H2 2025: Admirals Posts €12.6 Million Net Loss

Admirals has released its unaudited financial results for 2025, showing a sharp deterioration in performance during the second half (H2) of the year, following an already weak first half.

In the first six months of 2025, the company reported revenue of €13.3 million, marking a multi-year low, alongside a net loss of €5.9 million. Conditions worsened considerably in the second half. Revenue for H2 2025 fell by a further 70%, coming in at just €4.0 million. It was the first time since the 2010s that semi-annual revenue dropped below €10 million — and even below the €5 million level.

H2 2025: Admirals Posts €12.6 Million Net Loss

For comparison, in the first half of 2022, Admirals generated €43 million in revenue, more than ten times its most recent semi-annual figure.

The company posted a net loss of €12.6 million in the second half of 2025, bringing its full-year net loss to €18.5 million. That figure exceeded its total annual revenue of €17.4 million for 2025.

In a brief explanation accompanying the results, Admirals cited lower client trading activity in its core European markets and the ongoing effects of a temporary pause in EU client onboarding as factors that materially reduced net trading income. However, EU onboarding had resumed early in 2025 after being halted for much of 2024, raising questions about the scale of the decline in the second half of the year.

The company also stated that it responded by reducing costs and continuing operational realignment. Total operating expenses declined by 18% to €34.8 million in 2025, compared with €42.4 million in 2024. Still, the drop in net trading income outpaced the reduction in expenses.

Active clients stood at 29,455 at year-end 2025. Admirals said rebuilding and expanding its client base remains a primary focus. Looking ahead, the Group outlined priorities including improving client activation and retention, maintaining cost discipline, and reinforcing its compliance framework as it seeks a return to steadier performance.

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