectively, and were generated primarily from private markets products. Other Revenues For the three months ended June 30, 2026, Other revenues were $50.2 million as compared to $48.2 million for the three months ended June 30, 2025. For the six months ended June 30, 2026, Other revenues were $99.4 million as compared to $102.7 million for the six months ended June 30, 2025. Invesco Great Wall The company’s most significant joint venture is our investment in IGW. The company reflects 100% of IGW's results in its Net revenues and Adjusted operating expenses to reflect the economics of these holdings on a basis consistent with the underlying AUM and flows. Adjusted net income attributable to Invesco Ltd. is reduced by the amount of earnings attributable to the noncontrolling interests. See “Schedule of Non-GAAP Information” for additional disclosures regarding the use of Net revenues. 30 Table of Contents Net revenues from IGW were $121.8 million and average AUM was $155.2 billion for the three months ended June 30, 2026 (Net revenues were $79.2 million and average AUM was $99.7 billion for the three months ended June 30, 2025). The increase in IGW revenues was primarily due to higher average AUM. Net revenues from IGW were $232.6 million and average AUM was $148.8 billion for the six months ended June 30, 2026 (Net revenues were $157.4 million and average AUM was $98.1 billion for the six months ended June 30, 2025). The increase in IGW revenues was primarily due to higher average AUM. CIP Management believes that the consolidation of investment products may impact a reader's analysis of our underlying results of operations and could result in investor confusion or the production of information about the company by analysts or external credit rating agencies that is not reflective of the underlying results of operations and financial condition of the company. Accordingly, management believes that it is appropriate to adjust Operating revenues for the impact of CIP in calculating Net revenues. As Investment management and Performance fees earned by Invesco from the CIP are eliminated upon consolidation of the CIP, management believes that it is appropriate to add these Operating revenues back in the calculation of Net revenues. See “Schedule of Non-GAAP Information” for additional disclosures regarding the use of Net revenues. Investment management and Performance fees earned from CIP were $8.8 million for the three months ended June 30, 2026 (three months ended June 30, 2025: $10.6 million). Investment management and Performance fees earned from CIP were $19.2 million for the six months ended June 30, 2026 (six months ended June 30, 2025: $20.9 million). 31 Table of Contents Operating Expenses The main categories of Operating expenses, and the dollar and percentage changes between periods, are as follows: Three months ended June 30, Six months ended June 30, (in millions) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Third-party distribution, service and advisory $ 627.1 $ 500.7 $ 126.4 25.2 % $ 1,228.5 $ 1,009.7 $ 218.8 21.7 % Employee compensation 546.7 510.4 36.3 7.1 % 1,059.4 975.0 84.4 8.7 % Marketing 36.7 23.1 13.6 58.9 % 74.1 40.1 34.0 84.8 % Property, office and technology 109.3 118.2 (8.9) (7.5 %) 213.9 232.1 (18.2) (7.8 %) General and administrative 133.5 139.2 (5.7) (4.1 %) 280.6 276.5 4.1 1.5 % Amortization of intangibles 8.1 9.7 (1.6) (16.5 %) 16.2 19.8 (3.6) (18.2 %) Total operating expenses $ 1,461.4 $ 1,301.3 $ 160.1 12.3 % $ 2,872.7 $ 2,553.2 $ 319.5 12.5 % The table below sets forth these expense categories as a percentage of total Operating expenses and Operating revenues, which we believe provides useful information as to the relative significance of each type of expense. (in millions) Three months ended June 30, 2026 % of Total Operating Expenses % of Total Operating Revenues Three months ended June 30, 2025 % of Total Operating Expenses % of Total Operating Revenues Third-party distribution, service and advisory $ 627.1 42.9 % 34.4 % $ 500.7 38.5 % 33.0 % Employee compensation 546.7 37.4 % 29.9 % 510.4 39.2 % 33.7 % Marketing 36.7 2.5 % 2.0 % 23.1 1.8 % 1.5 % Property, office and technology 109.3 7.5 % 6.0 % 118.2 9.1 % 7.8 % General and administrative 133.5 9.1 % 7.3 % 139.2 10.7 % 9.2 % Amortization of intangibles 8.1 0.6 % 0.4 % 9.7 0.7 % 0.7 % Total operating expenses $ 1,461.4 100.0 % 80.0 % $ 1,301.3 100.0 % 85.9 % (in millions) Six months ended June 30, 2026 % of Total Operating Expenses % of Total Operating Revenues Six months ended June 30, 2025 % of Total Operating Expenses % of Total Operating Revenues Third-party distribution, service and advisory $ 1,228.5 42.8 % 34.4 % $ 1,009.7 39.5 % 33.2 % Employee compensation 1,059.4 36.9 % 29.7 % 975.0 38.2 % 32.0 % Marketing 74.1 2.6 % 2.1 % 40.1 1.6 % 1.3 % Property, office and technology 213.9 7.4 % 6.0 % 232.1 9.1 % 7.6 % General and administrative 280.6 9.8 % 7.9 % 276.5 10.8 % 9.1 % Amortization of intangibles 16.2 0.5 % 0.5 % 19.8 0.8 % 0.7 % Total operating expenses $ 2,872.7 100.0 % 80.6 % $ 2,553.2 100.0 % 83.9 % During the three months ended June 30, 2026, Operating expenses increased $160.1 million compared to the three months ended June 30, 2025. During the six months ended June 30, 2026, Operating expenses increased $319.5 million compared to the six months ended June 30, 2025. The impact of foreign exchange rate movements increased operating expenses by $26.4 million during the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. 32 Table of Contents Third-Party Distribution, Service and Advisory Third-party distribution, service and advisory expenses were $627.1 million for the three months ended June 30, 2026 as compared to $500.7 million for the three months ended June 30, 2025, primarily due to the third-party costs for QQQ and higher average AUM. Third-party distribution, service and advisory expenses were $1,228.5 million for the six months ended June 30, 2026 as compared to $1,009.7 million for the six months ended June 30, 2025. Excluding the impact of foreign exchange rate changes, Third-party distribution, service and advisory expenses increased $206.2 million, primarily due to the third-party costs for QQQ and higher average AUM. Employee Compensation Employee compensation was $546.7 million for the three months ended June 30, 2026 as compared to $510.4 million for the three months ended June 30, 2025. The increase was primarily due to higher employee variable compensation costs of $43.0 million primarily driven by higher revenues and a $18.7 million increase in the mark-to-market adjustment on deferred compensation liabilities. These increases were partially offset by lower salaries of $12.4 million primarily due to the divestitures in the fourth quarter of 2025, and $16.9 million of severance expense related to the reorganization of the fundamental equities investment teams in the second quarter of 2025. Employee compensation was $1,059.4 million for the six months ended June 30, 2026 as compared to $975.0 million for the six months ended June 30, 2025. Excluding the impact of foreign exchange rate changes, Employee compensation expenses increased $75.7 million. The increase was primarily due to an increase of $46.3 million related to the acceleration of expense for long-term awards granted to retirement-eligible employees in the first quarter of 2026, higher employee variable compensation costs of $38.9 million primarily driven by higher revenues, and a $27.3 million increase in the mark-to-market adjustment on deferred compensation liabilities. These increases were partially offset by lower salaries of $22.9 million primarily due to the divestitures in the fourth quarter of 2025 and the severance expense recorded in the second quarter of 2025 as discussed above. Headcount at June 30, 2026 was 7,405 (June 30, 2025: 8,407). The decrease in headcount was primarily due to the sale of the intelliflo business and the sale of 60% of our interest in Invesco Asset Management (India) Private Limited in the fourth quarter of 2025. Marketing Marketing expenses were $36.7 million for the three months ended June 30, 2026 as compared to $23.1 million for the three months ended June 30, 2025. The increase was primarily due to higher advertising costs for QQQ following its conversion to an open-end fund ETF. Marketing expenses were $74.1 million for the six months ended June 30, 2026 as compared to $40.1 million for the six months ended June 30, 2025. The increase was primarily due to higher advertising costs for QQQ following its conversion to an open-end fund ETF. Property, Office and Technology Property, office and technology expenses were $109.3 million for the three months ended June 30, 2026 as compared to $118.2 million for the three months ended June 30, 2025. The decrease was primarily due to an $8.0 million software impairment in the second quarter of 2025 related to a strategic change to the company's fixed income investment platform. Property, office and technology expenses were $213.9 million for the six months ended June 30, 2026 as compared to $232.1 million for the six months ended June 30, 2025. The decrease was primarily due to the software impairment in the second quarter of 2025, as discussed above, and a decrease in other technology costs. General and Administrative General and administrative expenses were $133.5 million for the three months ended June 30, 2026 as compared to $139.2 million for the three months ended June 30, 2025. The decrease was primarily due to a net benefit of $11.7 million arising from the sale of the management agreements associated with Invesco's Canadian fund business to CI Global Asset Management on 33 Table of Contents June 1, 2026 and the restructuring of the company’s Canadian operations, which was partially offset by higher professional fees. General and administrative expenses were $280.6 million for the six months ended June 30, 2026 as compared to $276.5 million for the six months ended June 30, 2025. Excluding the impact of foreign exchange movements, General and administrative expenses were relatively flat year-over-year, as the net benefit from the Canadian sale and restructuring discussed above was largely offset by higher professional fees. Other Income and Expenses The main categories of Other income and expenses, and the dollar and percentage changes between periods, are as follows: Three months ended June 30, Six months ended June 30, (in millions) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Equity in earnings of unconsolidated affiliates $ 35.1 $ 25.0 $ 10.1 40.4 % $ 69.1 $ 44.6 $ 24.5 54.9 % Interest and dividend income 9.9 10.5 (0.6) (5.7 %) 19.1 21.8 (2.7) (12.4 %) Interest expense (23.6) (20.7) (2.9) 14.0 % (47.9) (33.8) (14.1) 41.7 % Other gains and losses, net 105.8 59.7 46.1 77.2 % 105.4 35.4 70.0 197.7 % Other income/(expense) of CIP, net (36.0) (14.3) (21.7) 151.7 % (87.5) 59.8 (147.3) N/A Total other income and expenses $ 91.2 $ 60.2 $ 31.0 51.5 % $ 58.2 $ 127.8 $ (69.6) (54.5 %) Equity in earnings of unconsolidated affiliates Equity in earnings of unconsolidated affiliates increased to $35.1 million for the three months ended June 30, 2026 as compared to $25.0 million for the three months ended June 30, 2025. The increase was primarily due to higher earnings from our joint venture investment in IGW. Equity in earnings of unconsolidated affiliates increased to $69.1 million for the six months ended June 30, 2026 as compared to $44.6 million for the six months ended June 30, 2025. The increase was primarily due to higher earnings from our joint venture investment in IGW. Interest and dividend income Interest and dividend income was $9.9 million for the three months ended June 30, 2026 as compared to $10.5 million for the three months ended June 30, 2025. Interest and dividend income was $19.1 million for the six months ended June 30, 2026 as compared to $21.8 million for the six months ended June 30, 2025. Interest expense Interest expense increased to $23.6 million for the three months ended June 30, 2026 from $20.7 million for the three months ended June 30, 2025, primarily due to higher borrowings on the Revolving Credit Agreement, which was partially offset by a reduction in interest expense following the redemption of the $500.0 million of senior notes which matured on January 15, 2026. Interest expense increased to $47.9 million for the six months ended June 30, 2026 from $33.8 million for the six months ended June 30, 2025, primarily due to higher borrowings on the Revolving Credit Agreement and the five-year Term Loan Agreement entered into on May 16, 2025. These increases were partially offset by lower interest expense resulting from the repayment in the second half of 2025 of the three-year Term Loan Agreement entered into on May 16, 2025 and the redemption of the $500.0 million of senior notes which matured on January 15, 2026. 34 Table of Contents Other gains and losses, net Other gains and losses, net was a gain of $105.8 million for the three months ended June 30, 2026 as compared to a net gain of $59.7 million for the three months ended June 30, 2025. The net gain for the three months ended June 30, 2026 was primarily driven by gains from market value changes in deferred compensation and other investments. Other gains and losses, net was a gain of $105.4 million for the six months ended June 30, 2026 as compared to a net gain of $35.4 million for the six months ended June 30, 2025. The net gain for the six months ended June 30, 2026 was primarily driven by gains from market value changes in deferred compensation and other investments. Other income/(expense) of CIP, net For the three months ended June 30, 2026, Other income/(expense) of CIP, net was an expense of $36.0 million (three months ended June 30, 2025: an expense of $14.3 million). Interest and dividend income of CIP was $127.2 million (three months ended June 30, 2025: $124.2 million). Interest expense of CIP was $92.5 million (three months ended June 30, 2025: $104.9 million). Unrealized gains/(losses) of CIP were a net loss of $70.7 million (three months ended June 30, 2025: net loss of $33.6 million). For the six months ended June 30, 2026, Other income/(expense) of CIP, net was an expense of $87.5 million (six months ended June 30, 2025: net income of $59.8 million). Interest and dividend income of CIP was $274.6 million (six months ended June 30, 2025: $253.6 million). Interest expense of CIP was $196.8 million (six months ended June 30, 2025: $204.6 million). Unrealized gains/(losses) of CIP were a net loss of $165.3 million (six months ended June 30, 2025: net gain of $10.8 million). Net impact of CIP and related noncontrolling interests in consolidated entities The adjustment to Net income for the Net income/(loss) attributable to noncontrolling interests in consolidated entities removes the income/(expense) of CIP which is attributable to third-party investors. Therefore, the consolidation of investment products did not have an impact on Net income attributable to Invesco for the six months ended June 30, 2026 and 2025. Also, the net income or loss of CIP is taxed at the investor level, not at the product level; therefore, CIP does not impact the Income tax provision. Income Tax Expense The company’s subsidiaries operate in numerous taxing jurisdictions around the world, each with its own statutory tax rate. As a result, the blended statutory tax rate will vary from year to year depending on the mix of the profits and losses from each jurisdiction. Our effective tax rate was 25.6% for the three months ended June 30, 2026 (three months ended June 30, 2025: 28.1%). The decrease in the effective tax rate was primarily due to the favorable discrete tax benefit related to the gain recognized on the sale of the management agreements associated with Invesco's Canadian fund business and a reduction in the expense for unrecognized tax benefits in the second quarter of 2026 related to the favorable resolution of certain tax matters, including a tax matter resolved during the second quarter of 2026. Our effective tax rate was 26.2% for the six months ended June 30, 2026 (six months ended June 30, 2025: 25.0%). The increase in the effective tax rate for the six months ended June 30, 2026 was primarily due to the unfavorable impact on the effective tax rate of the increase in Net loss attributable to non-controlling interests in consolidated entities, which was partially offset by the reduction in the expense for unrecognized tax benefits due to the favorable resolution of certain tax matters, the excess tax benefits related to the vesting of common share-based awards, and the favorable tax treatment of the gain recognized on the sale of the management agreements related to Invesco's Canadian fund business. 35 Table of Contents Schedule of Non-GAAP Information We utilize the following non-GAAP performance measures: Net revenues (and by calculation, Net revenue yield on AUM), Adjusted operating income, Adjusted operating margin, Adjusted net income attributable to Invesco and Adjusted diluted EPS. The company believes the adjusted measures provide valuable insight into the company’s ongoing operational performance and assist in comparisons to its competitors. These measures also assist the company’s management with the establishment of operational budgets and forecasts. The most directly comparable U.S. GAAP measures are Operating revenues (and by calculation, Gross revenue yield on AUM), Operating income, Operating margin, Net income attributable to Invesco and Diluted EPS. Each of these measures is discussed more fully below. The following are reconciliations of the U.S. GAAP measures to the non-GAAP measures. The non-GAAP measures should not be considered as substitutes for any U.S. GAAP measures and may not be comparable to other similarly titled measures of other companies. Additional reconciling items may be added in the future to the non-GAAP measures if deemed appropriate. The tax effects related to the reconciling items have been calculated based on the tax rate attributable to the jurisdiction to which the transaction relates. Notes to the reconciliations follow the tables. Reconciliation of Operating revenues to Net revenues: Three months ended June 30, Six months ended June 30, (in millions) 2026 2025 2026 2025 Operating revenues, U.S. GAAP basis $ 1,825.6 $ 1,515.5 $ 3,570.1 $ 3,044.7 Revenue adjustments: (1) Investment management fees (385.2) (211.8) (741.5) (420.8) Service and distribution fees (207.2) (252.7) (413.5) (512.3) Other (34.7) (36.2) (73.5) (76.6) Total revenue adjustments (627.1) (500.7) (1,228.5) (1,009.7) Invesco Great Wall (2) 121.8 79.2 232.6 157.4 CIP (3) 8.8 10.6 19.2 20.9 Net revenues $ 1,329.1 $ 1,104.6 $ 2,593.4 $ 2,213.3 Reconciliation of Operating income to Adjusted operating income: Three months ended June 30, Six months ended June 30, (in millions) 2026 2025 2026 2025 Operating income, U.S. GAAP basis $ 364.2 $ 214.2 $ 697.4 $ 491.5 Invesco Great Wall (2) 76.7 49.9 144.9 90.2 CIP (3) 13.0 15.9 30.6 37.4 Amortization of intangible assets (4) 8.1 9.7 16.2 19.8 Compensation expense related to market valuation changes of deferred compensation liabilities (5) 48.4 29.8 57.3 30.1 Severance (6) — 16.9 — 16.9 Software impairment (7) — 8.0 — 8.0 Canadian sale and restructuring (8) (11.7) — (11.7) — Adjusted operating income $ 498.7 $ 344.4 $ 934.7 $ 693.9 Operating margin (9) 19.9% 14.1% 19.5% 16.1% Adjusted operating margin (10) 37.5% 31.2% 36.0% 31.4% 36 Table of Contents Reconciliation of Net income attributable to Invesco to Adjusted net income attributable to Invesco Ltd.: Three months ended June 30, Six months ended June 30, (in millions, except per common share data) 2026 2025 2026 2025 Net income/(loss) attributable to Invesco Ltd., U.S. GAAP basis $ 345.3 $ (12.5) $ 575.7 $ 158.6 Adjustments (excluding tax): Amortization of intangible assets (4) 8.1 9.7 $ 16.2 $ 19.8 Deferred compensation net market valuation changes (5) (26.8) (19.0) (2.5) 1.1 Severance (6) — 16.9 — 16.9 Software impairment (7) — 8.0 — 8.0 Canadian sale and restructuring (8) (11.7) — (11.7) — Total adjustments excluding tax (30.4) 15.6 2.0 45.8 Tax adjustment for amortization of intangible assets and goodwill (11) 4.0 4.0 7.8 8.1 Other tax effects of adjustments above 3.4 (1.2) (2.4) (6.1) Cost of preferred stock repurchase (12) — 159.3 — 159.3 Adjusted net income attributable to Invesco Ltd. $ 322.3 $ 165.2 $ 583.1 $ 365.7 Average common shares outstanding - diluted 454.4 455.2 454.0 454.6 Diluted EPS $ 0.76 $ (0.03) $ 1.27 $ 0.35 Adjusted diluted EPS (13) $ 0.71 $ 0.36 $ 1.28 $ 0.80 ___________ (1) Revenue adjustments: The company calculates Net revenues by reducing Operating revenues to exclude fees that are passed through to external parties who perform functions on behalf of, and distribute, the company’s managed funds. The Net revenue presentation assists in identifying the revenue contribution generated by the company, removing distortions caused by the differing distribution channel fees and allowing for a fair comparison with U.S. peer investment managers and within Invesco’s own investment units. Additionally, management evaluates Net revenue yield on AUM, which is equal to Net revenues divided by Average AUM during the reporting period, as an indicator of the Net revenues we receive for each dollar of AUM we manage. Investment management fees are adjusted by renewal commissions and certain administrative fees. Service and distribution fees are primarily adjusted by distribution fees passed through to broker dealers for certain share classes and pass through fund-related costs. Other revenues are primarily adjusted by transaction fees passed through to third parties. (2) Invesco Great Wall: The company reflects 100% of IGW in its Net revenues and Adjusted operating income (and by calculation, Adjusted operating margin). The company’s non-GAAP operating results reflect the economics of these holdings on a basis consistent with the underlying AUM and flows. Adjusted net income is reduced by the amount of earnings attributable to the noncontrolling interests. (3) CIP: See Note 11, “Consolidated Investment Products,” for a detailed analysis of the impact to the company’s Condensed Consolidated Financial Statements from the consolidation of CIP. The company believes that the CIP may impact a reader’s analysis of our underlying results of operations and could result in investor confusion or the production of information about the company by analysts or external credit rating agencies that is not reflective of the underlying results of operations and financial condition of the company. Accordingly, the company believes that it is appropriate to adjust Operating revenues and Operating income for the impact of CIP in calculating the respective Net revenues and Adjusted operating income (and by calculation, Adjusted operating margin). (4) Amortization of intangible assets: The company removes amortization expense related to acquired assets in arriving at Adjusted operating income, Adjusted operating margin, Adjusted net income, and Adjusted diluted EPS, as this will aid comparability of our results period to period and with peer companies that may not have similar acquisition-related charges. (5) Market valuation changes related to deferred compensation plan liabilities: Certain deferred compensation plan awards provide a return to the employee linked to the appreciation (depreciation) of specified investments. The company economically hedges the exposure to market movements on these deferred compensation liabilities. Since these liabilities are economically hedged, the company believes it is useful to remove the market movements related to the deferred compensation plan liabilities from the calculation of Adjusted operating income (and by calculation, Adjusted operating margin) and to remove the net impact of the economic hedge in arriving at Adjusted net income (and by calculation, Adjusted diluted EPS) to produce results that will be more comparable period to period. (6) Severance: In the second quarter of 2025, the company removed the severance expense related to the reorganization of its fundamental equities investment teams. The company removed this expense in arriving at Adjusted operating income, Adjusted operating margin, Adjusted net income, and Adjusted diluted EPS, as this will aid comparability of our results period to period and with peer companies that may not have similar reorganization related charges. 37 Table of Contents (7) Software impairment: In the second quarter of 2025, the company removed the non-cash software impairment related to a strategic change in our fixed income investment platform. The company removed the expense in arriving at Adjusted operating income, Adjusted operating margin, Adjusted net income, and Adjusted diluted EPS as this will aid comparability of our results period to period. (8) Canadian sale and restructuring: In the second quarter of 2026, the company removed the net benefit arising from the sale of the management agreements associated with Invesco's Canadian fund business to CI Global Asset Management on June 1, 2026 and the restructuring of the company’s Canadian operations. The company removed this benefit in arriving at Adjusted operating income, Adjusted operating margin, Adjusted net income, and Adjusted diluted EPS, as this will aid comparability of our results period to period and with peer companies that may not have similar activities. (9) Operating margin is equal to Operating income divided by Operating revenues. (10) Adjusted operating margin is equal to Adjusted operating income divided by Net revenues. (11) Tax adjustment for amortization of intangible assets and goodwill: The company reflects the tax benefit realized on the tax amortization of goodwill and intangibles in Adjusted net income. The company believes it is useful to include this tax benefit in arriving at the Adjusted diluted EPS measure. (12) Cost of preferred stock repurchase: In the second quarter of 2025, the company repurchased $1.0 billion of the company’s outstanding Series A Preferred Stock held by MassMutual. The company removed the cost associated with the repurchase from the calculation of Adjusted net income (and by calculation, Adjusted diluted EPS) as this will aid comparability of our results period to period and with peer companies that may not have similar repurchase related charges. (13) Adjusted diluted EPS is equal to Adjusted net income attributable to Invesco Ltd. divided by the weighted average number of common and restricted common shares outstanding. 38 Table of Contents Balance Sheet Discussion (1) The following table represents a reconciliation of the balance sheet information presented on a U.S. GAAP basis to the balance sheet information excluding the impact of CIP for the reasons outlined in footnote 1 to the table: June 30, 2026 December 31, 2025 Balance sheet information (in millions) U.S. GAAP Impact of CIP As Adjusted U.S. GAAP Impact of CIP As Adjusted ASSETS Cash and cash equivalents $ 915.4 $ — $ 915.4 $ 1,037.5 $ — $ 1,037.5 Investments 1,454.6 559.5 2,014.1 1,381.1 397.1 1,778.2 Goodwill and intangible assets, net 12,306.0 — 12,306.0 12,404.4 — 12,404.4 Other assets (2) 2,223.0 8.6 2,231.6 2,121.2 11.2 2,132.4 Investments and other assets of CIP (3) 10,574.1 (10,574.1) — 10,149.8 (10,149.8) — Total assets $ 27,473.1 $ (10,006.0) $ 17,467.1 $ 27,094.0 $ (9,741.5) $ 17,352.5 LIABILITIES Debt $ 1,624.0 $ — $ 1,624.0 $ 1,825.1 $ — $ 1,825.1 Other liabilities (4) 3,371.2 — 3,371.2 3,296.4 — 3,296.4 Debt and other liabilities of CIP 9,007.7 (9,007.7) — 8,967.6 (8,967.6) — Total liabilities 14,002.9 (9,007.7) 4,995.2 14,089.1 (8,967.6) 5,121.5 EQUITY Total equity attributable to Invesco Ltd. 12,471.9 — 12,471.9 12,231.0 — 12,231.0 Noncontrolling interests (5) 998.3 (998.3) — 773.9 (773.9) — Total equity 13,470.2 (998.3) 12,471.9 13,004.9 (773.9) 12,231.0 Total liabilities and equity $ 27,473.1 $ (10,006.0) $ 17,467.1 $ 27,094.0 $ (9,741.5) $ 17,352.5 ___________ (1) This table includes non-GAAP presentations. Assets of CIP are not available for use by Invesco. Additionally, there is no recourse to Invesco for CIP debt. (2) Amounts include Accounts receivable, Property, equipment and software, and Other assets. (3) Amounts also include Cash and cash equivalents, Accounts receivable and Other assets of CIP. (4) Amounts include Accrued compensation and benefits, Accounts payable and accrued expenses, and Deferred tax liabilities. (5) Amounts include Redeemable noncontrolling interests in consolidated entities and Equity attributable to nonredeemable noncontrolling interests in consolidated entities. Cash and cash equivalents Cash and cash equivalents decreased by $122.1 million from $1,037.5 million at December 31, 2025 to $915.4 million at June 30, 2026. See “Cash Flows Discussion” below within this Management’s Discussion and Analysis for additional discussion regarding the movements in cash flows during the period. Investments Investments are comprised primarily of the equity method investment in IGW, seed capital and co-investments in affiliated funds, and investments related to the company’s deferred compensation plans. As of June 30, 2026 and December 31, 2025, the company had $1,272.9 million and $1,166.3 million in seed capital and co-investments, respectively, including direct investments in CIP. The following table reconciles the Investment balance to the total seed capital and co-investment balance. 39 Table of Contents (in millions) June 30, 2026 December 31, 2025 Investments $ 1,454.6 $ 1,381.1 Net investment in CIP 559.5 397.1 Less: Investments related to deferred compensation plans, joint ventures, and other investments (741.2) (611.9) Total seed capital and co-investments (1) $ 1,272.9 $ 1,166.3 ___________ (1) Included in the total seed capital and co-investments balance as of June 30, 2026 is $548.3 million of seed capital and $724.6 million of co-investments (December 31, 2025: $477.8 million of seed capital and $688.5 million of co-investments). Goodwill and intangible assets, net Goodwill and intangible assets, net decreased from $12,404.4 million at December 31, 2025 to $12,306.0 million at June 30, 2026. The decrease includes foreign exchange impacts of $82.2 million and amortization of $16.2 million. If our revenue and operating income are adversely impacted by unfavorable market conditions or if there is a significant decline in our stock price for an extended period of time, an impairment of goodwill and intangible assets may occur in future periods. Refer to “Critical Accounting Policies and Estimates” in Form 10-K for the year ended December 31, 2025 for additional information. Liquidity and Capital Resources Our capital structure, together with available cash balances, cash flows generated from operations, existing capacity under our Revolving Credit Agreement and further capital market activities, if necessary, should provide us with sufficient resources to meet present and future cash needs, including operating expenses, debt and other obligations as they come due and anticipated future capital requirements. Sources of Liquidity by Type (in millions) June 30, 2026 December 31, 2025 Cash and cash equivalents $ 915.4 $ 1,037.5 Available Revolving Credit Agreement (1) 1,764.0 2,062.3 Total sources of liquidity by type $ 2,679.4 $ 3,099.8 ____________ (1) As of June 30, 2026, the balance on the Revolving Credit Agreement was $736.0 million. Capital Management Our capital management priorities have evolved with the growth and success of our business and include, in no particular order of priority: reinvestment in the business, maintaining a strong balance sheet and returning capital to shareholders longer term through a combination of share repurchases and modestly increasing dividends. During the six months ended June 30, 2026, the company repurchased 3.4 million common shares for $90.0 million in the open market. Our capital management process is executed in a manner consistent with our desire to maintain strong, investment grade credit ratings. As of the date of our filing, Invesco held credit ratings of BBB+/Stable, A3/Stable and A/Stable from S&P’s Ratings Service, Moody’s Investor Services and Fitch Ratings, respectively. Other Items Certain of our subsidiaries are required to maintain minimum levels of regulatory capital, liquidity, and working capital. Such requirements may change from time-to-time as additional guidance is released based on a variety of factors, including balance sheet composition, assessment of risk exposures and governance, and review from regulators. These and other similar provisions of applicable laws and regulations may have the effect of limiting withdrawals of capital, repayment of 40 Table of Contents intercompany loans and payment of dividends by such entities. Our financial condition or liquidity could be adversely affected if certain of our subsidiaries are unable to distribute funds to us. We are in compliance with all minimum regulatory net capital requirements. As of June 30, 2026, the company’s minimum regulatory capital requirement was $306.5 million (December 31, 2025: $309.9 million). We meet the regulatory liquidity and working capital requirements by holding cash and cash equivalents in the European sub-group. This retained cash can be used for general business purposes in the European sub-group in the countries where it is located. Due to the liquidity and working capital requirements, the ability to transfer cash between certain jurisdictions may be limited. In addition, transfers of cash between international jurisdictions may have adverse tax consequences. The consolidation of $10,574.1 million of Investments and other assets of CIP and $9,007.7 million of Debt and other liabilities of CIP as of June 30, 2026 did not impact the company’s liquidity and capital resources. See Item 1, Financial Statements - Note 11, “Consolidated Investment Products,” for additional details. 41 Table of Contents Cash Flows Discussion The following table represents a reconciliation of the cash flow information presented on a U.S. GAAP basis to the cash flow information excluding the impact of the cash flows of CIP for the reasons outlined in footnote 1 to the table: Cash flows information (1) Six months ended June 30, 2026 Six months ended June 30, 2025 (in millions) U.S. GAAP Impact of CIP Excluding CIP U.S. GAAP Impact of CIP Excluding CIP Cash and cash equivalents, beginning of the period $ 1,979.8 $ (942.3) $ 1,037.5 $ 1,496.0 $ (509.5) $ 986.5 Cash flows from operating activities 946.8 (374.3) 572.5 463.3 (96.8) 366.5 Cash flows from investing activities (1,438.7) 1,348.9 (89.8) (367.4) 407.1 39.7 Cash flows from financing activities 150.7 (739.3) (588.6) (195.5) (333.9) (529.4) Increase/(decrease) in cash and cash equivalents (341.2) 235.3 (105.9) (99.6) (23.6) (123.2) Foreign exchange movement on cash and cash equivalents (28.3) 12.1 (16.2) 95.5 (36.1) 59.4 Cash and cash equivalents, end of the period $ 1,610.3 $ (694.9) $ 915.4 $ 1,491.9 $ (569.2) $ 922.7 Cash and cash equivalents $ 915.4 $ — $ 915.4 $ 922.7 $ — $ 922.7 Cash and cash equivalents of CIP 694.9 (694.9) — 569.2 (569.2) — Total cash and cash equivalents per condensed consolidated statement of cash flows $ 1,610.3 $ (694.9) $ 915.4 $ 1,491.9 $ (569.2) $ 922.7 ___________ (1) These tables include non-GAAP presentations. Cash held by CIP is not available for use by Invesco. Additionally, there is no recourse to Invesco for CIP debt. The cash flows of CIP do not form part of the company’s cash flow management processes, nor do they form part of the company’s liquidity evaluations and decisions. Operating Activities Operating cash flows include the receipt of Investment management and other fees generated from AUM, offset by Operating expenses and Changes in operating assets and liabilities. After allowing for the change in cash held by CIP, investment activities, non-cash activity, and seasonal payments such as bonus payments in the first quarter, our operating cash flows generally move in the same direction as our Operating income. Cash inflows for the six months ended June 30, 2026, excluding the impact of the consolidation of CIP, were primarily driven by operating income and changes in receivables, other assets, payables, and accrued liabilities due to the timing of receipts and payments. Investing Activities Investing cash outflows for the six months ended June 30, 2026, excluding the impact of the consolidation of CIP, included the purchase of investments of $124.0 million (six months ended June 30, 2025: $46.8 million purchases) and capital expenditures of $44.7 million (six months ended June 30, 2025: $40.9 million). Our capital expenditures related principally to investments in technology and facilities projects. These cash outflows were partially offset by proceeds of $62.3 million from the sale of the management agreements associated with Invesco's Canadian fund business to CI GAM on June 1, 2026 and $16.6 million of capital distributions from equity method investments (six months ended June 30, 2025: $127.3 million). 42 Table of Contents Financing Activities Financing cash outflows during the six months ended June 30, 2026, excluding the impact of the consolidation of CIP, included $192.1 million of common dividend payments for the dividends declared in January and April 2026 (six months ended June 30, 2025: common dividends paid of $187.7 million), $75.2 million of preferred dividend payments for dividends declared in January and April (six months ended June 30, 2025: $115.8 million), and the payment of $30.1 million to meet employees’ withholding tax obligations on common share vestings (six months ended June 30, 2025: $18.6 million). Financing cash outflows for the six months ended June 30, 2026 also included purchases of common shares through the open market of $89.5 million (six months ended June 30, 2025: $50.0 million) and the redemption of $500.0 million of senior notes which matured on January 15, 2026. The company had net borrowings on the Revolving Credit Agreement of $298.3 million for the six months ended June 30, 2026 (six months ended June 30, 2025: none). Dividends When declared, Invesco pays dividends on a quarterly basis in arrears. Holders of our preferred shares are eligible to receive dividends at an annual rate of 5.9% of the liquidation preference of $1,000 per share, or $59 per share per annum. The preferred stock dividend is payable quarterly on a non-cumulative basis when, if and as declared by our Board. However, if we have not declared and paid or set aside for payment full quarterly dividends on the preferred stock for a particular dividend period, we may not declare or pay dividends on, redeem, purchase or acquire, our common stock or other junior securities in the next succeeding dividend period. In addition, if we have not declared and paid or set aside for payment quarterly dividends on the preferred stock for six quarterly periods, whether or not consecutive, the number of directors of the company will be increased by two and the holders of the preferred shares shall have the right to elect such two additional members of the Board. On July 28, 2026, the company declared a second quarter 2026 cash dividend of $0.215 per common share to the holders of common shares. The dividend is payable on September 2, 2026, to common shareholders of record at the close of business on August 14, 2026, with an ex-dividend date of August 14, 2026. On July 28, 2026, the company declared a preferred dividend of $14.75 per preferred share, representing the period from June 1, 2026 through August 31, 2026. The preferred dividend is payable on September 1, 2026. The declaration, payment and amount of any future dividends will depend upon, among other factors, our earnings, financial condition and capital requirements at the time such declaration and payment are considered. The company manages dividends in a prudent fashion, with due consideration given to profit levels, overall debt levels and historical dividend payouts. Common Share Repurchase Plan During the three months ended June 30, 2026, the company repurchased 1.9 million common shares for $50.0 million in the open market (three months ended June 30, 2025: 1.7 million common shares for $25.0 million); during the six months ended June 30, 2026, the company repurchased 3.4 million common shares for $90.0 million in the open market (six months ended June 30, 2025: 3.2 million common shares for $50.0 million). At June 30, 2026, $1,142.2 million remains available under the share repurchase authorizations approved by the Board on July 22, 2016 and February 18, 2026. Debt The carrying value of our debt at June 30, 2026 was $1,624.0 million (December 31, 2025: $1,825.1 million). See Item 1, Financial Statements - Note 4, "Debt," for additional disclosures. For the six months ended June 30, 2026, the company’s weighted average cost of debt was 4.97% (six months ended June 30, 2025: 4.71%). Financial covenants under the Revolving Credit Agreement and Term Loan Agreements (collectively, Credit Agreements) include: (i) the quarterly maintenance of an Adjusted debt/Earnings before income tax, depreciation, amortization, interest expense, common share-based compensation expense, unrealized (gains)/losses from investments, net, and unusual or otherwise non-recurring gains and losses (Covenant Adjusted EBITDA) leverage ratio, as defined in the Credit Agreements, of not greater than 3.25:1.00, and (ii) an interest coverage ratio (Covenant Adjusted EBITDA, as defined in the Credit Agreements, divided by interest expense for the four consecutive fiscal quarters ended on or immediately prior to the date of determination) of not less than 4.00:1.00. As of June 30, 2026, we were in compliance with our financial covenants. At June 30, 2026, our leverage ratio was 0.54:1.00 (December 31, 2025: 0.73:1.00), and our interest coverage ratio was 19.66:1.00 (December 31, 2025: 20.34:1.00). 43 Table of Contents The June 30, 2026 coverage ratio calculations are as follows: (in millions) Total Q2 2026 Q1 2026 Q4 2025 Q3 2025 Net income/(loss) attributable to Invesco Ltd. $ (309.2) $ 345.3 $ 230.4 $ (1,186.2) $ 301.3 Dividends on preferred shares 164.0 37.0 38.2 44.4 44.4 Interest expense 96.6 23.6 24.3 23.0 25.7 Tax expense/(benefit) (161.6) 116.5 81.1 (349.5) (9.7) Amortization/depreciation/impairment (1) 1,959.0 38.4 39.5 1,837.2 43.9 Common share-based compensation expense 106.4 31.3 34.0 20.2 20.9 Canadian sale and restructuring (2) (11.7) (11.7) — — — Cost of preferred stock repurchase (2) 80.7 — — 80.7 — Unrealized (gains)/losses from investments, net (3) (24.8) (48.5) 8.3 16.5 (1.1) Covenant Adjusted EBITDA (4) $ 1,899.4 $ 531.9 $ 455.8 $ 486.3 $ 425.4 Adjusted debt (4) $ 1,027.1 Leverage ratio as of June 30, 2026 (Adjusted debt/Covenant Adjusted EBITDA - maximum 3.25:1.00) 0.54 Interest coverage ratio as of June 30, 2026 (Covenant Adjusted EBITDA/Interest expense - minimum 4.00:1.00) 19.66 ___________ (1) Includes the $1,794.9 million non-cash impairment of our indefinite-lived intangible assets in the fourth quarter of 2025. (2) Unusual or otherwise non-recurring gains and losses, as defined in our Credit Agreements, are adjusted for in the determination of Covenant Adjusted EBITDA. The net benefit arising from the sale of the management agreements associated with Invesco's Canadian fund business to CI GAM and the restructuring of the company’s Canadian operation in the second quarter of 2026 and the costs associated with the repurchase of the company’s outstanding Series A Preferred Stock in 2025 were non-recurring expenses and have been removed from Covenant Adjusted EBITDA. (3) Adjustments for unrealized gains and losses from investments, as defined in our Credit Agreements, may also include non-cash gains and losses on investments to the extent that they do not represent anticipated future cash receipts or expenditures. (4) Covenant Adjusted EBITDA and Adjusted debt are non-GAAP financial measures that are used by management in connection with certain debt covenant calculations under our Credit Agreements. The calculation of Covenant Adjusted EBITDA above (a reconciliation from Net income attributable to Invesco Ltd.) is defined by our Credit Agreements, and therefore Net income attributable to Invesco Ltd. is the most appropriate GAAP measure from which to reconcile to Covenant Adjusted EBITDA. The calculation of Adjusted debt is defined in our Credit Agreements and equals debt of $1,624.0 million plus $3.1 million in letters of credit less $600.0 million of excess unrestricted cash (cash and cash equivalents less the minimum regulatory capital requirement, not to exceed $600.0 million). Credit and Liquidity Risk The company manages its capital by reviewing annual and projected cash flow forecasts and by monitoring credit, liquidity and market risks, such as interest rate and foreign currency risks (as discussed in Part I, Item 3, Quantitative and Qualitative Disclosures About Market Risk). Credit Risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to meet an obligation. The company is primarily exposed to credit risk through its cash and cash equivalent deposits, which are held by external firms. The company invests its cash balances in its own institutional money market products, as well as with external high credit-quality financial institutions. These arrangements create exposure to concentrations of credit risk. As of June 30, 2026, our maximum exposure to credit risk related to our Cash and cash equivalent balances is $915.4 million, of which $361.3 million is invested in affiliated money market funds. See Item 1, Financial Statements - Note 2, "Fair Value of Assets and Liabilities," for information regarding Cash and cash equivalents invested in affiliated money market funds. 44 Table of Contents Liquidity Risk Liquidity risk is the risk that the company will encounter difficulty in meeting obligations associated with its financial liabilities as the same become due. The company is exposed to liquidity risk through its $1,624.0 million in total debt. The company actively manages liquidity risk by preparing cash flow forecasts for future periods, reviewing them regularly with senior management, maintaining a committed Revolving Credit Agreement, scheduling significant gaps between major debt maturities and engaging external financing sources in regular dialogue. Effects of Inflation Inflation can impact our organization primarily in two ways. First, inflationary pressures can result in increases in our cost structure, especially to the extent that large expense components such as compensation are impacted. To the degree that these expense increases are not recoverable or cannot be counterbalanced through pricing increases due to the competitive environment, our net income could be negatively impacted. Secondly, the value of the assets that we manage may be negatively impacted when inflationary expectations result in a rising interest rate environment. A decline in the value of AUM could lead to reduced revenues as management fees are generally calculated based upon the value of AUM. Off Balance Sheet Commitments See Item 1, Financial Statements - Note 10, "Commitments and Contingencies - Legal Contingencies," for more information regarding undrawn capital commitments. Critical Accounting Policies and Estimates There have been no changes to the critical accounting policies disclosed in our most recent Form 10-K for the year ended December 31, 2025. Critical accounting policies and estimates are those that require management’s most difficult, subjective or complex judgments and would therefore be deemed the most critical to an understanding of our results of operations and financial condition. Recent Accounting Standards See Item 1, Financial Statements - Note 1, "Accounting Policies - Accounting Pronouncements Recently Adopted.” 45 Table of Contents