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]

Core Insights - Admirals Group AS demonstrated resilience in trading income and achieved positive EBITDA despite a decrease in client activity, attributed to effective cost control measures [1][5] Financial Performance - 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] - EBITDA improved to EUR 0.9 million in 2024, a significant recovery from a loss of EUR 6.5 million in 2023 [5] - The net loss for the year was reduced to EUR 1.6 million in 2024, compared to a net loss of EUR 9.7 million in 2023 [5] Cost Management - Total operating expenses decreased by 16% to EUR 42.4 million in 2024 from EUR 50.3 million in 2023, reflecting successful cost optimization efforts [1] - Personnel expenses were reduced to EUR 13.4 million in 2024 from EUR 15.2 million in 2023 [7] Client Activity and Market Position - The voluntary suspension of new client registrations in the Cyprus-based operating company, Admirals Europe Ltd, began in April 2024 to align product governance with European client needs, with onboarding resuming in March 2025 [2] - The Group's primary service entity in the EU is crucial for its business operations [2] Balance Sheet Overview - Total assets decreased to EUR 79.8 million as of December 31, 2024, from EUR 82.0 million in 2023 [3][6] - Total liabilities decreased to EUR 10.6 million in 2024 from EUR 11.5 million in 2023 [3][6] - Total equity attributable to owners of the parent decreased to EUR 69.3 million in 2024 from EUR 70.4 million in 2023 [3][6]