Amundi (AMUN) investor relations material

Executive summary

• Achieved record net inflows of EUR 32 billion in Q1 2026, with positive contributions across all client segments, asset classes, and geographies, mainly in medium/long-term assets.

• Assets under management reached EUR 2.4 trillion (EUR 2,398 billion), up 7% year-over-year and 1% quarter-over-quarter.

• Net income rose 15% year-over-year to EUR 349 million, with EPS at EUR 1.69, both up 15%.

• Strategic growth areas, including retirement, digital distribution, ETFs, and responsible investment, showed robust momentum.

• Share buyback program executed for over EUR 150 million, nearly one-third complete, with up to EUR 500 million planned.

Financial highlights

• Revenues for Q1 were EUR 902 million, up 9.7% year-over-year, driven by a 14% increase in management revenues and 21% growth in technology revenues.

• Net management fees rose 6% to EUR 782 million; performance fees reached EUR 87 million, up from EUR 23 million in Q1 2025.

• Adjusted operating expenses were EUR 455 million, up 9.5% year-over-year, with an improved cost-income ratio of 50.4%.

• Gross operating income (adjusted) rose 10% to EUR 447 million.

• Contribution from associates (adjusted) up 33%, with Asian JVs up 4% (19% at constant currency) and Victory Capital contributing EUR 37 million.

Outlook and guidance

• No change to the cost-income ratio cap of 56% by 2028; current ratio is well below target.

• IPO of SBI MF expected in coming months, with proceeds prioritized for M&A or potential shareholder returns.

• Continued focus on strategic growth areas and efficiency, including AI-driven productivity gains and responsible investment.

• Share buyback program underway, with 29% completed (EUR 144 million) as of April 2026; expected to finish by Q3/Q4 2026.

• First consolidation of ICG earnings to begin in Q2 2026, with stake expected to rise to 9.9% in Q3 2026.