Amundi Sa · EURONEXT:AMUN
Amundi Sa — Q3 2026 Earnings Presentation
35 slides from Amundi Sa's earnings presentation, Oct 30, 2026
Slide 1: Results for the Third quarter & First 9 months 2026
Results for the Third quarter & First 9 months 2026 Presentation to Investors & Analysts 29 October 2026
Slide 2: Disclaimer
Disclaimer 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 unl
Slide 3: Highlights
Highlights Nicolas Calcoen Deputy Chief Executive Officer 3 Amundi – Q3 & 9M 2026 Results, 29 October 2026
Slide 4: Record flows & strong earnings growth, progress across all strategic priorities
Record flows & strong earnings growth, progress across all strategic priorities Invest for the future 2028 Record net inflows1 Strong earnings growth progress – Assets under management €2,579bn, – Q3 net income2: €409m – Strong commercial activity, innovations +11% Sept./Sept and client wins +€46bn
Slide 5: Clients: commercial wins across our high potential businesses
Clients: commercial wins across our high potential businesses Digital players: Retirement: New wins & extensions Several mandate wins Digital players Retirement +2 partners over the quarter 4 +€ bn Germany: additional AVD1 mandate win +€ 12bn net inflows net inflows Q3 2026 with an IFA platform Q3 2
Slide 6: Geographies: strong net inflows in priority regions
Geographies: strong net inflows in priority regions Northern Europe: Continued momentum Northern Asia: Europe Strong net inflows in direct distribution1 +€ 18bn Asia 100 8 Q3 net inflows >€ bn AuM in UK +€ bn Q3 net inflows2 5 +€ bn in direct distribution New geographies Expanding our reach in high
Slide 7: Solutions: strong net inflows & innovation (1/2)
Solutions: strong net inflows & innovation (1/2) Active management ETFs Active ETFs management Assets under management €432bn >€100bn #1 thematic fund in Japan by net inflows1 +€14bn • Strong net inflows in Q3 and 9M AuM with Material Innovation Strategy equity fund, Q3 net inflows ▪ No. 1 in net in
Slide 8: Solutions: strong net inflows & innovation (2/2)
Solutions: strong net inflows & innovation (2/2) Private assets Responsible investment ICG partnership: Private • Completion of 9.9% stakebuilding assets Arbora Nova: new fund for the restoration of • Launch of Amundi ICG Global Private Equity Secondaries - first evergreen fund 2 +€ bn forest ecosys
Slide 9: Efficiency: Gen AI-enhanced asset allocation
Efficiency: Gen AI-enhanced asset allocation Amundi Investment Leveraging Faster analysis, Institute expertise Gen-AI better-informed decisions Macro analysts: Trained using Amundi Institute’s 50% - Faster scenario analysis less analysis ⁃ Develop the Global Investment analysis framework on decades
Slide 10: Q3 & 9M 2026 Activity
Q3 & 9M 2026 Activity Nicolas Calcoen Deputy Chief Executive Officer 10 Amundi – Q3 & 9M 2026 Results, 29 October 2026
Slide 11: Assets under management: €2,579bn, up +11% year-on-year
Assets under management1: €2,579bn, up +11% year-on-year 30 September 2026 Evolution of assets under management1,2 year-on-year (€bn) AuM +11% year-on-year, stable in Q3 Net inflows (excl. Indian mandate) +€123bn Market & Forex effect +€172bn +11.3% In Q3: Scope effect +€6bn -0.1% – Strong net inflo
Slide 12: Record 9M inflows of +€102bn, mostly in MLT assets
Record 9M inflows of +€102bn1, mostly in MLT assets2 9M & Q3 2026 Net inflows3 (€bn) Excl. transfers related to the 9M: record net inflows at MLT2: €94bn, MLT assets (*) Treasury products (*) Associates mandate in India (-€39.1bn) 7% annualised – Record ETF inflows: +€45bn +€102.0bn – Dynamic active
Slide 13: Solid performance of our funds
Solid performance of our funds Open-ended funds1: ~3/42 of AuM in the first two quartiles over 1, 3 & 5 years Outperformance vs. benchmark4 Morningstar Ranking of Funds by Assets under Management 5 years 3 years 1 year 78% 77% 72% 78% 7% 7% 8% 1 year 15% 16% 27% 20% 38% 71% 50% 11% 28% 1st quartile
Slide 14: By Clients – record 9M & Q3 Retail net inflows
By Clients – record 9M & Q3 Retail net inflows 9M & Q3 2026 Net inflows1,2,3 (€bn) Retail = half of the total net inflows Retail Institutionals CA & SG insurers Associates (*) Excl. transfers related to the mandate in India (-€39.1bn) Q3: Retail +€21bn +€102.0bn – driven by Third-Party Distributors
Slide 15: Q3 & 9M 2026 Results
Q3 & 9M 2026 Results Nicolas Calcoen Deputy Chief Executive Officer 15 Amundi – Q3 & 9M 2026 Results, 29 October 2026
Slide 16: Q3 2026 Results
Q3 2026 Results 16 Amundi – Q3 & 9M 2026 Results, 29 October 2026
Slide 17: Revenues – strong Q3/Q3 growth in business-related revenues
Revenues1 – strong Q3/Q3 growth in business-related revenues Q3 2026 Adjusted revenues1 (€m) Net Asset Management revenues: +11% +11.3% Q3/Q3 – Management fees: +13% Q3/Q3, driven by 899 902 933 908 continued net inflows and asset growth 18 3 27 9 31 32 34 815 35 36 20 Technology +17% Q3/Q3 6 82 87
Slide 18: Flat costs over the last 4 quarters
Flat costs1 over the last 4 quarters Q3 2026 Adjusted operating expenses1 (€m) Cost-to-income ratio at 50% thanks to +4.0% a high level of activity – Positive Q3/Q3 jaws effect of 7pp: revenues 450 455 456 454 +11% vs. costs +4% 436 Continued investment in strategic priorities 53.5% 50.1% 50.4% 50.0
Slide 19: Net income up +20% Q3/Q3
Net income1 up +20% Q3/Q3 Q3 2026 Adjusted net income1 (€m) Gross operating income1 : +20% Q3/Q3 +20.2% 431 Contribution from associates2, up +23% 409 12 – ICG: scope effect, contribution of €14m 376 349 76 14 340 – Victory Capital1.2 : +10% 71 68 – Asian JVs: -6% Q3/Q3; effects of the sale of 10% o
Slide 20: 9M 2026 Results
9M 2026 Results 20 Amundi – Q3 & 9M 2026 Results, 29 October 2026
Slide 21: Net income up +22% 9M/9M*
Net income1 up +22% 9M/9M* 9 months 2026 Adjusted net income1 (€m) +21.6% 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* 1,189 237 Contribution from associates1: €237m, 978 +31% 9M/9M* 181 – including two q
Slide 22: Conclusion
Conclusion Nicolas Calcoen Deputy Chief Executive Officer 22 Amundi – Q3 & 9M 2026 Results, 29 October 2026
Slide 23: Record inflows & strong earnings growth
Record inflows & strong earnings growth ▪ Net income1 and EPS1 up sharply 9M/9M* and Q3/Q3 ▪ Record inflows, with diversified growth and tangible Invest for the Future progress +20% ⁃ Nine months inflows2 above +€100bn ⁃ Record 9M and Q3 inflows in MLT assets and the Retail segment Q3/Q3 net income1
Slide 24: Appendices
Appendices 24 Amundi – Q3 & 9M 2026 Results, 29 October 2026
Slide 25: Diversified AuM by clients, asset classes & geographies
Diversified AuM by clients, asset classes & geographies Comprehensive range Large client base by asset classes Global footprint ETFs & Index Solutions 26% Rest of the world €2,579bn Associates Associates Equities 17% 17% 6% 9% Treasury Multi- Asia AuM1 assets Retail products 19% France as of 30 Sept
Slide 26: Third quarter & Nine months 2026 Adjusted Income Statement
Third quarter & Nine months 2026 Adjusted Income Statement1 % ch. % ch. % ch. (€m) 9M 2026 9M 2025* 9M/9M* Q3 2026 Q3 2025 Q3/Q3 Q2 2026 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 +5
Slide 27: Explanations of pro forma data
Explanations of pro forma data - Amundi US contrib. 9M 2025 % YoY ch. (€m) 9M 2026 9M 2025 9M 2025 pro forma % 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
Slide 28: Market growth year-on-year, slight increase over the quarter
Market growth year-on-year, slight increase over the quarter Q3 2026 Equity & bond market developments from Q3 2024 to Q3 2026 Year-on-year, equity markets up and 160 Base 100 = Average 2021 bond markets stable (quarterly averages): 155 150 Equity1 : +19% Q3/Q3 and +4% Q3/Q2 145 50% MSCI ACWI / 50%
Slide 29: European open-ended fund market +€205bn in an uncertain environment
European open-ended fund market +€205bn in an uncertain environment 9 months & Q3 2026 European market (open-ended funds) - Net flows from 2023 to Q3 2026 (€bn) MLT Assets / Active management MLT Assets / Passive management Good MLT1 net inflows over 9 months Treasury products Total – At the level o
Slide 30: AuM & Net flows – Client segments & Geographies
AuM & Net flows1,2 – Client segments & Geographies AuM AuM % ch. Inflows Inflows Inflows Inflows (€bn) 30.09.2026 30.09.2025 /30.09.2025 Q3 2026 Q3 2025 9M 2026 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
Slide 31: AuM & Net flows – Management types & Asset classes
AuM & Net flows1 – Management types & Asset classes AuM AuM % ch. Inflows Inflows Inflows Inflows (€bn) 30.09.2026 30.09.2025 /30.09.2025 Q3 2026 Q3 2025 9M 2026 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%
Slide 32: Methodology & Alternative Performance Indicators (APM) (1/2)
Methodology & Alternative Performance Indicators (APM) (1/2) Amundi has chosen to present adjusted accounting data for certain income items (net revenues, The aggregate amounts of these items for the different periods under review are as follows: general operating expenses, share of net income of as
Slide 33: Methodology & Alternative Performance Indicators (APM) (2/2)
Methodology & Alternative Performance Indicators (APM) (2/2) % ch. % ch. % ch. % ch. % ch. % ch. (€m) 9M 2026 9M 2025* 9M/9M* Q3 2026 Q3 2025 Q3/Q3 Q2 2026 Q3/Q2 (€m) 9M 2026 9M 2025* 9M/9M* Q3 2026 Q3 2025* Q3/Q3* Q2 2026 Q3/Q2 Gross operating income (e)=(a)+(c) 1,246 1,013 +23.1% 434 277 +56.5% 45
Slide 34: Shareholding
Shareholding 30 September 2026 30 June 2026 31 December 2025 30 September 2025 Number % of share Number % of share Number % of share Number % of share (units) of shares capital of shares capital of shares capital of shares capital Crédit Agricole Group 141,057,399 68.35% 141,057,399 68.35% 141,057,3
Slide 35: Contacts & Calendar
Contacts & Calendar Investors & Analysts Calendar Cyril Meilland, CFA Director of Investor Relations [email protected] Publication of Q4 and 2026 results: Tuesday 2 February 2027 Phone: +33 1 76 32 62 67 Mobile: +33 6 35 49 42 69 Q1 2027 earnings release: Thursday 29 April 2027 Thomas Lapeyr