Amundi : 14 -2025 Individual financial statements

About this update from Amundi Sa

▌ 7.1 ANNUAL FINANCIAL STATEMENTS 394 ▌ 7.2 NOTES TO THE ANNUAL FINANCIAL STATEMENTS 397 ▌ 7.3 STATUTORY AUDITORS' REPORT ON THE ANNUAL FINANCIAL STATEMENTS 433 INDIVIDUAL FINANCIAL STATEMENTS ‌Annual financial statements Balance sheet as at 31 December 2025 Assets (in € thousands) Notes 31/12/2025 31/12/2024 Interbank transactions and similar items 3,183,120 3,032,537 Cash, central banks 1,897,926 1,368,918 Treasury bills and similar 5 Amounts due from credit institutions 3 1,285,194 1,663,619 Receivables due from clients 4 212,585 171,453 Securities transactions 2,563,055 2,508,476 Bonds and other fixed-income securities 5 139,892 140,729 Equities and other variable-rate securities 5 2,423,163 2,367,747 Non-current assets 6,837,602 6,837,630 Equity investments and other long-term securities 6-7 286,926 286,926 Shares in affiliated companies 6-7 6,550,667 6,550,694 Intangible assets 7 Property, plant and equipment 7 9 11 Unpaid share capital Treasury shares 8 100,750 117,907 Accruals, prepayments and sundry assets 440,574 480,024 Other assets 9 386,708 419,904 Accruals 9 53,866 60,120 TOTAL ASSETS 13,337,686 13,148,027 7 INDIVIDUAL FINANCIAL STATEMENTS Annual financial statements Liabilities (in € thousands) Notes 31/12/2025 31/12/2024 Interbank transactions and similar items 2,761,323 2,634,643 Central banks Amounts due to credit institutions 11 2,761,323 2,634,643 Amounts due to clients 12 3,657,612 3,334,326 Debt securities 13 416,902 483,488 Accruals, deferred income and sundry liabilities 443,016 428,683 Other liabilities 14 415,510 406,375 Accruals 14 27,506 22,308 Provisions and subordinated debt 347,258 358,472 Provisions 15-16-17 41,152 52,382 Subordinated debt 18 306,106 306,091 Fund for general banking risks (FGBR) 37,149 37,149 Shareholders' equity excluding FGBR: 19 5,674,426 5,871,265 Share capital 515,966 513,548 Share premiums 2,670,848 2,630,367 Reserves 63,526 63,285 Revaluation adjustment Regulated provisions and investment subsidies Retained earnings 1,797,803 1,935,880 Net income pending approval/interim dividends Profit/(loss) for the year 626,283 728,186 TOTAL EQUITY & LIABILITIES 13,337,686 13,148,027 Off balance sheet (in € thousands) Notes 31/12/2025 31/12/2024 COMMITMENTS GIVEN Financing commitments 26 Guarantee commitments 26 Commitments on securities 26 2,902,061 2,042,441 (in € thousands) 31/12/2025 31/12/2024 COMMITMENTS RECEIVED Financing commitments 26 Guarantee commitments 26 Commitments on securities 26 1,750,000 1,750,000 Income statement as at 31 December 2025 (in € thousands) Notes 31/12/2025 31/12/2024 Interest and similar income 27 90,975 104,102 Interest and similar expenses 27 (202,985) (271,154) Income from variable-income securities 28 775,965 728,256 Fee and commission income 29 5,376 3,594 Fee and commission expenses 29 (2,625) (6,356) Gains (losses) on trading book 30 11,026 16,169 Gains (losses) on short-term investment portfolios and similar 31 36,685 177,658 Other banking income 32 24,313 24,210 Other banking operating expenses 32 (24,308) (24,201) Net banking income 714,422 752,279 Operating expenses 33 (57,737) (55,614) Depreciation, amortisation and impairment of property, plant and equipment and intangible assets (1) (9) Gross operating income 656,684 696,656 Cost of risk 34 Operating income 656,684 696,656 Net income on fixed assets 35 Earnings before taxes and extraordinary items 656,684 696,656 Net extraordinary items Corporate income tax Net allocation to FGBR and regulated provisions 36 (30,400) 31,530 NET INCOME 626,283 728,186 ‌Notes to the annual financial statements Detailed summary of the Notes NOTE 1 LEGAL AND FINANCIAL BACKGROUND - SIGNIFICANT EVENTS RELATING TO THE 2025 FINANCIAL YEAR 399 NOTE 5 TRADING, SHORT-TERM INVESTMENT, LONG-TERM INVESTMENT AND MEDIUM-TERM PORTFOLIO 1.1 Legal and financial background 399 SECURITIES 411 1.2 Significant events relating 5.1 Trading securities, investment securities and to the 2025 financial year 399 portfolio securities (excluding government 1.3 Events after the end of the reporting period 399 securities) - breakdown by major counterparty category 412 NOTE 2 ACCOUNTING PRINCIPLES AND METHODS 399 5.2 Breakdown of listed and unlisted fixed - and Loans and receivables due from credit institutions and clients - financing commitments 399 Securities portfolio 401 Non-current assets 403 Liabilities due to credit institutions and clients 403 Debt securities 403 Provisions 403 Fund for general banking risks (FGBR) 403 Forward financial instrument and options transactions 404 Currency transactions 404 Off-balance sheet commitments 405 Employee profit-sharing and incentive plans 405 Post-employment benefits 405 as part of the company savings plan 406 ASSETS 416 2.14 Extraordinary income and expenses 406 2.15 Income tax charge 407 NOTE 10 IMPAIRMENTS RECOGNISED AS DEDUCTION FROM ASSETS 417 NOTE 3 AMOUNTS DUE TO CREDIT INSTITUTIONS - BREAKDOWN BY DUE DATE 407 NOTE 11 AMOUNTS DUE TO CREDIT INSTITUTIONS - NOTE 4 RECEIVABLES DUE FROM CLIENTS 408 BREAKDOWN BY DUE DATE 417 4.1 Receivables due from clients - breakdown by Plan for the distribution of equities and subscriptions offered to employees variable-income securities 412 Government securities, bonds and other fixed-income securities - breakdown by remaining term 412 Treasury bills, bonds and other fixed-income securities - Analysis by geographic area 413 NOTE 6 EQUITY INVESTMENTS AND SUBSIDIARIES 413 Estimated value of equity securities 414 NOTE 7 CHANGE IN NON-CURRENT ASSETS 415 Financial assets 415 Property, plant and equipment and intangible assets 415 NOTE 8 TREASURY SHARES 416 NOTE 9 ACCRUALS, PREPAYMENTS AND SUNDRY due date 408 NOTE 12 AMOUNTS DUE TO CLIENTS 417 4.2 Receivables due from clients - breakdown by geographical area 408 12.1 Amounts due to clients - breakdown by due date 417 4.3 Receivables due from clients - Doubtful assets and impairments by geographical area 409 12.2 12.3 Amounts due to clients - breakdown by geographical area Amounts due to clients - breakdown by 418 4.4 Receivables due from clients - breakdown by economic agent 410 economic agent 418 NOTE 13 DEBT SECURITIES 419 Debt securities - Analysis by remaining term 419 Bonds (in currency of issue) 419 NOTE 14 ACCRUALS, DEFERRED INCOME AND SUNDRY LIABILITIES 420 NOTE 26 COMMITMENTS GIVEN AND RECEIVED 428 NOTE 27 NET INTEREST AND SIMILAR REVENUES 428 NOTE 15 PROVISIONS 420 NOTE 28 INCOME FROM SECURITIES 429 NOTE 16 HOME PURCHASE SAVINGS CONTRACTS 421 NOTE 29 NET COMMISSION AND FEE INCOME 429 NOTE 17 EMPLOYEE-RELATED LIABILITIES - POST- EMPLOYMENT BENEFITS, DEFINED NOTE 30 NET GAINS (LOSSES) ON TRADING BOOK BENEFIT PLANS 421 TRANSACTIONS 429 NOTE 18 SUBORDINATED DEBT - BREAKDOWN BY NOTE 31 GAINS OR LOSSES ON SHORT-TERM REMAINING TERM 422 INVESTMENT PORTFOLIOS AND SIMILAR 430 NOTE 19 CHANGE IN EQUITY (BEFORE NOTE 32 OTHER BANKING INCOME AND EXPENSES 430 DISTRIBUTION) 422 NOTE 33 GENERAL OPERATING EXPENSES 431 NOTE 20 COMPOSITION OF EQUITY 423 33.1 Headcount by category 431 NOTE 21 TRANSACTIONS WITH AFFILIATED NOTE 34 COST OF RISK 431 COMPANIES AND EQUITY INVESTMENTS 423 NOTE 35 NET INCOME ON FIXED ASSETS 431 NOTE 22 TRANSACTIONS CARRIED OUT IN FOREIGN NOTE 36 INCOME TAX CHARGE 432 CURRENCIES 423 NOTE 37 NOTE 38 ALLOCATION OF INCOME OFFICES IN NON-COOPERATIVE 432 COUNTRIES AND TERRITORIES 432 NOTE 39 COMPENSATION OF MANAGEMENT BODIES 432 NOTE 40 STATUTORY AUDITORS' FEES 432 NOTE 23 FOREIGN EXCHANGE TRANSACTIONS, LOANS AND BORROWINGS IN FOREIGN CURRENCIES 424 NOTE 24 NET GAINS (LOSSES) ON FORWARD FINANCIAL INSTRUMENTS 424 24.1 Financial futures instruments: notional assets under management by remaining term 426 24.2 Forward financial instruments: fair value 426 24.3 Information on swaps 427 NOTE 25 INFORMATION ON COUNTERPARTY RISK ON DERIVATIVES 427 ‌Note 1 LEGAL AND FINANCIAL BACKGROUND - SIGNIFICANT EVENTS RELATING TO THE 2025 FINANCIAL YEAR ‌‌ Legal and financial background Amundi is a public limited company with share capital of €515,965,815 (206,386,326 shares with a nominal value of €2.50 each). In accordance with Article 44 of the law of 16 July 1992 adapting insurance and credit legislation to the single European market, Amundi is a credit institution classified as a financial company. This text amends Article 18 of the French Banking Act 84-46 of 24 January 1984 and repeals Article 99. Under the French Financial Activity Modernisation Act 96-597 of 2 July 1997, Amundi opted to be classified as a financial company, i.e. a credit institution. The Comité des établissements de crédit et des entreprises d'investissement (Credit Institutions and Investment Firms Committee) redefined Amundi's accreditation on 19 February 2002. Amundi is authorised as a financial company to provide capital and/or performance guarantees in the area of asset management, specifically for the clients of the Crédit Agricole group or UCITS managed thereby. Ownership percentages in the Company are: 68.35% by the Crédit Agricole group; 30.86% by the public (including employees); 0.79% in treasury shares. Significant events relating to the 2025 financial year Capital increase reserved for Group employees On 15 September 2025, the Amundi group issued a press release announcing the launch of a capital increase reserved for employees, the principle of which had been authorised by the General Shareholders' Meeting of 27 May 2025. The subscription period for this capital increase reserved for employees ended on 26 September 2025. More than 2,500 employees from 15 countries took part in this capital increase by subscribing for 967,064 new shares (representing 0.47% of the capital) for a total amount of €43.4 million. ‌This capital increase took place on 23 October 2025, bringing the number of shares comprising Amundi's share capital to 206,386,326 shares. At 31 December 2025, Group employees held 2.4% of the share capital, compared with 2.1% at 31 December 2024. Events after the end of the reporting period ‌No significant events took place after the financial year end, whether recognised or not. Note 2 ACCOUNTING PRINCIPLES AND METHODS The presentation of Amundi's financial statements complies with the provisions of ANC Regulation No. 2014-07, which consolidates all accounting standards applicable to credit institutions into a single regulation. Change in accounting method: ANC Regulation No. 2023-03, mandatory from January 1, 2025, has amended various ANC regulations in coordination with ANC Regulation No. 2022-06 concerning the modernisation of financial statements. Thus, the transfer of expenses was removed from ANC Regulation No. 2014-07 relating to the accounts of companies in the banking sector. ‌The application of this new regulation constitutes a change in accounting method. This change did not have a significant impact on Amundi's annual financial statements. Loans and receivables due from credit institutions and clients - financing commitments Loans and receivables due from credit institutions, Amundi Group entities and clients are governed by ANC Regulation No. 2014-07. They are broken down according to their initial term or the nature of the credit facilities: demand loans and term loans for credit institutions; ordinary accounts, term deposits and advances for the internal transactions of the Amundi Group; trade receivables, other loans and ordinary accounts for clients. The client section includes transactions completed with financial clients. Subordinated loans, as well as repurchase agreements (taking the form of securities or assets), are incorporated under the various loans and receivables sections, depending on the type of counterparty (interbank, internal transactions within Amundi, clients). Loans and advances to banks and clients are recognised on the balance sheet at their nominal value, including accrued interest. Accrued interest not yet due on loans and receivables is recognised under related receivables through profit or loss. In accordance with ANC regulation 2014-07, commissions and fees received and the marginal cost of transactions completed are spread out over the actual life of the loan and are therefore incorporated into the outstanding balance of the relevant loan. Signed commitments recognised in the off-balance sheet section correspond to irrevocable cash loan commitments and guarantee commitments that have not resulted in movements of funds. The accounting treatment of credit risk is defined below: The use of external and/or internal rating systems makes it possible to assess the level of credit risk. Receivables and signed commitments fall under performing and doubtful loans. Performing receivables As long as receivables are not deemed doubtful, they are considered unimpaired or deteriorated and remain under their original heading. Provisions for credit risk on unimpaired, deteriorated outstanding loans With regard to credit exposures, Amundi recognises provisions on the liabilities side of its balance sheet to cover the expected credit risks over the next twelve months (exposures qualified as performing) and/or over the life of the assets if the credit quality of the exposure has deteriorated significantly (exposures classified as downgraded). These provisions are determined as part of a special monitoring process and are based on estimates showing the change in the expected credit risk level. Doubtful receivables These are receivables of all kinds, even when backed by guarantees, with a demonstrated credit risk corresponding to one of the following situations: significant payment arrears generally in excess of ninety days unless special circumstances show that the arrears are due to reasons unrelated to the debtor's situation; the entity deems it unlikely that the debtor will settle its credit obligations in full without recourse to measures such as the provision of collateral. A loan is said to be doubtful when one or more events have occurred that have a harmful effect on its estimated future cash flows. The following events are observable data that are indicative of a non-performing loan: major financial difficulties experienced by the issuer or the borrower; a breach of contract, such as failed or late payment; the granting of one or more favours by one or more lenders to the borrower for economic or contractual reasons relating to the borrower's financial difficulties that the lender(s) would not have envisaged under other circumstances; the increasing probability of the failure or financial restructuring of the borrower; the disappearance of an active market for the financial asset due to financial difficulties; the purchase or creation of a financial asset at a significant discount, which reflects the credit losses incurred. The doubtful nature of a loan may result from the combined effect of several events. A counterparty in default only returns to a performing receivable after an observation period that makes it possible to confirm that the debtor is no longer in a doubtful situation. Among doubtful loans, Amundi makes a distinction between non-performing doubtful loans and performing doubtful loans. Performing doubtful loans and receivables Performing doubtful loans and receivables are those that do not meet the definition of non-performing doubtful receivables. Non-performing doubtful loans and receivables Doubtful loans and receivables with a very poor collection outlook and for which a future write-off is being considered. For doubtful loans and receivables, interest continues to be recognised as long as the receivable is considered an uncompromised doubtful debt. It stops when the debt becomes compromised. Interest stops accruing as soon as the receivable becomes irrecoverable. Doubtful loans may be reclassified as healthy loans. Impairments for credit risk on doubtful loans As soon as a loan becomes doubtful, Amundi accounts for the probable write-off through a write-down deducted from the asset on the balance sheet. These write-downs represent the difference between the book value of the loan or receivable and the future estimated flows discounted at the contract rate, while taking into consideration the financial position and economic outlook of the counterparty, as well as any potential guarantees minus their cost of enforcement. Potential write-offs relating to off-balance sheet commitments are taken into account through provisions included in balance sheet liabilities. Accounting treatment of write-downs Impairment allocations and reversals for risk of non-recovery on doubtful loans and receivables are recognised in cost of risk. In accordance with ANC Regulation 2014-07, the Group has elected to recognise the effects of the unwinding of impairments in risk costs. Write-off The assessment of the time period for a write-off is based on the judgement of experts. Amundi determines this with its Risk Management Department, based on its knowledge of its business. Loans and receivables that have become irrecoverable are recognised as losses and the corresponding write-downs are reversed. ‌Securities portfolio The rules on recognising credit risk and impairment of fixed-income securities are described in Articles 2311-1 to 2391-1 and Articles 2211-1 to 2251-13 of ANC Regulation 2014-07. Securities are presented in the financial statements depending on their nature: Treasury bills and similar securities, bonds and other fixed-income securities (negotiable debt securities and securities of the interbank market), equities, and other variable-income securities. They are classified in the portfolios stipulated by the regulations (trading, short-term investment, long-term investment, medium-term portfolio securities, fixed assets, other long-term investments, equity interests, shares in affiliated undertakings) depending on the entity's management intention and the specifications of the product upon subscription. Trading securities These are securities which are originally: either acquired with the intention of selling them or sold with the intention of buying them back in the short term; either held by the institution as a result of its market-making activity; this classification as trading securities is subject to the condition that the stock of securities is effectively rotated and there is a significant volume of transactions, taking into account market opportunities. These securities must be tradable on an active market and the market prices must represent actual and regularly occurring market transactions under normal competitive conditions. The following are also considered trading securities: securities acquired or sold as part of specialised trading portfolio management, including forward financial instruments, securities or other financial instruments that are managed together, and showing indications of a recent short-term profit-taking profile; securities subject to a sale commitment as part of an arbitrage transaction carried out on an organised or equivalent market in financial instruments; borrowed securities (including, where applicable, borrowed securities subject to a loan reclassified as "trading securities on loan") as part of lending/borrowing transactions classified as trading securities and offset against debts representing borrowed securities recorded on the liabilities side of the balance sheet. Except in the cases provided for by ANC Regulation 2014-07, securities recorded as trading securities may not be reclassified in another accounting category and continue to follow the rules for presentation and valuation of trading securities until they are derecognised from the balance sheet through disposal, full repayment or write-off. Trading securities are recognised on their acquisition date and at their acquisition price excluding costs, including any accrued interest. The debt representing securities sold short is recorded under the liabilities of the selling institution at the selling price of the securities, excluding fees. At each reporting date, the securities are valued at the market price of the most recent day. The total balance of differences resulting from changes in exchange rates is recognised in the income statement and recorded in the item "Net gains (losses) on trading book". Trading securities are recorded on the balance sheet at their acquisition price, excluding acquisition costs. At each reporting date, the securities are valued at the market price of the most recent day. The total balance of differences resulting from changes in exchange rates is recognised in the income statement and recorded in the item "Net gains (losses) on trading book". Short-term investment securities This category concerns securities which do not fall into any of the other categories. These securities are recognised at purchase price, including transaction fees. Bonds and other fixed-income securities These securities are recorded at purchase price, including the coupon accrued at purchase. The difference between the purchase price and the redemption value is spread over the residual life of the security. Income is recognised in the income statement under the heading "Interest and similar income on bonds and other fixed-income securities". Equities and other variable-rate securities Equities are recorded on the balance sheet at their purchase price, including acquisition expenses. Revenues from dividends associated with equities are recognised in the "Revenues from variable-income securities" section of the income statement. Revenue from SICAVs (variable-capital investment companies) and mutual funds is recorded at the time the funds are received in the same section. Short-term investment securities are valued at the lower of the purchase cost or the market value at the end of the financial year. Accordingly, when the book value of one holding or of a homogeneous set of securities (calculated, for example, using the stock market price on the closing date) is lower than the carrying amount, a charge for write-down of unrealised losses is recognised without any offset for any capital gains recorded under other types of securities. Gains generated by hedges, as defined in ANC Regulation 2014-07, taking the form of purchases or sales of forward financial instruments, are taken into account in calculating write-downs. Potential capital gains are not recorded. Disposals of securities are deemed to involve the securities of the same type that were subscribed at the earliest date. Impairment allocations and reversals as well as gains or losses from disposal of short-term investment securities are recognised in "balance of short-term investment portfolios and similar transactions" of the income statement. Long-term investment securities Fixed-income securities with a fixed maturity that have been acquired or reclassified in this category with the clear intention to hold them until maturity are recorded as long-term investment securities. This category includes only those securities for which Amundi has the financing capacity required to hold them to maturity and is not subject to any existing legal or other constraints that may cast doubt upon its intention to hold these securities until maturity. Long-term investment securities are recognised at their acquisition price, including acquisition costs and coupons. The difference between the purchase price and the redemption price is spread over the residual life of the security. If investment securities are sold or transferred to another category of securities for a significant amount, the institution may no longer classify previously acquired securities and securities to be acquired as investment securities during the current financial year or the following two financial years, in accordance with ANC Regulation 2014-07. Investments in subsidiaries and affiliates, equity investments and other long-term investments Shares in affiliated companies are shares held in companies exclusively controlled, consolidated or likely to be fully consolidated in a single consolidatable unit. Participating interests are investments (other than investments in a related company), of which the long-term ownership is judged beneficial to the reporting entity, in particular because it allows it to exercise influence or control over the issuer. Other long-term securities holdings are investments made with the intention of promoting long-term business relations by creating a special relationship with the issuer, but with no influence on the issuer's management due to the small percentage of voting rights held. These securities are recognised at purchase price, including transaction fees. At the end of the financial year, these securities are measured individually based on their value in use and are recorded on the balance sheet at the lower end of their historical cost or value in use. This represents what the institution would agree to pay to acquire them given its holding objectives. The value in use may be estimated on the basis of various factors such as the issuer's profitability and profitability outlook, its equity, the economic environment or even its average share price in the preceding months or the mathematical value of the security. When value in use is lower than the historical cost, impairments are booked for these unrealised losses, without offset against any unrealised gains. Impairment allocations and reversals as well as gains or losses from disposal relating to these securities are recognised in the section "Gains or losses of short-term investment portfolios and similar transactions" of the income statement. Market price The market price at which, if applicable, the different categories of shares are valued, is determined as follows: securities traded in an active market are valued at their most recent price; if the market on which the security is traded is not or is no longer considered to be active, or if the share is not listed, Amundi Finance determines the probable trading value of the security in question by using valuation techniques. Firstly, these techniques refer to recent transactions carried out in normal competitive conditions. When appropriate, Amundi uses valuation techniques commonly used by market participants to value these securities when it has been demonstrated that these techniques produce reliable estimates of the prices obtained in actual market trades. Recording dates Amundi records securities that are classified as long-term investment securities on the settlement/delivery date. Other securities, regardless of their nature or category in which they are classified, are recorded on the trading date. Reclassification of securities In accordance with ANC Regulation 2014-07, the following reclassifications are authorised: from the trading portfolio to the investment portfolio or short-term investment portfolio in case of exceptional market situations or for fixed-income securities when they can no longer be traded on an active market and if the establishment intends and is able to hold them for the foreseeable future or until maturity; from the short-term investment portfolio to the long-term investment portfolio in the case of exceptional market situations or for fixed-income securities when they can no longer be traded on an active market. In 2025, Amundi performed no reclassifications pursuant to ANC regulation 2014-07. Buyback of treasury shares Treasury shares bought back by Amundi under a liquidity agreement are recorded under the assets of the balance sheet in a transaction portfolio for their inventory value. The treasury shares repurchased by Amundi as part of hedging the allotment of bonus shares are recognised in a marketable investment portfolio. They are subjected, where applicable, to a write-down if the book value is lower than the purchase price, with the exception of transactions related to the stock option plans or subscription of shares and the allotment of bonus shares for employees pursuant to ANC regulation 2014-07. ‌Non-current assets Amundi applies Regulation 2014-03 relating to the amortisation and impairment of assets. Amundi applies component accounting to all its property, plant and equipment. In accordance with the provisions of this regulation, the depreciable base takes account of the potential residual value of non-current assets. The purchase cost of non-current assets includes the purchase price plus any incidental expenses, namely expenses directly or indirectly incurred in connection with bringing the asset into service or "into inventory". Buildings and equipment are measured at cost less accumulated depreciation and impairment losses since the time they were placed in service. Software acquired is measured at cost less depreciation and impairment losses since the date of purchase. ‌Proprietary software is measured at cost less accumulated depreciation and impairment losses since completion. Intangible assets other than software, patents and licences are not amortised. If applicable, they may be subject to a write-down. Non-current assets are depreciated based on their estimated useful lives. The following components and depreciation periods have been adopted by Amundi following the application of component accounting for non-current assets. It should be remembered that these depreciation periods should be adapted to the nature of the construction and its location: Component Amortisation period Technical facilities 5 years and installations IT equipment 3 years Liabilities due to credit institutions and clients Liabilities due to credit institutions and clients are presented in the financial statements according to their initial durations or their nature: demand or term liabilities for credit institutions; ‌other liabilities for clients (including, in particular, financial clients). Accrued interest on these debts is registered under related payables through profit or loss. Debt securities Debt securities are presented according to the type of vehicle: savings certificates, interbank market instruments, negotiable debt securities and bonds, excluding subordinated securities included in liabilities under "Subordinated debt". Accrued interest not yet due on these debts is recognised under related payables through profit or loss. ‌Share premiums and redemption premiums of bond issues are amortised over the life of the bonds in question, and the corresponding expense is recognised in the section "Interest and similar expenses on bonds and other fixed-income securities". Provisions Amundi applies ANC Regulation 2014-03 for the recognition and measurement of provisions. ‌In particular, these provisions include provisions relating to financing commitments, retirement and early retirement liabilities, litigation and various risks. All of these risks are assessed on a quarterly basis. Fund for general banking risks (FGBR) The funds are set aside by Amundi at the discretion of its management to meet expenses or cover risks which may or may not materialise and which fall within the scope of banking activities. Provisions are released to cover any incidence of these risks during a financial year. As at 31 December 2025, the balance of this account was €37,149 thousand. ‌Forward financial instrument and options transactions Hedging and market transactions on forward financial instruments involving interest rates, foreign exchange or equities are recognised in accordance with the provisions of ANC regulation 2014-07. Commitments related to these transactions are recorded off-balance sheet at the nominal value of the contracts: this amount represents the volume of transactions in progress. At 31 December 2025, commitments on forward financial instruments totalled €524,676 thousand. The profit (losses) associated with these transactions are recognised according to the nature of the instrument and the strategy followed: Hedging transactions Gains or losses on affected hedging transactions (Category "b", Article 2522-1 of ANC Regulation 2014-07) are reported on the income statement alongside the booking of income and expenses for the hedged item and in the same accounting item. Market transactions Trading includes: isolated open positions (Category "a", Article 2522-1 of ANC Regulation 2014-07); specialised management of a trading portfolio (Category "d", Article 2522 of ANC Regulation 2014-07; instruments that are traded on an organised or similar market, traded over the counter, or included in a trading portfolio -under the terms of ANC Regulation 2014-07. They are valued by reference to their market value on the reporting date. This is determined using available market prices, if there is an active market, or based on internal valuation methods and models, in the absence of an active market. For instruments: in isolated open positions traded on organised or similar markets, all gains and losses (whether realised or unrealised) are recognised; for isolated open positions traded on over-the-counter markets, income and expenses are recognised in the income statement on a pro rata basis. Moreover, only any unrealised losses are recognised via a provision. Realised capital gains and losses are recognised in the income statement at the time of settlement; ‌when part of a trading portfolio, all gains and losses (whether realised or unrealised) are recognised. Currency transactions Assets and liabilities in foreign currencies are converted using the exchange rate at the end of the financial year. The gains or losses resulting from these conversions, as well as the translation adjustments on the financial year's transactions, are recognised in the income statement. The monetary receivables and liabilities, as well as the forward currency contracts appearing as off-balance sheet commitments in foreign currencies are translated at the foreign exchange rate prevailing at the closing date or the market price on the nearest preceding date. Counterparty risk on derivative instruments In accordance with ANC regulation 2014-07, Amundi incorporates the assessment of the counterparty risk on derivative assets in the market value of derivatives. As such, only derivatives recognised in isolated open positions or in trading portfolios (derivatives classified according to categories A and D of Article 2522-1 of the aforementioned regulation, respectively) are subject to a counterparty risk calculation on active derivatives (CVA - Credit Valuation Adjustment). The CVA makes it possible to determine expected counterparty losses from Amundi's perspective. The calculation of the CVA is based on an estimate of expected losses based on the probability of default and the loss given default. The methodology used maximises the use of observable market data. It is based on: primarily, market parameters such as single-name CDS (listed credit default swaps) or index CDS; in the absence of single-name CDS on the counterparty, an approximation based on a basket of single-name CDS counterparties with the same rating, operating in the same sector and located in the same region. Complex transactions A complex transaction is defined as a synthetic combination of instruments (types, natures and methods of valuation that are identical or different) recognised as a single lot or as a transaction whose recognition does not pertain to an explicit regulation and that involves a choice of principle by the institution. Income and expenses relating to instruments traded in complex transactions, including structured bond issues, are recognised in the income statement symmetrically with the income and expense recognition method for the hedged item. Accordingly, changes in the values of hedging instruments are not recognised in the balance sheet. Within the context of the application of ANC regulation 2014-07, Amundi implemented multi-currency accounting enabling it to monitor its foreign exchange position and to assess its exposure to this risk. ‌Off-balance sheet commitments ‌Off-balance sheet items track, in particular, the unused portion of financing commitments and guarantee commitments given and received. Where applicable, provisions are allocated for commitments given when there is a probability of a loss for Amundi. Off-balance sheet commitments for publication do not include commitments on forward financial instruments or foreign exchange transactions. Employee profit-sharing and incentive plans Employee profit-sharing and incentive plans are recognised on the income statement in the financial year in which the employees' rights are earned. ‌Some group companies have formed an Economic and Social Unit (UES) (Amundi, Amundi AM, Amundi ITS, Amundi Finance, Amundi ESR, Amundi Immobilier, Amundi Intermédiation, Amundi Private Equity Funds, Société Générale Gestion, CPR AM, and Amundi Transition Energétique). Agreements regarding employee profit-sharing and incentive plans have been signed in this context. Post-employment benefits Retirement, early retirement and end-of-career allowance commitments - defined benefit plans Amundi has applied Recommendation 2013-02 of the French Accounting Standards Authority relating to the rules for booking and assessing pension obligations and similar benefits, recommendation repealed and included in ANC Regulation 2014-03. This recommendation was amended by the ANC on 5 November 2021. For defined benefit plans for which benefits are conditional on length of service, are capped at a maximum amount and are conditional on a member of staff still being employed by the entity when they reach retirement age, this recommendation permits entitlements to be allocated on a straight-line basis from: either the employee's start date; or the date from which each year of service is retained for the acquisition of benefits. In accordance with this regulation, Amundi funds its retirement plans and similar benefits falling under the category of defined benefit plans. These commitments are assessed based on a set of actuarial, financial and demographic assumptions and using the projected unit credit method. The expense is calculated based on the future, discounted benefit. As at 2021, Amundi applies the determination of the distribution of benefits on a straight-line basis from the date on which each service year is used for the acquisition of benefits (i.e. convergence with the April 2021 IFRS IC decision on IAS 19). Profit-sharing and incentives are shown under personnel expenses. Employees seconded by Crédit Agricole SA operate under agreements signed as part of that entity's UES. The estimated expense to be paid for the profit-sharing and incentive plans allocated in this context is recognised in the financial statements. The sensitivity index shows that: a 50 bp increase in discount rates would reduce the commitment by 5.57%; a 50 bp drop in discount rates would increase the commitment by 5.97%. Within the Amundi Group, Amundi Asset Management has entered into an insurance contract with PREDICA to cover end-of-career allowances (IFC) and mandate agreements have been signed between Amundi and the subsidiaries of the UES. This outsourcing of end-of-career allowances is reflected by transferring some of the existing liability provision from the books to the PREDICA contract. The non-outsourced balance is still recorded under the provision for liabilities. Retirement plans - defined contribution plans Employers contribute to a variety of compulsory pension schemes. Plan assets are managed by independent organisations and the contributing companies have no legal or implied obligation to pay additional contributions if the funds do not have sufficient assets to cover all benefits corresponding to services rendered by the employees during the financial year and during prior years. Consequently, Amundi has no liabilities in this respect other than its contributions for the year ended. The amount of contributions under these pension schemes is recorded as "personnel expenses". ‌Plan for the distribution of equities and subscriptions offered to employees as part of the company savings plan Share award scheme Some performance share plans granted to certain categories of employees have been created. These shares, vested over a period of between 1 and 5 years, are repurchased in advance. They will be re-invoiced to the Group's employing companies when the shares are delivered. These award schemes are described below: Performance share award schemes Date of General Shareholders' Meeting authorising the share award scheme 10/05/2021 10/05/2021 10/05/2021 10/05/2021 12/05/2023 12/05/2023 12/05/2023 12/05/2023 Date of Board meeting 28/04/2022 28/04/2022 27/04/2023 27/04/2023 25/04/2024 25/04/2024 28/04/2025 28/04/2025 Date of allocation of shares 28/04/2022 18/05/2022 27/04/2023 12/05/2023 25/04/2024 24/05/2024 28/04/2025 27/05/2025 Number of shares allocated 465,270 8,160 433,140 12,980 317,020 10,390 292,875 9,435 Payment methods Amundi Amundi Amundi Amundi Amundi Amundi Amundi Amundi shares shares shares shares shares shares shares shares Vesting period 28/04/2022 28/04/2022 27/04/2023 27/04/2023 25/04/2024 24/05/2024 28/04/2025 27/05/2025 02/05/2025 03/05/2027 05/05/2026 04/05/2028 05/05/2027 06/05/2029 05/05/2028 07/05/2030 Performance conditions (1) Yes Yes Yes Yes Yes Yes Yes Yes Continued employment condition Yes Yes Yes Yes Yes Yes Yes Yes Equities remaining as at 31 December 2024 (2) 431,050 4,896 406,810 10,384 306,700 10,390 Shares awarded during the period 292,875 9,435 Shares delivered during the period 304,400 1,632 2,596 2,078 Shares cancelled or voided during the period 126,650 128,890 13,970 9,407 Shares remaining as at 31 December 2025 (2) 3,264 277,920 7,788 292,730 8,312 283,468 9,435 Fair value of an equity Tranche 1 €45.47 €53.60 €45.82 €54.00 €52.23 €60.75 €56.18 €65.05 Tranche 2 n.a. €49.62 n.a. €49.94 n.a. €56.61 n.a. €60.78 Tranche 3 n.a. €45.47 n.a. €45.82 n.a. €52.23 n.a. €56.18 Tranche 4 n.a. €41.08 n.a. €41.47 n.a. €47.67 n.a. €51.29 Tranche 5 n.a. €36.76 n.a. €37.12 n.a. €43.11 n.a. €46.40 Performance targets are based on net income group share (NIGS), the amount of net inflows and the Group's cost-to-income ratio. Number of shares based on the full achievement of performance conditions. Stock options under the company savings Plan ‌Subscriptions for shares offered to employees under the company savings plan, at a maximum discount of 30%, are not subject to a vesting period but do have a five-year period during which they may not be sold. These share subscriptions are recognised in accordance with the provisions relating to capital increases. Extraordinary income and expenses These consist of expenses and income that occur on an exceptional basis and that are associated with operations that do not pertain to Amundi's ordinary business activities. ‌Income tax charge Generally, only the current tax liability is recorded in the financial statements. The tax charge shown in the income statement is the corporate tax due for the financial year. It includes the consequences of the company's contribution of profits. When tax credits on income from securities portfolios and amounts receivable are effectively used to pay income tax due for the year, they are recognised under the same heading as the income with which they are associated. The corresponding tax charge continues to be recognised under "Corporate income tax" in the income statement. Amundi introduced a tax consolidation system in 2010. By 31 December 2019, 16 entities had signed a tax consolidation agreement with Amundi. Under these agreements, each company that is part of the tax consolidation scheme recognises the tax that it would have paid in the absence of the scheme in its financial statements. Following the signature of a tax consolidation agreement on 15 April 2010, Amundi heads the tax consolidation group. In addition to Amundi S.A., this group includes the following 16 companies: CPR Asset Management; Amundi Finance; Amundi Intermédiation; Société Générale Gestion; Amundi AM; Amundi Immobilier; Amundi Private Equity Funds; Amundi ESR; Amundi Finance Emissions; LCL Emissions; Amundi India Holding; Amundi Ventures; Valinter 19; Valinter 20; SNC Amundi IT Services; ANATEC. ‌Note 3 AMOUNTS DUE TO CREDIT INSTITUTIONS -BREAKDOWN BY DUE DATE (in € thousands) 31/12/2025 31/12/2024 < 3 months > 3 months < 1 year > 1 year < 5 years > 5 years Total principal Related receivables Total Total Credit institutions Accounts and loans: repayable on demand repayable at maturity Securities received under repurchase agreements Securities bought under repurchase agreements Subordinated loans 7,985 337,612 568,702 280,953 85,000 7,985 1,272,267 4,942 7,985 1,277,209 63,069 1,600,550 Total 345,597 568,702 280,953 85,000 1,280,252 4,942 1,285,194 1,663,619 Impairments NET CARRYING AMOUNT 345,597 568,702 280,953 85,000 1,280,252 4,942 1,285,194 1,663,619 Ordinary accounts Term deposits and advances Total Impairments NET CARRYING AMOUNT TOTAL 345,597 568,702 280,953 85,000 1,280,252 4,942 1,285,194 1,663,619 ‌Note 4 RECEIVABLES DUE FROM CLIENTS ‌ Receivables due from clients - breakdown by due date (in € thousands) 31/12/2025 31/12/2024 < 3 months > 3 months < 1 year > 1 year < 5 years > 5 years Total principal Related receivables Total Total Trade receivables Other client loans Securities received under repurchase agreements Current accounts in debit ‌Impairments 32,736 3,500 174,700 210,936 1,649 212,585 171,453 NET BALANCE SHEET AMOUNT 32,736 3,500 174,700 210,936 1,649 212,585 171,453 Receivables due from clients - breakdown by geographical area In € thousands 31/12/2025 31/12/2024 France (including overseas departments and territories) Other EU countries Other European countries North America Central and Latin America Africa and the Middle East Asia and Oceania (excluding Japan) Japan International organisations 196,600 3,900 10,436 159,700 400 10,580 Total principal 210,936 170,680 Accrued interest Impairments 1,649 773 NET BALANCE SHEET AMOUNT 212,585 171,453 ‌Receivables due from clients - Doubtful assets and impairments by geographical area In € thousands 31/12/2025 Write-downs Of which non- of non- Of which performing Write-downs of performing Gross assets doubtful loans doubtful loans doubtful loans doubtful loans France (including overseas departments and territories) 196,600 Other EU countries 3,900 Other European countries 10,436 North America Central and Latin America Africa and the Middle East Asia and Oceania (excluding Japan) Japan International organisations Accrued interest 1,649 BALANCE SHEET VALUE 212,585 Of which 31/12/2024 Of which non- performing Write-downs of Write-downs of non-performing (in € thousands) Gross assets doubtful loans doubtful loans doubtful loans doubtful loans France (including overseas departments and territories) 159,700 Other EU countries 400 Other European countries 10,580 North America Central and Latin America Africa and the Middle East Asia and Oceania (excluding Japan) Japan International organisations Accrued interest 773 BALANCE SHEET VALUE 171,453 ‌Receivables due from clients - breakdown by economic agent In € thousands 31/12/2025 Write-downs Of which non- Write-downs of non- Of which performing of doubtful performing Gross assets doubtful loans doubtful loans loans doubtful loans Individual clients Farmers Other professionals Financial companies Corporates Public authorities Other economic agents Accrued interest 42,836 168,100 1,649 BALANCE SHEET VALUE 212,585 (in € thousands) Individual clients Farmers Other professionals Gross assets Of which doubtful loans 31/12/2024 Of which non-performing doubtful loans Write-downs of doubtful loans Write-downs of non-performing doubtful loans Financial companies 26,880 Corporates 143,800 Public authorities Other economic agents Accrued interest 773 BALANCE SHEET VALUE 171,453 ‌Note 5 TRADING, SHORT-TERM INVESTMENT, LONG-TERM INVESTMENT AND MEDIUM-TERM PORTFOLIO SECURITIES In € thousands 31/12/2025 31/12/2024 Transaction Short-term investment Medium- term portfolio securities Long-term investment Total Total Treasury bills and similar securities: of which premium still to be amortised - treasury bills of which discount yet to be amortised - treasury bills Accrued interest - treasury bills Impairments - treasury bills Net carrying amount Bonds and other fixed income securities: 14,848 125,000 139,848 140,672 Issued by public bodies Other issuers 14,848 125,000 139,848 140,672 of which premium yet to be amortised - bonds and other fixed-income securities of which discount yet to be amortised - bonds and other fixed-income securities Accrued interest - bonds and other fixed-income securities 53 53 77 Impairments - bonds and other fixed-income securities (9) (9) (20) Net carrying amount 14,892 125,000 139,892 140,729 Equities and other variable-rate securities 9,143 2,427,198 2,436,341 2,377,907 Accrued interest - equities and other variable-income securities Impairments - equities and other variable-income securities (13,179) (13,179) (10,161) Net carrying amount 9,143 2,414,019 2,423,162 2,367,747 TOTAL 9,143 2,428,911 125,000 2,563,054 2,508,476 ESTIMATED VALUES 9,143 2,536,282 125,000 2,670,425 2,577,174 The estimated value of unrealised capital gains held in the investment portfolio was €107,419 thousand as at 31 December 2025, compared with €68,769 thousand at 31 December 2024. The estimated value of the short-term investment securities corresponds to the last trading price. ‌Trading securities, investment securities and portfolio securities (excluding government securities) - breakdown by major counterparty category In € thousands Net assets under management 31/12/2025 Net assets under management 31/12/2024 Administration and central banks (including governments) Credit institutions Financial companies Local authorities Corporates, insurance companies and other customers Other and non-allocated 139,848 2,435,746 595 140,672 2,377,310 597 Total principal 2,576,189 2,518,579 Accrued interest 53 77 ‌Impairments (13,188) (10,181) NET BALANCE SHEET AMOUNT 2,563,054 2,508,476 Breakdown of listed and unlisted fixed - and variable-income securities (in € thousands) 31/12/2025 31/12/2024 Bonds and other fixed-income securities Treasury bills and similar Equities and other variable-income securities Total Bonds and other fixed-income securities Treasury bills and similar Equities and other variable-income securities Total Listed securities 9,413 9,413 7,507 7,507 Unlisted securities 139,848 2,426,928 2,566,776 140,672 2,370,401 2,511,073 Accrued interest 53 53 77 77 Impairments (9) (13,179) (13,188) (20) (10,161) (10,181) ‌NET BALANCE SHEET AMOUNT 139,892 2,423,162 2,563,054 140,729 2,367,747 2,508,476 Government securities, bonds and other fixed-income securities -breakdown by remaining term In € thousands 31/12/2025 31/12/2024 < 3 months > 3 months > 1 year < 1 year < 5 years > 5 years Total principal Related receivables Total Total Bonds and other fixed-income securities Gross value (bonds and other fixed-income securities) Impairments - bonds and other fixed-income securities 14,848 125,000 (9) 139,848 (9) 53 139,901 (9) 140,749 (20) NET CARRYING AMOUNT 14,848 124,991 139,839 53 139,892 140,729 Treasury bills and similar Gross value Impairments - treasury bills and similar securities NET CARRYING AMOUNT ‌Treasury bills, bonds and other fixed-income securities -Analysis by geographic area In € thousands Net assets under management 31/12/2025 Net assets under management 31/12/2024 France (including overseas departments and territories) Other EU countries Other European countries North America Central and South America Africa and the Middle East Asia and Oceania (excluding Japan) Japan 14,848 125,000 15,672 125,000 Total principal 139,848 140,672 Accrued interest 53 77 ‌Impairments (9) (20) NET CARRYING AMOUNT 139,892 140,729 Note 6 EQUITY INVESTMENTS AND SUBSIDIARIES Situation as at 31/12/2025 (in € thousands) Company Financial information Carrying amount of securities held Loans and advances granted by the company still outstanding Amount of deposits and sureties given by the Company Revenue excl. tax for the year ended Net income (profit or loss for the year ended) Dividends received by the Company during the financial year Currency Share capital Equity other than share capital Percentage of capital owned (in %) Gross value Net value Equity investments with a book value of over 1% of Amundi S.A.'s share capital SHARES IN AFFILIATED COMPANIES HELD IN CREDIT INSTITUTIONS (MORE THAN 50% OF SHARE CAPITAL) SHARES IN AFFILIATED COMPANIES HELD IN CREDIT INSTITUTIONS (10% TO 50% OF SHARE CAPITAL) AMUNDI FINANCE EUR 40,320 548,199 23,87% 227,358 227,358 185,450 116,992 36,043 OTHER SHARES IN AFFILIATED COMPANIES (MORE THAN 50% OF SHARE CAPITAL) AMUNDI AM EUR 1,143,616 5,820,552 100,00% 5,323,774 5,323,774 1,880,385 1,751,994 500,141 AMUNDI IMMOBILIER EUR 16,685 68,907 99,99% 63,989 63,989 103,263 28,918 33,290 AMUNDI PRIVATE EQUITY FUNDS EUR 12,394 53,718 59,93% 33,998 33,998 50,505 19,145 14,701 CPR ASSET MANAGEMENT (1) EUR 61,462 47,094 88,14% 159,937 159,937 397,441 94,218 114,842 SOCIETE GENERALE GESTION EUR 567,034 51,133 99,00% 737,437 737,437 399,266 77,972 69,075 OTHER SHARES IN AFFILIATED COMPANIES (10% TO 50% OF SHARE CAPITAL) OTHER SHARES IN AFFILIATED COMPANIES (1% TO 10% OF SHARE CAPITAL) Equity investments with a book value lower than 1% of Amundi SA's share capital EUR 4,506 4,175 TOTAL SUBSIDIARIES AND EQUITY INVESTMENTS 6,550,997 6,550,667 (1) Merger by absorption between BFT INVESTMENT MANAGERS and CPR ASSET MANAGEMENT (acquiring entity) on 01/10/2025 with retroactive effect as of 01/01/2025. "Net income for the year ended" concerns income for the current financial year. ‌6.1 Estimated value of equity securities (in € thousands) 31/12/2025 31/12/2024 Carrying amount Estimated value Carrying amount Estimated value Shares in affiliated companies Unlisted securities (1) 6,550,997 22,055,707 6,550,997 6,550,694 Listed securities Advances available for consolidation Related receivables Impairment (331) (304) NET CARRYING AMOUNT 6,550,667 22,055,707 6,550,694 6,550,694 Equity investments and other long-term securities Equity investments Unlisted securities Listed securities Advances available for consolidation Related receivables Impairment Sub-total of equity securities Other long-term securities holdings Unlisted securities Listed securities Advances available for consolidation Related receivables Impairment 286,926 366,547 286,926 316,603 Sub-total of other long-term securities held 286,926 366,547 286,926 316,603 NET CARRYING AMOUNT 286,926 366,547 286,926 316,603 TOTAL EQUITY SECURITIES 6,837,593 22,422,253 6,837,620 6,867,297 (in € thousands) Carrying amount Estimated value Carrying amount Estimated value TOTAL GROSS VALUES Unlisted securities 6,550,997 22,055,707 6,550,997 6,550,694 Listed securities 286,926 366,547 286,926 316,603 TOTAL 6,837,923 22,422,253 6,837,923 6,867,297 (1) For unlisted securities, fair value is now reported as estimated value. ‌Note 7 CHANGE IN NON-CURRENT ASSETS ‌ Financial assets (in € thousands) 01/01/2025 Increases (Acquisitions) Decreases (disposals, Other maturity) movements 31/12/2025 Shares in affiliated companies Gross values Advances available for consolidation Related receivables Impairment 6,550,998 (304) (29) 2 6,550,998 (331) NET CARRYING AMOUNT 6,550,694 (29) 2 6,550,667 Equity investments Gross values Advances available for consolidation Related receivables Impairment Other long-term securities holdings Gross values Advances available for consolidation Related receivables Impairment 286,926 286,926 ‌NET CARRYING AMOUNT 286,926 286,926 TOTAL 6,837,620 (29) 2 6,837,593 Property, plant and equipment and intangible assets (in € thousands) 01/01/2025 Increases (Acquisitions) Decreases (disposals, Other maturity) movements 31/12/2025 Property, plant and equipment Gross values Amortisation and impairment 46 (36) 1 (1) 47 (37) NET CARRYING AMOUNT 10 1 (1) 10 Intangible assets Gross values 420 420 Amortisation and impairment (420) (420) NET CARRYING AMOUNT TOTAL 10 1 (1) 10 ‌Note 8 TREASURY SHARES (in € thousands) 31/12/2025 31/12/2024 Trading securities Short-term investment securities Non-current assets Total Total Number 122,522 1,509,324 1,631,846 1,992,485 Carrying amount 8,650 92,100 100,750 119,566 Market value 8,650 92,100 100,750 117,907 ‌Treasury shares held under a liquidity agreement are recognised in the trading portfolio. Treasury shares held to hedge a share allocation plan are recognised in the investment portfolio. Note 9 ACCRUALS, PREPAYMENTS AND SUNDRY ASSETS (in € thousands) 31/12/2025 31/12/2024 Other assets (1) Financial options bought Inventory accounts and miscellaneous Sundry debtors (2) Collective management of LDD securities Settlement accounts 1,868 384,840 6,312 413,592 NET CARRYING AMOUNT 386,708 419,904 Accruals Collection and transfer accounts Adjustment accounts and variance accounts Unrealised losses and deferred losses on financial instruments Accrued income on commitments on financial futures Other accrued income 41,760 52,740 Prepaid expenses 213 274 Deferred expenses 3,577 755 Other accruals 8,316 6,351 Net carrying amount 53,866 60,120 TOTAL 440,574 480,024 Amounts include related receivables. Including €2,490 thousand in respect of the contribution to the Resolution Fund paid in the form of a guarantee deposit. This guarantee deposit can be used by the Resolution Fund, at any time and unconditionally, to finance an intervention ‌Note 10 IMPAIRMENTS RECOGNISED AS DEDUCTION FROM ASSETS (in € thousands) Balance at 31/12/2024 Allocations Reversals and uses Accretion Other transactions Balance at 31/12/2025 On interbank and similar transactions On customer receivables On securities transactions On fixed assets On other assets 12,143 1,560 (181) (4) 13,518 TOTAL 12,143 1,560 (181) (4) 13,518 ‌Note 11 AMOUNTS DUE TO CREDIT INSTITUTIONS -BREAKDOWN BY DUE DATE (in € thousands) ≤ 3 months > 3 months ≤ 1 year > 1 year ≤ 5 years 31/12/2025 > 5 years Total principal Accrued interest Total 31/12/2024 Total Credit institutions Accounts and borrowings: repayable on demand 1,199,700 1,199,700 64 1,199,764 960,377 repayable at maturity 168,375 340,000 1,050,000 1,558,375 3,184 1,561,559 1,674,266 Securities under repurchase agreements Securities sold under repurchase agreements ‌CARRYING AMOUNT 1,368,075 340,000 1,050,000 2,758,075 3,248 2,761,323 2,634,643 ‌Note 12 AMOUNTS DUE TO CLIENTS Amounts due to clients - breakdown by due date (in € thousands) < 3 months > 3 months < 1 year > 1 year < 5 years 31/12/2025 > 5 years Total principal Accrued interest Total 31/12/2024 Total Current accounts in credit Special-rate savings accounts: Other debts to clients 689,600 162,000 2,777,684 3,629,284 28,328 3,657,612 3,334,326 72,600 72,600 4 72,604 41,403 617,000 162,000 2,777,684 3,556,684 28,324 3,585,008 3,292,923 Assets sold under repurchase agreements BALANCE SHEET VALUE 689,600 162,000 2,777,684 3,629,284 28,328 3,657,612 3,334,326 repayable on demand repayable at maturity repayable on demand repayable at maturity ‌Amounts due to clients - breakdown by geographical area In € thousands 31/12/2025 31/12/2024 France (including overseas departments and territories) Other EU countries Other European countries North America Central and Latin America Africa and the Middle East Asia and Oceania (excluding Japan) Japan Non-allocated and international organisations 2,850,284 779,000 2,646,700 666,000 Total principal 3,629,284 3,312,700 ‌Accrued interest 28,328 21,626 BALANCE SHEET VALUE 3,657,612 3,334,326 Amounts due to clients - breakdown by economic agent In € thousands 31/12/2025 31/12/2024 Individual clients Farmers Other professionals Financial companies Corporates Public authorities Other economic agents 3,629,284 3,312,700 Total principal 3,629,284 3,312,700 Accrued interest 28,328 21,626 BALANCE SHEET VALUE 3,657,612 3,334,326 ‌Note 13 DEBT SECURITIES ‌ Debt securities - Analysis by remaining term (in € thousands) 31/12/2025 31/12/2024 ≤ 3 months > 3 months ≤ 1 year > 1 year ≤ 5 years > 5 years Total principal Accrued interest Total Total Interest-bearing notes Interbank market securities Negotiable debt securities Bonds ‌Other debt securities 8,224 18,702 295,801 85,000 407,727 9,175 416,902 483,488 CARRYING AMOUNT 8,224 18,702 295,801 85,000 407,727 9,175 416,902 483,488 Bonds (in currency of issue) Remaining term Remaining term Remaining term AuM AuM (in € thousands) < 1 year > 1 year ≤ 5 years > 5 years 31/12/2025 31/12/2024 Euros 18,702 295,801 85,000 399,503 458,374 Fixed rate Variable rate 18,702 295,801 85,000 399,503 458,374 Other European Union currencies 8,224 8,224 17,438 Fixed rate Variable rate 8,224 8,224 17,438 Dollar Fixed rate Variable rate Yen Fixed rate Variable rate Other currencies Fixed rate Variable rate Principal total 26,926 295,801 85,000 407,727 475,813 Fixed rate Variable rate 26,926 295,801 85,000 407,727 475,813 Accrued interest 9,175 9,175 7,675 BALANCE SHEET VALUE 36,101 295,801 85,000 416,902 483,488 ‌Note 14 ACCRUALS, DEFERRED INCOME AND SUNDRY LIABILITIES (in € thousands) 31/12/2025 31/12/2024 Other liabilities (1) Counterparty transactions (trading securities) Liabilities representing borrowed securities Options sold Settlement and trading accounts Miscellaneous creditors Outstanding payments on securities 4,759 410,751 5,525 400,850 Carrying amount 415,510 406,375 Accruals Collection and transfer accounts Adjustment accounts and variance accounts Unrealised gains and deferred gains on financial instruments Prepaid income Accrued expenses on commitments on forward financial instruments Other accrued expenses Other accruals 693 26,247 565 1,554 20,515 240 Balance sheet value 27,505 22,308 ‌TOTAL 443,015 428,683 (1) Amounts include related liabilities. Note 15 PROVISIONS In € thousands Balance at 01/01/2025 Allocations Reversals used Reversals not used Other transactions Balance at 31/12/2025 Provisions For pensions and similar obligations For other employee commitments For financial commitment execution risks For tax disputes For other litigation For country risk For credit risk For restructuring For taxes For equity investments For operational risk Other provisions 52,382 (11,230) 41,152 BALANCE SHEET VALUE 52,382 (11,230) 41,152 ‌Note 16 HOME PURCHASE SAVINGS CONTRACTS ‌None. Note 17 EMPLOYEE-RELATED LIABILITIES - POST-EMPLOYMENT BENEFITS, DEFINED BENEFIT PLANS Change in actuarial liability (in € thousands) 31/12/2025 31/12/2024 Actuarial liability as at 31/12/N-1 354 389 Cost of services rendered during the period 20 20 Financial cost 14 15 Employee contributions Benefit plan changes, withdrawals and settlement Change in scope Termination benefits Benefits paid Actuarial gains (losses) 2 (70) ACTUARIAL LIABILITY AS AT 31/12/N 390 354 Change in fair value of plan assets (in € thousands) 31/12/2025 31/12/2024 Fair value of assets/right to reimbursement at 31/12/N-1 Expected yield on assets Actuarial gains / losses Employer contribution Employee contribution Plan changes/withdrawals/liquidation Change in scope Termination benefits Benefits paid by the fund 875 32 820 30 25 FAIR VALUE OF ASSETS / RIGHT TO REIMBURSEMENT AT 31/12/N 907 875 Breakdown of the net charge recognised in the income statement (in € thousands) 31/12/2025 31/12/2024 Cost of services rendered during the period Financial cost Expected yield on assets over the period Amortisation of cost of past services Other gains (losses) 20 14 20 15 NET CHARGE RECOGNISED IN THE INCOME STATEMENT 34 35 Net position (in € thousands) 31/12/2025 31/12/2024 Actuarial liability as at 31/12/N Impact of asset limitation Fair value of assets at reporting date 390 (907) 354 (875) ‌NET POSITION (LIABILITIES)/ASSETSAS AT 31/12/N 517 521 Note 18 SUBORDINATED DEBT - BREAKDOWN BY REMAINING TERM (in € thousands) 31/12/2025 31/12/2024 < 3 months > 3 months < 1 year > 1 year < 5 years > 5 years Total principal Accrued interest Total Total Subordinated term debt 300,000 300,000 6,106 306,106 306,091 Euros 300,000 300,000 6,106 306,106 306,091 Dollar Securities and equity loans Other term subordinated loans Indefinite-term subordinated debt ‌BALANCE SHEET VALUE 300,000 300,000 6,106 306,106 306,091 Note 19 CHANGE IN EQUITY (BEFORE DISTRIBUTION) (in € thousands) Share capital Premiums, reserves and retained earnings Interim dividend Regulated provisions and investment subsidies Income Total statement shareholders' items equity Balance at 31 December 2024 513,548 4,629,530 728,186 5,871,265 Dividends paid for 2024 (866,262) (866,262) Change in share capital 2,418 2,418 Change in share premiums and reserves 40,723 40,723 Allocation of parent company net income 728,186 (728 186) Retained earnings Profit for financial year 2025 626,283 626,283 Other changes BALANCE AT 31 DECEMBER 2025 515,966 4,532,177 626,283 5,674,426 The share capital is divided into 206,386,326 shares, each with a nominal value of €2.50. Dividends distributed by AMUNDI SA amounted to €866,262 thousand after deducting dividends on treasury shares of €6,769 thousand. Capital increase of €2,418 thousand reserved for employees on 23/10/2025. AMUNDI  UNIVERSAL REGISTRATION DOCUMENT 

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