Amundi (AMUN) Q2 2026 earnings summary

Executive summary

• Assets under management reached €2,581bn at June 2026, up 14% year-on-year and 8% quarter-on-quarter, with record net inflows of €56.4bn in H1 and €24bn in Q2.

• Net income (adjusted) reached €431m in Q2 2026 (+29% year-on-year) and €781m in H1 2026 (+22% year-on-year), with adjusted EPS at €2.09 in Q2 and €3.78 in H1.

• Strong commercial momentum and strategic progress across all client segments, geographies, and asset classes, including retirement, ETFs, private assets, and responsible investment.

• Strategic priorities for 2028 advanced, with innovation in products, technology, and successful international expansion, notably in Asia and Northern Europe.

Financial highlights

• Q2 2026 adjusted revenues were €933m (+18% year-on-year), with H1 2026 adjusted revenues at €1,835m (+13.8% year-on-year); management fees rose 17% and technology revenues up 25%.

• Adjusted cost/income ratio improved to 48.9% in Q2 and 49.6% in H1.

• Gross operating income (adjusted) was €477m in Q2 (+28% Q2/Q2) and €924m in H1 (+18% H1/H1).

• Accounting net income group share was €409m in Q2 and €753m in H1, impacted by a non-recurring €402m capital gain in H1 2025.

Outlook and guidance

• Management expects continued growth momentum into H2 2026, focusing on executing strategic priorities, expanding in Asia, and delivering value for clients and shareholders.

• Proceeds from SBI FM IPO to be used for external growth or returned to shareholders if not deployed.

• Share buyback program underway, with 70% completed by July 2026; shares to be cancelled at program end.