Corporate Fourth quarter & Full-year 2025 results

2025 marks the successful launch of our new strategic plan "Invest for the Future" with record net inflows of +€88bn – well diversified across our client segments, expertise and geographies - and assets under management at their highest level, at €2,380bn.

This momentum is reflected in our results: pre-tax income1 is up +6%2 year-on-year, driven by the growth in management fees and technology revenues, while we maintained our industry-leading operational efficiency.

After having successfully deployed excess capital into four value creative M&A deals, we are now proposing a dividend of €4.25 per share for 2025 and returning €500m to shareholders through share buyback.

In line with the focus of our new plan, we launched a number of innovative solutions, including our first tokenised money market fund and thematic funds on biodiversity. We also forged new partnerships with digital players and in new geographies, and we won a major retirement solution mandate in Ireland. Finally, our strategic partnership  with ICG opens up promising new prospects. In 2025, we successfully closed our strategic plan underpinned by our leadership positions and diversified growth drivers. We enter 2026 very confident in our ability to efficiently accompany our clients across our many areas of expertise.  

Amundi’s new Invest for the Future Medium-Term Plan (MTP) presented on 18 November⁵ focuses on six strategic priorities, aimed at continuing the growth momentum while accelerating its diversification.

2025 marks the effective launch of this plan, with significant progress demonstrated across Clients, Geographies, Solutions and Technology.

• Clients:
  • Digital distribution net inflows (+€10bn) accounted for half of Retail.
• In retirement, Amundi won several major mandates, including being selected to manage a third of the assets of Ireland’s new auto-enrolment pension scheme.
• Geographies:
  • Asia accounted for 40% of the Group's 2025 net inflows (+€33bn), with nearly half coming from direct distribution (excluding JVs), which grew strongly thanks to major client gains.
  • Northern Europe recorded net inflows of +€40bn in 2025, in particular from the United Kingdom and Germany.
  • In the Middle East, Amundi entered into a commercial partnership with First Abu Dhabi Bank and won several important mandates.
• Solutions:
  • Good active management investment performances drove dynamic net inflows, particularly in fixed income and multi-asset strategies. Amundi’s offer was strengthened by innovations including its first tokenised money market fund, and the  Smart Solutions enabling corporate and institutional clients to optimise the return on stable cash positions, which collected +€20bn in 2025. Three new Victory Capital strategies were launched in UCIT format for European and Asian clients.
  • The ETF platform is strengthening its position as Europe's leading player, with +€46bn in net inflows over the year, and an acceleration in the fourth quarter (+€18bn).
  • Responsible investment also confirmed its good momentum and the enrichment of its range through innovation, thanks to the success of offers replicating the PAB indices⁶, and the launch of a Green Bond fund and a euro credit fund on biodiversity.
• Technology: Amundi Technology recorded another strong growth in its revenues, +45% compared to 2024. The business line has signed 10 new clients in 2025 and added two new countries to it footprint, Denmark and Singapore.

On 18 November, during the presentation of our 2028 MTP, a new partnership was announced with London-based and listed private asset management specialist, ICG. In accordance with this agreement, Amundi has begun to build a proposed 9.9% stake in ICG, and as of 19 November, has acquired 4.64% through a structured transaction.

Upon obtaining the mandatory regulatory approvals, Amundi Group will appoint a director to the ICG board and start consolidating its 4.64% stake using the equity method, a process expected to commence in the second or third quarter 2026. ICG will then begin issuing new non-voting shares to Amundi, amounting to 5.26% of its capital, and repurchasing an equivalent amount of its own ordinary shares on the market to cancel them, thereby eliminating any resulting dilution. Amundi Group expects to reach a 9.9% economic interest in ICG at the end of this process, in early 2027.

Assets under management³ as at 31 December 2025 have increased by +6.2% year-on-year, to reach an all-time high at €2,380bn. This increase reflects high net inflows and a favourable market & forex effect of +€62bn, even when considering the decline of the US dollar and the Indian rupee against the euro (-11% and -16% respectively).

Net inflows for the year reached +€87.6bn, of which +€20.9bn in the fourth quarter.

Annual net inflows were driven by MLT assets⁷, +€81bn (+€24bn in the fourth quarter), both in passive management (+€76bn, +€21bn in Q4), including ETFs (+€46bn, +€18bn in Q4), and in active management (+€13bn, +€5bn in Q4), thanks to fixed income and multi-asset strategies.

Amundi’s two main client segments and JVs contributed to annual net inflows:

• +€21.7bn (+€7bn in Q4) for Retail, thanks to sustained positive momentum in Third-Party Distributors (+€33bn, +€11bn in Q4) and in spite of continued outflows from UniCredit networks (-€16bn over the year, ‑€4bn in Q4);
• +€47.7bn (+€13bn in Q4) for Institutional, thanks to good momentum of euro life contracts for insurers Crédit Agricole and Société Générale (+€16bn, +€2bn in Q4) and major new mandates with pension funds, central banks and sovereign wealth funds;
• +€19.5bn for JVs (+€1.7bn in Q4); India (SBI MF, +€10bn, +€2bn in Q4) and China (ABC-CA, +€2.4bn, +€0.6bn in Q4) confirmed the good level of net inflows of the first three quarters. South Korea (NH‑Amundi, +€6bn, but -€1.0bn in Q4) recorded seasonal outflows in treasury products, while the rest of the year was dynamic.

Adjusted data¹

Adjusted¹ net revenues amounted to €3,417m, up +6% compared to 2024 pro forma². This performance was driven by all businesses:

• net management fees increased by +4%, driven by the increase in assets under management, despite a slight erosion of the margin linked to the product and client mix;
• performance fees were at a high level, €173m (+23%), in line with good investment management performance, particularly in fixed income and multi-asset strategies;
• Technology revenues amounted to €116m (+45%), thanks to organic growth (+30%) and the full-year integration of aixigo.

The progression of Adjusted¹ operating expenses reflected continued cost control, +6% vs. 2024 pro forma²i.e. ‑€1,781m. This increase, contained in a context of sustained activity, also reflects the organic investments made in strategic growth areas.

The Adjusted¹ cost-income ratio increased to 52,1%.

Contributions⁸ from associates, up +10% for JVs and +12%^1,2 for Victory Capital. The latter’s contribution reflects the ramp-up of synergies.

Adjusted¹ pre-tax income reached €1,858m, in up +6.2% compared to 2024 pro forma².

Adjusted¹ tax charge 2025 reached -€507m, a strong increase compared to 2024 pro forma², reflecting the growth in the Group's earnings, and the exceptional tax contribution for large companies in France, which amounts to ‑€74m¹.

Adjusted¹ net income spring to €1,354m. Excluding the exceptional tax contribution, it would have reached €1,428m, up +3% compared to 2024.

Adjusted¹ earnings per share for the year 2025 was €6.58.

Accounting data for the year 2025

Accounting net income Group share amounted to €1,592m, including the non-cash capital gain of +€402m related to the finalisation of the Victory Capital partnership as well as the exceptional charge related to the cost optimisation plan of -€88m in the second half.

Accounting earnings per share for 2025 reached €7.74.

Adjusted¹ net revenues amount to €899m, up +8.2% compared to the fourth quarter of 2024 pro forma², driven by management fees (+4%), performance fees (+47%) and technology revenues(+37%). Revenues are also up compared to the third quarter of 2025.

Adjusted1 operating expenses remain under control at -€450m, +5,9% compared to the fourth quarter of 2024 pro forma², given the high level of revenues in the quarter and investments in development initiatives. The first effects of the optimisation plan launched in the second quarter have made it possible to accelerate the redeployment of resources to strategic growth areas.

Thanks to the positive jaws effect between revenue and cost growth, the cost-income ratio improved year-on-year to 50.1% on an adjusted1 and pro forma² data basis.

Adjusted¹ pre-tax income reached €519m, up +12.3% compared to the fourth quarter of 2024 pro forma2, thanks to increases in operating income and contributions from JVs (+22%) and Victory¹ (+19%).

Adjusted tax expense¹ of the fourth quarter of 2025 reached -€143m. In addition to the quarterly impact of the exceptional tax contribution in France (-€11m), it includes a tax expense of -€12m relating to the payout by Indian JV SBI MF of an exceptional dividend⁹.

Adjusted net income¹ spring to €376m, almost stable Q4/Q4. Restated for the exceptional tax contribution, it would have been €387m, up +3% Q4/Q4.

Adjusted¹ earnings per share in the fourth quarter of 2025 achieved €1.82.

Accounting data in the fourth quarter of 2025

Accounting net income, Group share amounted to €346m. It includes an exceptional restructuring charge of -€8m related to the optimisation plan.

Accounting earnings per share in the fourth quarter of 2025 reached €1.68.

Tangible net equity¹⁰ amounted to €4.9bn as at 31 December 2025, up +10% compared to the end of 2024.

The Board of Directors will propose to the Annual General Meeting on 2 June 2026 a dividend of €4.25 per share, in cash¹¹, i.e. a yield of close to 6% based on the share price as of 30 January, 2026 (closing at €74.95). It corresponds to a payout ratio of 74% of the accounting net income group share restated for the capital gain on the Victory Capital transaction, according to the usual calculation method¹².

The Board of Directors also decided to launch, in accordance with the commitments of the 2025 Ambitions plan and the announcements of the 2028 Medium-Term Plan, a buyback program of Amundi shares for a total of €500m,with a view to their cancellation. The implementation of this plan will start on Wednesday 4 February, and is expected to be spread over a period of approximately one year reflecting share liquidity and regulatory constraints.