Admirals Group Management

Summary of financial results

Income statement

6M 2023

2022

6M 2022

2021

2020

2019

2018

Net trading income, mln EUR

21.1

35.7

62.2

33.5

32.6

Operating expenses, mln EUR

25.2

44.7

20.4

37.8

40.6

28.1

EBITDA, mln EUR

-2.9

27.4

23.4

6.9

11.2

Net profit, mln EUR

-4.8

24.3

0.1

20.7

5.2

10.3

EBITDA margin

-14%

40%

60%

38%

20%

34%

Net profit margin

-23%

35%

56%

0.4%

33%

16%

32%

Cost-to-income ratio

119%

65%

47%

106%

65%

84%

68%

Business volumes

30.06.2023

31.12.2022

30.06.2022

31.12.2021

31.12.2020

31.12.2019

31.12.2018

Due from credit institutions and investment companies, mln EUR

69.0

72.0

73.5

45.7

53.2

33.7

27.8

Debt securities, mln EUR

5.5

3.8

7.6

8.7

9.3

10.8

Shareholders’ equity, mln EUR

75.6

82.9

82.6

59.3

61.1

42.4

38.8

Total assets, mln EUR

93.6

98.2

97.1

71.9

75.2

43.4

Off-balance sheet assets, mln EUR

102

86.0

81.7

99.2

82.2

45.9

31.6

Number of active clients*

65,636

55,242

33,493

49,080

48,341

24,148

22,321

Number of active client accounts**

75,975

70,346

41,227

63,231

62,854

30,522

27,993

Employees

319

294

233

300

340

284

228

*Active clients represent clients who have made at least one trade in the last 12 months (for 1Half of 2022 clients who have made at least one trade in the last 6 months)

**Active client accounts represent accounts where at least one trade was made in the last 12 months (for 1Half of 2022 accounts where at least one trade was made in the last 6 months)

Management Board

Has been involved in several entrepreneurial projects, including an internet service provider. Founded Admiral Markets in March 2001. Obtained MBA in 2006 and PhD in Business Administration in the Swiss Business School in 2015

Alexander Tsikhilov

Chairman of the Management Board

Before joining the supervisory board in February 2024, Eduard was the Head of Compliance Estonia at Admirals. His roles at MoneyZen OÜ, Citadele Bank, and AS TBB Bank endowed him with expertise in corporate governance, risk management, and regulatory compliance. With a Bachelor's degree in Criminal Law from The Estonian Academy of Security Sciences, he combines legal and financial acumen seamlessly.

Eduard Kelvet

Member of the Management Board

Has been working in the industry since 1999, managing a financial broker firm. Joined Admiral Markets during the company’s merging with the local Russian broker. Has been developing Admiral Markets’ business activity in Spain and Latin America. Currently responsible for the supervision of the regional structure as well as research and development of KPIs and other critical business metrics.

Anton Tikhomirov

Member of the Management Board

Andrey Koks joined Admiral Markets in 2020. Obtained a bachelor’s degree in Information Communication Technology from the Estonian Entrepreneurship University of Applied Sciences. Has over 19 years of experience working in IT, including 6 years on IT managerial positions. Before joining Admiral Markets, held various positions in Symantec, and Kuehne+Nagel.

Andrey Koks

Member of the Management Board

Graduated from the Estonian Business School with an MSc in Finance, Lauri Reinberg has over 25 years of international experience in finance. Before joining Admirals, Lauri Reinberg was the CFO at Arricano Real Estate PLC (Cyprus), and held various finance positions in Swedbank group.

Lauri Reinberg

Member of the Management Board

Supervisory Board

Obtained a degree from ITMO University in Saint-Petersburg. Joined Admiral Markets in 2004 as IB manager. After moving to Tallinn in 2011, has been working as a Chairman of Supervisory Board for Admiral Markets Group.

Anatolie Mihalcenco

Chairman of the Supervisory Board

Appointed 17.06.2020. Worked in 2009-2015 as the Chairman of the Management Board of Viru Keemia Grupp AS and in 2000 - 2009 as the Group’s Chief Financial Officer and Deputy Chairman of the Management Board. In 2016 - 2020, he was the Chairman of the Supervisory of Eesti Raudtee and since June 2020 he has been the Chairman of the Supervisory Board of Ekspress Grupp.

Priit Rohumaa

Member of the Supervisory Board

Obtained a bachelor’s degree from the Estonian Business School and currently obtaining the Master’s degree (Executive Global MBA) in Business Administration in IE University (Madrid, Spain). Together with Alexander Tsikhilov, founded Admiral Markets headquarters in Estonia. With a background in financial technology, played an integral part in the company’s technological development and is responsible for the innovation and development of company’s talents.

Dmitri Lauš

Member of the Supervisory Board

Eduard Kelvet

Member of the Supervisory Board

Olga has over 20 years of experience in accounting, tax consulting, and asset management. Having joined Admirals in 2014 as a Financial Controller, she has been an audit committee member since 2020 and was appointed Supervisory Board member in 2024. Previously a financial controller in mechanical engineering and logistics, she holds an MBA from Tallinn University of Technology.

Olga Senjuškina

Member of the Supervisory Board

Auditor

On September 19, 2022 Admirals Group AS announced that the company had appointed the auditing company AS PricewaterhouseCoopers (registry code 10142876) as the company's auditor for the financial year 2022. As PWC is one of the world’s leading companies in its field, one of the arguments in choosing the audit service was their international experience and long-term knowledge of the field. At the same time, we are bound by successful previous cooperation with them and we highly appreciate their professional team.