Admirals Group AS 2025 Unaudited 6 Months Financial Results
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:
* 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.
Statement of Financial Position
+------------------------------------------------------------------------------+
|(in thousands of euros) 30.06.2025 31.12.2024|
+--------------------------------------------------------+----------+----------+
|Assets | | |
+--------------------------------------------------------+----------+----------+
|Cash and cash equivalents | 41,906| 41,607|
+--------------------------------------------------------+----------+----------+
|Due from investment companies | 16,935| 18,736|
+--------------------------------------------------------+----------+----------+
|Financial assets at fair value through profit or loss | 910| 1,228|
+--------------------------------------------------------+----------+----------+
|Loans and receivables | 4,320| 8,315|
+--------------------------------------------------------+----------+----------+
|Inventories | 259| 665|
+--------------------------------------------------------+----------+----------+
|Other assets | 2,099| 2,092|
+--------------------------------------------------------+----------+----------+
|Tangible fixed assets | 1,449| 1,359|
+--------------------------------------------------------+----------+----------+
|Right-of-use assets | 2,077| 2,541|
+--------------------------------------------------------+----------+----------+
|Intangible assets | 2,651| 3,304|
+--------------------------------------------------------+----------+----------+
|Total assets | 72,606| 79,847|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|Liabilities | | |
+--------------------------------------------------------+----------+----------+
|Financial liabilities at fair value through profit or | | |
|loss | 328| 334|
+--------------------------------------------------------+----------+----------+
|Liabilities and accruals | 3,206| 3,326|
+--------------------------------------------------------+----------+----------+
|Deferred tax liability | 0| 0|
+--------------------------------------------------------+----------+----------+
|Subordinated debt securities | 4,104| 4,103|
+--------------------------------------------------------+----------+----------+
|Lease liabilities | 2,351| 2,818|
+--------------------------------------------------------+----------+----------+
|Total liabilities | 9,989| 10,581|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|Equity | | |
+--------------------------------------------------------+----------+----------+
|Share capital | 250| 250|
+--------------------------------------------------------+----------+----------+
|Own shares | -956| -456|
+--------------------------------------------------------+----------+----------+
|Statutory reserve capital | 25| 25|
+--------------------------------------------------------+----------+----------+
|Currency translation reserve | -756| 30|
+--------------------------------------------------------+----------+----------+
|Retained earnings | 64,054| 69,417|
+--------------------------------------------------------+----------+----------+
|Total equity attributable to owners of the parent | 62,617| 69,266|
+--------------------------------------------------------+----------+----------+
|Non-controlling interest | 0| 0|
+--------------------------------------------------------+----------+----------+
|Total equity | 62,617| 69,266|
+--------------------------------------------------------+----------+----------+
|Total liabilities and equity | 72,606| 79,847|
+--------------------------------------------------------+----------+----------+
Statement of Comprehensive Income
+--------------------------------------------------------+---------------------+
|(in thousands of euros) |30.06.2025 30.06.2024|
+--------------------------------------------------------+----------+----------+
|Net gains from trading of financial assets at fair value| | |
|through profit or loss with clients and liquidity | | |
|providers | 14,125| 23,003|
+--------------------------------------------------------+----------+----------+
|Brokerage and commission fee revenue | 593| 785|
+--------------------------------------------------------+----------+----------+
|Brokerage and commission fee expense | -1,365| -1,793|
+--------------------------------------------------------+----------+----------+
|Other trading activity related income | 159| 290|
+--------------------------------------------------------+----------+----------+
|Other trading activity related expense | -195| -324|
+--------------------------------------------------------+----------+----------+
|Net income from trading | 13,317| 21,961|
+--------------------------------------------------------+----------+----------+
|Other income similar to interest | 0| 37|
+--------------------------------------------------------+----------+----------+
|Interest income calculated using the effective interest | | |
|method | 827| 467|
+--------------------------------------------------------+----------+----------+
|Interest expense | -233| -234|
+--------------------------------------------------------+----------+----------+
|Other income | 195| 261|
+--------------------------------------------------------+----------+----------+
|Other expenses | -384| -264|
+--------------------------------------------------------+----------+----------+
|Net losses on exchange rate changes | -1,257| -488|
+--------------------------------------------------------+----------+----------+
|Profit / (loss) from financial assets at fair value | | |
|through profit or loss | 0| -145|
+--------------------------------------------------------+----------+----------+
|Personnel expenses | -6,147| -7,064|
+--------------------------------------------------------+----------+----------+
|Operating expenses | -10,716| -13,864|
+--------------------------------------------------------+----------+----------+
|Depreciation of tangible and intangible assets | -1,074| -1,406|
+--------------------------------------------------------+----------+----------+
|Depreciation of right-of-use assets | -380| -392|
+--------------------------------------------------------+----------+----------+
|(Loss) before income tax | -5,852| -1,131|
+--------------------------------------------------------+----------+----------+
|Income tax | -12| -21|
+--------------------------------------------------------+----------+----------+
|(Loss) for the reporting period | -5,864| -1,152|
+--------------------------------------------------------+----------+----------+
|Other comprehensive income / (loss): | | |
+--------------------------------------------------------+----------+----------+
|Items that subsequently may be reclassified to profit or| | |
|loss: | | |
+--------------------------------------------------------+----------+----------+
|Currency translation adjustment | -786| 470|
+--------------------------------------------------------+----------+----------+
|Total other comprehensive income / (loss) for the | | |
|reporting period | -786| 470|
+--------------------------------------------------------+----------+----------+
|Total comprehensive (loss) / income for the reporting | | |
|period | -6,650| -682|
+--------------------------------------------------------+----------+----------+
|Net (loss) attributable to the owners of the parent | -5,863| -1,170|
+--------------------------------------------------------+----------+----------+
|Net profit attributable to non-controlling interest | 0| 19|
+--------------------------------------------------------+----------+----------+
|(Loss) for the reporting period | -5,863| -1,151|
+--------------------------------------------------------+----------+----------+
|Total comprehensive (loss) attributable to the owners of| | |
|the parent | -5,863| -700|
+--------------------------------------------------------+----------+----------+
|Total comprehensive income attributable non- controlling| | |
|interest | 0| 19|
+--------------------------------------------------------+----------+----------+
|Total comprehensive (loss) for the reporting period | -5,863| -681|
+--------------------------------------------------------+----------+----------+
|Basic and diluted earnings per share | -2.38| -0.47|
+--------------------------------------------------------+----------+----------+
Additional information:
Alexander Tsikhilov
Chairman of the Management Board of Admirals Group AS
[email protected]
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