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Amundi: Third quarter and Nine-month 2025 results
Third quarter and Nine-month 2025 results
Pre-tax income up +4% Q3/Q3, driven by management fees and technology
Amundi's Board of Directors met on 27 October 2025 under the chairmanship of Olivier Gavalda, and reviewed the financial statements for the third quarter and the first nine months of 2025.
Valérie Baudson, Chief Executive Officer, said: "In the third quarter, Amundi was able to extend the positive momentum of early 2025. We recorded inflows of +€15bn, an increase in our revenues of +5% and an increase in our pre-tax income of +4% .
The main growth drivers of our Ambitions 2025 plan – Asia, third-party distribution and ETFs – each generated between +€20bn and +€30bn in inflows in the first nine months.
We continue to serve an ever-growing number of institutional and retail clients, such as our new cooperation with Satrix, the leading South African index solution provider and digital platform. In addition, we are strengthening our existing collaborations, such as the one with Crelan in Belgium.
On 18 November, we will present our new strategic medium-term plan, which will detail the different areas in which we will continue to seize opportunities and to invest for the future. »
Highlights
Accelerating growth through strategic pillars
The Ambitions 2025 Plan set a number of strategic axes to accelerate the diversification of the Group's growth drivers. After a year 2024 during which several objectives have already been achieved, the first nine months of 2025 have confirmed the acceleration momentum .
These strategic areas of development – Asia, Third-Party Distributors, and ETFs – generated combined net inflows of +€55bn , accounting for more than 80% of total inflows for the first nine months of 2025 across all client segments, asset classes and regions;
In Asia , inflows over nine months reached +€29bn , including +€7bn in the third quarter. Since the beginning of the year, inflows have come from JVs for +€19bn (including Amundi BOC WM) and +€10bn from direct distribution. All countries contributed to these net inflows: India (+€9bn), Korea (+€7bn), China (+€7bn), Hong Kong (+€3bn) and Singapore (+€2bn). Inflows are also well diversified by strategies, with +€18bn in active management, +€6bn in passive management and +€6bn in treasury products.
Third-Party Distribution collected +€21bn over 9 months (including +€8bn in the third quarter), mainly in MLT assets (+€20bn). Inflows were driven by ETFs and positive in active management thanks to fixed income and multi-asset strategies. It is diversified by geographical areas, with a high level of activity in most countries and regions. Clients outside Europe contributed more than a quarter of the nine-month inflows. For example, the partnership with Standard Chartered amplified its success and exceeded €3bn in assets under management in mid-September. A new long-term partnership has been signed with Satrix, the leading South African index solution provider and digital platform, resulting in strong inflows (+€1bn). The strong commercial momentum with digital platforms is accelerating, accounting for 34% of inflows since the beginning of the year.
ETFs collected +€28bn over nine months, including +€10bn in the third quarter. Amundi confirms its second position in the European ETF market in terms of inflows and assets under management, which exceed €300bn for the first time. Inflows were driven by flagship products in the "Core" range (tracking major indices), with the two UCITs ETFs having the largest inflows respectively in European and US equities in the third quarter:
Furthermore, new products have been launched, such as the S&P400 US Mid Cap ETF and the EUR High Yield ETF.
In private assets , Amundi's private equity teams have completed the first round of funding for the Megatrends III strategy, for a total of €0.3bn, following the first two vintages that delivered strong performance. The strategy aims to invest in small and medium-sized growth companies with exposure to three megatrends: technology, demographics and the environment. The fund has a strong ESG component (classified as Article 8 in SFDR).
In responsible investment, Amundi has been selected by a consortium of 79 UK universities led by Cambridge (UK Higher Education Institutions) to create a money market fund of nearly £500m that excludes companies contributing to the expansion of fossil fuels.
Amundi Technology continues to record strong revenue growth, at €81m, the same level as for the full year 2024, up +48% 9M/9M, thanks to strong organic growth (+27%) amplified by the integration of aixigo.
Success in Employee savings & retirement: inflows +€4bn since the beginning of the year, total assets €100bn+
Beyond strategic priorities, Amundi is achieving commercial success in its core businesses. Employee Savings & Retirement saw record inflows over nine months, with nearly +€4bn. Amundi is the undisputed #1 in this activity in France, with €101bn and a 45% market share. It is trusted by 121,000 corporate clients – multinationals, medium-sized and small companies – representing 4 million “employee-clients”, which Amundi serves with a comprehensive range covering employee share ownership, funds accessible via employee savings plans and collective and individual pension schemes. These retirement products are developed in partnership with Crédit Agricole Assurances. To do this, Amundi has a wide range of tools and offers a complete service to its clients: transactional website and smartphone app, telephone platform, mailbot, robo-advisor to offer them optimised asset allocation and glidepaths, also including support for retirement.
Next Medium Term Plan
Amundi will present its new three-year strategic plan on 18 November, with the current plan "Ambitions 2025" ending on 31 December 2025.
On this occasion, Amundi will detail its various growth pillars for the next three years.
The distribution agreement with UniCredit will expire in July 2027, which falls within the period of the new plan. This partnership may or may not be renewed, under terms that are not known at this stage.
We are fully committed to continuing to serve UniCredit's clients with the highest level of service and are willing to remain a partner and create value for all parties beyond the 2027 expiration.
Our new 2028 strategic plan will include a financial trajectory that takes into account the uncertainty regarding UniCredit's contribution from 2027 onwards, as well as Amundi's strong momentum across all its strategic pillars.
Nine-month and third-quarter 2025 activity
Sustained inflows over nine months of +€67bn, including +€15bn in the third quarter
Assets under management as of 30 September 2025 have increased by +3.5% since the beginning of the year , to reach a new record at €2,317bn . They benefited from the high level of inflows at +€67bn and the appreciation of the markets at +€107bn. Conversely, the fall in the US dollar and the Indian rupee against the euro (-12% and -15% respectively) had an unfavourable impact on assets.
Inflows over nine months were strong at +€67bn, of which +€57bn in MLT assets and +€18bn from JVs. The MLT inflows are driven by passive management (+€55bn), in particular ETFs (+€28bn), active management is positive (+€8bn) , driven by fixed income strategies. As a reminder, in the first quarter, they benefited from the gain of the ESG equity index mandate (+€21bn in the first quarter, +€23bn over nine months) of The People's Pension in the United Kingdom.
In the third quarter, inflows reach +€15bn, of which +€9bn in MLT assets . This MLT inflows include the effect of the exit from a short-duration bond mandate of -€9bn, re-internalised by the institutional client. Restated for this exit, the inflows of MLT assets reached +€18bn, including +€10bn in passive management (almost exclusively ETFs) and +€8bn in active management, especially bonds.
The treasury product excluding JV and US distribution posted inflows of +€2bn over the quarter, thanks in particular to French Retail.
The two main client segments contributed to the net inflows of +€15bn:
JVs raised +€5bn , with a positive contribution from all countries: +€2bn in South Korea (NH Amundi), +€0.7bn in China (ABC-CA) excluding Channel Business activities, and +€1.7bn in India (SBI FM), where equity market volatility and a wait-and-see stance on monetary policy led institutional investors to make smaller allocations and outflows from treasury products. However, the rise of individual savings plans remains dynamic.
As expected, EPFO's request for proposals will probably lead to the reallocation of €30bn to €40bn, therefore to outflows for SBI FM, by the end of this year to a bond mandate with negligible revenues, with no effect on the JV's profitability or its contribution to Amundi's results.
Finally, the distribution to Victory Capital's US clients recorded slight net outflows (-€0.6bn for Amundi's 26% ownership).
Third Quarter 2025 Results
For comparison purposes, the quarterly series have been restated. As of the second quarter and the completion of the partnership with Victory Capital, the contribution of Amundi US, which was previously fully integrated and therefore contributed to revenues, operating expenses and taxes, is replaced by the consolidation by equity method of the Group's share (26%) in Victory Capital. For the sake of comparability, the 2024 results are presented as if Amundi US had been consolidated from the second quarter on a 100% equity basis, i.e. without contribution to income, expenses and taxes but only to net income via an equity-accounted line.
Q3/Q3 growth in pre-tax income thanks to the dynamism of the activity and revenues
Q3 2025 results include aixigo, the acquisition of which was finalised in early November 2024.
Adjusted data
Adjusted net revenues amount to €815m , up +4.9% compared to the third quarter of 2024 pro forma , driven by the Management fees and the Technology Revenues:
The Adjusted operating expenses , at -€436m, recorded in the third quarter (vs. fourth quarter in 2024) the cost of the capital increase reserved for employees , for -€17m. Restated for this cost, the Adjusted operating expenses have increased by +4.0% compared to the pro forma third quarter of 2024. This growth is explained for about one point by the integration of aixigo, and for the balance by investments in the development initiatives of the Ambitions 2025 Plan, particularly in technology, third-party distribution and Asia.
The Cost income ratio amounted to 53.5% in adjusted data . Restated for the cost of the capital increase reserved for employees, it would be 51.4% .
The optimisation plan , which was announced in the first quarter, saw its first achievements in the third quarter. It will make it possible to finance the acceleration of investments by generating savings of around €40m from 2026 . 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, has been effective since 1 October, and the reorganisation of the multi-asset expertise in Europe is underway. The one-off restructuring charge related to this plan is booked in the third quarter at -€80m , but will not be reflected in adjusted earnings as it is exceptional.
The Adjusted gross operating income amounted to €379m , up +1.3% compared to the pro forma third quarter of 2024.
The contribution of Asian JVs , at €34m, saw its growth compared to the third quarter of 2024 (+3.0%) affected by the decline in the Indian rupee over the period (-10% in average). However, SBI FM's management fees continued to grow strongly in rupee (+20% Q3/Q3) thanks to the growth in activity. The other JVs each saw their contribution increase by more than +20% Q3/Q3.
The adjusted contribution of U.S. operations amounted to €33m. As Victory Capital publishes its quarterly accounts after Amundi, there is a one-quarter lag between Victory Capital's results and their inclusion in Amundi's accounts. Thus, the results that Amundi publishes for a given quarter include the performance of Victory Capital relative to the previous quarter. For Q3, Amundi takes into account the published result of Victory in Q2 , which included the first synergies from the integration of the former Amundi US.
The comparison with Amundi US's contribution to Group net income in the third quarter of 2024 (€24m) shows a strong increase (+40.7%), despite the decline in the average US dollar between the two periods (-6%).
The Pre-tax income reached €445m , up +3.8% compared to the pro forma third quarter of 2024.
The adjusted corporate tax expense of the third quarter of 2025 reached -€106m, up +14.2% compared to the third quarter of 2024 pro forma .
In France, the impact of the exceptional tax contribution on the profit of large companies amounts to -€9m in the third quarter of 2025. Restated for this contribution, the adjusted tax expense would have been €97m, up +4.4% and the adjusted effective tax rate would have reached 25.6%, a very slight increase compared to the pro forma third quarter of 2024.
Adjusted net income reached €340m . Restated for the exceptional tax contribution, it would have been €349m.
Adjusted earnings per share in the third quarter of 2025 achieved €1.65 .
Accounting data in the third quarter of 2025
Accounting net income group share amounted to €249m . It includes the exceptional restructuring charge of -€80m related to the optimisation plan.
As in other quarters, the accounting net income includes various non-cash expenses. Victory Capital's contribution also includes a number of expenses, including amortisation of intangible assets (See the details of all these elements in p. 15).
Accounting earnings per share in the third quarter of 2025 reached €1.21, including the restructuring charge and the exceptional tax surcharge in France.
Results for the first nine months of 2025
The financial statements for the first nine months of 2025 include Amundi US fully integrated into each line of the income statement in the first quarter. In the second and third quarters, Victory Capital's contribution was accounted for under the equity method for the Group's share, i.e. 26%. For comparison purposes, the results for the first nine months of 2024 are presented pro forma: the first quarter of 2024 is restated taking into account the results of Amundi US on a fully consolidated basis and equity-accounted in the second and third quarters.
Pre-tax income +4% 9M/9M
Adjusted data
Adjusted net revenues totaled €2,518m, +4.9% compared to the first nine months of 2024 pro forma . As for the quarter, this performance was driven by operating revenues, in particular:
The increase in Adjusted operating expenses , -€1,330m, is +6.3% compared to the first nine months 2024 pro forma , and +4.9% restated for the cost of the capital increase reserved for employees in the third quarter. The integration of aixigo and an additional quarter of Alpha Associates in 2025 vs. 2024 also explain one third of this increase. The rest comes mainly from investments in Ambitions 2025 development initiatives, including technology, third-party distribution and Asia.
The Cost income ratio at 52.8% in adjusted data , is in line with the Ambitions 2025 target (<53%). Restated for the effect of the capital increase reserved for employees (52.2%), it is stable compared to the first nine months 2024 pro forma .
The Adjusted gross operating income (EBIT) amounted to €1,187m , up +3.5% compared to the first nine months 2024 pro forma , reflecting revenue growth and cost control.
The contribution of equity-accounted JVs , at €99m, up +5.7% compared to the first nine months of 2024, reflects the growth in the contribution of the Indian JV SBI FM (+4%), but also the strong momentum of the Chinese JV ABC-CA (contribution up +19%).
The adjusted contribution of U.S. operations, equity-accounted, which includes Victory Capital's contribution for the Group's share (26%) from the second quarter on, amounts to €60m.
Adjusted tax expense over the first nine months of 2025 reached -€365m, a strong increase (+28.2%) compared to the first nine months of 2024 pro forma .
In France, the exceptional tax contribution on the profits of large companies amounted to -€63m for the first nine months of 2025. Restated for this exceptional contribution, the adjusted tax expense would have been -€302m and the adjusted effective tax rate would be equivalent to that of the first nine months of 2024.
Pre-tax income reached €1,340m up +4.1% compared to the first nine months of 2024 pro forma . This growth comes mainly from the increase in revenues and the contribution from JVs and Victory Capital .
Adjusted net income reached €978m . Excluding the exceptional corporate tax contribution, it would have reached €1,041m, up +4% compared to the first nine months of 2024 pro forma .
The Net earnings per share adjusted for the first nine months of 2025 amounted to €4.76 .
Accounting data for the first nine months of 2025
Net income group share amounted to €1,246m . It includes in the second quarter the non-cash capital gain of +€402m related to the completion of the partnership with Victory Capital, and the exceptional restructuring charge of -€80m in the third quarter.
As in other periods, net income also 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 depreciation of intangible assets which are restated in adjusted data. (See the details of all these elements in p. 15).
Accounting earnings per share for the first nine months of 2025 reached €6.07, including the capital gain, the restructuring charge and the exceptional tax contribution in France.
APPENDICES
Adjusted income statement for the first nine months of 2025 and 2024
* Quarterly series have been restated as if Amundi US had been 100% consolidated using the equity method up to and including Q1 2025; for 9M 2025 no restatement has been applied and Amundi US is therefore fully included in Q1 2025, and 9M 2024 has been restated as if Amundi US had been accounted for under the equity method in Q2 & Q3 2024 only.
Adjusted income statement of the third quarter of 2025
* Quarterly series have been restated as if Amundi US had been 100% consolidated using the equity method up to and including Q1 2025; for Q3 and Q2 2025 no restatement has been applied.
Pro forma Historical Series Adjusted – Nine months
* Quarterly series have been restated as if Amundi US had been 100% consolidated using the equity method up to and including Q1 2025; for the 9M 2025 no restatement has been applied and Amundi US is therefore fully integrated in Q1 2025, and the 9M 2024 has been restated as if Amundi US had been accounted for under the equity method in Q2&T3 2024 only
Pro forma Historical Series Adjusted – Quarters 2024-2025
Definition of Assets under Management (AuM)
Assets under management and net inflows including advised and marketed assets and funds of funds, including 100% of Asian JV assets under management and inflows; for Wafa Gestion in Morocco and Victory Capital, assets under management and inflows are included for Amundi's share in the capital of the entities.
Evolution of assets under management from the end of 2021 to the end of September 2025
Total over one year between 30 September 2024 and 30 September 2025: +5.7%
Details of assets under management & net inflows by client segments
(*) Including funds of funds
Details of assets under management & net inflows by asset classes
Details of assets under management & net inflows by management types and asset classes
Details of assets under management & net inflows by geographical area
Methodological Appendix – Alternative Performance Measures (APMs)
Accounting and adjusted data
Amundi has chosen to present adjusted accounting data for certain income items (net revenues, general operating expenses, share of net income of associates) in order to better reflect the economic and operating profitability of the company. These adjustments are intended to neutralise the impacts identified during acquisitions:
as well as provisioned expenses related to optimisation or restructuring plans (in operating expenses ).
Finally, the adjustments applied by Victory Capital, a listed equity accounted entity, between its reported results and its adjusted results are included identically in the Amundi Group's results, as they correspond to adjustments of the same nature as those of the Group detailed above. They are included in the line share of net income from Victory Capital
The aggregate amounts of these items for the different periods under review are as follows:
Q3 2024*: -€24m before tax and -€17m after tax
9M 2024*: -€68m before tax and -€49m after tax
Q2 2025: -€28m before tax and -€22m after tax + €402m capital gain (without tax effect)
Q3 2025: -€118m pre-tax and -€91m after tax
9M 2025: -€174m before tax and -€134m after tax + €402m capital gain (without tax effect)
Alternative Performance Measures (APM)
In order to present an income statement that is closer to economic reality, Amundi publishes adjusted data which are calculated in accordance with the methodological appendix presented above.
Adjusted data are reconciled with accounting data as follows:
Shareholding
On 7 october 2024, Amundi announced a share repurchase programme for 1m shares (~0.5% of the capital before the operation). It is intended to cover the performance share plans. It was completed on 27 November 2024.
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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 more than €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 5,600 employees in 35 countries.
Amundi, a trusted partner that acts 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 an invitation to sell or buy, nor does it constitute a solicitation of an offer to buy or subscribe for any securities of Amundi in the United States of America or France. Amundi's securities may not be offered, subscribed for or sold in the United States of America without registration under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), except pursuant to an exemption or in a transaction not subject to registration under the U.S. Securities Act. Amundi's securities have not been and will not be registered under the U.S. Securities Act and Amundi does not intend to make a public offering of its securities in the United States of America or France.
This document may contain forward-looking information concerning Amundi's financial condition and results. This data does not constitute a "forecast" or "estimate" of profit within the meaning of 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 update or revise any foreward-looking statements as of the date of this document. The risks that could affect Amundi's financial position and results are further detailed in the "Risk Factors" section of our Universal Registration Document filed with the Autorité des marchés financiers. The reader is advised to consider all of these uncertainties and risks before forming their own opinion.
The figures presented were prepared in accordance with applicable prudential regulations and IFRS guidelines, as adopted by the European Union and applicable at that date. The financial information set out herein do not constitute a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting” and has not been audited.
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 the values in the tables and analyses may differ slightly from the total reported due to rounding.
Adjusted data: see p.
15
See definition of assets under management p.
12
Excluding JV and the US distribution of Victory Capital
For explanations of pro forma variations, see p.
10 and 11
Adjusted operating expenses up +4. 0 % pro forma once restated for the cost of the capital increase reserved for employees, which took place in Q3 in 2025 instead of Q4 in 2024
The inflows presented in this section
are over n i ne months and are not cumulative, as they may overlap in part, for example an ETF sold to a third-party distributor in Asia.
Including A mundi BOC WM
Excluding double counts
Medium to Long Term assets, excluding Victory Capital's JV and US distribution
EPFO: Employees' Provident Fund Organisation, India's leading pension fund with total assets of €250 billion at the end of December 2024. In Q4 2019, SBI FM won a bond mandate granted by EPFO for an amount of €60 billion, which totalled €105 billion in assets under management as of
September 30, 2025 ; this mandate will be shared with other managers following a call for tenders in Q3
Source: Morningstar Direct, Broadridge FundFile - Open-ended funds and ETFs, global fund scope,
September 2025; as a percentage of the assets under management of the funds in question; the number of Amundi's open-ended funds rated by Morningstar was 10 2 1 at the end of
September 2025. © 2025 Morningstar, all rights reserved
Annual "We Share" operation
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), consolidated using the equity method after tax
P ositive adjustment of +€4m related to
the difference between Amundi's estimate and the actual results published by Victory Capital in Q2
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), consolidated using the equity method after tax
26% of Victory Capital in 2025 an d
100% of Amundi US i n 2024 ( Q 2
and Q 3)
Lyxor, integrated as of 31/12/2021; disposal of Lyxor Inc. in Q4 2023
See definition of AUM s , p.
12
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 30/0 9 /2025
Paris, London, Dublin, Milan, Tokyo and San Antonio (via our strategic partnership with Victory Capital)
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