Amundi Sa

Good morning to all. I'm Cyril Meillon, the Head of Investor Relations at Amundi. It's a real pleasure to welcome you to our third quarter results video conference, broadcast via Zoom from Paris, where it's actually very sunny today, although we are underground because the building is undergoing some refurbishment. I'm joined by our Deputy CEO, Nicolas Calcoen, who will lead the presentation in full as our CFO, Aurelia Lecourtier, will not join us today. She is expecting, as we say in French, un heureux événement, a happy event. Nicolas' presentation will 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 and we will take questions on a first-raised, first-served basis. I already noticed that we have a few raised hands, so don't worry, we'll keep the ranks as they are. Please can we ask you that you open your mic and your camera to add a more engaging dialogue. Before we get started, a short disclaimer as always. 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 the factors that may cause the results to differ materially are listed on our universal registration document. Amundi assumes no duty and does not undertake to update any forward-looking statements. I also wanted to highlight a few changes to our disclosure for you to have in mind. Having completed our stake building, ICG's contribution to our adjusted net income in the equity accounted contributions will be consolidated at 9.9% of their net income versus 7.7% in the second quarter. You can find a full technical note on how ICG is integrated into our financial communication, including the lagging contribution on our website. And we're happy to answer any questions. I won't go into any details so far. Next, our first nine months P&L will be compared with the first nine months of 2025 as if Amundi US had been equity accounted at 100% in Q1 2025.

You are now familiar with this pro forma comparison so I won't go into any more detail.

Another point to bear in mind for these results is the impact of transfers relating to a very large institutional mandate in India managed by SBI-FM or local JV. 39 billion euros of assets were transferred to other asset managers following a reallocation of a mandate. Given the negligible margin on these assets, the transfers will have no impact on SBI-FM's revenues and earnings, let alone Amundi's. We therefore exclude these transfers when commenting on our net inflows while the full figures, including the transfers, are provided in our disclosure. for you to have a look. And finally, I remind you of the other key client disclosure simplification, which were already in place since we knew this year. Retail, institutional excluding Crédit Agricole and Soggen insurers and Crédit Agricole and Soggen insurers, as well as the employee savings and retirement business has been transferred from institutional to retail. And now I leave the floor to Nicolas.