Admirals Reports Heavy Losses Amid Revenue Decline

Admirals Group AS, the Estonia-headquartered FX and CFDs broker, has reported a net loss of €5.9 million ($6.9 million) for the first half of 2025, making it the company's steepest half-year loss since at least 2020. The firm's revenue dropped by 19% year-on-year to €13.3 million, extending a trend of weakening results.

The revenue decline marks a significant contrast to earlier years. In the first half of 2022, Admirals posted over €40 million in revenues - more than three times its current figures. The company attributed the latest downturn to "lower client trading activity in the Group's core European markets," but stressed that it has maintained "operational discipline and strategic realignment" during this difficult period.

The financial report shows pressures not only on the top line but also on the bottom line. Net income from trading fell to €13.3 million from €22.0 million a year earlier. Expenses also weighed heavily, with personnel costs reaching €6.1 million and operating expenses totaling €10.7 million. Currency translation losses further impacted results, totaling €1.3 million compared with €0.5 million in the same period last year.

Admirals had voluntarily suspended onboarding of new European clients in 2024 after recommendations from CySEC, its regulator in Cyprus. This pause affected one of its key markets, though onboarding resumed in March 2025 following the completion of regulatory adjustments. The broker said it intensified user acquisition efforts in the second quarter, signaling a bid to reverse its revenue decline.

The company's balance sheet reflects the strain. Total assets shrank from €79.8 million at year-end 2024 to €72.6 million by June 2025. Retained earnings fell by €5.4 million over the same period, leaving equity at €62.6 million. Admirals' leadership has not provided detailed forward guidance but suggested that the recent resumption of EU onboarding may help stabilize performance in the coming quarters.