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Admirals Group AS audited annual report 2024

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Admirals Group AS audited annual report 2024

Despite lower client activity, Admirals Group AS delivered resilient trading
income and positive EBITDA through effective cost control measures.

? The Group's net trading income decreased by 6% to EUR 38.4 million (2023: EUR
40.9 million), being supported by higher volatility on the financial markets.

? The Group's total operating expenses decreased by 16% to EUR 42.4 million
(2023: EUR 50.3 million) as a result of cost optimisation efforts.

? EBITDA was EUR 0.9 million (2023: EUR -6.5 million).

? Net loss was EUR -1.6 million (2023: EUR -9.7 million).

Although the income was supported by higher volatility in financial markets,
Group's cost optimisation effort was partly muted due to voluntary suspension of
new client registrations in the Cyprus based operating company Admirals Europe
Ltd. This company acts as the primary service entity of the Group in the EU
which is one of the core markets for the Group's business. The suspension
started in April 2024 is voluntary and temporary in nature and it was necessary
to allow for the implementation of required technical and organisational
measures to ensure satisfactory alignment of Group's product governance efforts
with objectives and needs of it's European clients. Following the successful
completion of these measures, the onboarding of new clients in the EU was
resumed in March 2025.

Statement of Financial Position

+------------------------------------------------------------------------------+
|(in thousands of euros)                                  31.12.2024 31.12.2023|
+--------------------------------------------------------+----------+----------+
|Assets                                                  |          |          |
+--------------------------------------------------------+----------+----------+
|Cash and cash equivalents                               |    41,607|    41,025|
+--------------------------------------------------------+----------+----------+
|Due from investment companies                           |    18,736|    18,961|
+--------------------------------------------------------+----------+----------+
|Financial assets at fair value through profit or loss   |     1,228|     5,062|
+--------------------------------------------------------+----------+----------+
|Loans and receivables                                   |     8,315|     4,772|
+--------------------------------------------------------+----------+----------+
|Inventories                                             |       665|       311|
+--------------------------------------------------------+----------+----------+
|Other assets                                            |     2,092|     2,137|
+--------------------------------------------------------+----------+----------+
|Tangible fixed assets                                   |     1,359|     1,950|
+--------------------------------------------------------+----------+----------+
|Right-of-use assets                                     |     2,541|     2,603|
+--------------------------------------------------------+----------+----------+
|Intangible assets                                       |     3,304|     5,147|
+--------------------------------------------------------+----------+----------+
|Total assets                                            |    79,847|    81,968|
+--------------------------------------------------------+----------+----------+
|                                                        |          |          |
+--------------------------------------------------------+----------+----------+
|Liabilities                                             |          |          |
+--------------------------------------------------------+----------+----------+
|Financial liabilities at fair value through profit or   |          |          |
|loss                                                    |       334|       224|
+--------------------------------------------------------+----------+----------+
|Liabilities and accruals                                |     3,326|     4,318|
+--------------------------------------------------------+----------+----------+
|Deferred tax liability                                  |         0|         1|
+--------------------------------------------------------+----------+----------+
|Subordinated debt securities                            |     4,103|     4,102|
+--------------------------------------------------------+----------+----------+
|Lease liabilities                                       |     2,818|     2,894|
+--------------------------------------------------------+----------+----------+
|Total liabilities                                       |    10,581|    11,539|
+--------------------------------------------------------+----------+----------+
|                                                        |          |          |
+--------------------------------------------------------+----------+----------+
|Equity                                                  |          |          |
+--------------------------------------------------------+----------+----------+
|Share capital                                           |       250|       250|
+--------------------------------------------------------+----------+----------+
|Own shares                                              |      -456|      -315|
+--------------------------------------------------------+----------+----------+
|Statutory reserve capital                               |        25|        25|
+--------------------------------------------------------+----------+----------+
|Currency translation reserve                            |        30|      -834|
+--------------------------------------------------------+----------+----------+
|Retained earnings                                       |    69,417|    71,276|
+--------------------------------------------------------+----------+----------+
|Total equity attributable to owners of the parent       |    69,266|    70,402|
+--------------------------------------------------------+----------+----------+
|Non-controlling interest                                |         0|        27|
+--------------------------------------------------------+----------+----------+
|Total equity                                            |    69,266|    70,429|
+--------------------------------------------------------+----------+----------+
|Total liabilities and equity                            |    79,847|    81,968|
+--------------------------------------------------------+----------+----------+

 Statement of Comprehensive Income

+--------------------------------------------------------------+-------+-------+
|(in thousands of euros)                                       |   2024|   2023|
+--------------------------------------------------------------+-------+-------+
|Net gains from trading of financial assets at fair value      |       |       |
|through profit or loss with clients and liquidity providers   | 40,653| 46,276|
+--------------------------------------------------------------+-------+-------+
|Brokerage and commission fee revenue                          |  1,408|  2,134|
+--------------------------------------------------------------+-------+-------+
|Brokerage and commission fee expense                          | -3,558| -5,118|
+--------------------------------------------------------------+-------+-------+
|Other trading activity related income                         |    489|    412|
+--------------------------------------------------------------+-------+-------+
|Other trading activity related expense                        |   -583| -2,768|
+--------------------------------------------------------------+-------+-------+
|Net income from trading                                       | 38,409| 40,936|
+--------------------------------------------------------------+-------+-------+
|Other income similar to interest                              |    947|    171|
+--------------------------------------------------------------+-------+-------+
|Interest income calculated using the effective interest method|    424|    900|
+--------------------------------------------------------------+-------+-------+
|Interest expense                                              |   -472|   -496|
+--------------------------------------------------------------+-------+-------+
|Other income                                                  |  3,004|    741|
+--------------------------------------------------------------+-------+-------+
|Other expenses                                                |   -233|   -185|
+--------------------------------------------------------------+-------+-------+
|Net losses on exchange rate changes                           | -1,016|   -984|
+--------------------------------------------------------------+-------+-------+
|Profit / (loss) from financial assets at fair value through   |       |       |
|profit or loss                                                |   -444|     61|
+--------------------------------------------------------------+-------+-------+
|Personnel expenses                                            |-13,394|-15,231|
+--------------------------------------------------------------+-------+-------+
|Operating expenses                                            |-25,412|-31,875|
+--------------------------------------------------------------+-------+-------+
|Depreciation of tangible and intangible assets                | -2,594| -2,310|
+--------------------------------------------------------------+-------+-------+
|Depreciation of right-of-use assets                           |   -787|   -837|
+--------------------------------------------------------------+-------+-------+
|(Loss) before income tax                                      | -1,568| -9,109|
+--------------------------------------------------------------+-------+-------+
|Income tax                                                    |    -24|   -616|
+--------------------------------------------------------------+-------+-------+
|(Loss) for the reporting period                               | -1,592| -9,725|
+--------------------------------------------------------------+-------+-------+
|Other comprehensive income / (loss):                          |       |       |
+--------------------------------------------------------------+-------+-------+
|Items that subsequently may be reclassified to profit or loss:|       |       |
+--------------------------------------------------------------+-------+-------+
|Currency translation adjustment                               |    864|   -165|
+--------------------------------------------------------------+-------+-------+
|Total other comprehensive income / (loss) for the reporting   |       |       |
|period                                                        |    864|   -165|
+--------------------------------------------------------------+-------+-------+
|Total comprehensive (loss) / income for the reporting period  |   -728| -9,890|
+--------------------------------------------------------------+-------+-------+
|Net (loss) attributable to the owners of the parent           | -1,592| -9,746|
+--------------------------------------------------------------+-------+-------+
|Net profit attributable to non-controlling interest           |      0|     21|
+--------------------------------------------------------------+-------+-------+
|(Loss) for the reporting period                               | -1,592| -9,725|
+--------------------------------------------------------------+-------+-------+
|Total comprehensive (loss) attributable to the owners of the  |       |       |
|parent                                                        |   -728| -9,911|
+--------------------------------------------------------------+-------+-------+
|Total comprehensive income attributable non- controlling      |       |       |
|interest                                                      |      0|     21|
+--------------------------------------------------------------+-------+-------+
|Total comprehensive (loss) for the reporting period           |   -728| -9,890|
+--------------------------------------------------------------+-------+-------+
|Basic and diluted earnings per share                          |  -0.65|  -3.95|
+--------------------------------------------------------------+-------+-------+

Additional information:

Lauri Reinberg
Chief financial officer of Admirals Group AS
[email protected]
(mailto:[email protected]%C2%A0)
 (mailto:[email protected]%C2%A0)+372 6309 300
https://www.admirals.group/
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