Amundi (Euronext:AMUN) Q1 2026 Earnings Call

0:00 Good morning. I'm Cyrille Maillon, Head of Investor Relations at Amundi and it's a real pleasure like every quarter to hear welcome you at this video conference to present our first quarter results. We are here in Paris where it is sunny and gorgeous and we shall have a presentation by our Deputy CEO, Nicolas Calcoun and our CFO, Aurelia LeCourtie. Presentation should last approximately half an hour and will be followed by a Q and A session. If you want to ask a question, please raise your hand virtually as you are online and we shall give you we shall open your mic and there will be a slight delay. We have changed slightly the setup. So before you can start talking, you will have to accept being a panelist, open your mic, open your camera and then start your question.

0:55 Otherwise, we won't be hearing you from the very first moment you start talking. Before we get started, sorry about this again, 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 these factors that may cause the results to differ materially are listed in our universal restriction document, which we published on the March 31. Amundi assumes no duty and does not undertake to update any forward looking statements. I also wanted to highlight a few changes to our disclosure that you might have to keep in mind when reading our results. There will be no contribution to from ICG in the adjusted figures. There are a few moving parts in the accounting P and L, but no impact on our adjusted results.

1:53 We won't give any details about our JVs because SBIFM as you know is in the process of being listed and therefore we cannot give you any details, sorry about this, as long as this IPO process will be ongoing, we cannot publish any disclosure about this JV. And we have simplified the disclosure by clients with only two major client segments, retail and institutional. Finally, we have transferred the employee savings AUM and net flows from institutional to retail because we consider that it's a better depiction of this client segment. And now I leave the floor to Nicolas for the presentation. Thank you very much, Cyrille, and good morning, everyone. I'm very pleased to share our financial results for the first quarter of twenty twenty six with Aurelia.

2:45 I will present our key highlights before Aurelia takes you through our activity and financial results in more detail. So to start in the first quarter, we delivered strong activity with net inflows for the quarter totaling €32,000,000,000 Inflow was positive across all client segments and came almost entirely from medium to long term assets. Third party distribution in particular reached record inflows at $22,000,000,000 As a consequence, our assets under management were $2,400,000,000,000 at the end of March, up by 7% on a year on year basis and around 1% quarter on quarter.

3:35 Second point, this activity translated into strong growth in profit. Net income for the quarter was €349,000,000 and earnings per share at €1.69 both up by 15%. Third main point, we made good progress against our Invest for the Future ambitions. I am going now to share some more detail on the positive commercial momentum seen across clients and solutions. The before technology revenues increased to $31,000,000 up over 20% on a year on year basis. This was mainly driven by license revenue growth up 27%. And finally in terms of geographies, Northern Europe stood out once again with €13,000,000,000 of inflows and these inflows were very well diversified by country The United Kingdom, Germany, Belgium, or Sweden all demonstrating the positive effect on our strategy to grow our market share in the region.

4:47 Let's now take a closer look at the strong momentum we have seen in the two priority client areas we highlighted at the Investor Day. The first is retirement where we have created a new business line. Total retirement related inflows in the first quarter were 5,000,000,000 We won in particular several new retirement focused mandates across institutional and corporate clients as well as retail partners starting to generate recurring inflows. We were also selected for two major DC mandates, the first with a large German company and the second with a South Korean shareholder both not yet funded.

5:34 We also further expanded our partnership with True Potential in The UK and we will manage its cross aligned fund range, a core building block of its retirement offering. We also saw some initial inflows from Iannam's new ENTO enrollment pension scheme, a mandate we won in the fourth quarter and we already mentioned. And finally in Italy where we are already a retirement leader we launched a web based pension investment advisory platform called Pension Next to capture structural growth in defined contribution savings. Moving now to digital distribution which represents one of our fastest growing client segments, we saw inflows of around $2,000,000,000 in the first quarter.

6:32 During the quarter we established a new Pan European distribution partnership with Bitpandas, the largest digital asset trading platform in Europe with 7,000,000 users. Here we are supporting the diversification of its platform into ETFs and we are strengthening our own reach across digitally native retail investors. The first quarter saw also strong inflows and continued innovation across all solutions. On ETF first, we gathered $16,000,000,000 in the first quarter supported by continued market share gains in European ETFs. We also secured two new clients for our ETF as a Service proposition, one in Germany, the other in Belgium with both mandates focused on creative active ETFs.

7:31 We also launched new products including an active ETF that provides diversified exposure to investment grade euro corporate bonds. Here we are clearly growing on Amundi's established euro credit expertise where we manage around €360,000,000,000 On last Friday, you probably noticed we launched a Bitcoin exchange traded product. Listed on Euronext, the ETP relies exclusively on European partners and is compliant with the European regulatory framework. In private assets now we generated $3,000,000,000 of inflows in the first quarter. This includes a $350,000,000 multi management mandate from CCR, the French public reinsurance company, as well as investments from credit article assurance including initial commitments into ICG strategies.

8:35 Aurelia will provide a quick update on our ICG state building where we expect to reach our target of 9.9% in the third quarter. Moving to Active Management next where we posted $7,000,000,000 of inflows driven by multi asset strategies and fixed income including $1,000,000,000 in securitization inflows. During the quarter, we were also recognized as the preferred brand among some selectors in France and the highest ranked European brand in Europe. And finally, responsible investment. Last week it was announced that Amundi will act as a sole asset manager for the Global Green Bond Initiative, a European led coalition designed to mobilize private institutional capital for climate and environmental projects, particularly in emerging markets.

9:36 The fund targets $3,000,000,000 in assets and aims to broaden private capital alongside development finance institutions. In the meantime our responsible investment and engagement policy continues to scale reaching close to 3,000 issuers in 2025. This figure has doubled over the last five years and now covers 95% of the MSCI World Index. With that I will now hand over to Aurelia who will take you through the first quarter's activity and results in more detail. Good morning and thank you, Nicolas. Let's start by looking at our Q1 activity.

10:24 So at the end of March, our assets under management totaled 2,400,000,000,000 up 7% year on year and 1% over the quarter. Q1 saw both a negative market effect of 13,000,000,000 and a $1,000,000,000 in FX impact, mainly due to the depreciation of the Indian rupee. The increase in our AUM was entirely driven by very strong asset gathering with net inflows of 32,000,000,000 This reflects our ability to grow even in a tougher economic environment. Total net inflows in Q1 were driven by medium to long term assets, which contributed 31,000,000,000 This represented growth of 7% on an annualized basis.

11:15 These inflows are higher than Q1 twenty twenty five, which as a reminder included the positive impact of a £20,000,000,000 equity index mandate with the people's pension in The UK. As mentioned by Nicolas, Q1 saw high ETF and index solution inflows, continuous positive momentum in active management and $3,000,000,000 of net inflows in private assets. Even when taking into account market conditions later in the quarter, our M and T flows remained positive in March across both ETF and actively managed strategies. Investment performance next. So the message here is consistency.

12:04 On a five year basis, and even when considering the volatile macro environment, 76% of the funds outperformed their benchmark. Three quarters of assets in our open ended funds are in the first and second quartile based on Morningstar rankings. Let me now comment on our net inflows by client segments. Please note that we have transferred the AUM inflows of our employee savings and retirement business line from institutional to the retail segment. While our direct clients for this business are companies, we manage assets on behalf of their employees. It is therefore closer in nature to retail business. This activity represents around $100,000,000,000 in assets and twenty twenty five figures have been restated accordingly.

12:59 So let's start with retail where net inflows totaled over 13,000,000,000 This was driven by record Q1 inflows of $22,000,000,000 in third party distribution. Outflows from UniCredit were $9,000,000,000 and the AUM stood at $75,000,000,000 at the end of March. Credit Agricole and Societe Generale insurers delivered $8,000,000,000 in M and C asset inflows. This reflected continued appetite for euro contracts as well as diversification of Credit Agricole Insurance investments highlighted by Nicolas earlier. Finally, our associates also performed well. All of our Asian JVs posted positive inflows even when considering the market environment, the FX backdrop and the usual savings flows seasonality.

13:55 Let's now look at our results for Q1. So before we start, let me just highlight that these pro form a figures reflect the usual restatement post Victory Capital closing. So our revenues stood at $9.00 $2,000,000 in the first quarter, up 10% year on year and driven by our management's revenues, which were up 14%. Net management fees rose 6% to $782,000,000 reflecting our strong asset gathering. Performances reached a very high level of $87,000,000 Technology revenues increased to $31,000,000 up 21% year on year and supported by strong growth in license revenues that are recurring components.

14:49 Project revenues were seasonally lower at 22% of total revenues versus 40% in Q4. Net financial income was $3,000,000 down year on year and this reflected lower rates over one year due to the one point cut in the ECB rate as well as the impact of the decline in markets in the first quarter. Turning now to costs. So adjusted operating expenses were $455,000,000 in the first quarter, up 9% year on year. This increase was slightly below revenue growth reflecting the strong business momentum, our ongoing investment to support our strategic ambition, as well as our continued cost discipline.

15:43 As a result, our adjusted cost income ratio improved slightly to 50.4%. Moving now to profitability. Gross operating income grew by 10%, driven by the growth of our business related revenues. We also benefited from the strong contribution from our associates in the quarter, up 33%. The contribution of our Asian joint venture was up 4% year on year and would have been up 19% at constant rupee. The contribution from Victory Capital was $37,000,000 reflecting the positive synergies delivered by this partnership.

16:32 Net income was then $349,000,000 up 15% year on year. As is in Q1 last year, this includes the corporate tax surcharge in France amounting to 46,000,000. And adjusted earnings per share also increased by 15% year on year to 1.69. Before I hand over to Nicolas, let me give you a quick update on our partnership with ICG. So in February, we obtained all regulatory approvals. This meant that as of March 31, ICG was able to appoint an Amundi nominated Non Executive Director with CIO, Vincent Martier joining the Board.

17:22 From this date, we also technically began to equity account for our stake. As you can see in our adjusted P and L statements, ICG is currently only reflected through accounting adjustments. These adjustments do not represent ICG's underlying profitability and from the second quarter, we will start recognizing ICG's actual contribution to adjusted net income. The final step is for ICG to issue non voting shares to Amundi to take us to a target stake of 9.9%. As a reminder, they will do so while buying back an equivalent amount of ordinary shares in the market to avoid dilution.

18:09 As of last week, our stake stood at around 6% and we expect to complete our stake building during the third quarter. I thank you for your attention. And now we'll hand back to Nicolas. Thank you, Aurelia. Before we start the Q and A some brief concluding remarks. As you have seen the first quarter represented a very good start to 2026 with high level of activity and strong results. Momentum was strong across all client segments, asset classes and geographies even in the uncertain environment seen in March. And the positive contribution from the strategic growth areas presented in our Invest for the Future '28 plan were particularly encouraging demonstrating their relevance and building well for the future.

19:05 And I'm also pleased to confirm that our share buyback program is well underway. We have executed almost a third of the program as of today representing just over €150,000,000 We expect to complete the program around the third quarter as planned. Thank you for your attention. Thank you, Nicolas. Thank you, Reya. We can now start to the Q and A session. And as I said earlier, you can raise your hand if you have a question to ask. I will then put you in the panelist. You have to accept being a panelist. Open your mic, open your camera and then start talking. We start with Jacques Henri Gona from Kepler Cheuvreux.

19:55 Jacques Couillard? Hello? Am I supposed to ask a question now because it disappeared. The whole thing disappeared for a minute basically. So hi, good morning everybody. Just one question really. Well done for the results this morning. You end up now for the second time in a row with a costincome ratio, which is much closer to 50 than the target, which I think is lower than 56 in '28. Have you been really conservative in putting that target? Or is it still linked to UniCredit where you believe there is still a couple of basis points of percentage that you're likely to effectively lose in which case you're, I would say, happy with the guidance so far? Are you basically positively surprised versus what you were expecting? Thank you.

21:02 Hello, Jacarie. So on your question, we have a 50.4% cost income ratio, which is driven for the quarter by the very good performance in our revenues as well as our, I would say, day to day cost discipline. Coming to our guidance, no new guidance. We stick to the objective that we set in our Capital Market Day. So 5056% of cost income, which as it was said at the Capital Market Day is a cap maximum and whatever the scenarios on UniCredit, So we speak no new guidance on this cost income ratio target.

21:54 Thank you, Jacarrie. We can now move to Lam from Bank of America. Hubert? Hi. Hopefully, you can hear me. I've got three questions. Firstly, on ETFs. Very good strong momentum you're having there in the last few quarters. Can you talk about what's driving that? Can you also talk about the mix within the ETFs flows? How much of it is from like lower margin passive funds versus like higher margin like thematic funds? Second question is on retail flows. I know you don't really disclose anymore, but if you back out the retail flows, I think the French network had outflows in the quarter.

22:47 Anything you can talk about around that? And lastly, on a question on the outlook for your private credit products with ICG and to the retail channel. Just given the concerns of the market on this asset class, any change in terms of thinking about when these products could be launched and any change in appetite from your client base on this? Thank you. You start with the flows in French? Yes. Hello, Robert. Starting on your question on French networks, actually flows were positive in the quarter and positive especially on MLT, so medium to long term assets.

23:34 Positive flows in MLT driven mainly by very good business momentum on unit linked life contracts, so in active management and as well as passive products whereas we saw outflows on structured products due to the maturity of a product that we had launched in 2022. Maybe on the other question. So on the ETF momentum, it's quite diversified. So it's mainly it remained mainly passive management. And then if we launch in New France as we mentioned, it remains mainly passive flows, but quite diversified. So in terms of margin, I would say in line with the average margin of the business line.

24:22 And regarding your last question on the outlook with ICG, as you remember, are working to launch two fronts two evergreen funds based on ICG expertise. The first one is found in equity subglenaries and it's progressing well and we plan to launch it in the third quarter. On the second one regarding private debt, we are still working to on the optimized fluctuation of this fund also taking into account the mineral context. But working well with ICG to design these new products.

25:08 And in parallel, we are also considering other initiatives and looking at other expertise managed by ICG. And as we mentioned earlier on, Credit Agricole Assurance has already committed to investment in ICG strategies. Great. Thank you. Thank you, Hubert. We move now to a question from Arnaud Giblas from BNP Paribas. Arnaud, I think you can open your mic. And camera. Hi. Hopefully, you can hear me. I've got three quick questions, please.

26:10 Firstly, can can you come to the billion of outflows in Q1 at unit credits? That's quite substantial. I'm just wondering what the outlook there. I mean should we think about that rate of outflows in the coming quarters? And are UniCredit then paying you penalty fees for the fact that they're probably not delivering the share of revenues that they're committed to? My second question is on retail generally. I mean, if I think about you've disclosed €13,000,000,000 of inflows into retail, nine out coming out of unit credits, 20 or so coming from ETF and passive. I'm just wondering what the incremental revenues from these flows are because I've assumed that the outflows from the revenues coming out of UniCredit more than compensate the inflows coming from ETF. So I'm just wondering what we should be thinking about revenue margins given the negative mix shift that's probably happening there? And my third question is on technology.

27:15 I mean, Alto is quite lumpy. I'm just wondering what the ARR or the ACV, so the recurring revenues are growing at. Thank you. Hi, Arnaud. So on your first question, UniCredit, so $9,000,000,000 outflow for the quarter. As you recall, we committed to full transparency on the flows. So at the end of the quarter, our AUM with the UniCredit stand at stood at €75,000,000,000 No guidance for 2026. On penalty fee, same we do not comment on specific conditions with our partners.

28:01 Then on your second question on the retail, actually, yes, as we said, so we don't disclose any quarterly margin and we don't see our margins. One thing is maybe that the clients both the client mix and the product mix is, I would say, in the same trends as what we saw in the recent quarter. So probably a slight impact on our margins with more flows into passive than into active obviously. But as we also recall each time we speak about the margin is that our operating margin is at one of the best in the industry at 50%.

28:51 So all our expertise remain profitable when it comes to our bottom line. And on technology, so technology overall, the revenues grew by 21% year on year. This growth, as I mentioned earlier, is mainly driven by license fees that were up 27% year on year. When we look at project fees, there is a bit more seasonality on those fees. They were very high in the fourth quarter as you can remember because we onboarded lots of new clients. There is no material changes, I would say, in our clients in this quarter.

29:36 That's why our project revenues are stable year on year. But all in all, still a good increase of our tech revenues and we stick to our objective for '28, which is doubling the level of revenues versus '24. If I can just try again on the penalty fees. Normally, mean, if I understood well, the contract with Unicore that's been going on for some time is they pay penalty fees if they don't deliver the vast majority of flows and otherwise, there's penalty fees of gross flows. Is is that how it works without commenting on whether there was penalty fees or not? Is is that how how that contract works? As as already explained here, I think you can understand that considering you are talking about confidential information between ourselves and the partner, we cannot disclose that.

30:35 Understood. Great. Thank you very much. Thank you, Arnaud. The next question will come from Michael Werner from UBS. Michael, I think that you can now open your mic and camera. Yes. Excellent. I'm just turning on the video and audio here. Thank you. Two questions from me, please. First, thank you for the disclosures going back last year in terms of the change in AUMs and flows based on ESR.

31:22 Can you just provide a little bit of color as to how or if there's any change in the retail management fee margins versus institutional management fee margins now that that let's call it, euros 100,000,000,000 or so of AUMs have migrated over? And then second, with regards to the credit that we call assurances investment in the, I guess, was $350,000,000 I believe in the ICG strategies. Is that something that Amundi is monetizing directly? And if so, I mean, I don't need specific details. I'm sure you're not going to provide that. But just from a high level perspective, how does Amundi benefit that from a P and L perspective? Thank you. Hello, Michael. Will take the question on ESR.

32:11 We moved our ESR expertise from institutional to retail because we feel it's more close to the retail business. And this is also true for margins because the margin of ESR are much more close to the average margin of our retail business. So the impact of this movement actually is about less than one point decrease in our total retail margin. And looking at institutional business, there the impact is of less than three points of decrease also on the institutional business.

32:57 And as I remind that the margin the overall margin of Amundi, of course, is unchanged and at 15.9%. And regarding your second question, which was related I think to the investment from Credia reconciance in ICG expertise. As you know, you don't, but we are the selectors or manager or selectors for the investment made by Creedy Agricole Assurance and so we are the ones selecting the expertise and making the due diligence on account of Credit Agricole Assurance when they invest in expertise managed by specialist providers.

33:49 It's the case generally speaking. It's the case with ICG. So as for any investment made by your credit report assurance in external in external managers, we are involved. We are doing the due diligence. We are doing the risk monitoring of the investment and we are remunerated for this activity. Thank you. And just to clarify on the fee margins, when you say by one point and three points, you mean by 0.1 basis points or by 0.3 basis points? Compared to the average basis points of the expertise. Excellent. Thank you. The science segment, sorry.

34:41 Okay. Thank you, Mike. The next question comes from Pierre Chabile. Pierre, I think that you can open your mic and camera now and ask your question. We cannot hear you, Pierre. You probably have Can you hear me? Thank you. It's okay?

35:32 Yes, you can stop. Okay. Thank you. First question, you mentioned quite a good resilience in terms of set inflows in March. I was curious to know, as you're a European asset manager, if you've seen in terms of risk appetite or risk aversion, some differences between some countries where you are particularly present, or if it's a general behavior from your client or if you have seen geographical behavior, institutional or retail? Second question, I'm sorry to admit my ignorance, but I don't know what you mean by project products in Amundi technology.

36:24 I understand what is a license. But can you give me an example of what is a project? What you said as project, I don't see that. What do you mean there? And my last question is related to a report from Boston Consulting Group, which recently released its annual report on asset management businesses. And it was focusing on IA, of course, because it's a central theme and said that asset managers, generally speaking, were a little bit late. And they said that they were seeing within five years potential economies from 25 to 40% of cost base, which seems to be a very high number.

37:18 I wanted to know what is your view on that. Is it just a stupid consulted number or if it's something that you imagine possible? And I thank you for your answers. Okay. So on your various answers in terms of flows and what we are seeing. As we mentioned, we have been seeing a slowdown in March, but flows remained positive, in particular positive in including long term assets and including in active management. And preliminary data that we have on April are in the same trend, remain positive.

38:05 Let's say we see from some clients a bit more risk aversion to wait and see mode. Actually from some clients and to come more specifically to your questions, I would say it's not coming from a specific region or area globally so trends that remain positive but some wait and see mode from some clients. Your second question just to explain very briefly when we say project revenues, it's projects that are linked to in particular the onboarding of a new client or the deployment of a new solution for an existing client. The model of this activity you have ongoing fees when the software, when the solution is running but you have also project fees to implement the solution in a new client or new solution to a client.

39:12 And regarding your last question on artificial intelligence, it is clearly something we are working and looking at very carefully and working very intensely. As we explained during the medium term plan day, the Investor Day, we had a progressive approach and the first step was to deploy a secured in house proprietary platform to give access to these tools in a secure manner and to give access to all our employees. It has been deployed for all our employees I think at the end of last summer. And beyond that, we are combining a bottom up approach, helping and incentivizing, I would say, every teams to develop new application, new use case, and we are complementing that by a more and we are entering into that phase complement this kind of I would say more bottom up approach, more experimental approach to a more top down approach focusing on key processes we want to transform and that's where we want to have we say today we have around 20 applications. The target is to have 50 applications by end of twenty twenty five and we will focus on the areas where we see the most potential gains either in terms of efficiency or in terms of quality of delivery or

40:43 time to market for delivery. For example, in the area of IT development for example we are making good progress to implement and to use this tool and to be much more productive. So in terms of gain where we will be deploying such approach probably we can gain 15% of productivity gain but as always at Amundi we are constantly working on our efficiency, on our productivity thanks to AI or thanks to other levers and redeploying these priorities into investment in our growth areas. Thank you very much.

41:32 Thank you, Pierre. The next question will come from Sharat from Deutsche Bank. Sharat, I think that you can again open your mic and camera. Thank you for taking my questions. I have three, please. Firstly, the India IPO, I'm not sure how much you can comment, but would a listing by end June still be the base case if things go on track? And also on the sizable capital gains, any update on what it could be used for? So would it go towards your M and A buffer? Are you thinking about distributing this? Second is on financial income. Could you clarify the reasons for the minus $85,000,000 reported figure within net financial revenues? Is it mainly related to ICG?

42:25 Or would it be reversed in the second quarter once you start consolidating? And also, what do you think is a sustainable run rate on an adjusted basis assuming stable ECB rates? I note consensus is around $10,000,000 per quarter. And finally, on performance fees, can you clarify if there was any front loading of performance fees? I know Q2 and Q4 are typically more stronger seasonally. So anything there on the Q1 figure? Thank you. Okay. We'll answer to the first question and let Orillia take the following one. So on the SBI MFEM IPO, the project is well underway. As you probably know the draft prospectus has been released published in March and is still under review by SEBI, by the market authority.

43:25 And we expect to there is no precise debt but we still expect, subject to market conditions, to launch the IPO in the coming months. And in terms of the term of the use of proceeds, no change there. It will contribute to rebuild our capital position and the priority is to use this capital the excess capital to do M and A. But if we don't find opportunities during the plan, we keep the flexibility to return it to shareholders. On your question on the financial income drop due to ICG mark to market, so it is not in our adjusted figures.

44:14 All the what's related to ICG has been adjusted, so not in our adjusted net income and only in accounting where we had several technical operations, I would say. The impact of ICG on our adjusted net income and profitability of ICG will be reflected starting Q2 in our adjusted net income. And coming to your question on performance fees, so we had an exceptional level of performance fees at €87,000,000 over the quarter, thanks to a number of funds basically coming from global multi asset strategy.

45:02 But as you know, in terms of performance fees, past performances are not indicative of future ones. Sorry. The line is very poor. Don't know why, but we could not get your question. Sorry. The line was not there. Try again. Is it better now? A bit better, yes. Bit better. Yeah.

45:47 Oh, so sorry for that. So, on the financial income, I understood that the difference was between your reported and adjusted figures. What I wanted to get to was the difference wasn't only related to ICG and will it be reversed in the second quarter? Yes. If I understand well, correctly, the question was is the difference between the financial income accounting of the news and adjusted revenues was totally related to ICG? And it's the case it's not for Because it's net financial income and over income and it does include the amortization amortization of distribution agreements, etcetera. So you have a full detail in the what we call the well, in the appendix basically, you have the detail of everything that goes in that line.

46:41 So you have minus €68,000,000 from out of memory from ICG and additional charges related to this amortization I was referring to. Thank you. But you can find the slide as well as the press release for the detail or we can take it offline and run you through the details. Sure. That will be helpful. Thank you, Sidney. Thank you. Thank you, Sharat. We will take the next question from Nicholas Erman from Citi. Nicholas, you should be able to open your mic and camera. Yes.

47:34 Morning. Can you hear me? Yes. Thank you. Very good. My camera is not really working right now, so you have to do without the video. Just most of my questions have been asked, but just three remaining. On alternatives, the multi management mandate with CCR, is this kind of a one off? I'm not talking about CCR specifically, but I guess should we be expecting are you seeing more engagement from your institutional clients for your alternative management multi management products? Just interested in kind of trends there. Sticking with alternatives performance still seems pretty limited. Could you just aggregate some of the moving parts there across the different sub assets classes, be it across real estate, private credits, other private assets and alternatives? And I guess within that, do you have commodity funds and assets in there as well, which I guess would have should have seen strong performance effect, if so?

48:38 And then finally, could you please just give us an update on the momentum and outlook for your BOC Wealth Management JV please? Thank you. So on private assets to first question on private assets. So CCR is not a one off. It's a good example of a recognized institutional client going to Amundi and Amundi Alpha associates to delegate a fund. But we of course have a stronger I would say, engagement with many other clients. So no specific one offs and we are seeing good traction for our expertise.

49:26 Looking back at the numbers of the first quarter in terms of asset classes within the private asset space. I am sure I understand as It is quite diversified. There was good momentum in generally speaking, it was mainly multi management. But within multi management, a good contribution from private debt from initial clients, including credit technical assurance, but also some going to private equity and infrastructure. Momentum is not the same for real estate. And we don't manage commodity funds. I think it was another of your question. And regarding the partnership, the momentum with BOC, we saw some outflows on the first quarter because we had a lot of funds coming to relatively significant amount of funds coming to maturity.

50:25 But I would say the outlook for the rest of the year is positive. Thanks very much. If I could just quickly have a quick follow-up on that. In terms of the performance, sorry, apologies for being clear. Our performance of the alternatives actually meant in terms of the market effects. So it did look like the market effects within private assets and alternatives was very muted. So I was just asking if you could provide some kind of indication of what's going on there, where you are seeing kind of pop put or the gives and the takes and what's kind of seeing whether you are seeing any improvements within that? Thank you. There was no significant move in terms of market effect in the private asset space. Still probably on some funds are expected negative on the real estate side and I think I'm turning to OREL, I don't know if she has the detail but neutral to slightly positive on other asset classes.

51:24 Thank you. So nothing significant. Okay. Thanks, Yannick. The last question so far will come from I don't know if I'm pronouncing well. Sorry. But you should be able to open your mic and camera. Hello? Am I audible? Yes. Yes. Thanks for the good result, to be honest. So I got two to three questions. So first one, like, recently, you have announced to the manage to us that you have increased the exposure in The US.

52:14 So, in the recent quarters, you have mentioned that 25% of your allocation is to The US in the total AUM. So what's the current percentage? Is there any increase or is there any decrease? The second one is with regard to the technology business. So there are two businesses in that one. So I want to know the margin profile in both the business and the project business or in the ongoing multi license fees. So that's two questions that I want to ask. So your first question was related to U. S. Exposure in general? In general, the AUM deployment, yes.

53:01 In terms of clientele, as we know following the transaction with Victoria, we don't address directly any clients in The U. S. The clients are Victoria clients. In terms of exposure, in terms of the assets we manage, I think it's around 20% of our assets, the assets that we manage that are U. S. Assets. Your second question was regarding the margin in license and build. We don't provide specific detail but it's obviously a positive margin. We intend to be a bit higher for license and build.

53:50 Okay. Thank you. Okay. Thank you. Thank you. I think it was the last question unless there is any second thoughts. Otherwise, we can turn to Nicolas and Aurelia for any concluding remark or Just to thank you for your participation and looking forward to meet again in a few months to present our second quarter results. Thank you. Have a nice day.