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
[e-mail]
[phone]
https://www.admirals.group/