Admiral Markets AS Unaudited Financial Results for 12 months of 2025

Core Insights - The company experienced a significant decline in net trading income due to lower client trading activity and a temporary pause in EU client onboarding, resulting in a net trading income of EUR -1.0 million for 2025 compared to EUR 13.5 million in 2024 [1][6] - The company reported a net loss of EUR -16.2 million for 2025, a stark contrast to a net profit of EUR 0.4 million in 2024, indicating a challenging financial year [6][7] - The number of active clients decreased to 29,455, highlighting the need for the company to focus on rebuilding and expanding its client base [6] Financial Performance - Total assets decreased from EUR 74.69 million in 2024 to EUR 62.03 million in 2025, reflecting a decline in various asset categories [4] - Total liabilities increased from EUR 4.45 million in 2024 to EUR 7.95 million in 2025, indicating a rise in financial obligations [4] - Total equity fell from EUR 70.24 million in 2024 to EUR 54.08 million in 2025, primarily due to retained earnings decreasing from EUR 67.40 million to EUR 51.24 million [4] Revenue Breakdown - Net gains from trading of financial assets decreased significantly from EUR 37.44 million in 2024 to EUR 18.49 million in 2025 [5] - Brokerage and commission fee revenue also declined from EUR 1.06 million in 2024 to EUR 0.80 million in 2025, while brokerage and commission fee expenses decreased from EUR 25.45 million to EUR 20.52 million [5] - Other income similar to interest was reported as zero in 2025, down from EUR 0.085 million in 2024 [5] Strategic Focus - The company aims to rebuild its active client base, improve client activation and retention, and maintain disciplined cost management and compliance to support long-term value creation [3][6] - Client acquisition efforts were intensified in the second quarter of 2025 following the resumption of EU client onboarding in March 2025 [2]