Repeat: Admirals Group AS audited annual report 2024

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Admirals Group AS audited annual report 2024

Despite lower client activity, Admirals Group AS delivered resilient trading income and positive EBITDA through effective cost control measures.

• The Group's net trading income decreased by 6% to EUR 38.4 million (2023: EUR 40.9 million), being supported by higher volatility on the financial markets.

• The Group’s total operating expenses decreased by 16% to EUR 42.4 million (2023: EUR 50.3 million) as a result of cost optimisation efforts.

• EBITDA was EUR 0.9 million (2023: EUR -6.5 million).

• Net loss was EUR -1.6 million (2023: EUR -9.7 million).

Although the income was supported by higher volatility in financial markets, Group's cost optimisation effort was partly muted due to voluntary suspension of new client registrations in the Cyprus based operating company Admirals Europe Ltd. This company acts as the primary service entity of the Group in the EU which is one of the core markets for the Group's business. The suspension started in April 2024 is voluntary and temporary in nature and it was necessary to allow for the implementation of required technical and organisational measures to ensure satisfactory alignment of Group's product governance efforts with objectives and needs of it's European clients. Following the successful completion of these measures, the onboarding of new clients in the EU was resumed in March 2025.

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Statement of Financial Position

(in thousands of euros)31.12.202431.12.2023Assets Cash and cash equivalents41,60741,025Due from investment companies18,73618,961Financial assets at fair value through profit or loss1,2285,062Loans and receivables8,3154,772Inventories665311Other assets2,0922,137Tangible fixed assets1,3591,950Right-of-use assets2,5412,603Intangible assets3,3045,147Total assets79,84781,968 Liabilities Financial liabilities at fair value through profit or loss334224Liabilities and accruals3,3264,318Deferred tax liability01Subordinated debt securities4,1034,102Lease liabilities2,8182,894Total liabilities10,58111,539 Equity Share capital250250Own shares-456-315Statutory reserve capital2525Currency translation reserve30-834Retained earnings69,41771,276Total equity attributable to owners of the parent69,26670,402Non-controlling interest027Total equity69,26670,429Total liabilities and equity79,84781,968

‍Statement of Comprehensive Income

(in thousands of euros)20242023Net gains from trading of financial assets at fair value through profit or loss with clients and liquidity providers40,65346,276Brokerage and commission fee revenue1,4082,134Brokerage and commission fee expense-3,558-5,118Other trading activity related income489412Other trading activity related expense-583-2,768Net income from trading38,40940,936Other income similar to interest947171Interest income calculated using the effective interest method424900Interest expense-472-496Other income3,004741Other expenses-233-185Net losses on exchange rate changes-1,016-984Profit / (loss) from financial assets at fair value through profit or loss-44461Personnel expenses-13,394-15,231Operating expenses-25,412-31,875Depreciation of tangible and intangible assets-2,594-2,310Depreciation of right-of-use assets-787-837(Loss) before income tax-1,568-9,109Income tax-24-616(Loss) for the reporting period-1,592-9,725Other comprehensive income / (loss): Items that subsequently may be reclassified to profit or loss: Currency translation adjustment864-165Total other comprehensive income / (loss) for the reporting period864-165Total comprehensive (loss) / income for the reporting period-728-9,890Net (loss) attributable to the owners of the parent-1,592-9,746Net profit attributable to non-controlling interest021(Loss) for the reporting period-1,592-9,725Total comprehensive (loss) attributable to the owners of the parent-728-9,911Total comprehensive income attributable non- controlling interest021Total comprehensive (loss) for the reporting period-728-9,890Basic and diluted earnings per share-0.65-3.95

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Additional information:

Lauri Reinberg
Chief financial officer of Admirals Group AS
lauri.reinberg@admiralmarkets.com +372 6309 300
https://www.admirals.group/

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