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]

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 loss of EUR 18.5 million for 2025 compared to a loss of EUR 1.6 million in 2024 [1][5]. Financial Performance - Net trading income for 2025 was EUR 17.4 million, down from EUR 38.4 million in 2024, reflecting a substantial decrease in client activity [5]. - Total operating expenses decreased by 18% to EUR 34.8 million in 2025, compared to EUR 42.4 million in 2024 [5]. - The number of active clients stood at 29,455, indicating a focus on rebuilding and expanding the client base [5]. Financial Position - Total assets decreased from EUR 79.8 million in 2024 to EUR 58.3 million in 2025, with cash and cash equivalents dropping from EUR 41.6 million to EUR 34.1 million [3]. - Total liabilities decreased from EUR 10.6 million in 2024 to EUR 8.6 million in 2025, while total equity attributable to owners of the parent fell from EUR 69.3 million to EUR 49.7 million [3]. Comprehensive Income - The total comprehensive loss for the reporting period was EUR 19.6 million in 2025, compared to a loss of EUR 0.7 million in 2024 [6]. - Basic and diluted earnings per share were reported at EUR -7.59 for 2025, down from EUR -0.65 in 2024 [6]. Strategic Outlook - The company resumed EU client onboarding in March 2025 and is focusing on responsible growth, client experience, and compliance to rebuild its active client base [2]. - Future priorities include improving client activation and retention while maintaining disciplined cost management and a strong compliance framework [2].