Amundi (AMUN) Q2 2025 earnings summary

Executive summary

• Record net inflows of €52bn in H1 2025, matching full-year 2024, with assets under management at an all-time high of €2.27tn, up over 5% year-over-year despite significant negative forex effects.

• Profit before tax rose 4.2% year-over-year to €895m, with adjusted net income at €638m, or €692m excluding a €54m exceptional French tax charge.

• Strategic priorities advanced: strong inflows from third-party distribution (€13bn), Asia (€22bn), and ETFs (€19bn); Amundi Technology revenues up 48% year-over-year.

• Partnership with Victory Capital finalized, resulting in a 26% equity stake, deconsolidation of Amundi US, and a €402m non-cash capital gain.

• 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 cost/income ratio at 52.5%, stable and below target; adjusted operating expenses up 5.3% year-over-year.

• Adjusted EPS was €3.11, or €3.37 excluding the exceptional tax; accounting EPS was €4.86, including the €402m capital gain.

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

• Dividend payment of €0.9bn in H1 2025; €4.25 per share for 2024.

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.

• Exceptional French tax contribution of €54m in H1 2025, estimated at €72m for the full year.