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Introduction & Market Context
Amundi SA (PARIS:EPA:AMUN) presented its first quarter 2025 results on April 29, showcasing strong performance across key metrics. The asset manager reported its highest quarterly net inflows since 2021, driving assets under management (AuM) to €2.25 trillion, up 6% year-over-year. Amundi shares closed at €69.50 on April 28, up 0.8% ahead of the results announcement.
The company’s performance comes amid positive equity and bond markets, with equities up 13% year-over-year and fixed income up 3% over the same period, creating a favorable environment for asset gathering and performance fees.
Quarterly Performance Highlights
Amundi reported record medium to long-term (MLT) net inflows of €37 billion in Q1 2025, contributing to total net inflows of €31 billion for the quarter. This represents the highest quarterly net inflows since 2021, demonstrating the company’s strong commercial momentum.
A significant contributor to these inflows was a large equity index ESG mandate win with The People’s Pension in the United Kingdom (TADAWUL:4280), adding €21 billion to the company’s assets under management.
As shown in the following chart of quarterly net inflows:
The company’s fund performance remained strong, with approximately 70% of AuM in the first two quartiles over 1, 3, and 5-year periods. Notably, 82% of funds outperformed their benchmarks over a 5-year period, and 244 Amundi funds received 4 or 5-star Morningstar ratings.
The following chart illustrates the sustained high performance of Amundi’s open-ended funds:
Detailed Financial Analysis
Amundi’s financial results showed robust growth across key metrics. Profit before tax increased by 11% year-over-year to €458 million, while net income reached €349 million, excluding the impact of an exceptional tax surcharge in France. Including the surcharge, adjusted net income was €303 million.
The company’s revenues grew by 11% compared to Q1 2024, driven by increases in management fees (+7.7%), performance fees (+30.7%), and technology revenues (+46.2%). The technology revenue growth was particularly impressive, resulting from both the integration of aixigo and strong organic growth of 21.2%.
The following chart breaks down Amundi’s revenue components:
Operating expenses increased at a slower rate than revenues, creating a positive jaws effect. The cost-income ratio improved to 52.4% from 53.3% in Q1 2024. The company attributed cost increases to strategic acquisitions (Alpha Associates in Q2 2024 and aixigo in Q4 2024), investments in strategic priorities, and the effect of revenue growth on variable remuneration.
The profit growth trajectory is illustrated in this chart:
Amundi maintained a strong financial position with tangible shareholders’ equity of €4.8 billion at the end of March 2025, representing a 7% increase compared to the end of 2024. The company holds an A+ rating from FitchRatings, has a capital surplus of €1.2 billion, and maintains a CET1 ratio of 15.5%.
Strategic Initiatives
The presentation highlighted Amundi’s success across its strategic pillars. Third-party distribution generated €8 billion in net inflows, with positive contributions from all regions and a record in Asia. ETFs attracted €10 billion, while Amundi Technology saw revenues increase by 46% year-over-year.
The company’s UK platform was showcased as having strong growth potential, serving as one of Amundi’s six global investment hubs with expertise in Fixed Income and Emerging Markets. The UK business secured a significant €21 billion equity index ESG mandate with The People’s Pension, positioning Amundi well in the fast-growing Master Trusts market.
The following slide details Amundi’s UK platform and its growth potential:
In the retail segment, third-party distributors continued to drive strong MLT net inflows, with approximately 25% coming from digital players. The institutional segment generated €33 billion in MLT net inflows, benefiting from The People’s Pension mandate and continued success in active fixed income strategies.
The company’s joint ventures showed positive trends, with good net inflows in Korea and stabilization in China after previous periods of volatility.
Forward-Looking Statements
Looking ahead, Amundi announced a cost optimization target of €30 to €40 million, to be achieved from 2026 onwards. This initiative aims to finance future investments and accelerate resource reallocation toward growth drivers.
The company emphasized its ability to be agile and support clients in different market contexts through its wide range of investment expertise and product innovation. Amundi plans to continue developing in Europe, including the United Kingdom, and accelerate growth in its strategic focus areas: Asia, third-party distribution, ETFs, technology, and services.
The company also announced that its Third-Party Distribution workshop will take place on June 19, 2025, and a new medium-term plan will be presented in Q4 2025.
As illustrated in this comprehensive overview of Amundi’s assets under management by clients, asset classes, and geographies:
Amundi’s diverse business model and global presence position it well for continued growth in the evolving asset management landscape, with particular strength in active management (51% of AuM) and a significant footprint in France (44% of AuM) and Asia (21% of AuM).
Full presentation:
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