ABC Arbitrage: Operating Income Up 40% and Net Profit of €26M in First Half 2026
ABC Arbitrage posted a first half of 2026 showing clear progress, driven by a more volatile market environment than in previous years.
Beyond the growth in aggregates, the group highlights the acceleration of its activity pace and the opening of discussions for new assets under management, while continuing the rollout of its Momentum 2028 plan.
Operating Income of €51.0M and Net Result of €26.0M
The board of directors examined on September 17, 2026 the consolidated accounts for the first half of 2026. Operating income (OI) came to €51.0M, up 40% compared to €36.5M in the first half of 2025. Net income attributable to the group reached €26.0M, up 47% year-on-year (€17.7M a year earlier).
Net earnings per share reached €0.44, compared to €0.30 in the first half of 2025, a 47% increase. The annualized net return on equity (ROE) stood at 27.4%, compared to 20.3% a year earlier. Equity increased 8% to €189.2M, compared to €174.4M on June 30, 2025.
Market Volatility Back to Its Historical Average
The group attributes this progress to a market environment more favorable to its strategies. In the first half of 2026, the VIX averaged around 18%, returning to its fifteen-year reference level. Less than 5% of trading sessions fell below 15% (the "no-life zone"), compared to more than 33% over the previous three years.
The escalation of the conflict between the United States and Iran from late February constituted the central shock of the period, causing a defensive pullback in equity markets and a nearly 25% increase in trading volumes. According to the group, the ABCA Opportunities 2 and ABCA Reversion 2 funds posted respective returns of 18.2% and 20.2% for the first half of 2026 alone (dollar shares). The ROE of 27.4% is above the minimum target of 10% and the historical average close to 15%.
Interim Dividend of €0.20 and Discussions for New Assets Under Management
As part of the Momentum 2028 strategic plan, the board of directors decided to distribute an interim dividend of €0.20 per share for fiscal year 2026, with the option to pay in cash or shares. The share reinvestment price was set at €4.54 per share (ex-dividend), after a 10% discount. The ex-dividend date is set for November 24, 2026 and payment date for December 11, 2026.
As of August 31, 2026, the average monthly activity pace stood approximately 90% above the monthly average for 2025. As of September 1, client assets under management reached €278M, up 13% over the period. The group indicates it is in advanced discussions with several investors for new assets under management, for a total probabilistic amount of around €500M, with no certainty regarding the conclusion or timing. Investments associated with the Momentum 2028 plan are estimated between €15M and €25M cumulative over three years.
