Admirals Reports Net Loss in 2025 as Trading Income Declines

​Admirals Markets AS reported a significant decline in financial performance for 2025, posting negative net trading income and a widened annual loss, as reduced trading activity in its core European markets weighed on results.

According to the company’s unaudited results, net trading income fell to EUR -1 million, compared with EUR 13.5 million in the previous year. The Estonia-based CFD broker attributed the decline partly to lower client activity and the lingering effects of a temporary suspension of new EU client registrations.

Trading Income Drops, Net Loss Expands

Net gains from trading with clients and liquidity providers decreased to EUR 18.5 million, down approximately 51% from EUR 37.4 million a year earlier.

The company reported a net loss of EUR 16.2 million, compared with a net profit of EUR 0.355 million in 2024. Earnings per share fell from EUR 0.88 to EUR -40.

Personnel expenses declined about 5% to EUR 3.8 million, while operating expenses increased roughly 22% to EUR 9.3 million.

Interest income also deteriorated, shifting from EUR 1.4 million in 2024 to EUR -1.0 million in 2025. Net foreign exchange results moved from a gain of EUR 0.2 million to a loss of EUR 0.6 million.

Balance Sheet Contracts

Total assets declined to EUR 62 million at the end of 2025, compared with EUR 74.7 million a year earlier.

Amounts due from credit institutions fell about 9% to EUR 17.6 million, while receivables from investment firms dropped approximately 30% to EUR 9.3 million. Loans and receivables decreased around 14% to EUR 25.1 million.

Total equity declined to EUR 54.1 million from EUR 70.2 million, primarily due to lower retained earnings, which fell to EUR 51.2 million. Total liabilities increased to EUR 7.9 million from EUR 4.4 million, mainly driven by higher accrued liabilities and prepayments.

Regulatory Adjustments and Strategic Changes

In 2024, Admirals temporarily suspended onboarding of new European Union clients, citing regulatory alignment efforts with the Cyprus Securities and Exchange Commission.

At the time, CEO and co-founder Alexander Tsikhilov stated the measure was voluntary and intended to support compliance adjustments, while services for existing clients remained unaffected.

The company resumed new EU client registrations in March 2025 after updating its compliance framework.

Separately, Admirals disclosed that its regional subsidiary, Admirals MENA Limited, has applied to cancel its financial services permission in the UAE. The group is also divesting its Australian unit as part of efforts to streamline its geographic footprint.