Summary of Amundi Capital Markets Day - November 18, 2025 Company Overview - **Company**: Amundi (OTCPK:AMDU.F) - **Event**: 2025 Capital Markets Day - **Date**: November 18, 2025 Key Industry Insights - **ETF Market Growth**: The ETF market in Europe has reached €2,400 billion and is growing three times faster than traditional asset management, driven by rising wealth, growing retirement needs, and digitalization of savings [5][6] - **Amundi's Position**: Amundi has become the number one European ETF provider following the acquisition of Lixor in 2022, with AUM exceeding €300 billion [6][8] Strategic Goals and Financial Targets - **Flow Target**: Amundi aims to achieve €100 billion in net flows by 2028 [2] - **ETF and Indexing Platform Target**: The target for the ETF and indexing platform was set at €420 billion for 2025, which has already been surpassed with €481 billion [8] - **Adjusted EPS Target**: The adjusted EPS target is set to exceed €7 by 2028, with a cost-income ratio below 56% [80][86] Growth Drivers - **Client Segmentation**: Amundi has diversified its client base, with approximately half of AUM from retail clients and the other half from asset owners and asset managers [8][9] - **Digital Channel Growth**: AUM from digital channels has quadrupled, with significant growth in Germany and the UK [9] - **Active ETF Market**: The AUM of Active ETFs in Europe has doubled and is expected to triple by 2029, presenting a lucrative opportunity for Amundi [18] Innovation and Product Development - **New ETF Launches**: Amundi plans to launch around 50 new ETFs over the next three years, focusing on client-centric innovations [17] - **Active ETF Launches**: A total of 20 new active ETFs are planned by 2028, enhancing Amundi's product offerings [20] - **Technology Integration**: Amundi Technology aims to double revenues by 2028, focusing on data management and AI solutions [44][59] Market Trends and Client Needs - **Retail Investor Growth**: The number of self-directed investors in Europe is projected to double in the next three years, with Germany and the UK leading the growth [24] - **Institutional Client Engagement**: Amundi targets a 50% increase in institutional clients equipped with ETF and index solutions over the next three years [29] Financial Management and Shareholder Returns - **Dividend Policy**: Amundi commits to a dividend payout ratio of more than 65% and plans to return excess capital to shareholders through share buybacks [93][95] - **Cost Control**: The company emphasizes maintaining industry-leading cost efficiency while investing in future growth [86][97] Conclusion - **Long-term Vision**: Amundi's "Invest for the Future" strategy aims to drive growth and value creation, reinforcing its position as a leading global asset manager [99]

Digital Transformation Challenges - 70% to 80% of projects fail due to improper planning, not technological difficulties [4] - Lack of clear vision and strategy leads to digital project failures [4][5] - Digital initiatives failing to align with business objectives results in project failure [5] - Isolated organizational structures and lack of inter-departmental collaboration hinder data sharing and project execution [6] - Inadequate data management and legacy systems incompatible with new digital technologies impede data sharing [7] - Insufficient data availability, especially for AI-driven initiatives, leads to project failures [8] - Underestimation of cost, time, and effort for digital transformation programs, coupled with pressure on ROI, can cause impatience and project failure [9] Key Success Factors for Digital Transformation - Empowering employees with the right insights derived from sufficient data is crucial for timely decision-making [12] - Implementing systems that adapt and learn from past data is essential to avoid obsolescence [13] - Adapting processes to accommodate new modern data technologies is necessary for successful technology adoption [13][14] - Data sits at the center of people, process, and technology, coordinating to provide the right insights at the right time [14] - Automating processes with digital technologies minimizes human intervention and accelerates work [15]

Business Overview - AvePoint is a one-stop solution for data management, focusing on human-generated data and offering a platform approach in the age of AI[17, 19] - The company operates in an enormous addressable market, estimated at $81.3 billion in 2024 and projected to reach $140 billion by 2028, representing a compound annual growth rate (CAGR) of 14.6%[21] - AvePoint serves a diverse customer base spanning every industry and around the world, with North America contributing 44% of total Annual Recurring Revenue (ARR), EMEA 35%, and APAC 21% as of December 31, 2024[32, 33] Financial Performance - The company has demonstrated rapid topline growth, with total ARR increasing from $214.7 million in 2022 to $327.0 million in 2024, representing a 23% CAGR[35] - AvePoint has improved operating efficiency, with non-GAAP operating margin increasing from (1.2%) in 2022 to 14.4% in 2024, a 1,560 basis points improvement[37] - Total ARR grew 26% year-over-year to $390.0 million in Q3 2025, with net new ARR at a record $22.4 million, growing 19% year-over-year[81] - The company's Q4 2025 financial guidance projects total revenue between $110.0 million and $112.0 million, representing a year-over-year growth of 23% to 26%[106] Strategic Priorities - AvePoint aims to reach $1 billion of ARR by 2029 through solutions, segments, geographies, cross-selling, and partners[75, 77] - The company's strategic priorities include accelerating customer adoption and retention, expanding platform offerings, scaling the channel ecosystem, broadening global presence, and pursuing strategic acquisitions and investments[74] - The company has a track record of successful M&A, including the acquisition of Torsion, Essential, I-Access Solutions, Combined Knowledge, tyGraph and Ydentic[105]

Core Insights - A significant 95% of GenAI pilot programs are failing to show any measurable impact on companies' profit and loss [1] - The rapid growth of AI investment is leading many enterprises to potentially waste resources on projects that do not deliver expected value [2] - Complex regulatory requirements are hindering 95% of EU businesses in their GenAI initiatives, causing confusion and hesitation [3] Data Management Challenges - The primary issue with AI failures is not the models themselves but the underlying data quality and management [3] - Effective AI requires data that is not only accurate but also relevant, responsible, and reliable, necessitating a holistic approach to data management [4] - Poor data management results in poor outcomes, emphasizing the need for context, connectivity, and governance in data used for AI [3][4] Strategic Implementation - Companies are often rushing to implement AI, which increases the risk of failure due to inadequate data strategy development [5] - Defining clear business use cases and identifying necessary data is essential for successful AI projects, requiring active involvement from business leaders [6] - A robust data management architecture should be designed to compile, clean, standardize, and deliver the right data at the right time, with a focus on analyzing metadata at scale [7]

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Core Points - Salesforce has granted equity awards to employees from Bluebirds and Waii as part of its Inducement Equity Incentive Plan [1][2] - A total of 42,844 restricted stock units (RSUs) were awarded to 14 employees, with a vesting schedule over four years [2] - Salesforce aims for a long-term revenue target of over $60 billion by fiscal year 2030, indicating a 10%+ organic CAGR from FY26 to FY30 [7] Group 1: Equity Awards - Salesforce granted 42,844 RSUs to 14 employees, with 25% vesting on the first anniversary and the remainder vesting quarterly [2] - The equity awards are contingent on the employees' continued service through each vesting date [2] Group 2: Revenue Target - The company announced a new long-term revenue target of $60 billion+, excluding Informatica, by FY30 [7] - This target implies a compounded annual growth rate (CAGR) of over 10% from FY26 to FY30 [7] Group 3: Strategic Partnerships - Salesforce and Google have expanded their strategic partnership, integrating Google's Gemini models into the Agentforce 360 Platform [6] - This collaboration focuses on enhancing employee productivity through deeper integrations with Google Workspace [6]

Financial Results Announcement - Upland Software, Inc. will release its financial results for the third quarter of 2025 before market opens on November 6, 2025 [1] - A conference call and webcast will follow at 10:00 a.m. Central Time / 11:00 a.m. Eastern Time [1] Access Information - The call can be accessed via a webcast on investor.uplandsoftware.com or by dialing specific toll-free numbers for North America and international participants [2] - Attendees will need to use conference ID 8422976 to join the call [2] - A recording of the webcast will be available on investor.uplandsoftware.com after the call [2] Company Overview - Upland Software is a leader in AI-powered knowledge and content management software, helping enterprises unlock critical knowledge and automate content workflows [3] - The company serves over 1,100 enterprise customers, focusing on enhancing customer and employee experiences while supporting regulatory compliance [3] Recent Achievements - Upland Software earned 49 badges in G2's Fall 2025 market reports, indicating continued momentum across its product portfolio [5] - Upland's AI-powered proposal management software, Upland Qvidian, received numerous positive customer reviews [5] Product Availability - Upland RightAnswers is now available in AWS Marketplace, facilitating easier access to the company's knowledge management solution for enterprise contact centers [6] Industry Engagement - Upland BA Insight will showcase generative AI innovation at ILTACON 2025, emphasizing its focus on innovation and strategic partnerships [7]

Partnerships - Palantir partners with Lumen Technologies to integrate AI software for enterprise AI services [1] Technology & Services - Lumen Technologies will leverage Palantir's AI software to enhance its capabilities [1] Industry Focus - The partnership aims to support the development of enterprise AI services within the telecommunications sector [1]

Core Insights - Palantir has entered a multi-year, multi-million-dollar strategic partnership with Lumen Technologies, with Lumen expected to invest over $200 million in Palantir's technology over several years [1][3] - The partnership aims to integrate Palantir's Foundry and Artificial Intelligence Platform (AIP) with Lumen's edge computing and broadband infrastructure to enhance enterprise AI services [2][3] - Lumen is undergoing a transformation from a traditional telecom provider to a modern tech infrastructure company, aiming for significant cost reductions and operational improvements through this collaboration [3][5] Company Developments - Lumen's spokesperson indicated that the use of Palantir's technology is projected to contribute to $350 million in cost reductions by 2025, as part of a broader goal to reduce expenses by $1 billion by 2027 [3] - The partnership is part of Palantir's strategy to expand its reach, having established 19 partnerships in various sectors including telecom, healthcare, and defense in 2023 alone [5] Strategic Goals - The collaboration is designed to unlock Lumen's data more efficiently than traditional methods, with a focus on helping large enterprises enhance their operations [4] - Lumen's CEO emphasized the importance of integrating AI into real-world operations to empower businesses to innovate and grow [6]

Core Insights - Palantir has entered a multi-year, multi-million-dollar strategic partnership with Lumen Technologies, with Lumen expected to invest over $200 million in Palantir's technology over several years [1][3] Partnership Details - The partnership will integrate Palantir's Foundry and Artificial Intelligence Platform (AIP) with Lumen's edge computing and broadband infrastructure [2] - Lumen aims to transform from a traditional telecom provider to a modern tech infrastructure company, leveraging Palantir's technology to enhance its operations and achieve significant cost reductions [3][4] Financial Impact - Lumen anticipates that the collaboration with Palantir will contribute to achieving $350 million in cost reductions by 2025, as part of a broader goal to reduce expenses by $1 billion by 2027 [3] - The partnership is seen as a material contributor to Lumen's financial strategy, with the company already ahead of its expense reduction plan [3] Broader Context - This partnership is part of Palantir's strategy to expand its reach, having formed 19 partnerships in various sectors including telecom, healthcare, and defense in the current year [5] - Lumen's CEO emphasized the importance of integrating AI into operations to empower businesses to innovate and grow [8]