Slides
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Results for the second quarter & first half 2025 Presentation to Investors & Analysts 29 July 2025
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Disclaimer 2 Amundi – Q2 & H1 2025 results, 29 July 2025 This document does not constitute an offer or invitation to sell or purchase, or any solicitation of any offer to purchase or subscribe for, any securities of Amundi in the United States of America or in France. Securities may not be offered, subscribed or sold in the United States of America absent registration under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements thereof. The securities of Amundi have not been and will not be registered under the U.S. Securities Act and Amundi does not intend to make a public offer of its securities in the United States of America or in France. This document may contain forward looking statements concerning Amundi's financial position and results. The data provided do not constitute a profit “forecast” or “estimate” as defined in Commission Delegated Regulation (EU) 2019/980. These forward looking statements include projections and financial estimates based on scenarios that employ a number of economic assumptions in a given competitive and regulatory context, assumptions regarding plans, objectives and expectations in connection with future events, transactions, products and services, and assumptions in terms of future performance and synergies. By their very nature, they are therefore subject to known and unknown risks and uncertainties, which could lead to their non-fulfilment. Consequently, no assurance can be given that these forward looking statement will come to fruition, and Amundi’s actual financial position and results may differ materially from those projected or implied in these forward looking statements. Amundi undertakes no obligation to publicly revise or update any forward looking statements provided as at the date of this document. Risks that may affect Amundi’s financial position and results are further detailed in the “Risk Factors” section of our Universal Registration Document filed with the French Autorité des Marchés Financiers. The reader should take all these uncertainties and risks into consideration before forming their own opinion. The figures presented have been subject to a limited review from the statutory auditors and have been prepared in accordance with applicable prudential regulations and IFRS guidelines, as adopted by the European Union and applicable at that date. Unless otherwise specified, sources for rankings and market positions are internal. The information contained in this document, to the extent that it relates to parties other than Amundi or comes from external sources, has not been verified by a supervisory authority or, more generally, subject to independent verification, 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 made, negligence or loss that may result from the use of this document or its contents, or anything related to them, or any document or information to which this document may refer. The sum of values set out in the tables and analyses may differ slightly from the total reported due to rounding.
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3 1 Highlights Amundi – Q2 & H1 2025 results, 29 July 2025 Valérie Baudson CEO
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1. In this document, the historical series have been restated on a comparable basis, see p. 35; 2. Adjusted data: see the Alternative Performance Measures (APM) in the appendix 3. Medium- to long-term assets, excl. JV & Victory Capital - US Distribution 4 Amundi – Q2 & H1 2025 results, 29 July 2025 Strong first-half performance, with record net inflows and success on strategic priorities – Third-party distribution: +€13bn – Asia: +€22bn – ETF: +€19bn – Amundi Technology: revenues up +48% H1/H1 – Fund Channel: €613bn under distribution, reaching the MTP target – H1 profit before tax2: €895m • Top line-driven • Controlled costs • Cost/income ratio 52.5% – Q2: net income2: €334m • Earnings per share2: €1.63 – AuM at €2.27tn • up in H1 and Q2, despite forex effect – H1 net inflows already at FY 2024 level • +€48bn in MLT3 assets – Q2 net inflows +€20bn • Balanced between MLT3 assets and JV • Positive in active management Growth in profit before tax Continuedsuccess on strategic pillars in H1 H1 net inflows already at FY 2024 level +4.2% H1/H1 growth1 +€52bn H1 2025 net inflows Q4 2025 New MTP
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Amundi, the European expert Amundi – Q2 & H1 2025 results, 29 July 20255 1. Source IPE "Top 500 Asset Managers" published in June 2025 #1 European asset manager, the only European player in Top 10 global asset managers1 - ~€1.7tn managed on behalf of European clients - +€29bn H1 net inflows in Europe - Leader in the management of euro assets - More than 50% of assets under management invested in euro assets A diversified and innovative platform - Stoxx Europe 600 ETF: H1 net inflows +€3bn, >€12bn AuM - European ETFs: +€4bn raised in the Q2 alone Thematic offering: - Launch in May of the Stoxx Europe Defence ETF (AuM €94m) and the CPR Defence fund - CPR European Strategic Autonomy (€366m in AuM, H1 net inflows +€110m) Italy €199bn Germany €150bn Austria €34bn Belgium €30bn Czech Rep. €14bnFrance €1,028bn Ireland €10bn Netherlands €27bn Spain €74bn Sweden €12bn UK €70bn Switzerland €30bn Breakdown of AuM by country of distribution in Europe AuM ~€1.7tn on behalf of European clients Investments >50% of assets invested in euro
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▪ Europe: +€27bn, Asia: +€4bn ▪ France: recovery of life contracts in euros for CA & SG Insurers (+€9bn); high subscriptions into Employee Savings & Retirements schemes (+€3bn) ▪ UK / Defined Contribution: win of The People's Pension mandate (+€22bn) ▪ China: investment of +€1bn by a Chinese institution in a dedicated global index portfolio Institutional – record net inflows of +€31 bn in H1 Amundi – Q2 & H1 2025 results, 29 July 20256 Dynamic activity in all geographies ▪ “Smart Cash” strategies (short-duration bonds): +€7bn raised, €30bn AuM(+36% in H1) ▪ Private Assets: launch of a +€0.6bn private debt mandate with Amundi Alpha Associates for a German pension fund ▪ ETF strategies: +€7bn raised from institutional clients ▪ Responsible Investment: launch of a low-carbon index mandate for Chile's sovereign wealth fund Innovative mandate wins
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ETF – Amundi confirms #2 position in European market 7 Amundi – Q2 & H1 2025 results, 29 July 2025 1. Source: ETFGI data for flows in ETF (Exchange-Traded Products), i.e. ETF (Exchange-Traded Funds) + ETC (Exchange-Traded Commodities) + ETN (Exchange-Traded Notes) 2. Players with ETF AuM > €100bn as at 30 June 2025 Net inflows doubled H1/H1 (vs. market: +67%1) - +€19bn in H1 2025 vs. +€9bn in H1 2024 - Representing +13% annualised growth of AuM #2 ETF collector in Europe1 in H1 Wide range of products - 344 ETFs/ETPs covering various segments, strategies and geographies - 42% of ETFs (by number) based on responsible investment indices Innovations - StoxxEurope DefenceETF - Euro Government Tilted Green Bond ETF + Low Duration - ETF MSCI USA MegaCap / Ex MegaCap - Multi-asset LifecycleETF range - Active ETFswithFrench SRI Label +57.0 +18.6 +10.6 +17.2 +6.0 +7.2 +6.5 Peer #1 Peer #3 Peer #4 Peer #5 Peer #6 Peer #7 ETF AuM: 288 247 169 121 116 101 958 ETF H1 net inflows1 of the 7 largest players2, ranked by AuM1 (€bn) Leading European ETF provider
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Fund Channel – MTP target achieved ahead of schedule and new developments 8 Amundi – Q2 & H1 2025 results, 29 July 2025 1. Source Platforum, 2022-2025 MTP target achieved 6 months ahead of schedule Success of the partnership with CACEIS - CACEIS' participation in Fund Channel since May 2023 - Contribution of the fund execution platform Successful launch of Fund Channel Liquidity, a multi-management platform for treasury products - Innovative offering for corporate treasurers, in partnership with Amundi Liquidity Solutions teams and CACEIS - already recognised with AFTE Innovation Award (March 2025) Fund Channel: Best European Platform1 for 4th consecutive year Development success Evolution of assets under distribution, 2021-June 2025 337 384 411 521 613 600 2021 2022 2023 2024 30/06/2025 Ambition 2025 Fund Channel €613bn assets under distribution
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9 2 Activity H1 & Q2 2025 Amundi – Q2 & H1 2025 results, 29 July 2025 Nicolas Calcoen Deputy Chief Executive Officer
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AuM1 €2.27tn, up over both the half-year and the quarter 10 Amundi – Q2 & H1 2025 results, 29 July 2025 1. Assets under management (AuM) and net inflows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of AuM and net inflows from Asian JVs; for Wafa Gestion in Morocco and distribution to US clients of Victory Capital, AuM and net inflows are reported in proportion to Amundi's share in the capital of the entities. Strong net inflows: +€52bn Positive market effect: +€58bn Sharp negative forex effect: - -€73bn of which-€48bn in Q2, US dollar (~25% of total AuM) and Indian rupee (~12%) down vs. € Q2 average AuM: €1,823bn, stable Q2/Q1 excluding scope effect H1 2025 2,156 2,240 2,247 2,267 +23 +31 +20+61 +2 +57 -26 -48 -10 30.06.24 Net inflows Market & Forex effect 31.12.24 Net inflows Market effect Forex effect 31.03.25 Net inflows Market effect Forex effect Scope effect 30.06.25 +0.9% +5.2% H2 2024 Q1 2025 Q2 2025 €2,267bn AuM as at 30 June 2025 Evolution of assets under management1 June 2024 – June 2025 (€bn) 12 months: Net inflows +€74.9bn Market & Forex effect +€45.8bn Scope effect -€9.7bn
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Victory Capital – first integration 11 Amundi – Q2 & H1 2025 results, 29 July 2025 Finalisation of the partnership and first consolidation on 1 April Victory Capital AuM $302bn / €256bn - of which €36bn from non-US clients, included @100% in Amundi’s AuM - and €58bn in US distribution, included @26%1 Q2 inflows -€0.6bn, from non-US clients, breaking even in US Distribution1 First integration in Q2 2025 1. Consolidated using the equity method for the balance sheet and income statement 36.2 35.8 -69.169.1 59.5 57.7 +4.8 -6.3-0.6 105.3 93.5 31/03/2025 Déconsolidation Amundi US - Distrib. US Intégration Victory Capital - Distrib. US @26,1% Collecte Effet marché Effet change 30/06/2025 Victory Capital - US Distrib. @26% Total US clients - Amundi US @100% / Victory Capital @26% Total non US clients Clients non US Distrib. US Scope efffect -€9.7bn Evolution of assets under management of US operations in Q2 2025
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H1 net inflows +€52bn, record in MLT assets2 at +€48bn 12 Amundi – Q2 & H1 2025 results, 29 July 2025 1. Net inflows including advised and marketed assets and funds of funds 2. Medium/Long Term Assets In H1, +€52bn, close to FY 2024 (+€55bn) Record in MLT2 assets at +€48bn: - Positive in active management (+€9bn), particularly in bonds - High in passive management: ETFs (+€19bn) and gain of the People's Pension equities index mandate (+€22bn in H1) In Q2, +€20bn, balanced between MLT2 assets and JV H1 & Q2 2025 +18.5 +48.0 -2.5 -9.6 +16.1 +13.2 H1 2024 H1 2025 MLT assets excl. JV Treasury products excl. JV JV +€32.1bn +€51.6bn +36.9 +11.1 -8.7 -1.0 +2.9 +10.3 Q1 2025 Q2 2025 +€20.4bn+€31.1bn H1 2025 Net inflows1 H1 2025 vs. H1 2024, Q1 & Q2 (€bn)
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42% 29% 20% 9% 28% 45% 18% 9% 28% 43% 18% 11% Sustained high performance of open-ended funds 13 Amundi – Q2 & H1 2025 results, 29 July 2025 1. Source: Morningstar Direct, Broadridge FundFile - Open-ended funds and ETFs, global fund scope, March 2025 2. As a percentage of the assets under management of the funds in question 3. The number of Amundi's open-ended funds rated by Morningstar was 1,007 at the end of June 2025. © 2025 Morningstar, all rights reserved 4. Share of AuM of active funds, including money market funds, of which gross performance is higher than that of the benchmark; ETFs, indices, JVs, delegated management, non-discretionary mandates, structured products, real assets are excluded; in the absence of a benchmark, absolute gross performance is taken into account; source Amundi / Risk Department 82% over 5 years4 to 30.06.2025 1,037 funds – €719bn 1st quartile 2nd quartile 3rd quartile 4th quartile XX% Data as of the end of March 2025 73% 243 Amundi 3 funds with a 4 or 5-star Morningstar rating 71% 71% Outperformance vs. benchmark4 860 funds – €667bn752 funds – €627bn 1 year3 years5 years Morningstar Ranking of Funds by Assets Under Management Open-ended funds1: ~70%2 of AuM in the first two quartiles over 1, 3 and 5 years
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Retail – healthy flows from Third -Party Distributors 14 Amundi – Q2 & H1 2025 results, 29 July 2025 1. Net inflows including advised and marketed assets and funds of funds In H1, continued net inflows from Third- Party Distributors: - Driven by ETFs (+€11.4bn) - Active management and treasury products - Nearly 40% with digital players - Good momentum in Europe (+€8.9bn), high net inflows in Asia (+€3.1bn) France and international networks still marked by risk aversion In Q2, acceleration of net inflows in China (Amundi BOC WM): +€0.7bn H1 & Q2 2025 -0.9 -0.5-2.9 -6.5 +0.1 +1.0 +12.4 +13.3 H1 2024 H1 2025 French networks International networks Amundi BOC WM Third-party distribution +€8.7bn +€7.2bn Retail: net inflows1 H1 2025 vs. H1 2024, Q1 & Q2 (€bn) +0.2 -0.7-3.0 -3.6 +0.3 +0.7 +8.3 +5.0 Q1 2025 Q2 2025 +€1.4bn+€5.8bn H1 2025
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Institutional – net inflows +€31 bn in H1 15 Amundi – Q2 & H1 2025 results, 29 July 2025 1. Net inflows including advised and marketed assets and funds of funds 2. Medium/Long Term Assets In H1, MLT2 inflows of +€44bn - People's Pension mandate (Q1) - Continued success of active fixed income strategies - Inflows of +€9.8bn from CA & SG insurers; recovery in net inflows in life euro contracts - Treasury products: seasonal outflows from Corporates In Q2, strong seasonal activity in Employee Savings (+€4.1bn in MLT2 assets) H1 & Q2 2025 +0.1 +4.2 +5.2 +4.6 -10.3 -2.1 +27.5 +2.0 Q1 2025 Q2 2025 +€8.7bn+€22.4bn +2.6 +4.3+2.8 +9.8+9.7 +29.5 -7.8 -12.4 H1 2024 H1 2025 Corporate & Employee savings CA & SG insurers Institutional & sovereigns Treasury products +€7.3bn +€31.2bn MLT assets: H1 2025 Institutional investors: net inflows 1 H1 2025 vs. H1 2024, Q1 & Q2 (€bn) +€43.5bn MLT2 assets
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JV – positive net inflows in all geographies Amundi – Q2 & H1 2025 results, 29 July 2025 1. Assets under management (AuM) and net inflows, including assets under advisory, marketed assets and funds of funds, and taking into account 100% of AuM and net inflows from Asian JVs; for Wafa Gestion in Morocco, AuM and net inflows are reported in proportion to Amundi's share in the capital of the JV. 2. Medium/Long Term Assets During H1, net inflows driven by India (SBI MF) and Korea (NH-Amundi), mainly in MLT2 assets In T2, - India (SBI MF): Acceleration in net inflows despite market volatility - China (ABC CA): recovery in active bond net inflows 16 H1 & Q2 2025 +12.3 +6.9 +2.0 +4.8 +2.0 +2.0 -0.5 -0.7 +0.2 +0.2 H1 2024 H1 2025 SBI MF (India) NH Amundi (Korea) ABC CA (China, excl. Channel business) Channel business (China) Other JVs +€16.1bn +€13.2bn JV: net inflows H1 2025 vs. H1 2024, Q1 & Q2 (€bn) -0.9 +7.8 +3.4 +1.4 +0.9 +1.2 -0.4 -0.2-0.0 +0.2 Q1 2025 Q2 2025 +€10.3bn +€2.9bn H1 2025
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17 3 Results H1 & Q2 2025 Nicolas Calcoen Deputy Chief Executive Officer Amundi – Q2 & H1 2025 results, 29 July 2025
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18 Amundi – Q2 & H1 2025 results, 29 July 2025 H1 2025 Results The income statement for the first half of 2025 includes, in the first quarter, Amundi US fully integrated in each line of the statement and, in the second quarter, the equity-accounted contribution of Victory Capital (group share, i.e. 26%). As Victory Capital has not yet published its earnings for this period, this contribution is estimated by taking the net income group share of the first quarter of 2025. The first half of 2024 has been restated in a comparable manner, i.e. as if Amundi US had been fully integrated in the first quarter and accounted for using the equity method in the second quarter (@100%).
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Revenues +5% H1/H1* 19 *In H1 2025 no pro forma restatement was applied and Amundi US is therefore fully integrated in Q1 2025, and H1 2024 was restated accordingly, ie as if Amundi US had been fully integrated in Q1 2024 and equity-accounted in Q2 2024. 1. Adjusted data: see the Alternative Performance Measures (APM) in the appendix Amundi – Q2 & H1 2025 results, 29 July 2025 Management fees: +4.6% in a context of market appreciation and increase of average assets under management Lower performance fees Technology revenues: +48%; integration of aixigo (from Q4 24) and continued organic growth H1 2025 * Excluding Amundi US, including Q1 2025 1,542 1,475 58 66 52 35 52 47 1,703 1,623 H1 2025H1 2024* Net management fees Performance fees Technology Net financial income & other +4.9% Adjusted revenues1 (€m) * H1 2024 pro forma: excluding Amundi US revenues in Q2 2024
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Margins – impact from the deconsolidation of Amundi US 20 Note: the margin at current scope for H1 2025 takes into account Amundi US management fees and average assets under management up to and including Q1 2025. Following the deconsolidation of Amundi US in Q2 2025, margins exclude any contribution from distribution operations in the US in Q2 2025 * Pro forma: for comparison purposes, the pro forma margin excludes any contribution in management fees and average assets under management from Amundi US's US Distribution in 2024 and H1 2025 1. Excluding Performance fees, net management fees / average assets under management excluding associates (JV and, in H1 2025, Victory Capital – US Distribution), annualised Amundi – Q2 & H1 2025 results, 29 July 2025 Margin on average AuM: 16.5bp - mainly impacted by the deconsolidation of Amundi US in Q2 H1 2025 pro forma average AuM*: 15.9bp - Negative effect of the product mix over the last 12 months H1 2025 17.8 17.7 17.7 16.5 16.4 15.9 2022 2023 2024 S1 2025 Margin on average AuM (bp) Pro-forma margin on average AUM* (bp) Margins on average assets under management (bp)1 * 2024 and H1 2025 pro forma: excluding any contribution from Amundi US's US Distribution in 2024 and Q1 2025, and from Victory Capital in Q2 2025
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Costs +5% H1/H1* 21 *In H1 2025 no restatement was applied and Amundi US is therefore fully consolidated in Q1 2025, and H1 2024 was restated accordingly, ie as if Amundi US had been fully integrated in Q1 2024 and equity-accounted in Q2 2024. 1. Adjusted data: see the Alternative Performance Measures (APM) in the appendix Amundi – Q2 & H1 2025 results, 29 July 2025 Neutral jaws effect: revenue growth in line with cost growth Growth in operating expenses contained despite the following: - the integration of Alpha Associates (Q2 2024) and aixigo (Q4 2024), for about a third of the increase - investments in strategic priorities Cost/income ratio 52.5% (stable vs. H1 2024*) H1 2025 894 849 52.5%52.3% H1 2025H1 2024* Operating expenses - Adjusted Cost income ratio - Adjusted +5.3% Adjusted operating expenses1 (€m) * H1 2024 pro forma: excluding Amundi US expenses in Q2 2024
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Profit before tax up +4% H1/H1* 22 *In H1 2025 no restatement was applied and Amundi US is therefore fully consolidated in Q1 2025, and H1 2024 was restated accordingly, ie as if Amundi US had been fully integrated in Q1 2024 and equity-accounted in Q2 2024. 1. Adjusted data: see the Alternative Performance Measures (APM) in the appendix 2. Equity-accounted: 26% of Victory Capital adjusted net income (Q1 2025 due to the one-quarter lag) in H1 2025 and 100% of Amundi US adjusted net income in Q2 2024 only for H1 2024 Amundi – Q2 & H1 2025 results, 29 July 2025 Gross operating income: €808m, +4.5% H1/H1* Contribution from JVs up +7.1%, driven by India’s SBI MF (+7.4%) Net contribution from US operations2: - synergies announced not yet accounted for ($110m @100% and for full-year) and already achieved ($50m as of 1 April) due to the one- quarter lag in the recognition of Victory Capital’s contribution - negative currency impact (YoY dollar decline) - positive non-recurring items for Amundi US in Q2 2024 H1 2025 * H1 2024: pro forma as if Amundi US had been consolidated using the equity method in Q2 2024 (100% of net income included in income before tax) 66 61 26 32 58 66 895 858 H1 2025H1 2024* Share of net income from US operations - Adjusted Share of net income from Asia JVs Income before tax, excl. JV & Victory- Adjusted Performance fees (bef. tax) +4.2% Adjusted profit before tax1 (€m)
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First-half adjusted net income1 of €638m 23 *In H1 2025 no restatement was applied and Amundi US is therefore fully consolidated in Q1 2025, and H1 2024 was restated accordingly, ie as if Amundi US had been fully integrated in Q1 2024 and equity-accounted in Q2 2024. 1. Adjusted data: see the Alternative Performance Measures (APM) in the appendix 2. Total tax charge in H1 2025 of -€259m, including the exceptional tax contribution in France for -€55m, based on a total amount to be paid over the full year 2025 of -€72m Amundi – Q2 & H1 2025 results, 29 July 2025 Adjusted Net income1 of €638m, including the exceptional tax contribution in France2 of -€54m - Excluding the exceptional tax contribution2, net income1 of €692m Adjusted earnings per share1: €3.11 including -€0.26 per share of the exceptional tax contribution2 Accounting net income of €1bn, including a capital gain of €402m related to the closing of the transaction with Victory Capital H1 2025 * H1 2024: pro forma as if Amundi US had been consolidated using the equity method in Q2 2024 (100% of net income included in income before tax) 638 668 692 668 895 858 H1 2025H1 2024* Corporate tax (excl. tax surcharge) & others - Adjusted Exceptional tax surcharge Net income group share - Adjusted +4.2% Adj. net income, excl. tax surcharge Adjusted profit before tax and net income1 (€m) Impact of the tax surcharge2: - €54m
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24 Amundi – Q2 & H1 2025 results, 29 July 2025 Q2 2025 Results Note: The quarterly series have been restated as if Amundi US had been consolidated using the 100% equity method up to and including Q1 2025; In the second quarter 2025, after the closing of the partnership with Victory Capital, the contribution from Amundi US is replaced by the consolidation under the equity method of Victory Capital (group share, i.e. 26%). As Victory Capital has not yet published its earnings for this period, this contribution is estimated by taking the net income group share of the first quarter of 2025.
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Q2 revenues – management fees up slightly despite the unfavourable forex impact Amundi – Q2 & H1 2025 results, 29 July 2025 * Historical series have been restated as if Amundi US had been equity-accounted at 100% until and including Q1 2025 1. Adjusted data: see the Alternative Performance Measures (APM) in the appendix Management fees +1.2% vs. Q2 2024* and -2.7% vs. Q1 2025* due to: - the decline in the average dollar of -5% YoY and -7% QoQ (~25% of underlying assets exposed to USD), i.e. 2/3 of the QoQ decline - unfavourable product mix (net inflows driven by passive products and Institutional clients) Performance fees: -28.9% compared to a high Q2 2024 base (+53.5% vs. Q1 2025) Technology revenues +49.8% Q2/Q2: strong organic growth (+30%) and aixigo integration Financial income down due to lower short- term rates 717 737 732 723 709 35 23 56 19 49 26 26 26 20 17 12 37 18 15 23 790 823 831 777 799 Q2 2025Q1 2025*Q4 2024*Q3 2024*Q2 2024* Net management fees Performance fees Technology Net financial income & other -1.0% 25 Adjusted revenues1 (€m) * pro forma: excluding Amundi US revenues from Q2 2024 to Q1 2025 (included) Q2 2025
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Stable costs Q2/Q2* excluding aixigo Amundi – Q2 & H1 2025 results, 29 July 2025 * Historical series have been restated as if Amundi US had been equity-accounted at 100% until and including Q1 2025 1. Adjusted data: see the Alternative Performance Measures (APM) in the appendix 2. Currently being estimated Expenses well controlled - Most of the increase comes from aixigo integration from Q4 2024 (€5m in Q2) Cost/income ratio1: 52.7%, in line with our target (< 53%) 2026 optimisation plan: launch confirmed as announced in Q1 - Objective €35 to 40m in savings from 2026, which will be used to finance investments - Restructuring costs €70m to 80m2 in H2 2025 Q2 2025 417 416 425 403 410 52.7%50.6%51.2%51.8%51.4% Q2 2025Q1 2025*Q4 2024*Q3 2024*Q2 2024* Operating expenses - Adjusted Cost income ratio - Adjusted +1.6% 26 Adjusted operating expenses1 (€m) * pro forma: excluding Amundi US expenses from Q2 2024 to Q1 2025 inclusive
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Q2 profit before tax1 at €437m Amundi – Q2 & H1 2025 results, 29 July 2025 * Historical series have been restated as if Amundi US had been equity-accounted at 100% until and including Q1 2025 1. Adjusted data: see the Alternative Performance Measures (APM) in the appendix 2. Equity-accounted: 26% of Victory Capital adjusted net income (Q1 2025 due to the one-quarter lag) in Q2 2025 and 100% of Amundi US adjusted net income in the other quarters 3. Total tax charge in Q2 2025 of -€104m, including the exceptional tax contribution in France for -€9m, based on a total amount to be paid over the full year 2025 of -€72m; this exceptional tax contribution is estimated at -€9m in the coming quarters of 2025 Contribution of Asian JVs up +16.6% Q2/Q2, driven by SBI MF (+19.0%) Net contribution from US operations2: - synergies announced not yet accounted for ($110m @100% and for full-year) and already achieved ($50m as of 1 April) due to the one- quarter lag in the recognition of Victory Capital’s contribution - negative forex effect: US dollar down -5% Q2/Q2 - non-recurring positive items for Amundi US in Q2 2024 Adjusted net income1 €334m, including the exceptional tax contribution3 in France of -€9m Q2 2025 27 * pro forma as if Amundi US had been consolidated using the equity method (100% of net income included in income before tax) 437 452 462 429 445 38 28 29 33 33 26 22 30 24 32 35 23 56 19 49 Q2 2025Q1 2025*Q4 2024*Q3 2024*Q2 2024* Share of net income from US operations - Adjusted Share of net income from Asia JVs Income before tax - Adjusted Performance fees (bef. tax) -1.8% Adjusted profit before tax1 (€m)
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Amundi – Q2 & H1 2025 results, 29 July 2025 1. Shareholders' equity excluding goodwill and other intangibles 2. Revaluation of the net equity of entities in foreign currencies, notably the US dollar and, to a lesser extent, the Indian rupee Strong financial position Short text Tangible equity1: €4.3bn at end-June 2025, up +11.4% YoY Down compared to end 2024 in connection with: • 2024 dividend payment (-€0.9bn) • negative impact of exchange rate revaluation2 (-0.2bn) • offset by H1 accounting net income (+€1.0bn) including the capital gain on the Victory Capital transaction (+€0.4bn) 30 June 2025 €2.3bn €2.7bn €3.2bn €3.5bn €3.9bn €4.3bn €3.9bn €4.5bn €4.3bn 31/12/18 31/12/19 31/12/20 31/12/21 31/12/22 31/12/23 30/06/24 31/12/24 30/06/25 +11.4% Tangible shareholders' equity1 (€bn) €1.3bn Capital surplus as at 30.06.2025 28 Issuer rating A+/stable FitchRatings
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29 4 Conclusion Valérie Baudson CEO Amundi – Q2 & H1 2025 results, 29 July 2025
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1. In this document, the historical series have been restated on a comparable basis, see p. 35; 2. Adjusted data: see the Alternative Performance Measures (APM) in the appendix 3. Medium- to long-term assets, excl. JV & Victory Capital - US Distribution 30 Amundi – Q2 & H1 2025 results, 29 July 2025 Strong first-half performance, with record net inflows and success on strategic priorities in H1: – Third-party distribution: +€13bn – Asia: +€22bn – ETF: +19bn€ – Amundi Technology: revenues up +48% H1/H1 – Fund Channel: €613bn under distribution, reaching the MTP target – H1 profit before tax2: €895m • Top line-driven • Controlled costs • Cost/income ratio 52.5% – Q2: net income2: €334m • Earnings per share2: €1.63 – AuM at €2.27tn • up in H1 and Q2, despite forex effect – H1 net inflows already at FY 2024 level • +€48bn in MLT3 assets – Q2 net inflows +€20bn • Balanced between MLT3 assets and JV • Positive in active management Growth in profit before tax Continuedsuccess on strategic pillars H1 net inflows already at FY 2024 level +4.2% H1/H1 growth1 +€52bn H1 2025 net inflows Q4 2025 New MTP
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31 5 Appendices Amundi – Q2 & H1 2025 results, 29 July 2025
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AuM – well diversified by clients, asset classes & geographies Amundi – Q2 & H1 2025 results, 29 July 2025 (*) Including funds of funds 1. Assets under management (AuM) and net inflows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of assets under management and net inflows from Asian JVs; for Wafa Gestion in Morocco and distribution to US clients of Victory Capital, AuM and net inflows are reported in proportion to Amundi's share in the capital of the entities. €2,267bn Assets under management1 as at 30 June 2025 Passive management - 20%Retail - 29% Institutional excluding CA & SG insurers - 33% Active management - 49% Large client base Full range by asset classes Global Presence 32 French networks 6% International networks 7% Third-party distributors 15% Institutionals & Sovereigns (*) 24% Corporates 5% Employee savings 4% CA & SG insurers 20% JVs 16% Victory-US distribution 3% €2,267bn client segments France 45% Italy 9% Rest of Europe 21% Asia 20% Rest of the world 5% regions €2,267bn Equities 9%Multi- assets 11% Bonds 29% Structured products 2% ETFs & ETCs 13% Index & Smart beta 7% Real & alternative assets 3% Treasury products excl. JVs 8% Victory-US distribution 2% JVs 16%€2,267bn asset classes
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Margins impacted by the deconsolidation of Amundi US 33 Amundi – Q2 & H1 2025 results, 29 July 2025 1. Margins excluding Performance fees; net management fees / average assets under management excluding JV and Victory Capital – US Distribution, annualised 2,965 2,940 3,184 1,542 17.8 17.7 17.7 16.5 2022 2023 2024 H1 2025 Net asset management revenue ex. Perf. fees (€M) Margin on average AuM (bp) 2,166 2,095 2,271 1,067 36.6 35.7 34.4 31.2 2022 2023 2024 H1 2025 641 692 758 391 10.1 10.4 10.6 10.4 2022 2023 2024 H1 2025 158 153 156 83 3.6 3.7 3.7 3.8 2022 2023 2024 H1 2025 Net management fees (€M) and margins1 on average AuM excluding JVs (bp) Retail Institutional excluding CA & SG insurers CA & SG Insurer Mandates
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Adjusted income statement1 – first half & second quarter Amundi – Q2 & H1 2025 results, 29 July 2025 *In H1 2025 no restatement was applied and Amundi US is therefore fully consolidated in Q1 2025, and H1 2024 was restated accordingly, ie as if Amundi US had been fully integrated in Q1 2024 and equity-accounted in Q2 2024. 1. Adjusted data: see the Alternative Performance Measures (APM) in the appendix 2. For an estimated total amount of exceptional tax contribution in France to be paid over the whole of the 2025 fiscal year of -€72m In H1 2025, impact of the exceptional tax contribution in France2: -€54m, of which -€46m in Q1 2025 and -€9m in Q2 2025 34 (€M) H1 2025 H1 2024** % c$g. H1/H1* Q2 2025 Q2 2024* % ch. Q2/Q2* Q1 2025* % ch. Q2/Q1* Net revenue - Adjusted 1,703 1,623 +4.9% 790 799 -1.0% 823 -3.9% Net management fees 1,542 1,475 +4.6% 717 709 +1.2% 737 -2.7% Performance fees 58 66 -13.2% 35 49 -28.9% 23 +53.5% Technology 52 35 +48.0% 26 17 +49.8% 26 +0.7% Net financial income & other net income - Adjusted 52 47 +10.4% 12 23 -47.2% 37 -66.9% Operating expenses - Adjusted (894) (849) +5.3% (417) (410) +1.6% (416) +0.2% Cost income ratio - Adjusted 52.5% 52.3% +0.2pp 52.7% 51.4% +1.4pp 50.6% +2.2pp Gross operating income - Adjusted 808 773 +4.5% 374 388 -3.8% 407 -8.1% Cost of risk and others - Adjusted (6) (8) -28.7% (1) (8) -82.4% (4) -67.4% Share of net income from JVs 66 61 +7.1% 38 33 +16.6% 28 +38.6% Share of net income from Victory Capital - Adjusted 26 32 -16.8% 26 32 -16.8% 22 +21.2% Income before tax - Adjusted 895 858 +4.2% 437 445 -1.8% 452 -3.3% Corporate tax - Adjusted (259) (192) +35.0% (104) (95) +9.0% (149) -30.6% Non-controlling interests 2 1 +88.1% 1 0 NM 1 +32.6% Net income group share - Adjusted 638 668 -4.5% 334 350 -4.5% 303 +10.2% Amortisation of intangible assets (net of tax) (28) (32) -10.8% (15) (17) -13.7% (14) +8.8% Integration costs and PPA amortisation (net of tax) (7) 0 NM (1) 0 NM (3) -78.2% Victory Capital adjustments (after tax, group share) (7) 0 NM (7) 0 NM (4) +62.2% Capital gain Victory Capital, net of tax 402 0 NM 402 0 NM 0 NM Net income group share 998 636 +56.9% 715 333 NM 283 NM Earnings per share (€) 4.86 3.11 +56.3% 3.48 1.63 NM 1.38 NM Earnings per share - Adjusted (€) 3.11 3.26 -4.8% 1.63 1.71 -4.8% 1.48 +10.2%
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Explanations of pro forma data Amundi – Q2 & H1 2025 results, 29 July 2025 Adjusted data: see the Alternative Performance Measures (APM) in the appendix 35 Profit & Loss + Alternative Performance Measures YTD Quarters (€m) H1 2025 H1 2024 - Amundi US contrib. T2 2024 H1 2024 pro forma % YoY ch. % YoY ch. pro forma Q2 2025 Q2 2024 - Amundi US contrib. Q2 2024 Q2 2024 pro forma % YoY ch. % YoY ch. pro forma Q1 2025 - Amundi US contrib. Q1 2025 Q1 2025 pro forma % YoY ch. pro forma Net management fees 1,542 1,560 85 1,475 -1.2% +4.6% 717 794 85 709 -9.7% +1.2% 824 88 737 -2.7% Performance fees 58 67 1 66 -14.1% -13.2% 35 50 1 49 -29.9% -28.9% 23 0 23 +53.5% Net asset management revenues 1,599 1,627 86 1,541 -1.7% +3.8% 752 844 86 758 -10.9% -0.8% 847 88 760 -1.0% Technology 52 35 0 35 +48.0% +48.0% 26 17 0 17 +49.8% +49.8% 26 0 26 +0.7% Net financial income and other net income 12 6 3 3 NM NM (7) 3 3 (0) NM NM 19 2 18 NM Net financial income & others - Adjusted 52 50 3 47 +4.1% +10.4% 12 26 3 23 -52.9% -47.2% 39 2 37 -66.9% Net revenue (a) 1,663 1,667 89 1,578 -0.3% +5.4% 771 864 89 775 -10.8% -0.6% 892 90 803 -4.0% Net revenue - Adjusted (b) 1,703 1,711 89 1,623 -0.5% +4.9% 790 887 89 799 -10.9% -1.0% 912 90 823 -3.9% Operating expenses (c) (905) (900) (51) (849) +0.6% +6.6% (418) (461) (51) (410) -9.2% +2.0% (486) (67) (419) -0.2% Operating expenses - Adjusted (d) (894) (900) (51) (849) -0.6% +5.3% (417) (461) (51) (410) -9.6% +1.6% (478) (62) (416) +0.2% Gross operating income (e)=(a)+(c) 758 767 38 729 -1.2% +4.0% 352 403 38 365 -12.6% -3.5% 406 22 384 -8.2% Gross operating income - Adjusted (f)=(b)+(d) 808 811 38 773 -0.4% +4.5% 374 426 38 388 -12.4% -3.8% 434 28 407 -8.1% Cost / Income ratio (%) -(c)/(a) 54.4% 54.0% 57.2% 53.8% 0.44pp 0.01pp 54.3% 53.4% 57.2% 52.9% 0.95pp 1.38pp 54.5% 75.0% 52.2% 2.08pp Cost / Income ratio, adjusted (%) -(d)/(b) 52.5% 52.6% 57.2% 52.3% -0.06pp 0.00pp 52.7% 51.9% 57.2% 51.4% 0.79pp 1.37pp 52.4% 69.0% 50.6% 2.16pp Cost of risk and others (g) 397 (5) 3 (8) NM NM 401 (5) 3 (8) NM NM (4) (0) (4) NM Cost of risk and others - Adjusted (h) (6) (5) 3 (8) +16.4% -28.7% (1) (5) 3 (8) -71.0% -82.4% (4) (0) (4) -67.4% Share of net income from JVs (h) 66 61 61 +7.1% +7.1% 38 33 0 33 +16.6% +16.6% 28 0 28 +38.6% Share of net income from US opérations(i) 20 0 (32) 32 NM -37.7% 20 0 (32) 32 NM -37.7% 0 (18) 18 +11.7% Share of net income from US opérations - Adjusted (j) 26 0 (32) 32 NM -16.8% 26 0 (32) 32 NM -16.8% 0 (22) 22 +21.2% Income before tax (l)=(e)+(g)+(i)+(j) 1,240 824 9 814 +50.6% +52.3% 811 431 9 421 +88.3% +92.5% 429 5 425 +91.0% Income before tax - Adjusted (m)=(f)+(h)+(i)+(k) 895 868 9 858 +3.1% +4.2% 437 454 9 445 -3.8% -1.8% 458 10 452 -3.3% Corporate tax (m) (245) (189) (9) (179) +29.6% +36.4% (97) (98) (9) (89) -0.5% +10.1% (147) (5) (143) -31.6% Corporate tax - Adjusted (n) (259) (201) (9) (192) +28.8% +35.0% (104) (105) (9) (95) -0.8% +9.0% (155) (6) (149) -30.6% Non-controlling interests (o) 2 1 0 1 +88.1% +88.1% 1 0 0 0 NM NM 1 0 1 +32.6% Net income group share (q)=(l)+(n)+(p) 998 636 0 636 +56.9% +56.9% 715 333 0 333 NM NM 283 0 283 NM Net income group share - Adjusted (r)=(m)+(o)+(p) 638 668 0 668 -4.5% -4.5% 334 350 0 350 -4.5% -4.5% 303 0 303 +10.2% Earnings per share (€) 4.86 3.11 3.11 +56.3% +56.3% 3.48 1.63 1.63 NM NM 1.38 1.38 NM Earnings per share - Adjusted (€) 3.11 3.26 3.26 -4.8% -4.8% 1.63 1.71 1.71 -4.8% -4.8% 1.48 1.48 +10.2% The quarterly series have been restated as if Amundi US had been consolidated using the 100% equity method up to and including Q1 2025; for H1 2025 no restatement has been applied, so Amundi US is fully integrated in Q1 2025, and H1 2024 has been restated in a comparable manner, so Amundi US is fully consolidatedin Q1 2024 and accounted for under the equity method in Q2 2024.
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Equities markets1 up year- on-year: on average +8% Q2/Q2 and stable Q2/Q1 Bond markets2 up year-on- year: on average +4% Q2/Q2 (thanks to the tightening of credit spreads -6 bp Q2/Q2 on average), +1% Q2/Q1 Decline in the US dollar and Indian rupee, on average: - H1/H1: USD -1%, INR -4% - Q2/Q1: USD -7%, INR -6% - Q2/Q2: USD -5%, INR -7% Rising markets 36 Amundi – Q2 & H1 2025 results, 29 July 2025 Q2 2025 Source: LSEG Workspace, Bloomberg 1. index composed of 50% of the MSCI World and 50% of the Eurostoxx, averages for each period; 2. Bloomberg Euro Aggregate Index, averages for each period 80 85 90 95 100 105 110 115 120 125 130 135 31.12.23 31.03.24 30.06.24 30.09.24 31.12.24 31.03.25 30.06.25 50% MSCI World / 50% Eurostoxx Bloomberg Euro Aggregate Base 100 = Average 2021 Dotted lines: quarterly averages Q4 2024Q1 2024 Q2 2024 Q3 2024 Q2 2025Q1 2025 Evolution of equity & bond markets from Q1 2024 to Q2 2025
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European open-ended fund market – continued recovery in Q2 37 Amundi – Q2 & H1 2025 results, 29 July 2025 Source: Morningstar FundFile, ETFGI. European & cross-border open-ended funds (excluding mandates and dedicated funds). Data at the end of June 2025. MLT assets: Medium/Long Term Assets Gradual recovery of net inflows Driven by passive management and treasury products Slightly positive net inflows in active management in Q2, driven by bonds (+€52bn) Q2 2024 -242 -168 +104 +106 +113 +225 +325 +169 +109 +196 +234 +110 -20 +253 +663 +385 2022 2023 2024 H1 2025 Treasury products MLT Assets / Passive management MLT Assets / Active management Total Net inflows on the European market (open-ended funds), from 2021 to H1 2024 (€bn) +64 +42 +91 +79 58 52 +213 +172 Q1 2025 Q2 2025 H1 2025
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Assets under management & Net inflows1 – by client segments 38 Amundi – Q2 & H1 2025 results, 29 July 2025 (*) Including funds of funds 1. Assets under management (AuM) and net inflows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of assets under management and net inflows from Asian JVs; for Wafa Gestion in Morocco and distribution to US clients of Victory Capital, AuM and net inflows are reported in proportion to Amundi's share in the capital of the entities. (€bn) AuM 30.06.2025 AuM 30.06.2024 % ch. /30.06.2024 Inflows Q2 2025 Inflows Q2 2024 Inflows H1 2025 Inflows H1 2024 French networks 139 133 +4.3% -0.7 -2.4 -0.5 -0.9 International networks 161 165 -2.5% -2.9 -0.8 -5.6 -2.8 o/w Amundi BOC WM 3 3 -15.0% +0.7 +0.4 +1.0 +0.1 Third-party distributors 350 359 -2.5% +5.0 +5.4 +13.3 +12.4 Retail 650 658 -1.1% +1.4 +2.2 +7.2 +8.7 Institutionals & Sovereigns (*) 548 520 +5.4% +1.7 +1.1 +31.8 +10.7 Corporates 107 108 -1.4% -3.7 -3.9 -14.0 -8.1 Employee savings 101 90 +12.8% +4.9 +3.8 +4.0 +2.9 CA & SG insurers 445 424 +4.8% +5.9 +0.8 +9.4 +1.7 Institutionals (*) 1,201 1,142 +5.1% +8.7 +1.7 +31.2 +7.3 JVs 359 356 +0.6% +10.3 +11.6 +13.2 +16.1 Victory-US distribution 58 0 NM -0.0 0.0 -0.0 0.0 TOTAL 2,267 2,156 +5.2% +20.4 +15.5 +51.6 +32.1
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Assets under management & Net inflows1 – by asset classes 39 Amundi – Q2 & H1 2025 results, 29 July 2025 1. Assets under management (AuM) and net inflows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of assets under management and net inflows from Asian JVs; for Wafa Gestion in Morocco and distribution to US clients of Victory Capital, AuM and net inflows are reported in proportion to Amundi's share in the capital of the entities. (€bn) AuM 30.06.2025 AuM 30.06.2024 % ch. /30.06.2024 Inflows Q2 2025 Inflows Q2 2024 Inflows H1 2025 Inflows H1 2024 Equities 556 515 +8.0% +6.9 +3.2 +33.3 +0.7 Multi-assets 270 282 -4.3% +0.1 +0.7 -0.9 -6.9 Bonds 737 706 +4.3% +6.6 +10.1 +20.9 +24.0 Real, alternative & structured assets 108 112 -4.0% -2.5 +1.0 -5.2 +0.7 MLT ASSETS excl. JVs 1,671 1,616 +3.4% +11.1 +15.1 +48.0 +18.5 Treasury products excl. JVs 180 184 -2.1% -1.0 -11.2 -9.6 -2.5 ASSETS excl. JVs 1,851 1,800 +2.8% +10.2 +3.9 +38.4 +16.0 JVs 359 356 +0.6% +10.3 +11.6 +13.2 +16.1 Victory-US distribution 58 0 NM -0.0 0.0 -0.0 0.0 TOTAL 2,267 2,156 +5.2% +20.4 +15.5 +51.6 +32.1 o/w MLT assets 2,051 1,938 +5.8% +16.5 +23.7 +56.3 +31.5 o/w Treasury products 216 218 -0.9% +3.9 -8.3 -4.7 +0.6
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Assets under management & Net inflows1 – by management types & asset classes 40 Amundi – Q2 & H1 2025 results, 29 July 2025 1. Assets under management (AuM) and net inflows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of assets under management and net inflows from Asian JVs; for Wafa Gestion in Morocco and distribution to US clients of Victory Capital, AuM and net inflows are reported in proportion to Amundi's share in the capital of the entities. (€bn) AuM 30.06.2025 AuM 30.06.2024 % ch. /30.06.2024 Inflows Q2 2025 Inflows Q2 2024 Inflows H1 2025 Inflows H1 2024 Active management 1,118 1,122 -0.4% +2.9 +8.0 +9.1 +9.3 Equities 196 207 -5.4% -0.8 -0.4 -4.8 -3.1 Multi-assets 261 272 -3.8% +0.0 +0.3 -0.9 -7.7 Bonds 661 643 +2.7% +3.7 +8.1 +14.9 +20.2 Structured products 41 42 -0.3% -1.4 +1.3 -3.5 +1.9 Passive management 446 382 +16.7% +10.7 +6.0 +44.2 +8.5 ETFs & ETCs 288 237 +21.2% +8.2 +4.5 +18.6 +9.5 Index & Smart beta 158 144 +9.2% +2.5 +1.5 +25.6 -1.0 Real & alternative assets 67 71 -6.2% -1.0 -0.3 -1.8 -1.2 Real assets 63 67 -5.4% -0.6 -0.1 -1.2 -0.3 Alternative assets 4 4 -18.4% -0.4 -0.2 -0.5 -1.0 MLT ASSETS excl. JVs 1,671 1,616 +3.4% +11.1 +15.1 +48.0 +18.5 Treasury products excl. JVs 180 184 -2.1% -1.0 -11.2 -9.6 -2.5 TOTAL ASSETS excl. JVs 1,851 1,800 +2.8% +10.2 +3.9 +38.4 +16.0 JVs 359 356 +0.6% +10.3 +11.6 +13.2 +16.1 Victory-US distribution 58 0 NM -0.0 0.0 -0.0 0.0 TOTAL 2,267 2,156 +5.2% +20.4 +15.5 +51.6 +32.1 o/w MLT assets 2,051 1,938 +5.8% +16.5 +23.7 +56.3 +31.5 o/w Treasury products 216 218 -0.9% +3.9 -8.3 -4.7 +0.6
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Assets under management & Net inflows1 – by geographic areas Amundi – Q2 & H1 2025 results, 29 July 2025 1. Assets under management (AuM) and net inflows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of assets under management and net inflows from Asian JVs; for Wafa Gestion in Morocco and distribution to US clients of Victory Capital, AuM and net inflows are reported in proportion to Amundi's share in the capital of the entities. 41 (€bn) AuM 30.06.2025 AuM 30.06.2024 % ch. /30.06.2024 Inflows Q2 2025 Inflows Q2 2024 Inflows H1 2025 Inflows H1 2024 France 1,028 971 +5.9% +8.7 +0.0 +9.3 +10.0 Italy 199 207 -3.9% -1.4 -1.8 -3.4 -2.9 Rest of Europe 461 406 +13.6% -1.0 +0.1 +22.8 +4.1 Asia 460 451 +2.0% +13.8 +15.4 +21.6 +22.3 Rest of the world 119 121 -1.5% +0.3 +1.7 +1.3 -1.3 TOTAL 2,267 2,156 +5.2% +20.4 +15.5 +51.6 +32.1 TOTAL outside France 1,239 1,185 +4.6% +11.7 +15.5 +42.3 +22.1
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Accounting data They include the amortisation of intangible assets, recorded as other revenues, and from Q2 2024, other non-cash charges spread according to the schedule of payments of the price adjustment until the end of 2029; these expenses are recognised as deductions from net revenues, in financial expenses. Integration costs related to the transaction with Victory Capital and PPA amortisation related to the acquisition of aixigo were recorded in the fourth quarter of 2024 and the first quarter of 2025 as operating expenses. No integration costs had been recorded in the first nine months of 2024. Finally, starting in Q2 2025, Victory Capital’s adjustments to their US GAAP results have been fully applied in Amundi Group’s results, because they correspond to adjustments of the same nature as those applied by the Group to its own results before the integration of Victory Capital. The aggregate amounts of these items are as follows for the different periods under review: Q1 2024: -€20m before tax and -€15m after tax H1 2024: -€44m before tax and -€28m after tax Q4 2024: -€38m before tax and -€28m after tax Q1 2025: -€29m before tax and -€20m after tax Q2 2025: -€28m before tax and -€22m after tax + €402m of capital gain (not taxable) H1 2025: -€57m before tax and -€42m after tax + €402m of capital gain (not taxable) Adjusted data In order to present an income statement that is closer to economic reality, the following adjustments have been made: restatement of the amortisation of distribution agreements with UniCredit and Banco Sabadell, intangible assets representing the client contracts of Lyxor and, since the second quarter of 2024, Alpha Associates, as well as other non-cash charges related to the acquisition of Alpha Associates; these depreciation and non-cash expenses are recorded as a deduction from net revenues; Restatement of the amortisation of a technology asset related to the acquisition of AIXIGO recorded in operating expenses. The integration costs for the transaction with Victory Capital are also restated. Finally, the adjusted equity-accounted contribution of Victory Capital takes into account the adjustments applied by the company in its published results, in particular the amortisation of intangible assets and other acquisition-related charges, certain business tax, stock-based compensation, acquisition, restructuring and exit costs, Debt issuance costs and the tax benefit of goodwill and acquired intangible assets. . Methodology & Alternative Performance Measures (APM ) (1/2 ) Amundi – Q2 & H1 2025 results, 29 July 202542
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Methodology & Alternative Performance Measures (APM) (2/2) Amundi – Q2 & H1 2025 results, 29 July 2025 = Accounting data = Adjusted data 43 * Quarterly series have been restated as if Amundi US had been 100% consolidated using the equity method up to and including Q1 2025; for H1 2025 no restatement has been applied and Amundi US is therefore fully integrated in Q1 2025, and H1 2024 has been restated as if Amundi US had been accounted for under the equity method in Q2 2024 only (€m) H1 2025 H1 2024 H1 2024* Q2 2025 Q2 2024 Q2 2024* Q1 2025 Q1 2025* Net asset management revenues 1,599 1,627 1,541 752 844 758 847 760 Technology 52 35 35 26 17 17 26 26 Net financial income and other net income 12 6 3 (7) 3 (0) 19 18 Net financial income & others - Adjusted 52 50 47 12 25 23 39 37 Net revenue (a) 1,663 1,667 1,578 771 864 775 892 803 - Amortisation of intangible assets (bef. Tax) (37) (43) (43) (18) (22) (22) (18) (18) - Other non-cash charges related to Alpha Associates (3) (1) (1) (1) (1) (1) (1) (1) Net revenue - Adjusted (b) 1,703 1,711 1,623 790 887 799 912 823 Operating expenses (c) (905) (900) (849) (418) (461) (410) (486) (419) - Integration costs (bef. tax) (7) 0 0 0 0 0 (7) (2) - Amortisation related to aixigo PPA (bef. Tax) (4) 0 0 (2) 0 0 (2) (2) Operating expenses - Adjusted (d) (894) (900) (849) (417) (461) (410) (478) (416) Gross operating income (e)=(a)+(c) 758 767 729 352 403 365 406 384 Gross operating income - Adjusted (f)=(b)+(d) 808 811 773 374 426 388 434 407 Cost / Income ratio (%) -(c)/(a) 54.4% 54.0% 53.8% 54.3% 53.4% 52.9% 54.5% 52.2% Cost / Income ratio, adjusted (%) -(d)/(b) 52.5% 52.6% 52.3% 52.7% 51.9% 51.4% 52.4% 50.6% Cost of risk and others (g) 397 (5) (8) 401 (5) (8) (4) (4) Cost of risk and others - Adjusted (h) (6) (5) (8) (1) (5) (8) (4) (4) Share of net income from JVs (h) 66 61 61 38 33 33 28 28 Share of net income from Victory Capital (i) 20 0 32 20 0 32 0 18 Share of net income from Victory Capital - Adjusted (j) 26 0 32 26 0 32 0 22 Income before tax (l)=(e)+(g)+(i)+(j) 1,240 824 814 811 431 421 429 425 Income before tax - Adjusted (m)=(f)+(h)+(i)+(k) 895 868 858 437 454 445 458 452 Corporate tax (m) (245) (189) (179) (97) (98) (89) (147) (143) Corporate tax - Adjusted (n) (259) (201) (192) (104) (105) (95) (155) (149) Non-controlling interests (o) 2 1 1 1 0 0 1 1 Net income group share (q)=(l)+(n)+(p) 998 636 636 715 333 333 283 283 Net income group share - Adjusted (r)=(m)+(o)+(p) 638 668 668 334 350 350 303 303 Earnings per share (€) 4.86 3.11 3.11 3.48 1.63 1.63 1.38 1.38 Earnings per share - Adjusted (€) 3.11 3.26 3.26 1.63 1.71 1.71 1.48 1.48
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Shareholding Amundi – Q2 & H1 2025 results, 29 July 202544 30 June 2025 31 March 2025 31 December 2024 30 June 2024 (units) Number of shares % of share capital Number of shares % of share capital Number of shares % of share capital Number of shares % of share capital Crédit Agricole Group 141,057,399 68.67% 141,057,399 68.67% 141,057,399 68.67% 141,057,399 68.93% Employees 4,398,054 2.14% 4,128,079 2.01% 4,272,132 2.08% 2,879,073 1.41% Treasury shares 1,625,258 0.79% 1,961,141 0.95% 1,992,485 0.97% 963,625 0.47% Free float 58,338,551 28.40% 58,272,643 28.37% 58,097,246 28.28% 59,747,537 29.20% Number of shares at end of period 205,419,262 100.0% 205,419,262 100.0% 205,419,262 100.0% 204,647,634 100.0% Average number of shares year-to-date 205,419,262 - 205,419,262 - 204,776,239 - 204,647,634 - Average number of shares quarter-to-date 205,419,262 - 205,419,262 - 205,159,257 - 204,647,634 - Average number of shares on a prorata basis A capital increase reserved for employees was booked on 31 October 2024. 771,628 shares (~0.4% of the capital before the transaction) were created. The average number of shares was unchanged between Q1 2025 and Q2 2025 and increased by +0.0% between Q2 2024 and Q2 2025 On 7 october 2024, Amundi announced a share repurchase programme for 1m shares (~0.5% of the capital before the operation). It is intended to cover the performance share plans. It was completed on 27 November 2024.
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Natacha Andermahr – Head of Communications natacha.andermahr@amundi.com Tel.: +33 1 76 37 86 05; Mobile: +33 6 37 01 82 17 Corentin Henry – Press Relations corentin.henry@amundi.com Tel.: +33 1 76 32 26 96; Mobile: +33 7 86 43 53 74 Listed on Euronext Paris Tickers: AMUN. PA AMUN. FP Main indices: SBF 120 FTSE4Good MSCI Annual General Meeting – 27 May 2025 Ex-dividend date 2024: 10 June 2025, payment from 12 June 2025 Third-Party Distribution workshop – 19 June 2025 Q2 and H1 2025 Earnings release – 29 July 2025 Q3 and 9M 2025 Earnings Release – 28 October 2025 New strategic three-year plan – in the fourth quarter 2025 Contacts & Calendar Investors & Analysts Press www.amundi.com 91-93, boulevard Pasteur, 75015 Paris – France +33 1 76 33 30 30 Amundi shares Calendar 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 Thomas Lapeyre Annabelle Wiriath Investor Relations Investor relations thomas.lapeyre@amundi.com annabelle.wiriath@amundi.com Phone: +33 1 76 33 70 54 Phone: +33 1 76 32 43 92 Mobile: +33 6 37 49 08 75 Mobile: +33 6 03 23 29 65 Amundi – Q2 & H1 2025 results, 29 July 202545