Amundi (AMUN) Q4 2024 earnings summary

Executive summary

• Achieved record 2024 results with net income at €1.4bn, up 13% year-over-year, and net inflows doubling to €55bn.

• Assets under management (AUM) reached €2,240bn, up 10% year-over-year.

• Major 2025 strategic plan targets, including profitability and operational efficiency, were achieved a year ahead of schedule.

• Three value-creating external growth operations completed: Alpha Associates, Victory Capital partnership, and aixigo acquisition.

• Proposed dividend of €4.25 per share, payout ratio of 67%, and yield over 6%.

Financial highlights

• Adjusted net income for 2024: €1,382m, up 13% year-over-year; Q4 adjusted net income: €377m, up over 20% Q4/Q4.

• Adjusted net revenues: €3,497m (+9.2%); management fees: €3,184m (+8.3%); performance fees: €145m (+17.3%).

• Technology revenues rose 34% to €80m, boosted by aixigo acquisition.

• Adjusted cost/income ratio improved to 52.5% for 2024, already meeting the 2025 target.

• Tangible equity/net assets at €4.5bn, up 4.5% year-over-year.

Outlook and guidance

• Net income CAGR (2021–2024) over 6%, exceeding the 5% target.

• Confident in continued value creation, leveraging mega-trends and client needs.

• By 2027, recent acquisitions expected to generate ~5% EPS accretion and ~12% ROI.

• Expects further surplus capital generation before end of 2025, with readiness for value-creating M&A or capital return.

• Maintains 2025 targets for growth and cost efficiency.