Net income up +20% Q3/Q3, +€102bn in net inflows over nine months
Strong net inflows
Net inflows2 of +€102bn over nine months, +€46bn in Q3 excluding transfers related to a large institutional mandate in India2
Strong contribution from medium-long-term assets (MLTs3) and Retail
- Assets under management4 of €2.6tn at the end of September, up +11% year-on-year, stable in Q3
Strong earnings growth
Net income1: €409m in Q3, up +20% Q3/Q3, +22% 9M/9M5
Revenue1 growth of +11% Q3/Q3, driven by management fees
Costs: very positive jaws effect of 7 points Q3/Q3, cost-income ratio1 to 50.0% in Q3
- Accounting net income: €675m in Q3, including c.€300m capital gain related to the IPO of SBI FM
Good progress across strategic priorities
Digital players: +€4bn net inflows in Q3, 2 new partnerships plus partnership extensions
Retirement: +€12bn net inflows in Q3; new German distribution mandate and two institutional mandates in Germany and Asia
Distribution partnership with Banco Sabadell extended by five years, until 2035
Geographies: strong net inflows in Q3 in Northern Europe (+€18bn), Asia2 (+€8bn) and the Middle East (+€2bn)
Active management: +€14bn net inflows, driven by fixed income and multi-asset management
ETFs: +€17bn net inflows, assets under management >€100bn in Germany
Private assets: completion of 9.9% ICG stakebuilding; launch of first ICG co-developed evergreen fund
- Surplus capital of €1bn+ following completion of ICG stake building and €500m share buyback
Amundi's Board of Directors met on 28 October 2026 under the chairmanship of Olivier Gavalda, and reviewed the financial statements for the third quarter and the first nine months of 2026.
Valérie Baudson, Chief Executive Officer, said:
"Amundi delivered strong net inflows2, resulting in adjusted net income1 growth of more than +20% in both Q3 and the nine-month period. This performance demonstrates the relevance of our strategic priorities and our continued ability to meet clients’ diverse needs.
Our strong position in retirement, growing partnerships with digital distributors and broad capabilities across active management, index solutions and private assets are translating into sustained commercial momentum.
Together with our diversified business model and strong financial position, these achievements give us confidence in our ability to capture further growth across the savings industry."
1 Adjusted data: see p. 11
2 Excluding transfers related to an institutional mandate managed by Indian JV SBI FM, amounting to -€39.1bn in Q3 2026, and carrying a negligible margin; including these transfers, total net inflows were +€6.5bn in Q3 and +€62.9bn over nine months
3 Medium-to-Long Term (MLT) assets, excluding associates: Asian JVs, Victory Capital's US distribution and ICG
4 See definition of assets under management and net inflows on p.8; the Employee Savings and Retirement (ESR) business line was presented with the Institutional segment until the results of the 4th quarter of 2025, it is now integrated into the Retail segment; the 2025 quarterly series have been restated to take account of this new allocation
5 Pro forma: in this document, the historical series have been restated on a comparable basis, see appendix p.7
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