Amundi (AMUN) Q4 2025 earnings summary

Executive summary

• Assets under management reached €2,380bn at year-end 2025, up 6% year-over-year, driven by record net inflows of €88bn and positive market effects despite currency headwinds.

• Adjusted pre-tax income rose 6% year-over-year to €1,858m, with Q4 pre-tax income up 12%.

• Adjusted earnings per share for 2025 was €6.58; a dividend of €4.25 per share is proposed, with a 74% payout ratio.

• A €500m share buyback program was launched, representing 3% of share capital and returning a total of €1.4bn to investors.

• Strategic growth areas, including retirement, digital distribution, and technology, showed strong momentum, supported by the launch of the new strategic plan.

Financial highlights

• Net inflows totaled €88bn for 2025, with long-term net inflows more than doubling to €81bn and €21bn in Q4.

• Adjusted net revenues for 2025 were €3,417m, up 6% year-over-year, with technology revenues up 45%.

• Adjusted net income for 2025 was €1,354m; adjusted cost-income ratio was 52.1%.

• Management fees increased 4.2% year-over-year; performance fees rose 23%.

• Tangible equity base reached €4.9bn, up 10% year-over-year.

Outlook and guidance

• Strategic plan “Invest for the Future 2028” launched, focusing on digital distribution, retirement, ETFs, and geographic expansion in Asia and Northern Europe.

• First products from the ICG partnership expected to launch in H2, targeting private credit and secondaries.

• No change to 2028 EPS or cost-income ratio targets; current targets are considered a floor.

• Entering 2026 with confidence, supported by diversified growth drivers and leadership positions.

• Continued investment in technology and innovation, with technology revenues up 45% year-over-year.