Amundi (AMUN) Q3 2025 earnings summary

Executive summary

• Assets under management reached a record €2,317bn as of September 30, 2025, up 5.7% year-over-year, with €67bn net inflows over nine months and €15bn in Q3, mainly in MLT assets and ETFs.

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

• Pre-tax income for Q3 2025 was €445m, up 4% year-over-year, with adjusted net income of €340m, including a -€9m exceptional tax surcharge.

• Revenues for Q3 2025 grew 4.9% year-over-year to €815m, driven by management, performance, and technology fees.

• Adjusted earnings per share for Q3 2025 was €1.65; for nine months, €4.76.

Financial highlights

• Q3 2025 adjusted revenues rose 4.9% year-over-year to €815m, with technology revenues up 49% to €29m.

• Adjusted operating expenses increased 8.3% year-over-year in Q3, mainly due to integration and restructuring costs.

• Adjusted profit before tax was €445m in Q3 (+3.8% YoY); adjusted net income was €340m (+0.8% YoY).

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

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

Outlook and guidance

• A new strategic plan for 2028 will be presented on November 18, 2025, addressing UniCredit uncertainty and future growth initiatives.

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

• No guidance yet on potential French tax surcharge for 2026 as budget discussions are ongoing.