Amundi: Fourth quarter & Full-year 2025 results

Amundi: Fourth quarter & Full-year 2025 results

Successful launch of the new strategic plan:
Record annual net inflows +€88bn & pre-tax income¹ up +6%² vs. 2024

Paris, 3 February 2026

Amundi's Board of Directors met on 2 February 2026 under the chairmanship of Olivier Gavalda, and approved the financial statements for the fourth quarter and full year 2025.

Valérie Baudson, Chief Executive Officer, said: "2025 marks the successful launch of our new strategic plan "Invest for the Future" with record net inflows of +€88bn – well diversified across our client segments, expertise and geographies - and assets under management at their highest level, at €2,380bn.

This momentum is reflected in our results: pre-tax income1 is up +6%2 year-on-year, driven by the growth in management fees and technology revenues, while we maintained our industry-leading operational efficiency.

After having successfully deployed excess capital into four value creative M&A deals, we are now proposing a dividend of €4.25 per share for 2025 and returning €500m to shareholders through share buyback.

In line with the focus of our new plan, we launched a number of innovative solutions, including our first tokenised money market fund and thematic funds on biodiversity. We also forged new partnerships with digital players and in new geographies, and we won a major retirement solution mandate in Ireland. Finally, our strategic partnership with ICG opens up promising new prospects. In 2025, we successfully closed our strategic plan underpinned by our leadership positions and diversified growth drivers. We enter 2026 very confident in our ability to efficiently accompany our clients across our many areas of expertise. »

Acceleration thanks to the strategic pillars of the new 2028 MTP 

Amundi’s new Invest for the Future Medium-Term Plan (MTP) presented on 18 November⁵ focuses on six strategic priorities, aimed at continuing the growth momentum while accelerating its diversification.

2025 marks the effective launch of this plan, with significant progress demonstrated across Clients, Geographies, Solutions and Technology.

• Clients:

  • Digital distribution net inflows (+€10bn) accounted for half of Retail.

  • In retirement, Amundi won several major mandates, including being selected to manage a third of the assets of Ireland’s new auto-enrolment pension scheme.

• Geographies:

  • Asia accounted for 40% of the Group's 2025 net inflows (+€33bn), with nearly half coming from direct distribution (excluding JVs), which grew strongly thanks to major client gains.

  • Northern Europe recorded net inflows of +€40bn in 2025, in particular from the United Kingdom and Germany.

  • In the Middle East, Amundi entered into a commercial partnership with First Abu Dhabi Bank and won several important mandates.

• Solutions:

  • Good active management investment performances drove dynamic net inflows, particularly in fixed income and multi-asset strategies. Amundi’s offer was strengthened by innovations including its first tokenised money market fund, and the Smart Solutions enabling corporate and institutional clients to optimise the return on stable cash positions, which collected +€20bn in 2025. Three new Victory Capital strategies were launched in UCIT format for European and Asian clients.

  • The ETF platform is strengthening its position as Europe's leading player, with +€46bn in net inflows over the year, and an acceleration in the fourth quarter (+€18bn).

  • Responsible investment also confirmed its good momentum and the enrichment of its range through innovation, thanks to the success of offers replicating the PAB indices⁶, and the launch of a Green Bond fund and a euro credit fund on biodiversity.

• Technology: Amundi Technology recorded another strong growth in its revenues, +45% compared to 2024. The business line has signed 10 new clients in 2025 and added two new countries to it footprint, Denmark and Singapore.

On 18 November, during the presentation of our 2028 MTP, a new partnership was announced with London-based and listed private asset management specialist, ICG. In accordance with this agreement, Amundi has begun to build a proposed 9.9% stake in ICG, and as of 19 November, has acquired 4.64% through a structured transaction.
Upon obtaining the mandatory regulatory approvals, Amundi Group will appoint a director to the ICG board and start consolidating its 4.64% stake using the equity method, a process expected to commence in the second or third quarter 2026. ICG will then begin issuing new non-voting shares to Amundi, amounting to 5.26% of its capital, and repurchasing an equivalent amount of its own ordinary shares on the market to cancel them, thereby eliminating any resulting dilution. Amundi Group expects to reach a 9.9% economic interest in ICG at the end of this process, in early 2027.

High inflows of +€88bn for the year, with +€21bn in Q4

Assets under management3 as at 31 December 2025 have increased by +6.2% year-on-year, to reach an all-time high at €2,380bn. This increase reflects high net inflows and a favourable market & forex effect of +€62bn, even when considering the decline of the US dollar and the Indian rupee against the euro (-11% and -16% respectively).

Net inflows for the year reached +€87.6bn, of which +€20.9bn in the fourth quarter.

Annual net inflows were driven by MLT assets⁷, +€81bn (+€24bn in the fourth quarter), both in passive management (+€76bn, +€21bn in Q4), including ETFs (+€46bn, +€18bn in Q4), and in active management (+€13bn, +€5bn in Q4), thanks to fixed income and multi-asset strategies.

Amundi’s two main client segments and JVs contributed to annual net inflows:

• +€21.7bn (+€7bn in Q4) for Retail, thanks to sustained positive momentum in Third-Party Distributors (+€33bn, +€11bn in Q4) and in spite of continued outflows from UniCredit networks (-€16bn over the year, -€4bn in Q4);

• +€47.7bn (+€13bn in Q4) for Institutional, thanks to good momentum of euro life contracts for insurers Crédit Agricole and Société Générale (+€16bn, +€2bn in Q4) and major new mandates with pension funds, central banks and sovereign wealth funds;

• +€19.5bn for JVs (+€1.7bn in Q4); India (SBI MF, +€10bn, +€2bn in Q4) and China (ABC-CA, +€2.4bn, +€0.6bn in Q4) confirmed the good level of net inflows of the first three quarters. South Korea (NH-Amundi, +€6bn, but -€1.0bn in Q4) recorded seasonal outflows in treasury products, while the rest of the year was dynamic.

2025 earnings: pre-tax income¹ +6% vs. 2024²

Adjusted data1

Adjusted1 net revenues amounted to €3,417m, up +6% compared to 2024 pro forma². This performance was driven by all businesses:

• net management fees increased by +4%, driven by the increase in assets under management, despite a slight erosion of the margin linked to the product and client mix;

• performance fees were at a high level, €173m (+23%), in line with good investment management performance, particularly in fixed income and multi-asset strategies;

• Technology revenues amounted to €116m (+45%), thanks to organic growth (+30%) and the full-year integration of aixigo.

The progression of Adjusted1 operating expenses reflected continued cost control, +6% vs. 2024 pro forma² i.e. -€1,781m. This increase, contained in a context of sustained activity, also reflects the organic investments made in strategic growth areas.

The Adjusted1 cost-income ratio increased to 52,1%.

Contributions⁸ from associates, up +10% for JVs and +12%1^,2 for Victory Capital. The latter’s contribution reflects the ramp-up of synergies.

Adjusted1 pre-tax income reached €1,858m, in up +6.2% compared to 2024 pro forma2.

Adjusted1 tax charge 2025 reached -€507m, a strong increase compared to 2024 pro forma2, reflecting the growth in the Group's earnings, and the exceptional tax contribution for large companies in France, which amounts to -€74m1.

Adjusted1 net income spring to €1,354m. Excluding the exceptional tax contribution, it would have reached €1,428m, up +3% compared to 2024.

Adjusted1 earnings per share for the year 2025 was €6.58.

Accounting data for the year 2025

Accounting net income Group share amounted to €1,592m, including the non-cash capital gain of +€402m related to the finalisation of the Victory Capital partnership as well as the exceptional charge related to the cost optimisation plan of -€88m in the second half.

Accounting earnings per share for 2025 reached €7.74.

Fourth quarter 2025 earnings: pre-tax income1 +12% Q4/Q4² thanks to strong activity and cost control

Adjusted data¹

Adjusted¹ net revenues amount to €899m, up +8.2% compared to the fourth quarter of 2024 pro forma², driven by management fees (+4%), performance fees (+47%) and technology revenues(+37%). Revenues are also up compared to the third quarter of 2025.

Adjusted1 operating expenses remain under control at -€450m, +5,9% compared to the fourth quarter of 2024 pro forma2, given the high level of revenues in the quarter and investments in development initiatives. The first effects of the optimisation plan launched in the second quarter have made it possible to accelerate the redeployment of resources to strategic growth areas.

Thanks to the positive jaws effect between revenue and cost growth, the cost-income ratio improved year-on-year to 50.1% on an adjusted1 and pro forma2 data basis.

Adjusted1 pre-tax income reached €519m, up +12.3% compared to the fourth quarter of 2024 pro forma2, thanks to increases in operating income and contributions from JVs (+22%) and Victory¹ (+19%).

Adjusted tax expense1 of the fourth quarter of 2025 reached -€143m. In addition to the quarterly impact of the exceptional tax contribution in France (-€11m), it includes a tax expense of -€12m relating to the payout by Indian JV SBI MF of an exceptional dividend⁹.

Adjusted net income1 spring to €376m, almost stable Q4/Q4. Restated for the exceptional tax contribution, it would have been €387m, up +3% Q4/Q4.

Adjusted1 earnings per share in the fourth quarter of 2025 achieved €1.82.

Accounting data in the fourth quarter of 2025

Accounting net income, Group share amounted to €346m. It includes an exceptional restructuring charge of -€8m related to the optimisation plan.

Accounting earnings per share in the fourth quarter of 2025 reached €1.68.

Solid financial structure and disciplined capital management

Tangible net equity¹⁰ amounted to €4.9bn as at 31 December 2025, up +10% compared to the end of 2024.

The Board of Directors will propose to the Annual General Meeting on 2 June 2026 a dividend of €4.25 per share, in cash¹¹, i.e. a yield of close to 6% based on the share price as of 30 January, 2026 (closing at €74.95). It corresponds to a payout ratio of 74% of the accounting net income group share restated for the capital gain on the Victory Capital transaction, according to the usual calculation method¹².

The Board of Directors also decided to launch, in accordance with the commitments of the 2025 Ambitions plan and the announcements of the 2028 Medium-Term Plan, a buyback program of Amundi shares for a total of €500m, with a view to their cancellation. The implementation of this plan will start on Wednesday 4 February, and is expected to be spread over a period of approximately one year reflecting share liquidity and regulatory constraints.

*        *

*

APPENDICES

Adjusted income statement¹ for FY 2025 and 2024

* For comparison purposes after the completion of the partnership with Victory Capital on 1 April 2025 (see press release). the 2024 results have been restated as if Amundi US had been consolidated using the 100% equity method from the second quarter. therefore without contribution to revenues. expenses and taxes. but only to net income via an equity-accounted company line. The 2025 results have not been restated. so Amundi US remains fully integrated over the period corresponding to the first quarter.

Details of these restatements for the years 2024 and 2025 and by quarter can be found in the following pages.

Adjusted income statement¹ of the fourth quarter of 2025

*Quarterly series have been restated as if Amundi US had been 100% consolidated using the equity method from Q2 to Q4 2024 inclusive; for Q3 and Q4 2025 no restatement has been applied.

Details of these restatements for the years 2024 and 2025 and by quarter can be found in the following pages.

Adjusted pro forma historical series¹ – full year 2024 & 2025

Adjusted pro forma historical series¹ – 2024 & 2025 quarters

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 and the distribution to US clients of Victory Capital. the assets under management and net inflows are included in Amundi's share in the capital of both entities.

Evolution of assets under management over three years. from end- 2022 to end-2025

Total year-on-year between 31 December 2024 and 31 December 2025: +6.2%

• Net inflows        +€87.6bn

• Market effect        +€154.9bn

• Forex effect        -€93.0bn

• Scope effects        -€9.7bn        
  (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 & flows - by client segments¹⁴

(*) Including funds of funds

Details of assets under management & flows - by asset classes14

Details of assets under management & flows - by types of management and asset classes14

Details of assets under management & flows - by geographic areas14        

Methodological Appendix – Alternative Performance Measures (APMs)

Accounting & 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:

• amortisation of distribution agreements or client contracts (Unicredit. Banco Sabadell. Alpha Associates as well as Bawag and Lyxor until 31/12/2024) in other revenues

• amortisation related to the inclusion of earn-outs (Alpha Associates) and change in mark-to-market valuation of ICG stake in net financial income & others

• amortisation of technological intangible assets (AIXIGO) in operating expenses

• integration (Victory Capital) and acquisition (ICG) costs in operating expenses, and capital gain or loss on disposal (Victory Capital) in profit or loss on other assets

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:

Q4 2024*: -€35m before tax and -€28m after tax

2024*: -€103m before tax and -€77m after tax

Q3 2025: -€118m before tax and -€91m after tax

Q4 2025: -€45m before tax and -€30m after tax

2025: -€219m before tax and -€164m after tax. +€402m in capital gains (without tax effect)

Alternative Performance Measures¹⁵

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:

1.

* For comparison purposes, the 2024 results have been restated as if Amundi US had been consolidated using the 100% equity method from the second quarter. therefore without contribution to revenues. expenses and taxes. but only to net income via an equity-accounted company line. The 2025 results have not been restated. so Amundi US remains fully integrated over the period corresponding to the first quarter.

Shareholding

Average number of shares on a prorata basis

• The average number of shares increased by +0.3% between Q3 2025 and Q4 2025, increased by +0.4% between Q4 2024 and Q4 2025, and increased by +0.4% between the full year 2024 and the full year 2025

• A capital increase reserved for employees was booked on 23 October 2025. 967,064 shares (~0.5% of the capital before the transaction) were created.
  
  

Financial communication calendar

• Q1 2026 earnings release: Wednesday 29 April 2026

• General Shareholders’ Meeting: Tuesday 2 June 2026

• Dividend: ex-dividend date on Tuesday 9 June 2026, payment from Thursday 11 June 2026

• Q2 and H1 2026 earnings release: Thursday 30 July 2026

• Q3 and 9-month 2026 results: Thursday 29 October 2026
  
  

About Amundi

Amundi, the leading European asset manager, ranking among the top 10 global players¹⁶, offers its 200 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 €2.4 trillion of assets¹⁷.

With its six international investment hubs¹⁸, 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 34 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 invitation to sell or buy. nor a solicitation of an offer to buy or subscribe for. any securities of Amundi shares in the United States of America or France. Amundi shares may not be offered. subscribed for or sold in the United States of America without being registered in accordance with the U.S. Securities Act of 1933. as amended (the "U.S. Securities Act"). except under an exemption or in connection with a transaction not subject to registration under the U.S. Securities Act. The Amundi shares 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 statements regarding Amundi's financial position and results. This data does not constitute a "forecast" or "estimate" of profit within the meaning of Delegated Regulation (EU) 2019/980.

This forward-looking statements includes financial projections and estimates that are derived from scenarios based on a number of economic assumptions in a given competitive and regulatory environment. considerations relating to projects. objectives and expectations relating to future events. operations. products and services. as well as assumptions regarding future events. operations. products and services. performance and future synergies. By their nature. they are therefore subject to uncertainties and consequently. no assurance can be given as to the achievement of these projections and estimates and Amundi's financial position and results could differ materially from those projected or implied in the forward-looking statements contained herein.

Amundi undertakes no obligation to publicly update or revise any forward-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 in this document have been approved by Amundi's Board of Directors and have been prepared in accordance with the prudential rules in force and IFRS standards. as adopted by the European Union and applicable as of the date of this document. but remain subject to the ongoing work of the statutory auditors.

Unless otherwise stated. the sources of rankings and market positions are internal. The information contained in this document. to the extent that it relates to entities other than Amundi. or is derived from external sources. has not been reviewed by a supervisory authority. nor has it generally been subject to independent verification. and no representation or commitment is given in respect of it. and no certainty should be given as to the accuracy, truthfulness and completeness of the information or opinions contained in this document. Neither Amundi nor its representatives shall be liable for any decision taken or negligence or for any damage that may result from the use of this document or its content or anything relating to them or any document or information to which it may refer.

The sum of the values in the tables and analyses may differ slightly from the total reported due to rounding.

1         Adjusted data: see p. 13
2         Pro forma: in this document, the historical series have been restated on a comparable basis, see appendix pp. 8 and 9
3         See definition of assets under management p. 10
4         The inflows presented in this section are for the year 2025 and are not cumulative, since they may overlap in part, for example an ETF sold to a digital player in Asia.
5         See press release of 18 November 2025
6         Paris-Aligned Benchmark (PAB): standards for alignment with the maximum warming objective set at COP21 in Paris of +1.5°C
7         Medium-Long Term (MLT) assets, excluding associates (Asian JVs and Victory Capital's US distribution)
8         Consolidated using the equity method. Victory Capital was only consolidated over the last three quarters of 2025, and the pro forma change compares its contribution to that of Amundi US over the same period of 2024
9         Exceptional dividend of €130m (Amundi share) in the fourth quarter, as part of its listing project announced in November; it should be noted that, as SBI MF is consolidated, this dividend did not contribute to the Amundi Group's revenues or results, but it did increase its cash position
10         Shareholders' equity less goodwill and intangible fixed assets
11         Detached on Tuesday 9 June 2026 and paid as of Thursday 11 June 2026
12         Dividend divided by reported net income excluding non-cash flow-related exceptional items
13         26% of Victory Capital as from Q2 2025 and 100% of Amundi US in 2024 (Q2, Q3 and Q4)
14         See definition of assets under management, p. 10
15         See also the section 4.3 of the 2024 Universal Registration Document filed with the AMF on 16 April 2025 under number D25-0272
16         Source: IPE “Top 500 Asset Managers” published in June 2025, based on assets under management as of 31/12/2024
17         Amundi data as of 31/12/2025
18         Paris, London, Dublin, Milan, Tokyo and San Antonio (via our strategic partnership with Victory Capital)

Attachment

• Amundi_PR_résults_Q4_2025_EN