Admiral Markets AS Unaudited Financial Results 12 Months of 2024

Admiral Markets AS Unaudited Financial Results 12 Months of 2024

Despite lower client activity, Admirals Markets AS delivered resilient trading income and positive net profit through effective cost control measures.

• Net trading income increased by 48% to EUR 13.5 million (2023: EUR 9.1 million) being supported by higher volatility on the financial markets.

• Total operating expenses decreased by 26% to EUR 13.7 million (2023: EUR 18.5 million).

• EBITDA was EUR 2.0 million (2023: EUR -6.9 million).

• Net profit was EUR 1.3 million (2023: EUR -8.2 million).

Although the income was supported by higher volatility in financial markets, Admirals Group's cost optimisation effort was partly muted due to voluntary suspension of new client registrations in the Cyprus based operating company Admirals Europe Ltd. This company acts as the primary service entity of the Group in the EU which is one of the core markets for the Group's business. The suspension started in April 2024 is voluntary and temporary in nature and it was necessary to allow for the implementation of required technical and organisational measures to ensure satisfactory alignment of Group's product governance efforts with objectives and needs of it's European clients. At the same time other Group entities continued to carry out their services uninterrupted as usual.

Statement of Financial Position

(in thousands of euros)	31.12.2024	31.12.2023
Assets
Due from credit institutions	19,381	10,175
Due from investment companies	13,362	9,014
Financial assets at fair value through profit or loss	2,516	6,353
Loans and receivables	29,231	37,274
Inventories	665	311
Other assets	650	970
Investment into subsidiaries	4,180	4,180
Tangible fixed assets	1,041	1,494
Right-of-use asset	1,757	2,221
Intangible fixed assets	2,821	2,943
Total assets	75,604	74,935
Liabilities
Financial liabilities at fair value through profit or loss	333	217
Liabilities and prepayments	744	980
Subordinated debt securities	1,347	1,353
Lease liabilities	2,025	2,499
Total liabilities	4,449	5,049
Equity
Share capital	2,586	2,586
Statutory reserve capital	259	259
Retained earnings	68,310	67,041
Total equity	71,155	69,886
Total liabilities and equity	75,604	74,935

Statement of Comprehensive Income

(in thousands of euros)	2024	2023
Net gains from trading of financial assets at fair value through profit or loss with clients and liquidity providers	37,435	41,777
Brokerage and commission fee revenue	1,062	1,668
Brokerage and commission fee expense	-25,451	-34,656
Other trading activity related income	418	339
Net income from trading	13,464	9,128
Other income similar to interest	85	172
Interest income calculated using the effective interest method	1,366	1,044
Interest expense	-155	-184
Other income	433	877
Other expense	0	10
Net gains on exchange rate changes	198	-214
Net loss from financial assets at fair value through profit or loss	-444	61
Personnel expenses	-4,019	-4,634
Operating expenses	-7,642	-12,168
Depreciation of tangible and intangible assets	-1,532	-1,259
Depreciation of right-of-use assets	-485	-484
(Loss) / Profit before income tax	1,269	-7,651
Income tax	0	-535
Net (loss) / profit for the reporting period	1,269	-8,186
Comprehensive income for the reporting period	1,269	-8,186
Basic and diluted earnings per share	3.14	-20.26

Additional information:

Lauri Reinberg
Chief financial officer of Admirals Group AS
[e-mail]
[phone]
https://www.admirals.group/