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H1 & Q2 2026 results Presentation to Investors & Analysts 30 July 2026
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Disclaimer 2 Amundi – Q2 & H1 2026 results, 30 July 2026 This document does not constitute and does not form part of any offer or invitation to sell, exchange, buy or subscribe for, or any solicitation of an offer to buy, exchange or subscribe for any securities in any State or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or approval under the securities laws of such State or of this jurisdiction. No securities may be offered, subscribed for or sold in the United States of America without being registered in accordance with the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), except under an exemption or in connection with a transaction not subject to the registration requirements of the U.S. Securities Act. The securities of Amundi shares or SBI Funds Management Limited ("SBI FM") have not been and will not be registered under the U.S. Securities Act and Amundi does not intend to make a public offering of its securities in the United States of America or France. This document may contain forward-looking statements relating to Amundi's financial position and results. These statements includefinancial projections and estimates based on scenarios based on a number of economic assumptions made in a given competitive and regulatory environment, assumptions about plans, objectives and expectations relating to future events, operations, products and services, and assumptions about future performance and synergies. By their nature, they are therefore subject to known and unknown risks and uncertainties that may cause them not to materialise. Accordingly, no assurance can be given that these forward-looking statements will materially occur and Amundi's actual financial position and results could differ materially from those projected or implied in such statements. These risks and uncertainties include, but are not limited to, the risk factors mentioned or identified in the documents made public that Amundi files from time to time with the French Autorité des Marchés Financiers, including the risk factors set out in section 5.2 "Risk Factors" of our Universal Registration Document for the fiscal year ended December 31, 2025, available on the Regulated Information page of Amundi's website (legroupe.amundi.com/informations-reglementees). Readers are advised to consider all of these risks and uncertainties before forming their own opinions. Any forward-looking statements made by Amundi are made as of the date of this document. Amundi undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances, or otherwise, except as required by applicable laws and regulations. This document refers to certain non-IFRS financial measures (or Alternative Performance Measures) used by Amundi to analyse operating trends, financial performance and financial position and to provide investors with additional information deemed useful and relevant regarding Amundi's results. These Alternative Performance Measures are not measures recognised by IFRS, or any other generally accepted accounting standard, and they generally do not have a standardised meaning and therefore may not be comparable with similarly named measures used by other companies. Accordingly, none of these Alternative Performance Measures should be considered in isolation or as a substitute for the financial statements and notes thereto prepared in accordance with IFRS. For a definition of the Alternative Performance Measures included in this document and their reconciliation to the relevant financial statement item, subtotal or total, please refer to the methodological appendix to this document and section 4.3.4, "Alternative Performance Measures (APM) and pro forma restatements", of our Universal Registration Document for the fiscal year ended December 31, 2025, available on the Regulated Information page of Amundi's website (legroupe.amundi.com/informations-reglementees). The financial information included in this document and relating to the first half year and second quarter of 2026 and 2025 as well as the first quarter of 2026 have been subject to a limited review from the statutory auditors. Some of the calculated numbers (including data in millions or billions) and percentages presented in this document have been rounded. In such cases, the totals presented in this document may differ slightly from the totals that would result from the addition of the exact (unrounded) amounts of the data so calculated. Unless otherwise stated, the sources of rankings and market positions are internal. The information contained in this document, to the extent that it relates to entities other than Amundi, or is derived from external sources, has not been reviewed by a supervisory authority, nor has it generally been subject to independent verification, and no representation or commitment is given in respect of it, and no certainty should be given as to the accuracy, the truthfulness, accuracy and completeness of the information or opinions contained in this document. Neither Amundi nor its representatives shall be liable for any decision taken or negligence or for any damage that may result from the use of this document or its content or anything relating to them or any document or information to which this document may refer.
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Highlights 3 Amundi – Q2 & H1 2026 results, 30 July 2026 Valérie Baudson CEO
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Record results and activity, progress on all strategic priorities 4 1. Medium/Long Term assets, excluding associates (JV, US distribution of Victory Capital and ICG) 2. Adjusted data: see the Alternative Performance Measures (APM) in the appendix Note: in this document, Q1 2025, and therefore H1 2025, have been restated on a comparable basis, see appendix Amundi – Q2 & H1 2026 results, 30 July 2026 – AuM €2.6tn, +14% – Inflows in MLT1 assets: +€20bn – Positive inflows • in all segments • and most MLT asset classes1 Healthy inflows in Q2 +€24bn Q2 net inflows – Q2 net income2: €431m – Strong revenue growth & very positive jaws effect – Q2 Cost/income ratio2: 48.9% – Q2 Earnings per share2: €2.09 Record results in H1 & Q2 +29% Q2/Q2 growth in net income2 – Sustained activity, innovation and commercial success in all strategic priorities Invest for the future 2028
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Clients: growth in our strategic priorities 5 Amundi – Q2 & H1 2026 results, 30 July 2026 New distribution agreements for "pillar 3" (AVD3) products with 2 networks Retirement: Continued commercial success, particularly in France and Germany Retirement +€8bn net inflows Q2 2026 1. Distributed via employee savings schemes offered by client companies in the Employee Savings & Retirement business line 2. Distributed by Crédit Agricole Group’s Partner Networks 3. Altersvorsorgedepot, marketing starting from 1 January 2027 France Germany Collective Pension Plans1 +€1.9bn net inflows H1 2026 Individual Pension Plans2 +€0.3bn net inflows H1 2026 +89% H1/H1 +15% H1/H1
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Geographies: successful listing of SBI Funds Management 6 Amundi – Q2 & H1 2026 results, 30 July 2026 1. As at 31 December 2025 for the assets under management, full year 2025 for the net income, Amundi and State Bank of India have partnered for more than 20 years – AuM1 €276bn – Contribution to Amundi’s net income1 of €113m 1st asset manager in India, a buoyant market Capital gain ~ €300m net of tax and costs, in Q3 https://www.me a.gov.in/india- at-glance Market cap >€10bn @100% Sale of 10% by Amundi (3.7%) and SBI (6.3%) Amundi's stake at 32.6% after listing
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Solutions: strong net inflows and innovation (1/2) 7 Amundi – Q2 & H1 2026 results, 30 July 2026 AuM over €400bn Innovations: - Launch of the GDP-weighted range - 2 new active ETFs 2 new “ETF-as-a-service” clients ETFs ETFs + €12bn net inflows Q2 2026Amundi Global Corporate Bond Active, Amundi EUR Ultra Short Term Bond Active Success of Victory Capital's strategies in Asia and Europe: +€2.9bn in Q2, in equities and multi-assets Full “Income” range High performances for Global Fixed Income and Emerging Market bond flagships Active +€9bn net inflows Q2 2026 Active management
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Solutions: strong net inflows and innovation (2/2) 8 Amundi – Q2 & H1 2026 results, 30 July 2026 Global Green Bond Initiative Fund subscriptions +€1bn in Q2, target complementary subscriptions of +€2bn Transformation of an OCIO €1bn-mandate with a European insurer into Net Zero Responsible investment Good net inflows in Q2, thanks to multi-management strategies: - Gain of several mandates with institutional clients Private assets Private assets +€0.5bn net inflows Q2 2026 Two tokenised share classes – USD and EUR – of the Amundi Money Market Short Term fund Digital assets
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Technology: revenue growth and new contracts 9 Amundi – Q2 & H1 2026 results, 30 July 2026 New clients Revenues +25% Q2/Q2 License fees + 30% Q2/Q2
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1. Execution gain relative to our peers 2. Deviation from the mid-point existing at the time we started executing the order Efficiency: the example of order execution services 10 Amundi – Q2 & H1 2026 results, 30 July 2026 ▪ Several use cases successfully deployed: ⁃ Selecting the best execution strategy based on: • the characteristics of the order • and market conditions ⁃ Predictive bond analysis: helping portfolio managers choose the best strains to trade at the best price ⁃ Know your broker ⁃ Due diligence / RFP Using AI to improve order execution performance and pricing Value added for equities1 +5bp 2022-25 Value added for bonds2 +0.7bp 2022-25
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Strong Q2/Q2 earnings growth 11 1. Adjusted data: see Alternative Performance Measures (APM) in appendix 2. The EPS calculation does not yet take into account the shares repurchased for cancellation under the buyback program announced at the MTP and launched in February 2026 (€500m) Amundi – Q2 & H1 2026 results, 30 July 2026 +14% +18% +28% +29% +28% Average AuM (excl. Associates) Revenues* Gross operating income* Net income* EPS* Acceleration of Q2/Q2 growth, from AuM to net income1 Earnings per share1,2 €2.09 Q2 2026
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H1 & Q2 2026 Activity 12 Amundi – Q2 & H1 2026 results, 30 July 2026 Nicolas Calcoen Deputy CEO
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AuM1 +14% year-on-year, +8% in Q2 In T2: – Strong net inflows +€24bn – Positive market effect: +€148bn, after the correction in the stockmarkets in March – Positive currency impact: +€5bn, thanks to the rebound of the US dollar (+1%) vs. € Average AuM Q2 2026 excl. associates2: €2,086bn, +14% Q2/Q2, +16% in MLT assets 1. Assets under management and net inflows including advised and marketed assets and funds of funds, including 100% of Asian JVs' net inflows and assets under management; for Wafa Gestion in Morocco, the distribution to US clients of Victory Capital and ICG, assets under management and net inflows are included for Amundi's share in the capital of the three entities 2. JV, Victory Capital / US distribution, ICG 13 AuM1: €2.6tn, up +14% year-on-year 30 June 2026 Amundi – Q2 & H1 2026 results, 30 July 2026 2,267 2,398 2,581 +68 +24 +63 +153 +6 30.06.25 Net inflows Market + forex effect 31.03.26 Scope effect (ICG) Net inflows Market + forex effect 30.06.26 +7.6% +13.9% €2,581bn AuM as of 30 June 2026 Net inflows +€92.4bn Market & Forex effect +€215.8bn Scope effect +€5.8bn Evolution of assets under management1 year-on-year (€bn)
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1. Medium/Long Term assets, excluding associates (JV, Victory Capital/US distribution and ICG) 2. Net inflows including advised and marketed assets and funds of funds, including 100% of Asian JVs' net inflows; for Wafa Gestion in Morocco, the distribution to US clients of Victory Capital and ICG, net inflows are included for Amundi's share in the capital of the three entities 14 Record inflows in H1, mainly in MLT1 assets H1: record net inflows at MLT1: +€51bn, 6% annualised – Record half-year ETF inflows: +€28bn – Dynamic active fixed income: +€17bn – Positive inflows in private assets: +€4bn T2, strong net inflows MLT: +€20bn – in ETFs (+€12bn) – and active management (+€9bn), driven by fixed Income, positive in equities H1 & Q2 2026 Amundi – Q2 & H1 2026 results, 30 July 2026 (*) excluding associates, i.e. JVs (SBI FM in India, NH Amundi in South Korea, ABC-CA in China, Wafa Gestion in Morocco), Victory Capital and ICG +48.0 +51.4 -9.6 -4.0 +13.2 +9.0 +51.6 bn€ +€56.4bn H1 2025 H1 2026 MLT assets (*) Treasury products (*) Associates Net inflows2 (€bn) +30.9 +20.5 -2.1 -2.0 +3.1 +5.9 +€32.0bn +€24.4bn Q1 2026 Q2 2026 H1 2026
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28% 43% 18% 11% 71% 1 year 45% 32% 16% 7% 42% 34% 16% 9% 28% 41% 22% 8% 1. Source: Morningstar Direct, Broadridge FundFile - Open-ended Funds and ETFs, Global Fund Scope, June 2026 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 1,143 at the end of June 2026. © 2026 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, private assets, are excluded; in the absence of a benchmark, absolute gross return is taken into account; source Amundi / Risk Department 15 Solid performance of our funds Amundi – Q2 & H1 2026 results, 30 July 2026 78% over 5 years4 to 30.06.2026 Outperformance vs. benchmark4 Morningstar Ranking of Funds by Assets Under Management 1st quartile 2nd quartile 3rd quartile 4th quartile Data at the end of June 2026 264 Amundi3 funds with a 4- or 5-star Morningstar rating 77% 69%75% Xx% Open-ended funds1: ~3/42 of AuM in the first two quartiles over 3 & 5 years 5 years 3 years 1 year 951 funds – €851bn799 funds – €795bn 1,143 funds – €903bn
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1. Net inflows including advised and marketed assets and funds of funds 2. The Employee Savings and Retirement (ESR) business line was presented with the Institutional segment until the Q4 2025 results; it is now integrated into the Retail segment; the quarterly series for 2025 have been restated to take account of this new allocation 16 By clients – high net inflows in all segments Retail2: +€15bn in Q2 – Mainly in MLT assets: +€14bn – Driven by Third-Party Distributors: +€16bn (15% annualised) – UniCredit: net outflows -€5bn in Q2, AuM €75bn as at 30 June CA & SG insurers: strong MLT net inflows of +€6bn in Q2 – Client appetite for euro contracts and investment diversification Associates: net inflows up Q2/Q1, despite continued currency headwind in India H1 & Q2 2026 Amundi – Q2 & H1 2026 results, 30 July 2026 (*) Associated companies: JV (SBI FM in India, NH Amundi in South Korea, ABC-CA in China, Wafa Gestion in Morocco), Victory Capital and ICG +11.2 +28.1 +17.8 +1.7 +9.4 +17.6 +13.2 +9.0 +€51.6bn +€56.4bn H1 2025 H1 2026 Retail Institutionals CA & SG insurers Associates (*) Net inflows1,2 (€bn) +13.2 +14.9 +8.7 -7.0 +7.0 +10.6 +3.1 +5.9 +€32.0bn +€24.4bn Q1 2026 Q2 2026 H1 2026
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H1 & Q2 2026 Results 17 Amundi – Q2 & H1 2026 results, 30 July 2026 Nicolas Calcoen Deputy CEO
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Q2 2026 Results Amundi – Q2 & H1 2026 results, 30 July 202618
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1. Adjusted data: see the Alternative Performance Measures (APM) in the appendix 19 Revenues – strong Q2/Q2 growth in business-related revenues Net AM revenues1: +16% Q2/Q2 – Management fees: +17% Q2/Q2, driven by continued net inflows and AuM growth – Stable performance fees Q2/Q2 Technology +25% Q2/Q2 – Growth in license fees: +30% Q2/Q2 Good level of financial income, underpinned by markets and seasonal dividends Q2 2026 Adjusted revenues1 (€m) Amundi – Q2 & H1 2026 results, 30 July 2026 837 782 763 747 717 36 87 82 33 35 32 31 35 29 26 27 3 18 6 12 933 902 899 815 790 Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025 Net management fees Performance fees Technology Net financial income & other +18.0%
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1. Adjusted data: see the Alternative Performance Measures (APM) in the appendix 20 Stable costs1 Q2/Q1 Cost/income ratio at 49% thanks to a high level of activity Continued investments in strategic priorities Q2 2026 Amundi – Q2 & H1 2026 results, 30 July 2026 Adjusted operating expenses1 (€m) 456 455 450 436 417 48.9% 50.4%50.1% 53.5%52.7% Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025 Operating expenses - Adjusted Cost income ratio - Adjusted +9.4%
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1. Adjusted data: see the Alternative Performance Measures (APM) in the appendix 2. U.S. operating income: 27% of Victory Capital's adjusted net income, ICG: 7.7% interest 3. Total tax expense in Q2 2026 of -€132m, of which the exceptional tax contribution in France for -€10m, for an estimated total amount for the whole of 2026 of -€76m 21 Net income1 of €431m, at an all-time high Gross operating income1: +28% Q2/Q2 Contribution from associates2, up +37% – Asian JVs up +10% Q2/Q2, – Victory Capital2: €35m thanks to synergies – First contribution1,2 from ICG: €12m Net income1 €431m, +29% Q2/Q2 – incl. the exceptional tax contribution2 of -€10m Earnings per share1: €2.09 Q2 2026 Adjusted net income1 (€m) Amundi – Q2 & H1 2026 results, 30 July 2026 343 284 305 273 270 42 29 36 34 38 35 37 35 33 26 12 431 349 376 340 334 Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025 Share of net income from ICG - Adjusted Share of net income from US operations - Adjusted Share of net income from Asia JVs Net income excl. net contrib. from Associates - Adj +28.9%
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H1 2026 Results Amundi – Q2 & H1 2026 results, 30 July 202622
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* H1 2025 was restated as if Amundi US had been consolidated under the 100% equity-accounted method in Q1 2025 1. Adjusted data: see Alternative Performance Measures (APM) in appendix 2. Total tax expense in H1 2026 of -€292m (H1 2025*: -€253m), of which the exceptional tax contribution in France for -€56m (H1 2025: -€54m), for an estimated total amount for the full year 2026 of -€76m (2025: -€74m) 23 Net income1 up +22% H1/H1* Very positive jaws effect1 at +4pp: revenues1 +14% H1/H1* vs. costs1 +9% – Cost/income ratio 49.6%, 2pp better vs. H1 2025 pro forma* Contribution from associates1: €154m, +35% H1/H1* – including a quarter of ICG: €12m Net income1 of €781m, +22% H1/H1 – incl. the exceptional tax contribution2 of -€56m Earnings per share1: €3.78 H1 2026 Amundi – Q2 & H1 2026 results, 30 July 2026 Adjusted net income1 (€m) 627 524 154 114 781 638 H1 2026H1 2025* Share of net income from Associates - Adjusted Net income excl. net contrib. from Associates +22.4%
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Strong financial position 24 1. Shareholders' equity excluding goodwill and other intangibles 2. Revaluation of entities' net positions in foreign currency, in particular the US dollar and to a lesser extent the Indian rupee 3. As of 27 July 2026; the end of the programme is expected in Q3, the shares will be cancelled only at the end of the programme by decision of the Board of Directors Amundi – Q2 & H1 2026 results, 30 July 2026 Tangible shareholders' equity1: €4.4bn at the end of June 2026, up +2% vs. June 2025 Down compared to the end of 2025 due to: – the payment of the 2025 dividend (-€0.9bn) – Share buybacks (-€0.3bn) – goodwill on ICG (-€0.3bn) – offset by H1 net income (+€0.8bn) – and the positive impact of forex2 and equity revaluations (+€0.2bn) 30 June 2026 Tangible equity1 (€bn) Issuer rating A+/ stable FitchRatings 70% Realisation of the prog. share buyback prog.3 as of 27.07.2026 €2.3bn €2.7bn €3.2bn €3.5bn €3.9bn €4.3bn €4.5bn €4.3bn €4.9bn €4.4bn 31/12/18 31/12/19 31/12/20 31/12/21 31/12/22 31/12/23 31/12/24 30/06/25 31/12/25 30/06/26 +2%
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Conclusion 25 Amundi – Q2 & H1 2026 results, 30 July 2026 Valérie Baudson CEO
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Conclusion 1. Adjusted data: see the Alternative Performance Measures (APM) in the appendix; EPS: adjusted net earnings per share, calculated on the total average number of equities in period 2. As of 27 July 2026; the end of the program is expected in Q3, the shares will be cancelled only at the end of the program by decision of the Board of Directors 26 ▪ Net income1 and EPS1 sharply up H1/H1* and Q2/Q2 ⁃ to all-time highs in both the quarter and half-year periods ▪ Strong business momentum across all client segments, asset classes and geographies ⁃ All-time high H1 net inflows ⁃ Driven in particular by all the strategic priorities of Invest for the future 2028 ⁃ Q2 revenues at an all-time high, thanks to net management fees ▪ Share buyback programme with approximately 70% completion (approx. €350m)2 Record levels of activity and results Amundi – Q2 & H1 2026 results, 30 July 2026 +29% Q2/Q2 earnings1 growth
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Appendices 27 Amundi – Q2 & H1 2026 results, 30 July 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 net inflows and assets under management of Asian JVs; for Wafa Gestion in Morocco, the distribution to US clients of Victory Capital and ICG, the distribution of the AuM and net inflows are included in Amundi's share in the capital of the three entities 28 Well-diversified AuM by clients, asset classes & geographies Amundi – Q2 & H1 2026 results, 30 July 2026 Large client base €2.6tn AuM1 as of 30.06.2026 Comprehensive range by asset classes Global footprint Active management 49% Retail 34% Institutionals (*) 29% CA & SG insurers 19% Associates 18% €2,581bn Clients Equities 9% Multi-assets 11% Bonds 27% Structured products 1% ETFs & ETCs 16% Index solutions 8% Private & alternative assets 3% Treasury products 7% Associates 18% €2,581bn Asset classes France 44% Italy 7% Rest of Europe 23% Asia 20% Rest of the world 6% Regions €2,581bn ETFs & Index Solutions 24%
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Margins pro forma of the partnership with Victory and ESR reclassification 29 1. Margins excluding performance fees: annualised net management fees / average assets under management; 2. Excluding associates, JVs, Victory Capital – US Distribution and ICG * Pro forma 2024 and 2025: for comparison purposes, the pro forma margin excludes any contribution in net management fees and average assets under management from Amundi US Distribution; the Retail segment integrates the Employee Savings and Retirement business line (which has therefore left the Institutional segment) Amundi – Q2 & H1 2026 results, 30 July 2026 2,218 2,296 1,247 31.6 30.1 29.5 2024* 2025* H1 2026 Retail 483 501 277 7.9 7.5 7.5 2024* 2025* H1 2026 Institutional excl. CA & SG insurers 156 168 95 3.7 3.8 4.1 2024* 2025* H1 2026 CA & SG Insurers mandates 2,856 2,965 1,619 16.4 15.9 15.8 2024* 2025* H1 2026 Net asset management revenues ex. Perf. fees (€M) Margin on average AuM (bp) Net management fees (€m) & margins1 on average AuM2 (bp)
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* Quarterly series have been restated as if Amundi US had been 100% equity-accounted in Q1 2025. Details of the restatements are given in the appendix. 1. Adjusted data: see the Alternative Performance Measures (APM) in the appendix 30 Second quarter & first half 2026 - Adjusted Income Statement1 Amundi – Q2 & H1 2026 results, 30 July 2026 including exceptional tax expense in France: -€9m in Q2 2025, -€46m in Q1 2026 and -€10m in Q2 2026, -€54m in H1 2025 and -€56m in H1 2026 (€m) H1 2026 H1 2025* % ch. H1/H1* Q2 2026 Q2 2025 % ch. Q2/Q2 Q1 2026 % ch. Q2/Q1 Net revenue - Adjusted 1,835 1,613 +13.8% 933 790 +18.0% 902 +3.4% Net management fees 1,619 1,454 +11.3% 837 717 +16.7% 782 +7.1% Performance fees 123 57 NM 36 35 +3.9% 87 -58.2% Technology 63 52 +23.0% 32 26 +25.3% 31 +4.6% Net financial income & other net income - Adjusted 30 50 -39.7% 27 12 NM 3 NM Operating expenses - Adjusted (911) (833) +9.4% (456) (417) +9.4% (455) +0.1% Cost income ratio - Adjusted 49.6% 51.6% -2.0pp 48.9% 52.7% -3.9pp 50.4% -1.6pp Gross operating income - Adjusted 924 780 +18.4% 477 374 +27.7% 447 +6.7% Cost of risk and others - Adjusted (4) (6) -28.8% (1) (1) -25.8% (3) -65.5% Associates - JVs 71 66 +7.3% 42 38 +9.7% 29 +46.0% Associates - Victory Capital - Adjusted 72 48 +48.4% 35 26 +30.7% 37 -6.8% Associates - ICG - Adjusted 12 - NM 12 - NM - NM Pre-tax income - Adjusted 1,074 889 +20.9% 564 437 +29.2% 510 +10.7% Corporate tax - Adjusted (292) (253) +15.5% (132) (104) +27.5% (160) -17.3% Non-controlling interests (1) 2 NM (1) 1 NM (1) +60.7% Net income group share - Adjusted 781 638 +22.4% 431 334 +28.9% 349 +23.4% Amortisation of intangible assets (net of tax) (29) (28) +0.6% (14) (13) +9.8% (14) +0.0% ICG stake - MtM revaluation (68) - NM - - NM (68) NM Integration costs and PPA amortisation (net of tax) (2) (3) -29.5% (1) (2) -50.0% (1) +0.1% Associates adjustments (after tax, group share) - Victory (13) (11) +24.3% (7) (7) +2.9% (7) +5.0% Associates adjustments (after tax, group share) - ICG 85 - NM - - NM 85 NM Capital gain Victory Capital, net of tax - 402 NM - 402 NM - NM Net income group share 753 998 -24.5% 409 715 -42.8% 344 +18.9% Earnings per share (€) 3.65 4.86 -24.9% 1.98 3.48 -43.1% 1.67 +18.9% Earnings per share - Adjusted (€) 3.78 3.11 +21.8% 2.09 1.63 +28.3% 1.69 +23.4%
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Explanations of pro forma data 31 Quarterly series have been restated as if Amundi US had been 100% equity-accounted in Q1 2025 Adjusted data: see the Alternative Performance Measures (APM) in the appendix Amundi – Q2 & H1 2026 results, 30 July 2026 (€m) H1 2026 H1 2025 - Amundi US contrib. H1 2025 H1 2025 pro forma % YoY ch. % YoY ch. pro forma Net management fees 1,619 1,542 88 1,454 +5.0% +11.3% Performance fees 123 58 0 57 NM NM Net asset management revenues 1,742 1,599 88 1,512 +8.9% +15.2% Technology 63 52 0 52 +23.0% +23.0% Net financial & other income (78) 12 2 10 NM NM Net financial & other income - Adjusted 30 52 2 50 -41.8% -39.7% Net revenue (a) 1,727 1,663 90 1,573 +3.9% +9.8% Net revenue - Adjusted (b) 1,835 1,703 90 1,613 +7.8% +13.8% Operating expenses (c) (915) (905) (67) (838) +1.1% +9.2% Operating expenses - Adjusted (d) (911) (894) (67) (833) +1.9% +9.4% Gross operating income (e)=(a)+(c) 813 758 22 736 +7.2% +10.5% Gross operating income - Adjusted (f)=(b)+(d) 924 808 28 780 +14.4% +18.4% Cost / Income ratio (%) -(c)/(a) 53.0% 54.4% 75.0% 53.2% -1.5pp -0.3pp Cost / Income ratio, Adjusted (%) -(d)/(b) 49.6% 52.5% 75.0% 51.6% -2.9pp -2.0pp Cost of risk and others (g) (4) 397 (0) 397 NM NM Cost of risk and others - Adjusted (h) (4) (6) (0) (6) -29.7% -28.8% Associates - JVs (i) 71 66 66 +7.3% +7.3% Associates - US operations (j) 58 20 (18) 38 NM +55.3% Associates - US operations - Adjusted (k) 72 26 (22) 48 NM +48.4% Associates - ICG (l) 97 Associates - ICG - Adjusted (m) 12 Pre-tax income (n)=(e)+(g)+(i)+(j)+(l) 1,034 1,240 5 1,236 -16.6% -16.3% Pre-tax income - Adjusted (o)=(f)+(h)+(i)+(k)+(m) 1,074 895 10 889 +20.1% +20.9% Corporate tax (p) (280) (245) (5) (240) +14.3% +16.5% Corporate tax - Adjusted (q) (292) (259) (6) (253) +12.9% +15.5% Non-controlling interests (r) (1) 2 0 2 NM NM Net income group share (s)=(n)+(p)+(r) 753 998 0 998 -24.5% -24.5% Net income group share - Adjusted (t)=(o)+(q)+(r) 781 638 0 638 +22.4% +22.4% Earnings per share (€) 3.65 4.86 4.86 -24.9% -24.9% Earnings per share - Adjusted (€) 3.78 3.11 3.11 +21.8% +21.8% pro forma: Amundi US equity-accounted @100%
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Source: LSEG Workspace, Bloomberg 1. index composed of 50% of the MSCI All Country World Index (ACWI) and 50% of the Eurostoxx, averaged for each period 2. Bloomberg Euro Aggregate Index, averages for each period 32 Year-on-year market rally, Q2 recovery from March decline Year-on-year, equity and bond markets up (quarterly averages): Equity1: +22% Q2/Q2 and +4% Q2/Q1 Bonds2: +1% Q2/Q2, thanks to credit spread tightening (-14bp Q2/Q2), and stable Q2/Q1 Evolution of the US dollar and Indian rupee, on average: - Q2/Q2: USD -2%, INR -12% - Q2/Q1: USD +1%, INR -3% Q2 2026 Amundi – Q2 & H1 2026 results, 30 July 2026 Evolution of the equity and bond markets from Q3 2024 to Q2 2026 80 85 90 95 100 105 110 115 120 125 130 135 140 145 150 155 160 30.06.24 30.09.24 31.12.24 31.03.25 30.06.25 30.09.25 31.12.25 31.03.26 30.06.26 50% MSCI ACWI / 50% Eurostoxx Bloomberg Euro Aggregate Base 100 = Average 2021 Q2 2025Q3 2024 Q4 2024 Q1 2025 Q4 2025Q3 2025 Q1 2026 Q2 2026
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1. MLT Assets: Medium/Long Term Assets Source: Morningstar FundFile, ETFGI. European & cross-border open-ended funds (excluding mandates and dedicated funds). Data at the end of June 2026. 33 European open-ended fund market +€229bn in an uncertain environment Good MLT1 net inflows in H1 – Already equivalent to 2/3 of full year 2025 Stable in Q2 vs. Q1 at +€190bn – Strong net inflows in passive management (+€131bn) driven by ETFs (+€103bn) – Slowdown in active management with outflows in equities (-€20bn) Lower net inflows in treasury products after outflows in June Q2 & H1 2026 Amundi – Q2 & H1 2026 results, 30 July 2026 -168 +104 +309 +135 +225 +325 +288 +251 +196 +234 +179 +110 +253 +663 +776 +496 2023 2024 2025 S1 2026 MLT Assets / Active management MLT Assets / Passive management Treasury products Total +76 +59 +120 +131 +70 +40 +267 +229 Q1 2026 Q2 2026 European market (open-ended funds) - Net inflows from 2023 to Q2 2026 (€bn)
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(€bn) AuM 30.06.2026 AuM 30.06.2025 % ch. /30.06.2025 Inflows Q2 2026 Inflows Q2 2025 Inflows H1 2026 Inflows H1 2025 France 1,137 1,028 +10.6% +16.8 +8.7 +31.5 +9.3 Italy 194 199 -2.7% -9.0 -1.4 -15.3 -3.4 Rest of Europe 589 461 +27.6% +9.6 -1.0 +28.5 +22.8 Asia 510 460 +10.9% +8.9 +13.8 +15.9 +21.6 Rest of the world 152 119 +27.2% -2.0 +0.3 -4.2 +1.3 TOTAL 2,581 2,267 +13.9% +24.4 +20.4 +56.4 +51.6 TOTAL outside France 1,444 1,239 +16.5% +7.6 +11.7 +24.9 +42.3 (€bn) AuM 30.06.2026 AuM 30.06.2025 % ch. /30.06.2025 Inflows Q2 2026 Inflows Q2 2025 Inflows H1 2026 Inflows H1 2025 Retail 890 751 +18.4% +14.9 +6.3 +28.1 +11.2 Institutionals (*) 753 655 +15.0% -7.0 -2.0 +1.7 +17.8 CA & SG insurers 483 445 +8.5% +10.6 +5.9 +17.6 +9.4 Associates 456 416 +9.5% +5.9 +10.3 +9.0 +13.2 JVs 380 359 +6.0% +5.6 +10.3 +9.1 +13.2 Victory - US distribution 70 58 +20.9% +0.1 -0.0 -0.2 -0.0 ICG 6 - NM +0.2 - +0.2 - TOTAL 2,581 2,267 +13.9% +24.4 +20.4 +56.4 +51.6 (*) incl. funds of funds AuM & net inflows1,2 – by client segments & geographies 34 Amundi – Q2 & H1 2026 results, 30 July 2026 1. Assets under management and net inflows, including advised and 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, the distribution to US clients of Victory Capital and ICG, assets under management and net inflows are included for Amundi's share in the capital of the three entities 2. The Employee Savings and Retirement (ESR) business line was presented with the Institutional segment until the4th quarter 2025 results; it is now integrated into the Retail segment, the 2025 quarterly series have been restated to take account of this new allocation
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(€bn) AuM 30.06.2026 AuM 30.06.2025 % ch. /30.06.2025 Inflows Q2 2026 Inflows Q2 2025 Inflows H1 2026 Inflows H1 2025 Active management 1,221 1,118 +9.2% +8.7 +2.9 +15.5 +9.1 Equities 224 196 +14.5% +1.4 -0.8 -1.0 -4.8 Multi-assets 297 261 +13.6% -2.8 +0.0 -0.9 -0.9 Bonds 700 661 +5.9% +10.1 +3.7 +17.4 +14.9 Structured products 35 41 -14.5% -2.0 -1.4 -5.0 -3.5 ETF & Index solutions 624 446 +40.0% +13.3 +10.7 +37.3 +44.2 ETFs & ETCs 412 288 +43.1% +11.9 +8.2 +27.9 +18.6 Index solutions 212 158 +34.3% +1.5 +2.5 +9.4 +25.6 Private & alternative assets 68 67 +2.4% +0.5 -1.0 +3.6 -1.8 MLT ASSETS (*) 1,948 1,671 +16.6% +20.5 +11.1 +51.4 +48.0 Treasury products (*) 178 180 -1.1% -2.0 -1.0 -4.0 -9.6 TOTAL EXCLUDING ASSOCIATES 2,126 1,851 +14.8% +18.5 +10.2 +47.4 +38.4 Associates 456 416 +9.5% +5.9 +10.3 +9.0 +13.2 TOTAL 2,581 2,267 +13.9% +24.4 +20.4 +56.4 +51.6 o/w MLT assets 2,363 2,051 +15.2% +22.9 +16.5 +57.6 +56.3 o/w Treasury products 218 216 +0.8% +1.5 +3.9 -1.2 -4.7 (*) excluding Associates AuM & net inflows1 – by management types & asset classes 35 Amundi – Q2 & H1 2026 results, 30 July 2026 1. Assets under management and net inflows, including advised and 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, the distribution to US clients of Victory Capital and ICG, AuMand net inflows are included for Amundi's share in the capital of the three entities
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Methodology & Alternative Performance Measures (APM) (1/2) 36 Amundi – Q2 & H1 2026 results, 30 July 2026 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 company's economic and operating profitability. The aim of these adjustments is to neutralise the impacts identified during acquisitions: ‒ amortisation of Distribution agreements or client contracts (Unicredit, Banco Sabadell, Alpha Associates) in other revenues ‒ depreciation and amortisation related to the inclusion of earn-outs (Alpha Associates) and the change in the market value of the stake in ICG (in Q4 2025 and Q1 2026) in financial revenues ‒ Amortisation of technology 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 Q2 2025) in profit or loss on other assets as well as provisioned expenses related to optimisation or restructuring plans (in operating expenses). The adjustments applied by Victory Capital, a listed equity-accounted investment, between its reported results and its adjusted results are included identically in the results of the Amundi Group, as they correspond to adjustments of the same nature as those of the Group detailed above. They are included in the line between companies accounted for under the equity method Finally, as at 31 March 2026, Amundi neutralised the impact of ICG's first consolidation on the Associates line: cancellation of the revaluation of shares in Q4 2025 and Q1 2026 recorded as revenues and recognition of the ICG net position and activation of acquisition costs. The aggregate amounts of these items for the different periods under review are as follows: Q2 2025: -€28m before, -€22m after tax, €402m in capital gain (no tax effect) Q1 2026: -€12m before, -€6m after tax (of which impact of ICG -€68m in revenues and +€85m in associates, i.e. +€16m after tax) Q2 2026: -€29m before, -€22m after tax H1 2025: -€55m before, -€43m after tax +€402m capital gain (no tax effect) H1 2026: -€40m before, -€28m after tax (of which impact of ICG -€68m in revenues and +€85m in associates, i.e. +€16m after tax)
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* Quarterly series have been restated as if Amundi US had been 100% equity-accounted in Q1 2025 37 Methodology & Alternative Performance Measures (APM) (2/2) Amundi – Q2 & H1 2026 results, 30 July 2026 = Accounting data = Adjusted data (€m) H1 2026 H1 2025* % ch. H1/H1* Q2 2026 Q2 2025 % ch. Q2/Q2 Q1 2026 % ch. Q2/Q1 Net management fees 1,619 1,454 +11.3% 837 717 +16.7% 782 +7.1% Performance fees 123 57 NM 36 35 +3.9% 87 -58.2% Net asset management revenues 1,742 1,512 +15.2% 873 752 +16.1% 869 +0.6% Technology 63 52 +23.0% 32 26 +25.3% 31 +4.6% Net financial income and other net income (78) 10 NM 7 (7) NM (85) NM Net financial income & others - Adjusted 30 50 -39.7% 27 12 NM 3 NM Net revenue (a) 1,727 1,573 +9.8% 913 771 +18.5% 814 +12.1% - Amortisation of intangible assets (bef. Tax) (37) (37) +0.3% (18) (18) +0.2% (18) +0.0% - Other non-cash charges related to Alpha Associates (3) (3) +5.1% (2) (1) +5.1% (2) -0.0% - ICG - MtM valuation (68) - NM - - NM (68) NM Net revenue - Adjusted (b) 1,835 1,613 +13.8% 933 790 +18.0% 902 +3.4% Operating expenses (c) (915) (838) +9.2% (458) (418) +9.3% (457) +0.1% - Integration and restructuring costs (bef. Tax) (0) 2 NM (0) (2) -100.0% 0 NM - Amortisation related to aixigo PPA (bef. Tax) 4 4 0.0% 2 4 -50.0% 2 +0.1% Operating expenses - Adjusted (d) (911) (833) +9.4% (456) (417) +9.4% (455) +0.1% Gross operating income (e)=(a)+(c) 813 736 +10.5% 455 352 +29.4% 357 +27.5% Gross operating income - Adjusted (f)=(b)+(d) 924 780 +18.4% 477 374 +27.7% 447 +6.7% Cost / Income ratio (%) -(c)/(a) 53.0% 53.2% -0.3pp 50.1% 54.3% -4.2pp 56.1% -6.0pp Cost / Income ratio, adjusted (%) -(d)/(b) 49.6% 51.6% -2.0pp 48.9% 52.7% -3.9pp 50.4% -1.6pp (€m) H1 2026 H1 2025* % ch. H1/H1* Q2 2026 Q2 2025* % ch. Q2/Q2* Q1 2026 % ch. Q2/Q1 Gross operating income (e)=(a)+(c) 813 736 +10.5% 455 352 +29.4% 357 +27.5% Gross operating income - Adjusted (f)=(b)+(d) 924 780 +18.4% 477 374 +27.7% 447 +6.7% Cost / Income ratio (%) -(c)/(a) 53.0% 53.2% -0.3pp 50.1% 54.3% -4.2pp 56.1% -6.0pp Cost / Income ratio, adjusted (%) -(d)/(b) 49.6% 51.6% -2.0pp 48.9% 52.7% -3.9pp 50.4% -1.6pp Cost of risk and others (g) (4) 397 NM (1) 401 NM (3) -65.5% Cost of risk and others - Adjusted (h) (4) (6) -28.8% (1) (1) -25.8% (3) -65.5% Share of net income from Associates (i) 225 103 NM 81 58 +40.4% 144 -43.5% Share of net income from Associates - Adjusted (j) 154 114 +35.1% 88 65 +36.5% 66 +34.2% Associates - JVs 71 66 +7.3% 42 38 +9.7% 29 +46.0% Associates - Victory Capital 58 38 +55.3% 28 20 +40.0% 31 -9.3% Associates - Victory Capital - Adjusted 72 48 +48.4% 35 26 +30.7% 37 -6.8% Associates - ICG 97 - NM 12 - NM 85 -86.1% Associates - ICG - Adjusted 12 - NM 12 - NM - NM Pre-tax income (k)=(e)+(g)+(i) 1,034 1,236 -16.3% 536 811 -33.9% 498 +7.6% Pre-tax income - Adjusted (l)=(f)+(h)+(j) 1,074 889 +20.9% 564 437 +29.2% 510 +10.7% Corporate tax (m) (280) (240) +16.5% (126) (97) +29.3% (154) -18.0% Corporate tax - Adjusted (n) (292) (253) +15.5% (132) (104) +27.5% (160) -17.3% Non-controlling interests (o) (1) 2 NM (1) 1 NM (1) +60.7% Net income group share (p)=(k)+(m)+(o) 753 998 -24.5% 409 715 -42.8% 344 +18.9% Net income group share - Adjusted (q)=(l)+(n)+(o) 781 638 +22.4% 431 334 +28.9% 349 +23.4% Earnings per share (€) 3.65 4.86 -24.9% 1.98 3.48 -43.1% 1.67 +18.9% Earnings per share - Adjusted (€) 3.78 3.11 +21.8% 2.09 1.63 +28.3% 1.69 +23.4%
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Shareholding 38 Amundi – Q2 & H1 2026 results, 30 July 2026 30 June 2026 31 March 2026 31 December 2025 30 June 2025 (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 68.35% 141,057,399 68.35% 141,057,399 68.67% Employees 4,847,042 2.35% 4,749,716 2.30% 4,990,841 2.42% 4,398,054 2.14% Treasury shares 4,805,605 2.33% 3,163,929 1.53% 1,631,846 0.79% 1,625,258 0.79% Free float 55,676,280 26.98% 57,415,282 27.82% 58,706,240 28.44% 58,338,551 28.40% Number of shares at end of period 206,386,326 100.0% 206,386,326 100.0% 206,386,326 100.0% 205,419,262 100.0% Average number of shares year-to-date 206,386,326 - 206,386,326 - 205,602,077 - 205,419,262 - Average number of shares quarter-to-date 206,386,326 - 206,386,326 - 206,060,467 - 205,419,262 - 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 was unchanged between Q1 2026 and Q2 2026, increased by +0.5% between Q2 2025 and Q2 2026, and increased by +0.5% between the first half 2025 and the first half 2026 On 3 February 2026, Amundi announced a share buyback programme for a maximum of €500m (c.3% of the capital before the operation). Shares bought are intended to be subsequently cancelled. As of 30 June 2026, this programme includes 3,591,949 shares.
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www.amundi.com www.amundi.com 91-93, boulevard Pasteur, 75015 Paris – France +33 1 76 33 30 30 39 Contacts & 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 Tel: +33 1 76 33 70 54 Tel: +33 1 76 32 43 92 Mobile: +33 6 37 49 08 75 Mobile: +33 6 03 23 29 65 investor.relations@amundi.com 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 Q3 & 9-month 2026 results: Thursday 29 October 2026 Q4 & Full-year 2026 results: Tuesday 2 February 2027 Q1 2027 results: Thursday 29 April 2027 Q2 & H1 2027 results: Tuesday 27 July 2027 Q3 & 9-month 2027 results: Wednesday 27 October 2027 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 Amundi – Q2 & H1 2026 results, 30 July 2026