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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
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 revenues up +5% and profit before tax up +4% year-on-year .
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.
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 management 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 MLT excluding JVs and US distribution at +€48bn (compared to +€34bn for the whole of 2024).
These MLT net inflows (+€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:
In the second quarter , net inflows reached +€20.4bn, divided between:
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 tax +4% H1/H1
Adjusted data
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 tax reached €895m in up +4.2% compared to the first half of 2024 pro forma . This growth comes mainly from revenue growth .
Adjusted net revenues 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:
The increase in adjusted operating expenses , €894m, is +5,3% compared to the first half of 2024 pro forma 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 basis , is stable compared to the first half of last year, and in line with the Ambitions 2025 target (<53%) .
The adjusted gross operating income reached €808m , up +4,5% compared to the first half of 2024 pro forma , reflecting growth in revenues and cost control.
The contribution of equity-accounted JVs , 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 contribution 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 expense of the first half of 2025 reached -€259m, a very strong increase – +35.0% – compared to the first half of 2024 pro forma .
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 estimated 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 expense would have been -€205m and the adjusted effective tax rate would be equivalent to that of the first half of 2024.
Adjusted net income 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 forma .
Adjusted 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, adjusted earnings per share would therefore have been €3.37, up +3.3% compared to the first half of 2024 pro forma .
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 tax due to performance fees and financial revenues
Adjusted data
The results include aixigo, acquisition of which was finalised in early November 2024.
Adjusted net revenues totalled €790m , down -1.0% compared to the second quarter of 2024 pro forma , but business-related revenues, management fees and technology revenues , were up:
Adjusted operating expenses are under control at €417m, i.e. +1,6% compared to the second quarter of 2024 pro forma 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 basis 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 80m in the second half of the year .
The Adjusted gross operating income (GOI) amounted to €374m , down -3,8% compared to the second quarter of 2024 pro forma .
The contribution of JVs , 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 contribution 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 tax reached €437m , down -1.8% compared to the second quarter of 2024 pro forma .
The adjusted corporate tax expense of the second quarter of 2025 reached -€104m, up +9% compared to the second quarter of 2024 pro forma .
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 estimated 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 expense would have been -€95m and the adjusted effective tax rate 25.4%, equivalent to that of the second quarter of 2024 pro forma .
Adjusted net income was €334m . Excluding the exceptional tax contribution, it would have been €343m.
Adjusted 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 equity 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 rating with a stable outlook, the best in the sector.
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APPENDICES
Adjusted income statement of the first half of 2025
* 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 statement of the second quarter
* 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 Series Adjusted – First semester
* 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 Series Adjusted – Quarters 2024-2025
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
Total over one year between 30 June 2024 and 30 June 2025: +5.2%
Details of assets under management and net inflows by client segments
(*) Including funds of funds
Details of assets under management and net inflows by asset classes
Details of assets under management and net inflows by type of management and asset classes
Details of assets under management and net inflows by geographic area
Methodological Annex – Alternative Performance Indicators (APIs)
Accounting and adjusted data
Accounting data - These include
The aggregate amounts of these items are as follows for the different periods under review:
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 Indicators
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:
* 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
Average number of shares prorata temporis.
Financial communication calendar
About Amundi
Amundi, the leading European asset manager, ranking among the top 10 global players , 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 assets .
With its six international investment hubs , 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
www.amundi.com
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
annabelle.wiriath@amundi.com
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.
See definition of assets under management p. 14
E xcluding JV and Victory Capital – US Distribution US, whose contributions are equity-accounted
Adjusted data: see p. 16
For explanations of pro forma variations, see p.
12 and 13
Source: IPE "Top 500 Asset Managers" published in June 2025
Including JV and Victory Capital - US Distribution
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.
Medium to Long-Term Assets, excluding JVs
Qualified Domestic Limited Partner,
ie asset managers allowed to invest in overseas markets and raise
Renminbi funds from domestic investors
See Third-Party Distribution Investor Workshop of 19 June 2025
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
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
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
Currently being estimated
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
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
Net equity minus goodwill and intangible assets
Long-Term Issuer Default Rating (IDR)
Lyxor , integrated as of 31/12/2021; sale of
Lyxor Inc. in Q4 20 23
See definition of assets under management, p. 14
See also the section 4.3
of the 2024 Universal Registration Document filed with the AMF on April 16,
2025 under number D25-0272
Source: IPE “Top 500 Asset Managers” published in June 2025, based on assets under management as at 31/12/2024
Amundi data as at 30/06/2025
Paris, London, Dublin, Milan, Tokyo and San Antonio (via our strategic partnership with Victory Capital)
Attachment
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