Inflows at the highest level at +€32bn and net income¹ up +15%² year-on-year
Dynamic activity in all segments
Net inflows3 of +€32bn, the highest in more than 4 years, supported by:
ETF & index solutions (+€24bn)
active management (+€7bn), thanks to fixed income and multi-asset strategies
and private assets (+€3bn)
Strong contribution from Retail (+€13bn), CA & SG Insurers and institutional investors
Assets under management¹ up +7% year-on-year and +1% in Q1 to €2,398bn
Strong revenue and profit growth
Net income¹ and earnings per share¹ growth of +15% Q1/Q1
thanks to revenues¹ up +10% Q1/Q12, driven by activity
and costs controlled with a cost-income ratio¹ at 50% in Q1
Successful strategic implementation
Retirement: commercial successes across all client segments, launch of the PensioNEXT platform in Italy
Digital distribution: +€2bn net inflows, new pan-European partnership with Bitpanda
ETFs: +€16bn net inflows, launch of an active euro credit ETF, 2 new clients for the "ETF-as-a-service" platform
Active management: +€7bn net inflows, driven by multi-asset and fixed income strategies, in particular securitisation
Private markets: +€350m multi-management mandate for CCR (French reinsurer), first investments by CA Assurances in ICG strategies
Responsible investment: launch of the blended finance fund by the Global Green Bond Initiative; shareholder dialogue with nearly 3,000 companies in 2025 (number doubled in 5 years)
Amundi Technology: revenues up +21% Q1/Q1
- Share buyback program: 29% completed
Amundi's Board of Directors met on 28 April 2026 under the chairmanship of Olivier Gavalda, and approved the financial statements for the first quarter of 2026.
Valérie Baudson, Chief Executive Officer, said: "Amundi has made a very good start to the year, with record net inflows of +€32bn in the quarter. Asset gathering remained positive in MLT assets¹ also in the context of March.
The activity was sustained across all client segments, asset classes and geographies. This demonstrates the strength of our business model and our ability to support our clients in an uncertain environment. This performance confirms, in the wake of 2025, the relevance of the axes of our new strategic plan and their proper implementation.
The net income1 and earnings per share1 posted strong growth at +15%, at levels close to their all-time highs. »
Strong activity and innovations along the axes of the new MTP 2028²
In the first quarter of 2026, the Amundi Group recorded further successes across the strategic growth priorities of its new Medium-Term Plan (MTP), Invest for the Future 2028:
Clients:
- On retirement, Amundi gathered +€5bn, launched new offers and won several major mandates, synonymous with future recurring flows:
- Amundi Italia's launch of PensioNEXT, a web-based pension investment advisory platform;
- an index and ETF-based mandate for True Potential in the United Kingdom, that will serve as a core brick for retirement products;
- two institutional mandates for a large German company and a South Korean Chaebol;
- In addition, the mandate won in Q4 for the Republic of Ireland's new auto-enrolment regime recorded its first flows in Q1.
- Digital players’ net inflows represented +€2bn in Q1 and a new partnership with Bitpanda (7 million users) was signed to support this successful investment platform’s ETF diversification throughout Europe.
Geographies:
- Northern Europe recorded net inflows of +€13bn, notably from the United Kingdom, Germany, Belgium and Sweden.
- Asia collected +€7bn, more than half of which came from direct distribution (outside JVs).
Solutions:
- The ETF platform is gaining market share3, with net inflows of +€16bn in Q1. A new active ETF was launched, in Euro Credit Investment Grade, a core expertise of Amundi's active management, and two new clients were signed for white-label ETFs. Finally, Amundi announced the launch of a Bitcoin ETP, based on European regulation and a 100% European ecosystem.
- Private assets recorded net inflows of +€3bn in Q1, thanks to the win of a multi-management mandate with CCR (a French reinsurer) and above all to investments by CA Assurances, including the first flows into ICG strategies. The partnership with ICG reached a new milestone in Q1, with the final regulatory approvals received for Amundi to appoint a non-executive director to ICG Board and increase its stake to 9.9%, which is expected to be reached in Q3.
- in active management, net inflows reached +€7bn, particularly in multi-asset and fixed income strategies, in particular securitisation (+€1bn in net inflows in Q1, AuM of €8bn). Amundi has been named fund selectors' preferred brand in France4.
- in Responsible Investment, Amundi contributed to the launch of one of the largest blended finance funds, the "Global Green Bond Initiative Fund" supported by a European coalition. In addition, Amundi has engaged nearly 3,000 issuers in 2025, a figure that has doubled in 5 years.
Technology: Amundi Technology recorded another strong growth in its revenues at +21%, of which +27% for its licence fees.
Q1 inflows at the highest level: +€32bn
Net inflows for the quarter reached +€32.0bn. This is the highest level of quarterly activity in more than four years. The net inflows are even higher than in Q1 2025, which had benefited from a very large institutional mandate. They reflect strong business momentum across all client segments, MLT asset classes and geographies.
Quarterly net inflows came mainly from MLT assetsError! Bookmark not defined., amounting to +€30.9bn, or 7% annualised. It was driven by both ETFs & Index Solutions (+€24bn, of which +€16bn in ETFs), active management (+€7bn) and private assets (+€3bn).
In terms of client segments, the major segments and associates contributed positively:
- +€13bn for Retail, thanks to a quarterly record of net inflows for Third-Party Distributors, at +€22bn and despite the outflows from UniCredit networks (-€9bn); assets under management managed for UniCredit networks amounted to €75bn;
- +€9bn for Institutional;
- +€7bn for the Crédit Agricole & Société Générale group insurers, thanks to the good momentum of life contracts in euros and investments in private assets by Crédit Agricole Assurances;
- and +€3bn for Associates; net inflows, which were seasonally lower in the first quarter, were also affected by the decline in the markets in India and China, as well as by the exchange rate effect on the rupee.
Assets under management2 as at 31 March 2026 rose by +6.7% year-on-year, to reach an all-time high at €2,398bn. They are up +0.8% over the quarter. The healthy net inflows more than compensated for the negative market & forex effect of -€13.6bn over the quarter, due in particular to the decline in the equity markets5 by -3% and the Indian rupee by -2% over the quarter.
Net income¹ and earnings per share up sharply: +15% Q1/Q12
Adjusted net revenues1 amount to €902m, the highest level ever for a quarter2. They are up +9.7% compared to the first quarter of 2025 pro forma2, driven by activity:
- net management fees increased by +6% Q1/Q1, thanks to the increase in assets under management, despite a slight margin erosion linked to the product and client mix;
- performance fees are at a very high level, at €87m (vs. €23m in Q1 2025);
- technology revenues amounted to €31m (+21%), driven by growth in license fees (+27%), while project fees were seasonally more limited (22% of total revenues vs. 40% in Q4).
- Net financial income1, at €3m, reflect the decline in euro rates over one year (a full one percentage point drop in the ECB rate) as well as the decline in the equity markets in the first quarter.
Adjusted operating expenses1 totalled -€455m, up +9.5% Q1/Q1 pro forma2, a slightly more moderate increase than that of revenues which can be explained by the dynamism of activity and the investment in growth initiatives.
The cost-income ratio improved slightly over one year to 50.4% on an adjusted data1 and pro forma2 basis.
Contributions from equity-accounted associates¹, at €66m, were up +33%2 Q1/Q1, especially thanks to Victory1 (+69%2). The increase in the contribution of JVs (+4%) was strongly affected by the decline of the Indian rupee (-15%); at constant rupee, it would have been up +19%.
The pre-tax income¹ reached €510m, up +12.9% compared to the first quarter of 2025 pro forma2. This is the second time since Amundi's listing that the pre-tax income1 of a quarter exceeds €500m.
Adjusted tax charge¹ of the first quarter of 2026 includes the quarterly impact of the exceptional tax surcharge in France (-€46m), equal to that of the first quarter of 2025.
Adjusted net income1 reaches €349m, up +15% Q1/Q1.
Adjusted net earnings per share1 in the first quarter of 2026 was €1.69, also up +15% Q1/Q1.
Accounting data:
Accounting net income Group share amounted to €344m. It incorporates various accounting effects related to ICG's stake and its first consolidation that date.
Accounting Earnings per share in the first quarter of 2026 reached €1.67.
1 Adjusted data: see p. 9
2 Pro forma: in this document, the historical series have been restated on a comparable scope basis, see appendix p. 5
3 See definition of assets under management and flows p. 6; the Employee Savings and Retirement (ESR) business line was presented with the Institutional segment until the 4th quarter 2025 results; it is now integrated into the Retail segment; the 2025 quarterly series have been restated to take account of this new allocation
4 Medium-Long Term (MLT) assets, excluding associates (Asian JVs and Victory Capital's US distribution)
5 See Press release of 18 November 2025
6 Source ETFGI, March 2026: 15% market share of Q1 2026 net inflows in European ETFs vs. 13% for the whole of 2025 (of which 11% in Q1 2025)
7 Source Fund Brand 50 / Broadridge Financial Solutions, April 2026: No. 1 in France, No. 4 in Europe (and first in Europe) and in the top 10 worldwide
8 50% MSCI All Country World Index (ACWI) and 50% Eurostoxx Composite Index
