Amundi Sa · EURONEXT:AMUN
Amundi Sa — Q2 2026 Earnings Presentation
39 slides from Amundi Sa's earnings presentation, Jul 30, 2026
Slide 1: H1 & Q2 2026 results
H1 & Q2 2026 results Presentation to Investors & Analysts 30 July 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 Valérie Baudson CEO 3 Amundi – Q2 & H1 2026 results, 30 July 2026
Slide 4: Record results and activity, progress on all strategic priorities
Record results and activity, progress on all strategic priorities Healthy inflows in Q2 Record results in H1 & Q2 Invest for the future 2028 – AuM €2.6tn, +14% – Q2 net income2: €431m – Sustained activity, innovation and +€24bn +29% commercial success in all strategic – Inflows in MLT1 assets: +€20b
Slide 5: Clients: growth in our strategic priorities
Clients: growth in our strategic priorities Retirement Retirement: 8 +€ bn Continued commercial success, particularly in France and Germany net inflows Q2 2026 France Germany New distribution agreements for "pillar 3" (AVD3) Collective Individual products with 2 networks Pension Plans1 Pension Plans
Slide 6: Geographies: successful listing of SBI Funds Management
Geographies: successful listing of SBI Funds Management https://www.me a.gov.in/india- at-glance 1st asset manager in India, a buoyant market Market cap >€10bn @100% Amundi and State Bank of India have partnered Capital gain for more than 20 years Sale of 10% by Amundi (3.7%) and SBI (6.3%) ~€ 300m
Slide 7: Solutions: strong net inflows and innovation (1/2)
Solutions: strong net inflows and innovation (1/2) Active management ETFs Success of Victory Capital's strategies AuM over €400bn in Asia and Europe: +€2.9bn in Q2, Active ETFs Innovations: in equities and multi-assets +€ bn9 - Launch of the GDP-weighted range +€ 12bn net inflows Full “Income” range
Slide 8: Solutions: strong net inflows and innovation (2/2)
Solutions: strong net inflows and innovation (2/2) Private assets Digital assets Good net inflows in Q2, thanks to Private Two tokenised share classes – USD and EUR – multi-management strategies: assets of the Amundi Money Market Short Term fund - Gain of several mandates with institutional clients
Slide 9: Technology: revenue growth and new contracts
Technology: revenue growth and new contracts New clients Revenues +25% Q2/Q2 License fees + 30% Q2/Q2 9 Amundi – Q2 & H1 2026 results, 30 July 2026
Slide 10: Efficiency: the example of order execution services
Efficiency: the example of order execution services Using AI to improve order execution performance and pricing ▪ Several use cases successfully deployed: Value added for equities1 ⁃ Selecting the best execution strategy based on: • the characteristics of the order 5 + bp 2022-25 • and market condit
Slide 11: Strong Q2/Q2 earnings growth
Strong Q2/Q2 earnings growth Acceleration of Q2/Q2 growth, from AuM to net income1 +28% +29% +28% +18% Earnings per share1,2 +14% €2.09 Q2 2026 Average AuM Revenues* Gross operating Net income* EPS* (excl. Associates) income* 1. Adjusted data: see Alternative Performance Measures (APM) in appendix 2
Slide 12: H1 & Q2 2026 Activity
H1 & Q2 2026 Activity Nicolas Calcoen Deputy CEO 12 Amundi – Q2 & H1 2026 results, 30 July 2026
Slide 13: AuM: €2.6tn, up +14% year-on-year
AuM1: €2.6tn, up +14% year-on-year 30 June 2026 Evolution of assets under management1 year-on-year (€bn) AuM1 +14% year-on-year, +8% in Q2 Net inflows +€92.4bn +13.9% Market & Forex effect +€215.8bn In T2: Scope effect +€5.8bn +7.6% – Strong net inflows +€24bn – Positive market effect: +€148bn, afte
Slide 14: Record inflows in H1, mainly in MLT assets
Record inflows in H1, mainly in MLT1 assets H1 & Q2 2026 Net inflows2 (€bn) MLT assets (*) Treasury products (*) Associates H1: record net inflows at MLT1: +€51bn, 6% annualised +€56.4bn H1 2026 +51.6 bn€ – Record half-year ETF inflows: +€28bn – Dynamic active fixed income: +€17bn +9.0 +€32.0bn +13.
Slide 15: Solid performance of our funds
Solid performance of our funds Open-ended funds1: ~3/42 of AuM in the first two quartiles over 3 & 5 years Outperformance vs. benchmark4 Morningstar Ranking of Funds by Assets Under Management 5 years 3 years 1 year 77% 75% 69% 78% 7% 9% 1 8% year 16% 28% 16% 45% 42% 22% 71% 11% 28% 1st quartile 18%
Slide 16: By clients – high net inflows in all segments
By clients – high net inflows in all segments H1 & Q2 2026 Net inflows1,2 (€bn) Retail Institutionals CA & SG insurers Associates (*) Retail2: +€15bn in Q2 – Mainly in MLT assets: +€14bn H1 – Driven by Third-Party Distributors: +€56.4bn 2026 +€16bn (15% annualised) +€51.6bn +€32.0bn – UniCredit: net
Slide 17: H1 & Q2 2026 Results
H1 & Q2 2026 Results Nicolas Calcoen Deputy CEO 17 Amundi – Q2 & H1 2026 results, 30 July 2026
Slide 18: Q2 2026 Results
Q2 2026 Results 18 Amundi – Q2 & H1 2026 results, 30 July 2026
Slide 19: Revenues – strong Q2/Q2 growth in business-related revenues
Revenues – strong Q2/Q2 growth in business-related revenues Q2 2026 Adjusted revenues1 (€m) Net AM revenues1: +16% Q2/Q2 +18.0% – Management fees: +17% Q2/Q2, driven by continued net inflows and AuM growth 933 902 – Stable performance fees Q2/Q2 899 3 27 18 32 31 Technology +25% Q2/Q2 815 35 36 790
Slide 20: Stable costs Q2/Q1
Stable costs1 Q2/Q1 Q2 2026 Adjusted operating expenses1 (€m) Cost/income ratio at 49% thanks to a high +9.4% level of activity 450 455 456 Continued investments in strategic priorities 436 417 52.7% 53.5% 50.1% 50.4% 48.9% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Operating expenses - Adjusted Cost i
Slide 21: Net income of €431m, at an all-time high
Net income1 of €431m, at an all-time high Q2 2026 Adjusted net income1 (€m) Gross operating income1: +28% Q2/Q2 +28.9% Contribution from associates2, up +37% 431 12 – Asian JVs up +10% Q2/Q2, 376 35 340 349 334 – Victory Capital2: €35m thanks to synergies 35 37 42 26 33 36 – First contribution1,2 fr
Slide 22: H1 2026 Results
H1 2026 Results 22 Amundi – Q2 & H1 2026 results, 30 July 2026
Slide 23: Net income up +22% H1/H1
Net income1 up +22% H1/H1* H1 2026 Adjusted net income1 (€m) +22.4% Very positive jaws effect1 at +4pp: revenues1 +14% H1/H1* vs. costs1 +9% – Cost/income ratio 49.6%, 2pp better 781 vs. H1 2025 pro forma* 638 154 Contribution from associates1: €154m, +35% H1/H1* 114 – including a quarter of ICG: €1
Slide 24: Strong financial position
Strong financial position 30 June 2026 Tangible equity1 (€bn) Tangible shareholders' equity1: €4.4bn at +2% the end of June 2026, up +2% vs. June 2025 Down compared to the end of 2025 due to: €4.9bn €4.3bn €4.5bn €4.3bn €4.4bn – the payment of the 2025 dividend (-€0.9bn) €3.9bn – Share buybacks (-€0
Slide 25: Conclusion
Conclusion Valérie Baudson CEO 25 Amundi – Q2 & H1 2026 results, 30 July 2026
Slide 26: Conclusion
Conclusion ▪ Net income1 and EPS1 sharply up H1/H1* and Q2/Q2 ⁃ to all-time highs in both the quarter and half-year periods Record levels ▪ Strong business momentum across all client segments, asset classes and geographies of activity ⁃ All-time high H1 net inflows +29% and results ⁃ Driven in parti
Slide 27: Appendices
Appendices 27 Amundi – Q2 & H1 2026 results, 30 July 2026
Slide 28: Well-diversified AuM by clients, asset classes & geographies
Well-diversified AuM by clients, asset classes & geographies Comprehensive range Large client base by asset classes Global footprint ETFs & Index Solutions 24% Rest of the Associates world 2.6tn 18% Associates Equities 6% 9% € Retail Treasury 18% products Multi-assets Asia 34% 11% 20% France AuM1 as
Slide 29: Margins pro forma of the partnership with Victory and ESR reclassification
Margins pro forma of the partnership with Victory and ESR reclassification Net management fees (€m) & margins1 on average AuM2 (bp) 2,856 2,965 Net asset management revenues ex. Perf. fees (€M) 1,619 Margin on average AuM (bp) 16.4 15.9 15.8 2024* 2025* H1 2026 Retail Institutional excl. CA & SG ins
Slide 30: Second quarter & first half 2026 - Adjusted Income Statement
Second quarter & first half 2026 - Adjusted Income Statement1 % ch. % ch. % ch. (€m) H1 2026 H1 2025* H1/H1* Q2 2026 Q2 2025 Q2/Q2 Q1 2026 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
Slide 31: Explanations of pro forma data
Explanations of pro forma data - Amundi US contrib. H1 2025 % YoY ch. (€m) H1 2026 H1 2025 H1 2025 pro forma % 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
Slide 32: Year-on-year market rally, Q2 recovery from March decline
Year-on-year market rally, Q2 recovery from March decline Q2 2026 Evolution of the equity and bond markets from Q3 2024 to Q2 2026 Year-on-year, equity and bond markets up 160 Base 100 = Average 2021 (quarterly averages): 155 150 Equity1: +22% Q2/Q2 and +4% Q2/Q1 145 50% MSCI ACWI / 50% Eurostoxx Bl
Slide 33: European open-ended fund market +€229bn in an uncertain environment
European open-ended fund market +€229bn in an uncertain environment Q2 & H1 2026 European market (open-ended funds) - Net inflows from 2023 to Q2 2026 (€bn) MLT Assets / Active management MLT Assets / Passive management Good MLT1 net inflows in H1 Treasury products Total – Already equivalent to 2/3
Slide 34: AuM & net inflows – by client segments & geographies
AuM & net inflows1,2 – by client segments & geographies AuM AuM % ch. Inflows Inflows Inflows Inflows (€bn) 30.06.2026 30.06.2025 /30.06.2025 Q2 2026 Q2 2025 H1 2026 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 +
Slide 35: AuM & net inflows – by management types & asset classes
AuM & net inflows1 – by management types & asset classes AuM AuM % ch. Inflows Inflows Inflows Inflows (€bn) 30.06.2026 30.06.2025 /30.06.2025 Q2 2026 Q2 2025 H1 2026 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
Slide 36: Methodology & Alternative Performance Measures (APM) (1/2)
Methodology & Alternative Performance Measures (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 asso
Slide 37: Methodology & Alternative Performance Measures (APM) (2/2)
Methodology & Alternative Performance Measures (APM) (2/2) % ch. % ch. % ch. % ch. % ch. % ch. (€m) H1 2026 H1 2025* H1/H1* Q2 2026 Q2 2025 Q2/Q2 Q1 2026 Q2/Q1 (€m) H1 2026 H1 2025* H1/H1* Q2 2026 Q2 2025* Q2/Q2* Q1 2026 Q2/Q1 Net management fees 1,619 1,454 +11.3% 837 717 +16.7% 782 +7.1% Gross ope
Slide 38: Shareholding
Shareholding 30 June 2026 31 March 2026 31 December 2025 30 June 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% 141,057,399 68.35%
Slide 39: Contacts & Calendar
Contacts & Calendar Investors & Analysts Calendar Cyril Meilland, CFA Head of Investor Relations cyril.meilland@amundi.com Q3 & 9-month 2026 results: Thursday 29 October 2026 Phone: +33 1 76 32 62 67 Mobile: +33 6 35 49 42 69 Q4 & Full-year 2026 results: Tuesday 2 February 2027 Thomas Lapeyre Annabe