Amundi: Third quarter and Nine-month 2025 results

Contributing sentiments towards policy:

65% : Contribution from all major client segments and regions Growth in pre-tax income Advertisement Third quarter: adjusted pre-tax income1 €445m, growth of +4% Q3/
61% : In France, the exceptional tax contribution on the profits of large companies amounted to -€63m for the first nine months of 2025.
60% : Accounting earnings per share for the first nine months of 2025 reached €6.07, including the capital gain, the restructuring charge and the exceptional tax contribution in France.
59% : In France, the impact of the exceptional tax contribution on the profit of large companies amounts to -€9m in the third quarter of 2025.
59% : Restated for this exceptional contribution, the adjusted tax expense1 would have been -€302m and the adjusted effective tax rate1 would be equivalent to that of the first nine months of 2024.
58% : We recorded inflows of +€15bn, an increase in our revenues of +5%1,4 and an increase in our pre-tax income of +4%1,4.
58% : In responsible investment, Amundi has been selected by a consortium of 79 UK universities led by Cambridge (UK Higher Education Institutions) to create a money market fund of nearly £500m that excludes companies contributing to the expansion of fossil fuels.
57% : Third-party distribution: inflows +€21bn, mainly in MLT assets * Asia +€29bn, including +€19bn in JVs7 and +€10bn in direct distribution, positive in all countries * ETF +€28bn, Europe's leading supplier thanks to the success of flagships and innovation * Responsible investment: a fossil fuel-free money market fund for a consortium of British universities *
57% : Q3/Q3 growth in pre-tax income1 thanks to the dynamism of the activity and revenues Q3 2025 results include aixigo, the acquisition of which was finalised in early November 2024. Adjusted data1 Adjusted net revenues1 amount to €815m, up +4.9% compared to the third quarter of 2024 pro forma4, driven by the Management fees and the Technology Revenues: * the Net Management Fees grew by +3.3% compared to the third quarter of 2024 pro forma4 (and by +4.2% compared to the second quarter of 2025), at €747m, thanks to the increase in average assets under management3 over the same period, despite the unfavourable effect of the depreciation of the U.S. dollar; *
57% : Pre-tax income1 reached €1,340mup +4.1% compared to the first nine months of 2024 pro forma4.
57% : This growth comes mainly from the increase in revenues and the contribution from JVs and Victory Capital. Adjusted net income1 reached €978m. Excluding the exceptional corporate tax contribution, it would have reached €1,041m, up +4% compared to the first nine months of 2024 pro forma4.
56% : Accounting earnings per share in the third quarter of 2025 reached €1.21, including the restructuring charge and the exceptional tax surcharge in France. Results for the first nine months of 2025 The financial statements for the first nine months of 2025 include Amundi US fully integrated into each line of the income statement in the first quarter.
54% : Third quarter and Nine-month 2025 results Pre-tax income1 up +4% Q3/Q3, driven by management fees and technology Sustained inflows over nine months and in Q3 Get the latest news delivered to your inbox Sign up for The Manila Times newsletters By signing up with an email address, I acknowledge that I have read and agree to the Terms of Service and Privacy Policy.
54% : The Pre-tax income1 reached €445m, up +3.8% compared to the pro forma4 third quarter of 2024.
53% : As of the second quarter and the completion of the partnership with Victory Capital, the contribution of Amundi US, which was previously fully integrated and therefore contributed to revenues, operating expenses and taxes, is replaced by the consolidation by equity method of the Group's share (26%) in Victory Capital.
53% : Restated for this contribution, the adjusted tax expense1 would have been €97m, up +4.4% and the adjusted effective tax rate1 would have reached 25.6%, a very slight increase compared to the pro forma4 third quarter of 2024. Adjusted net income1 reached €340m. Restated for the exceptional tax contribution, it would have been €349m. Adjusted1 earnings per share in the third quarter of 2025 achieved €1.65.
53% : Pre-tax income1
52% : The adjusted contribution1 of U.S. operations, equity-accounted, which includes Victory Capital's contribution for the Group's share (26%) from the second quarter on, amounts to €60m. Adjusted tax expense1 over the first nine months of 2025 reached -€365m, a strong increase (+28.2%) compared to the first nine months of 2024 pro forma4.
51% : +48.4% Financial income and other revenues 57 62 -7.4% Operating expenses - adjusted (1,330)(1,252)+6.3%Cost/income ratio - adjusted (%) 52.8%52.2%+0.7ppGross operating income - adjusted 1,187 1,148 +3.5% Cost of risk & others - adjusted (7) (10) -30.6% Associates - JVs 99 94 +5.7% Associates - US operations17 - adjusted 60 55 +7.7% Pre-tax income - adjusted 1,340 1,287 +4.1% Corporate tax - adjusted (365) (284) +28.2% Non-controlling interests 3 2 +38.9% Net income Group share - adjusted 978 1,005 -2.7%Amortisation of intangible assets after tax (43)(49)-13.4%Integration costs and after-tax PPA amortisation after tax (69)0 NMVictory Capital adjustments (after tax, group share) (22)0 NMVictory Capital capital gain, after tax 402 0 NMNet income Group share 1,246 956 +30.4% Earnings per share (€) 6.07 4.67 +29.9% Adjusted earnings per share (€) 4.76 4.91
50% : For the sake of comparability, the 2024 results are presented as if Amundi US had been consolidated from the second quarter on a 100% equity basis, i.e. without contribution to income, expenses and taxes but only to net income via an equity-accounted line.
50% : The adjusted corporate tax expense1 of the third quarter of 2025 reached -€106m, up +14.2% compared to the third quarter of 2024 pro forma4.

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