ABC Arbitrage (ABCA) H2 2025 earnings summary

Executive summary

• Quantitative asset management firm achieved 31 consecutive profitable years, with average ROE above 15% and 2025 ROE at 14.8%.

• Net income for 2025 was €25.1 million, with EPS at €0.42.

• Operates globally with 40+ strategies across 100 exchanges, highly correlated to volatility, M&A, and market volumes.

• Market volatility, driven by geopolitical tensions and US trade policy, contributed to strong fund performance.

Financial highlights

• Net revenues for 2025 rose 16.5% year-over-year to €59.7M; net income fell 6.5% to €25.1M.

• EPS increased 19% year-over-year; net margin around 42%.

• Investment services fees up 6.7%; net gains at fair value through profit or loss up 23.6%.

• Payroll costs increased 13.2% to €24.1M; total costs up 15.1%.

• Equity rose to €170 million at year-end 2025.

Outlook and guidance

• 2026 began with a 40% higher average Business Activity Level than the 2025 monthly average.

• Strategic plan "Momentum 2028" targets >10% ROE, scaling AUM ETP to $1B, and cumulative net income of €100M over three years.

• Planned investments of €15–25 million over three years, conditional on results.

• Minimum annual dividend of €0.306 and payout ratio of 66% confirmed.