Slide 1: Q4 & Full Year 2025 Results
Q4 & Full Year 2025 Results Presentation to Investors & Analysts 3 February 2026
Slide 2: Disclaimer
Disclaimer This document does not constitute an offer or invitation to sell or purchase, or any solicitation of any offer to purchase or subscribe for, any securities of Amundi in the United States of America or in France. Securities may not be offered, subscribed or sold in the United States of Ame
Slide 3: Highlights
Highlights Valérie Baudson CEO 3 Amundi – Q4 & Full Year Results, 3 February 2026
Slide 4: Business & earnings growth driven by strategic priorities
Business & earnings growth driven by strategic priorities Pre-tax income growth & Successful start to Sustained inflows in Q4 disciplined capital management Invest for the Future 2028 – AuM at €2,380bn, +6% – Pre-tax income1 up +12% Q4/Q42, Sustained activity across +€21bn driven by activity € 500m
Slide 5: Clients: strong growth in strategic growth areas
Clients: strong growth in strategic growth areas Strong momentum Retirement: of digital players: Digital distribution: mandate representing half ofwon for2025 Retail Ireland’s new net inflows representing half of 2025 Retail inflows Auto-Enrolment pension scheme Digital players +€ 10bn 2025 net infl
Slide 6: Success in our priority geographies
Success in our priority geographies Europe: Continued momentum in Northern Europe Asia: Northern nearly 40% of the Group's annual net inflows Europe 16bn +€ in Q4 42% 40bn Asia 33bn +€ in direct distribution1 2025 inflows + 2025 net inflows High Potential Region: Middle East New collaboration with F
Slide 7: Solutions: Innovation driving continued growth
Solutions: Innovation driving continued growth Active management: ETFs: good performances & range expansion strengthened ranking as No. 2 in Europe Smart Launch of new funds Solutions Strengthened positioning ETF +€46bn - 3 new UCITS funds managed by Victory Capital - AuM at €342bn (+27% year-on-yea
Slide 8: Technology: revenue as recognised provider
Technology: revenue as recognised provider € 116m +10 2025 revenues 45% + new clients + 2 vs. 2024 new countries ALTO ALTO Data-as-a-Service Investment Wealth & Distribution (new offer) First large client in Asia in Q1 2026 8 Amundi – Q4 & Full Year Results, 3 February 2026
Slide 9: Q4 & Full year 2025 Activity
Q4 & Full year 2025 Activity Nicolas Calcoen Deputy CEO 9 Amundi – Q4 & Full Year Results, 3 February 2026
Slide 10: AuM: €2.4tn, up in both Q4 & the year
AuM1: €2.4tn, up in both Q4 & the year 2025 Evolution of AuM1 December 2024 – December 2025 (€bn) 12 months: AuM1 +6% over one year Net inflows +€87.6bn +6.2% - of which +4% thanks to strong net inflows, Market & Forex effect +€61.9bn +2.7% +€88bn Scope effect -€9.7bn - Positive market effect: +€155
Slide 11: 2025 MLT asset inflows more than doubled
2025 MLT2 asset inflows more than doubled 2025 & Q4 Net inflows1 2025 vs. 2024, Q4 2025 vs. Q4 2024 (€bn) MLT assets excl. JV Treasury products excl. JV JV & Victory-distribution US Passive management at an all-time high Positive active management over one +€55.4bn +€87.6bn year and in Q4 +€20.5bn +
Slide 12: Solid investment performance driven by multi-asset & fixed income flagships
Solid investment performance driven by multi-asset & fixed income flagships Open-ended funds1: ~3/42 of AuM in the first two quartiles over 1, 3 & 5 years Outperformance vs. benchmark4 Morningstar Ranking of Funds by Assets Under Management 5 years 3 years 1 year 78% 74% 73% 72% 9% 10% 1 9% year 22%
Slide 13: Retail: continued strong momentum with Third-Party Distributors
Retail – continued strong momentum with Third-Party Distributors 2025 & Q4 Retail: net inflows1 2025 vs. 2024, Q4 2025 vs. Q4 2024 (€bn) French networks International networks Strong net inflows in ETFs Amundi BOC WM Third-party distribution Positive in active management, particularly in Asia +€11.5
Slide 14: Institutional: MLT net inflows tripled over one year
Institutional – MLT2 net inflows tripled over one year 2025 & Q4 Institutional: net inflows1 2025 vs. 2024, Q4 2025 vs. Q4 2024 (€bn) Successful active fixed income strategies Treasury products CA & SG insurers Q4: significant wins from several MLT assets: Corporate & Employee savings mandates +€7.1
Slide 15: JV: high level of net inflows in all countries
JV – high level of net inflows in all countries 2025 & Q4 JV: net inflows1 2025 vs. 2024, Q4 2025 vs. Q4 2024 (€bn) SBI MF (India) NH Amundi (Korea) Korea: dynamic net inflows, seasonal outflows in Q4 ABC CA (China) Other JVs China: recovery in net inflows in 2025 +€1.9bn +€1.7bn +€23.3bn +€19.5bn +
Slide 16: Q4 & Full Year 2025 Results
Q4 & Full Year 2025 Results Nicolas Calcoen Deputy CEO 16 Amundi – Q4 & Full Year Results, 3 February 2026
Slide 17: Q4: strong growth in business-related revenues
Q4: strong growth in business-related revenues Q4 2025 Adjusted net revenue1 (€m) Net asset management revenues: +7% Q4/Q4* +8.2% - Management fees: +4% Q4/Q4*, thanks to dynamic net inflows 899 18 831 823 815 35 Technology +37% Q4/Q4 18 37 790 6 82 26 12 29 - Share of project revenues: 40% 56 23 26
Slide 18: Costs – continued control, efficiency & investments
Costs – continued control, efficiency & investments Q4 2025 Adjusted operating expenses1 (€m) Costs1 controlled in a high level of activity +5.9% Continued investment 450 436 Cost/income ratio at 50% 425 416 417 - Strong positive jaws effect 52.7% 53.5% 51.2% 50.6% 50.1% Q4 2024* Q1 2025* Q2 2025 Q3
Slide 19: Pre-tax income up +12% Q4/Q4
Pre-tax income1 up +12% Q4/Q4* Q4 2025 Pre-tax income1 (€m) Gross operating income1 : +11% Q4/Q4* +12.3% Contribution from associates up + 21% - Asian JVs up +22% Q4/Q4* 519 - Victory Capital (€35m) driven by synergies 462 452 437 445 35 36 Net income1 €376m, including the 30 29 22 28 26 33 38 34 ex
Slide 20: Full year 2025 - Pre-tax income up +6%
Full year 2025 - Pre-tax income up +6%* 2025 Year-on-year change in the Pre-tax & Net income1,2 (€m) Pre-tax income1 growth* +6.2% - Driven by revenues supported by net inflows, +186 growth in assets under management and the 1,858 +12 +10 development of technology revenues 1,749 -104 - Cost control
Slide 21: Strong financial position
Strong financial position 31 December 2025 Tangible shareholders' equity1 (€bn) Tangible equity1: €4.9bn at the end of CAGR 2018-25 2018-25 CAGR +10% December 2025, up +10% over one year +11% +11% Dividend proposed to the AGM2 of €4.25 per €4.9bn share3 €4.5bn €4.3bn €3.9bn - ie. payout ratio4 of 74
Slide 22: Disciplined capital management
Disciplined capital management ~ €700-800m FOR 9.9% STAKE IN ~€ 1.4bn capital 2025 dividend surplus ~+€100m above 65%1 at the end of 2025 €500m Share buyback 1. Above the minimum payout ratio (65%) 22 Amundi – Q4 & Full Year Results, 3 February 2026
Slide 23: Schedule spread over approximately one year
Schedule spread over approximately one year Q2/Q3 2026 2027 Consolidation 18/11 Appointment @9.9% at the end Partnership of a director of the share buyback + consolidation program by announcement under the equity method (@4.64%) Obtaining the last regulatory approvals 23 Amundi – Q4 & Full Year Resu
Slide 24: Conclusion
Conclusion Valérie Baudson CEO 24 Amundi – Q4 & Full Year Results, 3 February 2026
Slide 25: Conclusion
Conclusion ▪ High activity levels across Invest for the Future 2028 strategic priorities ⁃ Strong growth in inflows over one year ⁃ Thanks to digital distribution, retirement and ETF solutions, Asia and Northern Europe Successful launch for ▪ Strong results for Q4 and the year Invest for ⁃ 2025 earn
Slide 26: Appendices
Appendices 26 Amundi – Q4 & Full Year Results, 3 February 2026
Slide 27: Diversified AuM by clients, asset classes & geographies
Diversified AuM by clients, asset classes & geographies Comprehensive range Large client base by asset classes Global footprint Retail - 30% ETF & Index solutions - 22% Victory - US French Private & Index Rest of the €2,380bn distribution networks alternative assets 7% Treasury products world 3% 6%
Slide 28: Fourth quarter & full year 2025 adjusted income statement
Fourth quarter & full year 2025 adjusted income statement1 % ch. % ch. % ch. (€m) 2025 2024* 25/24* Q4 2025 Q4 2024* Q4/Q4* Q3 2025 Q4/Q3 Net revenue - Adjusted 3,417 3,231 +5.8% 899 831 +8.2% 815 +10.3% Net management fees 3,052 2,930 +4.2% 763 732 +4.4% 747 +2.2% Performance fees 173 141 +22.6% 82
Slide 29: Explanations of pro forma data
Explanations of pro forma data Quarterly series have been restated as if Amundi US had been 100% consolidated using the equity method from Q2 to Q4 2024 inclusive; no restatement was applied in 2025 Profit & Loss + Alternative Performance Measures YTD Quarters - Amundi US - Amundi US contrib. 2024 %
Slide 30: Margins impacted by the deconsolidation of Amundi US
Margins impacted by the deconsolidation of Amundi US Net management fees (€m) & margins1 on average AuM2 (bp) Net asset management revenue… Margin on average AuM (bp) Pro-forma margin on average AUM* (bp) 3,184 3,052 2,965 2,940 17.8 17.7 17.7 16.1 16.4 15.9 2022 2023 2024 2025 Retail Institutionals
Slide 31: Rising markets
Rising markets Q4 2025 Evolution of equities & bond markets from Q1 2024 to Q4 2025 145 Equities1 up over one year: on average Base 100 = Average 2021 +17% Q4/Q4 and +5% Q4/Q3 140 135 Fixed Income markets2 up 50% MSCI ACWI / 50% Eurostoxx Bloomberg Euro Aggregate 130 over one year: on average +2% Q4
Slide 32: European open-ended fund market – further recovery in 2025
European open-ended fund market – further recovery in 2025 2025 Net inflows on the European market (open-ended funds), from 2022 to 2025 (€bn) Treasury products MLT Assets / Passive management Continued recovery in active net inflows MLT Assets / Active management Total 2025 (+€309bn) - driven by fi
Slide 33: Assets under management & flows – client segments
Assets under management & flows1 – client segments AuM AuM % ch. Inflows Inflows Inflows Inflows (€bn) 31.12.2025 31.12.2024 /31.12.2024 Q4 2025 Q4 2024 2025 2024 French networks 146 138 +5.6% -0.9 +0.8 +1.1 +1.1 International networks 161 167 -3.3% -3.4 -2.1 -12.0 -6.5 o/w Amundi BOC WM 4 2 +89.8%
Slide 34: Assets under management & flows – asset classes
Assets under management & flows1 – asset classes AuM AuM % ch. Inflows Inflows Inflows Inflows (€bn) 31.12.2025 31.12.2024 /31.12.2024 Q4 2025 Q4 2024 2025 2024 Equities 623 544 +14.6% +8.2 +7.3 +46.0 +7.3 Multi-assets 286 274 +4.2% +1.6 -0.9 +3.5 -23.2 Bonds 761 747 +1.8% +16.2 +10.6 +39.3 +47.4 Pr
Slide 35: Assets under management & flows – types of management
Assets under management & flows1 – types of management & asset classes AuM AuM % ch. Inflows Inflows Inflows Inflows (€bn) 31.12.2025 31.12.2024 /31.12.2024 Q4 2025 Q4 2024 2025 2024 Active management 1,153 1,148 +0.5% +4.9 +5.5 +13.2 +7.6 Equities 205 206 -0.5% -3.0 -2.5 -10.4 -7.9 Multi-assets 277
Slide 36: Assets under management & flows – geographic areas
Assets under management & flows1 – by geographic areas AuM AuM % ch. Inflows Inflows Inflows Inflows (€bn) 31.12.2025 31.12.2024 /31.12.2024 Q4 2025 Q4 2024 2025 2024 France 1,051 994 +5.7% -4.6 +5.9 +5.4 +18.7 Italy 199 202 -1.4% -2.7 -0.8 -9.0 -14.5 Rest of Europe 517 440 +17.5% +18.3 +11.1 +47.9
Slide 37: Methodology & Alternative Performance Measures (APMs) (1/2)
Methodology & Alternative Performance Measures (APMs) (1/2) Amundi has chosen to present adjusted accounting data for certain income items (net The aggregate amounts of these items for the different periods under review are revenues, general operating expenses, share of net income from associates) i
Slide 38: Methodology & Alternative Performance Measures (APMs) (2/2)
Methodology & Alternative Performance Measures (APMs) (2/2) (€m) 2025 2024* 2024 Q4 2025 Q4 2024* Q4 2024 Q3 2025 Net asset management revenues 3,226 3,071 3,329 846 788 877 780 Technology 116 80 80 35 26 26 29 = Accounting data Net financial income and other net income 0 (12) (3) 2 (6) (2) (14) Net
Slide 39: Shareholding
Shareholding 31 December 2025 30 September 2025 30 June 2025 31 December 2024 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 68.67% 141,057,39
Slide 40: Contacts & Calendar
Contacts & Calendar Investors & Analysts Calendar Cyril Meilland, CFA Head of Investor Relations cyril.meilland@amundi.com Q1 2026 earnings release: Wednesday 29 April 2026 Phone: +33 1 76 32 62 67 Mobile: +33 6 35 49 42 69 Shareholders’ Meeting: Tuesday 2 June 2026 Thomas Lapeyre Annabelle Wiriath