Slides
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Q4 & Full Y ear 2025 Results Presentation to Investors & Analysts 3 February 2026
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Disclaimer 2 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 set out in this document were approved by Amundi’s Board of Directors and have been prepared in accordance with applicable prudential regulations and IFRS guidelines, as adopted by the European Union and applicable at that date, but remain subject to ongoing review by the statutory auditors. 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. Amundi – Q4 & Full Year Results, 3 February 2026
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Highlights 3 Valérie Baudson CEO Amundi – Q4 & Full Year Results, 3 February 2026
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Business & earnings growth driven by strategic priorities 4 1. Adjusted data: see Alternative Performance Measures (APMs) in appendix 2. In this document, the historical series have been restated on a comparable basis, see appendix 3. proposed to the Shareholders' Meeting of 2 June 2026, ex-dividend on 9 June 2026, 2026, to be paid as from 11 June 2026 – AuM at €2,380bn, +6% – Net inflows in retail, institutional and JVs – In 2025, net inflows of +€88bn Sustained inflows in Q4 +€21bn Q4 net inflows – Pre-tax income1 up +12% Q4/Q42, driven by activity – 2025 earnings per share1: €6.58 – Dividend €4.25 per share3 – Share buyback starting on 4 February Pre-tax income growth & disciplined capital management €500m share buyback Sustained activity across all strategic growth areas Successful start to Invest for the Future 2028 Amundi – Q4 & Full Year Results, 3 February 2026
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Clients: strong growth in strategic growth areas 5 Strong momentum of digital players: representing half of Retail 2025 net inflows Digital distribution: representing half of 2025 Retail inflows Amundi – Q4 & Full Year Results, 3 February 2026 Retirement: mandate won for Ireland’s new Auto-Enrolment pension scheme Launch of a pension offer with profiled ETF-based solutions Digital players +€10bn 2025 net inflows Multi-asset pension management offer with three risk profiles: Low, Moderate & High
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Northern Europe +€40bn 2025 inflows +€16bn in Q4 Success in our priority geographies 6 Asia +33bn 2025 net inflows Amundi – Q4 & Full Year Results, 3 February 2026 1. Excluding JVs Asia: nearly 40% of the Group's annual net inflows Europe: Continued momentum in Northern Europe High Potential Region: Middle East New collaboration with FAB offering wide range of solutions to Gulf investors 42% in direct distribution1
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1. Solutions to manage stable cash positions for corporate and institutional clients, offering high spreads compared to money market rates Solutions: Innovation driving continued growth 7 Amundi – Q4 & Full Year Results, 3 February 2026 Launch of new funds - 3 new UCITS funds managed by Victory Capital - First "tokenised" treasury products Success of "Smart Solutions" strategies1 Active management: good performances & range expansion Strengthened positioning - AuM at €342bn (+27% year-on-year) - 1st collector on European equities ETFs New products innovation ETFs: strengthened ranking as No. 2 in Europe ETF +€46bn 2025 net inflows +€18bn Q4 net inflows Expanding the range through innovation - Launch of a Green Bond Fund for Zurich Insurance - Launch of the first biodiversity fund (euro credit) Responsible investment Smart Solutions +€20bn 2025 net inflows
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Technology: revenue as recognised provider 8 ALTO Wealth & Distribution Data-as-a-Service (new offer) ALTO Investment Amundi – Q4 & Full Year Results, 3 February 2026 First large client in Asia in Q1 2026 €116m 2025 revenues +45% vs. 2024 +10 new clients +2 new countries
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Q4 & Full year 2025 Activity 9 Nicolas Calcoen Deputy CEO Amundi – Q4 & Full Year Results, 3 February 2026
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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 10 AuM1: €2.4tn, up in both Q4 & the year AuM1 +6% over one year - of which +4% thanks to strong net inflows, +€88bn - Positive market effect: +€155bn - Negative currency impact: -€93bn, due to the decline vs. € of the US dollar (-11%) and the Indian rupee (-16%) Average 2025 AuM excluding JVs and Victory: €1,892bn, +5% vs. 2024 2025 Evolution of AuM1 December 2024 – December 2025 (€bn) Amundi – Q4 & Full Year Results, 3 February 2026 2,240 2,317 2,380 +67 +21 +107 +48 -87 -6-10 31.12.24 Net inflows Market effect Forex effect Scope effect 30.09.25 Net inflows Market effect Forex effect 31.12.25 +2.7% +6.2% 12 months: Net inflows +€87.6bn Market & Forex effect +€61.9bn Scope effect -€9.7bn €2,380bn AuM as at 31.12.2025
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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, excluding associates (JVs and Victory Capital) 11 2025 MLT2 asset inflows more than doubled Passive management at an all-time high Positive active management over one year and in Q4 2025 & Q4 Amundi – Q4 & Full Year Results, 3 February 2026 +34.0 +81.2 -1.8 -11.7 +23.3 +18.1 2024 2025 MLT assets excl. JV Treasury products excl. JV JV & Victory-distribution US +€55.4bn +€87.6bn +17.9 +24.2 +0.7 -4.2 +1.9 +0.9 Q4 2024 Q4 2025 +€20.9bn+€20.5bn Net inflows1 2025 vs. 2024, Q4 2025 vs. Q4 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, December 2025 2. As a percentage of the assets under management of the funds in question 3. The number of Amundi open-ended funds rated by Morningstar was 1040 at the end of December 2025. © 2025 Morningstar, all rights reserved 4. Share of assets under management of active funds, including money market funds, of which gross performance is higher than that of the benchmark; ETFs, indices, JVs, Victory Capital, delegated management, non-discretionary mandates, structured products, real assets, are excluded; in the absence of a benchmark, absolute gross return is taken into account; source Amundi / Risk Department 12 Solid investment performance driven by multi-asset & fixed income flagships Open-ended funds1: ~3/42 of AuM in the first two quartiles over 1, 3 & 5 years 78% over 5 years4 to 31.12.2025 Outperformance vs. benchmark4 Morningstar Ranking of Funds by Assets Under Management 5 years 3 years 1 year 760 funds – €710bn 871 funds – €746bn 1,040 funds – €796bn 1st quartile 2nd quartile 3rd quartile 4th quartile Data at the end of December 2025Xx% 233 Amundi3 funds with a 4 or 5-star Morningstar rating Amundi – Q4 & Full Year Results, 3 February 2026 74% 73% 72% 32% 42% 17% 9% 32% 41% 17% 10% 22% 50% 19% 9% Multi-Asset: Global Multi-Asset and Global Multi-Asset Conservative in the top 5/10 percentiles over one year Fixed income: several outperforming flagships vs. benchmarks from +340 bps (Global Aggregate) to +640bps (Euro Sub)
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1. Net inflows including advised and marketed assets and funds of funds 13 Retail – continued strong momentum with Third-Party Distributors Strong net inflows in ETFs Positive in active management, particularly in Asia Sustained activity in Northern Europe, Asia and with digital platforms UniCredit: FY net outflows -€16bn, of which -€4bn in Q4 2025 & Q4 Amundi – Q4 & Full Year Results, 3 February 2026 +1.1 +1.1-5.3 -14.0-1.2 +2.0 +31.9 +32.6 2024 2025 French networks International networks Amundi BOC WM Third-party distribution +€26.6bn +€21.7bn Retail: net inflows1 2025 vs. 2024, Q4 2025 vs. Q4 2024 (€bn) +0.8 -0.9-1.4 -3.9-0.6 +0.4 +12.7 +11.1 Q4 2024 Q4 2025 +€6.8bn+€11.5bn
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1. Net inflows including assets under advisory and marketed and funds of funds 2. Medium/Long Term Assets 14 Institutional – MLT2 net inflows tripled over one year Successful active fixed income strategies Q4: significant wins from several mandates - in the Middle East and Europe - with sovereign wealth funds, central banks and public entities 2025 & Q4 Institutional: net inflows1 2025 vs. 2024, Q4 2025 vs. Q4 2024 (€bn) Amundi – Q4 & Full Year Results, 3 February 2026 +7.4 +14.3 -0.3 -2.1 +3.7 +3.1 -3.7 -2.1 Q4 2024 Q4 2025 +€13.2bn+€7.1bn +9.9 +38.5 +3.3 +5.8 +9.0 +17.2 -16.5 -13.7 0.0 2024 2025 Treasury products CA & SG insurers Corporate & Employee savings Institutional & sovereigns +€5.6bn +€47.7bn MLT assets: +€61bn MLT assets2
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1. Net inflows including assets under advisory and marketed 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 15 JV – high level of net inflows in all countries Korea: dynamic net inflows, seasonal outflows in Q4 China: recovery in net inflows in 2025 2025 & Q4 Amundi – Q4 & Full Year Results, 3 February 2026 +20.6 +10.4 +1.9 +5.8 +0.3 +2.4 +0.5 +0.9 2024 2025 SBI MF (India) NH Amundi (Korea) ABC CA (China) Other JVs +€23.3bn +€19.5bn +2.3 +1.8 -0.5 -1.0 +0.0 +0.6 +0.2 +0.2 Q4 2024 Q4 2025 +€1.7bn+€1.9bn JV: net inflows1 2025 vs. 2024, Q4 2025 vs. Q4 2024 (€bn)
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Q4 & Full Year 2025 Results 16 Nicolas Calcoen Deputy CEO Amundi – Q4 & Full Year Results, 3 February 2026
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* Historical series have been restated as if Amundi US had been consolidated using the 100% equity method up to and including Q1 2025, thus removing the contribution to Amundi US's revenues 1. Adjusted data: see the Alternative Performance Measures (APMs) in the appendix 17 Q4: strong growth in business-related revenues Net asset management revenues: +7% Q4/Q4* - Management fees: +4% Q4/Q4*, thanks to dynamic net inflows Technology +37% Q4/Q4 - Share of project revenues: 40% Q4 2025 Adjusted net revenue1 (€m) Amundi – Q4 & Full Year Results, 3 February 2026 763 747 717 737 732 82 33 35 23 56 35 29 26 26 26 18 6 12 37 18 899 815 790 823 831 Q4 2025Q3 2025Q2 2025Q1 2025*Q4 2024* Net management fees Performance fees Technology Net financial income & other +8.2%
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* Historical series have been restated as if Amundi US had been consolidated using the 100% equity method up to and including Q1 2025, i.e. by withdrawing the contribution to Amundi US's expenses 1. Adjusted data: see the Alternative Performance Measures (APMs) in the appendix 18 Costs – continued control, efficiency & investments Costs1 controlled in a high level of activity Continued investment Cost/income ratio at 50% - Strong positive jaws effect Q4 2025 Adjusted operating expenses1 (€m) Amundi – Q4 & Full Year Results, 3 February 2026 450 436 417 416 425 50.1% 53.5%52.7% 50.6%51.2% Q4 2025Q3 2025Q2 2025Q1 2025*Q4 2024* Operating expenses - Adjusted Cost income ratio - Adjusted +5.9%
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* Historical series have been restated as if Amundi US had been 100% consolidated using the equity method up to and including Q1 2025 1. Adjusted data: see the Alternative Performance Measures (APMs) in the appendix 2. Equity method: 26% of Victory Capital's adjusted net income in Q2, Q3 and Q4 2025, and 100% of Amundi US's adjusted net income in the other quarters 3. Total tax expense in Q4 2025 of -€143m, of which the exceptional tax contribution in France for -€11m, for a total amount in 2025 of -€74m 19 Pre-tax income1 up +12% Q4/Q4* Gross operating income1 : +11% Q4/Q4* Contribution from associates up + 21% - Asian JVs up +22% Q4/Q4* - Victory Capital (€35m) driven by synergies Net income1 €376m, including the exceptional tax surcharge3 in France of -€11m Earnings per share1 €1.82 Q4 2025 Pre-tax income1 (€m) Amundi – Q4 & Full Year Results, 3 February 2026 36 34 38 28 29 35 33 26 22 30 519 445 437 452 462 Q4 2025Q3 2025Q2 2025Q1 2025*Q4 2024* Share of net income from US operations - Adjusted Share of net income from Asia JVs Pre-tax income, excl. JV & Victory- Adjusted +12.3%
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* Amundi US is fully integrated in Q1 2025, and the fiscal year 2024 has been restated in a comparable manner, so Amundi US is fully included in Q1 2024 and accounted for using the equity method @100% for the rest of 2024 1. All data are adjusted: see the Alternative Performance Measures (APMs) in the appendix; 2. Pre-tax income includes the cost of risk, of which the evolution is not significant; 3. These contributions are accounted for under the equity method; 4. Total 2025 tax expense of -€507m, of which the exceptional tax contribution in France for -€74m 20 Full year 2025 - Pre-tax income up +6%* Pre-tax income1 growth* - Driven by revenues supported by net inflows, growth in assets under management and the development of technology revenues - Cost control and investment in growth drivers Cost/income ratio1 under control at 52.1% Earnings per share1 €6.58, including exceptional tax surcharge for €-0.36 2025 Year-on-year change in the Pre-tax & Net income1,2 (€m) Amundi – Q4 & Full Year Results, 3 February 2026 +186 +12 +10 -104 -74 1,382 1,428 1,354 1,749 1,858 2024 Net income 2024* Pre-tax income Revenue* Costs* JV contribution (3) Victory* contribution (3) 2025 Pre-tax income 2025 Net income excl. tax surcharge 2025 tax surcharge (4) 2025 Net income +6.2% +6% +6% +10% +12%
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1. Shareholders' equity excluding goodwill and other intangibles; 2. Convened for 2 June 2026; 3. Ex-dividend scheduled for 9 June 2026, to be paid from 11 June 2026; 4. as a % of the 2025 accounting net income group share excluding capital gain on the Victory Capital transaction according to the usual calculation method (accounting net income excluding exceptional items not related to cash flows) 21 Strong financial position Tangible equity1: €4.9bn at the end of December 2025, up +10% over one year Dividend proposed to the AGM2 of €4.25 per share3 - ie. payout ratio4 of 74% - ~ +€100m above the 65% target 31 December 2025 Tangible shareholders' equity1 (€bn) Amundi – Q4 & Full Year Results, 3 February 2026 FitchRatings A+/stable Issuer rating CAGR 2018-25 +11% €2.3bn €2.7bn €3.2bn €3.5bn €3.9bn €4.3bn €4.5bn €4.9bn 31/12/18 31/12/19 31/12/20 31/12/21 31/12/22 31/12/23 31/12/24 31/12/25 +10%2018-25 CAGR +11%
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Disciplined capital management 22 1. Above the minimum payout ratio (65%) Amundi – Q4 & Full Year Results, 3 February 2026 ~€1.4bn capital surplus at the end of 2025 2025 dividend above 65%1~+€100m €500m Share buyback F O R 9 . 9 % S T A K E I N ~ €700-800m
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Schedule spread over approximately one year 23 Amundi – Q4 & Full Year Results, 3 February 2026 Q2/Q3 2026 Appointment of a director + consolidation under the equity method (@4.64%) 18/11 Partnership announcement 2027 Consolidation @9.9% at the end of the share buyback program by Obtaining the last regulatory approvals
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Conclusion 24 Valérie Baudson CEO Amundi – Q4 & Full Year Results, 3 February 2026
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Conclusion 1. Adjusted data: see Alternative Performance Measures (APMs) in Appendix 2. at the share price of 30 January 2026: €74.95 25 ▪ High activity levels across Invest for the Future 2028 strategic priorities ⁃ Strong growth in inflows over one year ⁃ Thanks to digital distribution, retirement and ETF solutions, Asia and Northern Europe ▪ Strong results for Q4 and the year ⁃ 2025 earnings per share1 €6.58 ▪ partnership launched, creating real value for clients & shareholders ▪ Attractive shareholder returns through disciplined capital management ⁃ Payout ratio of 74% and €500m in share buyback, i.e. 3% of share capital2 Amundi – Q4 & Full Year Results, 3 February 2026 Successful launch for Invest for the Future 2028
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Appendices 26 Amundi – Q4 & Full Year Results, 3 February 2026
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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 27 Diversified AuM by clients, asset classes & geographies Large client base €2,380bn AuM1 as of 31.12.2025 Comprehensive range by asset classes Global footprint Amundi – Q4 & Full Year Results, 3 February 2026 ETF & Index solutions - 22%Retail - 30% Institutional excluding CA & SG insurers - 33% Active management - 48% France 44% Italy 8% Rest of Europe 22% Asia 20% Rest of the world 6% Regions €2,380bn French networks 6% International networks 7% Third-party distributors 17% Institutionals & Sovereigns (*) 24% Corporates 5% Employee savings 4% CA & SG insurers 19% JVs 15% Victory - US distribution 3% €2,380bn Clients Equities 9%Multi- assets 12% Bonds 28% Structured products 2% ETFs & ETCs 14% Index 7% Private & alternative assets 3% Treasury products excl. JVs 8% Victory - US distribution 3% JVs 15%€2,380bn asset classes
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* Quarterly series have been restated as if Amundi US had been 100% consolidated using the equity method from Q2 to Q4 2024 inclusive; for Q3 and Q4 2025, no restatement was applied. The details of these restatements for the year 2024 and by quarter can be found in the appendix. 1. Adjusted data: see the Alternative Performance Measures (APMs) in the appendix 28 Fourth quarter & full year 2025 adjusted income statement1 Amundi – Q4 & Full Year Results, 3 February 2026 (€m) 2025 2024* % ch. 25/24* Q4 2025 Q4 2024* % ch. Q4/Q4* Q3 2025 % ch. Q4/Q3 Net revenue - Adjusted 3,417 3,231 +5.8% 899 831 +8.2% 815 +10.3% Net management fees 3,052 2,930 +4.2% 763 732 +4.4% 747 +2.2% Performance fees 173 141 +22.6% 82 56 +46.9% 33 NM Technology 116 80 +44.8% 35 26 +37.2% 29 +21.8% Net financial income & other net income - Adjusted 75 80 -5.3% 18 18 +2.4% 6 NM Operating expenses - Adjusted (1,781) (1,677) +6.2% (450) (425) +5.9% (436) +3.2% Cost income ratio - Adjusted 52.1% 51.9% +0.2pp 50.1% 51.2% -1.1pp 53.5% -3.4pp Gross operating income - Adjusted 1,636 1,554 +5.3% 449 406 +10.6% 379 +18.4% Cost of risk and others - Adjusted (8) (13) -34.5% (2) (3) -47.5% (1) +52.6% Share of net income from JVs 135 123 +9.6% 36 29 +22.2% 34 +6.4% Share of net income from Victory Capital - Adjusted 95 85 +11.6% 35 30 +18.8% 33 +6.1% Pre-tax income - Adjusted 1,858 1,749 +6.2% 519 462 +12.3% 445 +16.5% Corporate tax - Adjusted (507) (370) +37.3% (143) (85) +67.3% (106) +35.2% Non-controlling interests 3 3 +7.6% 0 1 -68.9% 1 -59.3% Net income group share - Adjusted 1,354 1,382 -2.1% 376 377 -0.4% 340 +10.6% Amortisation of intangible assets (net of tax) (57) (67) -14.5% (14) (17) -17.8% (14) +0.0% MtM revaluation ICG 4 - NM 4 - NM - NM Integration costs and PPA amortisation (net of tax) (82) (3) NM (13) (3) NM (61) -79.0% Victory Capital adjustments (after tax, group share) (29) (8) NM (7) (8) -16.8% (15) -56.6% Capital gain Victory Capital, net of tax 402 - NM 0 - NM (0) NM Net income group share 1,592 1,305 +22.0% 346 349 -1.0% 249 +39.2% Earnings per share (€) 7.74 6.37 +21.5% 1.68 1.70 -1.4% 1.21 +38.8% Earnings per share - Adjusted (€) 6.58 6.75 -2.5% 1.82 1.84 -0.8% 1.65 +10.3%
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Explanations of pro forma data 29 Quarterly series have been restated as if Amundi US had been 100% consolidated using the equity method from Q2 to Q4 2024 inclusive; no restatement was applied in 2025 Adjusted data: see Alternative Performance Measures (APMs) in the appendix Amundi – Q4 & Full Year Results, 3 February 2026 Profit & Loss + Alternative Performance Measures YTD (€m) 2025 2024 - Amundi US contrib. Q2 to Q4 24 2024 pro forma % YoY ch. % YoY ch. pro forma Q4 2025 Q4 2024 - Amundi US contrib. Q4 2024 Q4 2024 pro forma % YoY ch. % YoY ch. pro forma Net management fees 3,052 3,184 255 2,930 -4.1% +4.2% 763 820 88 732 -6.9% +4.4% Performance fees 173 145 3 141 +19.7% +22.6% 82 57 1 56 +43.9% +46.9% Net asset management revenues 3,226 3,329 258 3,071 -3.1% +5.0% 846 877 90 788 -3.6% +7.4% Technology 116 80 0 80 +44.8% +44.8% 35 26 0 26 +37.2% +37.2% Net financial income and other net income 0 (3) 9 (12) NM NM 2 (2) 4 (6) NM NM Net financial income & others - Adjusted 75 88 9 80 -14.6% -5.3% 18 21 4 18 -15.4% +2.4% Net revenue (a) 3,342 3,406 267 3,139 -1.9% +6.5% 883 901 93 807 -1.9% +9.4% Net revenue - Adjusted (b) 3,417 3,497 267 3,231 -2.3% +5.8% 899 924 93 831 -2.7% +8.2% Operating expenses (c) (1,895) (1,852) (171) (1,681) +2.4% +12.8% (472) (496) (67) (429) -4.8% +10.1% Operating expenses - Adjusted (d) (1,781) (1,837) (160) (1,677) -3.1% +6.2% (450) (482) (56) (425) -6.5% +5.9% Gross operating income (e)=(a)+(c) 1,446 1,554 96 1,458 -6.9% -0.8% 411 405 26 379 +1.6% +8.6% Gross operating income - Adjusted (f)=(b)+(d) 1,636 1,660 107 1,554 -1.4% +5.3% 449 443 37 406 +1.4% +10.6% Cost / Income ratio (%) -(c)/(a) 56.7% 54.4% 64.1% 53.5% 2.35pp 3.18pp 53.5% 55.1% 71.9% 53.1% -1.60pp 0.36pp Cost / Income ratio, adjusted (%) -(d)/(b) 52.1% 52.5% 60.1% 51.9% -0.43pp 0.20pp 50.1% 52.1% 60.4% 51.2% -2.04pp -1.10pp Cost of risk and others (g) 394 (10) 3 (13) NM NM (2) (3) 0 (3) -47.1% -47.6% Cost of risk and others - Adjusted (h) (8) (10) 3 (13) -13.7% -34.5% (2) (3) 0 (3) -47.1% -47.5% Share of net income from JVs (i) 135 123 0 123 +9.6% +9.6% 36 29 0 29 +22.2% +22.2% Share of net income from US opérations(j) 66 0 (77) 77 NM -14.2% 29 0 (22) 22 NM +32.1% Share of net income from US opérations - Adjusted (k) 95 0 (85) 85 NM +11.6% 35 0 (30) 30 NM +18.8% Pre-tax income (l)=(e)+(g)+(i)+(j) 2,041 1,668 22 1,646 +22.4% +24.0% 474 431 5 427 +9.9% +11.1% Pre-tax income - Adjusted (m)=(f)+(h)+(i)+(k) 1,858 1,774 25 1,749 +4.8% +6.2% 519 469 7 462 +10.5% +12.3% Corporate tax (n) (452) (366) (22) (344) +23.6% +31.5% (128) (83) (5) (78) +55.2% +64.4% Corporate tax - Adjusted (o) (507) (394) (25) (370) +28.7% +37.3% (143) (93) (7) (85) +54.2% +67.3% Non-controlling interests (p) 3 3 0 3 +7.6% +7.6% 0 1 0 1 -68.9% -68.9% Net income group share (q)=(l)+(n)+(p) 1,592 1,305 0 1,305 +22.0% +22.0% 346 349 (0) 349 -1.0% -1.0% Net income group share - Adjusted (r)=(m)+(o)+(p) 1,354 1,382 0 1,382 -2.1% -2.1% 376 377 (0) 377 -0.4% -0.4% Earnings per share (€) 7.74 6.37 6.37 +21.5% +21.5% 1.68 1.70 1.70 -1.4% -1.4% Earnings per share - Adjusted (€) 6.58 6.75 6.75 -2.5% -2.5% 1.82 1.84 1.84 -0.8% -0.8% Quarters
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Margins impacted by the deconsolidation of Amundi US 30 1. Margins excluding Performance fees; net management fees annualised / average assets under management; 2. Excluding Associates, ie JVs and Victory Capital – US Distribution * 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 in 2025 Amundi – Q4 & Full Year Results, 3 February 2026 2,965 2,940 3,184 3,052 17.8 17.7 17.7 16.1 16.4 15.9 2022 2023 2024 2025 Net asset management revenue … Margin on average AuM (bp) Pro-forma margin on average AUM* (bp) Net management fees (€m) & margins1 on average AuM2 (bp) 2,166 2,095 2,270 2,097 36.6 35.7 34.4 30.7 2022 2023 2024 2025 Retail 641 692 758 787 10.1 10.4 10.6 10.3 2022 2023 2024 2025 Institutionals excl. CA & SG insurers 158 153 156 168 3.6 3.7 3.7 3.8 2022 2023 2024 2025 CA & SG Insurers mandates
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Source: LSEG Workspace, Bloomberg 1. index composed of 50% of the MSCI MSCI All Country World Index (ACWI) and 50% of the Eurostoxx, averages for each period; 2. Bloomberg Euro Aggregate Index, averages for each period 31 Rising markets Equities1 up over one year: on average +17% Q4/Q4 and +5% Q4/Q3 Fixed Income markets2 up over one year: on average +2% Q4/Q4 (thanks to the tightening of credit spreads -17 bp Q4/Q4 on average), stable Q4/Q3 Decline in the US dollar and Indian rupee, on average: - 2025/2024: USD -4%, INR -8% - Q4/Q3: USD +0%, INR -2% - Q4/Q4: USD -8%, INR -13% Q4 2025 Evolution of equities & bond markets from Q1 2024 to Q4 2025 Amundi – Q4 & Full Year Results, 3 February 2026 80 85 90 95 100 105 110 115 120 125 130 135 140 145 31.12.23 31.03.24 30.06.24 30.09.24 31.12.24 31.03.25 30.06.25 30.09.25 31.12.25 50% MSCI ACWI / 50% Eurostoxx Bloomberg Euro Aggregate Base 100 = Average 2021 Q4 2024Q1 2024 Q2 2024 Q3 2024 Q2 2025Q1 2025 Q3 2025 Q4 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 December 2025. 1. Medium/Long Term Assets 32 European open-ended fund market – further recovery in 2025 Continued recovery in active net inflows (+€309bn) - driven by fixed income (+€303bn) Strong momentum in the ETF market (+€331bn, of which +€23bn in active ETFs) Lower net inflows in treasury products 2025 Amundi – Q4 & Full Year Results, 3 February 2026 -242 -168 +104 +309 +113 +225 +325 +288 +109 +196 +234 +179 -20 +253 +663 +776 2022 2023 2024 2025 Treasury products MLT Assets / Passive management MLT Assets / Active management Total Net inflows on the European market (open-ended funds), from 2022 to 2025 (€bn) +81 +51 +105 +73 +92 +67 +62 +66 56 56 40 27 +229 +174 +207 +166 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025
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Assets under management & flows1 – client segments 33 (*) 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 Amundi – Q4 & Full Year Results, 3 February 2026 (€bn) AuM 31.12.2025 AuM 31.12.2024 % ch. /31.12.2024 Inflows Q4 2025 Inflows Q4 2024 Inflows 2025 Inflows 2024 French networks 146 138 +5.6% -0.9 +0.8 +1.1 +1.1 International networks 161 167 -3.3% -3.4 -2.1 -12.0 -6.5 o/w Amundi BOC WM 4 2 +89.8% +0.4 -0.6 +2.0 -1.2 Third-party distributors 397 401 -1.1% +11.1 +12.7 +32.6 +31.9 Retail 704 706 -0.3% +6.8 +11.5 +21.7 +26.6 Institutionals & Sovereigns (*) 572 521 +9.8% +6.4 -0.7 +30.7 +0.7 Corporates 121 122 -1.1% +5.0 +8.6 -2.0 +2.8 Employee savings 104 90 +15.7% -0.5 +0.7 +3.1 +3.1 CA & SG insurers 455 429 +6.0% +2.4 -1.5 +15.9 -1.0 Institutionals (*) 1,251 1,162 +7.7% +13.2 +7.1 +47.7 +5.6 JVs 364 372 -2.0% +1.7 +1.9 +19.5 +23.3 Victory - US distribution 60 0 NM -0.8 0.0 -1.4 0.0 TOTAL 2,380 2,240 +6.2% +20.9 +20.5 +87.6 +55.4
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Assets under management & flows1 – asset classes 34 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 Amundi – Q4 & Full Year Results, 3 February 2026 (€bn) AuM 31.12.2025 AuM 31.12.2024 % ch. /31.12.2024 Inflows Q4 2025 Inflows Q4 2024 Inflows 2025 Inflows 2024 Equities 623 544 +14.6% +8.2 +7.3 +46.0 +7.3 Multi-assets 286 274 +4.2% +1.6 -0.9 +3.5 -23.2 Bonds 761 747 +1.8% +16.2 +10.6 +39.3 +47.4 Private, alternative & structured assets 106 114 -7.4% -1.7 +0.9 -7.6 +2.4 Private assets 62 66 -6.1% -0.4 +0.1 -1.2 +0.0 Alternative assets 3 4 -19.9% -0.3 -0.1 -0.9 -1.2 Structured products 40 44 -8.1% -1.1 +0.9 -5.5 +3.6 MLT ASSETS excl. JVs 1,776 1,680 +5.7% +24.2 +17.9 +81.2 +34.0 Treasury products excl. JVs 180 188 -4.5% -4.2 +0.7 -11.7 -1.8 TOTAL ASSETS excl. JVs & US distrib. 1,956 1,868 +4.7% +20.0 +18.5 +69.5 +32.2 JVs 364 372 -2.0% +1.7 +1.9 +19.5 +23.3 Victory - US distribution 60 - NM -0.8 - -1.4 - TOTAL 2,380 2,240 +6.2% +20.9 +20.5 +87.6 +55.4 o/w MLT assets 2,163 2,018 +7.2% +24.5 +21.1 +93.3 +56.0 o/w Treasury products 217 222 -2.2% -3.6 -0.6 -5.7 -0.5
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Assets under management & flows1 – types of management & asset classes 35 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 Amundi – Q4 & Full Year Results, 3 February 2026 (€bn) AuM 31.12.2025 AuM 31.12.2024 % ch. /31.12.2024 Inflows Q4 2025 Inflows Q4 2024 Inflows 2025 Inflows 2024 Active management 1,153 1,148 +0.5% +4.9 +5.5 +13.2 +7.6 Equities 205 206 -0.5% -3.0 -2.5 -10.4 -7.9 Multi-assets 277 263 +5.4% +1.9 -1.2 +3.6 -24.5 Bonds 671 679 -1.1% +6.0 +9.1 +19.9 +40.1 Structured products 40 44 -8.1% -1.1 +0.9 -5.5 +3.6 ETF & Index solutions 518 418 +23.7% +21.0 +11.5 +75.6 +23.9 ETFs & ETCs 342 268 +27.5% +18.1 +10.5 +46.5 +27.8 Index 175 150 +16.9% +2.9 +1.0 +29.1 -3.9 Private & alternative assets 65 70 -6.9% -0.6 -0.0 -2.1 -1.2 Private assets 62 66 -6.1% -0.4 +0.1 -1.2 +0.0 Alternative assets 3 4 -19.9% -0.3 -0.1 -0.9 -1.2 MLT ASSETS excl. JVs & US distrib. 1,776 1,680 +5.7% +24.2 +17.9 +81.2 +34.0 Treasury products excl. JVs 180 188 -4.5% -4.2 +0.7 -11.7 -1.8 TOTAL ASSETS excl. JVs & US distrib. 1,956 1,868 +4.7% +20.0 +18.5 +69.5 +32.2 JVs 364 372 -2.0% +1.7 +1.9 +19.5 +23.3 Victory - US distribution 60 - NM -0.8 - -1.4 - TOTAL 2,380 2,240 +6.2% +20.9 +20.5 +87.6 +55.4 o/w MLT assets 2,163 2,018 +7.2% +24.5 +21.1 +93.3 +56.0 o/w Treasury products 217 222 -2.2% -3.6 -0.6 -5.7 -0.5
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Assets under management & flows1 – by geographic areas 36 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 Amundi – Q4 & Full Year Results, 3 February 2026 (€bn) AuM 31.12.2025 AuM 31.12.2024 % ch. /31.12.2024 Inflows Q4 2025 Inflows Q4 2024 Inflows 2025 Inflows 2024 France 1,051 994 +5.7% -4.6 +5.9 +5.4 +18.7 Italy 199 202 -1.4% -2.7 -0.8 -9.0 -14.5 Rest of Europe 517 440 +17.5% +18.3 +11.1 +47.9 +17.1 Asia 475 469 +1.3% +3.6 -1.5 +32.6 +28.1 Rest of the world 138 135 +2.2% +6.4 +5.7 +10.7 +6.1 TOTAL 2,380 2,240 +6.2% +20.9 +20.5 +87.6 +55.4 TOTAL outside France 1,329 1,246 +6.7% +25.5 +14.6 +82.2 +36.8
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Methodology & Alternative Performance Measures (APMs) (1/2) 37 Amundi has chosen to present adjusted accounting data for certain income items (net revenues, general operating expenses, share of net income from associates) in order to better reflect the economic and operating profitability of the company. These adjustments are intended to neutralise 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 ‒ amortisation related to the inclusion of earn-outs (Alpha Associates) and change of mark-to-market valuation of ICG stake in net financial income & others ‒ amortisation of technological intangible assets (AIXIGO) in operating expenses ‒ integration and acquisition costs (Victory Capital; ICG) 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 optimisation 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 : Q4 2024*: -€35m before tax and -€28m after tax 2024*: -€103m before tax and -€77m after tax Q3 2025: -€118m before tax and -€91m after tax Q4 2025: -€45m before tax and -€30m after tax 2025: -€219m before tax and -€164m after tax + €402m capital gain (with no tax effect) Amundi – Q4 & Full Year Results, 3 February 2026
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38 Methodology & Alternative Performance Measures (APMs) (2/2) Amundi – Q4 & Full Year Results, 3 February 2026 = 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 2025 no restatement has been applied and Amundi US is therefore fully integrated in Q1 2025, and 2024 has been restated as if Amundi US had been accounted for under the equity method from Q2 to Q4 2024 only (€m) 2025 2024* 2024 Q4 2025 Q4 2024* Q4 2024 Q3 2025 Net asset management revenues 3,226 3,071 3,329 846 788 877 780 Technology 116 80 80 35 26 26 29 Net financial income and other net income 0 (12) (3) 2 (6) (2) (14) Net financial income & others - Adjusted 75 80 88 18 18 21 6 Net revenue (a) 3,342 3,139 3,406 883 807 901 795 - Amortisation of intangible assets (bef. Tax) (73) (87) (87) (18) (22) (22) (18) - Other non-cash charges related to Alpha Associates (6) (4) (4) (1) (1) (1) (1) - ICG - MtM valuation 4 - - 4 - - - Net revenue - Adjusted (b) 3,417 3,231 3,497 899 831 924 815 Operating expenses (c) (1,895) (1,681) (1,852) (472) (429) (496) (518) - Integration and restructuring costs (bef. tax) (108) (2) (13) (20) (2) (13) (80) - Amortisation related to aixigo PPA (bef. Tax) (7) (1) (1) (2) (1) (1) (2) Operating expenses - Adjusted (d) (1,781) (1,677) (1,837) (450) (425) (482) (436) Gross operating income (e)=(a)+(c) 1,446 1,458 1,554 411 379 405 277 Gross operating income - Adjusted (f)=(b)+(d) 1,636 1,554 1,660 449 406 443 379 Cost / Income ratio (%) -(c)/(a) 56.7% 53.5% 54.4% 53.5% 53.1% 55.1% 65.2% Cost / Income ratio, adjusted (%) -(d)/(b) 52.1% 51.9% 52.5% 50.1% 51.2% 52.1% 53.5% Cost of risk and others (g) 394 (13) (10) (2) (3) (3) (1) Cost of risk and others - Adjusted (h) (8) (13) (10) (2) (3) (3) (1) Share of net income from JVs (i) 135 123 123 36 29 29 34 Share of net income from Victory Capital (j) 66 77 0 29 22 0 18 Share of net income from Victory Capital - Adjusted (k) 95 85 0 35 30 0 33 Pre-tax income (l)=(e)+(g)+(i)+(j) 2,041 1,646 1,668 474 427 431 327 Pre-tax income - Adjusted (m)=(f)+(h)+(i)+(k) 1,858 1,749 1,774 519 462 469 445 Corporate tax (n) (452) (344) (366) (128) (78) (83) (79) Corporate tax - Adjusted (o) (507) (370) (394) (143) (85) (93) (106) Non-controlling interests (p) 3 3 3 0 1 1 1 Net income group share (q)=(l)+(n)+(p) 1,592 1,305 1,305 346 349 349 249 Net income group share - Adjusted (r)=(m)+(o)+(p) 1,354 1,382 1,382 376 377 377 340 Earnings per share (€) 7.74 6.37 6.37 1.68 1.70 1.70 1.21 Earnings per share - Adjusted (€) 6.58 6.75 6.75 1.82 1.84 1.84 1.65
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Shareholding 39 Amundi – Q4 & Full Year Results, 3 February 2026 31 December 2025 30 September 2025 30 June 2025 31 December 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 68.35% 141,057,399 68.67% 141,057,399 68.67% 141,057,399 68.67% Employees 4,990,841 2.42% 4,221,408 2.06% 4,398,054 2.14% 4,272,132 2.08% Treasury shares 1,631,846 0.79% 1,651,188 0.80% 1,625,258 0.79% 1,992,485 0.97% Free float 58,706,240 28.44% 58,489,267 28.47% 58,338,551 28.40% 58,097,246 28.28% Number of shares at end of period 206,386,326 100.0% 205,419,262 100.0% 205,419,262 100.0% 205,419,262 100.0% Average number of shares year-to-date 205,602,077 - 205,419,262 - 205,419,262 - 204,776,239 - Average number of shares quarter-to-date 206,060,467 - 205,419,262 - 205,419,262 - 205,159,257 - 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 The average number of shares increased by +0.3% between Q3 2025 and Q4 2025, increased by +0.4% between Q4 2024 and Q4 2025, and increased by +0.4% between the full year 2024 and the full year 2025
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www.amundi.com www.amundi.com 91-93, boulevard Pasteur, 75015 Paris – France +33 1 76 33 30 30 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 investor.relations@amundi.com 40 Contacts & Calendar Amundi – Q4 & Full Year Results, 3 February 2026 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 Q1 2026 earnings release: Wednesday 29 April 2026 Shareholders’ Meeting: Tuesday 2 June 2026 Dividend: ex-dividend date on 9 June 2026, payment from 11 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 Stoxx (Europe 600, etc.) FTSE4Good CAC40 ESG MSCI (EMU, World, ACWI, etc.) Calendar Press Amundi shares