Admiral Markets AS Unaudited Financial Results for 12 Months of 2025

Admiral Markets AS, the Estonian broker behind the Admirals brand, reported a net loss of EUR 16.2 million for the 12 months of 2025, a sharp reversal from the prior year's net profit of EUR 0.4 million. Net trading income fell to EUR -1.0 million from EUR 13.5 million in 2024, which the company attributed to lower client trading activity in its core European markets and the lingering effect of a temporary EU client onboarding pause.

The number of active clients at the end of 2025 stood at 29,455. Management said rebuilding and expanding the client base is now the group's key focus.

The weak result follows a voluntary pause in onboarding of new EU clients that Admirals Europe Ltd. initiated in 2024 while implementing enhancements after supervisory engagement with Cyprus' financial regulator, CySEC. The pause reduced new client inflows and continued to weigh on the client base into 2025. Admirals resumed EU client onboarding in March 2025 and stepped up client acquisition efforts in the second quarter, with an emphasis on responsible growth, client experience and compliance.

Total assets at December 31, 2025 stood at EUR 62.0 million, down from EUR 74.7 million a year earlier. Total liabilities rose to EUR 7.9 million from EUR 4.4 million, while total equity declined to EUR 54.1 million from EUR 70.2 million. Retained earnings fell to EUR 51.2 million from EUR 67.4 million.

Net gains from trading with clients and liquidity providers dropped to EUR 18.5 million from EUR 37.4 million in 2024. Brokerage and commission fee expense declined to EUR 20.5 million from EUR 25.5 million, while operating expenses increased to EUR 9.3 million from EUR 7.6 million. Personnel expenses were slightly lower at EUR 3.8 million.

Looking ahead, the group said its priorities are to rebuild the active client base, improve client activation and retention, and maintain disciplined cost management and a strong compliance framework. Management believes these actions will support a return to more stable performance and longer-term value creation for stakeholders.