Growth in profit before tax
First half 2025: profit before tax3,4 €895m, up +4% H1/H14:
- Driven by revenue growth (+5%)
- Cost control, with a cost-income ratio at 52.5%3
Continued success on strategic pillars
Partnership with Victory Capital finalised on 1 April
Strong H1 inflows in strategic priorities:
- Third-party distribution +€13bn, of which 40% with digital players
- Asia +€22bn, of which +€13bn in JVs and +€8bn in direct distribution
- ETFs +€19bn, with success in European strategies and innovation
- Responsible investment: wins of key institutional mandates
Amundi Technology: revenues up +48% H1/H1, strong organic growth and integration of aixigo
Fund Channel: €613bn in assets under distribution, Ambitions 2025 target achieved
Inflows already at full year 2024 level
Assets under management1 at an all-time high of €2.27tn at end-June 2025, +5% June/June despite the negative forex effect
Net inflows +€52bn in H1, of which +€20bn in Q2
- +€48bn in medium-to-long-term assets2 (MLT) in H1
- Record half-year net inflows for Institutionals: +€31bn
Amundi's Board of Directors met on 28 July 2025 under the chairmanship of Olivier Gavalda, and approved the financial statements for the first half of 2025.
With net inflows of +€52bn, Amundi’s performance in the first half of the year was equivalent to the whole of 2024. The depth of our offering and our extensive expertise allow us to respond effectively to our clients' needs, through our active strategies, passive management, responsible investment, employee savings schemes, technology services and fund distribution solutions.
Amundi has continued to grow both in terms of activity and results, with first half revenues up +5% and profit before tax up +4% year-on-year.
Amundi has also leveraged its position as Europe's leading asset manager, as our clients look for greater diversification in their allocations, with a renewed interest in Europe. With €2.3tn in assets under management, Amundi is the only European player among the top 10 global asset managers, and a preferred gateway for players wishing to invest on the continent. Our comprehensive range of solutions enables investors to finance European companies and economies, and we continue to expand, through ETFs and actively managed funds focused on European sovereignty.
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[1] See definition of assets under management p.14
[2] Excluding JV and Victory Capital – US Distribution US, whose contributions are equity-accounted
[3] Adjusted data: see p. 16
[4] For explanations of pro forma variations, see p. 12 and 13
