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Amundi (AMUN) investor relations material

Amundi Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary29 Jul, 2025

Executive summary

  • Record net inflows of €52bn in H1 2025, matching full-year 2024, with assets under management at an all-time high of €2.3tn, up 5% year-over-year despite significant FX headwinds.

  • Profit before tax rose 4% year-over-year to €895m, driven by 5% revenue growth and cost control, with a cost/income ratio at 52.5%.

  • Strategic initiatives delivered strong results: third-party distribution (+€13bn), Asia (+€22bn), ETFs (+€19bn), and responsible investment mandates.

  • Partnership with Victory Capital finalized, resulting in a €400m+ non-cash capital gain and changes in AUM reporting.

  • Amundi Technology revenues surged 48% year-over-year, and Fund Channel exceeded its Ambitions 2025 target with €613bn in assets under distribution.

Financial highlights

  • Adjusted net revenues reached €1,703m in H1 2025, up 4.9% year-over-year; net management fees grew 4.6% to €1,542m.

  • Adjusted pre-tax profit rose 4.5% to over €800m; adjusted net income was €638m, or €692m excluding a €54m exceptional French tax.

  • Stated net income reached almost €1bn in H1, boosted by a €400m+ non-cash capital gain from the Victory Capital deal.

  • Q2 2025 adjusted net revenues were €790m, down 1% year-over-year; adjusted net income was €334m, or €343m excluding the exceptional tax.

  • Tangible equity stood at €4.3bn at June 2025, with a capital surplus of €1.3bn and an A+ rating from Fitch.

Outlook and guidance

  • Optimization plan launched to generate €35–40m in annual savings from 2026, with restructuring costs of €70–80m expected in H2 2025.

  • 2025 is the final year of the Ambitions 2025 plan, with most strategic objectives already achieved; a new three-year plan will be presented in Q4.

  • Management expects the exceptional Q2 FX impact will not repeat; commercial momentum remains strong into July.

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Frequently asked questions

Amundi is a European asset management company offering a wide range of investment solutions to institutional, corporate, and retail clients. The company provides services across various asset classes, including equities, fixed income, real estate, and multi-asset investments, along with a focus on responsible and sustainable investing. Amundi serves global markets through a network of offices and partners, leveraging its expertise to manage investment funds, portfolios, and advisory services tailored to meet client needs. Its products are designed to offer long-term growth and income opportunities while addressing environmental, social, and governance (ESG) factors. The company is headquartered in Paris, France, and its shares are listed on Euronext Paris.

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