Market announcement

Title

Admiral Markets AS audited annual report 2023

Message

Admirals witnesses a significant rise in active and new clients.

Number of new applications in the Group went up by 77% to 266,779 applications
compared to 2022 and is up by 116% compared to 2021.

? Admiral Markets AS' net trading income was EUR 9.1 million (2022: EUR 44.3
million, 2021: EUR 20.5 million and 2020: EUR 47.1 million)
? EBITDA was EUR -6.9 million (2022: EUR 25.9 million, 2021: EUR 2.5 million and
2020: EUR 21.6 million)
? Number of active clients in the Admirals Group went up by 62% to 89,764
clients compared to 2022 and is up by 83% compared to 2021 (2022:
55,242, 2021: 49,080 and 2020: 48,341 active clients).
? Number of active accounts in the Group went up by 57% to 110,471 clients
compared to 2022 and is up by 75% compared to 2021 (2022: 70,436, 2021: 63,231
and 2020: 62,854 active accounts).

+--------------------------------------------------------+----------+----------+
|Statement of Financial Position                         |          |          |
+--------------------------------------------------------+----------+----------+
|(in thousands of euros)                                 |31.12.2023|31.12.2022|
+--------------------------------------------------------+----------+----------+
|Assets                                                  |          |          |
+--------------------------------------------------------+----------+----------+
|Due from credit institutions                            |    10,175|    20,111|
+--------------------------------------------------------+----------+----------+
|Due from investment companies                           |     9,014|    13,266|
+--------------------------------------------------------+----------+----------+
|Financial assets at fair value through profit or loss   |     6,353|     7,933|
+--------------------------------------------------------+----------+----------+
|Loans and receivables                                   |    37,274|    34,634|
+--------------------------------------------------------+----------+----------+
|Inventories                                             |       311|        48|
+--------------------------------------------------------+----------+----------+
|Other assets                                            |       970|     2,230|
+--------------------------------------------------------+----------+----------+
|Investments into subsidiaries                           |     4,180|     4,180|
+--------------------------------------------------------+----------+----------+
|Tangible fixed assets                                   |     1,494|     1,850|
+--------------------------------------------------------+----------+----------+
|Right-of-use asset                                      |     2,221|     2,684|
+--------------------------------------------------------+----------+----------+
|Intangible fixed assets                                 |     2,943|     3,095|
+--------------------------------------------------------+----------+----------+
|Total assets                                            |    74,935|    90,031|
+--------------------------------------------------------+----------+----------+
|                                                        |          |          |
+--------------------------------------------------------+----------+----------+
|Liabilities                                             |          |          |
+--------------------------------------------------------+----------+----------+
|Financial liabilities at fair value through profit or   |          |          |
|loss                                                    |       217|       214|
+--------------------------------------------------------+----------+----------+
|Liabilities and prepayments                             |       980|     4,350|
+--------------------------------------------------------+----------+----------+
|Subordinated debt securities                            |     1,353|     1,827|
+--------------------------------------------------------+----------+----------+
|Lease liabilities                                       |     2,499|     2,949|
+--------------------------------------------------------+----------+----------+
|Total liabilities                                       |     5,049|     9,340|
+--------------------------------------------------------+----------+----------+
|                                                        |          |          |
+--------------------------------------------------------+----------+----------+
|Equity                                                  |          |          |
+--------------------------------------------------------+----------+----------+
|Share capital                                           |     2,586|     2,586|
+--------------------------------------------------------+----------+----------+
|Statutory reserve capital                               |       259|       259|
+--------------------------------------------------------+----------+----------+
|Retained earnings                                       |    67,041|    77,846|
+--------------------------------------------------------+----------+----------+
|Total equity                                            |    69,886|    80,691|
+--------------------------------------------------------+----------+----------+
|Total liabilities and equity                            |    74,935|    90,031|
+--------------------------------------------------------+----------+----------+
|                                                        |          |          |
+--------------------------------------------------------+----------+----------+
|Statement of Comprehensive Income                       |          |          |
+--------------------------------------------------------+----------+----------+
|(in thousands of euros)                                 |      2023|      2022|
+--------------------------------------------------------+----------+----------+
|                                                        |          |          |
+--------------------------------------------------------+----------+----------+
|Net gains from trading of financial assets at fair value|          |          |
|through profit or loss with clients and liquidity       |          |          |
|providers                                               |    41,777|    70,462|
+--------------------------------------------------------+----------+----------+
|Brokerage fee income                                    |     1,668|     1,880|
+--------------------------------------------------------+----------+----------+
|Brokerage and commission fee expense                    |   -34,656|   -28,832|
+--------------------------------------------------------+----------+----------+
|Other trading activity related income                   |       339|       753|
+--------------------------------------------------------+----------+----------+
|Net income from trading                                 |     9,128|    44,263|
+--------------------------------------------------------+----------+----------+
|Other income                                            |       877|       528|
+--------------------------------------------------------+----------+----------+
|Other expense                                           |        10|       -10|
+--------------------------------------------------------+----------+----------+
|Interest income calculated using the effective interest |          |          |
|method                                                  |     1,044|       698|
+--------------------------------------------------------+----------+----------+
|Other income similar to interest                        |       172|       137|
+--------------------------------------------------------+----------+----------+
|Interest expense                                        |      -184|      -210|
+--------------------------------------------------------+----------+----------+
|Net gains on exchange rate changes                      |      -214|     1,130|
+--------------------------------------------------------+----------+----------+
|Net gains at fair value through profit or loss          |        61|      -363|
+--------------------------------------------------------+----------+----------+
|Personnel expenses                                      |    -4,634|    -4,828|
+--------------------------------------------------------+----------+----------+
|Operating expenses                                      |   -12,168|   -14,826|
+--------------------------------------------------------+----------+----------+
|Depreciation of tangible and intangible assets          |    -1,259|    -1,202|
+--------------------------------------------------------+----------+----------+
|Depreciation of right-of-use assets                     |      -484|      -483|
+--------------------------------------------------------+----------+----------+
|Profit before income tax                                |    -7,651|    24,834|
+--------------------------------------------------------+----------+----------+
|Income tax                                              |      -535|         0|
+--------------------------------------------------------+----------+----------+
|Profit for the reporting period                         |    -8,186|    24,834|
+--------------------------------------------------------+----------+----------+
|Comprehensive income for the reporting period           |    -8,186|    24,834|
+--------------------------------------------------------+----------+----------+
|Basic and diluted earnings per share                    |    -20.26|     61.47|
+--------------------------------------------------------+----------+----------+



The reports of Admiral Markets AS are available on the following
website: https://www.admirals.group/admiral-markets-as-reports
(https://www.globenewswire.com/Tracker?data=Ihu31Sp10RtIVr_IcfrLrWjwfFvcqdWsqvvu
wQR5R0WwXL4g13A8fm3JBQsrK2HhdreMtQnuwz5EMaVKWaB8dm84q4VuhixNCI2Amkf9EcqHE1I9bVla
jB0CE0VQuLFKrBOn6070SsTLlcxfUJgfTC2v5sGfqDZ_4ghaaAv6ra3beCUd5R3JeyifZQxARgOS)

About Admirals:

 Admirals is one of the world's leading FinTech companies headquartered in
Estonia. Admirals is a financial hub that makes personal finance transparent,
convenient and accessible to everyone, everywhere, offering both beginners and
experienced experts the opportunity to enter the global financial markets.
Today, Admirals is one of the most international companies in Estonia, with
physical offices in 18 countries around the world. Admirals is committed to
building a strong global team in new regions of the world. Admirals' long-term
mission is to enable financial freedom for 10 million people by 2030.



Additional information:
Kaia Gil
Communication manager of Admiral Markets AS
ir@admira
(https://www.globenewswire.com/Tracker?data=p7tzoVzpc850h02a5FeXrQiKLunYXpFUuSjq
4K9wtsUY9q3ULljMF1A8wctY8hNsavogAtgiRj9c_PPOulynVA==)lmarkets.com

(https://www.globenewswire.com/Tracker?data=izhNwxCZ4Wzan8T6nklJmKQ8Lyzor1RYnRgM
9y1x1kwxwvhSt50Yee538pW5wvBk)https://www.admirals.group/
(https://www.globenewswire.com/Tracker?data=Ihu31Sp10RtIVr_IcfrLrWjwfFvcqdWsqvvu
wQR5R0XeIV9Hhw_wTaggeM62lbNTL5uos55E1dPmn4GrxF6HlYyKhIsmYXBsrATgs_LFd8Jn7otZ8Kzz
KhUXl25GPliewcNxGhTl2LC6jRzXCzvxyte1Y1H0SKytkdbR3MpFiTML_w0YxOu-6ajJgi-
Tm8aaKbWug7a9MvYH2vEm2gtgdhXcrrRJDMUsVlrWw2UwpZniCR47_X0HfCbzz7TIKZ5yfnFbdj8Fkcg
CK-
JjAnQKPNe003oewduTchnywaOcZq_FrInw5yrN41mLBKXuPtJsVwbUt7kaSKLZguu18_gWDpx6Z1HYIo
JbZC-FZIYjanJP4nNtw0pMb02k6H8wDr6ULE9efVHU1DSaF40MsEF03k-
HnAjqtVQtMT3mZBjoMaoh7blmjeXA8VOsD4m07haWIAc6iYZN79pkkw7B_Gesh0ZKMayLKp8UG_lV-
iW9f2x2O9yBr-7a8yei0Kf3C-pS)