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]