Amundi has announced its financial results for the first half and second quarter 2025, showing a decline in profits in the second quarter.

French asset manager Amundi posted a decline in profit before tax in the second quarter of 2025 year-on-year due to performance fees and financial revenues adjusted data. They were up 4 per cent in the first half of the year.

The second quarter results include the aixigo acquisition which was finalised in early November 2024, the firm said in a statement. Adjusted net revenues totalled €790 million ($912 million), down -1.0 per cent compared with the second quarter of 2024, but business-related revenues, management fees and technology revenues, were up.

Net management fees grew by 1.2 per cent compared with the second quarter of 2024 at €717 million, thanks to the increase in average assets under management over the same period, despite the unfavourable effect of the product mix on margins and the negative impact of the depreciation of the US dollar, which is the currency of about 25 per cent of invested assets; compared with the first quarter of 2025, two-thirds of the decline in these fees are explained by the fall in the US dollar;  

Amundi Technology's revenues stood at €26 million, continuing their growth at +46.2 per cent compared with the second quarter of 2024, amplified by the consolidation of aixigo (+€3 million); excluding aixigo, these revenues were up +30 per cent organically. 

In the first half of 2025, profit before tax reached €895 million, up 4 per cent year-on-year, driven by revenue growth, up 5 per cent with a cost-to-income ratio at 52.5 per cent.

Amundi said it has continued to grow both in terms of activity and results, with first half revenues up +5 per cent and profit before tax up +4 per cent year-on-year. 

In Asia, assets under management were up +2 per cent year-on-year, despite the decline in the US dollar, reaching €460 billion; half-year net inflows reached +€22 billion, of which +€14 billion was in the  second quarter.

"With net inflows of +€52 billion, Amundi’s performance in the first half of the year was equivalent to the whole of 2024,” ValĂ©rie Baudson, chief executive officer, said. “The depth of our offering and our extensive expertise allow us to respond effectively to our clients' needs through our active strategies, passive management, responsible investment, employee savings schemes, technology services and fund distribution solutions.”