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Investing.com -- Amundi SA (EPA:AMUN) shares fell over 4% on Tuesday, after the asset manager reported weaker-than-expected second-quarter results, missing both earnings and revenue estimates.
Adjusted net income came in at €334 million, 3% below company consensus and 2% under Jefferies’ forecast.
Q2 net revenues totaled €790 million, 6% short of consensus expectations. Management fees were 5% below estimates, with a fee margin of 15.7 basis points versus a 16 basis point consensus.
This decline was attributed to an unfavorable product and client mix. Performance fees reached €35 million, below the €42 million consensus, while net financial revenues were €12 million, missing the €19 million forecast due to declining euro zone short-term rates.
Amundi Technology revenues were broadly in line at €26 million, just under the €27 million expectation.
First half net asset management revenue margin, excluding performance fees, was 16.5 basis points (15.9 basis points pro forma).
Retail margins dropped to 31.2 basis points in H1 2025 from 34.4 basis points in FY 2024, reflecting the impact of U.S. AUM transferred to VCTRY.
Operating expenses were a relative bright spot. Adjusted costs were €417 million, 4% below the €436 million consensus, helping to partially offset revenue weakness.
Still, the adjusted cost/income ratio was 52.7%, slightly above the expected 51.8%. Adjusted profit before tax stood at €437 million, 5% lower than the €461 million consensus.
Despite the profit miss, assets under management (AUM) reached €2,267 billion at the end of June, exceeding expectations by 1%.
Net new money (NNM) inflows were a strong €20.4 billion, nearly double the €10.5 billion consensus.
Medium- to long-term NNM, excluding joint ventures, totaled €11.1 billion, led by passive strategies and active fixed income.
Treasury product flows were negative at €1 billion, impacted by seasonal corporate withdrawals.
Joint venture inflows were a robust €10.3 billion, well above the €3.3 billion estimate.
This was driven primarily by India’s SBI Mutual Fund, Korea’s NH Amundi, and China, including its Channel Business.
Retail net flows were modestly positive at €1.4 billion. Gains from third-party distributors offset outflows from French networks and risk-averse international clients. BOC Wealth Management reported net inflows of €0.7 billion.
Amundi ended the quarter with a capital surplus of €1.3 billion, up from €1.2 billion in March. Assets under administration in its Fund Channel platform surpassed €600 billion. The company plans to announce a new three-year strategy in Q4 2025.