Admirals Markets AS reported a sharp reversal in 2025, registering a net trading income of EUR -1 million, down from EUR 13.5 million a year earlier. The Estonia-based CFD broker blamed reduced trading in its core European markets and the ongoing impact from an earlier temporary halt in registering new EU clients.

Trading Income Collapses, Loss Widens

According to the unaudited results announced Thursday, net gains from trading with clients and liquidity providers fell to EUR 18.5 million from EUR 37.4 million, a decline of roughly 51%. At the bottom line, Admirals Markets posted a net loss of EUR 16.2 million, compared with a net profit of EUR 0.355 million in 2024.

Meanwhile, earnings per share fell from EUR 0.88 to EUR -40. Despite the personnel expenses declining by about 5% to EUR 3.8 million from EUR 4 million, operating expenses rose around 22% to EUR 9.3 million from EUR 7.6 million.

Interest income also turned from a positive contribution to a drag. Interest income calculated using the effective interest method moved from EUR 1.4 million in 2024 to EUR -1.0 million in 2025. Net gains on exchange rate changes dropped from EUR 0.2 million to a loss of EUR 0.6 million.

Total assets decreased to EUR 62 million at the end of 2025 from EUR 74.7 million a year earlier, a fall of about 17%. Amounts due from credit institutions slipped around 9% to EUR 17.6 million, while amounts due from investment companies dropped roughly 30% to EUR 9.3 million. Loans and receivables fell about 14% to EUR 25.1 million.

Balance Sheet Shrinks, Equity Erodes

Despite the weaker year, the group remained well capitalized. Total equity declined to EUR 54.1 million from EUR 70.2 million, down about 23%, as retained earnings fell to EUR 51.2 million from EUR 67.4 million. Total liabilities rose to EUR 7.9 million from EUR 4.4 million, mainly due to higher liabilities and prepayments.

In 2024, Admirals temporarily suspended new client registrations in the European Union, citing regulatory challenges. However, the broker mentioned that the move was a "temporary and voluntary" measure and did not affect trading or investing activities for existing clients.

CEO and Co-Founder Alexander Tsikhilov mentioned then that: " This decision is related to our efforts to comply with and adapt to the recommendations of the CySEC regulator and affects only our activities in the EU countries. Our current customer base in Europe remains intact, and we will continue to ensure stable access for our clients to our products and services."

However, last year March, the broker reopened onboarding for new clients in the region after the pause, saying it had strengthened its compliance framework while keeping services for existing clients uninterrupted.

In another recent development, Admirals said its UAE subsidiary, Admirals MENA Limited, has applied to cancel its Financial Services Permission from the local regulator. The group is also selling its Australian subsidiary as part of efforts to streamline its geographic focus.