Admirals Group AS 2025 Unaudited 6 Months Financial Results

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Admirals Group AS 2025 Unaudited 6 Months Financial Results

In a period marked by lower client trading activity in the Group’s core European markets, Admirals Group demonstrated its commitment to operational discipline and strategic realignment:

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Net trading income was EUR 13.3 million (6M 2024: EUR 22.0 million).
Operating expenses decreased by 20% in the first half of 2025 to EUR 18.3 million (6M 2024: EUR 22.9 million).
Net loss was EUR -5.9 million (6M 2024: EUR -1.2 million).
The number of active clients stood at 23,190. The Group is now focused on rebuilding and expanding its client base following a temporary strategic pause.

In 2024, Admirals voluntarily suspended the onboarding of new European clients for Admirals Europe Ltd. in alignment with recommendations from the CySEC regulator. This temporary measure reflected our commitment to maintaining the highest standards of regulatory compliance and client trust.

After successfully implementing all required measures, Admirals resumed client onboarding in the EU in March 2025, re-engaging with a key market. User acquisition efforts intensified in the second quarter of 2025, reinforcing our position as a trusted multi-asset investment brokerage and responsible partner.

The Group remains confident in its future and diversified strategy, underpinned by market-leading trading technology, a robust financial position, and operational progress achieved in recent years. Admirals is well-positioned for sustainable growth, with a clear focus on aligning with client objectives and creating long-term value for stakeholders.

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Statement of Financial Position

(in thousands of euros)30.06.202531.12.2024Assets Cash and cash equivalents41,90641,607Due from investment companies16,93518,736Financial assets at fair value through profit or loss9101,228Loans and receivables4,3208,315Inventories259665Other assets2,0992,092Tangible fixed assets1,4491,359Right-of-use assets2,0772,541Intangible assets2,6513,304Total assets72,60679,847 Liabilities Financial liabilities at fair value through profit or loss328334Liabilities and accruals3,2063,326Deferred tax liability00Subordinated debt securities4,1044,103Lease liabilities2,3512,818Total liabilities9,98910,581 Equity Share capital250250Own shares-956-456Statutory reserve capital2525Currency translation reserve-75630Retained earnings64,05469,417Total equity attributable to owners of the parent62,61769,266Non-controlling interest00Total equity62,61769,266Total liabilities and equity72,60679,847

Statement of Comprehensive Income

(in thousands of euros)30.06.202530.06.2024Net gains from trading of financial assets at fair value through profit or loss with clients and liquidity providers14,12523,003Brokerage and commission fee revenue593785Brokerage and commission fee expense-1,365-1,793Other trading activity related income159290Other trading activity related expense-195-324Net income from trading13,31721,961Other income similar to interest037Interest income calculated using the effective interest method827467Interest expense-233-234Other income195261Other expenses-384-264Net losses on exchange rate changes-1,257-488Profit / (loss) from financial assets at fair value through profit or loss0-145Personnel expenses-6,147-7,064Operating expenses-10,716-13,864Depreciation of tangible and intangible assets-1,074-1,406Depreciation of right-of-use assets-380-392(Loss) before income tax-5,852-1,131Income tax-12-21(Loss) for the reporting period-5,864-1,152Other comprehensive income / (loss): Items that subsequently may be reclassified to profit or loss: Currency translation adjustment-786470Total other comprehensive income / (loss) for the reporting period-786470Total comprehensive (loss) / income for the reporting period-6,650-682Net (loss) attributable to the owners of the parent-5,863-1,170Net profit attributable to non-controlling interest019(Loss) for the reporting period-5,863-1,151Total comprehensive (loss) attributable to the owners of the parent-5,863-700Total comprehensive income attributable non- controlling interest019Total comprehensive (loss) for the reporting period-5,863-681Basic and diluted earnings per share-2.38-0.47

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Additional information:

Alexander Tsikhilov
Chairman of the Management Board of Admirals Group AS
alexander.tsikhilov@admirals.com +372 6309 300
https://www.admirals.group/

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