Earnings Overview

Amundi SA announced its second‑quarter 2026 results, posting an adjusted net income of €431 million, which is 15% higher than the analyst consensus of €375 million.

Revenue and Fees

Adjusted net revenues for the quarter amounted to €933 million, surpassing the consensus estimate of €873 million by 7%. The revenue uplift was primarily driven by management fees of €837 million, a figure that exceeded expectations by 6% and reflected a 17% quarter‑over‑quarter increase as well as a 7% year‑over‑year rise.

Asset Under Management (AUM)

The firm’s assets under management closed the quarter at €2,581 billion, representing a 4% increase over the company‑compiled consensus of €2,494 billion and a 13.9% growth on a year‑over‑year basis.

Net Inflows

Total net inflows reached €24.4 billion, delivering a 121% beat versus the consensus forecast of €11.1 billion. Retail inflows were particularly strong at €14.9 billion, well above the €7.6 billion expected, largely flowing through third‑party distributors despite outflows from UniCredit networks. In contrast, institutional net inflows were negative €7.0 billion, missing the €3.5 billion consensus, driven by withdrawals from two low‑margin mandates amounting to €11 billion in Italy and the Middle East and an additional €7 billion outflow from treasury products. Insurer‑related flows from Canada and Singapore insurers amounted to €10.6 billion, far exceeding the consensus estimate of €3.4 billion.

Cost Efficiency

The cost‑to‑income ratio improved to 48.9%, better than the consensus expectation of 51.7%.

Profitability Metrics

Performance fees for the quarter were €36 million, below the consensus of €42 million. Net financial income rose to €27 million, surpassing the €6 million consensus. The first‑half 2026 margin stood at 15.8 basis points, marginally lower than the 15.9 basis points recorded for the comparable period in 2025.

Share Buyback Program

Amundi has completed 70% of its €500 million share buyback programme, with the remaining tranche still pending. The company confirmed that its existing financial targets remain unchanged.

Market Reaction

Following the earnings release, Amundi’s shares increased by 6.6%, reflecting investor approval of the earnings beat and the strong inflow performance.