Amundi: First half and second quarter 2025 results
Amundi : First half and second quarter 2025 results
Record inflows of +€52bn in the first half of the year
| Inflows already at full year 2024 level | | Assets under management1 at an all-time high of €2.27tn at end-June 2025, +5% June/June despite the negative forex effect Net inflows +€52bn in H1, of which +€20bn in Q2
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| Growth in profit before tax | | First half 2025: profit before tax3,4 €895m, up +4% H1/H14:
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| Continued success on strategic pillars | | Partnership with Victory Capital finalised on 1 April Strong H1 inflows in strategic priorities:
Fund Channel: €613bn in assets under distribution, Ambitions 2025 target achieved |
Paris, 29 July 2025
Amundi 's Board of Directors met on 28 July 2025 under the chairmanship of Olivier Gavalda, and approved the financial statements for the first half of 2025.
Valérie Baudson, Chief Executive Officer, said: "With net inflows of +€52bn, Amundi ’s performance in the first half of the year was equivalent to the whole of 2024. The depth of our offering and our extensive expertise allow us to respond effectively to our clients' needs, through our active strategies, passive management, responsible investment, employee savings schemes, technology services and fund distribution solutions.
Amundi has continued to grow both in terms of activity and results, with first half revenues3 up +5% and profit before tax3 up +4% year-on-year4.
Amundi has also leveraged its position as Europe's leading asset manager, as our clients look for greater diversification in their allocations, with a renewed interest in Europe. With €2.3tn in assets under management, Amundi is the only European player among the top 10 global asset managers, and a preferred gateway for players wishing to invest on the continent. Our comprehensive range of solutions enables investors to finance European companies and economies, and we continue to expand, through ETFs and actively managed funds focused on European sovereignty.»
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Highlights
Continued organic growth thanks to continued successes in the strategic pillars
2025 marks the final year of Ambitions 2025 plan, which set a number of strategic pillars aimed at accelerating the diversification of the Group's growth drivers and exploiting development opportunities. Several objectives were achieved in 2024 and the first half of 2025 confirms Amundi 's growth momentum.
- Amundi , the European expert: Amundi is the leading European asset manager, and the only European player among the world’s top 105; this positioning allows the Group to manage ~€1.7tn in assets under management on behalf of European clients, who have entrusted it with an additional +€29bn€ in the first half to manage; Amundi invests, on behalf of its clients, more than half of its assets6 in euro-denominated securities; this European expertise is a key differentiator for Amundi 's comprehensive and innovative platform; the launch of new products, such as ETFs or actively managed funds to invest in the European defence sector, make it possible to nurture this distinctive element strongly quarter after quarter;
- The Institutional division generated healthy net inflows of +€31bn in the fist half, thanks to several major wins, including the award of a Defined Contribution mandate with The People's Pension in the UK(+€22bn), successes in Asia (+€5bn, particularly in China), record net inflows in Employee Savings and Retirement and the renewed interest in France in tradition life insurance “euro” contracts; in addition, Amundi secured several innovative mandates, for example with a German pension fund in private debt via the expertise of Amundi Alpha Associates, and a low-carbon mandate for Chile's sovereign wealth fund thanks to the index and ESG expertise;
- Third-Party Distribution continued to grow strongly, with assets under management up by more than +18% year-on-year excluding the contribution of US Distribution to Victory Capital (scope effect of -€62bn), thanks to 12-month net inflows of +€33bn, of which +€13bn7 was in the first half of 2025, mainly in MLT assets8, (+€12.1bn); net inflows were driven by ETFs and positive in active management, diversified by geographical areas and positive in almost all countries in terms of MLT assets8, particularly in Asia (+€3bn); the strong commercial momentum with digital platforms is confirmed, with this type of client accounting for around 40% of net inflows for the first half; it should be noted that a workshop dedicated to Third-Party Distribution was held on 19 June, in London to highlight the growth potential of this strategic focus of the MTP;
- Asia: assets under management were up +2% year-on-year despite the decline in the US dollar and the Indian rupee, to reach €460bn; half-year net inflows reached +€22bn, of which +€14bn was in the second quarter; half-year net inflows were split +€14bn from JVs (including Amundi BOC WM) and +€8bn from direct distribution; it is also diversified by countries: India (+€7bn), China (+€5bn) with the two JVs, institutional clients and now the QDLP9 license in Third-Party Distribution10, Korea (+€5bn) thanks to the JV, Hong Kong (+€3bn) and Singapore (+€1bn) thanks to institutional investors and third-party distributors;
- ETFs gathered +€19bn this half-year, placing Amundi in second place in the European ETF market in terms of net inflows as well as assets under management, which reached €288bn; this high level of activity was achieved thanks to the diversification of the business line by client types, geographies and asset classes covered: Asia and Latin America contributed +€4bn in net inflows over the half-year; the net inflows also reflect the success of the business line’s flagship products: the Stoxx Europe 600 ETF collected nearly +€3bn in the first half and assets now exceed €12bn; European strategies continued to benefit from investors' renewed interest in the European markets, with +€4bn attracted in the second quarter alone; innovative products were launched, such as the low-duration euro zone sovereign green bonds ETF, capitalising on the success of the long-duration version, which reached €3bn in assets under management, and the launch in May of the European Defence ETF, in partnership with STOXX, on a platform and with partners only in Europe;
- Amundi Technology continues to grow, with revenues up +48% H1/H1, thanks to strong organic growth amplified by the integration of aixigo; Amundi Technology has won new clients during this period, including AJ Bell in the UK.
- Fund Channel, the fund distribution platform, has exceeded its target Ambitions 2025 target six months ahead of schedule, with €613bn in assets under distribution; the subsidiary has launched Fund Channel Liquidity, a multi-management platform for treasury products, in partnership with the Liquidity Solutions teams of Amundi and CACEIS; the platform has already been recognised with the innovation award of the AFTE (French association of corporate treasurers);
- Following the success of Ambitions 2025, a new three-year strategic plan will be presented in the fourth quarter.
On 1 April, Amundi finalised its partnership with Victory Capital and received shares representing 26% of the share capital in return for contributing Amundi US to Victory. This stake is consolidated in the second quarter accounts under the equity method, with a one-quarter lag compared to Victory Capital's publications because the company, listed on the Nasdaq, publishes its accounts after those of Amundi (on 8 August for its second quarter 2025 results). Assets under management are consolidated at 26% in a separate line (Victory Capital – US distribution” for the portion distributed to US clients, and at 100% in the relevant client segments and asset classes for the portion managed by Victory Capital but distributed by Amundi to clients outside the United States.
Activity
Record inflows in the first half of the year of +€52bn, already at the level of the whole of 2024
Assets under management1 as at 30 June 2025 rose by +5.2% year-on-year, to reach an all-time high at €2,267bn. They benefited over 12 months from a high level of net inflows, +€75bn, the positive effect of market appreciation for +€109bn, more than half reduced by the unfavourable impact of currency moves (-€60bn) linked to the fall in the US dollar and the Indian rupee.
These two currencies fell vs. the euro in average for the second quarter by -5% and -7% respectively year-on-year and by -7% and -6% quarter-on-quarter. In the first half of 2025 and also in average terms, the US dollar is down by -1% and the Indian rupee by -4% compared to the first half of 2024.
In the first half of 2025, the market effect and the forex effect amounted to +€58bn and -€73bn respectively,
Amundi recorded a scope effect of -€10bn related to the finalisation of the partnership with the American asset manager Victory Capital in the second quarter.
Net inflows were healthy at +€52bn in the first half of the year, almost reaching the level of the whole of 2024 (+€55bn), and far exceeding it in assets MLT8 excluding JVs and US distribution at +€48bn (compared to +€34bn for the whole of 2024).
These MLT net inflows8 (+€26bn) were driven by passive management (+€44bn), in particular ETFs (+€19bn) and active management (+€9bn), driven by fixed income strategies.
Treasury products excluding JVs and US distribution posted outflows of -€9bn over the half-year, entirely due to withdrawals from corporate clients, which were particularly strong over the first half (€15bn); on the contrary, all other client segments posted net inflows on this asset class, reflecting the wait-and-see attitude in the face of volatility in risky asset markets.
The three main client segments contributed to the net inflows of +€52bn:
- the Retail segment, at +€7bn, thanks to Third-Party Distributors (+€13bn) and Amundi BOC WM (+€1.0bn), while risk aversion continues to affect net inflows from Partner networks;
- the Institutional segment, at +€31bn, particularly in fixed income and equities thanks to the gain in the first quarter of The People's Pension mandate (+€21bn, +22 in H1); all sub-segments contributed, to note the very high level of activity in Employee Savings & Retirement, at +€4bn, a record since the creation of Amundi , and the mandates of the insurers of Crédit Agricole and Société Générale, at +€9bn, which benefited from the renewed interest of French savers in life “euro” contracts;
- and finally, JVs (+€13bn) posted a very positive performance over the half-year; despite market volatility in India, the SBI MF subsidiary gathered +€7bn thanks to a rebound in the second quarter, NH- Amundi (South Korea) +€5bn, and ABC- CA (China) +€2bn (excluding the discontinued Channel business), mainly driven by treasury products.
- The net inflows from the US distribution of Victory Capital, recorded only over one quarter and only for the Group's share of 26%, were at breakeven.
In the second quarter, net inflows reached +€20.4bn, divided between:
- the MLT assets8 at +€11.1bn, driven by Third-Party Distributors (+€5bn) and the Institutional division (+€10.8bn); the activity was at a record level in Employee Savings & Retirement, even for a seasonally high quarter (+€4.1bn) and Crédit Agricole and Société Générale insurance mandates recorded a good performance (+4.6bn€), in the context already mentioned of the renewed interest in life “euro” contracts and the arbitrage of treasury products in favour of short-duration bonds; as regards asset classes, ETFs confirmed their success (+€8.2bn), but also positive net inflows in active management (+€2.9 billion), driven by fixed income;
- JVs, for +€10.3bn, thanks in particular to the rebound in SBI MF's activity in India (+€7.8bn) after two quarters of market volatility and withdrawals related to the end of the fiscal year in the first quarter; ABC- CA (China, +€1.2bn excluding Channel Business) also confirmed the recovery of its activity, particularly in fixed income, driven by a more favourable local market;
- Treasury products posted outflows (-€1.0bn), with the continuation of seasonal withdrawals from Corporates (-€3.8bn), while all other segments posted net inflows or at least breakeven.
First half 2025 results
The income statement for the first half of 2025 includes, in the first quarter, Amundi US fully integrated in each line of the P&L and, in the second quarter, the equity-accounted contribution of Victory Capital (Group share, i.e. 26%). As Victory Capital has not yet published its earnings for this period, this contribution is estimated by taking Group share of the net profit for the first quarter of 2025.
The first half of 2024 has been restated in a comparable manner, i.e. as if Amundi US had been fully integrated in the first quarter and accounted for using the equity method in the second quarter (@100%)
Profit before tax3 +4% H1/H14
Adjusted data3
The Group's results for the first half of 2025 include, in addition to the 26% equity contribution of Victory Capital, the contribution of aixigo, acquisition of which was finalised in early November 2024, as well as Alpha Associates, an acquisition finalised early April 2024, which were therefore not integrated or only partially integrated in the first half of 2024.
Victory Capital's contribution is accounted for under the equity method for its 26% share with a one-quarter lag.
The profit before tax3 reached €895m in up +4.2% compared to the first half of 2024 pro forma4. This growth comes mainly from revenue growth.
Adjusted net revenues3 reached €1,703m, +4.9% compared to the first half of 2024 (+4,0% excluding the integration of aixigo and an additional quarter of Alpha Associates). Contributing to this progression, at current scope:
- Net Management Fees grew by +4.6% compared to the first half of 2024 pro forma4, at €1,542m, and reflect the increase in average assets under management2 thanks to the good level of activity, despite the negative effect of the product mix on revenue margins;
- Amundi Technology's revenues, at €52m, grew strongly (+48.0% compared to the first half of 2024), amplified by the consolidation of aixigo (+€8m), organic growth was +25%;
- Financial and other revenues3 amounted to €52m, +10.4% compared to the first half of 2024 on a pro forma basis4 thanks to capital gains on seed private equity investments and the portfolio’s positive mark-to-market in the first quarter, although the half-year remains characterised by the negative impact on voluntary investments of the fall in short-term rates in the euro zone, which halved in one year;
- Performance fees (€58m), on the other hand, decreased by -13.2% compared to the first half of 2024 on a pro forma basis4, reflecting greater market volatility since the beginning of the year, particularly in the second quarter; however, the performance of Amundi ′s management remains good, with more than 70% of assets under management ranked in the first or second quartiles according to Morningstar11 over 1, 3 or 5 years, and 243 Amundi funds rated 4 or 5 stars by Morningstar as at 30 June.
The increase in adjusted operating expenses3, €894m, is +5,3% compared to the first half of 2024 pro forma4 and +3,4% excluding the integration of aixigo and an additional quarter of Alpha Associates. The jaws effect is therefore slightly positive on a like-for-like basis, reflecting the Group's operational efficiency.
In addition to the scope effect, this increase is mainly due to investments in the development initiatives of the Ambitions 2025 plan, particularly in technology, third-party distribution and Asia.
The cost-income ratio at 52,5%, on an adjusted basis3, is stable compared to the first half of last year, and in line with the Ambitions 2025 target (<53%).
The adjusted gross operating income3 reached €808m, up +4,5% compared to the first half of 2024 pro forma4, reflecting growth in revenues and cost control.
The contribution of equity-accounted JVs12, at €66m, up +7.1% compared to the first half of 2024, reflects the strong momentum of the Indian JV SBI MF (+7.4%), which accounts for nearly 80% of the contribution of JVs. The commercial dynamism of the JV allowed the continued growth of its management fees and more than offset the effects of the depreciation of the Indian rupee (-€3m, or -6 percentage points of growth). The half-year contribution also benefited from the profitability of the Chinese JV ABC- CA .
The adjusted contribution3 of the U.S. operations, accounted for under the equity method, which includes Victory Capital's Group share (26%) contribution from the second quarter onward, amounts to €26m. As explained, this figure corresponds to Victory Capital's first quarter adjusted net income, due to the lag in publication and therefore does not take into account the synergies that were announced as part of the combination with Amundi US ($110m at 100%, full year before tax) and of which $50m had already been achieved at the time of the finalisation of the partnership. The comparison with Amundi US contribution in the second quarter of 2024, at €32m, which also included positive non-recurring items, is therefore not relevant.
The adjusted corporate tax expense3 of the first half of 2025 reached -€259m, a very strong increase – +35.0% – compared to the first half of 2024 pro forma4.
In France, in accordance with the Finance Act for 2025, an exceptional tax contribution is recorded in the 2025 fiscal year. It is calculated on the average of the taxable profits made in France in 2024 and 2025. This exceptional contribution is estimated13 to -€72m for the year as a whole, and is not accounted for on a straight-line basis over the quarters. Thus, it amounted to -€54m in the first half of 2025. Excluding this exceptional contribution, the adjusted tax expense3 would have been -€205m and the adjusted effective tax rate3 would be equivalent to that of the first half of 2024.
Adjusted net income3 rose to €638m. Excluding the exceptional corporate income tax contribution, it would have reached €692m, up +4% compared to the first half of 2024 pro forma4.
Adjusted3 earnings per share was €3.11 in the first half of 2025, including -€0.26 related to the exceptional tax contribution in France. Excluding this exceptional contribution, adjusted3 earnings per share would therefore have been €3.37, up +3.3% compared to the first half of 2024 pro forma4.
Accounting data in the first half of 2025
Accounting net income group share amounted to nearly one billion euros, at €998m. It includes a non-cash capital gain of €402m related to the finalisation of the partnership with Victory Capital.
As a reminder, this operation took the form of a share swap and did not give result in any cash payment. The accounting capital gain corresponds to the difference between the market value of what Amundi Group received at the transaction date, namely 26% of the share capital of the new entity Victory Capital, and the historical accounting price of Amundi US that the Group contributed to Victory Capital.
As in the other half-years, the reported net income includes various non-cash expenses as well as integration costs related to the partnership with Victory Capital, finalised on 1 April 2025. Finally, Victory Capital's contribution also includes a number of expenses, including the amortisation of intangible assets. See the details of all these elements in p. 17).
Accounting earnings per share in the first half of 2025 was €4.86, including the capital gain and the exceptional tax contribution in France.
Second quarter 2025 results
The quarterly series have been restated as if Amundi US had been consolidated using the 100% equity method up to and including the first quarter of 2025. In the second quarter, following the finalisation of the partnership with Victory Capital, the contribution of Amundi US was replaced by the consolidation under the equity method of the Group share (26%) in Victory Capital, with a one-quarter lag in publication (integration for the second quarter 2025 of the net income published by Victory Capital in the first quarter of 2025).
Q2/Q2 decline in profit before tax3 due to performance fees and financial revenues
Adjusted data3
The results include aixigo, acquisition of which was finalised in early November 2024.
Adjusted net revenues3 totalled €790m, down -1.0% compared to the second quarter of 2024 pro forma4, but business-related revenues, management fees and technology revenues, were up:
- Net Management Fees grew by +1.2% compared to the second quarter of 2024 pro forma4, at €717m, thanks to the increase in average assets under management2 over the same period, despite the unfavourable effect of the product mix on margins and the negative impact of the depreciation of the US dollar, which is the currency of approximately 25% of invested assets2; compared to the first quarter of 2025 pro forma4, two-thirds of the decline in these fees are explained by the fall in the US dollar;
- Amundi Technology's revenues, at €26m, continued their sustained growth (+46.2% compared to the second quarter of 2024), amplified by the consolidation of aixigo (+€3m); excluding aixigo, these revenues were up +30% organically;
- Performance fees were down due to market volatility (28.9% compared to the second quarter of 2024 pro forma4), but they are higher than in the first quarter on a pro forma basis4 (+53,5%);
- Financial revenues (-47.2%) were down due to the fall in short-term rates in the euro zone over the period.
Adjusted operating expenses3 are under control at €417m, i.e. +1,6% compared to the second quarter of 2024 pro forma4 and were stable excluding aixigo, reflecting the Group's operational efficiency. Investments in the development initiatives of the Ambitions 2025 plan continued, particularly in technology, third-party distribution and Asia.
The cost-income ratio at 52,7% on an adjusted data basis3 is in line with the Ambitions 2025 objective (<53%).
The optimisation plan, which was announced in the first quarter, has been launched and will finance the acceleration of investments by generating between €35 and €40m in savings from 2026. The first concrete announcements were made in the second quarter, including the merger between CPR and BFT to create a leader in asset management in France within the Group, with around €100bn in assets under management. The restructuring costs of this plan will be recorded for an amount of €70 to 80m14 in the second half of the year.
The Adjusted gross operating income3 (GOI) amounted to €374m, down -3,8% compared to the second quarter of 2024 pro forma4.
The contribution of JVs15, at €38m (+16.6%), increased strongly thanks to the growth in activity and management fees of the main contributing entity, the Indian JV SBI MF (+19%), as well as the good profitability of the JV in China ABC- CA .
The adjusted contribution3 of the U.S. operations, accounted for like JVs under the equity method, reflects for the first time this quarter the contribution of Victory Capital to the group share (26%), at €26m. As explained, this figure corresponds to Victory Capital's first quarter result due to the publication lag, and therefore does not yet take into account the synergies that were announced as part of the combination with Amundi US ($110m at 100%, full-year before tax) and of which $50m were realised at the time of the finalisation of the partnership on 1 April 2025. The comparison with Amundi US's contribution to Group net income in the second quarter of 2024 (€32m), which also included positive non-recurring items, is therefore not relevant. In addition, the average US dollar fell by -5% year-on-year, also weighing on this contribution.
Adjusted income before tax3 reached €437m, down -1.8% compared to the second quarter of 2024 pro forma4.
The adjusted corporate tax expense3 of the second quarter of 2025 reached -€104m, up +9% compared to the second quarter of 2024 pro forma4.
In France, in accordance with the Finance Act for 2025, an exceptional tax contribution is recorded in the 2025 fiscal year. It is calculated on the average of the profits made in France in 2024 and 2025. This exceptional contribution is estimated16 at -€72m for the full year, is not accounted for on a straight-line basis. It amounted to -€9m in the second quarter of 2025, compared to -€46m in the first quarter. Excluding this exceptional contribution, the adjusted tax expense3 would have been -€95m and the adjusted3 effective tax rate 25.4%, equivalent to that of the second quarter of 2024 pro forma4.
Adjusted net income3 was €334m. Excluding the exceptional tax contribution, it would have been €343m.
Adjusted3 earnings per share in the second quarter of 2025 achieved €1.63, including -4 cents related to the exceptional tax contribution in France.
Accounting data in the second quarter of 2025
Accounting net income group share amounted to €715m. It includes the non-cash capital gain of €402m related to the completion of the partnership with Victory Capital.
As in the previous quarters, reported net income includes various non-cash expenses as well as integration costs related to the partnership with Victory Capital, finalised on 1 April 2025. Finally, Victory Capital's contribution also includes a number of expenses, including the amortisation of intangible assets. See the details of all these elements in p. 17).
Accounting earnings per share in the second quarter of 2025 reached €3.48, including the capital gain on the Victory Capital transaction and the exceptional tax contribution in France.
A solid financial structure, €1.3bn in surplus capital
Tangible equity17 amounted to €4.3bn as at 30 June 2025, down slightly compared to the end of 2024 due to the payment of dividends (-€0.9bn) for the fiscal year 2024 and the impact of foreign exchange (-€0.2bn), most of which were offset by accounting net income for the first half of the year, including the capital gain related to this transaction (+€1.0bn), including the capital gain related to the partnership with Victory Capital (+€0.4bn).
As indicated at the time of signing in July 2024, the partnership with Victory Capital did not have a significant effect on the CET1 ratio.
The capital surplus at the end of the first quarter stood at €1.3bn.
In a press release dated 4 July, the rating agency FitchRatings confirmed Amundi 's A+ issuer rating18 with a stable outlook, the best in the sector.
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APPENDICES
Adjusted income statement3 of the first half of 2025
| (M€) | | H1 2025 | H1 2024* | % ch. H1/H1* |
| | | | | |
| Net revenue - adjusted | | 1,703 | 1,623, | +4.9% |
| Management fees | | 1,542 | 1,475 | +4.6% |
| Performance fees | | 58 | 66 | -13.2% |
| Technology | | 52 | 35 | +48.0% |
| Financial income and other revenues | | 52 | 47 | +10.4% |
| Operating expenses - adjusted | | (894) | (849) | +5.3% |
| Cost/income ratio - adjusted (%) | | 52.5% | 52.3% | +0.2pp |
| Gross operating income - adjusted | | 808, | 773, | +4.5% |
| Cost of risk & others | | (6) | (8) | -28.7% |
| Equity-accounted companies – JVs | | 66 | 61 | +7.1% |
| Equity-accounted companies – Adjusted Victory Capital | | 26 | 32 | -16.8% |
| Income before tax - adjusted | | 895 | 858, | +4.2% |
| Corporate tax - adjusted | | (259) | (192) | +35.0% |
| Non-controlling interests | | 2 | 1 | +88.1% |
| Net income group share - adjusted | | 638, | 668, | -4.5% |
| Amortization of intangible assets after tax | | (28) | (32) | -10.8% |
| Integration costs and amortisation of the PPA after tax | | (7) | 0 | NS |
| Victory Capital adjustments (after tax, on a co-payment basis) | | (7) | 0 | NS |
| Victory Capital Capital Capital Gain, after tax | | 402 | 0 | NS |
| Net income group share | | 998 | 636 | +56.9% |
| Earnings per share (€) | | 4.86 | 3.11 | +56.3% |
| Earnings per share - adjusted (€) | | 3.11 | 3.26 | -4.8% |
* Quarterly series have been restated as if Amundi US had been consolidated using the 100% equity method up to and including Q1 2025; in H1 2025 no restatement was applied and Amundi US is therefore fully consolidated in Q1 2025, and H1 2024 was restated accordingly, ie as if Amundi US had been fully integrated in Q1 2024 and equity-accounted in Q2 2024.
Adjusted income statement3 of the second quarter
| (M€) | | Q2 2025 | Q2 2024* | % var. T2/T2* | | Q1 2025* | % ch. Q2/Q1* |
| | | | | | | | |
| Net revenue - adjusted | | 790 | 799 | -1.0% | | 823 | -3.9% |
| Management fees | | 717 | 709 | +1.2% | | 737 | -2.7% |
| Performance fees | | 35 | 49 | -28.9% | | 23 | +53.5% |
| Technology | | 26 | 17 | +49.8% | | 26 | +0.7% |
| Financial income & other revenues | | 12 | 23 | -47.2% | | 37 | -66.9% |
| Operating expenses - adjusted | | (417) | (410) | +1.6% | | (416) | +0.2% |
| Cost/income ratio - adjusted (%) | | 52,7% | 51,4% | +1.4pp | | 50.6% | +2.2pp |
| gross operating income - adjusted | | 374 | 388 | -3.8% | | 407 | -8.1% |
| Cost of risk & others | | (1) | (8) | -82.4% | | (4) | -67.4% |
| Equity-accounted companies – JVs | | 38 | 33 | +16.6% | | 28 | +38.6% |
| Equity-accounted companies – Adjusted Victory Capital | | 26 | 32 | -16.8% | | 22 | +21.2% |
| Income before tax - adjusted | | 437 | 445 | -1.8% | | 452 | -3.3% |
| Corporate tax - adjusted | | (104) | (95) | +9.0% | | (149) | -30.6% |
| Non-controlling interests | | 1 | 0 | NS | | 1 | +32.6% |
| Net income group share - adjusted | | 334 | 350 | -4.5% | | 303 | +10.2% |
| Amortization of intangible assets after tax | | (15) | (17) | -13.7% | | (14) | +8.8% |
| Integration costs and amortisation of the PPA after tax | | (1) | 0 | NS | | (3) | -78.2% |
| Victory Capital adjustments (after tax, on a co-payment basis) | | (7) | 0 | NS | | (4) | +62.2% |
| Victory Capital Capital Capital Gain, after tax | | 402 | 0 | NS | | 0 | NS |
| Net income group share | | 715 | 333 | NS | | 283 | NS |
| Earnings per share (€) | | 3.48 | 1.63 | NS | | 1.38 | NS |
| Earnings per share - adjusted (€) | | 1.63 | 1.71 | -4.8% | | 1.48 | +10.2% |
* Quarterly series have been restated as if Amundi US had been consolidated using the 100% equity method up to and including Q1 2025; In H1 2025 no restatement was applied and Amundi US is therefore fully consolidated in Q1 2025, and H1 2024 was restated accordingly, ie as if Amundi US had been fully integrated in Q1 2024 and equity-accounted in Q2 2024.
Pro Forma Historical Series3 Adjusted4 – First semester
| (m€) | | H1 2025 | | H1 2024 | -Contrib. Amundi US T2 2024 | H1 2024 pro forma | | % ch. 25/24 | % ch. 25/24 pro forma |
| | | | | | | | | | |
| Net management fees | | 1,542 | | 1,560 | 85 | 1,475 | | -1.2% | -1.4% |
| Performance fees | | 58 | | 67 | 1 | 66 | | -14.1% | -13.6% |
| Net asset management revenues | | 1,599 | | 1,627 | 86 | 1 541 | | -1.7% | -1.9% |
| Technology | | 52 | | 35 | 0 | 35 | | +48.0% | +48.0% |
| financial income & other revenues | | 12 | | 6 | 3 | 3 | | NS | NS |
| Financial income & other revenues - adjusted | | 52 | | 50 | 3 | 47 | | +4.1% | +6.6% |
| Net revenue (a) | | 1,663 | | 1 667 | 89 | 1,578 | | -0.3% | -0.3% |
| Net revenue - adjusted (b) | | 1,703 | | 1 711 | 89 | 1,623 | | -0.5% | -0.6% |
| Operating expenses (c) | | (905) | | (900) | (51) | (849) | | +0.6% | -1.4% |
| Operating expenses - adjusted (d) | | (894) | | (900) | (51) | (849) | | -0.6% | -2.0% |
| Gross operating income (e)=(a)+(c) | | 758 | | 767 | 38 | 729 | | -1.2% | +0.9% |
| Gross operating income - adjusted (f)=(b)+(d) | | 808 | | 811 | 38 | 773 | | -0.4% | +0.9% |
| Cost/income ratio (%) -(c)/(a) | | 54.4% | | 54.0% | 57.2% | 53.8% | | 0.44pp | -0.56pp |
| Cost/income ratio - adjusted (%) -(d)/(b) | | 52.5% | | 52.6% | 57.2% | 52.3% | | -0.06pp | -0.72pp |
| Cost of risk & others (g) | | 397 | | (5) | 3 | (8) | | NS | NS |
| Cost of risk & others - adjusted (h) | | (6) | | (5) | 3 | (8) | | +16.4% | -29.7% |
| Equity-accounted companies - JV (i) | | 66 | | 61 | 61 | | +7.1% | +7.1% | |
| Equity-accounted companies - US operations (j) | | 20 | | 0 | (32) | 32 | | NS | +18.1% |
| Equity-accounted companies - U.S. operations - adjusted (k) | | 26 | | 0 | (32) | 32 | | NS | +51.8% |
| Income before tax (l)=(e)+(g)+(i)+(j) | | 1,240 | | 824 | 9 | 814 | | +50.6% | +51.8% |
| Income before tax - adjusted (m)=(f)+(h)+(i)+(k) | | 895 | | 868 | 9 | 858 | | +3.1% | +3.5% |
| Corporate tax (n) | | (245) | | (189) | (9) | (179) | | +29.6% | +33.8% |
| Corporate tax - adjusted (o) | | (259) | | (201) | (9) | (192) | | +28.8% | +32.0% |
| Non-controlling interests (p) | | 2 | | 1 | 0 | 1 | | +88.1% | +88.1% |
| Net income group share (q)=(l)+(n)+(p) | | 998 | | 636 | 0 | 636 | | +56.9% | +56.9% |
| Net income group share - adjusted (r)=(m)+(o)+(p) | | 638 | | 668 | 0 | 668 | | -4.5% | -4.5% |
| | | | | | | | | | |
| Earnings per share (€) | | 4.86 | | 3.11 | 3.11 | | +56.3% | +56.3% | |
| Earnings per share - adjusted (€) | | 3.11 | | 3.26 | 3.26 | | -4.8% | -4.8% |
* Quarterly series have been restated as if Amundi US had been consolidated using the 100% equity method up to and including Q1 2025; in H1 2025 no restatement was applied and Amundi US is therefore fully consolidated in Q1 2025, and H1 2024 was restated accordingly, ie as if Amundi US had been fully integrated in Q1 2024 and equity-accounted in Q2 2024.
Pro Forma Historical Series3 Adjusted4 – Quarters 2024-2025
| (m€) | | Q2 2025 | | Q2 2024 | -Contrib. Amundi US Q2 2024 | Q2 2024 pro forma | | % ch. T2/T2 | % var. Q2/Q2 pro forma | | Q1 2025* | -Contrib. Amundi US T1 2025 | Q1 2025 pro forma | | % ch. T2/T1 | % var. Q2/Q1 pro forma |
| Net management fees | | 717 | | 794 | 85 | 709 | | -9.7% | +1.2% | | 824 | 88 | 737 | | -13.0% | -2.7% |
| Performance fees | | 35 | | 50 | 1 | 49 | | -29.9% | -28.9% | | 23 | 0 | 23 | | +52.0% | +53.5% |
| Net asset management revenues | | 752 | | 844 | 86 | 758 | | -10.9% | -0.8% | | 847 | 88 | 760 | | -11.2% | -1.0% |
| Technology | | 26 | | 17 | 0 | 17 | | +49.8% | +49.8% | | 26 | 0 | 26 | | +0.7% | +0.7% |
| Financial income and other revenues | | (7) | | 3 | 3 | (0) | | NS | NS | | 19 | 2 | 18 | | NS | NS |
| Financial income and other revenues - adjusted | | 12 | | 26 | 3 | 22 | | -52.9% | -43.7% | | 39 | 2 | 37 | | -68.4% | -66.9% |
| Net income (a) | | 771 | | 864 | 89 | 775 | | -10.8% | -0.6% | | 892 | 90 | 803 | | -13.7% | -4.0% |
| Net income - adjusted (b) | | 790 | | 887 | 89 | 799 | | -10.9% | -1.0% | | 912 | 90 | 823 | | -13.4% | -3.9% |
| Operating expenses (c) | | (418) | | (461) | (51) | (410) | | -9.2% | +2.0% | | (486) | (67) | (419) | | -14.0% | -0.2% |
| Operating expenses - adjusted (d) | | (417) | | (461) | (51) | (410) | | -9.6% | +1.6% | | (478) | (62) | (416) | | -12.8% | +0.2% |
| Gross Operating Income (e)=(a)+(c) | | 352 | | 403 | 38 | 365 | | -12.6% | -3.5% | | 406 | 22 | 384 | | -13.3% | -8.2% |
| Rross operating income - adjusted (f)=(b)+(d) | | 374 | | 426 | 38 | 388 | | -12.4% | -3.8% | | 434 | 28 | 407 | | -14.0% | -8.1% |
| Cost/income ratio (%) -(c)/(a) | | 54.3% | | 53.4% | 57.2% | 52.9% | | 0.95pp | 1.38pp | | 54.5% | 75.0% | 52.2% | | -0.20pp | 2.08pp |
| Cost/income ratio - adjusted (%) -(d)/(b) | | 52.7% | | 51.9% | 57.2% | 51.4% | | 0.79pp | 1.37pp | | 52.4% | 69.0% | 50.6% | | 0.35pp | 2.16pp |
| Cost of risk & others (g) | | 401 | | (5) | 3 | (8) | | NS | NS | | (4) | (0) | (4) | | NS | NS |
| Cost of Risk & Other - adjusted (h) | | (1) | | (5) | 3 | (8) | | -71.0% | -82.4% | | (4) | (0) | (4) | | -67.9% | -67.4% |
| Equity-accounted companies - JV (i) | | 38 | | 33 | 0 | 33 | | +16.6% | +16.6% | | 28 | 0 | 28 | | +38.6% | +38.6% |
| Equity-accounted companies - US operations (j) | | 20 | | 0 | (32) | 32 | | NS | -37.7% | | 0 | (18) | 18 | | NS | +11.7% |
| Equity-accounted companies - U.S. operations - adjusted (k) | | 26 | | 0 | (32) | 32 | | NS | -16.8% | | 0 | (22) | 22 | | NS | +21.2% |
| Profit before tax (l)=(e)+(g)+(i)+(j) | | 811 | | 431 | 9 | 421 | | +88.3% | +92.5% | | 429 | 5 | 425 | | +89.0% | +91.0% |
| Profit before tax - adjusted (m)=(f)+(h)+(i)+(k) | | 437 | | 454 | 9 | 445 | | -3.8% | -1.8% | | 458 | 10 | 452 | | -4.5% | -3.3% |
| Corporate tax (n) | | (97) | | (98) | (9) | (89) | | -0.5% | +10.1% | | (147) | (5) | (143) | | -33.7% | -31.6% |
| Corporate tax - adjusted (o) | | (104) | | (105) | (9) | (95) | | -0.8% | +9.0% | | (155) | (6) | (149) | | -33.2% | -30.6% |
| Non-controlling interests (p) | | 1 | | 0 | 0 | 0 | | NS | NS | | 1 | 0 | 1 | | +32.6% | +32.6% |
| Net income group share (q)=(l)+(n)+(p) | | 715 | | 333 | 0 | 333 | | NS | NS | | 283 | 0 | 283 | | NS | NS |
| Net income group share - adjusted (r)=(m)+(o)+(p) | | 334 | | 350 | 0 | 350 | | -4.5% | -4.5% | | 303 | 0 | 303 | | +10.2% | +10.2% |
| | | | | | | | | | | | | | | | | |
| Earnings per share (€) | | 3.48 | | 1.63 | 1.63 | | NS | NS | | 1.38 | 1.38 | | NS | NS | ||
| Earnings per share - adjusted (€) | | 1.63 | | 1.71 | 1.71 | | -4.8% | -4.8% | | 1.48 | 1.48 | | +10.2% | +10.2% |
Definition of assets under management
Assets under management and net inflows including assets under advisory and marketed and funds of funds, including 100% of assets under management and net inflows from Asian JVs; for Wafa Gestion in Morocco, assets under management and net inflows are taken over by Amundi in the capital of the JV
Evolution of assets under management from the end of 2021 to the end of June 2025
| (€bn) | Assets under management | Collection Net | Market and exchange rate effect | Scope effect | | Change in assets under management vs. prior quarter | |
| As of 31/12/2021 | 2,064 | | | | | +14%19 | |
| Q1 2022 | | +3.2 | -46.4 | | - | | |
| As of 31/03/2022 | 2,021 | | | | | -2.1% | |
| Q2 2022 | | +1.8 | -97.7 | | - | | |
| As of 30/06/2022 | 1,925 | | | | | -4.8% | |
| Q3 2022 | | -12.9 | -16.3 | | - | | |
| As of 30/09/2022 | 1,895 | | | | | -1.6% | |
| Q4 2022 | | +15.0 | -6.2 | | - | | |
| As of 31/12/2022 | 1,904 | | | | | +0.5% | |
| Q1 2023 | | -11.1 | +40.9 | | - | | |
| As of 31/03/2023 | 1,934 | | | | | +1.6% | |
| Q2 2023 | | +3.7 | +23.8 | | - | | |
| As of 31/06/2023 | 1,961 | | | | | +1.4% | |
| Q3 2023 | | +13.7 | -1.7 | | - | | |
| As of 30/09/2023 | 1,973 | | | | | +0.6% | |
| Q4 2023 | | +19.5 | +63.8 | | -20 | | |
| As of 31/12/2023 | 2,037 | | | | | +3.2% | |
| Q1 2024 | | +16.6 | +62.9 | | - | | |
| As of 31/03/2024 | 2,116 | | | | | +3.9% | |
| Q2 2024 | | +15.5 | +16.6 | | +7.9 | | |
| 30/06/2024 | 2,156 | | | | | +1.9% | |
| Q3 2024 | | +2.9 | +32.5 | | - | | |
| 30/09/2024 | 2,192 | | | | | +1.6% | |
| Q4 2024 | | +20.5 | +28.1 | | - | | |
| 31/12/2024 | 2,240 | | | | | +2.2% | |
| Q1 2025 | | +31.1 | -24.0 | | - | | |
| 31/03/2025 | 2,247 | | | | | +0.3% | |
| Q2 2025 | | +20.4 | +10.1 | | -10.6 | | |
| 30/06/2025 | 2,267 | | | | | +0.9% | |
Total over one year between 30 June 2024 and 30 June 2025: +5.2%
- Net inflows +€74.9bn
- Market effect +€108.8bn
- Forex effect -€62.1bn
- Scope effects -€10.6bn
(Q2 2025 effect of the exit of Amundi US assets under management from Amundi US and the acquisition of 26% of Victory Capital assets under management in the US, the acquisition of aixigo has no effect on assets under management)
Details of assets under management and net inflows by client segments20
| (€bn) | AuM 30.06.2025 | AuM 30.06.24 | % change /30.06.24 | Q2 2025 inflows | Q2 2024 inflows | H1 2025 inflows | H1 2024 inflows |
| Networks France | 139 | 133 | +4.3% | -0.7 | -2.4 | -0.5 | -0.9 |
| International networks | 161 | 165 | -2.5% | -2.9 | -0.8 | -5.6 | -2.8 |
| Of which Amundi BOC WM | 3 | 3 | -15.0% | +0.7 | +0.4 | +1.0 | +0.1 |
| Third-Party Distributors | 350 | 359 | -2.5% | +5.0 | +5.4 | +13.3 | +12.4 |
| Retail | 650 | 658 | -1.1% | +1.4 | +2.2 | +7.2 | +8.7 |
| Institutional & Sovereigns (*) | 548 | 520 | +5.4% | +1.7 | +1.1 | +31.8 | +10.7 |
| Corporates | 107 | 108 | -1.4% | -3.7 | -3.9 | -14.0 | -8.1 |
| Company savings | 101 | 90 | +12.8% | +4.9 | +3.8 | +4.0 | +2.9 |
| CA & SG Insurers | 445 | 424 | +4.8% | +5.9 | +0.8 | +9.4 | +1.7 |
| Institutional | 1,201 | 1,142 | +5.1% | +8.7 | +1.7 | +31.2 | +7.3 |
| JVs | 359 | 356 | +0.6% | +10.3 | +11.6 | +13.2 | +16.1 |
| Victory- US distribution | 58 | 0 | NS | -0.0 | 0.0 | -0.0 | 0.0 |
| Total | 2,267 | 2,156 | +5.2% | +20.4 | +15.5 | +51.6 | +32.1 |
(*) Including funds of funds
Details of assets under management and net inflows by asset classes20
| (€bn) | AuM 30.06.2025 | AuM 30.06.2024 | % change /30.06.2024 | Q2 2025 inflows | Q2 2024 inflows | H1 2025 inflows | H1 2024 inflows |
| Actions | 556 | 515 | +8.0% | +6.9 | +3.2 | +33.3 | +0.7 |
| Diversified | 270 | 282 | -4.3% | +0.1 | +0.7 | -0.9 | -6.9 |
| Obligations | 737 | 706 | +4.3% | +6.6 | +10.1 | +20.9 | +24.0 |
| Real, alternative, and structured | 108 | 112 | -4.0% | -2.5 | +1.0 | -5.2 | +0.7 |
| Total Fina Elf MLT ASSETS excl. JV & US Distribution | 1,671 | 1,616 | +3.4% | +11.1 | +15.1 | +48.0 | +18.5 |
| Treasury products excl. JVs & US Distribution | 180 | 184 | -2.1% | -1.0 | -11.2 | -9.6 | -2.5 |
| Total Fina Elf ASSETS excl. JV & US Distribution | 1,851 | 1,800 | +2.8% | +10.2 | +3.9 | +38.4 | +16.0 |
| JVs | 359 | 356 | +0.6% | +10.3 | +11.6 | +13.2 | +16.1 |
| Victory-distribution US | 58 | 0 | NS | -0.0 | 0.0 | -0.0 | 0.0 |
| Total Fina Elf | 2,267 | 2,156 | +5.2% | +20.4 | +15.5 | +51.6 | +32.1 |
| Of which MLT assets | 2,051 | 1,938 | +5.8% | +16.5 | +23.7 | +56.3 | +31.5 |
| Of which treasury products | 216 | 218 | -0.9% | +3.9 | -8.3 | -4.7 | +0.6 |
Details of assets under management and net inflows by type of management and asset classes20
| (€bn) | AuM 30.06.2025 | AuM 30.06.24 | % change /30.06.24 | Q2 2025 inflows | Q2 2024 inflows | H1 2025 inflows | H1 2024 inflows |
| Active management | 1,118 | 1,122 | -0.4% | +2.9 | +8.0 | +9.1 | +9.3 |
| Equities | 196 | 207 | -5.4% | -0.8 | -0.4 | -4.8 | -3.1 |
| Multi-assets | 261 | 272 | -3.8% | +0.0 | +0.3 | -0.9 | -7.7 |
| Bonds | 661 | 643 | +2.7% | +3.7 | +8.1 | +14.9 | +20.2 |
| Structured products | 41 | 42 | -0.3% | -1.4 | +1.3 | -3.5 | +1.9 |
| Passive management | 446 | 382 | +16.7% | +10.7 | +6.0 | +44.2 | +8.5 |
| ETFs & ETC | 288 | 237 | +21.2% | +8.2 | +4.5 | +18.6 | +9.5 |
| Index & Smart beta | 158 | 144 | +9.2% | +2.5 | +1.5 | +25.6 | -1.0 |
| Real & Alternative Assets | 67 | 71 | -6.2% | -1.0 | -0.3 | -1.8 | -1.2 |
| Real assets | 63 | 67 | -5.4% | -0.6 | -0.1 | -1.2 | -0.3 |
| Alternative | 4 | 4 | -18.4% | -0.4 | -0.2 | -0.5 | -1.0 |
| Total Fina Elf MLT ASSETS excl. JV & US Distribution | 1,671 | 1,616 | +3.4% | +11.1 | +15.1 | +48.0 | +18.5 |
| Treasury products excl. JVs & US Distribution | 180 | 184 | -2.1% | -1.0 | -11.2 | -9.6 | -2.5 |
| Total Fina Elf ASSETS excl. JV & US Distribution | 1,851 | 1,800 | +2.8% | +10.2 | +3.9 | +38.4 | +16.0 |
| JVs | 359 | 356 | +19.8% | +11.6 | -0.9 | +16.1 | -1.7 |
| Victory-US Distribution | 58 | 0, | NS | -0.0 | 0.0, | -0.0 | 0.0, |
| Total Fina Elf | 2,267 | 2,156 | +5.2% | +20.4 | +15.5 | +51.6 | +32.1 |
| Of which MLT assets | 2,051 | 1,938 | +5.8% | +16.5 | +23.7 | +56.3 | +31.5 |
| Of which treasury products | 216 | 218 | -0.9% | +3.9 | -8.3 | -4.7 | +0.6 |
Details of assets under management and net inflows by geographic area20
| (€bn) | AuM 30.06.2025 | AuM 30.06.2024 | % change /30.06.2024 | Q2 2025 inflows | Q2 2024 inflows | H1 2025 inflows | H1 2024 inflows |
| France | 1,028 | 971 | +5.9% | +8.7 | +0.0 | +9.3 | +10.0 |
| Italy | 199 | 207 | -3.9% | -1.4 | -1.8 | -3.4 | -2.9 |
| Europe excluding France & Italy | 461 | 406 | +13.6% | -1.0 | +0.1 | +22.8 | +4.1 |
| Asia | 460 | 451 | +2.0% | +13.8 | +15.4 | +21.6 | +22.3 |
| Rest of the world | 119 | 121 | -1.5% | +0.3 | +1.7 | +1.3 | -1.3 |
| Total Fina Elf | 2,267 | 2,156 | +5.2% | +20.4 | +15.5 | +51.6 | +32.1 |
| Total Fina Elf outside France | 1,239 | 1,185 | +4.6% | +11.7 | +15.5 | +42.3 | +22.1 |
Methodological Annex – Alternative Performance Indicators (APIs)
Accounting and adjusted data
Accounting data - These include
- the amortisation of intangible assets, recorded in other revenues, and from Q2 2024, other non-cash expenses spread according to the schedule of price adjustment payments until the end of 2029; these expenses are recognised as deductions from net revenues, in financial expenses.
- integration costs related to the transaction with Victory Capital and PPA amortization related to the acquisition of aixigo are recognized in the fourth quarter of 2024 and in the first quarter of 2025 as operating expenses. No such costs were recorded in the first nine months of 2024.
The aggregate amounts of these items are as follows for the different periods under review:
- Q1 2024: -€20m before tax and -€15m after tax
- H1 2024: -€44m before tax and -€28m after tax
- Q4 2024: -€38m before tax and -€28m after tax
- Q1 2025: -€29m before tax and -€20m after tax
- Q2 2025: -€28m before tax and -€22m after tax + €402m of capital gain (not taxable)
- H1 2025: -€57m before tax and -€42m after tax + €402m of capital gain (not taxable)
Adjusted data - In order to present an income statement that is closer to economic reality, the following adjustments have been made: restatement of the amortization of distribution agreements with Bawag, UniCredit and Banco Sabadell, intangible assets representing the client contracts of Lyxor and, since the second quarter of 2024, Alpha Associates, as well as other non-cash expenses related to the acquisition of Alpha Associates; These depreciation and amortization and non-cash expenses are recognized as a deduction from net revenues; restatement of the amortization of a technology asset related to the acquisition of AIXIGO recognized in operating expenses. The integration costs for the transaction with Victory Capital are also restated.
Partnership with Victory Capital
Victory Capital adjusts its US GAAP accounts to better reflect the Group's economic performance. These US GAAP to Non-GAAP adjustments include, with the figures for the first quarter of 2025 included in Amundi 's financial statements for the second quarter of 2025, the amortisation of intangible assets and other acquisition-related charges, certain business tax, stock-based compensation, acquisition, restructuring and exit costs, Debt issuance costs and the tax benefit of goodwill and acquired intangible assets.
Alternative Performance Indicators21
In order to present an income statement that is closer to economic reality, Amundi publishes adjusted data that are calculated in accordance with the methodological appendix presented above.
The adjusted data can be reconciled with the accounting data as follows:
| = accounting data |
| = adjusted data |
| (M€) | | H1 2025 | H1 2024* | | Q2 2025 | Q2 2024 | Q2 2024* | | Q1 2025 | Q1 2025* |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Net revenue (a) | | 1,663 | 1,578 | | 771 | 864 | 775 | | 892 | 803 |
| - Amortisation of intangible assets (bef. Tax) | | (37) | (43) | | (18) | (22) | (22) | | (18) | (18) |
| - Other non-cash charges related to Alpha Associates | | (3) | (1) | | (1) | (1) | (1) | | (1) | (1) |
| Net revenue - adjusted (b) | | 1,703 | 1, 623 | | 790 | 887 | 799 | | 912 | 823 |
| | | | | | | | | | | |
| Operating expenses (c) | | (905) | (849) | | (418) | (461) | (410) | | (486) | (419) |
| - Integration costs (bef. tax) | | (7) | 0 | | 0 | 0 | 0 | | (7) | (2) |
| - Amortisation related to aixigo PPA (bef. Tax) | | (4) | 0 | | (2) | 0 | 0 | | (2) | (2) |
| Operating expenses - adjusted (d) | | (894) | (849) | | (417) | (461) | (410) | | (478) | (416) |
| | | | | | | | | | | |
| Gross operating income (e)=(a)+(c) | | 758 | 729 | | 352 | 403 | 365 | | 406 | 384 |
| Gross operating income - adjusted (f)=(b)+(d) | | 808 | 773 | | 374 | 426 | 388 | | 434 | 407 |
| Cost / Income ratio (%) -(c)/(a) | | 54.4% | 53.8% | | 54.3% | 53.4% | 52.9% | | 54.5% | 52.2% |
| Cost / Income ratio, adjusted (%) -(d)/(b) | | 52.5% | 52.3% | | 52.7% | 51.9% | 51.4% | | 52.4% | 50.6% |
| Cost of risk & others (g) | | 397 | (8) | | 401 | (5) | (8) | | (4) | (4) |
| Cost of risk & others - Adjusted (h) | | (6) | (8) | | (1) | (5) | (8) | | (4) | (4) |
| Share of net income from JVs (i) | | 66 | 61 | | 38 | 33 | 33 | | 28 | 28 |
| Share of net income from Victory Capital (j) | | 20 | 32 | | 20 | 0 | 32 | | 0 | 18 |
| Share of net income from Victory Capital - Adjusted (k) | | 26 | 32 | | 26 | 0 | 32 | | 0 | 22 |
| Income before tax (l)=(e)+(g)+(i)+(j) | | 1,240 | 814 | | 811 | 431 | 421 | | 429 | 425 |
| Income before tax - adjusted (m)=(f)+(h)+(i)+(k) | | 895 | 858 | | 437 | 454 | 445 | | 458 | 452 |
| Corporate tax (m) | | (245) | (179) | | (97) | (98) | (89) | | (147) | (143) |
| Corporate tax - adjusted (n) | | (259) | (192) | | (104) | (105) | (95) | | (155) | (149) |
| Non-controlling interests (o) | | 2 | 1 | | 1 | 0 | 0 | | 1 | 1 |
| Net income group share (q)=(l)+(n)+(p) | | 998 | 636 | | 715 | 333 | 333 | | 283 | 283 |
| Net income group share - adjusted (r)=(m)+(o)+(p) | | 638 | 668 | | 334 | 350 | 350 | | 303 | 303 |
| | | | | | | | | | | |
| Earnings per share (€) | | 4.86 | 3.11 | | 3.48 | 1.63 | 1.63 | | 1.38 | 1.38 |
| Earnings per share - adjusted (€) | | 3.11 | 3.26 | | 1.63 | 1.71 | 1.71 | | 1.48 | 1.48 |
| | | | | | | | | | | |
* Quarterly series have been restated as if Amundi US had been consolidated using the 100% equity method up to and including Q1 2025; in H1 2025 no restatement was applied and Amundi US is therefore fully consolidated in Q1 2025, and H1 2024 was restated accordingly, ie as if Amundi US had been fully integrated in Q1 2024 and equity-accounted in Q2 2024.
Shareholding
| | | 30 June 2025 | | 31 March 2025 | | 31 December 2024 | | 30 June 2024 | ||||
| (units) | | Number of shares | % of capital | | Number of shares | % of capital | | Number of shares | % of capital | | Number of shares | % of capital |
| Crédit Agricole Group | | 141,057,399 | 68.67% | | 141,057,399 | 68.67% | | 141,057,399 | 68.67% | | 141,057,399 | 68.93% |
| Employees | | 4,398,054 | 2.14% | | 4,128,079 | 2.01% | | 4,272,132 | 2.08% | | 2,879,073 | 1.41% |
| Self | | 1,625,258 | 0.79% | | 1,961,141 | 0.95% | | 1,992,485 | 0.97% | | 963,625 | 0.47% |
| Floating | | 58,338,551 | 28.40% | | 58,272,643 | 28.37% | | 58,097,246 | 28.28% | | 59,747,537 | 29.20% |
| | | | | | | | | | | | | |
| Number of equities at the end of the period | | 205,419,262 | 100.0% | | 205,419,262 | 100.0% | | 205,419,262 | 100.0% | | 204,647,634 | 100.0% |
| Average number of equities since the beginning of the year | | 205,419,262 | - | | 205,419,262 | - | | 204,776,239 | - | | 204,647,634 | - |
| Average number of equities quarter-to-date | | 205,419,262 | - | | 205,419,262 | - | | 205,159,257 | - | | 204,647,634 | - |
Average number of shares prorata temporis.
- The average number of shares was unchanged between Q1 2025 and Q2 2025 and increased by +0.4% between Q2 2024 and Q2 2025.
- A capital increase reserved for employees was recorded on 31 October 2024. 771,628 shares were created (approximately 0.4% of the share capital before the transaction).
- Amundi announced on 7 October 2024 a buyback program of up to 1 million shares (i.e. ~0.5% of the share capital before the transaction) to cover performance shares plans, which was finalised on 27 November 2024.
Financial communication calendar
- Tuesday 28 October 2025: Q3 and 9-month 2025 results
- Fourth quarter 2025: new medium-term strategic plan
About Amundi
Amundi , the leading European asset manager, ranking among the top 10 global players22, offers its 100 million clients - retail, institutional and corporate - a complete range of savings and investment solutions in active and passive management, in traditional or real assets. This offering is enhanced with IT tools and services to cover the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages close to €2.3 trillion of assets23.
With its six international investment hubs24, financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.
Amundi clients benefit from the expertise and advice of 5,500 employees in 35 countries.
Amundi , a trusted partner, working every day in the interest of its clients and society
Press contacts:
Natacha Andermahr
Tel. +33 1 76 37 86 05
natacha.andermahr@amundi.com
Corentin Henry
Tel. +33 1 76 36 26 96
corentin.henry@amundi.com
Investor contacts:
Cyril Meilland, CFA
Tel. +33 1 76 32 62 67
cyril.meilland@amundi.com
Thomas Lapeyre
Tel. +33 1 76 33 70 54
thomas.lapeyre@amundi.com
Annabelle Wiriath
Tel. + 33 1 76 32 43 92
DISCLAIMER
This document does not constitute an offer or invitation to sell or purchase, or any solicitation of any offer to purchase or subscribe for, any securities of Amundi in the United States of America or in France. Securities may not be offered, subscribed or sold in the United States of America absent registration under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements thereof. The securities of Amundi have not been and will not be registered under the U.S. Securities Act and Amundi does not intend to make a public offer of its securities in the United States of America or in France.
This document may contain forward looking statements concerning Amundi 's financial position and results. The data provided do not constitute a profit “forecast” or “estimate” as defined in Commission Delegated Regulation (EU) 2019/980.
These forward looking statements include projections and financial estimates based on scenarios that employ a number of economic assumptions in a given competitive and regulatory context, assumptions regarding plans, objectives and expectations in connection with future events, transactions, products and services, and assumptions in terms of future performance and synergies. By their very nature, they are therefore subject to known and unknown risks and uncertainties, which could lead to their non-fulfilment. Consequently, no assurance can be given that these forward looking statement will come to fruition, and Amundi ’s actual financial position and results may differ materially from those projected or implied in these forward looking statements.
Amundi undertakes no obligation to publicly revise or update any forward looking statements provided as at the date of this document. Risks that may affect Amundi ’s financial position and results are further detailed in the “Risk Factors” section of our Universal Registration Document filed with the French Autorité des Marchés Financiers. The reader should take all these uncertainties and risks into consideration before forming their own opinion.
The figures presented have been subject to a limited review from the statutory auditors and have been prepared in accordance with applicable prudential regulations and IFRS guidelines, as adopted by the European Union and applicable at that date.
Unless otherwise specified, sources for rankings and market positions are internal. The information contained in this document, to the extent that it relates to parties other than Amundi or comes from external sources, has not been verified by a supervisory authority or, more generally, subject to independent verification, and no representation or warranty has been expressed as to, nor should any reliance be placed on, the fairness, accuracy, correctness or completeness of the information or opinions contained herein. Neither Amundi nor its representatives can be held liable for any decision made, negligence or loss that may result from the use of this document or its contents, or anything related to them, or any document or information to which this document may refer.
The sum of values set out in the tables and analyses may differ slightly from the total reported due to rounding.
1 See definition of assets under management p.14
2 Excluding JV and Victory Capital – US Distribution US, whose contributions are equity-accounted
3 Adjusted data: see p. 16
4 For explanations of pro forma variations, see p. 12 and 13
5 Source: IPE "Top 500 Asset Managers" published in June 2025
6 Including JV and Victory Capital - US Distribution
7 The inflows presented in this section are not cumulative, as they may overlap in part, for example an ETF sold to a third-party distributor in Asia.
8 Medium to Long-Term Assets, excluding JVs
9 Qualified Domestic Limited Partner, ie asset managers allowed to invest in overseas markets and raise Renminbi funds from domestic investors
10 See Third-Party Distribution Investor Workshop of 19 June 2025
11 Source: Morningstar Direct, Broadridge FundFile - Open-ended funds and ETFs, global fund scope, March 2025; as a percentage of the assets under management of the funds in question; the number of Amundi open-ended funds rated by Morningstar was 1071 at the end of March 2025. © 2025 Morningstar, all rights reserved
12 Reflecting Amundi 's share of the net income of minority JVs in India (SBI FM), China (ABC- CA ), South Korea (NH- Amundi ) and Morocco (Wafa Gestion), accounted for by the equity method after tax
13 Under the assumption that the 2025 tax result in France will be equivalent to that of 2024 and before adjusting the average to take into account the final 2025 tax result
14 Currently being estimated
15 Reflecting Amundi 's share of the net income of minority JVs in India (SBI FM), China (ABC- CA ), South Korea (NH- Amundi ) and Morocco (Wafa Gestion), accounted for by the equity method after tax
16 Under the assumption that the 2025 tax result in France will be equivalent to that of 2024 and before adjusting the average to take into account the final 2025 tax result
17 Net equity minus goodwill and intangible assets
18 Long-Term Issuer Default Rating (IDR)
19 Lyxor, integrated as of 31/12/2021; sale of Lyxor Inc. in Q4 2023
20 See definition of assets under management, p.14
21 See also the section 4.3 of the 2024 Universal Registration Document filed with the AMF on April 16, 2025 under number D25-0272
22 Source: IPE “Top 500 Asset Managers” published in June 2025, based on assets under management as at 31/12/2024
23 Amundi data as at 30/06/2025
24 Paris, London, Dublin, Milan, Tokyo and San Antonio (via our strategic partnership with Victory Capital)
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