Amundi Sa

Good morning, I'm Cyril Meillon, I'm Head of Investor Relations at Amundi, and it's a real pleasure, like every quarter, to here welcome you at this video conference to present our first quarter results. We are here in Paris, where it is sunny and gorgeous, and we shall have a presentation by our Deputy CEO, Nicolas Calcoune, and our CFO, Aurélien Lecourty. The presentation should last approximately half an hour and will be followed by a Q&A session. If you want to ask a question, please raise your hand virtually as you are online, and we shall give you, we shall open your mic, and there will be a slight delay. We have changed slightly the setup, so before you can start talking, you will have to accept being a panelist. Open your mic, open your camera. and then start your question. Otherwise, we won't be hearing you from the very first moment you start talking. Before we get started, sorry about this again, a short disclaimer. Throughout the presentation, we will make a number of forward-looking statements and mention forecasts. We call your attention to the fact that Amundi's actual results may differ from these statements. Some of these factors That may cause the results to differ materially are listed in our universal registration document which we published on the 31st of March. Amundi issues no duty and does not undertake to update any forward-looking statements. I also wanted to highlight a few changes to our disclosure that you might have to keep in mind when reading our results. There will be no contribution from ICG in the adjusted figures. There are a few moving parts in the accounting P&L, but no impact on our adjusted results. We won't give any details about our JVs because SBI-FM, as you know, is in the process of being listed and therefore we cannot give you any details. Sorry about this. As long as this IPO process will be ongoing, we cannot publish any disclosure about this JV. And we have simplified the disclosure by clients with only two major client segments, retail and institutional. Finally, we have transferred the employee savings AUM and net flows from institutional to retail because we consider that it's a better depiction of this client segment. And now I leave the floor to Nicolas for the presentation.

Thank you very much Cyril and good morning everyone. I'm very pleased to share our financial results for the first quarter of 2026 with Aurélia. I will present our key highlights before Aurelia takes you through our activity and financial results in more detail. So to start, in the first quarter we delivered strong activity with net inflows for the quarter totalling 32 billion euros. Inflows were positive across all client segments and came almost entirely from medium to long term assets. third-party distribution in particular reached record inflows at 22 billion. As a consequence, our assets under management were 2.4 trillion at the end of March, up by 7% on a year-on-year basis, and around 1% quarter-on-quarter. Second point, this activity translated into strong growth in profits. Net income for the quarter was 349 million on earnings per share at 1.69 euros, both up by 15%. On third main point, we made good progress against our invest for the future ambitions. I am going now to share some more details on the positive commercial momentum seen across clients and solutions. But before, technology revenues increased to 31 million, up over 20% on a year-on-year basis. This was mainly driven by license revenue growth, up 27%. And finally, in terms of geographies, Northern Europe stood out once again with 13 billion euros of inflows. And these inflows were very well diversified by country, the United Kingdom, Germany, Belgium or Sweden, all demonstrating the positive effect on our strategy to grow our market share in the region. Let's now take a closer look at the strong momentum we have seen in the two priority client areas we highlighted at the investor day. The first is retirement, where we have created a new business line. Total retirement-related inflows in the first quarter were 5 billion. We won in particular several new retirement-focused mandates across institutional and corporate clients, as well as retail partners, starting to generate recurring inflows. We were also selected for two major DC mandates, the first with a large German company, and the second with the South Korean Chabot, both not yet funded. We also further expanded our partnership with True Potential in the UK and we will manage its cross-aligned fund range, a core building block of its retirement offering. We also saw some initial inflows from Ireland's new untoe enrolment pension scheme, a mandate we won in the first quarter and we already mentioned. And finally, in Italy, where we are already a retirement leader, we launched a web-based pension investment advisory platform called PensionX to capture structural growth in defined contribution savings. Moving now to digital distribution, which represents one of our fastest-growing client segments, we saw inflows of around 2 billion in the first quarter. During the quarter, we established a new pan-European distribution partnership with Bitpanda, the largest digital asset trading platform in Europe, with 7 million users. Here, we are supporting the diversification of its platform into ETFs and we are strengthening our own reach across digitally native retail investors. The first quarter saw also strong inflows and continued innovation across all solutions. On ETF, first, we gathered 16 billion in the first quarter, supported by continued market share gains in European ETFs. We also secured two new clients for our ETF as a service proposition, one in Germany, the other in Belgium, with both mandates focused on creative activities. We also launch new products, including an active ETF that provides diversified exposure to investment-grade euro corporate bonds. Here we are clearly drawing on Amundi's established euro credit expertise, where we manage around 360 billion euros. On last Friday, you probably noticed, we launched a Bitcoin exchange-traded product. Listed on Euronext, this ETP relies exclusively on European partners and is compliant with the European regulatory framework. In private assets, now we generated 3 billion of inflows in the first quarter. 50 million multi-management mandate from CCR, the French public re-insurance company, as well as investment from Credit Agricole Assurance, including initial commitments into ICG strategies. Aurélien will provide a quick update on our ICG state building, where we expect to reach our target of 9.9% in the third quarter. Moving to active management next, where we posted 7 billion of inflows, driven by multi-asset strategies and fixed income, including 1 billion in securitization inflows. During the quarter, we were also recognized as the preferred brand among some selectors in France and the highest-ranked European brand in Europe. And finally, responsible investment. Last week, it was announced that Amundi will act as the sole asset manager for the Global Green Bond Initiative, a European-led coalition designed to mobilize private institutional capital for climate and environmental projects, particularly in emerging markets. The fund targets 3 billion in assets and aims to crowd in private capital alongside development finance institutions. In the meantime, our responsible investment and engagement policy continues to scale, reaching close to 3,000 issuers in 2025. These figures have doubled over the last five years and now cover 95% of the MSCI World Index. With that, I will now hand over to Aurélia, who will take you through the first quarter of activity and results in more detail.

Good morning and thank you, Nicolas. Let's start by looking at our Q1 activity. So at the end of March, our asset under management totaled $2.4 trillion, up 7% year-on-year and 1% over the quarter. Q1 saw both a negative market effect of $13 billion and a $1 billion in FX impact, mainly due to the depreciation of the Indian nuclear. The increase in our AUM was entirely driven by very strong asset gathering with net inflows of 32 billion. This reflects our ability to grow even in a tougher economic environment. Total net inflows in Q1 were driven by medium to long-term assets, which contributed 31 billion. This represented growth of 7% on an annualized basis. These inflows are higher than Q1 2025, which, as a reminder, included the positive impact of a £20 billion equity index mandate with the People's Pension in the UK. As mentioned by Nicolas, Q1 saw high ETF and index solution inflows, continuous positive momentum in active management, and £3 billion of net inflows in private assets. Even when taking into account market conditions later in the quarter, our M&T flows remained positive in March across both ETF and actively managed strategies. Investment performance next. So the message here is consistency. On a five-year basis, and even when considering the volatile macro environment, 76% of our funds outperform their benchmarks. Three-quarters of assets in our open-ended funds are in the first and second quartile based on Morningstar rankings. Let me know comments on our net inflows by client segments. Please note that we have transferred the AUM inflows of our employee savings and retirement business line from institutional to the retail segment. While our direct clients for this business are companies, we manage assets on behalf of their employees. It is therefore closer in nature to a retail business. This activity represents around 100 billion in assets, and 2025 figures have been restated accordingly. So let's start with retail, where net inflows total over 13 billion. These were driven by record Q1 inflows of $22 billion in third-party distribution. Outflows from Unicredit were $9 billion, and the AUM stood at $75 billion at the end of March. Credit Agricole and Societe Generale Insurers delivered $8 billion in MNC asset inflows. This reflected continued appetite for euro contracts, as well as diversification of Credit Agricole Assurance investments, highlighted by Nicolas earlier. Finally, our associates also performed well. All of our Asian JVs posted positive inflows, even when considering the market environment, the FX backdrop, and the usual savings flows seasonality. Let's now look at our results for Q1. So before we start, let me just highlight that these pro forma figures reflect the usual restatement post-Victory Capital closing. So our revenues stood at $902 million in the first quarter, up 10% year-on-year, and driven by our management revenues, which were up 14%. Net management fees rose 6% to $782 million, reflecting our strong asset gatherings. Performance fees reached a very high level of $87 million. Technology revenues increased to $31 million, up 21% year-on-year, and supported by strong growth in license revenues, their recurring components. Project revenues were seasonally lower at 22% of total revenues versus 40% in Q4. Net financial income was $3 million down year-on-year, and this reflected lower rates over one year due to the one-point cut in the ECB rate, as well as the impact of the decline in markets in the first quarter. Turning now to cost. So, adjusted operating expenses were $455 million in the first quarter, up 9% year-on-year. This increase was slightly below revenue growth, reflecting the strong business momentum, our ongoing investment to support our strategic ambitions, as well as our continued cost discipline. As a result, our adjusted cost-income ratio improved slightly to 50.4%. Moving now to profitability. Our gross operating income grew by 10%, driven by the growth of our business-related revenues. We also benefited from the strong contribution from our associates in the quarter, up 33%. The contribution of our Asian joint venture was up 4% year-on-year and would have been up 19% at constant rupees. The contribution from Victory Capital was 37 million, reflecting the positive synergies delivered by this partnership. Net income was then 349 million, up 15% year-on-year. As is in Q1 last year, this includes the corporate tax surcharge in France, amounting to 46 million. And adjusted earnings per share also increased by 15% year-on-year to 1.69. Before I hand over to Nicolas, let me give you a quick update on our partnership with ICG. So, in February, we obtained all regulatory approvals. This meant that as of 31st of March, ICG was able to appoint a Nemundi-nominated non-executive director with CIO Vincent Mortier joining the board. From this date, we also technically began to equity account for our stake. As you can see in our adjusted P&L statement, ICG is currently only reflected through accounting adjustments. These adjustments do not represent ICG's underlying profitability, and from the second quarter, we will start recognizing ICG's actual contribution to adjusted net income. The final step is for ICG to issue non-voting shares to Amundi to take us to a target stake of 9.9%. As a reminder, they will do so while buying back an equivalent amount of ordinary shares in the market to avoid dilution. As of last week, our stake stood at around 6% and we expect to complete our stake building during the third quarter. I thank you for your attention and now we'll hand back to Nicolas.