Admirals Group AS, as the company reported a steep decline in revenue and its largest half-year loss in years.
Admirals Group AS, as the company reported a steep decline in revenue and its largest half-year loss in years.
Admirals Group AS, as the company reported a steep decline in revenue and its largest half-year loss in years.
After hitting multi-year revenue lows in the second half of 2024, Admirals saw its revenue drop by 19% year-over-year to just €13.3 million ($15.5 million) in the first half of 2025. This marks a significant deterioration from H1 2022, when the broker generated more than €40 million in semi-annual revenue.
On the bottom line, Admirals posted a net loss of €5.9 million ($6.9 million) for the first half of 2025, the worst result since the company began publicly reporting in 2020. The previous year, Admirals had reported a net loss of just €1.2 million for the same period.
In a brief statement, Admirals characterized H1 2025 as a period “marked by lower client trading activity in the Group’s core European markets.” The company highlighted its focus on “operational discipline and strategic realignment” to navigate the challenging environment.
A key factor affecting performance was the temporary suspension of new European client onboarding at Admirals Europe Ltd in 2024, following recommendations from CySEC in Cyprus. Although onboarding resumed in March 2025, the company said user acquisition efforts only began to intensify in the second quarter.
Trading income dropped sharply to €13.3 million, down from €22 million in the prior year period. Personnel expenses and operating costs decreased as part of cost-control measures, but the company faced negative currency translation effects and a slowdown in trading volumes.
Admirals ended the first half of 2025 with total assets of €72.6 million, compared to €79.8 million at the end of 2024. Equity attributable to owners declined to €62.6 million, reflecting the losses and negative foreign exchange movements.
The broker is betting on renewed client acquisition in Europe to stabilize revenues in the second half of 2025. However, with increased competition and uncertain trading activity, Admirals face a challenging road ahead to return to profitability.
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