Slides
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Results for the Third quarter & First 9 months 2026 Presentation to Investors & Analysts 29 October 2026
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Disclaimer 2 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 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 (about.amundi.com/regulated-information). 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 (about.amundi.com/regulated-information). The financial information included in this document for the third quarters and 9 months 2026 and 2025 and the second quarter of 2026 has not been audited by the Statutory auditors. Some of the numbers calculated (including data expressed 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. Amundi – Q3 & 9M 2026 Results, 29 October 2026
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Highlights 3 Amundi – Q3 & 9M 2026 Results, 29 October 2026 Nicolas Calcoen Deputy Chief Executive Officer
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Record flows & strong earnings growth, progress across all strategic priorities 4 1. Excl. transfers related to an institutional mandate managed by Indian JV SBI FM: -€39.1bn in Q3 2026, at negligible margin; incl. these transfers, total net inflows were +€6.5bn in Q3 and +€62.9bn over 9M 2. Adjusted data: see Alternative Performance Measures (APM) in the appendix; earnings per share were calculated as if the €5.9m acquired shares had been cancelled on 1 July 2026 3. Medium/Long Term assets, excluding associates (JV, US distribution of Victory Capital and ICG) Note: in this document, Q1 2025, and therefore the 9 months of 2025, have been restated on a comparable basis, see appendix Amundi – Q3 & 9M 2026 Results, 29 October 2026 – Assets under management €2,579bn, +11% Sept./Sept – 9M net inflows1 above +€100bn1 and record Q3: • Fully in MLT3 assets • Driven by Retail – Sabadell: partnership extended by 5 years Record net inflows1 +€46bn Q3 net inflows1 – Q3 net income2: €409m – Strong revenue growth and very positive jaws – Q3 cost/income ratio2: 50.0% – Q3 earnings per share2: €2.04 – Q3 net accounting income: €675m incl. capital gain on IPO of SBI FM Strong earnings growth +20% Q3/Q3 net income2 growth – Strong commercial activity, innovations and client wins • Good momentum in retirement, ETFs, active management, private assets and technology – Surplus capital €1bn+ • ICG: completion of the 9.9% stake and launch of first partnership fund • €500m share buyback : completed (3% of capital) Invest for the future 2028 progress Strategic axes +€109bn 9M net inflows
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Clients: commercial wins across our high potential businesses 5 Amundi – Q3 & 9M 2026 Results, 29 October 2026 +2 partners over the quarter Partnerships extended with: • BoursoBank (ETF and Retirement Savings Plan) • Scalable Capital (treasury products) Digital players: New wins & extensions 1. Altersvorsorgedepot, of which marketing will begin on 1 January 2027 Germany: additional AVD1 mandate win with an IFA platform Institutional: 2 new mandates in Germany and Asia Retirement: Several mandate wins Retirement +€12bn net inflows Q3 2026 Digital players +€4bn net inflows Q3 2026
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Geographies: strong net inflows in priority regions 6 Amundi – Q3 & 9M 2026 Results, 29 October 2026 1. Excluding JV 2. Excluding transfers related to the institutional mandate managed by the Indian JV SBI FM, i.e. -€39.1bn in Q3 2026 Northern Europe +€18bn Q3 net inflows Asia +€8bn Q3 net inflows2 +€5bn in direct distribution Asia: Strong net inflows in direct distribution1 Northern Europe: Continued momentum New geographies Expanding our reach in high potential markets +€2bn Q3 net inflows >€100bn AuM in UK
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Solutions: strong net inflows & innovation (1/2) 7 Amundi – Q3 & 9M 2026 Results, 29 October 2026 Assets under management €432bn • Strong net inflows in Q3 and 9M ▪ No. 1 in net inflows on European equities ETFs (Amundi Core Stoxx Europe 600: €21bn AuM) Innovations: • 8 new index ETFs, incl. technology and transitions thematics • 3 new active ETFs "ETF-as-a-service": 8 clients • 1 new client in Q3 • Launch of a new equity ETF for Laiqon ETFs #1 thematic fund in Japan by net inflows1 Material Innovation Strategy equity fund, launched by CPR AM with Japanese AM and distributor Continued strong net inflows in Victory Capital strategies: +€2.9bn in Q3 High performing flagships incl. Global Fixed income and Emerging Markets bonds Active management 1. Year to end September, Source : Fundmark ETFs >€100bn AuM with German clients Active management +€14bn Q3 net inflows
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Solutions: strong net inflows & innovation (2/2) 8 Amundi – Q3 & 9M 2026 Results, 29 October 2026 Arbora Nova: new fund for the restoration of forest ecosystems in Europe • €200m mobilisation target Responsible investment ICG partnership: • Completion of 9.9% stakebuilding • Launch of Amundi ICG Global Private Equity Secondaries - first evergreen fund 2 multi-management infrastructure mandates wins worth €500m Private assets Private assets +€2bn Q3 net inflows
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Efficiency: Gen AI-enhanced asset allocation 9 Amundi – Q3 & 9M 2026 Results, 29 October 2026 Amundi Investment Institute expertise Macro analysts: ⁃ Develop the Global Investment Committee's macro framework ⁃ Provide asset allocation scenarios and models ⁃ Analyse crises and opportunities to adapt positioning Leveraging Gen-AI Trained using Amundi Institute’s analysis framework on decades of data Combines AI with proprietary models to build scenarios across asset classes and time horizons Faster analysis, better-informed decisions - Faster scenario analysis - more agile asset allocation - stronger conviction in investment decisions 50% less analysis time
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Q3 & 9M 2026 Activity 10 Amundi – Q3 & 9M 2026 Results, 29 October 2026 Nicolas Calcoen Deputy Chief Executive Officer
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AuM +11% year-on-year, stable in Q3 In Q3: – Strong net inflows +€46bn excluding transfers in India2 – Negative market effect: -€21bn, due to rise in interest rates – Positive currency effect: +€12bn, thanks to the US dollar rebound (+1%) vs. € Average Q3 2026 AuM excluding associates3: €2,145bn +14% Q3/Q3, +16% in MLT assets, +3% Q3/Q2, +3% 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. Transfers related to the institutional mandate managed by the Indian JV SBI FM, i.e. -€39.1bn in Q3 2026, at negligible margin 3. JV, Victory Capital / US distribution, ICG 11 Assets under management1: €2,579bn, up +11% year-on-year 30 September 2026 Amundi – Q3 & 9M 2026 Results, 29 October 2026 2,317 2,581 2,579 +77 +46 -39 +181 -9 +6 30.09.25 Net inflows Market + forex effect Scope effect (ICG) 30.06.26 Net inflows excl. Indian mandate Transfers related to Indian mandate Market + forex effect 30.09.26 -0.1% +11.3% €2,579bn AuM as of 30 Sept 2026 Net inflows (excl. Indian mandate) +€123bn Market & Forex effect +€172bn Scope effect +€6bn Evolution of assets under management1,2 year-on-year (€bn)
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1. Excluding transfers related to the institutional mandate managed by the Indian JV SBI FM, i.e. -€39.1bn in Q3 2026, at negligible margin 2. Medium/long-term assets, excluding associates (JV, Victory Capital/US distribution and ICG) 3. 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 12 Record 9M inflows of +€102bn1, mostly in MLT assets2 9M: record net inflows at MLT2: €94bn, 7% annualised – Record ETF inflows: +€45bn – Dynamic active management in fixed income: +€24bn – Positive inflows in private assets: +€5bn Q3: strong net inflows MLT2: +€42bn – ETFs (+€17bn) – Active management (+€14bn), driven by fixed income and multi-assets 9M & Q3 2026 Amundi – Q3 & 9M 2026 Results, 29 October 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 +57.0 +93.9 -7.6 -5.6 +17.2 +13.7 +€66.6bn +€102.0bn 9M 2025 9M 2026 MLT assets (*) Treasury products (*) Associates Net inflows3 (€bn) Excl. transfers related to the mandate in India (-€39.1bn) +30.9 +20.5 +42.5 -2.1 -2.0 -1.5 +3.1 +5.9 +4.7+€32.0bn +€24.4bn +€45.6bn Q1 2026 Q2 2026 Q3 2026 9M 2026
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28% 43% 18% 11% 71% 1 year 50% 28% 15% 7% 38% 39% 16% 7% 27% 46% 20% 8% 1. Source: Morningstar Direct, Broadridge FundFile - Open-ended funds and ETFs, global fund scope, September 2026 2. As a percentage of assets under management of the funds in question 3. The number of Amundi's open-ended funds rated by Morningstar was 1,158 at the end of September 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, real assets are excluded; in the absence of a benchmark, absolute gross return is taken into account; source Amundi / Risk Department 13 Solid performance of our funds Amundi – Q3 & 9M 2026 Results, 29 October 2026 78% over 5 years4 to 30.09.2026 Outperformance vs. benchmark4 Morningstar Ranking of Funds by Assets under Management 1st quartile 2nd quartile 3rd quartile 4th quartile Data at the end of September 2026 270 Amundi3 funds with a 4 or 5-star Morningstar rating 78% 72%77% Xx% Open-ended funds1: ~3/42 of AuM in the first two quartiles over 1, 3 & 5 years 5 years 3 years 1 year 957 funds – €865bn812 funds – €810bn 1,158 funds – €922bn
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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 into account this new allocation 3. Excluding transfers related to the institutional mandate managed by the Indian JV SBI FM, i.e. -€39.1bn in Q3 2026, at negligible margin 14 By Clients – record 9M & Q3 Retail net inflows Retail = half of the total net inflows Q3: Retail +€21bn – driven by Third-Party Distributors (17% annualised, entirely MLT) – incl. UniCredit: net outflows of -€4bn in Q3, AuM to €71bn as at 30 September Institutional and CA & SG insurers : +€25bn of net MLT inflows, gains from multiple mandates Associates: – Victory: strong net inflows in the US (+€2bn) – JVs: +€5bn in MLT3 assets, outflows in money market funds in China, Korea and India 9M & Q3 2026 Amundi – Q3 & 9M 2026 Results, 29 October 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 +18.6 +49.3+17.3 +20.8 +13.5 +18.2 +17.2 +13.7 +€66.6bn +€102.0bn 9M 2025 9M 2026 Retail Institutionals CA & SG insurers Associates (*) Net inflows1,2,3 (€bn) +13.2 +14.9 +21.2 +8.7 -7.0 +19.1 +7.0 +10.6 +0.6 +3.1 +5.9 +4.7+€32.0bn +€24.4bn +€45.6bn Q1 2026 Q2 2026 Q3 2026 9M 2026 Excl. transfers related to the mandate in India (-€39.1bn)
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Q3 & 9M 2026 Results 15 Amundi – Q3 & 9M 2026 Results, 29 October 2026 Nicolas Calcoen Deputy Chief Executive Officer
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Q3 2026 Results Amundi – Q3 & 9M 2026 Results, 29 October 202616
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1. Adjusted data: see the Alternative Performance Indicators (APM) in the appendix 17 Revenues1 – strong Q3/Q3 growth in business-related revenues Net Asset Management revenues: +11% Q3/Q3 – Management fees: +13% Q3/Q3, driven by continued net inflows and asset growth Technology +17% Q3/Q3 Q3 2026 Adjusted revenues1 (€m) Amundi – Q3 & 9M 2026 Results, 29 October 2026 845 837 782 763 747 20 36 87 82 33 34 32 31 35 29 9 27 3 18 6 908 933 902 899 815 Q3 2026Q2 2026Q1 2026Q4 2025Q3 2025 Net management fees Performance fees Technology Net financial income & other +11.3%
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1. Adjusted data: see the Alternative Performance Indicators (APM) in the appendix 18 Flat costs1 over the last 4 quarters Cost-to-income ratio at 50% thanks to a high level of activity – Positive Q3/Q3 jaws effect of 7pp: revenues +11% vs. costs +4% Continued investment in strategic priorities Q3 2026 Amundi – Q3 & 9M 2026 Results, 29 October 2026 Adjusted operating expenses1 (€m) 454 456 455 450 436 50.0%48.9% 50.4%50.1% 53.5% Q3 2026Q2 2026Q1 2026Q4 2025Q3 2025 Operating expenses - Adjusted Cost income ratio - Adjusted +4.0%
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1. Adjusted data: see the Alternative Performance Indicators (APM) in the appendix 2. U.S. operating income: 27.6% of Victory Capital's adjusted net income, ICG: 9.8% interest 3. Total adjusted tax charge in Q3 2026 of -€125m, of which the exceptional tax contribution in France for -€10m, for an estimated total amount for the whole of 2026 of -€76m 4. Earnings per share take into account the cancellation of the 5.9m shares acquired as part of the €500m share buyback program finalized on 18 September 2026 19 Net income1 up +20% Q3/Q3 Gross operating income1 : +20% Q3/Q3 Contribution from associates2, up +23% – ICG: scope effect, contribution of €14m – Victory Capital1.2 : +10% – Asian JVs: -6% Q3/Q3; effects of the sale of 10% of the stake in SBI FM at the IPO and rupee vs. euro (-7%) Net income1,3 €409m, +20% Q3/Q3 – Incl. exceptional tax surcharge2 -€10m Earnings per share1,4: €2.04 Accounting net income including capital gain on disposal in SBI FM: €675m Q3 2026 Adjusted net income1 (€m) Amundi – Q3 & 9M 2026 Results, 29 October 2026 326 343 284 305 273 68 76 66 71 67 14 12 409 431 349 376 340 Q3 2026Q2 2026Q1 2026Q4 2025Q3 2025 Share of net income from ICG - Adjusted Share of net income from Associates, (excl. ICG) - Adjusted Net income excl. net contrib. from Associates - Adj +20.2%
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9M 2026 Results Amundi – Q3 & 9M 2026 Results, 29 October 202620
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* The nine months of 2025 have been restated as if Amundi US had been 100% equity-accounted in Q1 2025 1. Adjusted data: see Alternative Performance Indicators (APM) in appendix2 2. Total adjusted tax charge in 9M 2026 of -€417m, of which the exceptional tax contribution in France for -€66m, for a total amount estimated for the whole of 2026 of -€76m 3. Full Q3 earnings per share include the cancellation of the 5.9m shares acquired as part of the €500m share buyback program finalized on 18 September 2026 21 Net income1 up +22% 9M/9M* Very positive jaws effect1 at +5 pp: revenues1 +13% 9M/9M* vs costs1 +8% – Cost/income ratio 49.7%, 2.5pp-improvement vs. 9M 2025 pro forma* Contribution from associates1: €237m, +31% 9M/9M* – including two quarters of ICG: €26m Net income1: €1,189m, +22% 9M/9M – including exceptional tax surcharge2 -€66m Earnings per share1.3 : €5.82 Net accounting income including the 3.6% capital gain on disposal in SBI FM: €1,428m 9 months 2026 Amundi – Q3 & 9M 2026 Results, 29 October 2026 Adjusted net income1 (€m) 953 797 237 181 1,189 978 9M 20269M 2025* Share of net income from Associates - Adjusted Net income excl. net contrib. from Associates - Adj +21.6%
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Conclusion 22 Amundi – Q3 & 9M 2026 Results, 29 October 2026 Nicolas Calcoen Deputy Chief Executive Officer
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Record inflows & strong earnings growth 1. Adjusted data: see Alternative Performance Indicators (APM) in the appendix; EPS: adjusted net earnings per share, calculated on the total average number of shares for the period 2. Excluding transfers related to the institutional mandate managed by the Indian JV SBI FM, i.e. -€39.1bn in Q3 2026, at negligible margin 3. 5.9m shares were cancelled by decision of the Board of Directors on 28 October 2026; this cancellation was included in adjusted earnings per share, for the full Q3 23 ▪ Net income1 and EPS1 up sharply 9M/9M* and Q3/Q3 ▪ Record inflows, with diversified growth and tangible Invest for the Future progress ⁃ Nine months inflows2 above +€100bn ⁃ Record 9M and Q3 inflows in MLT assets and the Retail segment ⁃ Positive momentum across client segments, solutions and priority geographies ▪ Capital surplus of €1bn+ underpins strategic flexibility ⁃ ICG stake building complete at 9.9% (total price €620m) ⁃ €500m-share buyback program completed with 3% of shares cancelled3 Amundi – Q3 & 9M 2026 Results, 29 October 2026 +20% Q3/Q3 net income1 growth
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Appendices 24 Amundi – Q3 & 9M 2026 Results, 29 October 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 assets under management and net inflows are included in Amundi's share in the capital of the three entities 25 Diversified AuM by clients, asset classes & geographies Amundi – Q3 & 9M 2026 Results, 29 October 2026 Large client base €2,579bn AuM1 as of 30 Sept. 2026 Comprehensive range by asset classes Global footprint Active management 47% France 44% Italy 7% Norther n Europe 16% Rest of Europe 8% Asia 19% Rest of the world 6% Regions €2,579bn ETFs & Index Solutions 26% Retail 35% Institutionals (*) 30% CA & SG insurers 18% Associates 17% €2,579bn Clients Equities 9% Multi- assets 12% Bonds 27%Structured products 1% ETFs & ETCs 17% Index solutions 9% Private & alternative assets 3% Treasury products 7% Associates 17% €2,579bn Asset classes
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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 can be found in the appendix. 1. Adjusted data: see Alternative Performance Indicators (APM) in the appendix 26 Third quarter & Nine months 2026 Adjusted Income Statement1 Amundi – Q3 & 9M 2026 Results, 29 October 2026 including exceptional tax charge in France: -€9m inQ3 2025, -€10m in Q2 2026 and -€10m in Q32026, -€63m in 9m 2025 and -€66m in 9m 2026 (€m) 9M 2026 9M 2025* % ch. 9M/9M* Q3 2026 Q3 2025 % ch. Q3/Q3 Q2 2026 % ch. Q3/Q2 Net revenue - Adjusted 2,743 2,428 +13.0% 908 815 +11.3% 933 -2.7% Net management fees 2,465 2,201 +12.0% 845 747 +13.1% 837 +1.0% Performance fees 142 91 +57.0% 20 33 -41.0% 36 -45.8% Technology 97 81 +20.6% 34 29 +16.5% 32 +4.8% Net financial income & other net income - Adjusted 39 56 -30.4% 9 6 +50.9% 27 -68.1% Operating expenses - Adjusted (1,365) (1,269) +7.6% (454) (436) +4.0% (456) -0.5% Cost income ratio - Adjusted 49.7% 52.2% -2.5pp 50.0% 53.5% -3.5pp 48.9% +1.1pp Gross operating income - Adjusted 1,378 1,160 +18.9% 454 379 +19.7% 477 -4.9% Cost of risk and others - Adjusted (6) (7) -11.5% (2) (1) +87.4% (1) +79.8% Associates - JVs 102 99 +2.8% 32 34 -6.0% 42 -24.3% Associates - Victory Capital - Adjusted 108 81 +32.7% 36 33 +9.8% 35 +5.4% Associates - ICG - Adjusted 26 - NM 14 - NM 12 +22.3% Pre-tax income - Adjusted 1,609 1,334 +20.6% 535 445 +20.1% 564 -5.3% Corporate tax - Adjusted (417) (359) +16.2% (125) (106) +18.1% (132) -5.6% Non-controlling interests (3) 3 NM (1) 1 NM (1) +47.9% Net income group share - Adjusted 1,189 978 +21.6% 409 340 +20.2% 431 -5.3% Amortisation of intangible assets (net of tax) (42) (43) -1.8% (13) (14) -6.6% (14) -7.1% ICG stake - MtM revaluation (71) - NM (2) - NM - NM Integration costs and PPA amortisation (net of tax) (4) (65) -94.4% (1) (61) -98.0% (1) -0.0% Associates adjustments (after tax, group share) - Victory (24) (26) -8.9% (11) (15) -31.9% (7) +54.2% Associates adjustments (after tax, group share) - ICG 83 - NM (2) - NM - NM Capital gains (Victory in 2025, SBI FM in 2026), net of tax 296 402 -26.4% 296 (0) NM - NM Net income group share 1,428 1,246 +14.6% 675 249 x2.7 409 +65.2% Earnings per share (€) 6.92 6.07 +14.1% 3.27 1.21 x2.7 1.98 +65.2% Earnings per share - Adjusted (€) 5.82 4.76 +22.2% 2.04 1.65 +23.2% 2.09 -2.5%
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Explanations of pro forma data 27 Quarterly series have been restated as if Amundi US had been 100% equity-accounted in Q1 2025 Adjusted data: see the Alternative Performance Indicators (APM) in the appendix Amundi – Q3 & 9M 2026 Results, 29 October 2026 (€m) 9M 2026 9M 2025 - Amundi US contrib. 9M 2025 9M 2025 pro forma % YoY ch. % YoY ch. pro forma Net management fees 2,465 2,289 88 2,201 +7.7% +12.0% Performance fees 142 91 0 91 +56.6% +57.0% Net asset management revenues 2,607 2,380 88 2,292 +9.5% +13.7% Technology 97 81 0 81 +20.6% +20.6% Net financial & other income (88) (2) 2 (4) NM NM Net financial & other income - Adjusted 39 57 2 56 -32.5% -30.4% Net revenue (a) 2,616 2,458 90 2,369 +6.4% +10.4% Net revenue - Adjusted (b) 2,743 2,518 90 2,428 +8.9% +13.0% Operating expenses (c) (1,370) (1,423) (67) (1,356) -3.7% +1.0% Operating expenses - Adjusted (d) (1,365) (1,330) (67) (1,269) +2.6% +7.6% Gross operating income (e)=(a)+(c) 1,246 1,035 22 1,013 +20.4% +23.1% Gross operating income - Adjusted (f)=(b)+(d) 1,378 1,187 28 1,160 +16.1% +18.9% Cost / Income ratio (%) -(c)/(a) 52.4% 57.9% 75.0% 57.2% -5.5pp -4.9pp Cost / Income ratio, Adjusted (%) -(d)/(b) 49.7% 52.8% 75.0% 52.2% -3.1pp -2.5pp Cost of risk and others (g) 343 395 (0) 395 -13.3% -13.3% Cost of risk and others - Adjusted (h) (6) (7) (0) (7) -12.5% -11.5% Associates - JVs (i) 102 99 99 +2.8% +2.8% Associates - US operations (j) 84 38 (18) 55 NM +52.4% Associates - US operations - Adjusted (k) 108 60 (22) 81 +81.2% +32.7% Associates - ICG (l) 109 Associates - ICG - Adjusted (m) 26 Pre-tax income (n)=(e)+(g)+(i)+(j)+(l) 1,884 1,567 5 1,563 +20.2% +20.6% Pre-tax income - Adjusted (o)=(f)+(h)+(i)+(k)+(m) 1,609 1,340 10 1,334 +20.1% +20.6% Corporate tax (p) (453) (324) (5) (319) +40.0% +42.1% Corporate tax - Adjusted (q) (417) (365) (6) (359) +14.4% +16.2% Non-controlling interests (r) (3) 3 0 3 NM NM Net income group share (s)=(n)+(p)+(r) 1,428 1,246 0 1,246 +14.6% +14.6% Net income group share - Adjusted (t)=(o)+(q)+(r) 1,189 978 0 978 +21.6% +21.6% Earnings per share (€) 6.92 6.07 6.07 +14.1% +14.1% Earnings per share - Adjusted (€) 5.82 4.76 4.76 +22.2% +22.2% 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, averages for each period; 2. Bloomberg Euro Aggregate Index, averages for each period 28 Market growth year-on-year, slight increase over the quarter Year-on-year, equity markets up and bond markets stable (quarterly averages): Equity1 : +19% Q3/Q3 and +4% Q3/Q2 Bonds2: -0.1% Q3/Q3, stable credit spreads (-3bp Q3/Q3 and +2bp Q3/Q2) Movements of the US dollar and the Indian rupee, on average: - Q3/Q3: USD +1.5%, INR -7.2% - Q3/Q2: USD +1.0%, INR +0.0% Q3 2026 Amundi – Q3 & 9M 2026 Results, 29 October 2026 Equity & bond market developments from Q3 2024 to Q3 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 30.09.26 50% MSCI ACWI / 50% Eurostoxx Bloomberg Euro Aggregate Base 100 = Average 2021 Q3 2024 Q4 2024 Q1 2025 Q1 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
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1. MLT Assets: Medium/Long Term Assets Sources: Morningstar FundFile, ETFGI. European & cross-border open-ended funds (excluding mandates and dedicated funds). Data as of end-September 2026. 29 European open-ended fund market +€205bn in an uncertain environment Good MLT1 net inflows over 9 months – At the level of the year 2025 Stable in Q3 vs. Q2 at +€195bn – Strong passive net inflows in Q3 (+€133bn) driven by ETFs (+€117bn) – Active management: a fixed income inflow halved (+€23bn), with flat inflows in equities Strong decline in inflows of Treasury product after outflows in September 9 months & Q3 2026 Amundi – Q3 & 9M 2026 Results, 29 October 2026 -168 +104 +309 +210 +225 +325 +288 +382 +196 +234 +179 +120 +253 +663 +776 +712 2023 2024 2025 9M 2026 MLT Assets / Active management MLT Assets / Passive management Treasury products Total European market (open-ended funds) - Net flows from 2023 to Q3 2026 (€bn) +83 +66 +61 +120 +129 +133 +70 +39 +10 +273 +234 +205 Q1 2026 Q2 2026 Q3 2026
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(€bn) AuM 30.09.2026 AuM 30.09.2025 % ch. /30.09.2025 Inflows Q3 2026 Inflows Q3 2025 Inflows 9M 2026 Inflows 9M 2025 France 1,122 1,041 +7.9% +10.8 +0.7 +42.2 +10.0 Italy 191 200 -4.6% -0.2 -3.0 -15.5 -6.3 Northern Europe 423 319 +32.7% +18.2 +4.3 +39.6 +23.9 Rest of Europe 201 167 +20.0% +5.9 +2.6 +13.2 +5.7 Asia 486 461 +5.3% -31.3 +7.4 -15.3 +29.0 Rest of the world 155 129 +20.6% +3.0 +3.0 -1.2 +4.3 TOTAL 2,579 2,317 +11.3% +6.5 +15.1 +62.9 +66.6 TOTAL (excl. transfers in India) 2,579 2,317 +11.3% +45.6 +15.1 +102.0 +66.6 (€bn) AuM 30.09.2026 AuM 30.09.2025 % ch. /30.09.2025 Inflows Q3 2026 Inflows Q3 2025 Inflows 9M 2026 Inflows 9M 2025 Retail 915 781 +17.1% +21.2 +7.4 +49.3 +18.6 Institutionals (*) 767 672 +14.1% +19.1 -0.5 +20.8 +17.3 CA & SG insurers 470 450 +4.5% +0.6 +4.1 +18.2 +13.5 Associates 427 414 +3.1% -34.4 +4.1 -25.4 +17.2 JVs 347 354 -2.0% -36.4 +4.6 -27.4 +17.9 Victory - US distribution 72 60 +20.4% +1.9 -0.6 +1.7 -0.6 ICG 8 - NM +0.0 - +0.2 - TOTAL 2,579 2,317 +11.3% +6.5 +15.1 +62.9 +66.6 TOTAL (excl. transfers in India) 2,579 2,317 +11.3% +45.6 +15.1 +102.0 +66.6 (*) incl. funds of funds AuM & Net flows1,2 – Client segments & Geographies 30 Amundi – Q3 & 9M 2026 Results, 29 October 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 including Q3 & 9M 2026 transfers related to the institutional mandate in India including Q3 & 9M 2026 transfers related to the institutional mandate in India
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(€bn) AuM 30.09.2026 AuM 30.09.2025 % ch. /30.09.2025 Inflows Q3 2026 Inflows Q3 2025 Inflows 9M 2026 Inflows 9M 2025 Active management 1,214 1,133 +7.1% +13.9 -0.8 +29.4 +8.3 Equities 223 200 +11.6% -0.1 -2.5 -1.1 -7.3 Multi-assets 301 271 +11.0% +7.0 +2.6 +6.1 +1.7 Bonds 690 662 +4.1% +6.9 -0.9 +24.4 +13.9 Structured products 35 41 -14.6% -0.6 -1.0 -5.6 -4.4 ETF & Index solutions 657 481 +36.6% +27.4 +10.4 +64.7 +54.6 ETFs & ETCs 432 314 +37.5% +16.8 +9.8 +44.6 +28.4 Index solutions 225 167 +35.0% +10.6 +0.6 +20.1 +26.2 Private & alternative assets 70 66 +5.5% +1.8 +0.3 +5.3 -1.4 Private assets 66 62 +5.4% +1.5 +0.4 +5.1 -0.9 Alternative assets 4 3 +7.3% +0.2 -0.1 +0.2 -0.6 MLT ASSETS (*) 1,975 1,721 +14.8% +42.5 +9.0 +93.9 +57.0 Treasury products (*) 177 183 -3.0% -1.5 +2.1 -5.6 -7.6 TOTAL EXCLUDING ASSOCIATES 2,152 1,903 +13.1% +40.9 +11.0 +88.3 +49.4 Associates 427 414 +3.1% -34.4 +4.1 -25.4 +17.2 TOTAL 2,579 2,317 +11.3% +6.5 +15.1 +62.9 +66.6 o/w MLT assets 2,362 2,098 +12.6% +10.4 +12.5 +68.0 +68.7 o/w Treasury products 217 219 -0.9% -3.9 +2.6 -5.1 -2.1 TOTAL (excl. transfers in India) 2,579 2,317 +11.3% +45.6 +15.1 +102.0 +66.6 (*) excluding Associates AuM & Net flows1 – Management types & Asset classes 31 Amundi – Q3 & 9M 2026 Results, 29 October 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 including Q3 & 9M 2026 transfers related to the mandate in India
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Methodology & Alternative Performance Indicators (APM) (1/2) 32 Amundi – Q3 & 9M 2026 Results, 29 October 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. These adjustments are intended to neutralize the impacts identified during acquisitions: ‒ amortization of Distribution agreements or client contracts (Unicredit, Banco Sabadell, Alpha Associates) in other revenues ‒ depreciation and amortization 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 ‒ Amortization 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 and SBI FM in Q3 2026) in profit or loss on other assets as well as provisioned expenses related to optimization 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 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 between companies accounted for using the equity method Finally, as at 31 March 2026, Amundi neutralised the impact of ICG's first consolidation on the equity-accounted line: reversal of the revaluation of shares in Q4 2025 and Q1 2026 that were turned into revenues and recognition of ICG's net position and activation of acquisition costs. The aggregate amounts of these items for the different periods under review are as follows: Q3 2025 : -€118m pre-tax and -€91m after tax Q2 2026: -€29m before and -€22m after tax Q3 2026: -€33m pre-tax and -€27m after tax and €349m of capital gain (€296m after tax) 9M 2025*: -€173m pre-tax and -€134m after tax and +€402m in capital gain Victory Capital (without tax effect) 9M 2026: -€73m before and -€55m after tax (of which impact of ICG -€68m in revenues and +€83m in associates, i.e. +€16m after tax) and +€349m in capital gain SBI MF before tax (+€296m after tax) 5.9m shares were cancelled by decision of the Board of Directors on 28 October 2026; this cancellation was taken into account in adjusted earnings per share, over the whole of Q3 2026 for the computation of Q3 and 9M earnings per share
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* Quarterly series have been restated as if Amundi US had been 100% equity-accounted in Q1 2025 33 Methodology & Alternative Performance Indicators (APM) (2/2) Amundi – Q3 & 9M 2026 Results, 29 October 2026 = Accounting data = Adjusted data (€m) 9M 2026 9M 2025* % ch. 9M/9M* Q3 2026 Q3 2025 % ch. Q3/Q3 Q2 2026 % ch. Q3/Q2 Net management fees 2,465 2,201 +12.0% 845 747 +13.1% 837 +1.0% Performance fees 142 91 +57.0% 20 33 -41.0% 36 -45.8% Net asset management revenues 2,607 2,292 +13.7% 865 780 +10.8% 873 -1.0% Technology 97 81 +20.6% 34 29 +16.5% 32 +4.8% Net financial income and other net income (88) (4) NM (10) (14) -29.3% 7 NM Net financial income & others - Adjusted 39 56 -30.4% 9 6 +50.9% 27 -68.1% Net revenue (a) 2,616 2,369 +10.4% 889 795 +11.8% 913 -2.6% - Amortisation of intangible assets (bef. Tax) (54) (55) -2.2% (17) (18) -7.1% (18) -7.2% - Other non-cash charges related to Alpha Associates (5) (4) +5.1% (2) (1) +5.1% (2) 0.0% - ICG - MtM valuation (68) - NM - - NM - NM Net revenue - Adjusted (b) 2,743 2,428 +13.0% 908 815 +11.3% 933 -2.7% Operating expenses (c) (1,370) (1,356) +1.0% (455) (518) -12.1% (458) -0.5% - Integration and restructuring costs (bef. Tax) 0 82 -100.0% 0 80 -100.0% (0) NM - Amortisation related to aixigo PPA (bef. Tax) 5 5 0.0% 2 2 -0.0% 2 -0.1% Operating expenses - Adjusted (d) (1,365) (1,269) +7.6% (454) (436) +4.0% (456) -0.5% Gross operating income (e)=(a)+(c) 1,246 1,013 +23.1% 434 277 +56.5% 455 -4.8% Gross operating income - Adjusted (f)=(b)+(d) 1,378 1,160 +18.9% 454 379 +19.7% 477 -4.9% Cost / Income ratio (%) -(c)/(a) 52.4% 57.2% -4.9pp 51.2% 65.2% -13.9pp 50.1% 1.1pp Cost / Income ratio, adjusted (%) -(d)/(b) 49.7% 52.2% -2.5pp 50.0% 53.5% -3.5pp 48.9% 1.1pp (€m) 9M 2026 9M 2025* % ch. 9M/9M* Q3 2026 Q3 2025* % ch. Q3/Q3* Q2 2026 % ch. Q3/Q2 Gross operating income (e)=(a)+(c) 1,246 1,013 +23.1% 434 277 +56.5% 455 -4.8% Gross operating income - Adjusted (f)=(b)+(d) 1,378 1,160 +18.9% 454 379 +19.7% 477 -4.9% Cost / Income ratio (%) -(c)/(a) 52.4% 57.2% -4.9pp 51.2% 65.2% -13.9pp 50.1% 1.1pp Cost / Income ratio, adjusted (%) -(d)/(b) 49.7% 52.2% -2.5pp 50.0% 53.5% -3.5pp 48.9% 1.1pp Cost of risk and others (g) 343 395 -13.3% 347 (1) NM (1) NM Cost of risk and others - Adjusted (h) (6) (7) -11.5% (2) (1) +87.4% (1) +79.8% Share of net income from Associates (i) 296 155 +91.1% 70 51 +36.7% 81 -13.7% Share of net income from Associates - Adjusted (j) 237 181 +30.8% 83 67 +23.4% 88 -6.4% Associates - JVs 102 99 +2.8% 32 34 -6.0% 42 -24.3% Associates - Victory Capital 84 55 +52.4% 26 18 +46.2% 28 -6.6% Associates - Victory Capital - Adjusted 108 81 +32.7% 36 33 +9.8% 35 +5.4% Associates - ICG 109 - NM 13 - NM 12 +7.5% Associates - ICG - Adjusted 26 - NM 14 - NM 12 +22.3% Pre-tax income (k)=(e)+(g)+(i) 1,884 1,563 +20.6% 851 327 NM 536 +58.7% Pre-tax income - Adjusted (l)=(f)+(h)+(j) 1,609 1,334 +20.6% 535 445 +20.1% 564 -5.3% Corporate tax (m) (453) (319) +42.1% (174) (79) NM (126) +37.9% Corporate tax - Adjusted (n) (417) (359) +16.2% (125) (106) +18.1% (132) -5.6% Non-controlling interests (o) (3) 3 NM (1) 1 NM (1) +47.9% Net income group share (p)=(k)+(m)+(o) 1,428 1,246 +14.6% 675 249 x2.7 409 +65.2% Net income group share - Adjusted (q)=(l)+(n)+(o) 1,189 978 +21.6% 409 340 +20.2% 431 -5.3% Earnings per share (€) 6.92 6.07 +14.1% 3.27 1.21 x2.7 1.98 +65.2% Earnings per share - Adjusted (€) 5.82 4.76 +22.2% 2.04 1.65 +23.2% 2.09 -2.5%
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Shareholding 34 Amundi – Q3 & 9M 2026 Results, 29 October 2026 30 September 2026 30 June 2026 31 December 2025 30 September 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 4,520,297 2.19% 4,847,042 2.35% 4,990,841 2.42% 4,221,408 2.06% Treasury shares 7,149,086 3.46% 4,805,605 2.33% 1,631,846 0.79% 1,651,188 0.80% Free float 53,659,544 26.00% 55,676,280 26.98% 58,706,240 28.44% 58,489,267 28.47% 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 Q2 2026 and Q3 2026, increased by +0.5% between Q3 2025 and Q3 2026, it increased by +0.5% between the first 9 months 2025 and the first 9 months 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. This programme was completed on 18 September 2026 with 5,913,261 shares bought. They were cancelled following a decision of the Board that was held on 28 October 2026 A capital increase reserved for employees was booked on 22 October 2026. 613,300 shares (~0.3% of the capital before the transaction) were created For the purpose of calculating adjusted earnings per share for Q3 2026 and the nine months of 2026, this cancellation was taken into account as if it had occurred on 1 July 2026. Consequently, the adjusted average number of shares is 200,473,065 for Q3 2026 and 204,393,579 for the first nine months of 2026
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www.amundi.com www.amundi.com 91-93, boulevard Pasteur, 75015 Paris – France +33 1 76 33 30 30 35 Contacts & Calendar Cyril Meilland, CFA Director 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 Publication of Q4 and 2026 results: Tuesday 2 February 2027 Q1 2027 earnings release: Thursday 29 April 2027 Shareholders’ Meeting: 31 May 2027 Q2 and H1 2027 earnings release: Tuesday 27 July 2027 Q3 and 9M 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 – Q3 & 9M 2026 Results, 29 October 2026