Amundi Achieves Record Annual Collection of 88 Billion Euros and Raises Pre-Tax Profit by 6%

Record Collections and Asset Growth

Amundi recorded a record net collection of 87.6 billion euros in 2025, including 20.9 billion euros in the fourth quarter. This performance allowed the group's assets under management to reach a new record of 2,380 billion euros at the end of December 2025, up 6.2% year-on-year. This increase is due to the high collection and a favorable market and exchange effect of 62 billion euros, despite the decline of the US dollar and the Indian rupee against the euro by 11% and 16%, respectively. The annual collection was driven by medium-long term assets, with 81 billion euros, including 76 billion euros in passive management, incorporating 46 billion euros in ETFs, and 13 billion euros in active management, thanks to bond and diversified strategies. In terms of clientele, the two major segments and joint ventures contributed to the collection: 21.7 billion euros for Retail, 47.7 billion euros for Institutional, and 19.5 billion euros for joint ventures. Geographically, Asia accounted for 40% of the group's collection with 33 billion euros in 2025, while Northern Europe recorded 40 billion euros. Third-party distributors generated 33 billion euros in collection for the Retail segment, despite outflows from UniCredit networks of 16 billion euros over the year.

Improved Pre-Tax Results and Operational Efficiency

The adjusted pre-tax result amounted to 1,858 million euros, up 6.2% from the 2024 pro forma. This performance was driven by a 6% increase in adjusted net revenues, reaching 3,417 million euros, particularly due to a 4% growth in management fees, outperformance fees reaching 173 million euros up by 23%, and technology revenues amounting to 116 million euros, an increase of 45%. Adjusted operating expenses increased by 6% to 1,781 million euros, reflecting organic investments in growth areas. The adjusted operating coefficient was established at 52.1% in 2025. The adjusted net result was 1,354 million euros. Excluding an exceptional contribution on the profit of large companies in France of 74 million euros, it would have reached 1,428 million euros, up 3% from 2024. The adjusted net earnings per share for 2025 reached 6.58 euros. In the fourth quarter, the adjusted pre-tax result reached 519 million euros, up 12.3% from the fourth quarter of 2024 pro forma, thanks to improvements in operating results and contributions from joint ventures of 22% and from Victory Capital of 19%. The adjusted net revenues of the fourth quarter amounted to 899 million euros, up 8.2% Q4/Q4, while the operating coefficient improved to 50.1% in adjusted terms.

Dividend Proposal and Strategic Developments

The Board of Directors will propose to the General Meeting on June 2, 2026, a cash dividend of 4.25 euros per share, corresponding to a distribution rate of 74% of the group's net accounting result, adjusted for the capital gain on the Victory Capital operation. The group has also decided to launch a share buyback program totaling 500 million euros for cancellation, to be implemented from Wednesday, February 4, 2026, and expected to span approximately one year. Regarding prospects, Amundi concluded a new strategic and capital partnership with ICG, a specialist in private asset management based in London, on February 3, 2026. Amundi began to build a 9.9% stake in this company, notably by acquiring 4.64% as of November 19. Upon obtaining regulatory approvals, Amundi will appoint a director to ICG's board and consolidate its 4.64% stake in the second or third quarter of 2026. ICG will then issue new non-voting shares to Amundi amounting to 5.26% of the capital, with a concurrent buyback of its own ordinary shares. Amundi expects to reach a 9.9% economic interest in ICG by early 2027.