Admirals Group Management

Summary of financial results

Income statement

6M 2023

2022

6M 2022

2021

2020

2019

2018

Net trading income, mln EUR

21.1

35.7

62.2

33.5

32.6

Operating expenses, mln EUR

25.2

44.7

20.4

37.8

40.6

28.1

EBITDA, mln EUR

-2.9

27.4

23.4

6.9

11.2

Net profit, mln EUR

-4.8

24.3

0.1

20.7

5.2

10.3

EBITDA margin

-14%

40%

60%

38%

20%

34%

Net profit margin

-23%

35%

56%

0.4%

33%

16%

32%

Cost-to-income ratio

119%

65%

47%

106%

65%

84%

68%

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

69.0

72.0

73.5

45.7

53.2

33.7

27.8

Debt securities, mln EUR

5.5

3.8

7.6

8.7

9.3

10.8

Shareholders’ equity, mln EUR

75.6

82.9

82.6

59.3

61.1

42.4

38.8

Total assets, mln EUR

93.6

98.2

97.1

71.9

75.2

43.4

Off-balance sheet assets, mln EUR

102

86.0

81.7

99.2

82.2

45.9

31.6

Number of active clients*

65,636

55,242

33,493

49,080

48,341

24,148

22,321

Number of active client accounts**

75,975

70,346

41,227

63,231

62,854

30,522

27,993

Employees

319

294

233

300

340

284

228

*Active clients represent clients who have made at least one trade in the last 12 months (for 1Half of 2022 clients who have made at least one trade in the last 6 months)

**Active client accounts represent accounts where at least one trade was made in the last 12 months (for 1Half of 2022 accounts where at least one trade was made in the last 6 months)

Management Board

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

Authorized to 04.12.2024

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 25.02.2024

Has obtained a bachelor’s degree with honours in Laws from the University of Liverpool and a master’s degree in Laws from Sheffield Hallam University. Has over 10 years of experience in corporate law, working with EU legislation and numerous various jurisdictions, compliance and AML. Has been with Admirals Group for the last 4 years.

Andreas Ioannou

Member of the Management Board

Authorized to 25.02.2024

Supervisory Board

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 the Supervisory Board

Authorized to 09.06.2027

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 Supervisory Board

Appointed until 20.04.2026

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

Memeber of the Supervisory Board

Appointed until 28.09.2025

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

Appointed 17.06.2020. Worked in 2009-2015 as the Chairman of the Management Board of Viru Keemia Grupp AS and in 2000 - 2009 as the Group’s Chief Financial Officer and Deputy Chairman of the Management Board. In 2016 - 2020, he was the Chairman of the Supervisory of Eesti Raudtee and since June 2020 he has been the Chairman of the Supervisory Board of Ekspress Grupp.

Priit Rohumaa

Member of the Supervisory Board

Appointed until 17.06.2025

Joined Admiral Markets in 2017. Obtained a master’s degree in Business Administration from the International Management Institute of Saint Petersburg and a master’s degree in Engineering from Leningrad Mechanical Institute. Experience includes 19 years of teaching on MBA/EMBA programs, managing a business school, strategic consulting, launching and running startups, serving on the boards of private companies as an independent director and a PhD research on founder succession.

Fedor Ragin

Member of the Supervisory Board

Appointed until 09.06.2027

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.