Amundi S.A.

Reported Q4 2025 total revenues were just shy of EUR 900 million, up more than 8% year over year, while Q4 adjusted costs were EUR 450 million, up 6%, producing an adjusted cost-income ratio of 51.5%. Q4 adjusted pretax income was EUR 519 million, up 12%, and Q4 adjusted net income was EUR 376 million. For full-year 2025, adjusted pretax income reached EUR 1,858 million, up 6%, adjusted net income was EUR 1,354 million, and adjusted EPS was EUR 6.58. AUM ended at EUR 2.38 trillion, up 6%, with net inflows of EUR 88 billion. Management also said the proposed 2025 dividend is EUR 4.25, the payout ratio is 74%, and the company will launch a EUR 500 million buyback starting the next day. Forward-looking commentary included expectations that the SBI FM IPO remains on track for the first half of the year, the first ICG-related products should be ready in H2, and the French tax surcharge should again be around EUR 70 million to EUR 75 million in 2026.

Valérie Baudson framed 2025 as a strong start to the Invest for the Future 2028 plan, emphasizing record activity across Amundi’s strategic growth areas. She highlighted retirement, digital distribution, Europe, the Middle East, ETFs, smart liquidity solutions, and technology as the main pillars of future growth. Her tone was confident but measured: she repeatedly pointed to the strength of the franchise and said the company remains committed to its 2028 strategy and EPS floor.

Nicolas Calcoen focused on the scale of organic growth and the resilience of profitability. He said AUM grew by EUR 62 billion from market and FX and EUR 88 billion from net inflows, with long-term net inflows at EUR 81 billion and passive inflows at EUR 76 billion. He also noted that revenue margin fell to 15.9 basis points for the year because of the mix shift toward institutional, passive, and active fixed-income products, but said this growth was profitable on a bottom-line basis. On capital, he cited tangible equity of EUR 4.9 billion, a 74% payout ratio, the EUR 4.25 dividend, and the EUR 500 million buyback; he also said the French tax surcharge should be about EUR 70 million to EUR 75 million in 2026.

Analysts focused on ALTO’s strong Q4 revenue, asking how much was one-off versus recurring; management said project revenue was higher than average in the quarter, but it should support future recurring revenues as more clients are onboarded. Questions on the SBI JV IPO, ICG, and buyback structure were answered with the message that SBI remains on track for H1, ICG product launches are targeted for H2, and the buyback simply reflects return of excess capital at the end of the prior plan. Management also said the new U.K./Ireland-style retirement and digital channels are still early, while the UniCredit outflow issue is known and the contract runs to July 2027.