Admiral Markets AS Management

Summary of financial results

Income statement

6M 2023

2022

6M 2022

2021

2020

2019

2018

Net trading income, mln EUR

20.5

44.3

32.3

20.5

47.1

23.2

24.2

Operating expenses, mln EUR

21.3

10

22.3

26.2

19.2

15.2

EBITDA, mln EUR

-3.1

25.9

24.3

1

21.6

5.8

10.1

Net profit, mln EUR

-3.9

24.8

23.3

0.9

20.3

4.6

9.5

EBITDA margin

-14%

59%

75%

5%

46%

25%

42%

Net profit margin

-19%

56%

72%

4%

43%

20%

39%

Cost-to-income ratio

47%

48%

31%

109%

56%

83%

63%

Business volumes

30.06.2023

31.12.2022

30.06.2022

31.12.2021

31.12.2020

31.12.2019

31.12.2018

Due from credit institutions and investment companies, mln EUR

31.1

33.4

23.2

23

40.9

26.5

22.2

Debt securities, mln EUR

5

5.5

3.8

7.6

8.7

9.3

10.8

Shareholders’ equity, mln EUR

74.2

80.7

79.1

55.9

57.7

38.8

35.6

Total assets, mln EUR

80.4

90.0

96.9

63.1

71.4

47.2

39.4

Management Board

Sergei Bogatenkov

Obtained a bachelor’s degree in Economics and a master’s degree in Corporate Finance from the Tallinn University of Technology. Took management courses from Leipzig Graduate School of Management (HHL). Joined Admiral Markets in 2014. Has over 10 years of experience in the consulting, banking and asset management. Held various positions in the Swedbank, Versobank, Ernst&Young, and Bank of Estonia.

Sergei Bogatenkov
Chairman of the Management Board

Andrei Koks

Andrey Koks. Joined Admiral Markets in 2020. Obtained a bachelor’s degree in Information Communication Technology from the Estonian Entrepreneurship University of Applied Sciences. Has over 19 years of experience working in IT, including 6 years on IT managerial positions. Before joining Admiral Markets, held various positions in Symantec, and Kuehne+Nagel.

Andrei Koks
Member of the Management Board

Authorized to 25.02.2027

Supervisory Board

Alexander Tsikhilov

Has been involved in several entrepreneurial projects, including an internet service provider. Founded Admiral Markets in March 2001. Obtained MBA in 2006 and PhD in Business Administration in the Swiss Business School in 2015

Alexander Tsikhilov
Chairman of Management Board

Authorized to 01.03.2027

Anatolii Mikhalchenko

Obtained a degree from ITMO University in Saint-Petersburg. Joined Admiral Markets in 2004 as IB manager. After moving to Tallinn in 2011, has been working as a Chairman of Supervisory Board for Admiral Markets Group.

Anatolii Mikhalchenko
Chairman of the Supervisory Board from 18.03.2024

Authorised to 28.09.2025

Anton Tikhomirov

Has been working in the industry since 1999, managing a financial broker firm. Joined Admiral Markets during the company’s merging with the local Russian broker. Has been developing Admiral Markets’ business activity in Spain and Latin America. Currently responsible for the supervision of the regional structure as well as research and development of KPIs and other critical business metrics.

Anton Tikhomirov
Member of the Management Board

Authorised to 04.01.2027

Dmitri Lauš

Obtained a bachelor’s degree from the Estonian Business School and currently obtaining the Master’s degree (Executive Global MBA) in Business Administration in IE University (Madrid, Spain). Together with Alexander Tsikhilov, founded Admiral Markets headquarters in Estonia. With a background in financial technology, played an integral part in the company’s technological development and is responsible for the innovation and development of company’s talents.

Dmitri Lauš
Member of the Supervisory Board

Appointed until 01.07.2026

Auditor

On September 19, 2022 Admirals Group AS announced that the company had appointed the auditing company AS PricewaterhouseCoopers (registry code 10142876) as the company's auditor for the financial year 2022. As PWC is one of the world’s leading companies in its field, one of the arguments in choosing the audit service was their international experience and long-term knowledge of the field. At the same time, we are bound by successful previous cooperation with them and we highly appreciate their professional team.

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Committees

Credit Committee

Members of the Credit Committee are Anatolii Mikhalchenko, Anton Tikhomirov and Sergei Bogatenkov.

The function of the Credit Committee is:

• Evaluates the compliance of the leverage (credit), which is offered to clients by companies that that belong to the same consolidation group as Admiral Markets AS in connection with using investment services, with applicable legislation and risk management principles of Admiral Markets AS

• develops and makes a proposal to the Management Board for establishing the limits of the credit offered to clients and

• evaluates, no less often than one (1) time a year and each time when applicable legislation is amended, the implementation of the limits of credit and, where necessary, makes a proposal for updating the limits of credit and prepare a corresponding draft resolution.

Remuneration Committee

Members of the Remuneration Committee are Anatolii Mikhalchenko and Anton Tikhomirov.

The function of the Remuneration Committee is:

• Evaluates the implementation of the remuneration principles (incl. the reward system) in Admiral Markets AS and in companies that belong to the same consolidation group as Admiral Markets

• Evaluates the impact of the remuneration-related resolutions on compliance with the requirements laid down about risk management and prudential requirements and

• Exercises supervision of the remuneration (incl. rewarding) of members of the Management Board and employees of Admiral Markets AS and of companies that belong to the same consolidation group as Admiral Markets AS, evaluates, no less often than one (1) time a year, the implementation of the remuneration principles and, where necessary, makes a proposal for updating the remuneration principles and prepares draft remuneration resolutions for the Supervisory Board (concerning the remuneration of members of the Management Board) and the chairperson of the Management Board (concerning the remuneration of employees), respectively.

Risk and Audit Committee

Members of the Risk and Audit Committee are Anatolii Mikhalchenko, Anton Tikhomirov and Olga Senjuškina.

The function of the Risk and Audit Committee is:

• To evaluate the implementation of the risk management principles in Admiral Markets AS and in companies that belong to the same consolidation group as Admiral Markets AS, following the risk management principles of Admiral Markets AS and applicable legislation;

• Upon occurrence of unexpected events that may have a significant impact on Admiral Markets AS and/or on a company that belongs to the same consolidation group as Admiral Markets AS, to ensure the implementation of the procedure that ensures the continuity of activities and, where necessary, to develop, without delay, a more detailed or additional action plan in order to prevent or at least minimise an adverse impact on Admiral Markets AS and on companies that belong to the same consolidation group as Admiral Markets AS;

• to evaluate, no less often than one (1) time a year, the implementation of the risk management principles and the principles of ensuring the continuity of activities and make proposals, where necessary, for updating these principles and prepare, where necessary, proposals for amendment

• to advise the Supervisory Board on exercising supervision of accounting, auditing and internal control, establishment of the budget as well as lawfulness of activities;

• to monitor and analyse processing financial information to the extent that is necessary for preparing interim and annual reports, efficiency of risk management and internal control, the process of auditing annual accounts or a consolidated report and independence of an audit firm and a sworn auditor that represents it on the basis of law as well as the compliance of their activities with the requirements of the Auditors Activities Act;

• to make proposals and recommendations to the Supervisory Board for appointing or recalling an audit firm, appointing or recalling an internal auditor, preventing or removing problems and inefficiency in the organisation and for compliance with legislation and good professional practice.

Nomination Committee

Members of the Nomination Committee are Anatolii Mikhalchenko and Anton Tikhomirov.

The function of the Nomination Committee is:

• makes proposals to a corresponding management body of Admiral Markets AS or of a company that belongs to the same consolidation group for appointing members of a lower level management body.

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