Slide 1: Investor Presentation - September 2025
Investor Presentation - September 2025 2025 - Final year of the Springboard 2025 strategic plan! ABC arbitrage HY 2025 - Investor Presentation 1
Slide 2: Key topics of the presentation
ABC arbitrage Key topics of the presentation 1. What we do. 2. 2025 Market Parameters. 3. HY 2025 Financial Results. 4. How we do it. 5. Outlook for the H2 2025. 6. ABC Shares & distributions. 7. The 5 key takeaways! ABC arbitrage HY 2025 - Investor Presentation 2
Slide 3: Who we are
ABC arbitrage Who we are Who we are ❏ One Business: Quantitative Asset Management. ❏ One Team: Enthusiastic technologists, building innovative trading systems and asset management strategies. ❏ One Trading Principle: Quantitative arbitrage. ❏ One Methodology: Risk mitigation & Risk Management. ❏ One
Slide 4: 1. What we do
ABC arbitrage 1. What we do ABC arbitrage HY 2025 - Investor Presentation 4
Slide 5: Our business: Trading Arbitrage
What we do Our business: Trading Arbitrage Arbitrage: Providing liquidity to the market with systematic mechanical or statistical hedging position. ❑ Sophisticated trading techniques using scientific & data driven approach to generate alpha. ❑ Statistical and Event Driven strategies - focus on niche
Slide 6: 2. HY 2025 Market Parameters
ABC arbitrage 2. HY 2025 Market Parameters ABC arbitrage HY 2025 - Investor Presentation 6
Slide 7: Markets parameters: Volatility
Markets parameters Volatility - Volatility spiked during the month amid tariff threats! ➔ 2025 Q1 - Most of the time between the “no life zone”and its historical average. ➔ 2025 Q2 - Almost 2 months significantly above its historical average. 2024 2025 ➔ Average VIX over 30 years ~ 20% & Average 201
Slide 8: Markets parameters: M&A and Corporate Action activity
Markets parameters M&A and Corporate Action activity Monthly existing M&A announced offers (Numbers given for listed targets) Corporate actions opportunities Stable compared to 2024 & +11% vs 10y average Divided by 3 since 2014 - Divided by 1.5 since 2018 (but -12% in Capitalization of existing offe
Slide 9: Markets parameters: Traded markets Volume
Markets parameters Traded markets Volume ➔ 2025 vs 2024 - Strong growth (+27%) due to the volatility of March and April. ➔ 2025 vs 10y average => + 39% ➔ Reminder - Long-term attrition in equity volumes (US~7500 listed companies 20y ago vs 4000 today) Data source: Euronext ABC arbitrage HY 2025 - In
Slide 10: Specific market situation - A steep drawdown in April 2025
Markets parameters Specific market situation - HY 2025 - A steep drawdown in April 2025 ➔ April 2–>8: a decline of more than 10% in the S&P 500. ➔ One of the sharpest short-term market corrections since COVID. ABC arbitrage HY 2025 - Investor Presentation 10
Slide 11: 3. HY 2025 Financial Results
ABC arbitrage 3. HY 2025 Financial Results ABC arbitrage HY 2025 - Investor Presentation 11
Slide 12: ABC Financial Results Profit & Loss Breakdown
ABC Financial Results Profit & Loss Breakdown Change HY In millions of euros - IFRS FY 2023 HY 2024 FY 2024 HY 2025 2025/2024 Useful comment Investment Services Fees* 18,3 10,2 21,4 12,0 17,7% ~4% from external third party Net gains at fair value through profit or loss** 21,0 12,6 29,8 24,4 94,2% Tax
Slide 13: The moral contract has been fulfilled!
ABC Financial Results The moral contract has been fulfilled! Still a significant correlation between ABC gross profit & Realized volatility ➔ H1 25 ~ 1.8x H1 24 (w/o ETP) ➔ Mar. + Apr. ~ 60% of H1 2025 ➔ 33% of the months of H1 ~ 60% of H1 P&L ➔ New Strat ABC2022 et SB2025 ~ 20% of P&L ABC arbitrage
Slide 14: Specific situations in 2024 for the constitution of ABCA revenues
ABC Financial Results Specific situations in 2024 for the constitution of ABCA revenues In millions of euros - IFRS HY 2024 HY 2025 Useful comment Business Situation Strong results in favorable market conditions ➔ Structural & cyclical progress, including ABC2022/SB2025 Structural & cyclical revenue
Slide 15: External Third Party (ETP) - Assets under Management under pressure
ABC Financial Results External Third Party (ETP) - Assets under Management under pressure ❑ Pre-2010: (mainly) generated through trading of our own equity. ABCA’s AuM ❑ Post-2010: opened to third party funds. Geographical breakdown ❑ External Third Party Asset under Management - via Managed Accounts
Slide 16: Split of revenues between Group equity and External Third Party AuM
ABC Financial Results Split of revenues between Group equity and External Third Party AuM ➔ Revenues from External Third Party (ETP w/o non-crystallized incentive fee) = 0.5M€ / 1.3% of Net Revenue. ➔ Revenues ETP = histo. in 5-15% range but the decline in AuM has reduced this metric. ➔ Including ET
Slide 17: ABCA Funds - AIF & Professional Investors only
ABC Financial Results ABCA Funds - AIF & Professional Investors only! From 2024 - New flagship strategy built around a modified ABCA Opportunities Fund. ➔ A multi-asset, multi-strategy approach aimed at delivering 'all-weather' returns. ➔ Adjusting expected performance volatility to compensate for a
Slide 18: ABCA Funds - 2025 Returns YTD
ABC Financial Results ABCA Funds - 2025 Returns YTD Apr.25 = +6.11% ($) Apr.25 = +9.80% ($) Top 25% perf Top 25% perf PP = Pivotal Path PP = Pivotal Path ABCA Opportunities 2025 Perf.Class USD Net => +9.65% (31/08) ABCA Reversion 2025 Perf. Class USD Net => +8.66% (31/08) Best Multi Strategy under 5
Slide 19: HR Costs Breakdown
ABC Financial Results HR Costs Breakdown ABC Team = ABC Top priority = ABC largest expense ! 2024 Total of 21.2M€ Staff = 111 (31/12) ❑ Base cost increase = partial adaptation to HR market + new R&D people. ❑ Strong correlation between Bonuses and ABC arbitrage performances. ❑ Targeted Equity Incent
Slide 20: Historical Results & ROE - a success!
ABC Financial Results ABC arbitrage Historical Results & ROE - a success! Since ABC creation (1995) ➔ 61 consecutive semesters of strong positive results. ➔ Average ROE above 15% & minimum of 10% over 30y. ➔ ROE HY 2025 (annualized) = 20.3% | EBIT HY = 18M€. H1 ABC arbitrage HY 2025 - Investor Prese
Slide 21: 4. How we do it
ABC arbitrage 4. How we do it ABC arbitrage HY 2025 - Investor Presentation 21
Slide 22: ABC equity as a powerful & adaptive driver of growth!
How we do it ABC Equity Situation ABC equity as a powerful & adaptive driver of growth! ❏ High responsiveness in seed capital decisions and market allocations ❏ Fully independent from external client constraints. ❏ Pure capital accumulation from ABC’s financial results, starting from ~€10K in 1995.
Slide 23: 110+ specialists dedicated to ABC arbitrage business!
How we do it Dedicated Team for our core business 110+ specialists dedicated to ABC arbitrage business! ~70% - R&D + Front ~15% - Risk Management ~10% - Sales ❏ Quant Traders & Research ❏ Risk Control ❏ IT developers & IS ❏ Marketing ❏ Process Control ❏ Data analysis ❏ Investor Relations ❏ Risk Comm
Slide 24: Tech company!
How we do it Proven expertise, technological know how Tech company! Robust & internally developed trading systems operating 24/7 ❏ Hundred of Billions of data elements processed each year*. ❏ Active in almost 100 markets across the world - 24/7*. ❏ Not a High Frequency Trading player but Top Tier 2.
Slide 25: Focus on risk mitigation
How we do it Focus on risk mitigation Risk Mitigation Process Strict Quality Control Stop Crypto ❑ A compound of all possible risk types — including opposite or offsetting risks ❑ No significant increase in the risk budget over time (+15% over the last 10y). ❑ External incident* in Dec 2020 concerni
Slide 26: 5. Outlook for the H2 2025
ABC arbitrage 5. Outlook for the H2 2025 ABC arbitrage HY 2025 - Investor Presentation 26
Slide 27: The S&P 500 rally goes on!
2025 Outlook The S&P 500 rally goes on! ➔ Global indices showed notable gains despite pockets of local volatility. ➔ Since Jan. 2021: Closed to +100% S&P 500 & +50% STOXX Europe 600. ➔ In the past 2 years, the S&P 500 has delivered gains of nearly 45%! SP500 ➔ 2020–2021: Amid the post-COVID recovery
Slide 28: All the conditions are set for persistent volatility
2025 Outlook All the conditions are set for persistent volatility… PE ratio ~ 31 Among the highest! Not only Tech.! Historical average = 16 Shiller ratio ~ 40 Among the highest! Stronger probability of a new paradigm of normalized volatility! Historical average = 16 ABC arbitrage HY 2025 - Investor
Slide 29: Global Debt situation in a new rates & Inflation paradigm
2025 Outlook Global Debt situation in a new rates & Inflation paradigm An economic world with contradictory pressures! ➔ Global debt increased by approximately 5% / y …To be continued… ➔ Refinancing remains expensive amid persistent higher rates. ➔ The decline in interest rates could help mitigate e
Slide 30: ABC's outlook for the second half of the year
2025 Outlook ABC’s outlook for the second half of the year NEXT STEP FOR ABC arbitrage ➔ Market Parameters (MP) - Q3 MP broadly in line with 2023 MP => Q3 activity slowed vs. H1. ➔ Group Activity Pace - As of Sept. 1, 2025 monthly average activity pace remains roughly 40% higher than the FY 2024 mon
Slide 31: 7. Shares & Distributions
ABC arbitrage 7. Shares & Distributions ABC arbitrage HY 2025 - Investor Presentation 31
Slide 32: Shareholders breakdown
Shares & distributions Shareholders breakdown Over 20% ownership by executive leadership - Ensuring alignment between shareholders and management. * Holding company 50,01% held by Dominique Ceolin ** Management and independent non-executive directors excluding Dominique Ceolin and David Hoey Number
Slide 33: Historical share prices
Shares & distributions Historical share prices ➔ Significant stock price increase following the exit of replication-based ETFs (Feb. 2024). ➔ 1Y strong outperformance of ABCA (+42%) vs CAC MidSmall index (+6%) & CAC 40 index (+4%). ABC arbitrage HY 2025 - Investor Presentation 33
Slide 34: Distribution & Share Buyback Program
Shares & distributions Distribution & Share Buyback Program ➔ 2024 - A yield of ~7%* based on a distribution of 0.34€. FY2024 distribution = €0.34 ➔ ABCA acts as a remunerated hedge against market volatility! ❏ €0.10 – Ex date October 9, 2024 ❏ €0.10 – Ex date December 3, 2024 ❏ €0.10 – Ex date Apri
Slide 35: 8. The 5 key takeaways!
ABC arbitrage 8. The 5 key takeaways ! ABC arbitrage HY 2025 - Investor Presentation 35
Slide 36: The 5 key takeaways! Cornerstones for Springboard 2025
The 5 key takeaways ! Cornerstones for Springboard 2025 1. Cornerstone 1 - ABCA Revenues - 30+ consecutive years of average ROE > 15%. ROE 2025 (annualized) > 20% ✅ 2. Cornerstone 2 - Distribution Policy - POR SB2025 ~ 80% & Distribution return between 6%-8% ✅ 3. Cornerstone 3 - Core Business - Stru
Slide 37: Disclaimer
ABC arbitrage Disclaimer This slideshow is a communication support for the investor presentation on HY 2025. This document includes some forward-looking statements as statements regarding ABC arbitrage business operations. Although ABC arbitrage believes its expectations are based on reasonable assu
Slide 38: Q&A
ABC arbitrage Q&A ABC arbitrage HY 2025 - Investor Presentation 38