Amundi (ERII) discloses 2.85M-share, 5.38% holding; FCPE votes 984k

Rhea-AI Filing Summary

Energy Recovery, Inc. ownership filing: Amundi / Amundi Asset Management report beneficial ownership of 2,852,138 shares of Common Stock, representing 5.38% of the class as of 12/31/2025. The filing shows shared voting power of 1,868,087 shares and shared dispositive power of 2,852,138.

The filing notes that 984,051 shares are held in a FCPE reserved for Energy Recovery employees and that voting rights for those FCPE shares are exercised by the FCPE supervisory board rather than by Amundi.

Insights

Institutional Ownership Specialist

Amundi reports a 5.38% passive position with shared voting authority; certain employee-held shares are voting-controlled by an FCPE.

Amundi and Amundi Asset Management disclose 2,852,138 shares beneficially owned and 1,868,087 shares with shared voting power, per the schedule. The filing attributes voting on 984,051 FCPE-held shares to the FCPE supervisory board.

Ownership is identified across Amundi entities and named subsidiaries; cash‑flow treatment is not stated in the excerpt and timing is tied to 12/31/2025.

Corporate Governance Analyst

The filing clarifies voting arrangements that separate dispositive and voting power for employee-held shares.

Shared dispositive power of 2,852,138 indicates Amundi can direct disposition decisions with other parties, while the FCPE supervisory board holds voting control over 984,051 employee shares. This distinction affects how voting blocs may form at shareholder meetings.

Subsequent disclosures or proxy materials would show whether the FCPE's supervisory board votes align with Amundi; the schedule lists related subsidiaries including KBI Global Investors.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Energy Recovery, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

29270J100

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 29270J100

1

Names of Reporting Persons

AMUNDI

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

FRANCE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,868,087.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,852,138.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,852,138.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.38 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 29270J100

1

Names of Reporting Persons

AMUNDI ASSET MANAGEMENT

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

FRANCE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,868,087.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,852,138.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,852,138.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.38 %

12

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person: Amundi does not have the voting rights on 984,051 shares which are held through a FCPE (Fonds Commun de Placement d Entreprise, an investment vehicle established under French law), solely dedicated to Energy Recovery groups employees shareholding. Employees of Energy Recovery are granted the right to participate in stock purchase plans in which the shares acquired are exclusively held in this FCPE, created at the request of Energy Recovery. The voting rights associated to these shares are exercised by the supervisory Board of the FCPE, where representatives of the employees have the majority (if any the remaining seats of the supervisory board are designated by Energy Recovery), and not by Amundi.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Energy Recovery, Inc.
(b)	Address of issuer's principal executive offices: 1717 Doolittle Dr., San Leandro, CA 94577
Item 2.
(a)	Name of person filing: Amundi Amundi Asset Management
(b)	Address or principal business office or, if none, residence: Amundi: 91-93 boulevard Pasteur, 75015 Paris, France Amundi Asset Management: 91-93 boulevard Pasteur, 75015 Paris, France
(c)	Citizenship: Both Amundi and Amundi Asset Management are organized under the laws of the Republic of France.
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 29270J100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 2,852,138
(b)	Percent of class: 5.38%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 1,868,087
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 2,852,138
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Amundi Asset Management KBI Global Investors (North America) Ltd KBI Global Investors Ltd
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

AMUNDI

Signature:	John M. Malone
Name/Title:	John M. Malone | Chief Compliance Officer | Power of Attorney
Date:	02/24/2025

AMUNDI ASSET MANAGEMENT

Signature:	John M. Malone
Name/Title:	John M. Malone | Chief Compliance Officer | Power of Attorney
Date:	02/24/2025

FAQ

What stake does Amundi report in Energy Recovery (ERII)?

Amundi reports beneficial ownership of 2,852,138 shares, equal to 5.38% of the common stock as of 12/31/2025. The filing lists shared voting power of 1,868,087 and shared dispositive power of 2,852,138.

Who holds voting rights for the employee shares mentioned in the filing?

Voting rights for 984,051 employee-held shares are exercised by the FCPE supervisory board. The filing explains the FCPE is dedicated to Energy Recovery employee shareholding and votes are not exercised by Amundi.

Do Amundi and Amundi Asset Management hold the shares directly?

The schedule lists both Amundi and Amundi Asset Management as filing persons organized under French law. It also names related entities (e.g., KBI Global Investors) as subsidiaries involved in the reported holdings.

What voting and dispositive powers does Amundi report?

The filing reports 0 sole voting power, 1,868,087 shared voting power, 0 sole dispositive power, and 2,852,138 shared dispositive power over the disclosed shares.