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].