Valérie Baudson, Chief Executive Officer, said:
"Amundi delivered strong net inflows3, resulting in adjusted net income1 growth of more than +20% in both Q3 and the nine-month period. This performance demonstrates the relevance of our strategic priorities and our continued ability to meet clients’ diverse needs.
Our strong position in retirement, growing partnerships with digital distributors and broad capabilities across active management, index solutions and private assets are translating into sustained commercial momentum.
Together with our diversified business model and strong financial position, these achievements give us confidence in our ability to capture further growth across the savings industry."
Key figures as at 30 September 2026
Adjusted net income¹ Q3/Q3
+€102bnNet inflows² over 9 months
€2,579bnAssets under management², up +11% year-on-year
Strong business momentum and innovation across the 2028 strategic plan⁴ ambitions
In the third quarter, the Amundi Group recorded sustained activity, fuelled by innovations and commercial successes in the strategic priorities of its Invest for the future 2028 plan:
Clients
Net inflows from digital players totalled +€4bn. Amundi signed two new partnerships in the third quarter, and extended existing relationships.
On retirement, Amundi collected +€12bn. In Germany, a new agreement for the distribution of "pillar 3" retirement solutions (AVD5) was signed with a distributor. Two new institutional mandates were won, with a German regional authority and in Asia.
The distribution partnership with Banco Sabadell, which was due to be renewed in 2030, has been extended by 5 years, until 2035. Discretionary portfolio management for Banco Sabadell, Cartera Sabadell, launched in 2024, has exceeded €3bn in assets under management, out of a total of nearly €30bn managed for all of the bank's clients.
Geographies
Northern Europe recorded net inflows of +€18bn, positive in all countries in the region, particularly in the United Kingdom, in Germany with digital players, in Ireland with an institutional client and in the Netherlands in third-party distribution. Net inflows are therefore diversified by countries and types of clients.
Asia collected +€8bn2, of which +€5bn from direct distribution (excluding JVs). China (+€2bn) is the leading contributor, thanks to the two JVs and direct distribution. In Japan, the thematic fund on energy transition materials, launched in partnership with a broker, is the leading thematic fund by net inflows in the year-to-date, and the fourth active fund by net inflows across all categories.
Solutions
In active management, net inflows accelerated to +€14bn, driven primarily by fixed income and multi-asset. This reflects the high performance of Amundi's flagship fixed-income funds, such as Global Aggregate and Emerging Markets Bonds. Victory Capital's US and global strategies, distributed in Europe and Asia, once again raised nearly +€3bn in Q3, in equities and multi-asset.
The ETF platform reached €432bn in assets under management at the end of September, of which €100bn+ in Germany, a country where net inflows are very dynamic thanks to digital players. The Group's net inflows in ETFs accelerated to +€17bn in Q3. Amundi is the leading collector for European-equity ETFs, notably with the Core Stoxx Europe 600 ETF, which reached €21bn in assets. Eight new index strategies were launched, including thematic technology ETFs. Three new active ETFs were also launched, combining quantitative and fundamental approaches and offering exposures to global, European and eurozone equities markets.
In private assets, the first evergreen fund resulting from the partnership with ICG, Amundi ICG Global Private Equity Secondaries, was launched. Amundi Alpha's multi-management strategies raised +€1.3bn, thanks in particular to the win of two Infrastructure mandates with institutional clients in France and Germany.
Finally, in responsible investment, a fund dedicated to the restoration of forest ecosystems, Arbora Nova, has been launched with the ambition of mobilising €200m.
Technology
Amundi Technology continued to deliver strong revenue growth, with revenues up +17% Q3/Q3.
Efficiency
The Amundi Investment Institute has developed a model combining its cross-asset analysis framework and generative AI to build scenarios and asset allocation proposals, over multiple time horizons. The model saves half the analysis time compared to previous tools and supports better-informed still investment decisions.
ICG partnership and dynamic capital management
ICG: the launch of the first fund of the partnership followed the completion of the acquisition of a 9.9% stake in this company specialising in private assets. The final acquisition cost was €620m, below the amount estimated when the partnership was announced.
The €500m share buyback programme was completed in September. 5.9 million shares, representing 3% of the capital, were purchased on the market and then cancelled by decision of the Board of Directors.
After the completion of these two transactions and including the nine-month net income with the capital gain on SBI FM, the capital surplus at the end of September was €1bn+.
- Adjusted data: see p.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 and ICG, assets under management and net inflows are included according to Amundi's share in the capital of the entities.
- Excluding outflows from a mandate for Indian JV SBI FM, i.e. -€39.1bn in Q3 2026, at negligible margin; including these outflows, total net inflows were +€6.5bn in Q3 and +€62.9bn over nine months.
- For more details on Medium-Term Plan 2028, see Press release of 18 November 2025.
- Altersvorsorgedepot (retirement savings account), of which marketing will begin on 1 January 2027.
