Amundi (AMUN) CMD 2025 summary

Strategic ambitions and financial targets

• 2028 targets include adjusted EPS above €7, cumulative net inflows of €300bn from growth areas, and a cost-income ratio below 56%, under neutral market assumptions.

• Plan includes €800m organic reinvestment in growth areas and a payout ratio at or above 65%.

• Capital management prioritizes value-creating M&A, with flexibility to return excess capital via share buybacks.

• Major strategic partnership with ICG targets a 5% EPS accretion and joint development of private asset solutions.

• All targets account for UniCredit scenarios and assume stable tax regimes.

Business development and growth drivers

• Retirement is a key focus, with a new business line aiming for €100bn net inflows by 2028, leveraging defined-contribution trends.

• Asia is targeted for €150bn net inflows, with expansion also planned in Europe, Latin America, Middle East, and South Africa.

• ETF business aims to launch 100 new ETFs, expand digital and institutional partnerships by 50%, and widen its European leadership.

• Amundi Technology expects to double revenues by 2028, leveraging new products like Data as a Service and ALTO AI Studio.

• Digital client base to grow by 50%, with enhanced digital distribution and support for traditional banks' digitalization.

Operational efficiency and innovation

• Commitment to industry-leading cost efficiency, with €40m annual savings from streamlining and AI-driven process optimization.

• 50 AI applications to be scaled by 2028, shifting 10% of workforce to growth areas.

• Investments will focus 40% on technology and 60% on other growth priorities, including talent and marketing.

• ESG and responsible investment remain core, with €280bn in net zero solutions and ongoing innovation in blended finance and climate funds.

• Resource reallocation to growth areas such as technology, Asia, retirement, and private assets.