PARIS (Reuters) – Amundi reported on Tuesday a result before taxes lower than expectations for the second quarter despite a collection that has positively surprised.

The title Amundi lost 4.56% around 07:30 GMT, displaying the second worst performance of the SBF 120 which earned at the same time 0.51%.

The result before tax of the first European asset manager is dropped by 1.8% over one year in the second quarter to 437 million euros and the adjusted net profit fell from 4.5% to 334 million euros, the exceptional tax contribution in France voted in the finance bill for 2025 costing 9 million euros in the quarter.

In a note, Goldman Sachs analysts regret the difference of 5% with the result before the consensus of analysts due to the low income (790 million euros in the quarter against 843 million euros expected).

Jefferies analysts believe in another note published Tuesday that the sale of activities in the United States in Victory Capital “weighed more than expected on retail”.

Amundi, controlled by Crédit Agricole, displays a collection of 20.4 billion euros in the second quarter while analysts awaited an average of a net collection of 10.5 billion euros, according to a consensus compiled by the group.

The collection over the period was balanced between the average active ingredients excluding joint venture (+11.1 billion euros) and that of the joint venture in Asia (+10.3 billion euros), drawn in particular by India and its collection of 7.8 billion euros.

In the first half of 2025, the net collection finally appears at 52 billion euros against 55 billion euros throughout the year 2024.

The total outstanding groups of the group was 2,267 billion euros at the end of June 2025, an increase of 5.2% over one year and 0.9% compared to the first quarter of 2025.

Restructuring costs in the second half

In addition to the positive net collection, a market effect of 57 billion euros made it possible to compensate for the negative change effect of 48 billion euros with the drop in the dollar and the Indian roupine against the euro as well as a perimeter effect of -10 billion euros.

Asked about the trade agreement between the European Union and the United States at a conference with journalists, the director general Valérie Bauds said that it was good news in this that he reduced the uncertainties, adding that her teams will estimate that he will rush European growth of the order of 0.2 percentage points.

Amundi also indicated that 70 to 80 million euros in restructuring costs will be recorded in the second half of the optimization plan announced in the first quarter aimed at reducing costs from 30 to 40 million euros from 2026.

This plan includes in particular the merger between the two management companies of the Amundi, CPR and BFT group, but also a project to evolve for the organization of multi-end management teams at European level, said Valérie Baudson.

(Written by Bertrand de Meyer, edited by Blandine Hénault)

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