Admiral Markets 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.
-
Net trading income was EUR -1.0 million (2024: EUR 13.5 million).
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Net loss was EUR -17.2 million (2024: net profit EUR 0.4 million).
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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 |
|
|
|
Due from credit institutions |
17,576 |
19,381 |
|
Due from investment companies |
9,304 |
13,362 |
|
Financial assets at fair value through profit or loss |
809 |
1,602 |
|
Loans and receivables |
24,086 |
29,231 |
|
Inventories |
235 |
665 |
|
Other assets |
824 |
650 |
|
Investment into subsidiaries |
4,180 |
4,180 |
|
Tangible fixed assets |
988 |
1,041 |
|
Right-of-use asset |
1,276 |
1,757 |
|
Intangible fixed assets |
1,710 |
2,821 |
|
Total assets |
60,988 |
74,690 |
|
|
|
|
|
Liabilities |
|
|
|
Financial liabilities at fair value through profit or loss |
596 |
333 |
|
Liabilities and prepayments |
4,497 |
744 |
|
Subordinated debt securities |
1,347 |
1,347 |
|
Lease liabilities |
1,507 |
2,025 |
|
Total liabilities |
7,947 |
4,449 |
|
|
|
|
|
Equity |
|
|
|
Share capital |
2,586 |
2,586 |
|
Statutory reserve capital |
259 |
259 |
|
Retained earnings |
50,196 |
67,396 |
|
Total equity |
53,041 |
70,241 |
|
Total liabilities and equity |
60,988 |
74,690 |
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 |
18,488 |
37,435 |
|
Brokerage and commission fee revenue |
804 |
1,062 |
|
Brokerage and commission fee expense |
-20,523 |
-25,451 |
|
Other trading activity related income |
292 |
418 |
|
Other trading activityrelated expense |
-68 |
0 |
|
Net income from trading |
-1,007 |
13,464 |
|
Other income similar to interest |
0 |
|
|
Interest income calculated using the effective interest method |
1,039 |
1,451 |
|
Interest expense |
-144 |
-155 |
|
Other income |
560 |
433 |
|
Other expense |
-1,469 |
0 |
|
Net gains on exchange rate changes |
-642 |
198 |
|
Net loss from financial assets at fair value through profit or loss |
-178 |
-1,358 |
|
Personnel expenses |
-3,829 |
-4,019 |
|
Operating expenses |
-9,344 |
-7,642 |
|
Depreciation of tangible and intangible assets |
-1,705 |
-1,532 |
|
Depreciation of right-of-use assets |
-481 |
-485 |
|
(Loss) / Profit before income tax |
-17,200 |
355 |
|
Income tax |
0 |
0 |
|
Net (loss) / profit for the reporting period |
-17,200 |
355 |
|
Comprehensive income for the reporting period |
-17,200 |
355 |
|
Basic and diluted earnings per share |
-42,57 |
0,88 |
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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