Half Year 2026 Amundi SA Earnings Call Transcript
Key Points
- Record first-half net inflows of EUR56 billion, with EUR51 billion in medium- and long-term assets, marking the highest in Amundi SA (WBO:AMUN)'s history.
- Adjusted net income reached an all-time high of EUR431 million in Q2, up 29% year-on-year, with EPS exceeding EUR2 for the first time.
- Strong revenue growth of 18% in Q2, driven by a 17% increase in net management fees and a 25% rise in technology revenues.
- Successful listing of SBI Funds Management, generating an estimated EUR300 million net capital gain and retaining a stake worth approximately EUR3.5 billion.
- Positive momentum across strategic priorities, including EUR8 billion in retirement inflows, EUR12 billion in ETF inflows, and strong performance in private assets and Amundi Technology.
- Net outflows of EUR7 billion in the institutional segment, driven by exits of large low-margin mandates, including a EUR4 billion equity index mandate in the Middle East and a EUR7 billion insurance mandate from UniCredit.
- Expected large exit from the EPFO mandate in India, estimated at EUR30-40 billion, which could impact assets under management, though not profitability.
- Treasury products posted net outflows, primarily from corporates redeeming money market funds for dividend payments and institutions favoring short-term fixed income.
- Financial income was volatile, with a material drop in returns from cash placements due to lower euro short-term rates, partially offset by mark-to-market effects and seasonal dividends.
- The company faces regulatory requirements to further reduce its stake in SBI FM, with mandatory listings of 15% after 5 years and 25% after 10 years, potentially limiting future upside.
I'm Cyril Meilland, Amundi's Head of Investor Relations. It's a real pleasure to welcome you at this video conference to present our second-quarter results. We are here in Paris, which is less hot than a month ago in London for our Asian workshop. And this video conference will be broadcasted by Zoom.
We shall have a presentation by our CEO, Valérie Baudson; and our Deputy CEO, Nicolas Calcoen.
The presentation should last approximately half an hour and will be followed by a Q&A session as usual. (Event Instructions)
We have changed the setup again this quarter. Unlike last quarter, there will be no delay between the moment we open your mic and the moment you can start talking. We are back to the previous setup, which was more convenient.
Before we get started, a short disclaimer. Throughout the presentation, we will make a number of forward-looking statements and mention forecasts. We call your attention to the fact that Amundi's actual results may differ from these statements. Some of the factors that may cause
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