AMUNDI (=) : Less geared to equity markets

Research evidence excerpt

AMUNDI (=) : Less geared to equity markets

EQUITIES

DIVERSIFIED FINANCIALS

AMUNDI NEUTRALPRICE* EUR83.5  TARGET PRICE EUR92 (UPSIDE 10%) TARGET 12%PRICE EPS 3%26e EPS 3%27e

Less geared to equity markets

See scope for Amundi to relatively underperform the subsector22 JUNE 2026

Securities Research Report Amundi shares have performed roughly in-line with DWS shares in Q2 so far, yet Amundi is far less

Production time: 16:43* (London time) exposed to equity markets, has more limited operating leverage, and flow momentum has worsened.

Research Analysts & Publishing Entities We see scope for the shares to underperform the subsector into Q2 results. We marginally increase

Arnaud Giblat our FY26-28 EPS estimates by c.3% as we mark to market, though we note that net flows have

BNP Paribas London Branch slowed vs Q1, as evidenced by the flow data we track (which is mostly high margin and more(+44) 203 430 8513

arnaud.giblat@uk.bnpparibas.com reflective of the base fee growth).

Gregory Simpson Bottom-up flows are sluggishBNP Paribas London Branch

(+44) 203 430 8548 Within, we show our bottom-up flow estimates and fund performance tracker. ETF flows have slowed

gregory.simpson@uk.bnpparibas.com markedly in Q2, while accelerating at the industry level. Fund performance is also more subdued and

Amundi has over the recent quarters kept operating margins stable in rising markets. Furthermore,

we expect to see continued outflows in Amundi’s UniCredit channel; though we note that investors

now look at Amundi ex UniCredit. Overall, we see room for caution into Q2.

Medium / long term investment case

CMU and SIU implementation will likely help drive pension savings in the long term. Amundi’s ETF