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 €2.3tn (up 5.2% year-over-year), despite significant negative forex effects from USD and INR depreciation.

• Strategic partnership with Victory Capital finalized, resulting in a 26% equity stake and a non-cash capital gain of €402m; Amundi US activities now consolidated under the equity method.

• Strong commercial momentum across both active and passive management, with diversified inflows from Asia (€22bn), Europe, and across retail, institutional, and joint ventures; ETF net inflows doubled year-over-year to €19bn.

• 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 rose to €1,703m (+4.9% year-over-year), with net management fees up 4.6% to €1,542m.

• Adjusted profit before tax increased by over 4% to €895m; adjusted net income was €638m, or €692m excluding a €54m exceptional French tax charge.

• Reported net income Group share was €998m (+56.9% year-over-year), including the €402m capital gain from the Victory Capital transaction.

• Adjusted cost/income ratio at 52.5%, stable and below target.

• Q2 2025 adjusted net revenues were €790m, down 1% year-over-year due to lower performance fees and financial income.

Outlook and guidance

• Optimization plan underway, targeting €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 2025.

• Continued investment in technology, ETFs, and active management specialties.