Admiral Markets AS unaudited interim report for the first 6 months of 2026

In the first half of 2026, Admiral Markets AS completed the restructuring of its business, exiting direct client servicing and continuing solely as an intra-group liquidity provider for the Admirals Group following the voluntary revocation of its investment firm license in Estonia.

  • Net trading income was EUR 2.2 million (6M 2025: EUR 4.1 million).
  • Net loss was EUR -2.6 million (6M 2025: EUR -3.5 million).

All client relationships of Admiral Markets AS were terminated in January 2026, with former clients offered continued service through Admirals Europe Ltd, the Admirals Group’s Cyprus-licensed investment firm. Acting on its own initiative, Admiral Markets AS applied to the Estonian Financial Supervision and Resolution Authority to withdraw its investment firm license; the regulator approved the revocation with effect from 28 April 2026.

Statement of Financial Position

(in thousands of euros)30.06.202631.12.2025
Assets    
Due from credit institutions18,97717,576
Due from investment companies4,5849,304
Financial assets at fair value through profit or loss667809
Loans and receivables23,54624,086
Inventories0235
Other assets567824
Investment into subsidiaries4,1804,180
Tangible fixed assets792988
Right-of-use asset1,0441,276
Intangible fixed assets1,1591,710
Total assets55,51660,988
     
Liabilities    
Financial liabilities at fair value through profit or loss190596
Liabilities and prepayments2,9634,497
Subordinated debt securities6251,347
Lease liabilities1,2471,507
Total liabilities5,0257,947
     
Equity    
Share capital2,5862,586
Statutory reserve capital259259
Retained earnings47,64650,196
Total equity50,49153,041
Total liabilities and equity55,51660,988

Statement of Comprehensive Income

(in thousands of euros)6 months 20266 months 2025
Net gains from trading of financial assets at fair value through profit or loss with clients and liquidity providers7,63013,917
Brokerage and commission fee revenue347413
Brokerage and commission fee expense-5,974-10,308
Other trading activity related income164142
Other trading activity related expense0-48
Net income from trading2,1674,116
Other income similar to interest40
Interest income calculated using the effective interest method524569
Interest expense-64-73
Other income320216
Other expense-100
Net gains on exchange rate changes14-631
Net loss from financial assets at fair value through profit or loss-76-94
Personnel expenses-1,652-1,986
Operating expenses-2,767-4,560
Depreciation of tangible and intangible assets-778-861
Depreciation of right-of-use assets-232-243
Loss before income tax-2,550-3,547
Income tax00
Net loss for the reporting period-2,550-3,547
Comprehensive income for the reporting period-2,550-3,547
Basic and diluted earnings per share-6.31-8.78

Additional information:

Alexander Tsikhilov

Chairman of the Supervisory Board of Admiral Markets AS

alexander.tsikhilov@admirals.com

+372 6 309 300

https://www.admirals.group/