Admiral Markets AS unaudited interim report for the first 6 months of 2026
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) | 30.06.2026 | 31.12.2025 |
| Assets | ||
| Due from credit institutions | 18,977 | 17,576 |
| Due from investment companies | 4,584 | 9,304 |
| Financial assets at fair value through profit or loss | 667 | 809 |
| Loans and receivables | 23,546 | 24,086 |
| Inventories | 0 | 235 |
| Other assets | 567 | 824 |
| Investment into subsidiaries | 4,180 | 4,180 |
| Tangible fixed assets | 792 | 988 |
| Right-of-use asset | 1,044 | 1,276 |
| Intangible fixed assets | 1,159 | 1,710 |
| Total assets | 55,516 | 60,988 |
| Liabilities | ||
| Financial liabilities at fair value through profit or loss | 190 | 596 |
| Liabilities and prepayments | 2,963 | 4,497 |
| Subordinated debt securities | 625 | 1,347 |
| Lease liabilities | 1,247 | 1,507 |
| Total liabilities | 5,025 | 7,947 |
| Equity | ||
| Share capital | 2,586 | 2,586 |
| Statutory reserve capital | 259 | 259 |
| Retained earnings | 47,646 | 50,196 |
| Total equity | 50,491 | 53,041 |
| Total liabilities and equity | 55,516 | 60,988 |
Statement of Comprehensive Income
| (in thousands of euros) | 6 months 2026 | 6 months 2025 |
| Net gains from trading of financial assets at fair value through profit or loss with clients and liquidity providers | 7,630 | 13,917 |
| Brokerage and commission fee revenue | 347 | 413 |
| Brokerage and commission fee expense | -5,974 | -10,308 |
| Other trading activity related income | 164 | 142 |
| Other trading activity related expense | 0 | -48 |
| Net income from trading | 2,167 | 4,116 |
| Other income similar to interest | 4 | 0 |
| Interest income calculated using the effective interest method | 524 | 569 |
| Interest expense | -64 | -73 |
| Other income | 320 | 216 |
| Other expense | -10 | 0 |
| Net gains on exchange rate changes | 14 | -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 tax | 0 | 0 |
| 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
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