Amundi Q2 2025 slides: Record inflows drive strong H1 performance

Amundi SA (EPA:AMUN) presented its second quarter and first half 2025 results on July 29, showcasing record net inflows and solid financial performance despite significant negative foreign exchange effects. The European asset management giant reported H1 net inflows of €52 billion, already matching its full-year 2024 level, while assets under management reached €2.27 trillion.

Executive Summary

Amundi’s first-half 2025 performance demonstrated the company’s resilience and strategic execution, with profit before tax reaching €895 million, representing a 4.2% year-over-year growth. The company maintained a healthy cost/income ratio of 52.5% while delivering earnings per share of €1.63.

"Our strong first-half performance confirms the value of our diversified business model and our long-term growth drivers," said Valérie Baudson, CEO of Amundi, during the presentation.

As shown in the following summary of key performance metrics:

The company’s strategic pillars showed particularly impressive results, with third-party distribution generating €13 billion in inflows, Asian operations contributing €22 billion, and ETF business doubling its inflows year-over-year to €19 billion. Additionally, Amundi Technology revenue surged by 48%, while Fund Channel reached €613 billion under distribution, achieving its medium-term plan target ahead of schedule.

Quarterly Performance Highlights

In the second quarter specifically, Amundi reported net income of €334 million. Management fees increased slightly despite unfavorable forex impacts, while costs remained stable quarter-over-quarter excluding the acquisition of aixigo. The profit before tax for Q2 2025 reached €437 million, with Asian joint ventures contributing significantly with 16.6% growth compared to Q2 2024, primarily driven by SBI MF in India (+19.0%).

The following chart illustrates the quarterly profit before tax performance:

Revenues for the first half grew by 5% year-over-year, with management fees increasing by 4.6% and technology revenues surging by 48%. The company maintained a neutral jaws effect, with revenue growth in line with cost increases.

As shown in the following revenue breakdown:

Amundi’s assets under management reached €2.27 trillion, reflecting strong net inflows of €52 billion and positive market effects of €58 billion, partially offset by a sharp negative forex effect of €73 billion.

The following waterfall chart illustrates the evolution of assets under management:

Strategic Initiatives

Amundi has solidified its position as Europe’s leading asset manager and the only European player in the global top 10. The company manages approximately €1.7 trillion on behalf of European clients and generated €29 billion in net inflows from Europe during the first half of 2025.

A particularly strong performer was Amundi’s ETF business, which confirmed its #2 position in the European market. ETF net inflows doubled year-over-year, reaching €19 billion in H1 2025 compared to €9 billion in H1 2024, representing a 13% annualized growth in assets under management.

The following chart demonstrates Amundi’s competitive positioning in the European ETF market:

Another strategic milestone was the achievement of Fund Channel’s medium-term plan target ahead of schedule, with assets under distribution reaching €613 billion. This success was driven by the partnership with CACEIS and the successful launch of Fund Channel Liquidity.

Amundi also completed the integration of Victory Capital, with the partnership finalized and first consolidation occurring on April 1, 2025. Victory Capital’s assets under management stood at $302 billion (€256 billion) at the time of consolidation.

The company’s open-ended funds continued to demonstrate strong performance, with approximately 70% of assets under management in the first two quartiles over 1, 3, and 5 years. Additionally, 243 Amundi funds received a 4 or 5-star Morningstar rating.

As illustrated in the following performance metrics:

Forward-Looking Statements

Amundi enters the second half of 2025 with a strong financial position, reporting tangible equity of €4.3 billion at the end of June 2025, up 11.4% year-over-year. This solid capital base provides flexibility for potential future acquisitions and investments in strategic growth areas.

The company continues to focus on its key strategic pillars, including third-party distribution, Asian expansion, ETF growth, and technology services. Management expressed confidence in maintaining momentum across these areas despite potential market volatility and competitive pressures.

When compared to the Q1 2025 results reported earlier this year, Amundi appears to have maintained its growth trajectory. The Q1 report had shown profit before tax rising by 11% year-on-year, while the H1 presentation shows a more moderate 4.2% growth for the half-year period, suggesting some normalization in the second quarter.

Amundi’s stock closed at €70.15 on July 28, down slightly by 0.14%, but remains well above its 52-week low of €55.20 and closer to its 52-week high of €76.00, indicating investor confidence in the company’s performance and strategy.

The company’s diversified business model, strong market position in Europe, and strategic initiatives in high-growth areas position it well to navigate potential market challenges while capitalizing on opportunities in the evolving asset management landscape.

Full presentation:

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