Amundi discloses 2.85M Energy Recovery (ERII) shares in 13G filing

Rhea-AI Filing Summary

Amundi and Amundi Asset Management filed a Schedule 13G showing beneficial ownership of 2,852,138 shares of Energy Recovery, Inc. common stock, representing 5.38% of the class as of December 31, 2025.

They report shared voting power over 1,868,087 shares and shared dispositive power over all 2,852,138 shares, with no sole voting or dispositive power. Amundi explains that 984,051 of these shares are held in a French employee shareholding vehicle (FCPE), where voting rights are exercised by the FCPE’s supervisory board, primarily representing Energy Recovery employees.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

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

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

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:	02/17/2025

AMUNDI ASSET MANAGEMENT

Signature:	John M. Malone
Name/Title:	John M. Malone | Chief Compliance Officer | Power of Attorney
Date:	02/17/2025

FAQ

What stake in Energy Recovery (ERII) does Amundi report on this Schedule 13G?

Amundi reports beneficial ownership of 2,852,138 Energy Recovery shares, equal to 5.38% of the common stock. This crosses the 5% threshold that requires public disclosure of holdings under U.S. securities rules through a Schedule 13G filing.

How much voting power does Amundi have over Energy Recovery (ERII) shares?

Amundi reports no sole voting power and shared voting power over 1,868,087 shares. It also has shared dispositive power over 2,852,138 shares, meaning decisions to sell these shares are made on a shared, not exclusive, basis.

What is the role of the FCPE in Amundi’s Energy Recovery (ERII) holding?

Of the reported shares, 984,051 are held through an FCPE, a French employee investment vehicle dedicated to Energy Recovery employee shareholding. Voting rights for these shares are exercised by the FCPE’s supervisory board, not by Amundi itself.

Does Amundi control Energy Recovery (ERII) through this 5.38% ownership?

Amundi certifies the shares are held in the ordinary course of business and not to change or influence control of Energy Recovery. The filing is made as a passive ownership disclosure, rather than an activist or control-seeking position.

Who signed the Schedule 13G reporting Amundi’s Energy Recovery (ERII) stake?

The filing was signed by John M. Malone, identified as Chief Compliance Officer and holding a power of attorney. His signature certifies that, to his knowledge, the ownership information in the Schedule 13G is true, complete, and correct.

Which entities are listed as reporting persons for the Energy Recovery (ERII) stake?

The Schedule 13G lists Amundi and Amundi Asset Management as reporting persons, both organized under the laws of France. The filing also references subsidiaries including Amundi Asset Management and KBI Global Investors entities in the ownership structure.