Half-year Financial Report 2026

Contact - abc@abc-arbitrage.com Internet - https://www.abc-arbitrage.com

2 sur 38

Half-year management report

June yo, 2026

18, rue du O,uatre Septembre 75ooz PariS - France

Contact - abc@abc-arbitrage.com Internet - www.abc-arbit3rasguer .3c8om

1. Group Activity and Profitability

   Les éléments chiffrés significatifs de l'activité du Groupe sont résumés dans le tableau ci-dessous :

   In millions of euros	June 30, 2026 IFRS	June 30, 2025 IFRS	Change	December 31, 2024 IFRS
   Advisory revenues Investment Services Fees* Net gains at fair value through profit or loss	-14.8 36.2	-12.0 24.4	-% 22.6% 48.4%	-22.9 36.8
   Current operating income	51.0	36.5	39.9%	59.7
   Payroll costs	(19.8)	(13.4)	47.7%	(24.1)
   Occupancy costs	(0.9)	(0.9)	-1.0%	(1.7)
   Other expense	(4.6)	(4.5)	2.0%	(9.0)
   Other taxes	(0.0)	(0.0)	10.0%	(0.1)
   Total costs	(25.4)	(18.9)	34.4%	(34.8)
   Net income before tax	25.6	17.6	45.8%	24.9
   Net income attributable to equity holders	26.0	17.7	46.9%	25.1

   * Management fees comprise the services invoiced by the Group's management companies to Quartys and ABCA Funds Ireland. Furthermore, under IFRS 15, management fees do not include non-crystallised performance fees - i.e. neither invoiced nor received - as at 30 June. Performance fees are estimated at €4.8 million as at 30 June 2026 and have therefore not been recognised, compared with €2.2 million as at 30 June 2025.

   Under IFRS, consolidated "Current operating income" as at June 30, 2026 amounted to €51 million. "Net income attributable to equity holders" increased significantly by 46.9% compared with June 30, 2025, reaching €26 million.

   The Return on Equity (ROE) is 13.7% for the first half of 2026, representing an annualised ROE of nearly 27.4%, compared with an annualised 20.3% as at June 30, 2025.

   Macroeconomic context and market conditions:

   The first half of 2026 was marked by a gradual rise in volatility, a significant stress episode in March, followed by a rapid normalisation in the second quarter:

   • Contrasting volatility: the VIX, still moderate at the beginning of the year, gradually increased in January and February before exceeding 30 on several occasions in March, then falling back below 17 by the end of April.

   • Conflict in the Middle East: the escalation between the United States and Iran from late February onwards was the main market shock of the half-year, triggering a sharp rise in energy prices and a broad-based risk-off move across equity markets.

   • Technology/AI rotations: major technology stocks underperformed at the beginning of the year before contributing strongly to the rebound in April and May, followed by further rotations in June.

   • Equity market resilience: after the broad-based correction in March, US indices rebounded strongly in April and May, against a backdrop of a rapid decline in volatility and a return of risk appetite.

     Volatility & Geographical Breakdown:

   • The highest volatility peaks were recorded in March, with the VIX exceeding 30 and the VSTOXX also rising above 30.

   • Europe was more exposed to the March energy shock: European indices underperformed US markets during this period, while European implied volatility temporarily exceeded that observed in the United States.

   • Asia experienced significant dispersion, with particularly strong momentum in the second quarter in Taiwan, South Korea and Japan, driven notably by technology and semiconductor stocks, while Hong Kong underperformed to a greater extent.

     General framework reminder:

     ABC arbitrage is the parent holding company of the Group. In this capacity, it provides cross-functional services, in particular through its finance and internal audit, legal, human resources and communications departments, to all its subsidiaries. These subsidiaries are organised around two main areas of expertise: "investment entities" and asset management companies.

     ABC arbitrage Asset Management and ABC arbitrage Asset Management Asia are the Group's asset management companies and are described in more detail below:

   • ABC arbitrage Asset Management develops and implements alternative arbitrage strategies through quantitative and systematic models, operating on the world's main listed markets. The alternative strategies implemented consist of a combination of several transactions designed to generate profit by exploiting only those inefficiencies likely to arise between financial markets. The selection of instruments is based on a mechanical and mathematical, or even statistical, intervention method. The resulting positions and/or exposures can change very rapidly and follow very short cycles.

   • ABC arbitrage Asset Management Asia also executes alternative arbitrage strategies using quantitative and systematic models. It also conducts research and develops strategies, although to a much lesser extent.

     Quartys engages in the trading of financial instruments. It qualifies as an "investment entity" as it:

   • has obtained funds from its parent company in order to provide investment management services;

   • conducts its business by committing its own funds with the objective of maximising the risk/return profile (returns through capital gains and/or investment income);

   • evaluates and measures the performance of all its investments on the basis of fair value.

     Its added value therefore lies in the timely allocation of risk through the strategies it selects and calibrates, as well as in the quality of the service providers it chooses.

     The Group's interests in ABCA Funds Ireland and Quartys are presented as financial assets at fair value through profit or loss, taking into account the consolidation exemption provided under IFRS 10.

     ABCA Funds Ireland is an Irish-regulated Alternative Investment Fund created in 2011, currently comprising two sub-funds: ABCA Opportunities Fund and ABCA Reversion Fund.

     Achievements in the first half of 2026:

     The results for the first half of 2026 are consistent and satisfactory in light of the market conditions encountered during the period.

     Indeed, the Group was able to take advantage of this market turbulence, as the strategies it develops and operates remain correlated with volatility. This explains the increase recorded in "Current Operating Income".

     Looking at the results in greater detail:

   • The net income of Quartys, a financial instruments trading company, amounted to €36.1 million in the first half of 2026, compared with net income of €24.2 million in the first half of 2025. This increase was mainly due to the

     robustness of the quantitative models, which were able to generate substantial gains in the volatile environment described above, highlighting the benefits of research and development and the continued investment in the Group's historical strategies.

   • ABCA Funds Ireland, an Alternative Investment Fund, had €153 million in assets as at June 30, 2026:

     • The ABCA Opportunities fund (€117 million in assets), designed to partially decouple its performance from volatility, delivered a very strong performance of +18% year-to-date. This multi-strategy "all weather" fund notably comprises three main strategy buckets:

       • "Event Driven" or "Quant M&A" strategies, which generated substantial revenues in the first half of 2026, contributing approximately 16% of the fund's overall result.

       • "Stat Arb" strategies, which delivered a strong performance, supported by diversification across several complementary sub-strategies, and accounted for approximately 42% of the fund's overall result.

       • Lastly, "Systematic Futures" strategies, which performed in line with expectations, particularly during the increase in volatility in March 2026, fully playing their role as defensive strategies and contributing 42% of the fund's overall result.

     • The ABCA Reversion fund (€36 million in assets), designed to benefit from volatility, also delivered a very strong performance, in line with expectations for the period, of +20% year-to-date and +23% over the rolling 12-month period. This fund includes two different types of "Systematic Futures" strategies:

       • "Mean Reversion" strategies, which fully played their defensive role by benefiting from the increase in volatility and trading volumes observed in March 2026, and accounted for 86% of the fund's overall result.

       • "Commodities" strategies, which played their expected supporting and complementary role, although their contribution represented only 14% of the fund's overall result.

   • ABC arbitrage Asset Management and ABC arbitrage Asset Management Asia, the Group's asset management companies, recorded higher revenues related to the management of ABCA Funds Ireland in the first half of 2026 compared with the first half of 2025. This change was driven by two combined effects:

     • "Management fees" were broadly unchanged during the period compared with the first half of 2025.

     • Crystallised "Performance fees" increased following the conversion of an investor's series within the ABCA Reversion fund, generating €600 thousand in revenue during the period compared with

       €99 thousand in the first half of 2025.

     • The strong performances recorded by both funds generated approximately €4.8 million in non-crystallised, and therefore unbilled, "Performance fees" during the period, compared with

       €2.2 million in the first half of 2025 (see explanatory asterisk below the results table above).

       The Group's client assets under management amounted to €256 million at the end of the first half of 2026, compared with €245 million as at December 31, 2025, and €258 million as at June 30, 2025.

       The Group's client assets under management amounted to €278 million as at September 1, 2026.

2. Distribution

   Identified as a high-yield stock, the total amount distributed in respect of the 2025 financial year, of €0.34 per share, represents a yield of approximately 6.3%, based on the share price as at June 30, 2026.

   As part of the implementation of the Momentum 2028 strategic plan, the Board of Directors decided to distribute an interim dividend of €0.20 per share in respect of the 2026 financial year. Each shareholder may choose to receive this

   interim dividend in cash or, for all or part of the amount due to them, in shares. The share reinvestment price was set at

   €4.54 per share (ex-interim dividend). This price was established after applying a 10% discount to the reference price determined in accordance with Article L. 232-19 of the French Commercial Code, based on the average closing prices over the twenty trading sessions preceding the decision to distribute, less the net amount of the interim dividend.

   Based on the number of shares comprising the share capital as at the date of the Board of Directors' meeting approving the half-year financial statements, this payment represents a maximum aggregate amount of €11,957,832. This distribution will be made from distributable profit, including retained earnings.

   The timetable for payment of the interim dividend is as follows:

   • Ex-dividend date: Tuesday, November 24, 2026,

   • Option period for payment in shares: until December 7, 2026 included,

   • Payment of the interim dividend in cash and crediting to accounts of the new shares delivered in payment of the interim dividend : Friday, December 11, 2026.

   The total amount to be paid in respect of this interim dividend is broadly equivalent to the total amount paid at year-end over many financial years.

3. Outlook

The first few months of the second half of 2026 were characterised by VIX volatility edging slightly lower, while regularly remaining at levels close to its historical average, in an environment still marked by significant geopolitical and economic uncertainties. Market movements remain significant in certain sectors, particularly due to concerns regarding debt and valuation levels. Fears of a possible return of inflation, which could put pressure on monetary policies and lead to a significant rise in financing rates, are also contributing to maintaining volatility.

This market environment enables the Group to maintain a high level of activity, supported by the structural progress achieved under Springboard 2025 and by the work undertaken as part of the new Momentum 2028 strategic plan. As at September 1st, the Group's monthly activity level was approximately 90% above the monthly average for the whole 2025 financial year.

Board of Directors September 17, 2026

Half-year consolidated financial statements

June yo, zoz6

18, rue du Quatre Septembre

7sOozParis - France

Contact - abc@abc-arbitrage.com Internet - www.abc-arbit8rasguer 3.c8om

1. Accounting principles and policies 14

   1. Fixed assets 16

      1. Intangible assets and property and equipment 16

      2. Right of use 17

   2. Fair value of financial instruments 17

   3. Portfolio revenue 18

   4. Dividend income 18

   5. Share-based payment 18

   6. Provisions 18

   7. Corporate income tax 19

   8. Income from investment services fees 19

   9. Financial statement presentation 19

      1. Consolidation principles 19

      2. Earnings per share 20

   10. Alternative performance indicators 20

2. Consolidation scope and principles 20

3. Notes to the balance sheet 21

   1. Intangible assets and property and equipment 21

   2. Other non-current financial assets 22

   3. Financial assets and liabilities at fair value through profit or loss 22

   4. Guarantees granted 23

   5. Other receivables and payables 23

   6. Consolidated equity 24

      1. Share-based payment Springboard 2025 and Momentum 2028 24

      2. Distribution dividend in 2025 25

      3. Interim dividend distributions 25

      4. Treasury stock 25

   7. Provisions 25

   8. Liabilities representing the lease payment obligation - IFRS 16 26

4. Notes to the statement of income 26

   1. Net gains on financial instruments at fair value through profit or loss 26

   2. Investment services fees 27

   3. Other revenues 27

   4. Other purchases and external expenses 27

   5. Payroll costs 27

   6. Cost of risk 28

   7. Corporate income tax 28

5. Risk factors 29

   1. Market risk 30

   2. Credit and counterparty risk 31

   3. Liquidity risk 32

   4. Operational risk 33

   5. Other risks 33

6. Complementary information 34

   1. Related party transactions 34

   2. Post-closing events 34

1. ‌Accounting principles and policies

   The reporting period covers the period from January 1 to June 30, 2026. The half-year consolidated financial statements are presented in euros. The consolidated financial statements were approved by the Board of Directors on September 17, 2026 and audited by the two statutory auditors: BM&A and Deloitte & Associés.

   The consolidated financial statements of the ABC arbitrage group (hereinafter the "Group") have been prepared in accordance with IFRS (International Financial Reporting Standards) issued by the IASB (International Accounting Standards Board) as adopted by the European Union as at June 30, 2026. In particular, the Group's complete half-year consolidated financial statements have been prepared and are presented in accordance with the provisions of IAS 34, Interim Financial Reporting.

   The standards and interpretations mandatorily applicable from January 1, 2026 have no significant impact on the Group's consolidated financial statements as at June 30, 2026.

   New and amended IFRS Accounting Standards effective for the current financial year:

   For the current financial year, the Group has applied a number of amendments to IFRS Accounting Standards issued by the IASB.

   With regard to new standards and interpretations adopted by the IASB that became mandatorily effective from January 1, 2026, their adoption had no significant impact on the disclosures required or on the amounts reported in these financial statements.

   Below is the list of amended IFRS Accounting Standards effective for the relevant period:

   • Amendments to IAS 21: Lack of Exchangeability (issued by the IASB in August 2023 and effective from January 1, 2025):

     • These amendments specify the methodology to be applied when a currency is no longer exchangeable, including the exchange rate to be used, measurement requirements and disclosures.

   • Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial Instruments (issued by the IASB in April 2024 and effective from January 1, 2026). These amendments are intended to:

     • Clarify the criteria for assessing contractual cash flow characteristics (SPPI test),

     • Introduce specific guidance for certain innovative or complex instruments,

     • Address certain differences in interpretation observed since the implementation of IFRS 9 in 2018.

       IFRS Standards and amendments issued but not yet effective:

       As at the date of authorisation of these half-year consolidated financial statements, the Group has not early adopted any standard or amendment issued by the IASB whose effective date is after January 1, 2026.

       IFRS 18 - Presentation and Disclosure in Financial Statements

       Issued by the IASB in April 2024 and adopted by the European Union in February 2026, IFRS 18 replaces IAS 1, Presentation of Financial Statements. It is effective for annual reporting periods beginning on or after January 1, 2027, with earlier application permitted.

       IFRS 18 retains, without substantive changes, many of the requirements of IAS 1 and mainly introduces new requirements relating to:

   • the classification of income and expenses into operating, investing and financing categories, together with the presentation of defined subtotals, including operating profit and profit before financing and income taxes;

   • disclosures, in a single note, on management-defined performance measures ("Management-defined Performance Measures" or "MPMs") used in the Group's public communications;

   • the principles governing the aggregation and disaggregation of information presented in the financial statements and the accompanying notes;

   • the presentation of the statement of cash flows, through consequential amendments to IAS 7.

     IFRS 18 does not amend the recognition and measurement principles applicable to assets, liabilities, income and expenses. Based on the analyses performed to date, the Group therefore does not expect its initial application to have an impact on the amount of consolidated net income, equity or the consolidated financial position.

     However, the standard is expected to modify the presentation of certain items of income and expense within the consolidated statement of profit or loss, as well as the presentation of the statement of cash flows and the disclosures provided in the notes. The Group's work notably focuses on:

   • analysing the classification of income and expenses with regard to the different categories provided for under IFRS 18, taking into account the classification of ABC arbitrage as an "investment entity" and the Group's asset management activities;

   • identifying, among the indicators currently used in the Group's public communications, those that may meet the definition of an MPM;

   • analysing additional aggregation and disaggregation requirements for information.

     This work is ongoing and the presentation and disclosure impacts have not yet been fully quantified as at the date of authorisation of these financial statements.

     IFRS 18 will be applied retrospectively. Consequently, comparative information relating to the 2026 financial year presented in the 2027 financial statements will be restated in accordance with the new presentation requirements. The 2027 half-year financial statements will also include the required reconciliations between the comparative amounts restated under IFRS 18 and those previously presented under IAS 1.

     Other standards and amendments

     IFRS 19, Subsidiaries without Public Accountability: Disclosures, effective from January 1, 2027, allows certain eligible subsidiaries to apply reduced disclosure requirements in their own financial statements. This standard has no impact on the disclosure requirements applicable to the Group's consolidated financial statements.

     Other standards and amendments issued but not yet effective as at the date of authorisation of these financial statements, including IFRS 20, Regulatory Assets and Regulatory Liabilities, the amendments to IAS 21 relating to translation into a hyperinflationary presentation currency and the amendments to IAS 28 relating to the fair value option, are not expected to have a significant impact on the Group's consolidated financial statements.

     The preparation of the financial statements may require the Group to make estimates and assumptions that may affect the amounts of assets and liabilities as well as income and expenses. The underlying estimates and assumptions are based on past experience and other factors considered reasonable in the circumstances. They form the basis for the judgements made in determining the carrying amounts of assets and liabilities that cannot be obtained directly from other sources.

     In preparing the consolidated financial statements, ABC arbitrage considered the impact of climate change, particularly in the context of the disclosures required in the "Voluntary non-financial information" section of the Annual Financial Report. This consideration had no material impact on the judgements and estimates made by the Group.

     The final amounts reported in the Group's future financial statements may differ from the amounts currently estimated. These estimates and assumptions are reviewed on an ongoing basis.

     As the Group's activities are not seasonal or cyclical in nature, the results for the period are therefore not affected by such factors. The market conditions encountered, which are exogenous, are inherently unpredictable. They are presented in the management report in order to provide context for the results achieved in each reporting period.

     The Group follows an industrial approach, focusing exclusively on the design of quantitative and systematic models that exploit market imbalances, thereby contributing to their elimination and, at its own scale, supporting market liquidity and efficiency.

     Its primary objective is to deliver returns each year within a defined risk framework and to invest the resources required to ensure sustainable growth.

     Key Events:

     The first half of 2026 was marked by alternating periods of geopolitical tension, risk-reduction movements and phases of normalisation, resulting in highly variable market conditions. Against this backdrop, the VIX remained for an extended period within a range close to 18-20%, with a distinct period above 20% in March during the stress episode linked to geopolitical tensions and the energy shock.

     Volatility and, more broadly, market activity evolved unevenly over the period:

     During the first quarter, the escalation of tensions in the Middle East and the shock to energy prices led to a rapid increase in volatility, higher correlations and significant risk-reduction movements. The VIX then entered a period of heightened tension, remaining persistently above 20% and reaching a peak above 30%, supporting sustained activity across the Group's strategies.

     During the second quarter, the easing of geopolitical tensions and the resilience of corporate earnings supported a rebound in equity markets and a gradual normalisation in volatility, with the VIX returning to more moderate levels of around 18-20%. Trading volumes nevertheless remained high, particularly in equity index futures, against a backdrop of persistent sector rotations.

     Equity markets therefore demonstrated notable resilience, recovering part of the decline recorded in the first quarter despite continued macroeconomic and geopolitical uncertainty.

     To a lesser extent, M&A activity also strengthened in value terms, although it remained concentrated in a limited number of large transactions, while the total number of deals remained lower.

     Against this backdrop, the strategies developed and operated by the Group benefited from an environment characterised by episodes of heightened volatility and sustained trading volumes, the main drivers of performance.

     1. ‌Fixed assets
        1. ‌Intangible assets and property and equipment

           Intangible and tangible fixed assets acquired are recorded on the balance sheet at their acquisition cost, and depreciation is calculated using the straight-line method based on their estimated useful life.

           The depreciation periods generally applied by the company are as follows:

   • Intangible assets: 1 to 5 years;

   • IT equipment: 3 to 5 years;

   • Furniture and fixtures: 5 to 10 years.

     Depreciation expenses are recorded under the "Depreciation, Amortization, and Provisions" line item in the income statement.

     1. ‌Right of use

        IFRS 16, which relates to lease contracts, requires the lessee to recognize on its balance sheet:

   • An asset representing the right-of-use of the leased asset; and

   • A liability representing the obligation to make lease payments.

     Thus, a depreciation expense for the asset must be presented separately from the interest expense related to the liability in the income statement.

     Leases with a term of less than one year and pure service contracts are not subject to adjustments.

     1. ‌Fair value of financial instruments

        Positions taken (hereinafter "Exposure(s)" or "Position(s)") relate to equities or equity derivatives, such as warrants, guaranteed value certificates or convertible bonds, dematerialised digital assets, derivative instruments such as futures, options, exchange-traded funds, as well as foreign exchange exposures and units in investment funds (hereinafter referred to as "Financial Instruments"), the majority of which are traded on active markets, which may or may not be regulated. A set of related Exposures constitutes a quantitative model (hereinafter a "Quantitative Model").

        A Quantitative Model aims to take advantage of an unjustified price difference between several Financial Instruments. The Group only considers as "unjustified" those differences that can be objectively measured through a mathematical or statistical process, without however any guarantee of convergence over time.

        Positions may be held with a custodian, in the form of a receivable or a liability vis-à- vis a counterparty, or in synthetic form (e.g. CFDs, swaps).

        The Group holds Financial Instruments solely for trading purposes and they are therefore classified in the IFRS category "Fair value through profit or loss".

        The fair value hierarchy comprises the following levels:

   • Level 1: unadjusted quoted prices in active markets for identical assets or liabilities;

   • Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. prices) or indirectly (i.e. derived from prices);

   • Level 3: inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs).

     Financial assets and liabilities classified as "Fair value through profit or loss" are measured and recognised, using trade date accounting, at initial recognition and subsequently at their fair value. In valuing its portfolio of financial instruments, an entity shall use the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal market, or in its absence, the most advantageous market, at the measurement date under current market conditions (i.e. an "Exit price"), whether that

     price is directly observable or estimated using another valuation technique. IFRS 13 also specifies that fair value shall reflect all risk components considered by market participants.

     Within the framework of IFRS 13 and taking into account the economic reality of trading activities in Financial Instruments, the "Exit price" used to value the portfolio of financial instruments is a price reflecting both bid and ask prices (i.e. the midpoint of the bid/ask spread, to obtain a mid price), determined at the last common continuous trading time of the securities composing a Quantitative Model or within the shortest possible time interval.

     In the absence of an active market, fair value is determined using valuation techniques.

     A financial instrument is considered to be quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm's length basis.

     In accordance with IAS 32, cash and securities receivables and cash and securities payables, for each market counterparty, are offset where they are related, fungible, certain, liquid and due. The use of offsetting is intended to provide a more faithful representation of the Group's assets and financial position. It has no impact on profit or loss.

     Financial assets and liabilities held for trading purposes are therefore measured at fair value at the reporting date and presented in the statement of financial position under "Financial assets or liabilities at fair value through profit or loss". Changes in fair value are recognised in profit or loss for the period under "Net gains or losses on financial instruments at fair value through profit or loss".

     The Group derecognises a financial asset or financial liability when the contractual rights to the cash flows from the asset or liability expire, or when the Group transfers the contractual rights to receive the cash flows from the financial asset or liability together with substantially all the risks and rewards of ownership of that financial asset.

     1. ‌Portfolio revenue

        Equity income is recognised as it is received. Tax credits and any related tax refunds associated with the income are included in portfolio income.

     2. ‌Dividend income

        Income from equity investments is recognised upon detachment.

     3. ‌Share-based payment

        ABC arbitrage has granted employees share subscription or purchase options and performance shares. Upon exercise of these rights, the Group issues new shares through a capital increase or transfers to its employees shares previously repurchased.

        IFRS 2, which deals with share-based payments, requires the recognition of an employee expense equal to the fair value of the services rendered by employees in exchange for the equity instruments granted.

     4. ‌Provisions

        A provision is recognised when the Group has a legal or constructive obligation arising from a past event, which is likely to result in an outflow of resources embodying economic benefits to settle the obligation, and when the amount of the obligation can be reliably estimated.

        When the risk materialises or the expense is incurred, the provision previously recognised, which does not correspond to a net increase in assets, cannot be recognised as such and must be recorded as a reduction of the expense recognised.

        However, when the actual expense is lower than the provision and the remaining provision is no longer required, the excess provision is recognised as income, within the same line item as the original charge.

     5. ‌Corporate income tax

        Income tax expense corresponds to current tax adjusted for deferred taxation of consolidated entities. Deferred taxes are calculated on all temporary differences of a tax nature or arising from consolidation adjustments. Deferred tax assets and liabilities are measured using the liability method, applying tax rates that have been enacted or substantively enacted and that will be in force when the temporary differences reverse. They are not discounted.

        The recoverability of deferred tax assets is reviewed on a regular basis and may, where appropriate, lead to the derecognition of deferred tax assets previously recognised.

     6. ‌Income from investment services fees

        In accordance with IFRS 15, which governs the principles and conditions for recognising revenue arising from contractual arrangements, the different types of revenue within the Group are as follows:

   • Intra-group billing of fees due by Quartys to portfolio managers in respect of the right to use strategies and their implementation.

     In addition, fee income derived from the management of investment funds and other mandates for which fees are charged, comprising:

   • Management fees, which are calculated monthly based on assets under management and are then invoiced and recognised on a quarterly basis;

   • Performance fees, which are calculated monthly on excess performance above the high-water mark and are

     invoiced and recognised annually, or upon redemption.

     1. ‌Financial statement presentation
        1. ‌Consolidation principles

           The amendment to IFRS 10 "Consolidated Financial Statements", endorsed by Regulation (EU) No. 1174/2013, introduced a definition of an "investment entity" and established an exception to the consolidation principles for certain subsidiaries of entities meeting this definition, requiring them to measure their investments at fair value through profit or loss.

           A parent entity must determine whether it qualifies as an "investment entity", i.e. an entity that obtains funds from one or more investors for the purpose of providing them with investment management services; commits to its investors that its business purpose is to invest funds solely for returns from capital appreciation and/or investment income; and measures and evaluates the performance of substantially all of its investments on a fair value basis.

           The amendment to IFRS 10 and IAS 28, endorsed by Regulation (EU) No. 2016/1703, further clarified that only subsidiaries that provide services that relate to the investment entity parent's investment activities and that are not themselves investment entities should be consolidated on a line-by-line basis. Accordingly, all subsidiaries that are themselves investment entities must be measured at fair value.

           The application of these standards results in ABC arbitrage being classified as an "investment entity" and leads to the following treatment of its investments:

   • investments in Quartys and ABCA Funds Ireland are presented as financial assets at fair value through profit or loss, as both entities qualify as "investment entities" in view of their activities;

   • investments in ABC arbitrage Asset Management and ABC arbitrage Asset Management Asia, which are the Group's management companies, continue to be consolidated on a line-by-line basis, as they provide services related to the Group's investment activities without themselves qualifying as "investment entities".

   1. 1. ‌Earnings per share

         Diluted earnings per share correspond to the net income for the year, attributable to the Group, divided by the number of shares as of June 30, 2026, adjusted for the maximum estimated impact of the conversion of dilutive instruments into ordinary shares.

   2. ‌Alternative performance indicators

      The Group monitors alternative performance measures, as defined below, which are not directly defined by IFRS standards. These indicators provide additional information that is relevant for shareholders in analysing the contribution of the Group's two core areas of expertise ("investment entities" and asset management companies) to the Group's results, performance and financial position, as well as potential future income.

      These indicators are also used for internal performance analysis. As they are not defined by IFRS standards, they are not directly comparable with similarly named indicators used by other companies. Furthermore, they are not intended to replace or to be presented with greater prominence than IFRS indicators as presented in the financial statements.

      Return on Equity (ROE), or Net Return expressed as a percentage, measures the financial profitability of shareholders' equity. Net return is calculated as follows:

      ROE% = 100 × (net profit / closing equity)

      Gross Return expressed as a percentage measures the level of return on invested amounts and capital. Gross return is calculated as follows:

      Gross Return% = 100 × (revenue from ordinary activities / closing equity)

      ROE and Gross Return are key indicators representing the profitability of the investment activity monitored by the Group.

      The Group's client assets - also referred to as assets under management - correspond to the value of all financial assets managed by the Group's asset management companies. They represent the maximum amount of capital available to finance positions held on behalf of clients. This indicator, which is not directly linked to the financial statements, is a forward-looking indicator of management fees to be earned by the Group.

2. ‌Consolidation scope and principles

   The companies ABC arbitrage, ABC arbitrage Asset Management, and ABC arbitrage Asset Management Asia are consolidated using the full consolidation method.

   Company	Country	Ownership as of June 30, 2026	Ownership as of December 31, 2025	Consolidation method
   ABC arbitrage	France	Parent company	Parent company	Fully consolidated
   ABC arbitrage Asset Management ABC arbitrage Asset Management Asia	France Singapore	100.0% 100.0%	100.0% 100.0%

   The companies ABC arbitrage Asset Management and ABC arbitrage Asset Management Asia are the Group's asset management companies.

   The Group's investment in Quartys1 and the sub-funds of ABCA Funds Ireland are presented as financial assets at fair value through profit or loss.

   The percentage of interest is presented as follows:

   Company	Country	Ownership as of June 30, 2026	Ownership as of December 31, 2025	Consolidation method
   Quartys Limited	Ireland	100.0%	100.0%	Fair value based on net asset value
   ABCA Opportunities Fund ABCA Reversion Fund	Ireland Ireland	78.3% 0.8%	77.1% 0.8%

   The company Quartys engages in the trading of financial instruments.

   ABCA Funds Ireland is an Irish law Alternative Investment Fund established in 2011, comprising two funds:

   • ABCA Opportunities Fund manages, as at June 30, 2026, €117 million of assets;

   • ABCA Reversion Fund manages, as at June 30, 2026, €36 million of assets.

   The total assets of ABCA Funds Ireland amount to €153 million as at June 30, 2026.

3. ‌Notes to the balance sheet
   1. ‌Intangible assets and property and equipment Gross Value

      In thousands of euros	Gross values as of December 31, 2025	Acquisitions	Retirements & Disposals	Gross values as of June 30, 2026
      Concessions and similar rights	520	184	(106)	598
      Equipments, fixtures and fittings	1,515	76	-	1,591
      Office and computer equipments, furnitures	6,777	340	-	7,117
      Total gross value	8,813	599	(106)	9,306

      Amortisation and depreciation

      In thousands of euros	Amortisations December 31, 2025	Increase	Decrease	Amortisations June 30, 2026
      Concessions and similar rights	(394)	(92)	106	(380)
      Equipments, fixtures and fittings	(1,443)	(12)	-	(1,456)
      Office and computer equipments, furnitures	(5,439)	(282)	-	(5,721)
      Total amortisations	(7,276)	(386)	106	(7,556)

      1 Given the exception to the consolidation principles established by IFRS 10 "Consolidated Financial Statements", as outlined in note §1.9.1. Consolidation Principles.

      Net Value

      In thousands of euros	Net values as of December 31, 2025	Increase	Decrease	Net values as of June 30, 2026
      Concessions and similar rights	127	184	(92)	218
      Equipments, fixtures and fittings	71	76	(12)	135
      Office and computer equipments, furnitures	1,338	340	(282)	1,397
      Total net value	1,537	599	(386)	1,750

      Fixed assets are depreciated using the straight-line method over their expected useful life. Depreciation expenses are recorded under the "Depreciation, Amortization, and Provisions" line item in the income statement.

      Right of use - IFRS 16

      In thousands of euros	Value ROU as of December 31, 2025	Increase	Decrease	Value ROU as of June 30, 2026
      Right-of-use assets - IFRS 16 - Gross value	6,440	143	(385)	6,198
      Right-of-use assets - IFRS 16 - Amortisations	(4,216)	(608)	385	(4,438)
      Total net value	2,225	(465)	-	1,760

      Fixed assets are depreciated using the straight-line method over their expected useful life. Depreciation expenses are recorded under the "Depreciation, Amortization, and Provisions" line item in the income statement.

      The application of IFRS 16 results in the recognition of right-of-use assets on the balance sheet for lease contracts entered into by the Group. As of June 30, 2026, these primarily consist of occupied office premises. The corresponding liabilities are recorded as long-term and short-term financial debt, depending on their maturity.

      As a reminder, ABC arbitrage signed a new commercial lease as a tenant in early 2022 for the premises located at 18 rue du Quatre Septembre, 75002 Paris, with a fixed term of six years, effective from January 1, 2022.

      As such, an asset corresponding to the IFRS 16 right-of-use was recognised at the end of 2021 for €5.2 million, with a corresponding lease liability2.

      Following the rent increase, in accordance with its indexation benchmark, a reduction of asset of €1 thousand was recognised. The depreciation expense for the right-of-use asset amounted to €524 thousand for the first half of 2026.

   2. ‌Other non-current financial assets

      As of June 30, 2026, this item consists of €437 thousand in deposits and guarantees paid.

   3. ‌Financial assets and liabilities at fair value through profit or loss

      As of June 30, 2026, the breakdown of financial instruments held as assets or liabilities by the Group, measured at fair value according to the fair value hierarchy as described in note §1.2. Financial Instruments at Fair Value Through Profit or Loss, is as follows:

      2 The discount rate used to assess the lease liability is 1.03%.

      In thousands of euros	Level 1	Level 2	Level 3	June 30, 2026
      Financial assets at fair value through profit and loss Financial liabilities at fair value through profit and loss	13 (1)	174,166 -	- -	174,179 (1)
      Net Assets/Liabilities at fair value through profit and loss	12	174,166	-	174,178

      Financial assets at fair value through profit or loss classified as Level 2 include investments in Quartys and the sub-funds of ABCA Funds Ireland, which are not fully consolidated under IFRS 10, as specified in note §1.9.1. Consolidation Principles, but are instead measured at fair value through profit or loss. These assets are classified as Level 2 because their values are not directly observable in an active market. However, their net asset value (NAV) consists of exposures to Level 1 financial instruments listed on active markets, whose values are directly observable.

      No transfers occurred between different levels of the fair value hierarchy during the first half of 2026. Additionally, long and short positions in Financial Instruments are detailed in note §5. Risk Factors.

      Cash balances earn interest at a variable rate indexed to market reference rates, which can be either positive or negative. For reference, as of December 31, 2025, the classification was as follows:

      In thousands of euros	Level 1	Level 2	Level 3	December 31, 2025
      Financial assets at fair value through profit and loss Financial liabilities at fair value through profit and loss	19 (1)	159,093 -	- -	159,112 (1)
      Net Assets/Liabilities at fair value through profit and loss	18	159,093	-	159,111

   4. ‌Guarantees granted

      The vast majority of the assets recorded under "Financial assets at fair value through profit or loss" are pledged or mortgaged in favor of counterparties, as explained in note §5.2. Credit and Counterparty Risks.

   5. ‌Other receivables and payables

      The maturities of receivables and liabilities are presented in note §5.3. Liquidity Risk. Their breakdown is as follows:

      Other receivables			Other payables
      In thousands of euros	June 30, 2026	December 31, 2025	June 30, 2026	December 31, 2025
      Trade receivables	13,593	9,901	(460)	(459)	Trade payables
      Prepaid expenses	1,100	916	(14)	(14)	Deferred income
      Accrued income	-	-	(549)	(380)	Accrued expenses
      Taxes and payroll receivables	1,117	523	(14,749)	(12,003)	Taxes and payroll payables
      Dividends receivable	-	-	(2,384)	-	Dividends payable
      Total	15,809	11,340	(18,157)	(12,857)

      Receivables mainly consist of accrued invoices for management fees recognised as at June 30, 2026. Tax receivables primarily comprise tax credits and VAT receivables pending reimbursement.

      Tax and social liabilities mainly relate to bonuses, profit-sharing and incentive schemes payable to the Group's employees, amounting to €8.5 million. In addition, there are social security liabilities of €4.5 million and accrued paid leave liabilities amounting to €1.2 million.

      Suppliers are generally paid within thirty days, end of month.

   6. ‌Consolidated equity
      1. ‌Share-based payment Springboard 2025 and Momentum 2028 Performance share plans alive

         Plan name	Business plan	Acquisition date	Acquisition period	Number of shares	Effective acquisition	Shares to be granted	Shares definitively granted
         APE 3.1/2023 APE 3.1/2024* APE 3.2/2024* APE 3.1/2025 APE 3.2/2025 APE 3.1/2026 APV 4.1/2026	Springboard 2025 Springboard 2025 Springboard 2025 Springboard 2025 Springboard 2025 Momentum 2028 Momentum 2028	09/06/2023 07/06/2024 07/06/2024 06/06/2025 18/12/2025 05/06/2026 05/06/2026	3 3 3 3 3 3 1	102,000 145,000 700,000 105,000 30,000 100,000 49,487	2026 2027 2027 2028 2028 2029 2027	-145,000 700,000 105,000 30,000 100,000 49,487	31,749 Pending Pending Pending Pending Pending Pending
         Total				1,231,487		1,129,487	31,749

         * Subject to the service condition and the performance achieved during the period, a number of shares were formally granted at the end of the first semester 2027.

         Stock options subscription plans alive

         Plan name	Business plan	Acquisition date	Acquisition period	Number of options	Exercise start period	Expiration date	Exercise adjusted price	Options to be granted	Remaining options
         SO 1.1/2024	Springb. 2025	07/06/2024	5	3,200,000	2029	30/06/2032	7.0000	3,200,000	Pending
         Total				3,200,000				3,200,000	-

         For all plans:

         The allocated quantities will be zero if annual results are below €15 million, then will increase progressively according to a linear curve. For example, under the APE-3.1/2023 plan, if annual results amount to €20 million over the entire period, 33% of capital-based benefits would be definitively granted. If annual results reach €25 million over the same period, 67% of capital-based benefits would be definitively granted.

         The expense related to the granted plans is recognised over the vesting period. This expense, which is offset in equity, is calculated based on the total value of the plan, as determined on the grant date by the Board of Directors.

         In accordance with IFRS 2, an expense of €1,257 thousand, including €200 thousand in employer contributions, has been recognised for the first half of 2026, based on the estimated number of probable shares across the various aforementioned programs. As a reminder, €617 thousand was recognised in 2025, and €524 thousand in 2024. This expense is related to the progress of existing programs, taking into account the achieved results, along with the new plans introduced in June 2026.

         The realised loss on share buybacks used during the first half of 2026 amounted to €169 thousand, compared to

         €89 thousand in 2025 financial year and €240 thousand in 2024 financial year.

      2. ‌Distribution dividend in 2025

         The Combined General Meeting of 5 June 2026 decided to distribute a final dividend of €0.04 in July 2026. Taking into account the two payments of €0.10 per share each, made in October and December 2025, together with an interim dividend of €0.10 per share paid in April 2026, total distributions for the 2025 financial year amounted to €0.34 per share.

      3. ‌Interim dividend distributions

         The Board of Directors' meeting held on September 17, 2026 decided to pay one (1) interim dividend of €0.20 per share, payable in cash and in shares. The ex-dividend date will be November 24, 2026, with payment on December 11, 2026. Based on the number of ABC arbitrage shares entitled to the payment, the maximal amount is expected to be

         €11.9 million.

         As at June 30, 2026, the share capital amounted to €956,626, divided into 59,789,162 shares with a nominal value of

         €0.016 each, fully paid up. As a reminder, as at December 31, 2025, the share capital amounted to €953,742, divided into 59,608,879 shares with a nominal value of €0.016 each, fully paid up. This capital increase took place at the end of May 2026 following the exercise of reserved offers3 for 180,283 shares.

      4. ‌Treasury stock

         During the first half of 2026, under the liquidity agreement entered into with Kepler Cheuvreux, ABC arbitrage sold 223,316 shares at an average price of €5.44 and purchased 221,103 shares at an average price of €5.38.

         The 118,381 treasury shares held as at December 31, 2025 were partially used, representing 31,749 shares.

         As at June 30, 2026, the Company held a total of 139,345 treasury shares with a gross value of €751 thousand, compared with 173,307 treasury shares4 with a gross value of €939 thousand as at December 31, 2025.

         In accordance with IFRS, ABC arbitrage shares held by the Group are deducted from consolidated equity.

   7. ‌Provisions

      Provisions for risks and charges are nil as at June 30, 2026 like as at December 31, 2025. The activities carried out by the companies of the ABC arbitrage Group have a broad international scope and are performed either directly or indirectly on behalf of third parties. As a result, each subsidiary is exposed to uncertainties, as well as to changes in tax regimes and regulations in jurisdictions other than its country of incorporation. The Group monitors these risks, in particular those relating to transfer pricing, withholding tax, and transaction taxes and duties, and assesses them regularly at fair value in accordance with applicable accounting principles.

      Quartys has been subject to a review concerning its applications for reimbursement of withholding tax5 submitted to the Swiss Federal Tax Administration (FTA) for the years 2016 to 2019 and, by extension, up to and including 2026. In a decision dated 29 August 2024, the FTA indicated its intention to reject the reimbursement claims amounting to CHF 8.1 million, i.e. approximately €8.8 million.

      The company submitted its formal objection to the administration on 30 September 2024, together with its observations, thereby initiating the litigation phase. Exchanges with the tax authorities are ongoing through responses to observations prior to entering into various appeals procedures. To date, discussions are still ongoing and their outcome

      3 Subscription of profit-sharing and/or incentive schemes in ABC arbitrage shares by the Group's employees.

      4 Including the liquidity contract signed with Kepler Cheuvreux.

      5 Also referred to as "Withholding Taxes" - WHT

      remains uncertain. In addition to its own assessment, the company has relied on the opinions of its legal and tax advisers. In accordance with the applicable regulations, the company maintains its conclusion that no provision for tax risk is required.

   8. ‌Liabilities representing the lease payment obligation - IFRS 16

      In thousands of euros	June 30, 2026	December 31, 2025
      Lease liabilities > 1 year	999 1,067	1,274
      Lease liabilities < 1 year		1,353
      Total	2,066	2,627

      Lease liabilities primarily consist of obligations related to the Paris office premises, as presented in §3.1. Intangible and Tangible Fixed Assets. As a reminder, a new lease agreement with a fixed term of six (6) years was signed in 2022.

4. ‌Notes to the statement of income
   1. ‌Net gains on financial instruments at fair value through profit or loss

      The "Net gains on financial instruments measured at fair value through profit or loss" amounted to €36,082 thousand as of June 30, 2026, compared to €24,261 thousand as of June 30, 2025.

      The "Net gains on financial instruments measured at fair value through profit or loss" include all income, expenses, and charges directly related to the trading activity of Financial Instruments held for trading purposes, primarily comprising net fair value gains and losses from Quartys and the sub-funds of ABCA Funds Ireland, integrated in accordance with IFRS 10. These net fair value gains include:

      • Dividends and dividend compensation payments;

      • Capital gains and losses on disposals of financial instruments at fair value through profit or loss;

      • Market value fluctuations of held or owed financial instruments;

      • Interest income and expenses;

      • Carrying costs or borrowing costs related to financial instruments;

      • Foreign exchange differences;

      • Any other income or expense directly related to transactions;

      • General operating, administrative, and overhead expenses.

      The company Quartys has been subject to a review of its withholding tax refund requests submitted to the Swiss Federal Tax Administration for the years 2016 to 2019, extended through 2026. As stated in §3.7. Provisions for Risks and Charges, the Group monitors the various mentioned risks and, beyond its own assessment, has relied on the opinions of its legal and tax advisors. The company maintains its conclusion that no provision for tax risk is required, as the risk is considered less likely than probable.

      However, given the elapsed time, the difficulty in recovering these amounts in the near future, and the recent increase in interest rates, which has a non-negligible impact, the Group, in accordance with IFRS 13, has discounted the amount of the unrecovered receivable, amounting to €8.8 million over six years, to reflect its fair value as of June 30, 2026. This resulted in a reversal of €0.05 million recognised in profit or loss for the year, directly included in the line "Net gains on financial instruments at fair value through profit or loss", and reduced the impairment provision to €1.52 million.

      For information, the provision is recorded in the accounts of Quartys and amounted to €1.57 million as at December 31, 2025.

   2. ‌Investment services fees

      Management fees amount to €14,768 thousand as of June 30, 2026, compared to €12,044 thousand as of June 30, 2025, and are broken down as follows:

      In thousands of euros	June 30, 2026 IFRS	June 30, 2025 IFRS
      Rights of use and implementation of strategies	13,205	10,992
      Asset management fees from internal capital*	658	582
      Performance fees from internal capital*	0	-
      Income from capital entrusted by Group entities	13,863	11,573
      Asset management fees from external capital	305	371
      Performance fees from external capital	600	99
      Income from capital entrusted by external investors to the Group**	905	471
      Income from management fees and similar income	14,768	12,044

      * Commissions arising from the investment of Group entities within the ABCA Funds Ireland structure.

      ** Capital collected within the framework of collective management or management mandates.

      Management fees include the services billed by the Group's asset management companies to Quartys, ABCA Funds Ireland, and the investment management mandate, as detailed in note §1.8. Commission income from investment services. Furthermore, under IFRS 15, management fees do not include non-crystallised performance fees -

      i.e. neither invoiced nor received - as at 30 June. Performance fees are estimated at €4.8 million as at 30 June 2026 and have therefore not been recognised, compared with €2.2 million as at 30 June 2025.

   3. ‌Other revenues

      Other operating income amounts to €301 thousand as of June 30, 2026, compared to €273 thousand as of June 30, 2025, primarily consisting of income from subleasing office space, standard administrative services, and the impact of positive interest rates on cash held in administrative accounts.

   4. ‌Other purchases and external expenses

      Purchases and external expenses amount to €5,369 thousand as of June 30, 2026, compared to €4,746 thousand as of June 30, 2025, and are broken down as follows:

      In thousands of euros	June 30, 2026	June 30, 2025
      Market access related fees	3,496	3,170
      Miscellaneous costs (incl. communication, quotation, sponsoring)	490	483
      Consulting fees and related (incl. lawyers, administrative)	192	184
      Premises costs*	248	247
      Costs related to personnel or representation expenses	944	662
      Total	5,369	4,746

      * Related to the leases inferior to one year in the subsidiaries, with the indirect costs such as cleaning, maintenance, repairs

   5. ‌Payroll costs

      The Group's average headcount during the first half of 2026 was 119 employees, compared with 114 employees in the first half of 2025.

      Fixed and variable salaries, including gross profit-sharing and incentive schemes, corporate mandates, and director remuneration, amount to €13.4 million as of June 30, 2026, compared to €9.2 million as of June 30, 2025.

      Related social security contributions amount to €4.8 million as of June 30, 2026, compared to €3.3 million as of June 30, 2025.

      For informational purposes, given the performance level achieved in the first half of 2026, the provisioned bonus amount, related to the aforementioned variable compensation, stands at €10.1 million for the period, including social security contributions, compared to €5.1 million for the first half of 2025.

      At the same time, other indirect staff-related costs amounted to €0.3 million as at June 30, 2026, unchanged from the amount recorded as at June 30, 2025. These costs mainly include, for example, contributions to the Social and Economic Committee (CSE), meal vouchers, inter-company childcare costs and occupational health services, among others.

      The Group does not offer any post-employment benefits6, and other long-term benefits are classified as "defined contribution" plans, carrying no future commitments, as the employer's obligation is limited to the regular payment of contributions.

   6. ‌Cost of risk

      The cost of risk as of June 30, 2026, is nil, as it was on June 30, 2025.

   7. ‌Corporate income tax

      The difference between the effective tax rate recognised in the consolidated profit or loss (-1.22%) and the theoretical tax expense, calculated by applying the tax rate applicable to the consolidating entity to the consolidated profit before tax, is explained by the following impacts:

      	June 30, 2026	December 31, 2025
      Theoretical taxation rate	25.00%	25.00%
      Impact of permanent differences	4.71%	0.24%
      Impact of tax credit	0.00%	0.00%
      Impact of IFRS 10 presentation	-35.17%	-36.52%
      Impact of temporary differences	4.23%	10.66%
      Effective tax rate	-1.23%	-0.62%

      ABC arbitrage is the parent company of a tax consolidation group formed with ABC arbitrage Asset Management since January 1, 2004.

      The tax consolidation group has adopted an agreement under which tax expenses are borne by both the parent company and its subsidiaries, as if no tax consolidation existed. Accordingly, the tax charge is calculated based on each entity's own taxable income, after deduction of all tax losses carried forward from previous years.

      Tax savings generated by the group through the use of tax losses are retained by the parent company and are recognised as an immediate gain for the year. As a matter of prudence, given the lack of certainty regarding future recoverability, deferred tax assets on tax losses are not recognised.

      6 Examples: supplementary retirement benefits or coverage of certain medical expenses.

5. ‌Risk factors

   The Group is exposed to various financial and non-financial risks: market risks, credit and counterparty risks, liquidity risks, operational risks and other risks.

   ABC arbitrage has defined and communicated to its subsidiaries a general risk management framework within which each subsidiary's Board of Directors establishes its own policy.

   The Group monitors the implementation and effectiveness of controls within its subsidiaries, with the support of executive directors and the market risk and internal control functions.

   The Group uses leverage as part of its financing arrangements with counterparties, enabling it to take larger Exposures than it could on a standalone basis.

   Exposures taken individually involve a risk of capital loss. The maximum loss on long equity Exposures is limited to the fair value of those positions. The maximum loss on long futures Exposures is limited to the notional value of the contracts. The maximum loss on short Exposures, whether in equities or futures contracts, is theoretically unlimited.

   Exposures recognised under "Financial assets at fair value through profit or loss" and "Financial liabilities at fair value through profit or loss" are detailed as follows:

   Net position of assets

   In thousands of euros	Long exposures	Short exposures	Net Assets
   Non-derivatives financial instruments	1,292,094	(667,058)	625,036
   Listed derivatives	4,107	(1,987)	2,120
   Unlisted derivatives	840,144	(1,485,118)	(644,974)
   Financial assets at fair value through profit or loss	92,096	-	92,096
   Total financial instruments	2,228,441	(2,154,163)	74,278
   Cash and margin accounts	807,032	(721,540)	85,492
   Listed currencies derivatives	16,461	-	16,461
   Unlisted currencies derivatives	-	(2,053)	(2,053)
   Total cash and currencies related	823,494	(723,593)	99,901
   Financial assets at fair value through profit or loss		June 30, 2026	174,179
   Financial assets at fair value through profit or loss		December 31, 2025	159,112

   Net position of liabilities

   In thousands of euros	Long exposures	Short exposures	Net Liabilities
   Non-derivatives financial instruments	-	-	-
   Listed derivatives	-	-	-
   Unlisted derivatives	-	-	-
   Financial liabilities at fair value through profit or loss	-	-	-
   Total financial instruments	-	-	-
   Cash and margin accounts	-	(1)	(1)
   Listed currencies derivatives	-	-	-
   Unlisted currencies derivatives	-	-	-
   Total cash and currencies related	-	(1)	(1)
   Financial liabilities at fair value through profit or loss		June 30, 2026	(1)
   Financial liabilities at fair value through profit or loss		December 31, 2025	(1)

   Net position of assets and liabilities

   In thousands of euros	Long exposures	Short exposures	Net Assets/Liab.
   Non-derivatives financial instruments	1,292,094	(667,058)	625,036
   Listed derivatives	4,107	(1,987)	2,120
   Unlisted derivatives	840,144	(1,485,118)	(644,974)
   Financial assets and liabilities at fair value through profit or loss	92,096	-	92,096
   Total financial instruments	2,228,441	(2,154,163)	74,278
   Cash and margin accounts	807,032	(721,541)	85,491
   Listed currencies derivatives	16,461	-	16,461
   Unlisted currencies derivatives	-	(2,053)	(2,053)
   Total cash and currencies related	823,494	(723,594)	99,900
   Financial assets & liabilities at fair value through profit or loss		June 30, 2026	174,178
   Financial assets & liabilities at fair value through profit or loss		December 31, 2025	159,111

   N.B : Long and short exposures indicate that the Group has taken a position benefiting from an increase or decrease, respectively, in the price of financial instruments.

   The geographical breakdown of exposures as of June 30, 2026, is as follows:

   Geographical area	June 30, 2026	December 31, 2025
   North america	43%	43%
   Europe	40%	38%
   Others	10%	13%
   Asia	7%	6%
   Total	100%	100%

   This geographical breakdown is determined based on the absolute value of exposures at the reporting date, categorised by trading venue, which are then grouped by geographical region.

   1. ‌Market risk

Market risk is the risk that the fair value or future cash flows of positions fluctuate due to increases or decreases in the prices of financial instruments and includes, in particular, price risk, interest rate risk, and foreign exchange risk.

Equity risk, or price risk, primarily arises from the uncertainty surrounding the future prices of financial instruments held. It represents the potential loss the Group could incur due to possible price movements in its exposures to financial instruments.

The risk is never linked to an unfavorable evolution of financial markets, such as the occurrence of a market crash, but rather to the realization of an adverse event related to the initiated transaction. By nature, risks associated with "Quantitative Models" are independent of one another. The risk is therefore mitigated through diversification, as the Group spreads its exposure across the largest possible number of transactions and financial instrument types, as well as multiple geographical regions.