Post-1Q26 Update: So Far, So Good; PT to €95

Research evidence excerpt

Post-1Q26 Update: So Far, So Good; PT to €95

France | Brokers, Asset Mgrs & Exchanges

Amundi EquityMayResearch19, 2026

TARGET | ESTIMATE CHANGEPost-1Q26 Update: So Far, So Good; PT to €95

AMUN shares are riding (at a near record) high, buoyed by the momentum of RATING BUY

a strong 1Q26 print. Having traded at a ~20% valuation discount to DWS for PRICE €84.85^

the last year or so, parity has once again reasserted itself. More broadly, the PRICE TARGET | % TO PT €95.00 (€80.00) | +12%

gravitational pull of Nuveen's bid for SDR has resulted in a rising tide for all 52W HIGH-LOW €86.45 - €60.90

European AMs YTD (+16% on avg. ex SDR). The next month or two at least FLOAT (%) | ADV MM (USD) 31.4% | 14.63

look catalyst-rich for AMUN, so we want to stay on board. Reiterate Buy. MARKET CAP €17.2B | $20.0B

TICKER AMUN FP

So far, so good on the path to the 2028 strategic plan. Following a strong start to 2026, ^Prior trading day's closing price unless otherwise noted.

Amundi is so far on track to deliver against its 2028 medium-term plan, with early momentum

visible across most strategic priorities. In 1Q26, the group generated €32bn of net inflows,

with positive contributions across all client segments and asset classes. This performance FY (Dec) CHANGE TO JEFe JEF vs CONS

is consistent with the plan’s core objectives of cumulative inflows of €300bn, >€7 EPS, and a 2026 2027 2026 2027

<56% cost/income ratio by 2028. EPS -4% NM NM -3%

REV* +1% NM +4% +1%

AMUN has been on a valuation journey but now trades back at parity with DWS. Amundi

has rerated notably since late 2025, consistent with the broader European traditional AMs.

2026 (€) Q1A Q2A Q3A Q4 FY

Generically, that's likely been helped by Nuveen's surprise bid for SDRs, which has shone a

REV* 902.0 864.3 853.3 887.3 3,506.6