ABC Arbitrage (ABCA) Investor presentation summary

Business overview and strategy

• Operates as a quantitative asset manager focused on arbitrage, leveraging proprietary capital and systematic, data-driven trading strategies across nearly 100 global exchanges.

• Maintains a strong risk management culture, with 30 consecutive profitable years and an average ROE above 15%.

• Core business is highly correlated to volatility, M&A activity, corporate actions, and traded market volumes.

• Ongoing investments in R&D and IT, with a dedicated team of over 110 specialists and robust in-house trading systems.

• Strategic plan Springboard 2025 concludes this year, with a new plan for 2026-2028 to be presented in March 2026.

Market environment and performance drivers

• HY 2025 saw increased volatility, especially in March and April, driving strong trading volumes (+27% YoY, +39% vs 10-year average).

• M&A activity remained stable compared to 2024 but was 11% above the 10-year average, while corporate actions opportunities continued to decline.

• April 2025 featured a sharp S&P 500 drawdown (>10%), one of the steepest since COVID.

• Persistent high equity valuations and global debt, with inflation and interest rates remaining elevated.

Financial results HY 2025

• Net revenues rose 59.9% YoY to €36.5m, with net income attributable to equity holders up 99.5% to €17.7m.

• ROE (annualized) reached 20.3%, continuing a 30-year streak of double-digit returns.

• Payroll and IT costs increased, reflecting ongoing investments in talent and technology.

• External third-party AuM declined 66% YoY to €57m, impacting ETP revenue share (1.3% of net revenue).

• Group’s own capital remains the primary driver of revenue and growth.