Amundi (AMUN) Q3 2026 earnings summary

Executive summary

• Record 9M net inflows reached €102bn excluding the Indian mandate transfer; Q3 net inflows were €45.6bn on the same basis.

• AUM reached €2,579bn at September-end, up 11.3% YoY and nearly stable QoQ; adjusted net income rose 20.2% to €409m in Q3 and 21.6% to €1,189m in 9M.

• Q3 accounting net income was €675m, including a €296m after-tax gain from the SBI FM disposal.

Financial highlights

• Q3 adjusted revenue rose 11.3% YoY to €908m; net management fees increased 13.1% to €845m and technology revenue rose 16.5% to €34m.

• Q3 performance fees fell 41.0% to €20m; 9M performance fees rose 57.0% to €142m.

• 9M adjusted revenue increased 13.0% to a record €2,743m; management fees rose 12.0% to €2,465m.

• Adjusted operating expenses rose 4.0% to €454m in Q3 and 7.6% to €1,365m in 9M; adjusted gross operating income increased 19.7% to €454m in Q3 and 18.9% to €1,378m in 9M.

• Adjusted pre-tax income rose 20.1% to €535m in Q3 and 20.6% to €1,609m in 9M; 9M accounting net income was €1,428m.

Outlook and guidance

• Strategic priorities under the 2028 plan continued to generate commercial momentum; new German pillar 3 retirement distribution marketing is scheduled to begin 1 January 2027.

• €9bn of UniCredit insurance assets are expected to be re-internalized in Q4; the mandate has a margin similar to other major insurance mandates.

• M&A remains subordinate to organic growth; deals must support priority areas and target ROI above 10% over three years. Surplus capital may be returned at the plan horizon if suitable deals do not emerge.

• Cost discipline remains a priority, with efficiency gains reinvested in Asia, technology and new solutions; no fixed 50% cost-income threshold was indicated.