Amundi: adjusted net income of €409 million in third quarter, driven by record net inflows over nine months

Revenues up 11.3%, cost-to-income ratio brought down to 50.0%

Adjusted net revenues reached €908 million in the third quarter, up 11.3%. Management commissions increased from €747 million to €845 million, technology revenues grew 16.5% to €34 million, while outperformance fees, seasonally weaker, declined to €20 million from €33 million.

Adjusted operating expenses stood at €454 million, stable over the last four quarters according to the group. The adjusted cost-to-income ratio thus improved from 53.5% to 50.0% year-over-year, and adjusted pre-tax income grew 20.1% to €535 million.

Equity-accounted companies contributed €83 million (+23.4%), including €14 million for ICG. The contribution from Asian joint ventures declined 6.0% to €32 million, reflecting the fall in the Indian rupee and the sale of 10% of the stake in SBI FM.

Adjusted earnings per share reached €2.04, compared to €1.65 a year earlier. Compared to the second quarter, adjusted net income declined 5.3% and the cost-to-income ratio increased from 48.9% to 50.0%.

Over nine months, adjusted revenues grew 13.0% to €2,743 million and adjusted net income 21.6% to €1,189 million, on a comparable basis. The accounting net income for the quarter came to €675 million, including a gain of approximately €300 million related to the partial sale of SBI FM.

Net inflows of €45.6 billion in quarter, excluding Indian mandate

Quarterly net inflows include a negative impact of €39.1 billion related to the partial reallocation of an institutional mandate managed by SBI FM. This mandate carries negligible margin and the group expects no impact on its results. Transfers included, net inflows came to €6.5 billion for the quarter and €62.9 billion over nine months.

Excluding these transfers, medium and long-term assets represent 42.5 of the 45.6 billion euros collected, virtually all of it. ETFs and index solutions contributed €27 billion, of which €17 billion for ETFs alone, and active management €14 billion.

Retail collected €21 billion, despite outflows of €4 billion from UniCredit networks, and institutional clients €20 billion. By region, Northern Europe posted €18.2 billion in the quarter, while Italy recorded net outflows of €15.5 billion over nine months.

The virtual stability of assets under management during the quarter is explained by these transfers and by a negative market and currency effect of €8.8 billion. Over twelve months, net inflows excluding transfers contributed €123 billion, market and currency effects €172 billion and the integration of ICG €6 billion.

Over one billion euros of capital surplus after ICG and buybacks

Amundi completed its acquisition of a 9.9% stake in ICG for €620 million, lower than the amount estimated when the partnership was announced. The first evergreen fund resulting from this agreement, Amundi ICG Global Private Equity Secondaries, was launched.

The €500 million share buyback program ended in September with 5.9 million shares acquired, representing 3% of capital, cancelled by decision of the board of directors on October 28, 2026. The distribution partnership with Banco Sabadell was also extended by five years, until 2035.

Full-year 2026 results will be published on February 2, 2027. Following the completion of these two transactions, and taking into account the nine-month results including the gain on SBI FM, Amundi's capital surplus stood at over one billion euros at end-September 2026.