Amundi (AMUN) Q3 2024 earnings summary

Executive summary

• Achieved record assets under management of EUR 2.2 trillion, up 11% year-over-year, driven by strong net inflows and positive market effects.

• Q3 2024 adjusted net income reached EUR 337 million, up 16% year-over-year; nine-month net income surpassed EUR 1 billion, up 10% year-over-year.

• Growth was broad-based across client segments, geographies, and product expertise, with notable strength in ETFs, fixed income, and technology services.

• Strategic M&A activity included the integration of Alpha Associates and progress on the Victory Capital partnership, expected to close in Q1 2025.

• Revenue grew 10% year-over-year in Q3, supported by higher management and technology fees; cost/income ratio improved to 52.9%.

Financial highlights

• Q3 2024 revenues reached EUR 862 million, up over 10% year-over-year; management fees up 9.2%.

• Technology revenues surged 42% year-over-year in Q3; performance fees nearly doubled but remain seasonally lower.

• Adjusted net income for Q3 was EUR 337 million (+16% year-over-year); adjusted EPS was EUR 1.65 (+16%).

• Nine-month adjusted net income grew 10% year-over-year to over EUR 1 billion; nine-month adjusted EPS was EUR 4.91 (+10%).

• Adjusted gross operating income for Q3 was EUR 406 million, up 14% year-over-year.

Outlook and guidance

• Cost/income ratio improved to 52.9%, in line with the 2025 strategic target.

• Management expects continued growth from operating efficiency, JV contributions, and strategic priorities in ETFs, technology, and Asia.

• Victory Capital partnership expected to close in Q1 2025, aiming for a larger US platform and low single-digit accretion.

• Anticipates a shift in retail flows from treasury to riskier products as interest rates decline.

• Capital increase reserved for employees completed in Q4 2024, with limited EPS impact.