Valérie Baudson, Chief Executive Officer, said:
"Amundi delivered a remarkable performance in Q2, with net income1 reaching a record level, and up +29%. Growth momentum continued to accelerate, with assets under management2 close to 2.6 trillion and net inflows of +€56 billion year to date.
All our strategic priorities contributed to these results. The continuous development of our offering, together with the strong performance of several flagship funds, enables us to meet the diverse needs of our growing client base.
The quarter was also marked by the successful IPO of our joint venture in India, SBI FM, which was valued at more than €10 billion at the time of listing.
We are entering the second half with strong momentum and remain fully committed to executing our strategy, with a clear priority: generate growth and create value for our clients and shareholders."
Key figures as at 30 June 2026
Adjusted net income¹ Q2/Q2
+€56bnNet inflows² in the 1st half of 2026
€2,581bnAssets under management², up +14% year-on-year
Strong activity and innovations along the axes of the new 2028³ Strategic Plan
In the second quarter, the Amundi Group recorded buoyant activity, fuelled by innovations and commercial successes in the strategic priorities of its Invest for the Future 2028 plan:
Clients
Digital players' net inflows totalled +€4bn.
On retirement, Amundi collected +€8bn in Q2. In France, net inflows from collective and individual Retirement Savings Plans (PER) showed strong growth in the first half of the year. In Germany, two distribution agreements for "pillar 3" pension products (AVD⁴) were signed with leading distributors.
Geographies
Northern Europe recorded net inflows of +€8bn, or a third of net inflows, coming in particular from Germany with digital players, from Belgium thanks to sustained activity with our partner Crelan, and from Ireland with an insurer. The net inflows are therefore diversified by country and type of clients.
Asia collected +€9bn, or nearly 40% of the total, of which almost half coming from direct distribution (excluding JVs). Almost all countries posted positive net inflows. In Japan, an innovative thematic fund on energy transition materials, launched in partnership with a broker, has raised +€1.2bn in 4 months.
In India, the listing of our JV SBI Funds Management was a great success, with a very strong oversubscription of the offering. Amundi sold 3.7% of the share capital, with a capital gain net of tax and fees of circa €300m that will be recorded in Q3 results. Its stake after the IPO, i.e. 32.6%, has a value of €3.5bn.
Solutions
In active management, net inflows reached +€9bn, particularly in fixed income. The performance of flagship funds, including Global Aggregate or Emerging Markets Bond, positions them in the top decile of their respective categories over one year. The deployment of the "Income" range is complete and it is meeting with its first successes in Asia in particular. Finally, Victory Capital's US and global strategies distributed in Europe and Asia, saw their net inflows increase quarter after quarter, +€2.9bn in Q2.
The ETF platform exceeded €400bn in assets under management at the end of June, thanks to net inflows of +€12bn in Q2. Two new active ETFs were launched and two new clients were signed for our ETF-as-a-service platform. Amundi has launched a range of innovative ETFs, offering geographic weighting according to each country's GDP, as well as new thematic ETFs.
In private assets, Amundi Alpha's multi-management strategies recorded net inflows of +€0.5bn, thanks to several mandate wins with institutional clients.
In digital assets, two tokenised fund shares, in euro and US dollar, were issued for Ant International in Asia.
In responsible investment, after the launch of the Global Green Bond Initiative Fund in Q1, net inflows started with +€1bn in Q2. An OCIO mandate with a European insurer has been transformed into Net Zero, for €1bn.
Technology
Amundi Technology recorded another strong quarter with revenue growth of +25%, of which +30% for its license fees.
In Q2, a new client was signed with SpareBank1, the alliance of Norwegian regional banks, for digital advisory services, complementing the service offering to advisors and external fund selection.
In addition, a successful client go-live was launched for La Banque Postale Asset Management (LBP AM), the European asset manager managing €75bn, for its portfolio management solution (Alto Investment).
Efficiency: Use of artificial intelligence (AI) for order execution services
Several AI use cases have been successfully deployed by Amundi Intermediation, the entity that manages the execution of orders for Amundi's portfolio management teams and for its clients which have outsourced their execution to Amundi.
In addition to the classic use cases applied to Know your Broker and Request for Proposals procedures, AI has been deployed to select the best execution strategies based on the characteristics of the order and market conditions, and to help fixed income investment managers to choose the best strains to trade according to their investment choices. In both cases, an improvement in the quality of execution, which is already at the best levels of our peers, can be quantified.
These developments benefit Amundi's management teams, but also clients which have outsourced their execution to Amundi Intermediation.
- Adjusted data: see Methodological appendix for APM on page 11 of the Press Release.
- Assets under management and net inflows including advised and marketed assets and funds of funds, including 100% of assets under management and net inflows from Asian JVs; for Wafa Gestion in Morocco, the distribution to US clients of Victory Capital as well as ICG, the distribution of the assets under management and net inflows are included in Amundi's share in the capital of the entities.
- For more details on Medium-Term Plan 2028, see Press release of 18 November 2025.
- Altersvorsorgedepot or “retirement savings account”, with marketing starting from 1 January 2027.
