Slides
Page 1
Amundi 2028 Strategic Plan Invest for the future
Page 2
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 This presentation may contain prospective information and considerations on Amundi related to trends, which include projections concerning Amundi's financial situation and results, the underlying considerations and assumptions on which these projections are based, statements on projects, targets and expectations regarding future transactions, products and services, as well as considerations on future performance. The figures provided do not constitute a “forecast” as defined in Commission Delegated Regulation (EU) 2019/980. This information is based on scenarios that employ a number of economic assumptions in a given competitive and regulatory context. As such, the projections and results indicated may not necessarily come to pass due to unforeseeable circumstances and that could cause the actual results to differ substantially from those presented, implied or arising from the prospective information and considerations mentioned. Other than as required by applicable laws and regulations, Amundi undertakes no obligation to update or revise the prospective information contained in this presentation to take into account any new information or events. The reader should take all of these uncertainties and risks into consideration before forming their own opinion. The figures presented were prepared in accordance with IFRS guidelines as adopted by the European Union. They are also based on a set of assumptions on the application of prudential regulations. The information contained in this presentation, to the extent that it relates to parties other than Amundi or comes from external sources, has not been reviewed by any supervisory authority, has not been independently verified, and no representation or warranty has been expressed as to, nor should any reliance be placed on, the fairness, accuracy, correctness or completeness of the information or opinions contained herein. Neither Amundi nor its representatives can be held liable for any decision taken, or negligence or loss that may result from the use of this presentation or its contents, or anything related to them, or any document or information to which the presentation may refer. The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding. 2
Page 3
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 Agenda 3 01. Foundations & Ambitions - Invest for the future 2028 02. Deep dive #1 - Retirement 03. Deep dive #2 - ETF 04. Deep dive #3 - Technology 05. Value creation Q&A session
Page 4
Amundi 2028 Strategic Plan Invest for the future
Page 5
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 Invest for the future 2028 5 Group Chief Executive Officer
Page 6
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 01. 2028 Targets 02. Strong platform for future growth 03. Ambitions 2028: Invest for the future 04. Major partnership in private assets 05. Wrap-up 6 Foundations & Ambitions Invest for the future 2028
Page 7
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 2028 Targets 77
Page 8
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 8 >€7 I N 2 0 2 8 Cost income ratio1,2 <56% I N 2 0 2 8 Payout ratio ≥65% O V E R 2 0 2 5 - 2 8 Capital management • Prioritise external growth • Flexibility to return excess capital to shareholders Adjusted EPS1,2 1. Adjusted data: see appendices, under assumptions detail ed on p. 60, 2. Assumptions of stable markets, forex, tax regime vs. 2024
Page 9
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 >€7 I N 2 0 2 8 Cost income ratio1,2 <56% I N 2 0 2 8 Payout ratio ≥65% O V E R 2 0 2 5 - 2 8 Capital management • Prioritise external growth • Flexibility to return excess capital to shareholders Adjusted EPS1,29 Return of 2025 excess capital via share buyback Capital management • Prioritise external growth • Flexibility to return excess capital to shareholders Payout ratio ≥65% O V E R 2 0 2 5 - 2 8 • Streamline organisation • Optimise processes with AI • Invest in strategic growth Cost income ratio 1,2 <56% I N 2 0 2 8 Adjusted EPS 1,2 >€7 I N 2 0 2 8 +€300bn3 Cumulated net inflows 2025-28 on growth priorities 1. Adjusted data: see appendices, 2. Assumptions of stable markets, forex, tax regime vs. 2024, 3. Excluding the excepti onal exit which will result from the RFP on India’s EPFO
Page 10
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 Strong platform for future growth 10 10
Page 11
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 Global regional & local expertise Strong & consistent performance >82% AuM 5-year out-performance1 #1 European ETF provider ALTO suite 11 1. Share of assets under management of active funds, including money market funds, whose gross performance outstrips that of the benchmark, does not include ETF, indices, JVs, Victory Capital, delegated management, non-discretionary mandates, structured products, real assets; where no benchmark exists, absolute gross performance is taken into account; source: Amundi risk department Comprehensive solutions & market–leading services Clients at the core Active, ETF, alternative and responsible investment Model portfolio solutions Servicing, marketing, training Wrapping solutions Technology & Digital Wealth Tech
Page 12
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 202512 Across 35 countries Global reach 550 S A L E S 300 MARKETING 160 CLIENT SERVICING 1,000 institutions Large & diversified client base 600 distributors 45 digital partners Access to >200m retail clients Unique collaborative model Long-term relationships with major distributors & institutions Successful Joint Ventures
Page 13
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 +5% 2027E accretion 12% 2027E ROI €250bn2 Net Zero AuM +6%1 avg. annual net income growth 2021-24 13 Key success factors Industry-leading cost efficiency Stronghuman capital Disciplined M&A track record 2025 Amundi strategic Ambitions 1. Normalised growth excluding exceptional level of performance fees in 2021, 2. As at December 2024
Page 14
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 14 Shift of AuM growth towards Asia Digitalisation of savings solutions Acceleration of ETF use AI adoption & greater data requirements Concentration of providers & customisation of services Individualisation of retirement Democratisation of private assets
Page 15
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 Ambitions 2028: Invest for the future 1515
Page 16
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 202516 INVEST FOR THE FUTURE Accelerate diversification CLIENTS 1 Invest to create value, organically and through M&A 6 INVESTMENTS Optimise by reallocating our resources to accelerate growth priorities & leveraging AI 5 EFFICIENCY Conquer through digitalisation & technology 4 TECHNOLOGY Invest in private assets and ETFs; differentiate & optimise active; lead in responsible investment 3 SOLUTIONS Expand our global footprint 2 GEOGRAPHIES
Page 17
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 Digital distribution Support digital players Help traditional banks to accelerate digitalisation Retirement Be the preferred partner 17 CLIENTS +€100bn net inflows 2025-28 +50% Digital partners by 2028 Accelerate diversification with focus on high-potential segments
Page 18
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 High-potential regions Reinforce our presence in Middle East, Latin America and South Africa Europe Focus on UK, Germany, Benelux and Nordics Asia Cement our leadership 1. Excluding the exceptional exit which will result from the RFP of India’s EPFO 18 GEOGRAPHIES Expand reach to capture growth +€150bn1 net inflows 2025-28 Dedicated workshop in 2026
Page 19
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 Private assets • Democratisation • Synergies with CA Group • Organic growth & Partnerships Passive • Leading platform • Active ETFs • ETF-as-a-service Responsible Investment • Innovate • Stewardship Active • Simplify & scale up • New high-potential strategies 19 SOLUTIONS Invest to accelerate transformation At least one flagship fund by asset class Develop 2 evergreen strategies with ICG in H1 2026 +100 new ETFs Grow leadership
Page 20
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 Launch new offerings Capture massive Wealth Management technology opportunity Leverage Amundi Group to deliver integrated solutions globally Become the preferred partner in Europe & Asia 20 TECHNOLOGY Conquer through digitalisation & technology FY 2028 revenues x2 vs. 20241 1. 2024 baseline ~€95m pro forma including aixigo reven ues over the full year
Page 21
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 21 ICG, major partnership in private assets 21
Page 22
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 22 1. Will be consolidated under the equity method; includ ing 4.9% voting right, 2. Subject to customary regulator y approvals Capital partnership 10-year commercial agreement Privileged access for Amundi wealth clients Joint development of new private asset solutions Crédit Agricole investments in direct lending strategies
Page 23
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 23 1. Number of institutional clients, 2. AuM breakdown an d financial metrics as of end-March 2025 and for FY 2025 to end-March 2025 Structured capital 25% Secondaries 20% Private debt 27% Credit 16% Real assets 12% AuM breakdown2 Generating profits at scale2 £944m R E V E N U E S £452m N E T I N C O M E June 2025 $56bn March 2021 $123bn AuM evolution x2 c.800 clients1 Proven track-record of growth Global and diversified expertise
Page 24
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 24 Source: ICG, data as at 30 June 2025 based on DPI and benchmarks from Prequin Burgiss, 1. Senior Debt Partners funds Initial offers for Amundi for wealth clients • LP Secondaries Evergreen • Private Debt Evergreen Top Quartile Direct Lending1 Top Decile European Corporate Top Decile European Mid-Market Private Debt Top Decile European Infrastructure Real Assets Structured Capital Top Decile LP Secondaries Secondaries
Page 25
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 25 1. Calculated based on the closing share price of ICG and EUR / GBP exchange rate as of 14 November 2025 Return on investment ≥ 10%1 within 3 years EPS c.5%1 accretion in 2028
Page 26
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 26 Wrap-up 26
Page 27
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 +€300bn cumulated net inflows1 2025-28 on growth priorities x2 2024-28 Revenues2 27 1. Excluding the exceptional exit which will result from the RFP of India’s EPFO, 2. 2024 baseline ~€95m pro forma including aixigo revenues over the full year Accelerate diversification CLIENTS 1 Expand our global footprint 2 GEOGRAPHIES Conquer through digitalisation & technology 4 TECHNOLOGY Optimise by reallocating our resources to accelerate growth priorities & leveraging AI 5 EFFICIENCY Invest to create value, organically and through M&A 6 INVESTMENTS 3 SOLUTIONS Invest in private assets and ETFs; differentiate & optimise active ; lead in responsible investment GLOBAL EUROPEAN SUSTAINABLE TECH-SAVVY
Page 28
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 Retirement 28 Group Chief Investment Officer Head of Retirement Solutions
Page 29
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 202529 People are ageing Market is shifting Change is happening % of 65+ worldwide Strong growth in DC segment Addressable market, AuM1 Driving transformation across the industry 7% 10% 16% 21% 2000 2025 2050 2075 Innovation Regulation Growth6 8 2 3 2024 2028E $8tn $11tn Defined Contribution Institutional Defined Contribution Retail +7% CAGR Source: Oliver Wyman & Morgan Stanley; Oliver Wyman retirement market model, 1. Assets under management of collect ive schemes for defined contribution and individual plans in the following countries: France, United Kingdom, Nethe rlands, Switzerland, Germany, Italy, Japan, South Korea, China, India, Hong Kong, Singapore
Page 30
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 202530 Across both client segments, retail and institutional Across a wide variety of wrappers In Europe and Asia €400bn End 2024
Page 31
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 202531 A complete suite of solutions and services … … a broa d range of retirement focused capabilities Active, index, and private assets Asset allocation and overlay Lifecycle investing Income and guarantees Sustainable investments Clients at the core Co-design & off-the-shelf Model portfolio solutions Servicing, marketing, training Wrapping solutions Technology & Digital
Page 32
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 202532 We have a Group-wide plan to achieve our ambition Allocate ressources to accelerate growth Develop our offering across investments, sales and technology A new retirement business line and Group-wide organisation
Page 33
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 #1 French savings & retirement provider¹ French Savings & Retirement Leadership in France and Italy 33 #2 Italian institutional pension provider² #3 Italian pension provider² 1. Source: AFG, France Assureurs. 2. Source: Prometeia, 3. Source: Amundi - September 2025, growth of retirement assets inour French Employee Savings & Retirement activity • Custom portfolios • Sustainable, active and private assets • Accumulation and decumulation Investment • Digital tools • Administration and communication Innovation & services AUM x2.8 since 20183 1.4m individuals - 65K employers
Page 34
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 202534 Strong growth… 1. Public information related to the totality of clients’ data. 2. Source: Amundi, Indefi, Avida Asset Manag ement between 2023 and 2025. 3. As of 30/09/25 19m beneficiaries1 Market share for institutional pension funds: x3 in 3 years 2 €15bn AUM (Asian workplace pension)3
Page 35
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 35 Investment Innovation & services Key factor of success 1. Public information related to the totality of clients’ data • Outsourced Chief Investment Officer • Bespoke sales services • Local expertise x2.31 since 2018 Hong Kong workplace pension provider • Active, alternatives, and passive investments • Innovative overlay for agility at scale • Advice and technology • Sustainability and industry readiness x51 since 2018 UK DC Master Trusts …with established names
Page 36
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 202536 We have a disciplined & targeted growth ambition • Accumulation • Decumulation • Financial planning • Scale to support large schemes’ needs • Innovation as regulation and industry evolve • Growin leadership markets • Diversifyinto large DC markets • New retail partnerships Global: Europe & Asia INSTITUTIONAL: Growth & sophistication RETAIL: Individualisation
Page 37
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 Retirement = Big opportunity We’ve got the experience and the breadth of capabilities to grow our footprint Institutional + Retail reach Global scale, local presence set up for success Targeted strategy. Clear plan. Ready to execute We will be the preferred partner for our clients to enable a confident retirement 37 +€100bn cumulative inflows 2025-2028
Page 38
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 Head of Wealth & Distribution, ETFs, Chair of Asia Head of ETF & Indexing business line Head of Active & White Label ETF business line 38 ETF
Page 39
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 202539 ETF market is booming, propelled by powerful tailwinds 1. UCITS ETFs, sources ETFGI, BCG Adoption booming across all client segments Amundi at the forefront to embrace this exponential growth Wealth & retail banks Asset owners Digital platforms Powerful tailwinds Industry-wide trends ETF specific drivers Wealth growth Retirement Digitalisation of savings Product innovation Model portfolios Goal based investing Active ETFs Exponentially growing market vs Traditional asset management1 x3 faster
Page 40
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 202540 #1 European ETF provider +€55bn1 Net inflows 2025 ETFs & Indexing Amplified ETF diversification Note: figures exclude joint ventures; 2025 AUM figures as of end of September 2025, 1. ETF & Index; 2. AUM 202 5 vs 2021; 3. Wealth Managers €190bn (ETF) €314bn (ETF) €310bn AuM €481bn AuM 2021 09/2025 x1.6 Private banks & WM3 (19%) Retail banks (7%) Digital platforms (17%) Asset managers (38%) Institutionals (19%) X4.0 Digital platforms2 (2021-25) AuM by Client segments Rest of Europe (21%) Southern Europe (15%) Germany (24%) France & Benelux (31%) RoW (9%) X2.6 World ex Europe2 (2021-25) AuM by Client locations
Page 41
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 202541 • First-class index management • Efficient Plug-and-Play scalable platform • Full choice in replication techniques, fund domiciles & wrappers • Industry-leading technology • Enhanced liquidity & Market access Note: 1. ETF & Index AUM divided by ETF & Index business l ine full-time-equivalents (excluding sales and marketing); 2. Over past 12 months (from end September 2024 to e nd September 2025), source Amundi/Bloomberg; 3. Billiona ire ETF = ETF with over €1bn AuM, source Bloomberg Cutting-edge platform Gaining scale vs our competitors Market share in number of billionaire ETFs3 €5bn per FTE1 €120bn traded volume2 2021 2025 43% 37% #1 UCITS competitor -14% 2021 2025 8% 16% x2 2021 2025 13% 12% #3 UCITS competitor -8%
Page 42
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 202542 1. Singapore Straits Times Index Fund A history of client centric innovation Global Corporate ESG Singapore STI1 ESG Global Low Carbon Europe Climate Action Lifecycle ETF Green Bond Tilted US mega cap & ex mega cap Active ETF “Label ISR” European Defense 2020 2023 2024 2025 Looking ahead Crypto Retirement Thematics Income +50 New ETFs by 2028
Page 43
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 17 Active centres of expertise Amundi “best of both worlds” 1. Source: Amundi for 2023 and H1 2025, McKinsey for 20 29F 43 Among the early movers in Europe • Full SRI label suite • Amundi EUR cash active UCITS ETF • Quantamental equity, credit, emerging, … • Active ETF portfolio models Priority: Build a full suite of Active ETFs Amundi early mover in a fast-growing segment Active ETF AuM in Europe (€bn)1 2023 H1 2025 2029F 28 59 165 28bp average fees (vs 19bp for passive ETFs) ~x2 ~x3 +20 New ETFs by 2028
Page 44
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 44 Digital & wealth partners One-stop-shop for all clients, backed by our first-class platform 2 main trends Asset managers Main benefits • Diversify revenue streams • Extend our set of services & solutions +30 New ETFs by 2028
Page 45
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 1. Source: Oliver Wyman 45 7.0 5.8 4.0 2.9 2.5 3.3 2.9 4.4 3.7 2.2 Germany UK France Italy Spain New investors 2024-28 x2 10.3 8.7 8.4 6.6 4.7 Retail ETF booming across the globe Illustration with Europe (# self-care investors)1 Amundi is the partner of choice for leading digital players • Partner with all key Digital players • Digitalise banks & wealth managers offering • Offer end-to-end Wealthtech solutions Our key priorities +50% New digital partners by 2028 >45 partners in Europe, Asia & Africa
Page 46
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 465 clients1 The partner of choice on major institutional needs €176bn AuM2 1. ETF & Index institutional clients; 2. ETF & Index AUM from institutional clients as of end Septembre 2025 46 Central Banks / Supranationals Pension funds Retirement / DC • Be the undisputable partner for Central Banks & Pensions • Be the leader & champion of Climate & ESG transformation Our key priorities +50% clients 36 central banks & sovereigns
Page 47
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 1 Champion the massive Retail & digital wealth opportunity 2 Equip central banks & institutions with ETF & Bespoke index solutions 3 Drive Client-centric innovation to embrace high potential themes 47 Embrace innovation to serve our clients end-to-end +50% New digital partners by 2028 Widen leadership gap as #1 European ETF provider Be the one-stop-shop across all client segments 4 Leverage our first-class platform to deploy our ETF-as-a-Service offering 5 Expand reach of our Active strategies by launching Active ETFs range New ETFs by 2028: +50% Institutional investors equipped with ETFs +50 +30 +20
Page 48
48 Group Chief Operating Officer Amundi Technology, Chief Executive Officer A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 Technology
Page 49
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 202549 The advancements in technology are accelerating Technology is reshaping how we live and work Mobile & Digital Cloud & SaaS Artificial Intelligence Quantum Computing Artificial General Intelligence Firms are investing in tech to drive efficiency and growth It has become a strategic priority for financial services Margins have reduced by 5% in Europe over the last 5 years1 25-40% of cost base efficiencies are estimated through the use of AI1 80% of firms say disruptive technologies will fuel revenue growth2 Creating a growing opportunity for fintech providers Many organisations admit they can’t do it alone of wealth and asset managers are considering strategic partnerships or M&A to enhance technological capabilities** 1. McKinsey 2025: How AI could reshape the economics of the asset management industry, 2. PwC 2024 Asset & Wealth Ma nagement Report
Page 50
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 • Enhances investment solutions • Long-term relationships • Key differentiator Strategic enabler • Recognised, secure and compliant SaaS solution • Whole savings value chain including services • Innovative solution Fully fledged Tech provider 50 Strategic client wins:
Page 51
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 202551 Tripled revenues, reaching €80m+ in 2024 Grown internationally with 80+ clients across 15+ countries Expanded product portfolio to 4 core platforms Transformed into leading software company Acquired aixigo to accelerate development of our Wealth offering Ambitions 2025: Key achievements
Page 52
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 202552 ALTO Employee Savings & Retirement ALTO Asset Servicing ALTO Wealth & Distribution ALTO Investment 1. ~€95m pro forma including aixigo revenues over the fu ll year, 2. As of September 2025 United States Monaco France Ireland United Kingdom Netherlands Norway Denmark Germany Switzerland Austria India Korea Singapore Spain Clients by geography2 2024 Revenue by ALTO product1 2024 Revenue
Page 53
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 Leverage Amundi Group Focus on Wealth Launch New Offerings 53 1.2024 baseline: ~€95m pro forma including aixigo reven ues over the full year REVENUE ~x2 2024-281
Page 54
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 Outsourced data management Robust data architecture 54 Comprehensive and scalable data management offering, compliant with regulatory standards across markets One-stop Big Data and AI platform, LLM-agnostic, secure and fully compliant with EU regulation Data as a Service ALTO AI Studio Open-source AI platform Asset management data models
Page 55
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 55 1. Source: Oliver Wyman study on Wealth Tech Market Wealth Management technology market ALTO Wealth & Distribution powered by aixigo The Wealth Management technology market is predicted to double by 20301 Banks & Wealth managers facing increased digital channel expectation Seeking out flexible and modular technology platforms to drive efficiency and top line growth Combined platforms to create a broader, more flexibleand scalable offering Modular API-first wealth stack, delivered by highly experienced and innovative teams Strengthenedclient and geographical coverage, combined with Amundi expertise & global reach
Page 56
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 Investment Solutions Technology Platforms Outsourced Services 56 Providing holistic solutions to existing and prospective clients Leveraging the power of Amundi’s network and expertise globally Asset Management as a service Global distribution ecosystem Global Network Local Expertise Trusted Brand
Page 57
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 202557 Our core strengths Asset Management DNA Proven & Scalable SaaS Platform Leading Outsourced Services Sovereign European Solution Delivering growth and creating value Durable solutions for Amundi clients Cutting edge technology solutions 1. 2024 baseline: ~€95m pro forma including aixigo reve nues over the full year Double revenues by 20281
Page 58
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 Group Deputy Chief Executive Officer 58 Invest for the future 2028
Page 59
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 59 >€7 I N 2 0 2 8 Cost income ratio1,2 <56% I N 2 0 2 8 Payout ratio ≥65% O V E R 2 0 2 5 - 2 8 Capital management • Prioritise external growth • Flexibility to return excess capital to shareholders Adjusted EPS1,2 1. Adjusted data: see appendices, under assumptions detail ed on p. 60, 2. Assumptions of stable markets, forex, tax regime vs. 2024
Page 60
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 60 Does not take into account any positive market effect Financial trajectory in all UniCredit scenari +/- 6% EPS IMPACT +/- 2% +/- 3% +/- 1% +/- 10% Equities Fixed Income +/- 5% Eq. -/+100bp for yields Fixed income +/- 10% US$ / € +/- 10% Indian rupee / € Updated market sensitivities
Page 61
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 • Diversification across client segments, asset classes and geographies • Low volatility of earnings • Low sensitivity to market trends • +€300bn in net inflows from strategic growth areas2 • x2 Technology revenues3 • Additional accretion from ICG transaction and share buy back 61 1. Adjusted data, see appendix; under assumptions detailed on p. 60, 2. excluding the exceptional exit whi ch will result from the RFP of India’s EPFO, 3. 2024 baseline ~€95m pro forma including aixigo revenues over the full year >€7 I N 2 0 2 8 EPS1
Page 62
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 • Positive jaws effect throughout the period1 • Continued stringent cost control 62 1. Neutral market effect and excluding UniCredit revenues <56% I N 2 0 2 8 Cost income ratio1
Page 63
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 63 €40m savings from 2026 onwards To be continued 50 AI applications at scale in 2028 - 20 rolled out to date 10% of staff reallocated to growth priorities €800m organic investments (+30% vs. 2022-2025 Plan) Redirect resources Optimise processes Streamline organisation
Page 64
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 €1.3bn remaining excess capital Dividends above 65% payout €200m €500m External growth operations NEW partnership 9.9% S T A K E IN 64 Remaining excess capital from Ambitions 2025 to be returned to shareholders via share buyback
Page 65
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 65 ≥65% I N 2 0 2 8 Payout ratio Capital management Flexibility to return excess capital to shareholders Prioritise external growth • Aligned with strategic priorities • Manageable execution risk • >10% ROI within 3 years
Page 66
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 66 >€7 I N 2 0 2 8 Cost income ratio1,2 <56% I N 2 0 2 8 Payout ratio ≥65% O V E R 2 0 2 5 - 2 8 Capital management • Prioritise external growth • Flexibility to return excess capital to shareholders Adjusted EPS1,2 1. Adjusted data: see appendices, under assumptions detail ed on p. 60, 2. Assumptions of stable markets, forex, tax regime vs. 2024
Page 67
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 +€100bn Net inflows Retirement +50% Digital client +€150bn in Asian1 net inflows +100 New ETFs €800m Organic investments 50+ AI applications x2 Revenues2 67 1. Excluding the exceptional exit which will result from the RFP of India’s EPFO, 2. 2024 baseline ~€95m pro forma including aixigo revenues over the full year Accelerate diversification CLIENTS 1 Expand our global footprint 2 GEOGRAPHIES Conquer through digitalisation & technology 4 TECHNOLOGY Optimise by reallocating our resources to accelerate growth priorities & leveraging AI 5 EFFICIENCY Invest to create value, organically and through M&A 6 INVESTMENTS 3 SOLUTIONS Invest in private assets and ETFs; differentiate & optimise active ; lead in responsible investment GLOBAL EUROPEAN SUSTAINABLE TECH-SAVVY
Page 68
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 Appendices 68
Page 69
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 Speakers 69 Group Chief Executive Officer Group Chief Investment Officer Head of Retirement Solutions Head of Wealth & Distribution, ETFs, Chair of Asia Head of ETF & Indexing business line Head of Active & White Label ETF business line Group Chief Operating Officer Amundi Technology, Chief Executive Officer Group Deputy Chief Executive Officer • Foundations & Ambitions • Retirement Deep dive • Retirem ent Deep dive • Deep dive ETF • Deep dive ETF • Deep dive ETF • Amundi Technology • Amundi Technology • Value creation
Page 70
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 202570 Amundi has chosen to present adjusted accounting data for certain income items (net revenues, general operating expenses, share of net income of associates) in order to better reflect the economic and operating profitability of the company. These adjustments are intended to neutralize the impacts identified during acquisitions: • amortisation of distribution agreements or client contracts (Unicredit, Banco Sabadell, Alpha Associates as well as Bawag and Lyxor until 31/12/2024) in other revenues • depreciation and amortization related to the inclusion of earn-outs (Alpha Associates) in financial revenues • amortisation of technological intangible assets (AIXIGO) in operating expenses • integration costs (Victory Capital) in operating expenses, and capital gain or loss on disposal (Victory Capital) in profit or loss on other assets as well as provisioned expenses related to optimization or restructuring plans (in operating expenses). Finally, the adjustments applied by Victory Capital, a listed equity accounted entity, between its reported results and its adjusted results are included identically in the Amundi Group's results since H2 2025, as they correspond to adjustments of the same nature as those of the Group detailed above. They are included in the line Share of net income from Victory Capital The aggregate amounts of these items for 2024 are as follows : - €106m before tax and -€77m after tax
Page 71
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 202571 (! m) 2024 Net revenue (a) 3,406 - A m ortis ation of intangible as s e ts (be f. T ax) (87) - O the r non-c as h c harge s re late d to A lpha A s s oc iates (4) Net revenue - A djus ted (b) 3,497 Operating expens es (c) (1,852) - Inte gration c os ts (be f. tax) (13) - A m ortis ation re late d to aixigo P P A (be f. T ax) (1) Operating expens es - A djus ted (d) (1,837) G ros s operating income (e)=(a)+(c) 1,554 G ros s operating income - A djus ted (f)=(b)+(d) 1,660 C os t / Inc om e ratio (% ) -(c )/(a) 54.4% C os t / Inc om e ratio, adjus te d (% ) -(d)/(b) 52.5% (! m) 2024 G ros s operating income (e)=(a)+(c) 1,554 G ros s operating income - A djus ted (f)=(b)+(d) 1,660 ! "# A%"C%'(# )%* +,%"A-.'# %/0N /23N 4 -* '.%"C%+.A%(+5 "S.%"C%.78(A9%* 5 5 "8+A.,%5 "S:* +(.# %/-N 2;< Income before tax (i)=(e)+(g)+(h) 1,668 Income before tax - A djus ted (j)=(f)+(g)+(h) 1,774 ! "':"'* A.%A* =%/)N /<>>N ! "':"'* A.%A* =%?%@ ,A8# A.,%/BN /<CaN E"+?5 "+A'"BB(+0%(+A.'.# A# %/SN < Net income group s hare (n)=(i)+(k)+(m) 1,305 Net income group s hare - A djus ted (o)=(j)+(l)+(m) 1,382 E arnings per s hare (!) 6.37 E arnings per s hare - A djus ted (!) 6.75 = Accounting data = Adjusted data
Page 72
A M U N D I - S T R A T E G I C M E D I U M T E R M P L A N 2 0 2 8 l 18 November 2025 Investors & Analysts Calendar Press Amundi shares 72 Listed on Euronext Paris Tickers: AMUN. PA AMUN. FP Main indices: SBF 120 FTSE4Good MSCI ⎯ Q4 and full-year 2025 earnings release: Tuesday, 3 February 2026 ⎯ Q1 2026 earnings release: Wednesday, 29 April 2026 ⎯ General Shareholders’ Meeting: Tuesday, 2 June 2026 ⎯ Q2 and H1 2026 earnings release: Thursday, 30 July 2026 ⎯ Q3 and 9-month 2026 results: Thursday, 29 October 2026 Thomas Lapeyre Investor Relations thomas.lapeyre@amundi.com Phone: +33 1 76 33 70 54 Mobile: +33 6 37 49 08 75 Annabelle Wiriath Investor Relations annabelle.wiriath@amundi.com Phone: +33 1 76 32 43 92 Mobile: +33 6 03 23 29 65 Cyril Meilland, CFA Head of Investor Relations cyril.meilland@amundi.com Phone: +33 1 76 32 62 67 Mobile: +33 6 35 49 42 69 Natacha Andermahr Head of Communications natacha.andermahr@amundi.com Phone: +33 1 76 37 86 05 Mobile: +33 6 37 01 82 17 Corentin Henry Press Relations corentin.henry@amundi.com Phone: +33 1 76 32 26 96 Mobile: +33 7 86 43 53 74