Valérie Baudson, Chief Executive Officer, said:
"2025 marks the successful launch of our new strategic plan "Invest for the Future" with record net inflows of +€88bn – well diversified across our client segments, expertise and geographies - and assets under management at their highest level, at €2,380bn.
This momentum is reflected in our results: pre-tax income1 is up +6%2 year-on-year, driven by the growth in management fees and technology revenues, while we maintained our industry-leading operational efficiency.
After having successfully deployed excess capital into four value creative M&A deals, we are now proposing a dividend of €4.25 per share for 2025 and returning €500m to shareholders through share buyback.
In line with the focus of our new plan, we launched a number of innovative solutions, including our first tokenised money market fund and thematic funds on biodiversity. We also forged new partnerships with digital players and in new geographies, and we won a major retirement solution mandate in Ireland. Finally, our strategic partnership with ICG opens up promising new prospects. In 2025, we successfully closed our strategic plan underpinned by our leadership positions and diversified growth drivers. We enter 2026 very confident in our ability to efficiently accompany our clients across our many areas of expertise."
Key Figures as at 31 December 2025
Net inflows 2025¹. Positive inflows in both passive management and active management.
€2,380bnAssets under management² at a new record
€1,858mAdjusted pre-tax income¹, Thank to revenue growth (+6%) and operational efficiency
Acceleration thanks to the strategic pillars of the new 2028 Middle-Term Plan
Our new Invest for the Future Medium-Term Plan presented on 18 November focuses on six strategic priorities, aimed at continuing the growth momentum while accelerating its diversification.
2025 marks the effective launch of this plan, with significant progress demonstrated across Clients, Geographies, Solutions and Technology.
Clients
- Digital distribution net inflows (+€10bn) accounted for half of Retail.
- In retirement, we won several major mandates, including being selected to manage a third of the assets of Ireland’s new auto-enrolment pension scheme.
Geographies
- Asia accounted for 40% of the Group's 2025 net inflows (+€33bn), with nearly half coming from direct distribution (excluding JVs), which grew strongly thanks to major client gains.
- Northern Europe recorded net inflows of +€40bn in 2025, in particular from the United Kingdom and Germany.
- In the Middle East, we entered into a commercial partnership with First Abu Dhabi Bank and won several important mandates.
Solutions
- Good active management investment performances drove dynamic net inflows, particularly in fixed income and multi-asset strategies. Our offer was strengthened by innovations including its first tokenised money market fund, and the Smart Solutions enabling corporate and institutional clients to optimise the return on stable cash positions, which collected +€20bn in 2025. Three new Victory Capital strategies were launched in UCIT format for European and Asian clients.
- The ETF platform is strengthening its position as Europe's leading player, with +€46bn in net inflows over the year, and an acceleration in the fourth quarter (+€18bn).
- Responsible investment also confirmed its good momentum and the enrichment of its range through innovation, thanks to the success of offers replicating the PAB indices3, and the launch of a Green Bond fund and a euro credit fund on biodiversity.
Technology
- Amundi Technology recorded another strong growth in its revenues, +45% compared to 2024. The business line has signed 10 new clients in 2025 and added two new countries to it footprint, Denmark and Singapore.
Our new partnership
On 18 November, during the presentation of our 2028 MTP, a new partnership was announced with London-based and listed private asset management specialist, ICG. In accordance with this agreement, we have begun to build a proposed 9.9% stake in ICG, and as of 19 November, has acquired 4.64% through a structured transaction.
Upon obtaining the mandatory regulatory approvals, Amundi Group will appoint a director to the ICG board and start consolidating its 4.64% stake using the equity method, a process expected to commence in the second or third quarter 2026. ICG will then begin issuing new non-voting shares to Amundi, amounting to 5.26% of its capital, and repurchasing an equivalent amount of its own ordinary shares on the market to cancel them, thereby eliminating any resulting dilution. Amundi Group expects to reach a 9.9% economic interest in ICG at the end of this process, in early 2027.
- Adjusted data: Amundi has chosen to present adjusted accounting data for certain income items (net revenues. general operating expenses. share of net income of associates) in order to better reflect the economic and operating profitability of the company. These adjustments are intended to neutralise the impacts identified during acquisitions. see p. 13 of the Press Release.
- Pro forma: in this document, the historical series have been restated on a comparable basis.
- Paris-Aligned Benchmark (PAB): standards for alignment with the maximum warming objective set at COP21 in Paris of +1.5°C.
