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Multi-asset broker Admiral Markets AS (Admirals) reported unaudited results for the six months ended 30 June 2025, a period the Group said was marked by lower client trading activity in core European markets and ongoing strategic realignment.
🔹 Net trading income (H1 2025): €4.1m; EBITDA: €-2.9m; Net loss: €-3.5m; EPS: €-8.78.
🔹 Active clients: 23,190; Active accounts: 27,367; New applications: 24,700.
🔹 Capital adequacy: 693%; Own funds: €65.0m; Equity: €66.7m; Total assets: €74.2m.
🔹 Subordinated bond: 8% coupon, €1.35m outstanding, ISIN EE3300111251, redemption Dec 2027.
Net trading income was EUR 4.1 million (6M 2024: EUR 6.9 million). The Group posted a net loss of EUR 3.5 million (6M 2024: net profit EUR 0.9 million). Active clients totalled 23,190, with the Group stating it is focused on rebuilding and expanding the client base following a temporary strategic pause.
In 2024, Admirals voluntarily suspended onboarding of new European clients for Admirals Europe Ltd. in line with recommendations from CySEC. The company said it resumed EU client onboarding in March 2025 after implementing required measures, and intensified user-acquisition efforts in the second quarter.
Client activity and volumes eased versus last year, with active clients down 37% to 23,190, trades down 39% to 12.8 million, and trade value lower by 56% to €145.9 billion in the first half. Product mix was led by Indices CFDs (47% of gross trading income), followed by Forex CFDs (26%), Commodities CFDs (22%), and other instruments including crypto, bonds, ETFs and shares (6%).
Admirals said it remains confident in its diversified strategy, citing trading technology, a robust financial position, and operational progress achieved in recent years.
Statement Of Financial Position (Unaudited)
Total assets were EUR 74.2 million (31 Dec 2024: EUR 74.7 million). Cash and balances due from credit institutions rose to EUR 26.1 million (31 Dec 2024: EUR 19.4 million). Total liabilities increased to EUR 7.5 million (31 Dec 2024: EUR 4.4 million), while total equity stood at EUR 66.7 million (31 Dec 2024: EUR 70.2 million).
Operating expenses rose 13% year on year, with marketing spend €1.7 million (+113% YoY) and IT expenses €1.7 million (c.22% of opex); the cost-to-income ratio increased to 186%. On the balance sheet, equity totalled €66.7 million and the firm highlighted high liquidity (c.44% of assets in liquid form) and own funds of €65.0 million. Capital adequacy stood at 693% at 30 June 2025. Long-term funding includes 8% subordinated bonds listed on Nasdaq Tallinn with €1.35 million outstanding, maturing 28 December 2027.
Statement Of Comprehensive Income (Unaudited)
Net gains from client and liquidity-provider trading were EUR 13.9 million (6M 2024: EUR 22.0 million). Brokerage and commission fee revenue was EUR 0.4 million and related expenses EUR 10.3 million. Operating expenses were EUR 4.6 million (6M 2024: EUR 3.7 million). Personnel expenses totalled EUR 2.0 million.
Depreciation and amortisation were EUR 1.1 million including EUR 0.24 million of right-of-use depreciation. Net foreign-exchange movement was a loss of EUR 0.63 million.
(Loss) / profit before income tax was EUR -3.5 million (6M 2024: EUR 0.86 million). There was no income tax recognised for the period. Basic and diluted earnings per share were EUR -8.78 (6M 2024: EUR 2.12).
