• Retirement solutions: Generate more than €100bn of net inflows by 2028 by capitalizing on the shift from defined-benefit to defined-contribution plans, and demand for individualized solutions from distributors and wealth managers. Amundi has created a new dedicated business line to build on market leadership in France and Italy, and expand offer across Northern Europe and Asia, blending public and private strategies. Amundi is to empower investors with bespoke investment solutions, education, services and technology.
• Digital distribution: Grow digital clients by 50% by 2028, supporting digital players to move up the savings value chain towards wealth management clients by broadening their investment proposition, and helping traditional banks to further digitalise their client offer.

• Asia: Capture +€150bn in Asian net inflows by 2028 ³, building on a solid regional footprint combining strong direct presence and successful JVs and unique global-local capabilities for leading financial and public institutions. Growth supported by listing of Indian JV SBI FM in early 2026.
• Europe: Continued growth in core markets and strategic focus on capturing market share in Northern Europe with focus on UK, Germany, Benelux, and the Nordics.
• High potential regions: Build on growing client activity in Middle East, Latin America and Africa.

• Active Management: Simplify and scale up by growing flagship funds, developing new high-potential strategies, quantitative and bespoke solutions and building innovative solutions including through tokenisation and digital assets initiatives.
• ETF & Index Management: Expand European leadership by leveraging scalable platform to deliver client-centric product innovation and unlock new revenue pools. Plan to launch 100 new ETFs by 2028, and create a new business line dedicated to active and white label ETFs.
• Private Assets: Capture growth from growing participation of retail investors, capitalising on Amundi's expertise in retail distribution, through greater synergies with Credit Agricole and strengthened offer following integration of Alpha Associates and new partnership with market leader ICG announced today.
• Responsible Investment: Build on global and differentiating leadership with continued innovation in blended finance, climate adaptation, natural capital, and stewardship.

• Technology: Double Amundi Technology revenues by 2028 ⁴ , capitalising on diversified offering serving more than 80 clients in over 15 countries. Capture significant wealth management tech market opportunities, leveraging Aixigo acquisition and new offerings including Data-as-a-Service and Amundi's proprietary AI studio.

• Simplification: Streamline organisational and operational model, as demonstrated by the recent CPR and BFT Investment Managers merger and optimisation of European multi-asset set up.
• AI solutions: Leverage proprietary AI platform to support process optimisation, create client value and reduce external spend, rolling out 50 applications at scale by 2028, and converting 100% AI platform access into 80% regular staff users.
• Resource reallocation: Redirect resources to growth and priority areas (Technology, Asia, Retirement, Passive, Third-party Distribution, Private Assets).

• Organic development: €800m ⁵ to be invested in organic growth initiatives over the plan horizon across priority areas.
• External growth opportunities: opportunities must drive growth, with manageable execution risk and a return on investment of at least 10% within 3 years.

Financial targets: capturing profitable growth

The Group's strategic roadmap translates into the following financial targets:

Clear earnings trajectory

• Deliver €300bn of cumulative net inflows in our strategic growth pillars over the period³.
• Earnings per share ¹ of more than €7 in 2028 in all market, forex, and UniCredit distribution agreement scenarios.

Industry-leading cost efficiency

• Cost to income ratio ¹ below 56% over the period.
• Continuous focus on operating and organisational model, powered by artificial intelligence and digital.
• Increased organic investment in strategic growth areas.

Attractive shareholder returns

• Commitment to return remaining excess capital from the 2025 strategic cycle to shareholders via share buy-backs ⁶ .
• Commitment to a payout ratio of at least 65%, for the period 2025-28.

Disciplined capital management

• Continue to seek external growth opportunities, that strengthen and diversify activities.
• Maintain an appropriate level of capital for M&A opportunities and flexibility to return excess capital to shareholders in the absence of such opportunities meeting strict business and financial criteria.
  

Nicolas Calcoen, Deputy Chief Executive Officer, commented: “ Since our IPO, Amundi has consistently developed its strategic priorities and created new ventures while remaining agile - steering resources to the most promising opportunities and maintaining rigorous operational discipline. With this new plan, we are once again investing in Amundi's long-term future while delivering growth, industry-leading cost efficiency and attractive shareholder returns. We have a clear capital management plan, continuing to seek out external growth initiatives that deliver growth and a robust return on investment, building on our longstanding track record.”

About Amundi

Amundi, the leading European asset manager, ranking among the top 10 global players⁷, offers its 100 million clients - retail, institutional and corporate - a complete range of savings and investment solutions in active and passive management, in traditional or real assets. This offering is enhanced with IT tools and services to cover the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages more than €2.3 trillion of assets⁸.

With its six international investment hubs⁹, financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.

Amundi clients benefit from the expertise and advice of 5,600 employees in 35 countries.

Amundi, a trusted partner, working every day in the interest of its clients and society

Press contacts:
Natacha Andermahr
Tel. +33 1 76 37 86 05
...

Corentin Henry
Tel. +33 1 76 36 26 96
...

Investor contacts:
Cyril Meilland, CFA
Tel. +33 1 76 32 62 67
...

Thomas Lapeyre
Tel. +33 1 76 33 70 54
...

Annabelle Wiriath

Tel. + 33 1 76 32 43 92

...

DISCLAIMER

This press release may contain prospective information and considerations on Amundi related to trends, which include projections concerning Amundi's financial situation and results, the underlying considerations and assumptions on which these projections are based, statements on projects, targets and expectations regarding future transactions, products and services, as well as considerations on future performance]. The figures provided do not constitute a“forecast” as defined in Commission Delegated Regulation (EU) 2019/980.

This information is based on scenarios that employ a number of economic assumptions in a given competitive and regulatory context. As such, the projections and results indicated may not necessarily come to pass due to unforeseeable circumstances and that could cause the actual results to differ substantially from those presented, implied or arising from the prospective information and considerations mentioned. Other than as required by applicable laws and regulations, Amundi undertakes no obligation to update or revise the prospective information contained in this press release to take into account any new information or events. The reader should take all of these uncertainties and risks into consideration before forming their own opinion.

The figures presented were prepared in accordance with IFRS guidelines as adopted by the European Union. They are also based on a set of assumptions on the application of prudential regulations.

The information contained in this press release, to the extent that it relates to parties other than Amundi or comes from external sources, has not been reviewed by any supervisory authority, has not been independently verified, and no representation or warranty has been expressed as to, nor should any reliance be placed on, the fairness, accuracy, correctness or completeness of the information or opinions contained herein. Neither Amundi nor its representatives can be held liable for any decision taken, or negligence or loss that may result from the use of this press release or its contents, or anything related to them, or any document or information to which the press release may refer.

The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding.

¹ Adjusted data
² From Strategic Ambitions 22-25 plan horizon
³ excluding the exceptional exit which will result from the RFP of India's EPFO
⁴ FY 2024: €95m proforma aixigo
⁵ 30% increase vs Ambitions 22-25 plan horizon
⁶ Exact amount being subject to the final transaction with ICG
⁷ Source: IPE“Top 500 Asset Managers” published in June 2025, based on assets under management as at 31/12/2024
⁸ Amundi data as at 30/09/2025
⁹ Paris, London, Dublin, Milan, Tokyo and San Antonio (via our strategic partnership with Victory Capital)

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