Amundi (AMUN) Q3 2025 earnings summary

Executive summary

• Assets under management (AUM) reached a record €2,317bn as of September 30, 2025, up 5.7% year-over-year, with €67bn net inflows over nine months, mainly from medium/long-term assets, ETFs, and diversified across active, passive, retail, institutional, and Asian joint ventures.

• Strategic pillars—Asia, third-party distribution, and ETFs—accounted for over 80% of net inflows, already surpassing full-year 2024 totals.

• Q3 pre-tax income rose 4% year-over-year to €445m, driven by management fees and technology revenues.

• Adjusted net income for Q3 was €340m, including a €9m tax surcharge; adjusted EPS was €1.65.

• Revenues for Q3 2025 grew 4.9% year-over-year, supported by higher management and performance fees, and a 49% increase in technology revenues.

Financial highlights

• Q3 2025 adjusted net revenues were €815m, up 4.9% year-over-year; for nine months, €2,518m, up 4.9%.

• Q3 2025 net management fees rose 3.3% year-over-year; performance fees up 76.6%.

• Adjusted operating expenses in Q3 were €436m, up 8.3% year-over-year, mainly due to integration costs and employee capital increase.

• Adjusted cost/income ratio at 53.5% for Q3 and 52.8% for the nine months.

• 9M 2025 adjusted net income was €978m, down 2.7% year-over-year, impacted by a €63m exceptional tax contribution in France.

Outlook and guidance

• New medium-term strategic plan to be presented on November 18, 2025, reflecting uncertainty regarding UniCredit partnership renewal post-2027.

• Targets will be set to be achievable regardless of UniCredit outcome.