Amundi (AMUN) Q1 2025 earnings summary

Executive summary

• Profit before tax rose 11% year-over-year to EUR 458 million, driven by strong revenue growth and improved cost efficiency after a record 2024.

• Net inflows reached EUR 31 billion, the highest since 2021, with a record EUR 37 billion in medium to long-term assets, mainly from a major UK ESG equity index mandate.

• Assets under management (AUM) stood at EUR 2.25 trillion at March-end, up 6% year-over-year, supported by positive market effects and robust net flows.

• Strategic growth pillars—third-party distribution, Asia, ETFs, and technology—continued to deliver robust organic growth.

• Major UK pension mandate win and successful integration of Alpha Associates and Aixigo contributed positively.

Financial highlights

• Total revenues rose 11% year-over-year to EUR 912 million, with net management fees up 7.7% and performance fees up over 30%.

• Technology revenues surged 46% year-over-year, reflecting the integration of Aixigo and strong organic growth.

• Adjusted net income was EUR 303 million; excluding a EUR 46 million exceptional French tax surcharge, it would have been close to EUR 350 million, up 10% year-over-year.

• Cost/income ratio improved to 52.4%, below the 2025 target and down from 53.3% a year earlier.

• CET1 solvency ratio at 15.5% and tangible net equity at EUR 4.8 billion, up 7% from end-2024.

Outlook and guidance

• Continued investment in growth drivers: technology, Asia, ETFs, and real assets.

• Cost optimization program targeting EUR 30–40 million in savings by 2026 to fund future investments.

• New medium-term plan to be presented in Q4 2025 as the Ambitions 2025 cycle concludes.

• Tax surcharge in France estimated at EUR 9 million per quarter for the rest of 2025.

• If no material M&A occurs, excess capital may be distributed to shareholders.