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Amundi (AMUN) investor relations material

Amundi Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary3 Feb, 2026

Executive summary

  • Assets under management reached €2,380bn at year-end 2025, up 6% year-over-year, driven by record net inflows of €88bn and positive market effects despite currency headwinds.

  • Adjusted pre-tax income rose 6% year-over-year to €1,858m, with Q4 pre-tax income up 12%.

  • Adjusted earnings per share for 2025 was €6.58; a dividend of €4.25 per share is proposed, with a 74% payout ratio.

  • A €500m share buyback program was launched, representing 3% of share capital and returning a total of €1.4bn to investors.

  • Strategic growth areas, including retirement, digital distribution, and technology, showed strong momentum, supported by the launch of the new strategic plan.

Financial highlights

  • Net inflows totaled €88bn for 2025, with long-term net inflows more than doubling to €81bn and €21bn in Q4.

  • Adjusted net revenues for 2025 were €3,417m, up 6% year-over-year, with technology revenues up 45%.

  • Adjusted net income for 2025 was €1,354m; adjusted cost-income ratio was 52.1%.

  • Management fees increased 4.2% year-over-year; performance fees rose 23%.

  • Tangible equity base reached €4.9bn, up 10% year-over-year.

Outlook and guidance

  • Strategic plan “Invest for the Future 2028” launched, focusing on digital distribution, retirement, ETFs, and geographic expansion in Asia and Northern Europe.

  • First products from the ICG partnership expected to launch in H2, targeting private credit and secondaries.

  • No change to 2028 EPS or cost-income ratio targets; current targets are considered a floor.

  • Entering 2026 with confidence, supported by diversified growth drivers and leadership positions.

  • Continued investment in technology and innovation, with technology revenues up 45% year-over-year.

Amundi Technology revenue growth sustainability?
Future capital deployment strategy
UniCredit network outflows mitigation plan?
Are ICG product launches tied to regulatory approvals?
How do digital/ETF flows impact overall profitability?
Future capital return policy beyond current buyback
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Frequently asked questions

Amundi is a European asset management company offering a wide range of investment solutions to institutional, corporate, and retail clients. The company provides services across various asset classes, including equities, fixed income, real estate, and multi-asset investments, along with a focus on responsible and sustainable investing. Amundi serves global markets through a network of offices and partners, leveraging its expertise to manage investment funds, portfolios, and advisory services tailored to meet client needs. Its products are designed to offer long-term growth and income opportunities while addressing environmental, social, and governance (ESG) factors. The company is headquartered in Paris, France, and its shares are listed on Euronext Paris.

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