After reporting a collapse in its revenue base and a large €18.5 million loss in 2025, Retail FX and CFDs broker Admirals Group AS has announced that it is planning structural changes within the group, as a result of which operating subsidiary Admiral Markets AS intends to relinquish its investment firm license issued in its home market of Estonia.

The group currently operates internationally under several widely recognised licenses, including: the Financial Conduct Authority (FCA) in the United Kingdom, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, the Jordan Securities Commission (JSC) in Jordan, the Capital Markets Authority (CMA) in Kenya, and the Financial Services Authority (FSA) in Seychelles.

The company said that the restructuring is driven by a fundamental need and strategic decision to optimise the group’s geographical footprint, by focusing on a smaller number of countries and regions where the group has stronger growth opportunities and a clearer strategic focus. The ongoing changes will not affect existing group clients.

Despite the restructuring, Estonia will remain a strategic location for the company. The company’s headquarters, with approximately 60 employees, will continue to be located in Tallinn. Admiral Markets AS has submitted an application to the Financial Supervision Authority to relinquish its investment firm license, and the license is expected to be revoked in the second quarter of 2026.

In addition to the restructuring, Admiral Markets AS said it is conducting a buyback offer for up to 13,535 Tier 2 bonds issued on 28 December 2017 (ISIN EE3300111251, nominal value EUR 100 per bond, maturity date 28 December 2027, hereinafter the bond) during the period from 19 March 2026 to 2 April 2026 at a price of EUR 103.21 per bond. The value date of the transaction will be 8 April 2026 or a date close thereto. The buyback offer is directed solely to current bondholders of Admiral Markets AS.