Slides
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Presentation to Investors & Analysts 28 October 2025 Results for the Third quarter & First 9 months 2025
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Disclaimer 2 Amundi – Q3 & 9M 2025 Results, 28 October 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 foreward-looking statements regarding Amundi's financial position and results. This data does not constitute a "forecast" or "estimate" of profit within the meaning of 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 update or revise any foreward-looking statements as of the date of this document. The risks that could affect Amundi's financial position and results are further detailed in the "Risk Factors" section of our Universal Registration Document filed with the Autorité des marchés financiers. The reader is advised to consider all of these uncertainties and risks before forming their own opinion. The figures presented were prepared in accordance with applicable prudential regulations and IFRS guidelines, as adopted by the European Union and applicable at that date. The financial information set out herein do not constitute a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting” and has not been audited. 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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Highlights 3 Amundi – Q3 & 9M 2025 Results, 28 October 2025 Nicolas Calcoen Deputy CEO
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Business and earnings growth through strategic priorities 4 1. In this document, the historical series have been restated on a comparable basis, see appendix 2. Adjusted data: see Alternative Performance Measures (APMs) in Appendix 3. Medium-to long-term assets, excluding JVs and Victory Capital – US Distribution Amundi – Q3 & 9M 2025 Results, 28 October 2025 – AuM at €2,317bn • Year-to-date and Q3 increase, despite forex effect – Positive inflows in both major client segments and JVs • +€9bn in MLT3 assets – Over 9 months, net inflows of +€67bn Sustained inflows in Q3 +€15bn Q3 2025 net inflows – Q3 pre-tax income2: €445m • Top line-driven • Controlled costs • Q3/Q2 increase in Victory’s contribution, notably thanks to synergies – Q3: net income2 €340m • Earnings per share2: €1.65 Growth in pre-tax income driven by the business +3.8% Q3/Q3 growth1 Over the first nine months: – Third-party distribution: +€21bn – Asia: +€29bn – ETFs: +€28bn – Amundi Technology: revenues up +48% 9M/9M – Strong net inflows year-to-date in employee savings: +€3.7bn Confirmed successes on the strategic pillars in 2025 MTP 2028 18 November
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Amundi Employee Savings & Retirement (ESR): €100bn+ in AuM 1. source: AFG, market share in AuM on 30 June 2025 2. The "Value Sharing" law allows companies to contribute to their employees' savings efforts, to develop employee share ownership and collective pension products as well as other tax-free savings products 5 Amundi – Q3 & 9M 2025 Results, 28 October 2025 ▪ A wide range of savings solutions • Employee share ownership (investment in their company's equity), • A comprehensive range of funds in the Corporate Savings Plans ("PEE") • Corporate Retirement Savings Plan in collaboration with CA Assurances ("DC" plans) ▪ An innovative offer • Dedicated ALTO module • Management tools to support savers: manager-guided solutions, retirement savings simulation, robo-advisor, etc. • Customer services: telephone platform, training and digital services: smartphone app and transactional website, mailbot, etc. A comprehensive offer ▪ Amundi ESR, #1 in France • A market share of 66% in employee share ownership • New opportunities related to the French law on "Value Sharing2" in force since January 2025: +40% of ESR plan openings on small businesses ▪ Amundi, the European leader • Well positioned to benefit from opportunities in Europe linked to the Savings and Investment Union A major player ▪ A complete BtoBtoC offer for 121,000 corporate clients (+5% /June 2024) • Direct access to large and midcaps • SMEs and small businesses via banking networks thanks to the CA Group's "HR bank" (employee savings, retirement, health, etc.) and through partnerships ▪ Meeting the needs of over 4 million employees of which ~13% outside France: • for the management of their employee and retirement savings, • for their custodian accounts • for support on their retirement Access to more than 4 million employees €15bn in retirement savings 45% market share France1 121k corporate clients
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Q3 & 9 months 2025 activity 6 Amundi – Q3 & 9M 2025 Results, 28 October 2025 Aurélia Lecourtier Chief Financial Officer
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1. Assets under management and net inflows including advised and marketed assets and funds of funds, including 100% of the net inflows and assets under management of Asian JVs; for Wafa Gestion in Morocco and the distribution to Victory Capital's US clients, the assets under management and net inflows are included for Amundi's share in the capital of both entities 7 AUM1 €2,317bn, up over both 9 months and the quarter Strong net inflows: +€67bn Positive market effect: +€107bn Sharp negative forex effect: -€87bn - of which -€13bn in Q3 - year-to-date, US dollar vs.€ down (-12%) and Indian rupee vs. € down (-15%) Q3 average AUM excluding JVs and Victory Capital: €1,885bn 9M 2025 2,240 2,247 2,267 2,317 +31 +20 +15+2 +57 +49 -26 -48 -13-10 31.12.24 Net inflows Market effect Forex effect 31.03.25 Net inflows Market effect Forex effect Scope effect 30.06.25 Net inflows Market effect Forex effect 30.09.25 +2.2% +3.5% Evolution of assets under management1 December 2024 – September 2025 (€bn) Amundi – Q3 & 9M 2025 Results, 28 October 2025 €2,317bn Assets under management as at 30 09 2025 9 months: Net inflows +€66.6bn Market & Forex effect +€20.4bn Scope effect -€9.7bn
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1. Net inflows including advised and marketed assets and funds of funds, including 100% of the net inflows and assets under management of Asian JVs; for Wafa Gestion in Morocco and the distribution to Victory Capital's US clients, the net inflows are included for Amundi's share in the capital of both entities 2. Medium/Long Term Assets 8 High 9 months inflows of +€67bn, mainly in MLT2 assets 9M – Record inflows in MLT2 assets +€57bn - At the highest level in passive management, driven by ETFs (+€28bn, >€300bn assets under management at end of September) Q3: +€15bn - driven by passive management (+€10.4bn) and JVs (+€4.6bn) - exit of an institutional mandate in active fixed income, re-internalised (-€9bn) - Excluding this exit, net inflows of +€8.1bn in active management 9M & Q3 2025 Amundi – Q3 & 9M 2025 Results, 28 October 2025 +16.1 +57.0 -2.4 -7.6 +21.3 +17.9 -0.6 9M 2024 9M 2025 MLT assets excl. JV Treasury products excl. JV JV Victory-US distribution +€35.0bn +€66.6bn -2.5 +9.0 +0.1 +2.1 +5.3 +4.6 -0.6 Q3 2024 Q3 2025 +€15.1bn+€2.9bn Net inflows1 9M 2025 vs. 9M 2024, Q3 2025 vs. Q3 2024 (€bn)
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28% 43% 18% 11% 71% 1 year 1. Source: Morningstar Direct, Broadridge FundFile - Open-ended funds and ETFs, global fund scope, September 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 991 at the end of September 2025. © 2025 Morningstar, all rights reserved 4. Share of assets under management of active funds, including money market funds, whose gross performance outstrips that of the benchmark; does not include: ETFs, 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 9 Strong performance of open-ended funds Amundi – Q3 & 9M 2025 Results, 28 October 2025 82% over 5 years4 to 30.09.2025 Outperformance vs. benchmark4 Morningstar Ranking of Funds by Assets Under Management 5 years 3 years 1 year 757 funds – €681bn 865 funds – €716bn 1,021 funds – €763bn 1st quartile 2nd quartile 3rd quartile 4th quartile Data as of the end of September 2025 242 Amundi3 funds with a 4 or 5-star Morningstar rating 74% 74% 31% 43% 18% 8% 73% 33% 41% 16% 10% 30% 43% 17% 10% Xx% Open-ended funds1: ~3/42 of AUM in the first two quartiles over 1, 3 and 5 years
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1. Net inflows including advised and marketed assets and funds of funds 2. Leading South African index solutions provider and digital platform 10 Retail – high net inflows from Third-Party Distributors Third-party distributors – continued strong net inflows: +€21bn - Driven by ETFs (+€18bn) - Positive in active management and treasury products - Good momentum in Europe and Asia - New partnership with Satrix2 +€1bn Amundi BOC WM – good business momentum International networks – net outflows -€10.1bn French networks – Q3 positive net flows: +€2.6bn 9M 2025 Amundi – Q3 & 9M 2025 Results, 28 October 2025 +0.3 +2.0-3.8 -10.1-0.5 +1.6 +19.2 +21.4 9M 2024 9M 2025 French networks International networks Amundi BOC WM Third-party distribution +€15.1bn +€14.9bn +1.1 +2.6 -0.9 -3.6-0.7 +0.6+6.8 +8.1 Q3 2024 Q3 2025 +€7.7bn+€6.3bn Retail: net inflows1 9M 2025 vs. 9M 2024, Q3 2025 vs. Q3 2024 (€bn)
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1. Net inflows including assets under advisory and marketed and funds of funds 2. Medium/Long Term Assets 11 Institutional – net inflows in MLT2 assets of +€46bn over 9 months 9M - MLT2 net inflows of +€46bn - Continued success of active fixed income strategies - CA & SG insurers: +€14bn, renewed interest in life euro contracts Q3 - positive MLT2 net inflows from all segments excluding the exit of the re- internalised mandate 9M & Q3 2025 Institutional: net inflows1 9M 2025 vs. 9M 2024, Q3 2025 vs. Q3 2024 (€bn) Amundi – Q3 & 9M 2025 Results, 28 October 2025 +2.5 +24.2 +3.6 +7.9 +5.2 +14.1 -12.8 -11.6 9M 2024 9M 2025 Institutional & sovereigns Corporate & Employee savings CA & SG insurers Treasury products -€1.4bn +€34.5bn MLT assets: -7.2 -5.3 +1.0 +3.6+2.4 +4.3 -4.9 +0.7 Q3 2024 Q3 2025 +€3.3bn-€8.7bn +€46.1bn in MLT2 assets
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1. Net inflows including advised and marketed assets and funds of funds, including 100% of the net inflows and assets under management of Asian JVs; for Wafa Gestion in Morocco, net inflows are included for Amundi's share in the JV; 2. Medium/Long Term Assets; 3. EPFO: Employees' Provident Fund Organisation, India's leading pension fund with total assets of €250bn at the end of September 2025. In Q4 2019, SBI FM won a bond mandate granted by EPFO for an amount of €60bn, which totalled €105bn in assets under management at the end of September 2025; this mandate will be shared with other managers 12 9M - net inflows driven by India (SBI FM) and Korea (NH-Amundi), mainly in MLT2 assets Q3 - +€4.6bn - In India (SBI FM), net inflows in MLT2 assets (+€2.4bn), marked by a cautious reallocation of institutional investors in volatile equities markets; outflows in treasury products - In Korea (NH-Amundi), flows driven by MLT2 assets - In China (ABC-CA): activity driven by money market funds Note: outflow for SBI FM of -€30 to -€40bn in Q4 2025 related to the reallocation of the mandate of the Indian pension fund EPFO3, with a negligible effect on results JV – positive net inflows in all geographies 9M & Q3 2025 Amundi – Q3 & 9M 2025 Results, 28 October 2025 +6.0 +1.7 +0.4 +2.0 -0.4 +0.7 -0.9 -0.2 +0.2 +0.5 Q3 2024 Q3 2025 +€4.6bn+€5.3bn +18.4 +8.6 +2.4 +6.7 +1.6 +2.7 -1.3 -0.9 +0.3 +0.7 9M 2024 9M 2025 SBI MF (India) NH Amundi (Korea) ABC CA (China, excl. Channel business) Channel business (China) Other JVs +€21.3bn +€17.9bn JV: net inflows1 9M 2025 vs. 9M 2024, Q3 2025 vs. Q3 2024 (€bn)
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Q3 & 9 months 2025 results 13 Aurélia Lecourtier Chief Financial Officer Amundi – Q3 & 9M 2025 Results, 28 October 2025
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* Historical series have been restated as if Amundi US had been equity-accounted at 100% up to and including Q1 2025, thus removing Amundi US's contribution to revenues 1. Adjusted data: see the Alternative Performance Measures (APMs) in the appendix 14 Q3 revenues – growth of management fees Q3/Q3 and Q3/Q2 Management fees up +3.3% Q3/Q3*, thanks to dynamic net inflows, despite the decline in the US dollar Performance fees: up Q3/Q3* thanks to good fund management performance Technology +49% Q3/Q3 : integration of aixigo and strong organic growth (+30%) Net Financial income and other1 down due to lower short-term rates Q3 2025 747 717 737 732 723 33 35 23 56 19 29 26 26 26 20 6 12 37 18 15 815 790 823 831 777 Q3 2025Q2 2025Q1 2025*Q4 2024*Q3 2024* Net management fees Performance fees Technology Net financial income & other +4.9% Amundi – Q3 & 9M 2025 Results, 28 October 2025 Adjusted net income1 (€ million)
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* Historical series have been restated as if Amundi US had been equity-accounted at 100% up to and including Q1 2025, i.e. by withdrawing Amundi US's contribution to expenses 1. Adjusted data: see the Alternative Performance Measures (APMs) in the appendix 15 Controlled costs, stable Q3/Q2 excluding capital increase for employees Costs1 controlled - +4% Q3/Q3 including aixigo - Virtually stable Q3/Q2 excluding costs related to the capital increase reserved for employees (WeShare) Optimisation plan: target of €40m in cost savings from 2026 to finance growth investments Restructuring charges booked in Q3 for -€80m, restated on an adjusted data basis Q3 2025 Adjusted operating expenses1 (€ million) Amundi – Q3 & 9M 2025 Results, 28 October 2025 17 13 436 417 416 425 403 419 53.5%52.7% 50.6%51.2%51.8% Q3 2025Q2 2025Q1 2025*Q4 2024*Q3 2024* Operating expenses excl. WeShare - Adjusted Capital increase to employees (WeShare) Cost income ratio - Adjusted +8.3% +4.0% excluding WeShare WeShare in Q3 WeShare in Q4 51.4% excluding Wechare
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* Historical series have been restated as if Amundi US had been equity accounted at 100% up to and including Q1 2025 1. Adjusted data: see the Alternative Performance Measures (APMs) in the appendix 2. Equity accounted: 26% of Victory Capital's adjusted net income in Q2 and Q3 2025, and 100% of Amundi US's adjusted net income in the other quarters 3. Total tax expense in Q3 2025 of -€106m, of which the exceptional tax contribution in France for -€9m, for a total amount estimated to be paid over the full fiscal year 2025 of -€72m; the exceptional tax contribution is estimated at -€9m for Q4 2025 16 Q3 Pre-tax income1 of €445m Net contribution from US2 operations €33m: - First effects of synergies and adjustment to Q2 earnings Asian JVs contribution up +3.0% Q3/Q3* - despite the fall in the Indian rupee (-10%) Net income1 €340m, which includes the exceptional tax surcharge3 of -€9m Q3 2025 Amundi – Q3 & 9M 2025 Results, 28 October 2025 34 38 28 29 33 33 26 22 30 24 445 437 452 462 429 Q3 2025Q2 2025Q1 2025*Q4 2024*Q3 2024* Share of net income from US operations - Adjusted Share of net income from Asia JVs Income before tax, excl. JV & Victory- Adjusted +3.8% Pre-tax income1 (€ million)
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* Quarterly series have been restated as if Amundi US had been 100% consolidated using the equity method up to and including Q1 2025; for 9M 2025 no restatement has been applied and Amundi US is therefore fully consolidated in Q1 2025, and 9M 2024 has been restated in a comparable manner, and Amundi US had been accounted for under the equity method in Q2 & Q3 2024 only 1. Adjusted data: see the Alternative Performance Measures (APMs) in the appendix; 2. Total tax expense in 9M 2025 of -€365m, of which the exceptional tax contribution in France for -€63m, for a total amount estimated to be paid over the whole of the 2025 fiscal year of -€72m 17 9 months Pre-tax income1 up +4% Revenues1 up +4.9% - driven by net inflows, growth in assets under management and development of Amundi Technology's revenues Operating expenses1 up +4.9% excluding WeShare (+6.3% including WeShare) Cost/income ratio1 under control at 52.8% 9M 2025 978 1,005 1,041 1,005 1,340 1,287 9M 20259M 2024* Corporate tax (excl. tax surcharge) & others - Adjusted Exceptional tax surcharge Net income group share - Adjusted +4.1% Adj. net income, excl. tax surcharge Impact of the tax surcharge²:-€63m Amundi – Q3 & 9M 2025 Results, 28 October 2025 Pre-tax income1 (€ million)
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Conclusion 18 Amundi – Q3 & 9M 2025 Results, 28 October 2025 Nicolas Calcoen Deputy CEO
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Conclusion 1. Excluding double accounts: +€55bn over 9 months, +€18bn in Q3 2025 19 ▪ Success of the strategic priorities of the Ambitions 2025 plan ⁃ Inflows over 9m 2025 of +€67bn, driven for more than 80%1 by strategic priorities: Third-Party Distributors, Asia and ETFs ⁃ 9 months inflows on strategic priorities alone already equal to the Group's 2024 net inflows ▪ Presentation of our new 2028 strategic plan on 18 November 2025 Acceleration on strategic priorities Amundi – Q3 & 9M 2025 Results, 28 October 2025
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Appendices 20 Amundi – Q3 & 9M 2025 Results, 28 October 2025
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(*) Including funds of funds 1. Assets under management and net inflows including advised and marketed assets and funds of funds, including 100% of the net inflows and assets under management of Asian JVs; for Wafa Gestion in Morocco and the distribution to Victory Capital's US clients, the assets under management and net inflows are included for Amundi's share in the capital of both entities 21 AUM – well diversified by clients, asset classes and geographies Amundi – Q3 & 9M 2025 Results, 28 October 2025 Large client base €2,317bn Assets under management1 as at 30.09.2025 Full range by asset class Global presence Passive management - 20%Retail - 29% Institutional excluding CA & SG insurers - 33% Active management - 49% French networks 6% International networks 7% Third-party distributors 16% Institutionals & Sovereigns (*) 24% Corporates 5% Employee savings 4% CA & SG insurers 20% JVs 15% Victory-US distribution 3% €2,317bn client segments Equities 9%Multi- assets 12% Bonds 28% Structured products 2% ETFs & ETCs 13% Index 7% Real & alternative assets 3% Treasury products excl. JVs 8% Victory-US distribution 3% JVs 15%€2,317bn asset classes France 45% Italy 9% Rest of Europe 21% Asia 20% Rest of the world 5% regions €2,317bn
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* Quarterly series have been restated as if Amundi US had been 100% consolidated using the equity method up to and including Q1 2025; for 9M 2025 no restatement has been applied and Amundi US is therefore fully consolidated in Q1 2025; 9M 2024 has been restated in a comparable manner, and Amundi US had been accounted for under the equity method in Q2 & Q3 2024 only 1. Adjusted data: see Alternative Performance Measures (APMs) in the appendix 2. For an estimated total amount of exceptional tax contribution in France to be paid for the whole of the 2025 fiscal year of -€72m 22 Adjusted income statement1 – first nine months & third quarter Amundi – Q3 & 9M 2025 Results, 28 October 2025 In 9M 2025, effect of the exceptional tax contribution in France2: -€63m, of which -€46m in Q1 2025, -€9m in Q2 2025 and -€9m in Q3 2025 (€M) 9M 2025 9M 2024* % chg. 9M/9M* Q3 2025 Q3 2024* % ch. Q3/Q3* Q2 2025 % ch. Q3/Q2 Net revenue - Adjusted 2,518 2,400 +4.9% 815 777 +4.9% 790 +3.1% Net management fees 2,289 2,198 +4.1% 747 723 +3.3% 717 +4.2% Performance fees 91 85 +6.6% 33 19 +76.6% 35 -4.6% Technology 81 54 +48.4% 29 20 +49.3% 26 +12.7% Net financial income & other net income - Adjusted 57 62 -7.4% 6 15 -62.4% 12 -53.9% Operating expenses - Adjusted (1,330) (1,252) +6.3% (436) (403) +8.3% (417) +4.7% Cost income ratio - Adjusted 52.8% 52.2% +0.7pp 53.5% 51.8% +1.7pp 52.7% +0.8pp Gross operating income - Adjusted 1,187 1,148 +3.5% 379 374 +1.3% 374 +1.5% Cost of risk and others - Adjusted (7) (10) -30.6% (1) (2) -39.9% (1) -28.7% Share of net income from JVs 99 94 +5.7% 34 33 +3.0% 38 -11.7% Share of net income from Victory Capital - Adjusted 60 55 +7.7% 33 24 +40.7% 26 +25.5% Income before tax - Adjusted 1,340 1,287 +4.1% 445 429 +3.8% 437 +1.9% Corporate tax - Adjusted (365) (284) +28.2% (106) (93) +14.2% (104) +2.0% Non-controlling interests 3 2 +38.9% 1 1 -26.9% 1 -49.0% Net income group share - Adjusted 978 1,005 -2.7% 340 337 +0.8% 334 +1.6% Amortisation of intangible assets (net of tax) (43) (49) -13.4% (14) (17) -18.1% (15) -3.9% Integration costs and PPA amortisation (net of tax) (69) 0 NM (61) 0 NM (1) NM Victory Capital adjustments (after tax, group share) (22) 0 NM (15) 0 NM (7) NM Capital gain Victory Capital, net of tax 402 0 NM (0) 0 NM 402 NM Net income group share 1,246 956 +30.4% 249 320 -22.3% 715 -65.2% Earnings per share (€) 6.07 4.67 +29.9% 1.21 1.56 -22.6% 3.48 -65.2% Earnings per share - Adjusted (€) 4.76 4.91 -3.1% 1.65 1.65 +0.5% 1.63 +1.6%
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Explanations of pro forma data 23 Quarterly series have been restated as if Amundi US had been 100% consolidated using the equity method up to and including Q1 2025; for 9M 2025 no restatement has been applied and Amundi US is therefore fully consolidated in Q1 2025; 9M 2024 has been restated in a comparable manner, and Amundi US had been accounted for under the equity method in Q2 & Q3 2024 only Adjusted data: see Alternative Performance Measures (APMs) in the appendix Amundi – Q3 & 9M 2025 Results, 28 October 2025 (€m) 9M 2025 9M 2024 - Amundi US contrib. Q2&Q3 2024 9M 2024 pro forma % YoY ch. % YoY ch. pro forma Q3 2025 Q3 2024 - Amundi US contrib. Q3 2024 Q3 2024 pro forma % YoY ch. % YoY ch. pro forma Net management fees 2,289 2,364 166 2,198 -3.2% +4.1% 747 805 81 723 -7.1% +3.3% Performance fees 91 88 2 85 +3.8% +6.6% 33 20 2 19 +62.9% +76.6% Net asset management revenues 2,380 2,452 169 2,283 -2.9% +4.2% 780 825 83 742 -5.4% +5.1% Technology 81 54 0 54 +48.4% +48.4% 29 20 0 20 +49.3% +49.3% Net financial income and other net income (2) (1) 5 (6) NM -65.2% (14) (6) 2 (9) NM +65.2% Net financial income & others - Adjusted 57 67 5 62 -14.4% -7.4% 6 17 2 15 -67.1% -62.4% Net revenue (a) 2,458 2,505 174 2,332 -1.9% +5.4% 795 838 85 753 -5.1% +5.6% Net revenue - Adjusted (b) 2,518 2,573 174 2,400 -2.1% +4.9% 815 862 85 777 -5.4% +4.9% Operating expenses (c) (1,423) (1,356) (104) (1,252) +5.0% +13.7% (518) (456) (53) (403) +13.7% +28.7% Operating expenses - Adjusted (d) (1,330) (1,356) (104) (1,252) -1.9% +6.3% (436) (456) (53) (403) -4.3% +8.3% Gross operating income (e)=(a)+(c) 1,035 1,149 70 1,080 -9.9% -4.1% 277 382 32 351 -27.5% -21.0% Gross operating income - Adjusted (f)=(b)+(d) 1,187 1,217 70 1,148 -2.5% +3.5% 379 406 32 374 -6.6% +1.3% Cost / Income ratio (%) -(c)/(a) 57.9% 54.1% 59.9% 53.7% 3.78pp 0.08pp 65.2% 54.4% 62.7% 53.5% 10.77pp 11.71pp Cost / Income ratio, adjusted (%) -(d)/(b) 52.8% 52.7% 59.9% 52.2% 0.15pp 0.01pp 53.5% 52.9% 62.7% 51.8% 0.59pp 1.66pp Cost of risk and others (g) 395 (7) 3 (10) NM NM (1) (2) (0) (2) -25.4% -20.7% Cost of risk and others - Adjusted (h) (7) (7) 3 (10) +0.6% -30.6% (1) (2) (0) (2) -43.5% -39.9% Share of net income from JVs (i) 99 94 0 94 +5.7% +5.7% 34 33 0 33 +3.0% +3.0% Share of net income from US opérations(j) 38 0 (55) 55 NM -32.2% 18 0 (24) 24 NM -24.9% Share of net income from US opérations - Adjusted (k) 60 0 (55) 55 NM +7.7% 33 0 (24) 24 NM +40.7% Pre-tax income (l)=(e)+(g)+(i)+(j) 1,567 1,237 17 1,219 +26.7% +28.5% 327 413 8 405 -20.8% -19.3% Pre-tax income - Adjusted (m)=(f)+(h)+(i)+(k) 1,340 1,305 17 1,287 +2.7% +4.1% 445 437 8 429 +1.9% +3.8% Corporate tax (n) (324) (283) (17) (266) +14.4% +21.9% (79) (94) (8) (86) -15.9% -8.2% Corporate tax - Adjusted (o) (365) (302) (17) (284) +20.9% +28.2% (106) (101) (8) (93) +5.1% +14.2% Non-controlling interests (p) 3 2 0 2 +38.9% +38.9% 1 1 0 1 -26.9% -26.9% Net income group share (q)=(l)+(n)+(p) 1,246 956 (0) 956 +30.4% +30.4% 249 320 (0) 320 -22.3% -22.3% Net income group share - Adjusted (r)=(m)+(o)+(p) 978 1,005 (0) 1,005 -2.7% -2.7% 340 337 (0) 337 +0.8% +0.8% Earnings per share (€) 6.07 4.67 4.67 +29.9% +29.9% 1.21 1.56 1.56 -22.6% -22.6% Earnings per share - Adjusted (€) 4.76 4.91 4.91 -3.1% -3.1% 1.65 1.65 1.65 +0.5% +0.5%
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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 24 Rising markets Equities markets1 up year-on-year: on average +15% Q3/Q3 and +8% Q3/Q2 Bond markets2 up year-on-year: on average +2% Q3/Q3 (thanks to the tightening of credit spreads -18bp Q3/Q3 on average), flat Q3/Q2 Decline in the US dollar and Indian rupee, on average: - 9M/9M: USD -3%, INR -6% - Q3/Q2: USD -3%, INR -5% - Q3/Q3: USD -6%, INR -10% Q3 2025 Evolution of the equity & bond markets, from Q1 2024 to Q3 2025 Amundi – Q3 & 9M 2025 Results, 28 October 2025 80 85 90 95 100 105 110 115 120 125 130 135 140 31.12.23 31.03.24 30.06.24 30.09.24 31.12.24 31.03.25 30.06.25 30.09.25 50% MSCI ACWI / 50% Eurostoxx Bloomberg Euro Aggregate Base 100 = Average 2021 Dotted lines: quarterly averages Q4 2024Q1 2024 Q2 2024 Q3 2024 Q2 2025Q1 2025 Q3 2025
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Source: Morningstar FundFile, ETFGI. European & cross-border open-ended funds (excluding mandates and dedicated funds). Data at the end of September 2025. 1. Medium/Long Term Assets 25 European open-ended fund market – continued recovery in Q3 Net inflows continue to recover this quarter Acceleration of net inflows in active management (+€98bn), driven by bonds Continued positive momentum in the ETF market (+€89bn of which +€7bn in active ETFs) Lower net inflows in treasury products Q3 2025 Net inflows on European market (open-ended funds), from 2022 to 9M 2025 (€bn) Amundi – Q3 & 9M 2025 Results, 28 October 2025 -242 -168 +104 +204 +113 +225 +325 +232 +109 +196 +234 +150 -20 +253 +663 +586 2022 2023 2024 9M 2025 Treasury products MLT Assets / Passive management MLT Assets / Active management Total +64 +42 +98 +91 +79 +63 58 52 40 +213 +172 +201 Q1 2025 Q2 2025 Q3 2025 9M 2025
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Assets under management & Net inflows1 – by client segments 26 Amundi – Q3 & 9M 2025 Results, 28 October 2025 (*) Including funds of funds 1. Assets under management and net inflows, including assets under advisory, marketed assets and funds of funds, and including 100% of the net inflows and assets under management of Asian JVs; for Wafa Gestion in Morocco and the distribution to Victory Capital's US clients, the assets under management and net inflows are included for Amundi's share in the capital of both entities (€bn) AuM 30.09.2025 AuM 30.09.2024 % ch. /30.09.2024 Inflows Q3 2025 Inflows Q3 2024 Inflows 9M 2025 Inflows 9M 2024 French networks 144 138 +5.0% +2.6 +1.1 +2.0 +0.3 International networks 162 167 -3.0% -3.0 -1.6 -8.5 -4.4 o/w Amundi BOC WM 3 3 +32.2% +0.6 -0.7 +1.6 -0.5 Third-party distributors 374 377 -0.8% +8.1 +6.8 +21.4 +19.2 Retail 680 681 -0.1% +7.7 +6.3 +14.9 +15.1 Institutionals & Sovereigns (*) 556 518 +7.3% -7.5 -9.3 +24.3 +1.4 Corporates 116 113 +3.3% +7.0 +2.3 -7.0 -5.8 Employee savings 101 92 +10.0% -0.3 -0.5 +3.7 +2.5 CA & SG insurers 450 428 +5.1% +4.1 -1.2 +13.5 +0.5 Institutionals (*) 1,223 1,151 +6.3% +3.3 -8.7 +34.5 -1.4 JVs 354 360 -1.5% +4.6 +5.3 +17.9 +21.3 Victory-US distribution 60 0 NM -0.6 0.0 -0.6 0.0 TOTAL 2,317 2,192 +5.7% +15.1 +2.9 +66.6 +35.0
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Assets under management & Net inflows1 – by asset classes 27 Amundi – Q3 & 9M 2025 Results, 28 October 2025 1 Assets under management and net inflows, including assets under advisory, marketed assets and funds of funds, and including 100% of the net inflows and assets under management of Asian JVs; for Wafa Gestion in Morocco and the distribution to Victory Capital's US clients, the assets under management and net inflows are included for Amundi's share in the capital of both entities (€bn) AuM 30.09.2025 AuM 30.09.2024 % ch. /30.09.2024 Inflows Q3 2025 Inflows Q3 2024 Inflows 9M 2025 Inflows 9M 2024 Equities 592 527 +12.4% +4.6 -0.7 +37.8 +0.0 Multi-assets 280 274 +2.4% +2.8 -15.4 +1.9 -22.3 Bonds 742 732 +1.3% +2.3 +12.8 +23.2 +36.8 Real, alternative & structured assets 106 114 -6.6% -0.6 +0.8 -5.9 +1.5 MLT ASSETS excl. JVs 1,721 1,647 +4.5% +9.0 -2.5 +57.0 +16.1 Treasury products excl. JVs 183 185 -1.4% +2.1 +0.1 -7.6 -2.4 TOTAL ASSETS excl. JVs & US distrib. 1,903 1,832 +3.9% +11.0 -2.4 +49.4 +13.6 JVs 354 360 -1.5% +4.6 +5.3 +17.9 +21.3 Victory - US distribution 60 - NM -0.6 - -0.6 - TOTAL 2,317 2,192 +5.7% +15.1 +2.9 +66.6 +35.0 o/w MLT assets 2,098 1,973 +6.4% +12.5 +3.4 +68.7 +34.9 o/w Treasury products 219 219 +0.2% +2.6 -0.5 -2.1 +0.1
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Assets under management & Net inflows1 – by management types & asset classes 28 Amundi – Q3 & 9M 2025 Results, 28 October 2025 1. Assets under management and net inflows, including assets under advisory, marketed assets and funds of funds, and including 100% of the net inflows and assets under management of Asian JVs; for Wafa Gestion in Morocco and the distribution to Victory Capital's US clients, the assets under management and net inflows are included for Amundi's share in the capital of both entities (€bn) AuM 30.09.2025 AuM 30.09.2024 % ch. /30.09.2024 Inflows Q3 2025 Inflows Q3 2024 Inflows 9M 2025 Inflows 9M 2024 Active management 1,133 1,136 -0.2% -0.8 -7.1 +8.3 +2.2 Equities 200 208 -3.9% -2.5 -2.3 -7.3 -5.4 Multi-assets 271 263 +3.2% +2.6 -15.7 +1.7 -23.4 Bonds 662 665 -0.5% -0.9 +10.8 +13.9 +31.0 Structured products 41 43 -6.7% -1.0 +0.8 -4.4 +2.7 Passive management 481 397 +21.2% +10.4 +3.8 +54.6 +12.4 ETFs & ETCs 314 251 +24.9% +9.8 +7.8 +28.4 +17.3 Index 167 146 +14.7% +0.6 -4.0 +26.2 -5.0 Real & alternative assets 66 71 -6.6% +0.3 +0.0 -1.4 -1.2 Real assets 62 67 -6.0% +0.4 +0.2 -0.9 -0.1 Alternative assets 3 4 -15.5% -0.1 -0.2 -0.6 -1.1 MLT ASSETS excl. JVs & US distrib. 1,721 1,647 +4.5% +9.0 -2.5 +57.0 +16.1 Treasury products excl. JVs 183 185 -1.4% +2.1 +0.1 -7.6 -2.4 TOTAL ASSETS excl. JVs & US distrib. 1,903 1,832 +3.9% +11.0 -2.4 +49.4 +13.6 JVs 354 360 -1.5% +4.6 +5.3 +17.9 +21.3 Victory - US distribution 60 - NM -0.6 - -0.6 - TOTAL 2,317 2,192 +5.7% +15.1 +2.9 +66.6 +35.0 o/w MLT assets 2,098 1,973 +6.4% +12.5 +3.4 +68.7 +34.9 o/w Treasury products 219 219 +0.2% +2.6 -0.5 -2.1 +0.1
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Assets under management & Net inflows1 – by geographic areas 29 Amundi – Q3 & 9M 2025 Results, 28 October 2025 1. Assets under management and net inflows, including assets under advisory and marketed and funds of funds, and including 100% of the net inflows and assets under management of Asian JVs; for Wafa Gestion in Morocco and the distribution to Victory Capital's US clients, the assets under management and net inflows are included for Amundi's share in the capital of both entities (€bn) AuM 30.09.2025 AuM 30.09.2024 % ch. /30.09.2024 Inflows Q3 2025 Inflows Q3 2024 Inflows 9M 2025 Inflows 9M 2024 France 1,041 987 +5.4% +0.7 +2.8 +10.0 +12.8 Italy 200 202 -0.8% -3.0 -10.8 -6.3 -13.8 Rest of Europe 486 421 +15.6% +6.8 +1.9 +29.6 +6.0 Asia 461 458 +0.7% +7.4 +7.4 +29.0 +29.6 Rest of the world 129 124 +4.1% +3.0 +1.7 +4.3 +0.4 TOTAL 2,317 2,192 +5.7% +15.1 +2.9 +66.6 +35.0 TOTAL outside France 1,277 1,204 +6.0% +14.4 +0.1 +56.6 +22.2
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Methodology & Alternative Performance Measures (APMs) (1/2) 30 Amundi – Q3 & 9M 2025 Results, 28 October 2025 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, 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 the different periods under review are as follows : Q3 2024*: -€24m before tax and -€17m after tax 9M 2024*: -€68m before tax and -€49m after tax Q2 2025: -€28m before tax and -€22m after tax + €402m capital gain (without tax effect) Q3 2025: -€118m pre-tax and -€91m after tax 9M 2025: -€174m before tax and -€134m after tax + €402m capital gain (without tax effect)
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31 Methodology & Alternative Performance Measures (APMs) (2/2) Amundi – Q3 & 9M 2025 Results, 28 October 2025 = Accounting data = Adjusted data * Quarterly series have been restated as if Amundi US had been 100% consolidated using the equity method up to and including Q1 2025; for 9M 2025 no restatement has been applied and Amundi US is therefore fully included in Q1 2025, and 9M 2024 has been restated as if Amundi US had been accounted for under the equity method in Q2 & Q3 2024 only (€m) 9M 2025 9M 2024* 9M 2024 Q3 2025 Q3 2024* Q3 2024 Q2 2025 Net asset management revenues 2,380 2,283 2,452 780 742 825 752 Technology 81 54 54 29 20 20 26 Net financial income and other net income (2) (6) (1) (14) (9) (6) (7) Net financial income & others - Adjusted 57 62 67 6 15 16 12 Net revenue (a) 2,458 2,332 2,505 795 753 838 771 - Amortisation of intangible assets (bef. Tax) (55) (65) (65) (18) (22) (22) (18) - Other non-cash charges related to Alpha Associates (4) (3) (3) (1) (1) (1) (1) Net revenue - Adjusted (b) 2,518 2,400 2,573 815 777 862 790 Operating expenses (c) (1,423) (1,252) (1,356) (518) (403) (456) (418) - Integration and restructuring costs (bef. tax) (87) 0 0 (80) 0 0 0 - Amortisation related to aixigo PPA (bef. Tax) (5) 0 0 (2) 0 0 (2) Operating expenses - Adjusted (d) (1,330) (1,252) (1,356) (436) (403) (456) (417) Gross operating income (e)=(a)+(c) 1,035 1,080 1,149 277 351 382 352 Gross operating income - Adjusted (f)=(b)+(d) 1,187 1,148 1,217 379 374 406 374 Cost / Income ratio (%) -(c)/(a) 57.9% 53.7% 54.1% 65.2% 53.5% 54.4% 54.3% Cost / Income ratio, adjusted (%) -(d)/(b) 52.8% 52.2% 52.7% 53.5% 51.8% 52.9% 52.7% Cost of risk and others (g) 395 (10) (7) (1) (2) (2) 401 Cost of risk and others - Adjusted (h) (7) (10) (7) (1) (2) (2) (1) Share of net income from JVs (i) 99 94 94 34 33 33 38 Share of net income from Victory Capital (j) 38 55 0 18 24 0 20 Share of net income from Victory Capital - Adjusted (k) 60 55 0 33 24 0 26 Pre-tax income (l)=(e)+(g)+(i)+(j) 1,567 1,219 1,237 327 405 413 811 Pre-tax income - Adjusted (m)=(f)+(h)+(i)+(k) 1,340 1,287 1,305 445 429 437 437 Corporate tax (n) (324) (266) (283) (79) (86) (94) (97) Corporate tax - Adjusted (o) (365) (284) (302) (106) (93) (101) (104) Non-controlling interests (p) 3 2 2 1 1 1 1 Net income group share (q)=(l)+(n)+(p) 1,246 956 956 249 320 320 715 Net income group share - Adjusted (r)=(m)+(o)+(p) 978 1,005 1,005 340 337 337 334 Earnings per share (€) 6.07 4.67 4.67 1.21 1.56 1.56 3.48 Earnings per share - Adjusted (€) 4.76 4.91 4.91 1.65 1.65 1.65 1.63
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Shareholding 32 Amundi – Q3 & 9M 2025 Results, 28 October 2025 30 September 2025 30 June 2025 31 December 2024 30 September 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 4,221,408 2.06% 4,398,054 2.14% 4,272,132 2.08% 2,751,891 1.34% Treasury shares 1,651,188 0.80% 1,625,258 0.79% 1,992,485 0.97% 958,031 0.47% Free float 58,489,267 28.47% 58,338,551 28.40% 58,097,246 28.28% 59,880,313 29.26% 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 23 October 2025. 967,064 shares (~0.5% of the capital before the transaction) were created, taking the portion of capital owned by employees to c. 2.51% vs. 2.06% as of 30 september 2025 The average number of shares was unchanged between Q2 2025 and Q3 2025, increased by +0.4% between Q3 2024 and Q3 2025, and increased by +0.4% between the first 9 months 2024 and the first 9 months 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. 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.
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www.amundi.com www.amundi.com 91-93, boulevard Pasteur, 75015 Paris – France +33 1 76 33 30 30 34 Contacts & Calendar Amundi – Q3 & 9M 2025 Results, 28 October 2025 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 Investors & Analysts 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 New medium-term strategic plan: Tuesday, 18 November 2025 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 Listed on Euronext Paris Tickers: AMUN. PA AMUN. FP Main indices: SBF 120 FTSE4Good MSCI Calendar Press Amundi shares