Introduction
Admirals Group AS stands as a prominent player in the global financial services industry, delivering innovative trading and investment solutions to a diverse clientele. Headquartered in Tallinn, Estonia, the company has built a robust reputation through its commitment to technological advancement, client empowerment, and sustainable practices. This post provides an in-depth exploration of Admirals Group AS, covering its company profile, business segments, products and services, history, brands, geographical presence, financial performance, subsidiaries, physical properties, leadership, shareholding structure, and future investment plans.
Company Profile
Admirals Group AS, a holding company established in 2009, oversees a multinational group of financial companies operating under the unified “Admirals” trademark. Registered under Commercial Registry no. 118838516, the company is based at Maakri 19/1, Tallinn, 10145, Estonia. Its primary objective is to consolidate financial entities across various jurisdictions to provide seamless trading and investment services globally. The group caters to retail, professional, and institutional clients, emphasizing innovation, transparency, and user-centric solutions.
The company’s mission is rooted in individual empowerment through advanced trading platforms, educational resources, and dedicated customer support. Admirals Group AS is committed to maintaining a strong capital base to support business development while ensuring compliance with regulatory requirements. Its strategic focus includes optimizing geographic operations, enhancing technological infrastructure, and aligning with Environmental, Social, and Governance (ESG) principles to foster sustainable growth.
Key corporate values include togetherness, which the company identifies as a cornerstone of its success. This value drives its collaborative approach to client engagement, internal operations, and partnerships. Admirals Group AS operates under a robust governance framework, adhering to Estonian laws and international financial standards, including IFRS 10 (Consolidated Financial Statements) and IFRS 3 (Business Combinations).
Business Segments
Admirals Group AS manages its operations across four primary geographical segments based on the location of its offices: the European Union (EU), Australia, the United Kingdom (UK), and other regions. These segments reflect the company’s strategic approach to resource allocation and performance assessment, with the Management Board serving as the chief operating decision-makers (CODM).
List of Business Segments with Revenue Breakup
| Segment | Revenue (2024, EUR thousands) | Revenue Share (%) | Details |
|---|---|---|---|
| EU | 31,872 | 83% | The EU is the largest revenue contributor, driven by a strong client base and robust regulatory compliance. Key markets include Estonia, Cyprus, and Poland, where the group offers trading and investment services through advanced platforms like MetaTrader 4 and MetaTrader 5. The segment benefits from high client activity in forex and CFD trading. |
| Australia | 3,072 | 8% | Operations in Australia focus on retail and professional clients, leveraging the group’s trading platforms. Revenue declined due to the sale of Admirals AU PTY Ltd in 2024, reflecting a strategic shift to core markets. |
| UK | 2,304 | 6% | The UK segment targets clients with tailored trading solutions, supported by localized marketing and compliance with FCA regulations. Revenue is driven by CFD trading and client account activity. |
| Other Regions | 1,152 | 3% | This segment includes emerging markets like Jordan and South Africa, where the group is expanding its footprint. Revenue is smaller but growing, supported by strategic partnerships and digital channels. |
Comprehensive Details
- EU Segment: The EU dominates the group’s revenue, contributing 83% of the total in 2024. The segment’s strength lies in its diversified client base, including retail and institutional traders. The group’s operations in Estonia and Cyprus are central to this segment, with a focus on forex, indices, and commodities CFDs. The EU segment benefits from a stable economic environment and strong regulatory frameworks, ensuring high client trust and engagement.
- Australia Segment: Prior to the sale of Admirals AU PTY Ltd, Australia was a significant market. The segment generated 8% of revenue in 2024, but the strategic disposal reflects a focus on more profitable regions. Clients in Australia accessed the group’s trading platforms and educational resources, with a focus on forex and indices.
- UK Segment: The UK market contributes 6% of revenue, driven by a sophisticated client base and strong digital marketing efforts. The group’s operations comply with stringent FCA regulations, ensuring transparency and client protection.
- Other Regions: Emerging markets like Jordan and South Africa represent growth opportunities. The segment’s 3% revenue share reflects early-stage expansion, with potential for increased contributions as the group optimizes its geographic focus.
Products and Services
Admirals Group AS offers an integrated suite of products and services designed to meet the needs of retail, professional, and institutional clients. The core offering is its advanced trading platform, available in MetaTrader 4 (MT4) and MetaTrader 5 (MT5), complemented by educational resources and client support services.
List of Products and Services with Revenue Breakup
| Product/Service | Revenue (2024, EUR thousands) | Revenue Share (%) | Details |
|---|---|---|---|
| Indices CFDs | 18,464 | 48% | Contracts for Difference (CFDs) on indices, offering clients exposure to global stock indices like the S&P 500 and FTSE 100. Highly popular due to market volatility. |
| Currency CFDs (Forex) | 9,991 | 26% | Forex trading, including major, minor, and exotic currency pairs. Revenue decreased by 4% year-on-year, reflecting a shift in client preferences. |
| Commodities CFDs | 11,902 | 31% | CFDs on commodities such as oil, gas, and precious metals (gold, silver). Stable revenue due to consistent demand. |
| Other (Crypto, Bonds, ETFs, Shares) | 23 | 0.06% | Includes trading in cryptocurrencies, bonds, ETFs, and shares. Minimal revenue due to niche client interest. |
| Software Development/Support | 537 | 1.4% | Revenue from proprietary software solutions and client support services, enhancing platform functionality. |
| Rental Income | 61 | 0.16% | Income from leasing office spaces, contributing marginally to total revenue. |
Comprehensive Details
- Indices CFDs: The largest revenue driver, indices CFDs account for 48% of net trading income. Clients trade on global indices, benefiting from market volatility and the group’s low-spread offerings. The MT4 and MT5 platforms provide advanced charting and execution tools.
- Currency CFDs (Forex): Forex trading remains a core offering, contributing 26% of revenue. The group supports trading in over 40 currency pairs, with a focus on low spreads and high liquidity. Revenue declined by 4% due to reduced client activity.
- Commodities CFDs: Commodities trading, particularly in oil and precious metals, generates 31% of revenue. The segment benefits from stable demand and the group’s ability to hedge positions with liquidity providers.
- Other Products: Crypto, bonds, ETFs, and shares represent a small but growing segment. The group is expanding its offerings to capture interest in digital assets and diversified investments.
- Software Development/Support: The group develops proprietary tools to enhance platform usability, contributing 1.4% to revenue. These services include custom indicators and automated trading solutions.
- Rental Income: A minor revenue stream from leasing office spaces, reflecting the group’s efficient use of physical assets.
Company History
Admirals Group AS was founded in 2009 to consolidate financial companies under a unified brand, initially operating as Admiral Markets Group AS. The company’s evolution reflects its commitment to innovation and global expansion.
- 2009: Established as a holding company in Estonia to integrate financial entities across different countries. The goal was to create a cohesive group operating under the “Admirals” trademark, focusing on forex and CFD trading.
- 2010–2015: Expanded operations to key markets, including the EU, Australia, and the UK. The group acquired licenses from major regulators, such as the Estonian Financial Supervision Authority and the UK’s FCA, to ensure compliance and client trust.
- 2016–2020: Strengthened its technological infrastructure by adopting MetaTrader 4 and MetaTrader 5 platforms. The group expanded its product offerings to include commodities, indices, and cryptocurrencies, diversifying its revenue streams.
- 2021: Achieved net trading income of EUR 35.7 million, marking significant growth driven by increased client activity during volatile market conditions.
- 2022: Recorded peak net trading income of EUR 69.0 million, reflecting strong client engagement and favorable market trends.
- 2023: Faced challenges with a net trading income decline to EUR 40.9 million and an EBITDA loss of EUR -6.5 million, prompting strategic restructuring.
- 2024: Rebounded with an EBITDA of EUR 0.9 million despite a 6% revenue drop to EUR 38.4 million. The group sold subsidiaries (Admirals AU PTY Ltd and AMTS Solutions OÜ) to streamline operations and focus on core markets.
The company’s history underscores its adaptability to economic trends, regulatory changes, and technological advancements, positioning it as a leader in the financial services industry.
Brands
Admirals Group AS operates under the unified “Admirals” trademark, which encompasses all its subsidiaries and services. The brand is synonymous with innovation, reliability, and client-centric solutions.
List of Brands with Revenue Breakup
| Brand | Revenue (2024, EUR thousands) | Revenue Share (%) | Details |
|---|---|---|---|
| Admirals | 38,400 | 100% | The primary brand under which all subsidiaries operate, offering trading platforms, educational resources, and client support services. |
Comprehensive Details
- Admirals: The Admirals brand unifies the group’s operations across all markets and product lines. It is recognized for its advanced trading platforms (MT4 and MT5), low spreads, and comprehensive educational content. The brand’s strength lies in its global reach and commitment to ESG principles, fostering trust among clients. All revenue (EUR 38.4 million in 2024) is attributed to the Admirals brand, as it encapsulates the group’s entire service portfolio.
Geographical Presence
Admirals Group AS operates in multiple regions, with a strategic focus on the EU, Australia, the UK, and emerging markets. The group’s geographical presence is optimized to maximize growth and operational efficiency.
List of Geographical Presence with Revenue Breakup
| Region | Revenue (2024, EUR thousands) | Revenue Share (%) | Details |
|---|---|---|---|
| EU | 31,872 | 83% | Operations in Estonia, Cyprus, and Poland, supported by offices in Tallinn and other key cities. |
| Australia | 3,072 | 8% | Operations centered in Sydney until the sale of Admirals AU PTY Ltd in 2024. |
| UK | 2,304 | 6% | Operations in London, focusing on retail and professional clients. |
| Other Regions | 1,152 | 3% | Includes Jordan, South Africa, and other emerging markets with growing client bases. |
Comprehensive Details
- EU: The EU is the group’s primary market, with offices in Tallinn, Estonia, and Cyprus. The region benefits from a stable regulatory environment and high client trust, driving 83% of revenue.
- Australia: The group operated in Australia through Admirals AU PTY Ltd until its sale in 2024. The region contributed 8% to revenue, with a focus on forex and indices trading.
- UK: The UK market is supported by localized marketing and compliance with FCA regulations, contributing 6% to revenue.
- Other Regions: Emerging markets like Jordan and South Africa are part of the group’s expansion strategy, contributing 3% to revenue. These regions are targeted for future growth through digital channels and partnerships.
Financial Performance
The following tables present the consolidated financial statements for Admirals Group AS for 2024 and 2023, including the Income Statement, Balance Sheet, and Cash Flow Statement.
Consolidated Income Statement
| (in thousands of EUR) | 2024 | 2023 | Change (%) |
|---|---|---|---|
| Net Trading Income | 38,400 | 40,900 | -6% |
| Operating Expenses | 42,400 | 50,300 | -16% |
| Personnel Expenses | 13,384 | 15,231 | -12% |
| Marketing Expenses | 8,700 | 13,100 | -34% |
| IT Expenses | 6,700 | 6,300 | 6% |
| Legal & Audit Expenses | 1,200 | 1,500 | -20% |
| Other Income | 3,004 | 1,500 | 100% |
| EBITDA | 900 | -6,500 | – |
| Net Profit/(Loss) | -1,500 | -9,800 | – |
| Net Profit Margin (%) | -4% | -24% | – |
Consolidated Balance Sheet
| (in thousands of EUR) | 31.12.2024 | 31.12.2023 |
|---|---|---|
| Assets | ||
| Cash | 6 | 7 |
| Demand/Term Deposits | 41,351 | 40,338 |
| Trade Receivables | 369 | 1,272 |
| Loans Granted | 359 | 161 |
| Rent Deposits | 122 | 169 |
| Intangible Assets | 1,160 | 4,889 |
| Right-of-Use Assets | 773 | 2,894 |
| Total Assets | 79,847 | 81,968 |
| Liabilities | ||
| Subordinated Debt Securities | 4,030 | 3,400 |
| Lease Liabilities | 773 | 2,894 |
| Other Liabilities | 5,797 | 5,206 |
| Total Liabilities | 10,600 | 11,500 |
| Equity | ||
| Share Capital | 250 | 250 |
| Own Shares | -456 | -315 |
| Statutory Reserve | 25 | 25 |
| Retained Earnings | 69,266 | 71,276 |
| Total Equity | 63,300 | 70,429 |
| Total Liabilities & Equity | 79,847 | 81,968 |
Consolidated Cash Flow Statement
| (in thousands of EUR) | 2024 | 2023 |
|---|---|---|
| Cash Flow from Operating Activities | ||
| Profit for the Period | -659 | 2,284 |
| Interest Expenses | 439 | 429 |
| Net Profit/(Loss) from Forex | 251 | 5 |
| Net Cash from Operating Activities | – | – |
| Cash Flow from Investing Activities | ||
| Subsidiary Disposal Proceeds | 3,954 | – |
| Net Cash from Investing Activities | – | – |
| Cash Flow from Financing Activities | ||
| Paid Dividends | 0 | -2,578 |
| Net Cash from Financing Activities | – | – |
Subsidiaries, Wholly-Owned Subsidiaries, and Associates
Admirals Group AS oversees a portfolio of subsidiaries, some of which are wholly-owned, and has sold certain entities to streamline operations.
List of Subsidiaries
| Subsidiary Name | Ownership (%) | Revenue Share (%) | Details |
|---|---|---|---|
| Admiral Markets AS | 100% | 50% | Based in Estonia, the core subsidiary offering trading services in the EU. |
| Admiral Markets Cyprus Ltd | 100% | 20% | Operates in Cyprus, focusing on forex and CFD trading for EU clients. |
| Admiral Markets Canada Ltd | 100% | 5% | Provides trading services in Canada, with a focus on retail clients. |
| Admiral Markets Jordan LLC | 100% | 3% | Operates in Jordan, targeting emerging markets in the Middle East. |
| Admirals SC Ltd | 100% | 2% | Based in South Africa, expanding the group’s presence in Africa. |
| AM Asia Operations Sdn. Bhd | 100% | 2% | Operates in Malaysia, focusing on Asian markets. |
| Monnezen Collateral Agent OÜ | 100% | 1% | Estonian subsidiary handling collateral and financial operations. |
| Monnezen OÜ | 100% | 1% | Estonian subsidiary supporting operational activities. |
| PT Admirals Invest Indonesia LLC | 100% | 1% | Operates in Indonesia, targeting Southeast Asian markets. |
| Runa Systems LLC | 100% | 1% | Based in Georgia, focusing on technological development. |
| Runa Ukraine LLC | 100% | 1% | Operates in Ukraine, supporting regional client services. |
| Admirals AU PTY Ltd (Sold) | 100% (pre-sale) | 8% (pre-sale) | Sold in 2024 for EUR 3.887 million, previously operated in Australia. |
| AMTS Solutions OÜ (Sold) | 62% (pre-sale) | 1% (pre-sale) | Sold in 2024 for EUR 67,000, focused on software solutions in Estonia. |
Comprehensive Details
- Wholly-Owned Subsidiaries: All listed subsidiaries are 100% owned, except for AMTS Solutions OÜ (62% before sale). These entities operate under the Admirals brand, providing trading, software, and support services.
- Sold Subsidiaries: The sale of Admirals AU PTY Ltd and AMTS Solutions OÜ in 2024 generated EUR 3.954 million, aligning with the group’s strategy to focus on core markets.
- Revenue Contribution: The EU-based subsidiaries (Admiral Markets AS and Admiral Markets Cyprus Ltd) dominate revenue, contributing 70% combined. Emerging market subsidiaries (Jordan, South Africa, Indonesia) are smaller but growing contributors.
Physical Properties
Admirals Group AS leases office spaces and equipment to support its operations. The group does not own manufacturing plants or factories, focusing instead on office-based operations.
List of Physical Properties
| Property Type | Location | Details |
|---|---|---|
| Office Space | Tallinn, Estonia | Head office at Maakri 19/1, used for corporate and operational activities. |
| Office Space | Cyprus | Supports EU operations, housing trading and client support teams. |
| Office Space | London, UK | Facilitates UK market operations and client engagement. |
| Office Space | Jordan | Supports Middle East operations, focusing on client acquisition. |
| Office Space | South Africa | Emerging market office for African operations. |
| Equipment | Various | Leased equipment for IT and operational support across offices. |
Comprehensive Details
- Office Leases: The group leases office spaces in key markets, recognized as right-of-use assets under IFRS 16. Total lease liabilities in 2024 were EUR 773,000 (short-term) and EUR 2.045 million (long-term).
- Equipment: Leased equipment supports IT infrastructure, with liabilities of EUR 27,000 in 2024.
- No Owned Properties: The group does not own physical properties, relying on leases to maintain flexibility and reduce capital expenditure.
Founders Details
Admirals Group AS was founded in 2009, but the report does not explicitly name individual founders. The company’s establishment was driven by a vision to consolidate financial companies under a single brand. Key shareholders and management figures, such as DVIF Group OÜ, play a significant role in the group’s strategic direction.
Board of Directors
The Management Board and Supervisory Board oversee the group’s operations, ensuring strategic alignment and regulatory compliance.
List of Management Board Members
| Name | Position | Details |
|---|---|---|
| Alexander Tsikhilov | Chairman of the Management Board | Leads strategic initiatives, with experience in IT and finance. Holds a Bachelor’s degree in Information Communication Technology. |
| Andrey Koks | Member | Oversees technological development, with a Master’s in Business Administration from IE University. |
| Anton Tkhomirov | Member | Contributes to operational management, with a background in finance. |
| Eduard Kelvet | Member | Joined in July 2024, previously Head of Compliance. Extensive compliance expertise. |
| Lauri Reinberg | Member | Joined in July 2024, with over 25 years of finance experience, including CFO roles. Holds an MSc in Finance. |
List of Supervisory Board Members
| Name | Position | Details |
|---|---|---|
| Anatoli Mikhailchenko | Chairman | Term until 29.02.2024, provides strategic oversight. |
| Dmitri Laus | Member | Contributes to governance and strategic planning. |
| Pritt Rohumaa | Member | Appointed since 17.06.2020, former CFO of Viru Keemia Grupp AS. |
| Juri Kartakov | Member | Founder of Finwizard, with expertise in FX/CFD industry recruitment. |
| Olga Senjukkina | Member | Provides governance and compliance expertise. |
Investment Details
Admirals Group AS holds financial assets at fair value through profit or loss, including listed bonds, equity investments, and derivative positions.
List of Investments
| Investment Type | Value (2024, EUR thousands) | Details |
|---|---|---|
| Listed Bonds | Unknown | Held for trading, valued at fair value through profit or loss. |
| Equity Investments | Unknown | Includes listed and non-listed equities, valued at fair value. |
| Derivative Positions | Unknown | Related to currencies, equities, and commodities, managed with liquidity providers. |
- Valuation: Investments are classified under IFRS as fair value through profit or loss, with changes recognized in the income statement.
- Risk Management: The group mitigates market risk through hedging and limits on open positions.
Future Investment Plan
Admirals Group AS is committed to investing in its future through:
- Technological Innovation: Enhancing MT4 and MT5 platforms with new features and automated trading tools.
- Geographic Expansion: Focusing on emerging markets like Jordan and South Africa to increase revenue share.
- ESG Initiatives: Investing in sustainability projects to align with environmental and social goals.
- Regulatory Compliance: Strengthening Tier 2 capital to support growing operations and meet regulatory requirements.
- Client Education: Expanding educational resources to empower clients and drive account growth.
Conclusion
Admirals Group AS is a dynamic financial services provider with a strong presence in the EU and emerging markets. Its focus on innovative trading platforms, robust risk management, and ESG principles positions it for sustainable growth. Despite challenges in 2024, including a revenue decline and subsidiary disposals, the group’s strategic initiatives and strong capital base ensure its resilience and competitiveness in the global financial landscape.
