Amundi: Third quarter and Nine-months 2026 results

Amundi Third Quarter & First Nine Months 2026 Results

Net income¹ up +20% Q3/Q3,
+€102bn in net inflows² over nine months

Paris, 29 October 2026

Amundi's Board of Directors met on 28 October 2026 under the chairmanship of Olivier Gavalda, and reviewed the financial statements for the third quarter and the first nine months of 2026.

Valérie Baudson, Chief Executive Officer, said: « Amundi delivered strong net inflows², resulting in adjusted net income¹ growth of more than +20% in both Q3 and the nine-month period. This performance demonstrates the relevance of our strategic priorities and our continued ability to meet clients’ diverse needs. Our strong position in retirement, growing partnerships with digital distributors and broad capabilities across active management, index solutions and private assets are translating into sustained commercial momentum. Together with our diversified business model and strong financial position, these achievements give us confidence in our ability to capture further growth across the savings industry."

Strong business momentum and innovation across the 2028 strategic plan ambitions

In the third quarter, the Amundi Group recorded sustained activity, fuelled by innovations and commercial successes in the strategic priorities of its Invest for the Future 2028 plan:

Clients:

• Net inflows from digital players totalled +€4bn. Amundi signed two new partnerships in the third quarter, and extended existing relationships.
• On retirement, Amundi collected +€12bn. In Germany, a new agreement for the distribution of "pillar 3" retirement solutions (AVD)⁶ was signed with a distributor. Two new institutional mandates were won, with a German regional authority and in Asia.
• The distribution partnership with Banco Sabadell, which was due to be renewed in 2030, has been extended by 5 years, until 2035. Discretionary portfolio management for Banco Sabadell, Cartera Sabadell, launched in 2024, has exceeded €3bn in assets under management, out of a total of nearly €30bn managed for all of the bank's clients.
  

Geographies:

• Northern Europe recorded net inflows of +€18bn, positive in all countries in the region, particularly in the United Kingdom, in Germany with digital players, in Ireland with an institutional client and in the Netherlands in third-party distribution. Net inflows are therefore diversified by countries and types of clients.
• Asia collected +€8bn², of which +€5bn from direct distribution (excluding JVs). China (+€2bn) is the leading contributor, thanks to the two JVs and direct distribution. In Japan, the thematic fund on energy transition materials, launched in partnership with a broker, is the leading thematic fund by net inflows in the year-to-date, and the fourth active fund by net inflows across all categories..

Solutions:

• In active management, net inflows accelerated to +€14bn, driven primarily by fixed income and multi-asset. This reflects the high performance of Amundi's flagship fixed-income funds, such as Global Aggregate and Emerging Markets Bonds. Victory Capital's US and global strategies, distributed in Europe and Asia, once again raised nearly +€3bn in Q3, in equities and multi-asset.
• The ETF platform reached €432bn in assets under management at the end of September, of which €100bn+ in Germany, a country where net inflows are very dynamic thanks to digital players. The Group's net inflows in ETFs accelerated to +€17bn in Q3. Amundi is the leading collector for European-equity ETFs, notably with the Core Stoxx Europe 600 ETF, which reached €21bn in assets. Eight new index strategies were launched, including thematic technology ETFs. Three new active ETFs were also launched, combining quantitative and fundamental approaches and offering exposures to global, European and eurozone equities markets.
• In private assets, the first evergreen fund resulting from the partnership with ICG, Amundi ICG Global Private Equity Secondaries, was launched. Amundi Alpha's multi-management strategies raised +€1.3bn, thanks in particular to the win of two Infrastructure mandates with institutional clients in France and Germany.
• Finally, in responsible investment, a fund dedicated to the restoration of forest ecosystems, Arbora Nova, has been launched with the ambition of mobilising €200m.

Technology:

• Amundi Technology continued to deliver strong revenue growth, with revenues up +17% Q3/Q3.
  

Efficiency:

• The Amundi Investment Institute has developed a model combining its cross-asset analysis framework and generative AI to build scenarios and asset allocation proposals, over multiple time horizons. The model saves half the analysis time compared to previous tools and supports better-informed still investment decisions.
  

ICG partnership and dynamic capital management

• ICG: the launch of the first fund of the partnership followed the completion of the acquisition of a 9.9% stake in this company specialising in private assets. The final acquisition cost was €620m, below the amount estimated when the partnership was announced.
• The €500m share buyback programme was completed in September. 5.9 million shares, representing 3% of the capital, were purchased on the market and then cancelled by decision of the Board of Directors.

After the completion of these two transactions and including the nine-month net income with the capital gain on SBI FM, the capital surplus at the end of September was €1bn+.

Inflows at the highest level: +€102bn² on nine months, of which +€46bn² in Q3

Q3 net inflows were affected by -€39.1bn of transfers relating to the partial reallocation of a large institutional mandate in India managed by our JV SBI FM. Given the negligible margin associated with these assets, the transfers are expected to have a negligible impact on SBI FM’s revenues and earnings, or on Amundi’s earnings. Accordingly, unless otherwise stated, commentary on net inflows for Q3 and the first nine months of 2026 excludes these transfers.

Net inflows² for nine months achieved +€102.0bn, the highest first nine months in Amundi's history. It reflects strong business momentum across all client segments, MLT asset³ classes and geographies.

In the third quarter, net inflows² reached +€45.6bn.

MLT assets³ accounted for +€42.5bn of Q3 net inflows. MLT³ net inflows were driven by both ETFs & index solutions (+€27bn, of which +€17bn for ETFs) and active management (+€14bn), especially fixed income and multi-asset.

Quarterly net inflows of +€45.6bn were broadly diversified across client segments:

• +€21bn for Retail, mainly in MLT assets³ (+€18bn), thanks to very dynamic net inflows with third-party distributors (17% annualised, almost exclusively in MLT assets³), and despite the exits from the UniCredit networks, (-€4bn in Q3); assets under management for UniCredit's networks amounted to €71bn, of which €50bn for the network in Italy;
• +€20bn for Institutional, of which +€25bn in MLT assets³, thanks in particular to several new mandates in Europe and Asia, on a wide range of expertise (active fixed income, index solutions, ETFs, private assets, etc.); the mandates with CA and SG insurers also benefited from the good momentum of life contracts in euros;
• and +€5bn for associates excluding transfers related to the institutional mandate in India². JV net inflows reached +€3bn excluding the Indian mandate, of which +€5bn in MLT assets³, partially offset by outflows from money market funds at the end of the quarter in Korea, China and India. Victory Capital's US distribution⁷ collected +€2bn.

Assets under management² as at 30 September 2026 were up +11% year-on-year, and almost stable quarter-on-quarter, to reach €2,579bn. Over the 12 months to 30 September 2026, net inflows contributed +€123bn excluding transfers related to the mandate in India, a record for this period. The market & forex effect reached +€172bn, despite the fall in the rupee over the period. The first consolidation of ICG in the second quarter completes the 12-month increase with a scope effect of +€6bn.

Third Quarter 2026 Results – net income¹ +20% year-on-year

Adjusted net revenues¹ amounted to €908m. They are up by +11.3% compared to the third quarter of 2025, driven by business-related revenues:

• Net management fees increased by +13.1% Q3/Q3, driven by continued net inflows and asset growth;
• Performance fees, at €20m, are seasonally more limited in Q3;
• Technology revenues amounted to €34m, up +16.5%;
• Net financial income¹   amounted to €9m, up from the same quarter last year (€6m) thanks to the rate hikes in the euro area year-on-year, but down from the second quarter, which benefited from the market rebound in the quarter and seasonal dividends.

Adjusted operating expenses¹, at €454m, increased by +4.0% Q3/Q3, with a particularly positive jaws effect of nearly 7 percentage points compared with revenue growth. Costs have been mostly flat in the past four quarters. Their year-on-year growth can be explained, as in previous quarters, by the business momentum and the investments in strategic growth areas. It should be noted that, as last year, they include costs related to the capital increase reserved for employees, i.e. €17m, the same amount as in the third quarter of last year.

Thanks to the jaws effect, the cost-income ratio improved year-on-year to 50.0% on an adjusted basis¹.

Contributions from associates accounted for using the equity method¹, at €83m, were up by +23.4% Q3/Q3. The integration of ICG⁷ contributes to this with €14m over the quarter. The contribution of Asian JVs (€32m, or -6.0% Q3/Q3) reflects the decline in the Indian rupee (-7%) and especially the sale of 10% of the Group's stake in the SBI Funds Management JV; excluding these two effects, the contribution of JVs would have been up +7% year-on-year. The contribution of Victory^1,7 has increased by +9.8% thanks to a good level of activity and synergies.

Pre-tax income¹ was €535m, up +20.1% compared to the third quarter of 2025.

Adjusted tax charge¹ for the third quarter 2026 includes the quarterly impact of the exceptional tax contribution in France (-€10m), equivalent to that of the third quarter of 2025 (-€9m).

Adjusted net income¹ rose to €409m, up by +20.2% Q3/Q3.

Adjusted¹ earnings per share in the third quarter of 2026 was €2.04, again above two euros over a quarter. The calculation takes into account the cancellation of the shares repurchased under the €500m share buyback programme that began last February and was finalised on 17 September, i.e. 5.9 million shares (3% of the share capital).

Accounting data:

Accounting net income group share amounted to €675m, a strong increase compared to the same quarter of 2025 as it includes the capital gain on the sale of 10% of the Group's stake in its Indian JV, SBI FM (c.€300m).

Accounting earnings per share reached €3.27. This does not account yet for the cancellation of the shares from the buy-back programme.

Results for the first nine months of 2026– Earnings per share¹ +23% year-on-year

Adjusted net revenues¹ amounted to €2,743m, the all-time high over nine months⁵. They are up by +13.0% compared to the first nine months of 2025 pro forma⁵, driven by business-related revenues. Net Management Fees increased by +12.0% 9M/9M pro forma⁵, and performance fees, at €142m (vs. €91m in the nine months of 2025), benefited from the high level reached in the first quarter thanks to the excellent performance of a strategy.

Adjusted operating expenses¹, at €1,365m, increased by +7.6% 9M/9M pro forma⁵, showing a positive jaws effect of over 6 percentage points compared to the increase⁵ in revenues¹.

The cost-income ratio improved by 2.5 percentage points to 49.7% on an adjusted data basis¹ and pro forma⁵.

Contributions from associates accounted for using the equity method¹, at €237m, were up by +30.8% 9M/9M⁵. They include ICG's contribution to the second (€12m) and third (€14m) quarter. The remainder of the increase (+16%) was thanks to strong growth of Victory Capital¹: +32.7% 9M/9M⁵, while the increase in the contribution of JVs (+2.8%) was materially affected by the decline of the Indian rupee (-11% on average 9M/9M) and the sale of 10% of the stake in the Indian JV. Excluding these two effects, the contribution of JVs would have been up +16%.

Pre-tax income¹ achieved €1,609m, up +20.6% compared to the first nine months of 2025 pro forma⁵.

Adjusted tax charge¹ included the exceptional tax contribution in France (-€66m), equivalent to that of the same period in 2025 (-€64m).

Adjusted net income¹ rose to €1,189m, up +21.6% 9M/9M pro forma⁵.

Adjusted earnings per share ¹ in the first nine months of 2026 achieved €5.82, up +22.6% 9M/9M pro forma⁵. The calculation takes into account the cancellation for the entire third quarter of shares repurchased under the €500m share buyback programme.

Accounting data:

Accounting net income group share amounted to €1,428m. It benefited in 2026 from the capital gain on the partial sale of SBI FM, and in 2025 from the capital gain related to the partnership with Victory Capital (€402m).

Accounting earnings per share reached €6.92. This does not account yet for the cancellation of the shares from the buy-back programme

APPENDICES

Adjusted income statement¹ of the third quarter of 2026

Adjusted income statement¹ from the first 9 months of 2026

* For comparison purposes after the finalisation of the partnership with Victory Capital on 1 April 2025 (see press release), the quarterly series have been restated as if Amundi US had been 100% equity-accounted in the first quarter of 2025, therefore without contribution to revenues, expenses and taxes, but only to net income via an equity-accounted company line.

Details of the restatements can be found on the following pages.

Adjusted pro forma historical series¹ – Quarters & 9M 2025-2026

Definition of assets under management and net inflows

Assets under management and net inflows including advised and marketed assets and funds of funds, including 100% of assets under management and net inflows from Asian JVs; for Wafa Gestion in Morocco, the distribution to US clients of Victory Capital and ICG, assets under management and net inflows are included according to Amundi's share in the capital of the entities.

Evolution of assets under management from the end of 2022 to the end of September 2026

Total year-on-year between 30 September 2025 and 30 September 2026: +11.3% including transfers related to the institutional mandate in India (-€39.1bn in Q3 2026)

• Net inflows        +€83.9bn
• Market effect        +€162.1bn
• Change rate effect        +€9.8bn
• Perimeter effect        +€5.8bn ICG assets under management recognized as at 1 April 2026
  

Details of assets under management and net inflows by client segments⁹

(*) Including funds of funds

Details of assets under management and net inflows by asset classes⁹

(*) excluding Associates

Details of assets under management and net inflows by type of management and asset classes⁹

(*) excluding Associates

Details of assets under management and net inflows by geographic area⁹

Methodological Appendix – Alternative Performance Measures (APM)

Accounting and adjusted data

Amundi has chosen to present adjusted accounting data for certain income items (net revenues, operating expenses, share of net income of associates) in order to better reflect the company's economic and operating profitability. These adjustments are intended to neutralise the impacts identified during acquisitions:

• amortisation of distribution agreements or client contracts (UniCredit, Banco Sabadell, Alpha Associates) in other revenues;
• depreciation and amortisation related to the inclusion of earn-outs (Alpha Associates) and the change in the market value of the stake in ICG (in Q4 2025 and Q1 2026) in net financial income;
• depreciation of technology intangible assets (aixigo) in operating expenses;
• integration and acquisition costs (Victory Capital in Q2 2025, ICG in Q4 2025) in operating expenses;
• capital gains or losses on disposals (Victory Capital in Q2 2025 and SBI FM in Q3 2026) in profit or loss on other assets
• as well as provisioned expenses related to optimisation or restructuring plans into operating expenses.

The adjustments applied by Victory Capital, a listed equity-accounted investment, between its reported results and its adjusted results are included identically in the results of the Amundi Group, as they correspond to adjustments of the same nature as those of the Group detailed above. They are included in the line of share of net income from associates.

Finally, as at 31 March 2026, Amundi neutralised the impact of the first consolidation of ICG on the equity-accounted line: reversal of the revaluation of shares in Q4 2025 and Q1 2026 booked in revenues and recognition of ICG's net book value and activation of acquisition costs in Q1 2026.

The aggregate amounts of these items for the different periods under review are as follows:

Q3 2025 : -€118m pre-tax and -€91m after tax

Q2 2026: -€29m before tax and -€22m after tax

Q3 2026: -€33m pre-tax and -€27m after tax and +€349m in capital gain SBI MF before tax (+€296m after tax)

9M 2025* : -€173m pre-tax and -€134m after tax +€402m of capital gain Victory Capital (without tax effect)

9M 2026: -€73m before tax and -€55m after tax (of which impact of ICG -€68m in revenues and
+€83m in associates, i.e. +€16m after tax) and +€349m in capital gain (SBI MF) before tax (+€296m after tax)

In addition, 5.9 million shares were cancelled by decision of the Board of Directors on 28 October 2026; this cancellation was taken into account in adjusted earnings per share, over the whole of Q3 for the calculation of earnings per share for Q3 2026 and the nine months of 2026 (see p. 13).

Alternative Performance Measures¹¹

In order to present an income statement that is closer to the economic reality, Amundi publishes adjusted data which are calculated in accordance with the methodological appendix presented above. The adjusted data are reconciled with the accounting data as follows:

* pro forma: for comparison purposes after the finalisation of the partnership with Victory Capital on 1 April 2025, Q1 2025 results have been restated as if Amundi US had been consolidated at 100% under the equity method, i.e. without contribution to revenues, expenses and taxes, but only to net income via an equity-accounted contribution to net income line.

Shareholding

Average number of shares pro rata temporis.

• The average number of shares was unchanged between Q2 2026 and Q3 2026, increased by +0.5% between Q3 2025 and Q3 2026 as well as between the first 9 months 2025 and the first 9 months 2026
• A capital increase reserved for employees was booked on 22 October 2026. 613,300 shares (~0.3% of the capital before the transaction) were created
• A capital increase reserved for employees was booked on 23 October 2025. 967,064 shares (~0.5% of the capital before the transaction) were created
• On 3 February 2026, Amundi announced a share buyback programme for a maximum of €500m (c.3% of the capital before the operation). Shares bought are intended to be subsequently cancelled. This programme was completed on 17 September 2026 with 5,913,261 shares bought. They were cancelled following a decision of the Board that was held on 28 October 2026.
• For the purpose of calculating adjusted earnings per share for Q3 2026 and the first nine months of 2026, this cancellation was taken into account as if it had occurred on 1 July 2026. Consequently, the adjusted average number of shares is 200,473,065 for Q3 2026 and 204,393,579 for the first nine months of 2026
  
  

Financial communication calendar

• Q4 & Full Year 2026 Results: 2 February 2027
• Q1 2027 earnings release: 29 April 2027
• Shareholders’ Meeting: 31 May 2027
• Q2 & H1 2027 earnings release: 27 July 2027
• Q3 & 9-month 2027 results: 27 October 2027
  
  

About Amundi

Amundi, the leading European asset manager, ranking among the top 10 global players¹², offers over 200 million investors a complete range of savings and investment solutions in active and passive management, in listed and private assets. Developed for a range of distributors (banks, wealth managers, financial advisors…) as well as for institutional investors and corporates, this offering is enhanced by services and technology tools covering the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages close to €2.6 trillion of assets¹³.

Its six international investment hubs¹⁴, its financial and extra-financial research capabilities and its long-standing commitment to responsible investment make Amundi a leading player in the international asset management landscape.

Thanks to its strong local presence, particularly in Europe and Asia, Amundi offers its clients the expertise and advice of 5,400 professionals across 34 countries.

Amundi, a trusted partner, working every day in the interest of its clients and for society

www.amundi.com

DISCLAIMER

This document does not constitute and does not form part of any offer or invitation to sell, exchange, buy or subscribe for, or any solicitation of an offer to buy, exchange or subscribe for any securities in any State or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or approval under the securities laws of such State or of this jurisdiction. No securities may be offered, subscribed for or sold in the United States of America without being registered in accordance with the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), except under an exemption or in connection with a transaction not subject to the registration requirements of the U.S. Securities Act. The securities of Amundi shares have not been and will not be registered under the U.S. Securities Act and Amundi does not intend to make a public offering of its securities in the United States of America or France.

This document may contain forward-looking statements relating to Amundi's financial position and results. These statements include financial projections and estimates based on scenarios based on a number of economic assumptions made in a given competitive and regulatory environment, assumptions about plans, objectives and expectations relating to future events, operations, products and services, and assumptions about future performance and synergies. By their nature, they are therefore subject to known and unknown risks and uncertainties that may cause them not to materialise. Accordingly, no assurance can be given that these forward-looking statements will materially occur and Amundi's actual financial position and results could differ materially from those projected or implied in such statements. These risks and uncertainties include, but are not limited to, the risk factors mentioned or identified in the documents made public that Amundi files from time to time with the French Autorité des Marchés Financiers, including the risk factors set out in section 5.2 "Risk Factors" of our Universal Registration Document for the fiscal year ended December 31, 2025, available on the Regulated Information page of Amundi's website (about.amundi.com/regulated-information). Readers are advised to consider all of these risks and uncertainties before forming their own opinions.

Any forward-looking statements made by Amundi are made as of the date of this document. Amundi undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances, or otherwise, except as required by applicable laws and regulations.

This document refers to certain non-IFRS financial measures (or Alternative Performance Measures) used by Amundi to analyse operating trends, financial performance and financial position and to provide investors with additional information deemed useful and relevant regarding Amundi's results. These Alternative Performance Measures are not measures recognised by IFRS, or any other generally accepted accounting standard, and they generally do not have a standardised meaning and therefore may not be comparable with similarly named measures used by other companies. Accordingly, none of these Alternative Performance Measures should be considered in isolation or as a substitute for the financial statements and notes thereto prepared in accordance with IFRS. For a definition of the Alternative Performance Measures included in this document and their reconciliation to the relevant financial statement item, subtotal or total, please refer to the methodological appendix to this document and section 4.3.4, "Alternative Performance Measures (APM) and pro forma restatements", of our Universal Registration Document for the fiscal year ended 31 December 2025, available on the Regulated Information page of Amundi's website (about.amundi.com/regulated-information).

The financial information included in this document for the third quarters and 9 months 2026 and 2025 and the second quarter of 2026 has not been audited by the Statutory auditors. Some of the numbers calculated (including data expressed in millions or billions) and percentages presented in this document have been rounded. In such cases, the totals presented in this document may differ slightly from the totals that would result from the addition of the exact (unrounded) amounts of the data so calculated.

Unless otherwise stated, the sources of rankings and market positions are internal. The information contained in this document, to the extent that it relates to entities other than Amundi, or is derived from external sources, has not been reviewed by a supervisory authority, nor has it generally been subject to independent verification, and no representation or commitment is given in respect of it, and no certainty should be given as to the accuracy, the truthfulness, accuracy and completeness of the information or opinions contained in this document. Neither Amundi nor its representatives shall be liable for any decision taken or negligence or for any damage that may result from the use of this document or its content or anything relating to them or any document or information to which this document may refer.

¹ Adjusted data: see p. 11
² Excluding transfers related to an institutional mandate managed by Indian JV SBI FM, amounting to -€39.1bn in Q3 2026, and carrying a negligible margin; including these transfers, total net inflows were +€6.5bn in Q3 and +€62.9bn over nine months
³ Medium-to-Long Term (MLT) assets, excluding associates: Asian JVs, Victory Capital's US distribution and ICG
⁴ See definition of assets under management and net inflows on p.8; the Employee Savings and Retirement (ESR) business line was presented with the Institutional segment until the results of the 4^th quarter of 2025, it is now integrated into the Retail segment; the 2025 quarterly series have been restated to take account of this new allocation
⁵ Pro forma: in this document, the historical series have been restated on a comparable basis, see appendix p.7
⁶ Altersvorsorgedepot (retirement savings account), of which marketing will begin on 1 January 2027
⁷ Recognised for Amundi's share in the capital, i.e. 27.59% for Victory Capital (27.45% in Q2) and 9.83% for ICG (7.72% in Q2)
⁸ 26% of Victory Capital as from Q2 2025, 27% in T2 and Q3 2026 and 100% of Amundi US in Q1 2025
⁹ See definition of assets under management, p.9
¹⁰ Including - €39.1bn of transfers related to the institutional managed by the Indian JV SBI MF, carrying a negligible margin
¹¹ See also section 4.3 of the 2025 Universal Registration Document filed with the AMF on 31 March 2026 under number D26-0183
¹² Source: IPE “Top 500 Asset Managers” published in June 2026, based on assets under management as at 31/12/2025.
¹³ Amundi data as at 30/09/2026.
¹⁴ Paris, London, Dublin, Milan, Tokyo and San Antonio (via our strategic partnership with Victory Capital).