Amundi Sa · EURONEXT:AMUN
Amundi Sa — Q1 2025 Earnings Presentation
32 slides from Amundi Sa's earnings presentation, Apr 29, 2025
Slide 1: Results for the First quarter 2025
Results for the First quarter 2025 Presentation to Investors & Analysts 29 April 2025
Slide 2: Disclaimer
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 Ame
Slide 3: Highlights
1 Highlights Nicolas Calcoen, Deputy Chief Executive Officer 3 Amundi – Q1 2025 Results, 29 April 2025
Slide 4: First quarter 2025: results and activity at a high level
First quarter 2025: results and activity at a high level Strong growth in Highest quarterly Confirmed strategic pillars profit before tax net inflows since 2021 success 31bn 19 June – Profit before tax1 €458m + 11% – AuM at €2.25tn, +6% yoy +€ Total net inflows – Third-Party Distribution: +€8bn Thir
Slide 5: Amundi UK: a complete platform with strong growth potential
Amundi UK: a complete platform with strong growth potential UK – Assets2 managed by strategies One of the 6 global investment hubs, 2 lines of expertise: A global centre of o Fixed Income: Global Fixed Income, Buy & Maintain in GBP 85 FTEs Other fixed income o Emerging markets Investment strategies
Slide 6: Activity
2 Activity Aurélia Lecourtier, Chief Financial Officer 6 Amundi – Q1 2025 Results, 29 April 2025
Slide 7: AuM €2.25tn, stable in Q1 and +6% year-on-year
AuM €2.25tn, stable in Q1 and +6% year-on-year Evolution of assets under management1 March 2024 – March 2025 (€bn) End of March 2025 12 months: +6.2% Dynamic 12-month net Net inflows +€70bn +0.3% inflows at +€70bn, of which Market & Forex effect +€53.2bn +€31bn in Q1 Scope effect +€7.9bn +28 +31 +25
Slide 8: Record MLT net inflows at +€37bn
Record MLT net inflows at +€37bn Net inflows1 Q1 2025 vs. Q1 2024 (€bn) MLT assets excl. JV Treasury products excl. JV JV Highest quarterly net inflows since 2021, at +€31bn Record inflows in MLT2 assets at +€37bn, +€16.6bn +€31.1bn positive in active management (+€6bn) - Gain of People's Pension's
Slide 9: Sustained high performance of open-ended funds
Sustained high performance of open-ended funds Open-ended funds1: ~70%2 of AuM in the first two quartiles over 1, 3 and 5 years Outperformance vs. benchmark4 Morningstar Ranking of Funds by AuM 5 years 3 years 1 year 70% 69% 69% 82% 10% 12% 12% 30% 35% 21% 19% 1st quartile 48% 19% 2nd quartile 21% 3
Slide 10: Retail: high net inflows from Third-Party Distributors
Retail: high net inflows from Third-Party Distributors Retail: Q1 2025 net inflows1 vs. Q1 2024 (€bn) Third-party distributors: continued strong French networks International networks Amundi BOC WM Third-party distribution MLT2 net inflows - driven by ETFs and active management +€6.5bn +€5.8bn - pos
Slide 11: Institutional networks: net inflows +€33bn in MLT assets
Institutional networks: net inflows +€33bn in MLT2 assets Institutional:1 Q1 2025 net inflows vs. Q1 2024 (€bn) Institutional & sovereigns MLT assets: MLT2 net inflows of +€33bn: Corporate & Employee savings - The People's Pension mandate gain CA & SG insurers Treasury products - Continued success o
Slide 12: JV: good net inflows in Korea, confirmation of stabilisation in China
JV: good net inflows in Korea, confirmation of stabilisation in China JV: Q1 2025 net inflows1 vs. Q1 2024 (€bn) SBI MF (India) NH Amundi (Korea) ABC CA (China, Channel business (China) Other JVs Net inflows driven by Korea (NH-Amundi), excl. Channel business) mainly in MLT2 assets +€4.5bn +€2.9bn A
Slide 13: Results
3 Results Aurélia Lecourtier, Chief Financial Officer 13 Amundi – Q1 2025 Results, 29 April 2025
Slide 14: Revenues +11% Q1/Q1
Revenues +11% Q1/Q1 Net income1 (M€) Q1 2025 Management fees +7.7% Q1/Q1 in a +10.7% context of market appreciation and average 924 912 AuM growth 887 862 21 39 824 26 26 17 17 57 23 26 Performance fees: +30.7% compared to a 23 50 20 20 18 18 moderate Q1 2024 basis Technology revenues +46.2% Q1/Q1:
Slide 15: Costs: positive jaws effect
Costs: positive jaws effect Operating expenses1 (M€) Q1 2025 Cost increase explained by: +8.8% - acquisition of Alpha Associates (Q2 2024) and aixigo (Q4 2024) 482 478 461 456 439 - investments in strategic priorities - the effect of revenue growth on variable remuneration 53.3% 52.9% 52.1% 52.4% 51
Slide 16: Profit before tax up +11% Q1/Q1
Profit before tax1 up +11% Q1/Q1 Adjusted profit before tax1 (€m) Q1 2025 Profit before tax1 up sharply to €458m +10.7% (+11%) 454 437 469 458 Net income1 close to €350m excluding 413 exceptional tax surcharge (-€46m²) €349m Effect of - Including the surcharge, adjusted1 net French tax income €303m
Slide 17: Conclusion
4 Conclusion Nicolas Calcoen, Deputy Chief Executive Officer 17 Amundi – Q1 2025 Results, 29 April 2025
Slide 18: A diverse, agile and cost-effective model to bolster growth
A diverse, agile and cost-effective model to bolster growth 19 June Q4 Third-Party Distribution 2025 Amundi demonstrates its ability to: workshop New MTP ⎯ Be agile and support its clients in different market contexts, thanks to its wide range of high-performing investment expertise and its product
Slide 19: Appendices
5 Appendices 19 Amundi – Q1 2025 Results, 29 April 2025
Slide 20: Assets under management by clients, asset classes and geographies
Assets under management by clients, asset classes and geographies Full range Large client base Global Presence by asset classes Retail - 32% Active management - 51% €2,247bn French networks Equities Rest of the world Assets under JVs International JVs 6% 6% 9% 16% networks 16% management1 Multi-asse
Slide 21: Q1 2025, Q1 & Q4 2024 Adjusted Income Statement
Q1 2025, Q1 & Q4 2024 Adjusted Income Statement1 (€M) Q1 2025 Q1 2024 % YoY ch. Q4 2024 % QoQ ch. Net revenue - Adjusted 912 824 +10.7% 924 -1.3% Net management fees 824 766 +7.7% 820 +0.5% Performance fees 23 18 +30.7% 57 -60.0% Technology 26 18 +46.2% 26 -0.8% Net financial income & other net inco
Slide 22: Strong financial position
Strong financial position Short text Tangible shareholders' equity1 (€bn) March 31, 2025 Steady growth in tangible shareholders' equity1: 4.8 Md€ €4.8bn at the end of March 2025, +7% vs. end-2024 4.5 Md€ 4.3 Md€ 3.9 Md€ A+ rating by FitchRatings, one of the best in the industry 3.5 Md€ 3.2 Md€ 2.7 M
Slide 23: Positive market effect year-on-year and quarter-on-quarter
Positive market effect year-on-year and quarter-on-quarter Evolution of equities and bond markets from Q1 2024 to Q1 2025 Q1 2025 140 Base 100 = Moyenne 2021 Equity and bond markets up year-on-year 135 130 50% MSCI World / 50% Eurostoxx Bloomberg Euro Aggregate Equities1 : +13% Q1/Q1 and +4% Q1/Q4 1
Slide 24: European open-ended fund market: underpinned by ETFs and active management
European open-ended fund market: underpinned by ETFs and active management Net inflows on the European market (open-ended funds), from 2021 to Q1 2025 (€bn) Q1 2025 Actifs MLT / gestion active Actifs MLT / gestion passive Stable net inflows Q1/Q4 Produits de trésorerie Total Inflows in active manage
Slide 25: Assets under management & net inflows by client segments
Assets under management & net inflows1 by client segments AuM AuM % ch. Inflows Inflows Inflows Inflows (€bn) 31.03.2025 31.03.2024 /31.03.2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 French networks 139 137 +1.3% +0.2 +1.5 +0.2 +1.5 International networks 162 165 -1.6% -2.7 -2.0 -2.7 -2.0 o/w Amundi BOC WM
Slide 26: Assets under management & net inflows by asset classes
Assets under management & net inflows1 by asset classes AuM AuM % ch. Inflows Inflows Inflows Inflows (€bn) 31.03.2025 31.03.2024 /31.03.2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Equities 564 505 +11.7% +26.4 -2.6 +26.4 -2.6 Multi-assets 271 280 -3.1% -1.0 -7.6 -1.0 -7.6 Bonds 759 700 +8.4% +14.3 +13.9 +
Slide 27: Assets under management & net inflows by management types and asset classes
Assets under management & net inflows1 by management types and asset classes AuM AuM % ch. Inflows Inflows Inflows Inflows (€bn) 31.03.2025 31.03.2024 /31.03.2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Active management 1,149 1,117 +2.9% +6.3 +1.3 +6.3 +1.3 Equities 204 209 -2.1% -3.9 -2.8 -3.9 -2.8 Multi-
Slide 28: Assets under management & net inflows by geographic area
Assets under management & net inflows1 by geographic area AuM AuM % ch. Inflows Inflows Inflows Inflows (€bn) 31.03.2025 31.03.2024 /31.03.2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 France 1,001 978 +2.3% +0.5 +10.0 +0.5 +10.0 Italy 198 208 -4.6% -1.9 -1.1 -1.9 -1.1 Europe excl. France and Italy 456 391 +
Slide 29: Methodology & Alternative Performance Measures (1/2)
Methodology & Alternative Performance Measures (1/2) Accounting data They include the amortisation of intangible assets, recorded as other revenues, and from Q2 2024, other Acquisition of Alpha Associates non-cash charges spread according to the schedule of payments of the price adjustment until the
Slide 30: Methodology & Alternative Performance Measures (2/2)
Methodology & Alternative Performance Measures (2/2) (€m) Q1 2025 Q1 2024 % YoY ch. Q4 2024 % QoQ ch. Net management fees 824 766 +7.7% 820 +0.5% Performance fees 23 18 +30.7% 57 -60.0% = Accounting data Net asset management revenues 847 783 +8.2% 877 -3.4% Technology 26 18 +46.2% 26 -0.8% = Adjuste
Slide 31: Shareholding
Shareholding 31 March 2025 31 December 2024 31 March 2024 Number % of share Number % of share Number % of share (units) of shares capital of shares capital of shares capital Crédit Agricole Group 141,057,399 68.67% 141,057,399 68.67% 141,057,399 68.93% Employees 4,128,079 2.01% 4,272,132 2.08% 2,869
Slide 32: Contacts & Calendar
Contacts & Calendar Investors & Analysts Calendar Cyril Meilland, CFA Annual General Meeting – 27 May 2025 Head of Investor Relations cyril.meilland@amundi.com Ex-dividend date 2024: 10 June 2025, payment from 12 June 2025 Phone: +33 1 76 32 62 67 Mobile: +33 6 35 49 42 69 Third-Party Distribution w