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ABC arbitrage HY 2026 - Investor Presentation Investor Presentation - Sept. 2026 HY 2026 - 1st semester of the Momentum 2028 strategic plan. 1
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ABC arbitrage HY 2026 - Investor Presentation Key topics of the presentationABC arbitrage 2 1. Who we are & What we do. 2. Market Parameters over beginning of Momentum 2028. 3. HY 2026 Financial Results. 4. How we do it. 5. Momentum 2028 - H1 strategic update. 6. Outlook for the 2026 markets.
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ABC arbitrage HY 2026 - Investor Presentation 1. Who we are & What we do. ABC arbitrage 3
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ABC arbitrage HY 2026 - Investor Presentation Who we areABC arbitrage 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 Conviction: Investing our own Equity in our strategies. ❏ One Proof: 31+ consecutive profitable years with average ROE > 15%. 4
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ABC arbitrage HY 2026 - Investor Presentation What we doABC arbitrage Arbitrage: Providing liquidity to the market with systematic mechanical or statistical hedging position. Volatility M&A Corporate Actions Traded Volumes 5 ❑ Sophisticated trading techniques using scientific & data driven approach to generate alpha. ❑ Statistical and Event Driven strategies - focus on niche, mid-short term trading opportunities with capital protection. ❑ 40 main strategies, multi-assets, multi markets on almost 100 exchanges around the world. ❑ ABC strategies P&L are correlated to Volatility, M&A activity, Corporate actions and traded markets volumes.
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ABC arbitrage HY 2026 - Investor Presentation 2. Market Parameters over Beginning of Momentum 2028. ABC arbitrage 6
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ABC arbitrage HY 2026 - Investor Presentation 2026 Market Dynamics - A Relentless S&P 500 RallyMarkets parameters 7 ➔ Exceptional 3-Year Rally: S&P 500 up +86% (CAGR > 23%). ➔ H1 2026 Market Broadening: S&P 500 (+11%) vs. S&P Equal Weight (+10%). Index 2023 2024 2025 Total Compound Return Compound Annual Growth Rate (CAGR) Average Annual Return S&P 500 (Cap. Weighted) 26.3% 25.2% 17.9% 86.4% 23.1% 23.1% S&P 500 Equal Weight 13.9% 14.5% 11.2% 45.0% 13.2% 13.2% Euro Stoxx 600 15.8% 10.2% 8.4% 38.3% 11.4% 11.5% -10% -4%
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ABC arbitrage HY 2026 - Investor Presentation Volatility Analysis ➔ 2026 - A relatively volatile year, though below April 2025 peaks. ➔ VIX distribution appears to be reverting to historical norms -Trend observed since year-end 2024. ➔ 2026 Asian markets experiencing heightened volatility, well above historical averages. Markets parameters 8 VIX is a proxy for realized volatility, the key exogenous indicator driving ABCA's performance. VIX Levels 2026 2025 VIX < 15 3% 9% 15 ≤ VIX ≤ 20 68% 66% VIX > 20 29% 25%
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ABC arbitrage HY 2026 - Investor Presentation Beyond Index Volatility - VVIX Dynamics and Equity DispersionMarkets parameters 9 2026 - The volatility regime remained relatively stable. 2026 Dispersion > 2025 & >> 2024/2023
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ABC arbitrage HY 2026 - Investor Presentation Market Activity Overview - Volumes & Corporate EventsMarkets parameters 10 ➔ 2026 - Volumes - Higher trading volumes, fully consistent with H1 volatility. ➔ 2026 - M&A - Sustained deal flow despite ongoing uncertainties. ➔ 2026 - Corporate Actions: Subdued activity; debt remains the preferred financing tool for issuers.
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ABC arbitrage HY 2026 - Investor Presentation 3. HY 2026 Financial Results ABC arbitrage 11
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ABC arbitrage HY 2026 - Investor Presentation ABC Financial Results 12 Profit & Loss Breakdown In millions of euros - IFRS FY 2024 HY 2025 FY 2025 HY 2026 Change HY 2026/2025 Useful comment Investment Services Fees* 21,4 12,0 22,9 14,8 22,6% ~6% from external third party Net gains at fair value through profit or loss** 29,8 24,4 36,8 36,2 48,4% Tax and costs included Net revenues 51,2 36,5 59,7 51,0 39,9% Payroll costs -21,2 -13,4 -24,1 -19,8 47,7% Cf. Slide 13 Occupancy costs -1,7 -0,9 -1,7 -0,9 -1,0% Other expense -7,3 -4,5 -9,0 -4,6 2,0% Other taxes 0,0 0,0 -0,1 0,0 N/A For ABCA / ABAM / ABAA Total costs -30,2 -18,9 -34,8 -25,4 34,4% Income before tax 21,0 17,6 24,9 25,6 45,8% Income tax 5,8 0,1 0,2 0,3 N/A Net income attributable to equity holders 26,8 17,7 25,1 26,0 46,9% *: Management fees on all AuM (included ABCA's own equity) **: Quartys’s (company holding ABCA's funds) financial result (after costs and taxes)
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ABC arbitrage HY 2026 - Investor Presentation Human Capital InvestmentABC Financial Results 13 ABC Team - Top Priority & Primary Investment. ❑ Base cost increase = partial adaptation to HR market + new R&D people. ❑ Strong correlation between Bonuses and ABC arbitrage performances. ❑ Targeted Equity Incentives on a long term basis.HY 2026 ➔ Total M€ = 19.8 ➔ Total nb > 120 HY
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ABC arbitrage HY 2026 - Investor Presentation Revenue Breakdown - Proprietary vs. Third-Party AUMABC Financial Results 14 ➔ Revenues - from External Third Party (ETP) = 0.9M€, < 2% of Revenue (PAC). ➔ Profitability - ETP business line operating near break-even (FY). ➔ M2028 Trajectory - ETP revenues currently tracking below strategic targets. *Unrecognized performance fees (incl. QUARTYS, 100% ABCA sub): €4.8m at June 30, 2026 (vs. €2.2m at June 30, 2025). Consolidated Financial Statements non-crystallised performance fees
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ABC arbitrage HY 2026 - Investor Presentation AuM Overview & Client ProfileABC Financial Results Geographical breakdown Europe North America Asia Investors’ breakdown Family Offices ABCA Institutional FOHF* *Funds of hedge funds Breakdown of 1st March 2025 ABCA’s AuM ➔ AuM as of 01/09/2026 = 278M€* (+13% YTD). ➔ AuM (ETP) as of 01/09/2026 = 74M€ (+27% YoY). 15 ❑ Pre-2010: (mainly) generated through trading of our own equity. ❑ Post-2010: opened to third party funds. ❑ External Third Party Asset under Management - via Managed Accounts & AIF (Alternative Investment Funds). *These figures are based on a specific calculation designed to standardize AUM from a fee perspective.
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ABC arbitrage HY 2026 - Investor Presentation Our Investment SolutionsABC Financial Results 2024 (Q4) - New flagship strategy built around a modified ABCA Opportunities Fund. ➔ All-Weather Philosophy - A multi-asset, multi-strategy approach to deliver consistent returns. ➔ Dynamic Risk Management - Calibrating performance volatility to navigate low-volatility regimes. 16 Reserved for Professional Investors. Reserved for Professional Investors.
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ABC arbitrage HY 2026 - Investor Presentation ABCA Funds - Track RecordABC Financial Results 17 Aug-26 ABCA Opportunities ($) S&P 500 PP Equity Quant Annualized Perf 3 years 15.7% 19.5% 10.8% Volatility 3 years 7% 13% 4% Sharpe RFR=0 2.2 1.5 2.5 Aug-26 ABCA Reversion ($) S&P 500 PP Managed Futures Annualized Perf 3 years 15.3% 19.5% 2.8% Volatility 3 years 11% 13% 8% Sharpe RFR=0 1.4 1.5 0.4 %12m (USD) = 32.8% %YTD (USD) = 27.2% Estimated NAV as of Sept. 18, 2026 %12m (USD) = 43.6% %YTD (USD) = 39.5% Estimated NAV as of Sept. 18, 2026 ABCA Opportunities 2026 Perf.Class USD Net: +26.0% YTD (31/08) ➔ 2026 July - Top 3 Multi Strategy Barclayhedge. ➔ 2025 April - Top 2 Multi Strategy Barclayhedge. ➔ 2024 Best Multi Strategy <500m$ Hedgeweek Awards. ➔ 2022 Top Performer Investor Choice Awards - 2021 Eurohedge Awards Nominee. ABCA Reversion 2025 Perf. Class USD Net: +36.8% YTD (31/08) ➔ 2026 July - Top 1 Equity Market Neutral Barclayhedge. ➔ 2025 April - Top 1 Equity Market Neutral Barclayhedge. ➔ 2020 - BarclayHedge Recognition award for excellence - EMN Winner.
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ABC arbitrage HY 2026 - Investor Presentation Consistent Value Creation: Historical Results & ROEABC Financial Results 18 ➔Since ABCA Inception (1995) - 31+ consecutive years of profitability. ➔Historical ROE - >15% average with a strict floor >10% over the period. ➔Strong H1 2026 performance - Annualized ROE at 27.4%. ➔HY EBIT - Reaching ~ 26M€ (~50% operating margin).
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ABC arbitrage HY 2026 - Investor Presentation 4. How we do it ABC arbitrage 19
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ABC arbitrage HY 2026 - Investor Presentation ABCA Capital PositionHow we do it ABCA Capital - Fueling the Momentum 2028 Plan 20 ❏ 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.
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ABC arbitrage HY 2026 - Investor Presentation Focused Human Expertise Driving ABCA Core BusinessHow we do it Over 120 specialists dedicated to ABCA core activities ~15% - Risk Management ❏ Risk Control ❏ Process Control ❏ Risk Committee ❏ Compliance ~75% - R&D + Front ❏ Quant Traders & Research ❏ IT developers & IS ❏ Data analysis ❏ Operations ❏ Markets Lawyers ~5% - Sales ❏ Marketing ❏ Investor Relations ❏ Due Diligence Team ❏ Senior management ~5% - Support ❏ Human Resources ❏ Office Management ❏ Others (ABC arbitrage corporate, Com. etc…) 21
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ABC arbitrage HY 2026 - Investor Presentation Proven Expertise & Technological Know-HowHow we do it *Daily average figures ** All updates in the order books or trades for each share followed in ABCA’s Services - Still increasing. 22 x3 to x10 if high volatility + 3Bn ticks** + 25m Orders + 300 Services + 20k Assets + 300 millions + 500M Internal messages within the IS +4k Shares A Tech-Driven DNA - Proprietary, robust 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. + 250k trades
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ABC arbitrage HY 2026 - Investor Presentation Risk Mitigation FrameworkHow we do it *recognised in FY 2020 Result, 2020 Annual Financial Report- Page 61 ❑ Aggregation of all possible risk types - including opposite risks. ❑ Strict risk budget discipline - highly stable over time (+15% over the last 10y). ❑ Full Operational Resilience - Complete failover capabilities and redundancy across all trading and counterparty requirements. ❑ External incident* in Dec 2020 concerning 2016 to 2019. ❑ Excluding this incident*: 2020 ratio = 0.35%. Risk Mitigation Process Strict Quality Control 23
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ABC arbitrage HY 2026 - Investor Presentation 5. Momentum 2028. H1 Strategic Update ABC arbitrage 24
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ABC arbitrage HY 2026 - Investor Presentation Momentum 2028 - Key HighlightsMomentum 2028 25 MOMENTUM 2028 - 3-to-5-Year Targets H1 2026 Progress Update P&L AM Business ABCA Equity Shareholders ABCA Progress in Volatility Zones3 2 & 3. Twin Turbo Effect - Targeting >100M€ NR/y8 in Zone 33. Accepting higher volatility in the Hit Ratio4. Targeting consistent >10% returns for ABCA Funds/SMA. Profitability on External Third Party (ETP) AUM2 => 2%. 2026 eoy > 500M€ in AUM ETP included IDD/ODD1. Scrip Dividend Option starting Dec. 266. Targeting 200M€ initial level, scaling to €250M+ over 3y. ABCA Equity targets are contingent on ETP AUM levels. Commitment from core shareholders to strengthen Capital5. Boosting Liquidity & Institutional Ownership6. Expected selling by core shareholders to fund scrip dividend7. 1.IDD = Investment Due Diligence - ODD = Operational Due Diligence 2.AUM = Asset Under Management. 3.Zone 1= VIX<15, Zone 2 = 15<VIX<20, Zone 3 = VIX>20. 4.Hit Ratio: Percentage of positive days. 5. Contingent on KPI. amortizations and Tax - Historical ABCA Peak Current Operating Income: 2008 w/ 85M€, 2011 w/ 75M€ and 2020 close to 70M€. 6.Core shareholders are committed to supporting this liquidity enhancement. Estimated Dec. Scrip Issuance w/ a €0.20 interim dividend: ~1.5M shares (based on 66% historical take-up and current market price). 7. All disposals have to be filed with AMF within T+3. 8. NR = Net Revenues before Costs.
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ABC arbitrage HY 2026 - Investor Presentation Split of revenues between equity and third party AuMABC Financial Results 26 ➔ As of September 1, while client Asset Under Management (AUM) stands at €278m (up 13% over the period), the Group is in advanced discussions with several investors regarding new AUM. The probability-weighted total amount* is approximately €500m, with no certainty as to the outcome or timing of these negotiations. (Half-Year Results - Press Release) * Each prospective inflow is assigned a probability according to an internal scale. The reported €500m amount only accounts for inflows with a probability strictly above 50%. If the Group reaches 500M€ in full-year new AUM, the incremental revenue budgeted* is 2% of new AUM, representing +10M€ in revenue on these additional assets. ➔ If gross returns on these €500m exceed 20% annually, estimated added revenues will be significantly higher than 2% on the new AUM. ➔ As a reminder, the Group has previously communicated* its ambition to reach at least €250M€ in external client AUM during Q1 2027 (vs 74M€ as of 1st sept. 2026). ➔ As a reminder, the Group previously communicated* its ambition to also have at least an additional €250m in prospective external AUM under IDD or ODD during Q1 2027. *during the Momentum 2028 presentation (march 2026). ** IDD = Investment Due Diligence - ODD = Operational Due Diligence.
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ABC arbitrage HY 2026 - Investor Presentation Shareholder Return Policy: Dividends & Buyback ProgramShares & distributions Buyback program ❏ €4m authorization by the Board in line with AGM resolution of June 5, 2026. ❏ ~1% of share capital. FY2025 distribution = €0.34 ❏ €0.30 – Interim dividend – Ex date October 7, 2025 / December 2, 2025 / April 14, 2026. ❏ €0.04 – 2025 final dividend – Ex date July, 7 2026. ❏ €0.20 – Interim Dividend – Ex date November, 24. ❏ TBC – 2026 final dividend. (board decision + AGM 2027) Payout Ratio (POR) Policy ❏ Since 1999, average POR = 95%. ❏ Average POR 2023 to 2025 ~88%. ❏ Momentum 2028 commitment (Max(€0.30, POR of 66%)) - cash or shares. 27 ➔ 2025 - A yield of ~6.5%* based on a distribution of 0.34€. ➔ ABCA - Acting as a positive-carry hedge against market volatility *Based on a share price of €5.40 as of 31/12.
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ABC arbitrage HY 2026 - Investor Presentation ABCA Ownership StructureShares & distributions 28 ➔ [...] The Board of Directors has decided to distribute an interim dividend of €0.20 per share[...]. Each shareholder may choose to receive this interim dividend in cash or, for all or part of their entitlement, in shares. The reinvestment price for shares has been set at €4.54 per share (ex-dividend). [...] (Half-Year Results - Press Release) Interim dividend with scrip option Expected new shares ~ 1.7M, assuming 66% historical take-up ie ~2.9% dilution for cash electors. ➔Commitment from core shareholders to strengthen Capital. ➔Expected selling by core shareholders to fund scrip dividend. ➔Boosting Liquidity & Institutional Ownership. ➔No expected price impact from limited share sales (despite ongoing perception challenges).* Holding détenue à 50,01% par Dominique CEOLIN ** Dirigeants opérationnels et responsables de département du Groupe hors Dominique CEOLIN Two updates since 29 May: ● Eximium now holds 4.99% of ABC arbitrage; ● Aubépar currently has an outstanding mandate to sell shares and holds 11.36% of the share capital.
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ABC arbitrage HY 2026 - Investor Presentation 6. Outlook for the 2026 markets Will 2026 be the Year of the Great Reckoning ? ABC arbitrage 29
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ABC arbitrage HY 2026 - Investor Presentation Market Parameters 2026…and 2027?Outlook 2026 30 Jun.26 295.36S&P 500 Earnings Per Share. 12-month real earnings per share — inflation adjusted, constant July, 2026 dollars. ➔ Geopolitical and economic climate paving the way for normalized volatility. ➔ The implementation of 23/5 trading (US) represents an additional opportunity. Jun.26 26
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ABC arbitrage HY 2026 - Investor Presentation Trading Update as of 31st August 2026Outlook 2026 31 ➔ As of 31st August, the average monthly Business Activity Level stands approximately 90% above the 2025 monthly average. As of this same date, ABCA Opportunities and ABCA Reversion have posted year-to-date returns of 26.0% and 36.8%, respectively. (Half-Year Results - Press Release) As reported in Group Press Release ➔ 2026 8M (YTD) average Monthly Business Activity Level (MBAL) ~ 9.5M€. Last 4 months of 2026 pending close (Therefore, MABL26 is not yet determined). ➔ Fixed Compensation (FCO) FY2026 ~ 17M€ (e) ➔ Added Value Ratio (AVR) ~ 43% (e) (~ Average Value Added Ratio FY 2025 and H1 2026). ➔ IT COSTS (ITC) ~ 8M€*(e). ➔ Others Costs (OCO) - Office expenses included ~ 7M€*(e). ➔ Variable Compensation (VCO) = [(MABL26x12) - (ITC+OCO)] x AVR - FCO * Roughly budgeted during the Momentum 2028 presentation in March 2026. EBIT 2026(e) ~ [(MABL26 x 12) - (ITC+OCO+FCO+VCO)] This formula is intended to assist the Group's shareholders in running their own projections/simulations. It has been developed internally and contains simplifications and approximations that cannot guarantee a perfect convergence with the FY2026 results to be published in March 2027. In particular, it has not been audited by the Statutory Auditors.
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ABC arbitrage HY 2026 - Investor Presentation DisclaimerABC arbitrage This slideshow is a communication support for the investor presentation on HY2026. This document includes some forward-looking statements as statements regarding ABC arbitrage business operations. Although ABC arbitrage believes its expectations are based on reasonable assumptions, these forward-looking statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those anticipated in these forward-looking statements. These documents and information are given for illustrative purposes and do not substitute for official documents relating to the 2026 financial year. 32
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ABC arbitrage HY 2026 - Investor Presentation Q&A 33 ABC arbitrage