Amundi (AMUN.PA): Estimate changes ahead of 2Q26

Research evidence excerpt

Amundi (AMUN.PA): Estimate changes ahead of 2Q26

Equity Research

8 July 2026 | 9:20PM BST

Ahead of Amundi’s 2Q26 results on July 30, we update our estimates to incorporate Oliver Carruthers, CFA

+44(20)7552-9364 |

our flow tracker estimates for the second quarter (factoring in Morningstar industry oliver.carruthers@gs.com

Goldman Sachs International

flows through to end June), more favourable broader market performance than

Anshika Mehrotra

expected, and FX movements. While higher markets drive a c.1% increase in our +1(212)934-7679 |

FY26-28E AuM estimates, this is more than offset by lower fee margins driven by mix anshika.mehrotra@gs.comGoldman Sachs India SPL

effects. Overall, our FY26-28E net income estimates are broadly unchanged. Our Naimeh Sabourian

12-month price target increases to €91 (previously €90) on a one quarter valuation +44(20)7051-0573naimeh.sabourian@gs.com|

roll forward, and we maintain our Buy rating. Going forward and through 2Q results, Goldman Sachs International

Fergusonwe expect investors will focus on: (i) the trajectory of underlying net flows through Tom | +44(20)7051-0547

the rest of the year, particularly given the record backdrop for inflows into tom.ferguson@gs.com Goldman Sachs International

European-domiciled passive equity products through 2026 to date; (ii) progress on

the strategic partnership with ICG, including the launch of the first Credit and

Secondaries evergreen products in 2H26 and early commercial traction; (iii)

execution against the strategic priorities outlined at the 2025 CMD, including

expanding digital distribution capabilities and strengthening the retirement savings

offering; (iv) cost dynamics and operating efficiency, as Amundi continues to