Amundi Q2 2019 Financial Results and Business Growth Insight

Accounting net income of €480m (up +5.6% vs. H1 2018)
Growth in-line with targets of 3-year plan

Results

A high level of net income, and again on the rise:

Accounting net income of €480m, up by +5.6% vs. H1 2018
Adjusted net income¹ of €505m, up by +2.7% vs. H1 2018
- Total net revenues¹ nearly stable at €1,332m
- Operating costs under control with a cost/income ratio¹ of 51.1%

Business activity

AuM of €1,487 bn² at 30 June 2019, an increase of +4.3% vs. the end of December 2018
In H1 2019
- Sustained high inflows² in MLT assets³: +€8.0bn excluding reinternalisation of a mandate in Italy⁴
- Total net outflows of -€11.7bn due to:
Substantial outflows from treasury products (-€13.4bn)
The reinternalisation in Q1 2019 of an institutional mandate in Italy (-€6.3bn)
In Q2 2019, net outflows² of -€4.8bn, related to seasonal outflows from treasury products

Amundi’s Board of Directors, chaired by Xavier Musca, convened on 30 July 2019 to review the financial statements for the first half of 2019.

Yves Perrier

Amundi's CEO

In the first half of 2019, Amundi confirmed the solidity of its business model. Results have increased again, in line with the targets of the three-year plan. This increase in profitability reflects both the resiliency of business and margins in a more difficult environment, and the full effect of the synergies from the Pioneer acquisition. Amundi has continued to strengthen its organization with targeted recruitment (mainly for passive management and real assets). In addition, Amundi has launched several Responsible Investing initiatives, in keeping with the plan announced in October 2018

_{Adjusted data: excluding amortisation of the distribution contracts and, in 2018, excluding costs associated with the integration of Pioneer}
_{Assets under management and net inflows include assets under advisory and assets sold and take into account 100% of assets under management and net inflows on the Asian JVs. For Wafa in Morocco, assets are reported on a proportional consolidation basis.}
_{Medium-Long-Term (MLT) Assets: excluding treasury products}
_{Reinternalisation of an Italian institutional mandate for -€6.3bn in Q1 2019}