Record inflows:
- Assets under management1 at an all-time high of €2.25tn at end of March 2025, +6% year-on-year
- Highest quarterly net inflows since 2021, at +€31bn in Q1
- +€37bn in medium- to long-term assets excluding JVs, new quarterly record
- Positive inflows in active management (+€6bn)
- Strong ETF net inflows and gain of a big ESG equity index mandate with The People's Pension (UK): +€21bn
Strong growth in profit before tax
- Profit before tax2 of €458m, up +11% Q1/Q1, driven by:
- revenue growth (+11%)
- positive jaws effect
- improved cost-income ratio to 52.4%2
- Adjusted net income2,3 close to €350m excluding impact of exceptional tax surcharge4 in France (-€46m)
Confirmed strategic pillars success
- Strong inflows in growth areas:
- Third-party distribution +€8bn
- Asia +€8bn
- ETF +€10bn
- Amundi Technology: strong organic growth, integration of aixigo and revenues up +46% Q1/Q1
Amundi's Board of Directors met on 28 April 2025 chaired by Philippe Brassac, and approved the financial statements for the first quarter of 2025.
After a record year in 2024, Amundi continued this momentum in the first quarter of 2025. Quarterly net inflows are at their highest since 2021: our clients, whether they are individuals or institutions, have entrusted us with +€31bn more to manage. In particular, we won a major mandate from one of the UK's largest pension funds in the fast-growing market for Defined Contribution pension plans.
The business continues to reflect the relevance of our main growth pillars: net inflows were dynamic with Third-Party Distributors, in Asia and on ETFs, and Amundi Technology continues its sustained growth.
The three transactions signed in 2024 reinforce this solid organic growth: Alpha Associates and aixigo have already contributed positively to the quarter's results, the partnership with Victory Capital, closed on 1 April, now allows us to offer more US strategies while creating value for our shareholders.
Amundi's diversified model and agility allow us to effectively support our clients in all market environments and provide them with long-term growth opportunities. We continue to invest, redeploy our resources and optimise our cost base to adapt our platform, meet the changing needs of clients and develop new services for them.
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- Assets under management and net inflows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of assets under management and net inflows from Asian JVs; for Wafa Gestion in Morocco, assets under management and net inflows are reported in proportion to Amundi's share in the capital of the JV.
- Adjusted data: see p. 11
- Net income Group share
- Total tax expense in Q1 2025 of -€155m, of which the exceptional tax contribution (surcharge) in France booked in Q1 for -€46m; the total amount of the exceptional contribution estimated to be paid in fiscal year 2025 is estimated at -€72m; Q1 2025 adjusted net income including this surcharge was €303m.
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