Amundi: Record Collection of 32 Billion Euros in Q1, Net Income Up by 15%
In the first quarter of 2026, Amundi recorded a net collection of 32 billion euros, its highest level in over four years, driven by all customer segments and asset classes. The adjusted net income increased by 15% year-on-year to 349 million euros, with earnings per share reaching 1.69 euros. However, total assets under management only increased by 0.8% over the quarter, as the business momentum was partially offset by negative market and exchange rate effects of -13.6 billion euros.
Net Collection at Its Highest Level in Four Years
The quarterly collection reached 32.0 billion euros, surpassing the first quarter of 2025, which had benefited from a significant institutional mandate. This performance reflects sustained activity across all customer segments, according to the statement. The growth mainly comes from medium-long term (MLT) assets, amounting to 30.9 billion euros, equivalent to an annualized 7%. ETFs and indexed solutions led the collection with 24 billion euros, including 16 billion from ETFs alone. Active management contributed 7 billion euros and private assets 3 billion. Amundi Technology saw a 21% increase in its revenues, with license revenues up by 27%. Assets under management reached 2,398 billion euros as of March 31, 2026, up by 6.7% over the year. However, in the first quarter alone, the increase was only 0.8%, as market and exchange effects reduced the assets by 13.6 billion euros. Equity markets fell by 3% and the Indian rupee by 2% over the period.
Revenues at an All-Time High, Net Income Up by 15%
Adjusted net revenues amounted to 902 million euros, the highest quarterly level ever recorded by the group. This 9.7% increase compared to the first quarter of 2025 (pro forma) is driven by business revenues. Adjusted operating expenses amounted to 455 million euros, up by 9.5% year-on-year, a slightly less dynamic increase than that of revenues, reflecting the impact of business growth and strategic investments. The adjusted operating ratio improved to 50.4%. Pre-tax income reached 510 million euros, up by 12.9% compared to Q1 2025 (pro forma), surpassing the 500 million mark for a quarter for the second time since Amundi's listing. Contributions from associated companies accounted for using the equity method increased by 33% to 66 million euros. Adjusted net income amounted to 349 million euros, up by 15%, while adjusted net earnings per share also increased by 15% year-on-year to 1.69 euros. In accounting terms, the net income attributable to the group was 344 million euros and the accounting earnings per share were 1.67 euros.
Record Assets Despite Headwinds
Although assets reached a record of 2,398 billion euros at the end of March, the quarter's progression remained limited to 0.8%, hampered by market and exchange turbulence. The 3% decline in global equities and the 2% fall in the Indian rupee combined to erode 13.6 billion euros from the assets. CEO Valérie Baudson highlighted that the positive collection in MLT assets in March, despite a volatile context, demonstrates the strength of the business model and the relevance of the axes of the new 2028 strategic plan of the group. According to the statement, the results of the first quarter confirm the successful implementation of the strategy announced in November 2025. This business momentum contrasts with the cyclical weakness of the markets, illustrating the group's dependence on collection activity to offset market effects.
