Core Insights - ABC Arbitrage reported a significant increase in net income for the first half of 2025, reaching €17.7 million, a 99% increase compared to €8.9 million in the same period of 2024 [2] - The company achieved an annualized return on equity (ROE) of 20.3%, up from 11.2% in the previous year, indicating strong profitability [2] - Earnings per share (EPS) also doubled to €0.30 from €0.15 year-over-year [2] Financial Performance - Net revenues for the first half of 2025 were €36.5 million, a 60% increase from €22.8 million in the first half of 2024 [2] - Current Operating Income saw a nearly 60% increase, contributing to the doubling of net profit [2] - Equity increased by 10% to €174 million compared to €158 million in June 2024 [2] Market Context - The first half of 2025 experienced significant market volatility, with the VIX fluctuating between historical lows and peaks near 60% in April, primarily due to US tariff measures [2] - Despite geopolitical tensions and economic shocks, equity markets showed resilience, with the S&P 500 gaining over 6% in the first half [2] - M&A activity remained stable, and trading volumes increased by 27% during the turbulent months [2] Group Activity - The ABCA Opportunities fund achieved a rolling one-year performance of +13.5% as of August 31, 2025, while the ABCA Reversion fund posted +10% [2] - Client assets under management decreased to €231 million as of September 1, 2025, down from €265 million at the end of 2024, reflecting a 13% decline [2] - ABC Arbitrage has reported 61 consecutive half-years of positive results, maintaining an average annualized ROE above 15% over the past 30 years [2] Dividend Policy - The company will distribute two interim dividends of €0.10 per share in October and December 2025, continuing its quarterly distribution policy established in 2019 [2] Outlook - The second half of 2025 has seen a return to low volatility levels, which are below historical averages, impacting activity levels compared to the first half [2] - Monthly activity levels for the full year 2025 remain approximately 40% above the monthly average recorded in 2024 [2] - The company is continuing investments related to its Springboard 2025 strategic plan, which will increase fixed costs by around €2 million in 2025 compared to 2024 [2][3] - A new three-year strategic plan is being prepared for presentation in March 2026, aiming to enhance medium-term profitability [3]