Core Insights - Amundi reported record net inflows of €52 billion in the first half of 2025, matching the total inflows for the entire year of 2024 [3][10] - Assets under management reached an all-time high of €2.27 trillion, reflecting a year-on-year increase of 5% despite negative foreign exchange effects [1][8] - Profit before tax for the first half of 2025 was €895 million, up 4% compared to the same period in 2024, driven by revenue growth and cost control [4][16] Financial Performance - Net inflows for medium-to-long-term assets were €48 billion in H1 2025, significantly higher than €34 billion for the whole of 2024 [10] - Adjusted net revenues for H1 2025 totaled €1.703 billion, a 4.9% increase from H1 2024 [16] - The cost-income ratio remained stable at 52.5%, in line with the Ambitions 2025 target [20] Strategic Developments - Amundi finalized a partnership with Victory Capital on April 1, 2025, consolidating a 26% stake in the company [7][30] - The Institutional division saw net inflows of €31 billion, driven by significant mandates including a €22 billion Defined Contribution mandate in the UK [6][13] - The company continued to focus on responsible investment and technology services, with Amundi Technology revenues increasing by 48% year-on-year [6][19] Regional Insights - In Asia, assets under management grew by 2% year-on-year, reaching €460 billion, with net inflows of €22 billion in H1 2025 [6][12] - The Third-Party Distribution segment experienced strong growth, with net inflows of €13 billion in H1 2025, accounting for 40% of total net inflows [6][10] Market Position - Amundi is the only European asset manager among the top 10 global asset managers, managing approximately €1.7 trillion for European clients [5][6] - The company capitalized on renewed interest in European markets, particularly through ETFs, which attracted €19 billion in net inflows [6][10] Future Outlook - A new three-year strategic plan will be presented in Q4 2025, following the success of the Ambitions 2025 plan [6][30] - The company aims to continue leveraging its position in the market to enhance growth and diversification of its offerings [5][6]

Core Insights - Amundi reported record net inflows of +€31 billion in Q1 2025, the highest quarterly net inflows since 2021, contributing to a total assets under management (AUM) of €2.25 trillion, a 6% increase year-on-year [2][4][15]. Financial Performance - Profit before tax reached €458 million, up 11% year-on-year, driven by revenue growth of 11% and an improved cost-income ratio of 52.4% [21][27]. - Adjusted net income was approximately €303 million, with an adjusted earnings per share of €1.48, reflecting a 9.6% increase compared to the previous year [31][34]. Asset Management Growth - The company experienced strong inflows in medium- to long-term (MLT) assets, totaling +€37 billion, excluding joint ventures (JVs), marking a new quarterly record [16][17]. - Notable inflows included +€21 billion from a significant mandate with The People's Pension in the UK and +€10 billion from ETFs [11][17]. Geographic and Segment Performance - Inflows were particularly strong in Asia, with +€8 billion in net inflows, and Third-Party Distribution recorded a 15.6% year-on-year increase in AUM [10][43]. - The Institutional segment saw net inflows of +€30.1 billion, benefiting from the new mandate and strong bond inflows across various sub-segments [18][23]. Market Context - The capital markets showed positive performance in Q1 2025, with equities and bonds gaining +13% and +3% year-on-year, respectively, positively impacting Amundi's AUM and revenues [12][14]. - Despite a slight decline in the US dollar and Indian rupee, the overall foreign exchange effect was neutral year-on-year, with a minor negative impact on AUM [13][16]. Strategic Developments - Amundi's strategic pillars, including technology and third-party distribution, continue to drive organic growth, with Amundi Technology revenues increasing by 46% year-on-year [5][10]. - The partnership with Victory Capital, finalized in April 2025, is expected to enhance Amundi's offerings in US strategies and contribute positively to future results [6][10].