Pre-tax income[1] up +4% Q3/Q3, driven by management fees and technology
Amundi's Board of Directors met on 27 October 2025 under the chairmanship of Olivier Gavalda, and reviewed the financial statements for the third quarter and the first nine months of 2025.
Valérie Baudson, Chief Executive Officer, said: "In the third quarter, Amundi was able to extend the positive momentum of early 2025. We recorded inflows of +€15bn, an increase in our revenues of +5%1,4 and an increase in our pre-tax income of +4%1,4.
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. »
[1] Adjusted data: see p. 15
[2] See definition of assets under management p. 12
[3] Excluding JV and the US distribution of Victory Capital
[4] For explanations of pro forma variations, see p. 10 and 11
[5] Adjusted operating expenses up +4.0% pro forma once restated for the cost of the capital increase reserved for employees, which took place in Q3 in 2025 instead of Q4 in 2024
[6] 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.
[7] Including Amundi BOC WM
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