ABC arbitrage

2023 Results

ABC arbitrage

2023 Results¹ : M€16.5

2023 ROE: 10.6% - 2023 Distributions: €0.30

The Board of Directors of ABC arbitrage, presided by the Chairman Dominique Ceolin, met on March 21, 2024 to approve the consolidated financial statements for the fiscal year 2023¹.

In EUR millions	Dec. 31, 2023 IFRS	Dec. 31, 2022 IFRS	Dec. 31, 2021 IFRS
Net revenues	€39.3m	€61.2m	€64.1m
Net Income	€16.5m	€29.2m	€28.0 m
Earnings per share (EPS)	0.28€	€0.49	€0.48
Return On Equity (ROE)	10.6%	18.0%	17.5%
Equity	€155m	€162m	€160m

• Context - 2023 markets presented, counter intuitively, strong growth. In particular, volatility fell back to the low points of FY 2019, significantly below levels seen over the last 3 financial years. The mergers and acquisitions sector, for its part, has been impacted by the rise in interest rates, with a fall-off of 30% - versus 2022 - on the volume of operations. As a result, market volumes were significantly lower, illustrated for example by a drop-off of 15% on EuroStoxx 600.

• Business Performance - The Group’s results are below ambitions but still in line with 2023 market parameters. The strategies launched by the ABC 2022 business plan are below expectations for this fiscal year. Exogenous reasons come down to a lack of volatility, and the temporary halt of the Group's activities in digital assets, following difficulties in the ecosystem at the beginning of 2023 and pending new approvals from the French Market of Authority for these assets. Furthermore in 2023, technical complexities around these new strategies hampered their overall contribution to group performance. Group AUM remains stable (-2%) with a total amount of €336 million on 1 March 2024 (against €343 million on December 31, 2023). The Group’s FIA funds² have nonetheless shown interesting performance, recognised by an award (Hedgeweek European Award) for one of them. On February 6, the Group obtained the necessary regulatory approval to allow it to deploy once again its know-how on digital assets³.