Amundi S.A.

Amundi reported full-year 2025 AUM of EUR 2.38 trillion, up 6%, with record net inflows of EUR 88 billion and positive market/FX effects of EUR 62 billion. Q4 total revenues were just shy of EUR 900 million, up more than 8%; costs were EUR 450 million, up 6%; adjusted pretax income was EUR 519 million, up 12%; adjusted net income was EUR 376 million; and adjusted EPS for the full year was EUR 6.58. For the full year, adjusted pretax income rose 6% to EUR 1,858 million, adjusted net income was EUR 1,354 million, the adjusted cost-income ratio was 52.1%, and AUM revenue margin was 15.9 bps pro forma. Management proposed a EUR 4.25 dividend, said the payout would be 74%, and announced a EUR 500 million share buyback starting the next day; combined cash returns are expected to be just under EUR 1.4 billion, or around 10% of market cap. Guidance-wise, management reiterated the 2028 EPS target as a floor and said there was no plan to change it; they also said the SBI FM IPO remains on track for the first half of the year, and the first ICG products are expected in H2 after regulatory and structuring steps are completed.

Valérie Baudson framed 2025 as a strong start to Amundi’s new strategic cycle, emphasizing broad-based momentum across retail, institutional, ETFs, retirement, digital distribution, and technology. Her tone was upbeat and confident, but she repeatedly stressed execution rather than hype: more clients, more recurring revenues, and more long-term growth opportunities. She also highlighted disciplined capital management, saying Amundi is returning excess capital while still prioritizing external growth.

Nicolas Calcoen focused on the mix and quality of growth, noting EUR 88 billion of net inflows, long-term inflows of EUR 81 billion, and passive inflows of EUR 76 billion, including EUR 46 billion in ETFs. He said full-year revenues grew 6%, costs also grew 6%, and the firm preserved best-in-class efficiency with a 52.1% adjusted cost-income ratio; he also pointed to a revenue margin of 15.9 bps pro forma, down 50 bps year over year because of the heavier institutional/passive mix. On capital, he cited tangible equity of EUR 4.9 billion, excess capital of EUR 1.4 billion at year-end, a dividend of EUR 4.25, and a EUR 500 million buyback, while noting the French tax surcharge should again be around EUR 70 million to EUR 75 million in 2026.

Analysts focused on whether ALTO’s strong Q4 was recurring, whether the Societe Generale renegotiation changed economics, the size and margin profile of digital and ETF flows, the SBI IPO timing, the ICG stake and product launch timetable, and why the buyback was increased from at least EUR 300 million to EUR 500 million. Management said ALTO’s project revenues are partly one-off but create recurring revenue later, and that the growth in clients and countries should continue. They said the SocGen renewal should not have any material P&L impact, the SBI IPO is still on track for end-June, ETF margins were not seeing anything significant overall, and the EUR 500 million buyback reflects the full excess capital position at year-end rather than a change in strategy.