Amundi (AMUN) CMD 2025 summary

Strategic ambitions and financial targets

• Targeting adjusted EPS of over €7 in 2028, with a cost-income ratio below 56% and a payout ratio at or above 65%.

• Aims for €300 billion or more cumulative net inflows from 2025-2028, focusing on retirement, ETFs, technology, and geographic expansion.

• Plans €800 million organic reinvestment, with significant allocation to technology and growth priorities.

• Share buybacks and payout flexibility to return excess capital, with at least €300 million committed post-ICG transaction and further buybacks in 2026.

• Financial targets are designed to be resilient under various scenarios, including minimal or no contribution from UniCredit post-2027.

Business development, growth drivers, and partnerships

• Launching a new retirement business line, targeting €100 billion net inflows by 2028, leveraging leadership in France, Italy, and expansion in Northern Europe and Asia.

• ETF platform to launch at least 100 new ETFs by 2028, aiming to increase digital and institutional partnerships by 50%.

• Technology revenues expected to double by 2028, driven by ALTO platform expansion, new AI/data products, and acquisitions.

• Strategic partnership with ICG includes a 9.9%–10% stake, joint development of private asset solutions, and exclusive Evergreen products for wealth clients.

• Asia targeted for €150 billion net inflows, with a focus on JVs, direct presence, and plans to list the Indian JV SBI FM in 2026.

Technology, efficiency, and operating model

• Streamlining organization and optimizing processes, including AI-driven efficiency, with 50 AI applications at scale by 2028.

• Resource reallocation to growth areas such as technology, Asia, retirement, and private assets.

• ALTO Wealth & Distribution platform, powered by aixigo, to address the doubling wealth tech market by 2030.

• Launching new technology offerings, including Data as a Service and ALTO AI Studio, to support regulatory compliance and big data needs.

• €40 million annual savings from 2026 expected through process optimization and digitalization.