2024 4th Quarter and Annual results

In 2024, the strategic priorities of our Ambitions 2025 Plan contributed significantly to the growth of our activity and our results. They ideally position us on the growth drivers of the savings industry.

Third-Party Distribution

Third-Party Distribution delivered strong asset growth, +27% year-on-year, to €401bn at the end of December, and therefore already at the target of the Ambitions 2025 Plan, one year ahead of schedule.

Third-Party Distribution now represents 57% of the Retail segment's assets under management, compared with 52% at the end of 2021. 2024 net inflows of +€32bn were at an all-time high.

Asia

Asia continued to grow and saw its assets under management increase by +17% year-on-year, to €469bn, thanks to +€28bn net inflows in 2024, positive in the 9 countries where Amundi operates. Our Indian Joint Venture SBI MF continued to grow (€292bn in assets under management, +23% year-on-year with +€20.6bn net inflows), as well as direct distribution excluding Joint Ventures (€103bn in assets under management, +16% year-on-year, with 2024 net inflows of +€5bn).

2024 was marked in particular by the success of the partnership with Standard Chartered and the launch of the "CIO Signature Funds" range, with assets under management reaching $2bn with the bank's clients in 11 countries in Asia, the Middle East and Africa.

ETFs

ETFs reached €268bn in assets at the end of December, up +30% year-on-year, driven by record net inflows of +€27.8bn for the year, including +€10.5bn in the fourth quarter, the highest ever.

Fixed Income

The Fixed income business line now manages €1,190bn in assets under management¹ via a very wide range of solutions, which we have adapted in the face of variations in long-term rates over the year; these solutions gathered +€57.5bn¹ in 2024, of which +€11.7bn¹ in the fourth quarter, thanks to a wide range of strategies.

Technology revenues

Technology revenues once again posted a strong increase this year, by +33.8% compared to 2023, to €80m, and even by +47.1% in the fourth quarter of 2024 vs. the same quarter in 2023; Amundi Technology completed in the fourth quarterthe acquisition of the European leader in Wealth Tech, aixigo, complementing the ALTO² Wealth and Distribution platform with a modular offering recognised in the industry.

Investments in these strategic areas set in 2022 as part of the Ambitions 2025 Plan have made it possible to achieve a number of major business objectives by 2024 and to place Amundi on a financial trajectory ahead of this Plan:

• assets under management targets have been or are close to being reached at the end of 2024, a year ahead of schedule, for third-party distributors (€401bn vs. the €400bn target), passive management (€418bn vs. €420bn) and even Asia (€469bn, at 6% of the €500bn target);
• 2024 cost income ratio³ at 52,5%, is already on target for 2025 by less than 53%;
• 2024 net income³, at €1,382m, shows an average annual growth rate of +6.1%, compared to the reference 2021 net income⁴ of the Plan, above the target of +5%; even restated for the slight positive market effect between 2021 and 2024, i.e. at constant markets, the average annual growth rate, at +5.5%, is above the target for each of the three years since the Plan was announced;
• for 2024, the proposed dividend of €4.25 per share corresponds to a payout ratio⁵ of 67%, which remains above the minimum target of the Medium-Term Plan (65%), as in 2022 and 2023;
• the average dividend payout ratio over 2022-24, at 72%, corresponds to a distribution surplus of +€0.24bn over the period, to which one should add three external transactions that also consumed some capital generated over the period to the tune of +€0.5bn; as a result, the surplus capital remaining available for acquisitions at the end of 2024 is above €1bn;
• Amundi has achieved three external growth operations: the acquisition of the private asset multi-management specialist Alpha Associates, finalised in April 2024, the partnership with the US asset manager Victory Capital, signed in July and expected to be completed towards the end of the first quarter of 2025, and finally the acquisition of the Wealth Tech aixigo, finalised in November 2024; these three operations are fully in line with the objectives of Ambitions 2025, both in terms of strategic and financial objectives; they will generate an accretion of earnings per share3 of about +5% by 2027E⁶ and a return on investment of around 12% on the same date;
• finally, the extra-financial and climate commitments of the ESG Ambitions 2025 plan have been achieved or are well on their way to being achieved:
  • the share of ETFs (in number) meeting the ESG criteria⁷ of the SFDR regulation reached 37% at the end of 2024, compared to a target of 40% at the end of 2025;
  • the number of companies with which we have engaged in shareholder dialogue on their climate transition plans has increased by +1,478 since 2021, compared to a target of +1,000 over 2021-25;
  • Greenhouse gas emissions per employee fell by -62% compared to 2018, against a target of a -30% reduction.

In the fourth quarter of 2024, the average level of equity markets⁸ increased by +2.8% compared to the previous quarter and by +19.5% compared to the same quarter of 2023. European bond markets⁹ were also up, by +1.6% compared to the previous quarter and by +6.7% compared to the same quarter of 2023, reflecting the ECB's rate cut decisions and the tightening of credit spreads. The market effect is therefore positive on the evolution of Amundi's revenues and results over these two periods.

Compared to the 2021 averages that had been used as a reference for the Ambitions 2025 plan, the market effect is only slightly positive.

The asset management market in Europe continued its recovery in the fourth quarter. Net inflows in open‑ended funds¹⁰, at +€232bn, were driven by passive management (+€111bn) and to a lesser extent by treasury products (+€74bn). For the third consecutive quarter, medium- to long-term active management recorded positive flows (+€46bn) driven by fixed income strategies (+€61bn).

Our assets under management

Assets under management³ by Amundi as of 31 December 2024 grew over the quarter and the year by +2.2% and +10.0% respectively, to reach a new record of €2,240bn. Over both periods, they benefited from market appreciation, but also from a high level of inflows, the highest since 2021. In the fourth quarter of 2024, the market and currency effect amounted to +€28.1bn. Year-on-year, the increase in assets under management also benefited from the integration of Alpha Associates since the second quarter of 2024.

Net Inflows

Net inflows over the quarter of +€20.5bn brought annual inflows to +€55.4bn, double the 2023 inflows.

However, 2024 inflows include the exit in the third quarter of a low-revenue mandate with a European insurer, of -€11.6bn. Despite this exit, the net inflows in Medium-Long Term Assets were +€34.0bn on the year. The last quarter is particularly dynamic, at +€17.9bn, thus representing more than half of the Medium-Long Term Assets inflows of the year, and most of the total net inflows for the quarter.

These strong Medium-Long Term Assets inflows in the quarter continued to be driven by ETFs (+€10.5bn) and active management (+€5.5bn), notably through the active fixed income strategies (+€9.1bn). The fixed income management teams have been particularly good at anticipating changes in long-term rates to meet client needs. Also of note was a good performance in structured products, at +€0.9bn.

The rest of net inflows for the quarter came from treasury products (+€0.7bn) and Joint Ventures (+€1.9bn)

All client segments contributed to the positive net inflows:

• the Retail segment, at +€11.5bn, recorded its highest level of inflows since 2021, thanks to record inflows from Third-Party Distributors (+€12.7bn) and positive inflows from partner networks in France (+€0.8bn), compared to net outflows from International networks (-€1.4bn) and at Amundi BOC WM;
• The Institutional segment at +€7.1bn, of which +€10.8bn in MLT assets4, benefited from a strong contribution in MLT assets from Institutional and Sovereign (+€7.4bn) as well as CA & SG Insurers (+3,7€bn), and in treasury products from Corporates (+€9.1bn); this asset class nevertheless saw a net outflow in the segment (-€3.7bn) due to exits by certain institutional investors, sovereigns and CA & SG insurers, which switched to short-term bond solutions;
•  Joint Ventures (+€1.9bn) continued to benefit from dynamic inflows from SBI MF in India (+€2.3bn).

In the fourth quarter of 2024, adjusted net income³ reached €377m, up +20.5% compared to the fourth quarter of 2023. Since the second quarter, it has included Alpha Associates, whose acquisition was finalised in early April, as well as aixigo in the fourth quarter of 2024.

The growth in net income is mainly due to organic revenue growth and the very strong momentum of Asian Joint Ventures.

Adjusted net revenues³ reached €924m, up sharply by +14.6% compared to the fourth quarter of 2023, mainly driven by management and technology revenues.

The increase in Operating expenses³, by +13.1% compared to the fourth quarter of 2023, to €482m, remains lower than the increase in revenues (+14.6%) over the same period, thus generating a positive jaws effect which reflects the Group's operational efficiency.

The Cost income ratio at 52,1% in adjusted data3, improved from the same quarter last year.

The Adjusted gross operating income³ (GOI) amounted to €443m, up +16,4% compared to the fourth quarter of 2023, reflecting double-digit revenue growth.

Income from equity-accounted companies, at €29m, was up +1.6% compared to the fourth quarter of 2023. Growth was slowed by the negative impact of the decline in Indian equity markets on the financial revenues of our local Joint Venture, SBI MF, despite the continued strong growth of its business.

Adjusted earnings per share³ in the fourth quarter of 2024 reached €1.84, up +20,2%.

For the year 2024, the adjusted net income³ amounts to €1,382m, up +13.0%. This strong growth reflects the high level of activity:

• Adjusted net revenues³ grew by +9,2% compared to 2023, to €3,497m, mainly driven by operating income; net management fees rose by +8.3%, in line with the growth in average assets under management; the increase in performance fees is explained by a very good performance of the management teams, particularly for active bond strategies; Amundi Technology's revenues also grew strongly (+33.8% to €80m), thanks to the acquisition of aixigo in Q4 (+€5m) and the acquisition of 8 new clients in 2024;
•  Net management fee margins were stable compared to 2023, at 17.7 basis points, as the positive effects of market appreciation and the client mix offset the unfavourable effect of the product mix;
• Adjusted operating expenses³ grew less than revenues, by +7.7% to €1,837m, generating a positive jaws effect; almost half of the increase was due to the first consolidation of Alpha Associates and aixigo, investments in growth areas (technology, ETFs, third-party distribution, Asia, etc.) and higher provisions for variable compensation;
• the Adjusted cost income ratio³ reached 52.5%, compared to 53.2% in 2023, remaining at the best level and already at the 2025 target of less than 53%.

The Adjusted gross operating income³ (GOI) amounted to €1,660m, up +10,8% compared to 2023.

Income from equity-accounted companies, which reflects Amundi's share of the net income of minority JVs in India (SBI MF), China (ABC-CA), South Korea (NH-Amundi) and Morocco (Wafa Gestion), accentuates this growth. Their contribution, at €123m, grew faster than GOI at +20.9% compared to 2023, mainly driven by the JV in India, whose contribution exceeded €100m (€104m) for the first time, up +31.5% compared to 2023.

Adjusted earnings per share³ reached €6.75 in 2024.

Tangible net assets¹¹ amounted to €4.5bn at 31 December 2024, up +€0.2bn/+4.5% compared to the end of 2023, taking into account in particular the accounting net income excluding the amortization of intangible assets for the year 2024 (+€1.4bn) and, in return, the payment of dividends (-€0.8bn) last May for the 2023 financial year and the recognition of goodwill and intangible assets in respect of the two acquisitions, Alpha Associates and aixigo (-€0.5bn).

On 5 September 2024, the FitchRatings rating agency confirmed Amundi's long-term rating at A+ with a stable outlook, the best in the sector.

The Board of Directors will propose to the Annual General Meeting on 27 May 2025, a dividend of €4.25 per share, in cash, an increase compared to the dividend paid for the 2023 financial year.

This dividend corresponds to a payout ratio of 67% of net income Group share, and a yield of more than 6% based on the share price as of 31 January 2025 (closing at €68).

This ex-dividend date will be Tuesday 10 June 2025 and will be paid as of Thursday 12 June 2025.

Since the listing in November 2015, the TSR¹² (total shareholder return) has been +126%, i.e. +9.2% per year on average.

"2024 was a record year for Amundi, both in terms of results and activity. Our net income has reached €1.4bn and our net inflows have doubled compared to 2023.

Our assets under management are at an all-time high, at more than €2,200bn, thanks to very dynamic inflows in several strategic areas, such as third-party distributors, ETFs and Asia. We also confirmed and expanded our leading position in fixed income strategies. The success of our technological services offer was also consolidated.

Finally, we carried out three external growth operations. They accelerate our development and create value for our clients and shareholders.

This commercial performance resulted in record results, both for the year and in the fourth quarter. Our cost/income ratio, at the best level in the industry, is already in line with our 2025 target. This strong financial performance allows us to propose an increased dividend, offering an attractive return for our shareholders.

2024 marks an acceleration of the diversification that was initiated with the Ambitions 2025 plan, several objectives of which have already been achieved, one year ahead of schedule.

Close to our clients and attentive to their needs, we are very well positioned on the mega-trends of the savings industry. This makes us confident about our future growth. "

1. Including JV: €247bn in assets under management, +€12.2bn inflows in 2024 and +€0.6bn in quarter four

2. ALTO: Amundi Leading Technologies & Operations, Amundi's suite of 5 technology applications, including ALTO Investment, Wealth and Distribution, Sustainability, Asset Servicing and Employee Savings and Retirement

3. Adjusted data

4. Adjusted net income Group share, normalised for the exceptionally high level of performance fees in the year: €1,158m

5. Calculated on accounting net income Group share

6. Compared to consensus estimates prior to these transactions

7. According to SFDR Articles 8 and 9

8. 50% MSCI World + 50% Eurostoxx 600 composite index for equity markets, average values over each period considered

9. Bloomberg Euro Aggregate for bond markets, average values over each reporting period

10. Source: Morningstar FundFile, ETFGI. European & cross-border open-ended funds (excluding mandates and dedicated funds). Data at the end of December 2024.

11. Shareholders' equity less goodwill and intangible assets

12. The TSR (Total Shareholder Return) includes the total return for a shareholder: increase in the share price + dividends paid from 2016 to 2024 + Preferential Subscription Rights detached in May 2017. Calculation made on the basis of the closing price of 31 January 2025.