Waterloo

Sessions began on 24 September 1973 with Dance (While the Music Still Goes On), the only ABBA track without Andersson on keyboards. The American pianist John Rabbit Bundrick, who was in Sweden at the time, played on it and went uncredited. A session sheet from October 1973 credits the artist as ABBA, the first time the name was written down. Suzy-Hang-Around is the only song on which Andersson sang the lead. Waterloo and Watch Out were recorded on the same day, and Watch Out became the single's B-side.

The album came out in March 1974, before the Eurovision final, and topped the Swedish album chart for 12 weeks. In the UK it reached number 28, the first time a foreign Eurovision act had charted an album there. The cover photograph was taken at Gripsholm Castle in Mariefred and shows bass player Mike Watson dressed as Napoleon. Greg Shaw of Phonograph Record wrote that it might turn out to be one of the classic debut LPs of the 1970s.