Valérie Baudson, Chief Executive Officer, said:
"In the third quarter, we were able to extend the positive momentum of early 2025. We recorded inflows of +€15bn, an increase in our revenues of +5%1 and an increase in our pre-tax income of +4%1.
The main growth drivers of our Ambitions 2025 plan – Asia, third-party distribution and ETFs – each generated between +€20bn and +€30bn in inflows in the first nine months.
We continue to serve an ever-growing number of institutional and retail clients, such as our new cooperation with Satrix the leading South African index solution provider and digital platform. In addition, we are strengthening our existing collaborations, such as the one with Crelan in Belgium.
On 18 November, we will present our new strategic medium-term plan, which will detail the different areas in which we will continue to seize opportunities and to invest for the future."
Key Figures as at 30 September 2025
Net inflows +€67bn over nine months, of which +€15bn in Q3¹
€2,317bna new record high of Assets under management²
€445madjusted pre tax income¹ €445m, up +4% Q3/Q3
Accelerating growth through strategic pillars
The Ambitions 2025 Plan set a number of strategic axes to accelerate the diversification of the Group's growth drivers. After a year 2024 during which several objectives have already been achieved, the first nine months of 2025 have confirmed the acceleration momentum3.
These strategic areas of development – Asia, Third-Party Distributors and ETFs – generated combined net inflows of +€54bn4, accounting for more than 80%4 of total inflows for the first nine months of 2025 across all client segments, asset classes and regions.
In Asia, inflows over nine months reached +€29bn, including +€7bn in the third quarter
Since the beginning of the year, inflows have come from Joint-Ventures for +€19bn (including Amundi BOC WM) and +€10bn from direct distribution. All countries contributed to these net inflows: India, Korea, China, Hong Kong and Singapore. Inflows are also well diversified by strategies, with +€18bn in active management, +€6bn in passive management and +€6bn in treasury products.
Third-Party Distribution collected +€21bn over 9 months
We collected mainly in Medium to Long Term assets5 (+€20bn).
Inflows were driven by ETFs and positive in active management thanks to fixed income and multi-asset strategies. It is diversified by geographical areas, with a high level of activity in most countries and regions.
Clients outside Europe contributed more than a quarter of the nine-month inflows. For example, the partnership with Standard Chartered amplified its success and exceeded €3bn in assets under management in mid-September. A new long-term partnership has been signed with Satrix, the leading South African index solution provider and digital platform, resulting in strong inflows (+€1bn).
The strong commercial momentum with digital platforms is accelerating, accounting for 34% of inflows since the beginning of the year.
ETFs collected +€28bn over nine months, including +€10bn in the third quarter
We confirm our second position in the European ETF market in terms of inflows and assets under management, which exceed €300bn for the first time.
Inflows were driven by flagship products in the "Core" range (tracking major indices), with the two UCIT ETFs having the largest inflows respectively in European and US equities in the third quarter:
- the Core Stoxx Europe 600 ETF collected +€0.8bn, to reach €14bn in assets under management, making it the largest ETF in European equities;
- and the Core S&P500 Swap collected +€2.4bn.
Furthermore, new products have been launched, such as the S&P400 US Mid Cap ETF and the EUR High Yield ETF.
Private assets
Our private equity teams have completed the first round of funding for the Megatrends III strategy, for a total of €0.3bn, following the first two vintages that delivered strong performance.
The strategy aims to invest in small and medium-sized growth companies with exposure to three megatrends: technology, demographics and the environment. The fund has a strong ESG component (classified as Article 8 in SFDR).
Responsible investment
Amundi has been selected by a consortium of 79 UK universities led by Cambridge (UK Higher Education Institutions) to create a money market fund of nearly £500m that excludes companies contributing to the expansion of fossil fuels.
Amundi Technology
Amundi Technology continues to record strong revenue growth, at €81m, the same level as for the full year 2024, up +48% 9M/9M, thanks to strong organic growth (+27%) amplified by the integration of aixigo.
Success in Employee savings & retirement with inflows +€4bn since the beginning of the year
Beyond strategic priorities, we are achieving commercial success in its core businesses.
Employee Savings & Retirement saw record inflows over nine months, with nearly +€4bn. We are the undisputed #1 in this activity in France, with €101bn and a 45% market share. It is trusted by 121,000 corporate clients – multinationals, medium-sized and small companies – representing 4 million “employee-clients”, which we serve with a comprehensive range covering employee share ownership, funds accessible via employee savings plans and collective and individual pension schemes.
Next Medium Term Plan and UniCredit’s contribution
We will present our new three-year strategic plan on 18 November, with the current plan "Ambitions 2025" ending on 31 December 2025.
On this occasion, we will detail its various growth pillars for the next three years.
The distribution agreement with UniCredit will expire in July 2027, which falls within the period of the new plan. This partnership may or may not be renewed, under terms that are not known at this stage.
We are fully committed to continuing to serve UniCredit's clients with the highest level of service and are willing to remain a partner and create value for all parties beyond the 2027 expiration.
Our new 2028 strategic plan will include a financial trajectory that takes into account the uncertainty regarding UniCredit's contribution from 2027 onwards, as well as our strong momentum across all our strategic pillars.
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- Amundi has chosen to present adjusted accounting data for certain income items (net income, 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. (for more detailed information see page 12 of the press release)
- Assets under management and net inflows including advised and marketed assets and funds of funds, including 100% of Asian JV assets under management and inflows; for Wafa Gestion in Morocco and Victory Capital, assets under management and inflows are included for Amundi's share in the capital of the entities.
- The inflows presented in this section are over nine months and are not cumulative, as they may overlap in part, for example an ETF sold to a third-party distributor in Asia.
- Excluding double accounts.
- Medium to Long Term assets, excluding Victory Capital's JV and US distribution.
