Core Insights - The company achieved strong profitability improvement and record free cash flow generation, reflecting the effectiveness of its strategic initiatives [1][2] Financial Performance - Sales for FY 2025 reached €1,217.4 million, a 0.5% increase compared to FY 2024 [3] - Adjusted EBITDA rose to €231.3 million, marking a 7% increase from €216.4 million in FY 2024 [3] - Adjusted EBIT surged by 80% to €95.2 million, representing 7.8% of sales, compared to €53 million (4.4% of sales) in FY 2024 [3][16] - Net income improved to €17 million, a €40 million increase from a loss of €24 million in FY 2024 [3][18] - Free cash flow generation reached a record €91 million, up 86% from €49 million in FY 2024 [5] Sales Breakdown - Organic sales growth for 2025 was 1.7% compared to 2024, with significant contributions from the EMEA and American markets [4] - Sales in France decreased by 1.6% organically, impacted by a challenging consumer environment in H2 2025 [6] - EMEA region sales increased by 6.8% organically, driven by strong like-for-like growth [8] - American sales grew by 10.1% organically, despite a high comparison base [10] - Asia Pacific sales fell by 8.8% organically, primarily due to network optimization impacts [12] Strategic Initiatives - The company maintained a strict full-price strategy, resulting in a three-point decrease in the average in-season discount rate to 20% [4] - The network optimization plan led to a reduction of 32 points of sale, with a total of 1,630 points of sale worldwide by the end of 2025 [4][19] - The company plans to enter ten new markets, including regions like the Balkans and South-East Asia, to drive growth [4] Future Guidance - The company aims for an adjusted EBIT margin of approximately 10% in H2 2026 and free cash flow generation of €50 million for the year [21]

Core Insights - Admirals Group AS demonstrated resilience in trading income and positive EBITDA despite a decrease in client activity, attributed to effective cost control measures [1][5] - The Group's net trading income fell by 6% to EUR 38.4 million in 2024 from EUR 40.9 million in 2023, supported by increased market volatility [1][7] - Total operating expenses decreased by 16% to EUR 42.4 million in 2024 from EUR 50.3 million in 2023 due to cost optimization efforts [1][5] Financial Performance - EBITDA improved to EUR 0.9 million in 2024 from a loss of EUR 6.5 million in 2023 [5] - The net loss narrowed to EUR -1.6 million in 2024 compared to EUR -9.7 million in 2023 [5] - Total comprehensive loss for the reporting period was EUR -728 thousand in 2024, significantly better than EUR -9.89 million in 2023 [7][8] Balance Sheet Overview - Total assets decreased to EUR 79.847 million in 2024 from EUR 81.968 million in 2023 [3][6] - Total liabilities reduced to EUR 10.581 million in 2024 from EUR 11.539 million in 2023 [3][6] - Total equity attributable to owners of the parent decreased to EUR 69.266 million in 2024 from EUR 70.402 million in 2023 [6] Operational Developments - The voluntary suspension of new client registrations in the Cyprus-based Admirals Europe Ltd. began in April 2024, impacting client onboarding in the EU [2] - The suspension was temporary to implement necessary technical and organizational measures for product governance alignment with European clients [2] - Client onboarding in the EU resumed in March 2025 following the completion of these measures [2]