SCHEDULE: Amundi Discloses 9.41% Stake in TotalEnergies

Amundi and Amundi Asset Management have reported beneficial ownership of 9.41% of TotalEnergies SE shares, totaling 206,840,466 shares.

Summary

• Amundi and Amundi Asset Management, both entities organized under the laws of France, have filed a Schedule 13G, indicating their beneficial ownership of TotalEnergies SE shares.
• The total number of shares beneficially owned is 206,840,466, representing 9.41% of the class.
• Amundi has shared voting power over 52,143,600 shares and shared power to dispose of 206,840,466 shares.
• They have sole voting power and sole power to dispose of 0 shares.
• A significant portion of these shares (150,927,852) are held through FCPEs (Fonds Commun de Placement d'Entreprise), which are employee shareholding and savings vehicles established under French law.
• Amundi does not exercise voting rights on these FCPE-held shares; these rights are exercised by the Supervisory Board of the FCPEs, where employee representatives hold the majority.
• The filing is an amendment (Amendment No. 23) to a previous filing, with the date of the event requiring this filing being March 31, 2026.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing. It's a routine disclosure of beneficial ownership by a major asset manager and does not contain performance data or strategic announcements that would typically influence sentiment.

Positives

• Amundi's significant stake indicates a substantial investment and potential long-term confidence in TotalEnergies.
• The structure involving FCPEs demonstrates a commitment to employee participation in the company's ownership.

Negatives

• Amundi does not hold sole voting power or sole dispositive power over any shares, indicating shared control and decision-making.
• The large number of shares held through FCPEs means Amundi's direct influence over voting is limited, with employee representatives holding the majority of voting rights for those shares.

Risks

• The reliance on FCPEs for voting rights means that Amundi's ability to influence corporate decisions through its shareholding is indirect and subject to the decisions of the FCPE Supervisory Boards.
• Changes in employee participation in FCPEs or shifts in the composition of the Supervisory Boards could impact the effective control and voting outcomes of these shares.

Future Outlook

This filing is a disclosure of current beneficial ownership and does not contain forward-looking statements or guidance regarding TotalEnergies' future performance.

Management Comments

• Amundi does not have the voting rights on 150,927,852 shares which are held through FCPEs (Fonds Commun de Placement d' Entreprise, an investment vehicle established under French law), solely dedicated to TotalEnergies groups employees shareholding and savings.
• Employees of TotalEnergies are granted the right to participate in stock purchase plans in which the shares acquired are exclusively held in these FCPEs or to make contributions to a diversified FCPE including TotalEnergies shares among other assets, created at the request of TotalEnergies.
• The voting rights associated to these shares are exercised by the supervisory Board of these FCPEs, where representatives of the employees have the majority (if any the remaining seats of the supervisory board are designated by TotalEnergies), and not by Amundi.

Industry Context

StockSavvy.ai notes that large institutional holdings, especially those structured through employee investment vehicles like FCPEs, are common in European energy majors. This filing highlights Amundi's significant role as an asset manager and investor in the energy sector, particularly within its home market of France.

Stakeholder Impact

• Shareholders: The disclosure confirms a significant institutional investor's stake, which can be viewed positively for stability, but the indirect voting control through FCPEs may be a point of interest.
• Employees: The structure involving FCPEs directly benefits employees by allowing them to participate in the company's ownership and potential capital appreciation.
• TotalEnergies SE: The filing confirms a substantial and stable institutional investor, which can be seen as a positive signal to the market.

Next Steps

• Continued monitoring of Amundi's stake and any potential changes in its beneficial ownership of TotalEnergies SE shares.
• Observation of voting patterns exercised by the FCPE Supervisory Boards.

Key Dates

Keywords

TotalEnergies SE, Amundi, Amundi Asset Management, Schedule 13G, Beneficial Ownership, Shares, Investment, FCPE, Employee Shareholding, France