Amundi (AMUN) Q4 2024 earnings summary

Executive summary

• Net income reached a record €1.4bn in 2024, up 13% year-over-year, with Q4 net income at €377m, up 20% compared to Q4 2023.

• Assets under management (AuM) hit €2,240bn, a 10% increase year-over-year, with total net inflows doubling to €55bn, including €20bn in Q4.

• Major 2025 plan targets, including AuM, cost/income, and segment growth, were achieved ahead of schedule.

• Three value-creating M&A deals completed: Alpha Associates, Victory Capital partnership, and aixigo/Exigo acquisition, strengthening investment, technology, and US distribution.

• Dividend proposed at €4.25 per share, reflecting a 67% payout ratio and yield above 6%.

Financial highlights

• Adjusted revenues rose 9.2% to €3,497m in 2024, with Q4 revenues up 14.6% year-over-year.

• Management fees increased 8.3% year-over-year, performance fees up 17.3% to €145m, and technology revenues up 33.8% to €80m.

• Adjusted net income grew 13% to €1,382m for 2024; adjusted EPS reached €6.75 (+12.6%).

• Cost/income ratio improved to 52.5% for 2024, already meeting the 2025 target.

• Tangible equity rose to €4.5bn, up 4.5% year-over-year.

Outlook and guidance

• Net income CAGR of 6.1% for 2021-2024, exceeding the 5% target.

• By 2027, recent acquisitions expected to generate ~5% EPS accretion and ~12% ROI.

• ~€1bn available capital for future acquisitions, with further surplus capital generation expected before end of 2025.

• Dividend payout ratio expected to remain above 65%.

• ESG and climate commitments on track, with significant progress on emissions and shareholder engagement.