Slide 1: Results for the second quarter & first half 2025
Results for the second quarter & first half 2025 Presentation to Investors & Analysts 29 July 2025
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
1 Highlights Valérie Baudson CEO 3 Amundi – Q2 & H1 2025 results, 29 July 2025
Slide 4: Strong first-half performance, with record net inflows and success on strategic priorities
Strong first-half performance, with record net inflows and success on strategic priorities H1 net inflows Growth in Continued success already at FY 2024 level profit before tax on strategic pillars in H1 – AuM at €2.27tn +€ 52bn – H1 profit before tax2: €895m + 4.2% – Third-party distribution: +€13b
Slide 5: Amundi, the European expert
Amundi, the European expert Breakdown of AuM by country of distribution in Europe #1 European asset manager, the only European player in Top 10 global asset managers1 AuM ~€1.7tn - ~€1.7tn managed on behalf of European clients Sweden - +€29bn H1 net inflows in Europe €12bn - Leader in the management
Slide 6: Institutional – record net inflows of +€31bn in H1
Institutional – record net inflows of +€31bn in H1 ▪ Europe: +€27bn, Asia: +€4bn ▪ France: recovery of life contracts in euros for CA & SG Insurers (+€9bn); high subscriptions into Employee Dynamic activity Savings & Retirements schemes (+€3bn) in all geographies ▪ UK / Defined Contribution: win of
Slide 7: ETF – Amundi confirms #2 position in European market
ETF – Amundi confirms #2 position in European market Leading European ETF provider ETF H1 net inflows1 of the 7 largest players2, ranked by AuM1 (€bn) Net inflows doubled H1/H1 (vs. market: +67%1) - +€19bn in H1 2025 vs. +€9bn in H1 2024 - Representing +13% annualised growth of AuM +57.0 #2 ETF coll
Slide 8: Fund Channel – MTP target achieved ahead of schedule and new developments
Fund Channel – MTP target achieved ahead of schedule and new developments Evolution of assets under distribution, 2021-June 2025 Development success MTP target achieved 6 months ahead of schedule 613 600 Success of the partnership with CACEIS 521 - CACEIS' participation in Fund Channel since May 202
Slide 9: Activity H1 & Q2 2025
2 Activity H1 & Q2 2025 Nicolas Calcoen Deputy Chief Executive Officer 9 Amundi – Q2 & H1 2025 results, 29 July 2025
Slide 10: AuM €2.27tn, up over both the half-year and the quarter
AuM1 €2.27tn, up over both the half-year and the quarter Evolution of assets under management1 June 2024 – June 2025 (€bn) H1 2025 12 months: Strong net inflows: +€52bn Net inflows +€74.9bn +5.2% +0.9% Positive market effect: +€58bn Market & Forex effect +€45.8bn Scope effect -€9.7bn +57 Sharp negat
Slide 11: Victory Capital – first integration
Victory Capital – first integration Evolution of assets under management of US operations in Q2 2025 First integration in Q2 2025 105.3 Scope Finalisation of the partnership and first efffect -€9.7bn +4.8 93.5 consolidation on 1 April -0.6 -6.3 Distrib. Victory Capital AuM $302bn / €256bn US 69.1 -6
Slide 12: H1 net inflows +€52bn, record in MLT assets at +€48bn
H1 net inflows +€52bn, record in MLT assets2 at +€48bn Net inflows1 H1 2025 vs. H1 2024, Q1 & Q2 (€bn) H1 & Q2 2025 MLT assets excl. JV Treasury products excl. JV JV H1 2025 In H1, +€52bn, close to FY 2024 (+€55bn) +€32.1bn +€51.6bn +€31.1bn +€20.4bn Record in MLT2 assets at +€48bn: - Positive in ac
Slide 13: Sustained high performance of open-ended funds
Sustained high performance of open-ended funds Open-ended funds1: ~70%2 of AuM in the first two quartiles over 1, 3 and 5 years Outperformance vs. benchmark4 Morningstar Ranking of Funds by Assets Under Management 5 years 3 years 1 year 73% 71% 71% 9% 82% 9% 11% 28% 28% 18% 20% 42% 18% 1st quartile
Slide 14: Retail – healthy flows from Third-Party Distributors
Retail – healthy flows from Third-Party Distributors Retail: net inflows1 H1 2025 vs. H1 2024, Q1 & Q2 (€bn) H1 & Q2 2025 French networks International networks In H1, continued net inflows from Third- Amundi BOC WM Third-party distribution H1 Party Distributors: 2025 - Driven by ETFs (+€11.4bn) - A
Slide 15: Institutional – net inflows +€31bn in H1
Institutional – net inflows +€31bn in H1 Institutional investors: net inflows 1 H1 2025 vs. H1 2024, Q1 & Q2 (€bn) H1 & Q2 2025 Corporate & Employee savings MLT assets: CA & SG insurers In H1, MLT2 inflows of +€44bn H1 Institutional & sovereigns - People's Pension mandate (Q1) 2025 Treasury products
Slide 16: JV – positive net inflows in all geographies
JV – positive net inflows in all geographies JV: net inflows H1 2025 vs. H1 2024, Q1 & Q2 (€bn) H1 & Q2 2025 SBI MF (India) NH Amundi (Korea) During H1, net inflows driven by India ABC CA (China, Channel business (China) (SBI MF) and Korea (NH-Amundi), mainly in H1 excl. Channel business) MLT2 asset
Slide 17: Results H1 & Q2 2025
3 Results H1 & Q2 2025 Nicolas Calcoen Deputy Chief Executive Officer 17 Amundi – Q2 & H1 2025 results, 29 July 2025
Slide 18: H1 2025 Results
H1 2025 Results The income statement for the first half of 2025 includes, in the first quarter, Amundi US fully integrated in each line of the statement and, in the second quarter, the equity-accounted contribution of Victory Capital (group share, i.e. 26%). As Victory Capital has not yet published
Slide 19: Revenues +5% H1/H1*
Revenues +5% H1/H1* Adjusted revenues1 (€m) H1 2025 Management fees: +4.6% in a context of +4.9% market appreciation and increase of average 1,703 52 assets under management 1,623 47 52 Lower performance fees 58 66 35 Technology revenues: +48%; integration of aixigo (from Q4 24) and continued organi
Slide 20: Margins – impact from the deconsolidation of Amundi US
Margins – impact from the deconsolidation of Amundi US Margins on average assets under management (bp)1 H1 2025 17.8 17.7 17.7 Margin on average AuM: 16.5bp 16.5 - mainly impacted by the deconsolidation of Amundi US 16.4 15.9 in Q2 H1 2025 pro forma average AuM*: 15.9bp - Negative effect of the prod
Slide 21: Costs +5% H1/H1*
Costs +5% H1/H1* Adjusted operating expenses1 (€m) H1 2025 +5.3% Neutral jaws effect: revenue growth in line with cost growth 894 Growth in operating expenses contained 849 despite the following: - the integration of Alpha Associates (Q2 2024) and 52.3% 52.5% aixigo (Q4 2024), for about a third of t
Slide 22: Profit before tax up +4% H1/H1*
Profit before tax up +4% H1/H1* Adjusted profit before tax1 (€m) H1 2025 +4.2% Gross operating income: €808m, +4.5% H1/H1* 858 895 Contribution from JVs up +7.1%, driven by 61 32 66 26 India’s SBI MF (+7.4%) Net contribution from US operations2: - synergies announced not yet accounted for ($110m @10
Slide 23: First-half adjusted net income of €638m
First-half adjusted net income1 of €638m Adjusted profit before tax and net income1 (€m) H1 2025 +4.2% Adjusted Net income1 of €638m, including the exceptional tax contribution in France2 of -€54m 858 895 - Excluding the exceptional tax contribution2, net income1 of €692m Adj. net income, Impact of
Slide 24: Q2 2025 Results
Q2 2025 Results Note: The quarterly series have been restated as if Amundi US had been consolidated using the 100% equity method up to and including Q1 2025; In the second quarter 2025, after the closing of the partnership with Victory Capital, the contribution from Amundi US is replaced by the cons
Slide 25: Q2 revenues – management fees up slightly despite the unfavourable forex impact
Q2 revenues – management fees up slightly despite the unfavourable forex impact Q2 2025 Adjusted revenues1 (€m) Management fees +1.2% vs. Q2 2024* and -1.0% -2.7% vs. Q1 2025* due to: 831 823 - the decline in the average dollar of -5% YoY 799 790 777 18 and -7% QoQ (~25% of underlying assets 23 26 3
Slide 26: Stable costs Q2/Q2* excluding aixigo
Stable costs Q2/Q2* excluding aixigo Adjusted operating expenses1 (€m) Q2 2025 Expenses well controlled +1.6% - Most of the increase comes from aixigo integration from Q4 2024 (€5m in Q2) Cost/income ratio1: 52.7%, in line with our 410 403 425 416 417 target (< 53%) 2026 optimisation plan: launch co
Slide 27: Q2 profit before tax at €437m
Q2 profit before tax1 at €437m Adjusted profit before tax1 (€m) Q2 2025 -1.8% Contribution of Asian JVs up +16.6% Q2/Q2, driven by SBI MF (+19.0%) 445 462 452 437 429 32 30 22 26 Net contribution from US operations2: 33 24 33 29 28 38 - synergies announced not yet accounted for ($110m @100% and for
Slide 28: Strong financial position
Strong financial position Tangible shareholders' equity1 (€bn) 30 June Short 2025 text Tangible equity1: €4.3bn at end-June 2025, +11.4% up +11.4% YoY €4.5bn €4.3bn €4.3bn Down compared to end 2024 in connection with: €3.9bn €3.9bn €3.5bn • 2024 dividend payment (-€0.9bn) €3.2bn • negative impact of
Slide 29: Conclusion
4 Conclusion Valérie Baudson CEO 29 Amundi – Q2 & H1 2025 results, 29 July 2025
Slide 30: Strong first-half performance, with record net inflows and success on strategic priorities
Strong first-half performance, with record net inflows and success on strategic priorities H1 net inflows Growth in Continued success already at FY 2024 level profit before tax on strategic pillars – AuM at €2.27tn +€ 52bn – H1 profit before tax2: €895m + 4.2% in H1: Q4 Top line-driven • up in H1 an
Slide 31: Appendices
5 Appendices 31 Amundi – Q2 & H1 2025 results, 29 July 2025
Slide 32: AuM – well diversified by clients, asset classes & geographies
AuM – well diversified by clients, asset classes & geographies Full range Large client base Global Presence by asset classes Retail - 29% Passive management - 20% €2,267bn Victory-US French distribution networks Index & Smart beta Real & alternative Rest of the Assets under 6% International assets T
Slide 33: Margins impacted by the deconsolidation of Amundi US
Margins impacted by the deconsolidation of Amundi US Net management fees (€M) and margins1 on average AuM excluding JVs (bp) 3,184 2,965 2,940 Net asset management revenue ex. Perf. fees (€M) 1,542 17.8 17.7 17.7 Margin on average AuM (bp) 16.5 2022 2023 2024 H1 2025 Retail Institutional excluding C
Slide 34: Adjusted income statement – first half & second quarter
Adjusted income statement1 – first half & second quarter H1 % c$g. % ch. % ch. (€M) H1 2025 2024** H1/H1* Q2 2025 Q2 2024* Q2/Q2* Q1 2025* Q2/Q1* Net revenue - Adjusted 1,703 1,623 +4.9% 790 799 -1.0% 823 -3.9% Net management fees 1,542 1,475 +4.6% 717 709 +1.2% 737 -2.7% Performance fees 58 66 -13.
Slide 35: Explanations of pro forma data
Explanations of pro forma data The quarterly series have been restated as if Amundi US had been consolidated using the 100% equity method up to and including Q1 2025; for H1 2025 no restatement has been applied, so Amundi US is fully integrated in Q1 2025, and H1 2024 has been restated in a comparab
Slide 36: Rising markets
Rising markets Evolution of equity & bond markets from Q1 2024 to Q2 2025 Q2 2025 135 Base 100 = Average 2021 Equities markets1 up year- 130 50% MSCI World / 50% Eurostoxx Bloomberg Euro Aggregate on-year: on average +8% 125 Q2/Q2 and stable Q2/Q1 Dotted lines: quarterly averages 120 Bond markets2 u
Slide 37: European open-ended fund market – continued recovery in Q2
European open-ended fund market – continued recovery in Q2 Net inflows on the European market (open-ended funds), from 2021 to H1 2024 (€bn) Q2 2024 Treasury products MLT Assets / Passive management Gradual recovery of net H1 MLT Assets / Active management Total 2025 inflows +213 Driven by passive +
Slide 38: Assets under management & Net inflows – by client segments
Assets under management & Net inflows1 – by client segments AuM AuM % ch. Inflows Inflows Inflows Inflows (€bn) 30.06.2025 30.06.2024 /30.06.2024 Q2 2025 Q2 2024 H1 2025 H1 2024 French networks 139 133 +4.3% -0.7 -2.4 -0.5 -0.9 International networks 161 165 -2.5% -2.9 -0.8 -5.6 -2.8 o/w Amundi BOC
Slide 39: Assets under management & Net inflows – by asset classes
Assets under management & Net inflows1 – by asset classes AuM AuM % ch. Inflows Inflows Inflows Inflows (€bn) 30.06.2025 30.06.2024 /30.06.2024 Q2 2025 Q2 2024 H1 2025 H1 2024 Equities 556 515 +8.0% +6.9 +3.2 +33.3 +0.7 Multi-assets 270 282 -4.3% +0.1 +0.7 -0.9 -6.9 Bonds 737 706 +4.3% +6.6 +10.1 +2
Slide 40: Assets under management & Net inflows – by management types & asset classes
Assets under management & Net inflows1 – by management types & asset classes AuM AuM % ch. Inflows Inflows Inflows Inflows (€bn) 30.06.2025 30.06.2024 /30.06.2024 Q2 2025 Q2 2024 H1 2025 H1 2024 Active management 1,118 1,122 -0.4% +2.9 +8.0 +9.1 +9.3 Equities 196 207 -5.4% -0.8 -0.4 -4.8 -3.1 Multi-
Slide 41: Assets under management & Net inflows – by geographic areas
Assets under management & Net inflows1 – by geographic areas AuM AuM % ch. Inflows Inflows Inflows Inflows (€bn) 30.06.2025 30.06.2024 /30.06.2024 Q2 2025 Q2 2024 H1 2025 H1 2024 France 1,028 971 +5.9% +8.7 +0.0 +9.3 +10.0 Italy 199 207 -3.9% -1.4 -1.8 -3.4 -2.9 Rest of Europe 461 406 +13.6% -1.0 +0
Slide 42: Methodology & Alternative Performance Measures (APM) (1/2)
Methodology & Alternative Performance Measures (APM) (1/2) Accounting data Adjusted data They include the amortisation of intangible assets, recorded as other revenues, and from Q2 In order to present an income statement that is closer to economic reality, the following 2024, other non-cash charges
Slide 43: Methodology & Alternative Performance Measures (APM) (2/2)
Methodology & Alternative Performance Measures (APM) (2/2) (€m) H1 2025 H1 2024 H1 2024* Q2 2025 Q2 2024 Q2 2024* Q1 2025 Q1 2025* Net asset management revenues 1,599 1,627 1,541 752 844 758 847 760 Technology 52 35 35 26 17 17 26 26 = Accounting data Net financial income and other net income 12 6 3
Slide 44: Shareholding
Shareholding 30 June 2025 31 March 2025 31 December 2024 30 June 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 68.67% 141,057,399 68.67% 141,057,399 68.67%
Slide 45: Contacts & Calendar
Contacts & Calendar Investors & Analysts Calendar Cyril Meilland, CFA Annual General Meeting – 27 May 2025 Head of Investor Relations cyril.meilland@amundi.com Ex-dividend date 2024: 10 June 2025, payment from 12 June 2025 Phone: +33 1 76 32 62 67 Mobile: +33 6 35 49 42 69 Third-Party Distribution w