Admirals Group AS audited annual report 2025
In 2025, lower client trading activity in the Group’s core European markets, together with the ongoing impact of a temporary pause in EU client onboarding, materially reduced net trading income. The Group responded by lowering costs and continuing its operational realignment:
- Net trading income was EUR 17.4 million (2024: EUR 38.4 million).
The decline in net trading income outpaced the reduction in operating expenses, reflecting lower client activity and the lagged impact of the EU onboarding pause.
- Total operating expenses decreased by 18% to EUR 34.8 million (2024: EUR 42.4 million).
- Net loss was EUR -18.5 million (2024: EUR -1.6 million).
- The number of active clients stood at 29,455. Rebuilding and expanding the client base is our key focus.
In 2024, Admirals Europe Ltd. voluntarily paused onboarding of new EU clients while implementing enhancements following CySEC supervisory engagement. This pause reduced new client inflows and continued to affect the client base into 2025.
Admirals resumed EU client onboarding in March 2025. Client acquisition efforts increased in the second quarter of 2025, with a focus on responsible growth, client experience, and compliance.
Looking ahead, the Group’s priorities are to rebuild the active client base, improve client activation and retention, and maintain disciplined cost management and a strong compliance framework. The Group believes these actions support a return to more stable performance and long-term value creation for stakeholders.
Statement of Financial Position
| (in thousands of euros) | 31.12.2025 | 31.12.2024 |
| Assets | ||
| Cash and cash equivalents | 34,065 | 41,607 |
| Due from investment companies | 13,246 | 18,736 |
| Financial assets at fair value through profit or loss | 809 | 1,228 |
| Loans and receivables | 3,536 | 8,315 |
| Inventories | 235 | 665 |
| Other assets | 1,588 | 2,092 |
| Tangible fixed assets | 1,159 | 1,359 |
| Right-of-use assets | 1,762 | 2,541 |
| Intangible assets | 1,904 | 3,304 |
| Total assets | 58,304 | 79,847 |
| Liabilities | ||
| Financial liabilities at fair value through profit or loss | 596 | 334 |
| Liabilities and accruals | 1,870 | 3,326 |
| Deferred tax liability | 0 | 0 |
| Subordinated debt securities | 4,108 | 4,103 |
| Lease liabilities | 2,030 | 2,818 |
| Total liabilities | 8,604 | 10,581 |
| Equity | ||
| Share capital | 250 | 250 |
| Own shares | -1,218 | -456 |
| Statutory reserve capital | 25 | 25 |
| Currency translation reserve | -1,064 | 30 |
| Retained earnings | 51,707 | 69,417 |
| Total equity attributable to owners of the parent | 49,700 | 69,266 |
| Non-controlling interest | 0 | 0 |
| Total equity | 49,700 | 69,266 |
| Total liabilities and equity | 58,304 | 79,847 |
Statement of Comprehensive Income
| (in thousands of euros) | 2025 | 2024 |
| Net gains from trading of financial assets at fair value through profit or loss with clients and liquidity providers | 18,664 | 40,653 |
| Brokerage and commission fee revenue | 1,114 | 1,408 |
| Brokerage and commission fee expense | -2,538 | -3,558 |
| Other trading activity related income | 310 | 489 |
| Other trading activity related expense | -185 | -583 |
| Net income from trading | 17,365 | 38,409 |
| Interest income calculated using the effective interest method | 1,428 | 1,371 |
| Interest expense | -491 | -472 |
| Other income | 369 | 3,004 |
| Other expenses | -918 | -610 |
| Net losses on exchange rate changes | -1,361 | -1,016 |
| Profit / (loss) from financial assets at fair value through profit or loss | -178 | -444 |
| Personnel expenses | -11,746 | -13,394 |
| Operating expenses | -20,031 | -25,035 |
| Depreciation of tangible and intangible assets | -2,099 | -2,594 |
| Depreciation of right-of-use assets | -747 | -787 |
| (Loss) before income tax | -18,409 | -1,568 |
| Income tax | -63 | -24 |
| (Loss) for the reporting period | -18,472 | -1,592 |
| Other comprehensive income / (loss): | ||
| Items that subsequently may be reclassified to profit or loss: | ||
| Currency translation adjustment | -1,094 | 864 |
| Total other comprehensive income / (loss) for the reporting period | -1,094 | 864 |
| Total comprehensive (loss) / income for the reporting period | -19,566 | -728 |
| Net (loss) attributable to the owners of the parent | -18,472 | -1,592 |
| Net profit attributable to non-controlling interest | 0 | 0 |
| (Loss) for the reporting period | -18,472 | -1,592 |
| Total comprehensive (loss) attributable to the owners of the parent | -19,566 | -728 |
| Total comprehensive income attributable non- controlling interest | 0 | 0 |
| Total comprehensive (loss) for the reporting period | -19,566 | -728 |
| Basic and diluted earnings per share | -7.59 | -0.65 |
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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