Online broker iFOREX Financial Trading Holdings Ltd (LON:IFRX) today provided an update on trading for the six months ended 30 June 2026 (“H1 2026”).
The company expects H1 2026 revenue to be approximately $27.0 million (H1 2025: $27.6 million) up 25% on H2 2025 ($21.5 million).
The Group expects to deliver H1 2026 Adjusted EBITDA of circa $4.2 million on a constant currency basis, in line with the Board’s expectations.
Due to the strengthening of the ILS against the USD during Q2 (lowest USD/ILS rate since 1993 during the period), the Group expects to report adjusted EBITDA of $2.4 million on a non-constant currency basis
The company registered 19% increase in new client onboarding, 8% increase in active clients, and 9% decrease in ARPU versus H1 2025, and 22% increase in new client onboarding, 9% increase in active clients and 17% increase in ARPU versus H2 2025
The balance sheet continues to be strong with circa $12m of net cash and no debt at the period end.
iFOREX has formally submitted a Category 5 licence application in the UAE.
The Company delivered good underlying progress in H1 2026 in line with expectations. Revenue growth versus H2 2025 was driven by elevated client activity across its core markets. Adjusted EBITDA reflected improved operational leverage but was impacted by the strength of the ILS against the USD and the translation of operational costs, the majority of which are incurred in ILS, into the Group’s USD reporting currency.
The Company continues to execute its strategic priorities, including regulatory expansion and technology-led transformation. The formal submission of the UAE CMA Category 5 license application represents a significant milestone in broadening iFOREX’s presence in the Middle East, aligned with its long-term growth ambitions.
The appointment of Daniel Shalom as COO underscores the Group’s commitment to embedding advanced technologies such as artificial intelligence across its operations, enhancing efficiency and client experience.
The launch of a new corporate website on www.iforex.com and www.iforex.eu further strengthens the Group’s digital capabilities, enabling agile responses to evolving market conditions.
The Group’s underlying trading performance remains positive and in line with the Board’s expectations, underpinned by a strengthened balance sheet and a scalable operating model that support its future growth. While the USD/ILS exchange rate has slightly strengthened since the low of mid-May, the Board believes, given ongoing strength of the ILS, that it is prudent to take a cautious approach to exchange rates for the rest of the year.
Accordingly, due to exchange rates, full year operational costs are expected to be c.$2 million higher on a US Dollar basis than previously expected at the start of the year.
Itai Sadeh, CEO of iFOREX, commented:“The first half of 2026 was an important period for iFOREX, as we continued to execute against the strategic priorities set out at IPO. Our underlying business remained resilient, with growth in client acquisition, active clients and ARPU although we have been impacted by ongoing FX headwinds. We strengthened our leadership and platform with the appointment of Daniel Shalom as COO and made our licence application in the UAE. We look forward to building on this progress through the second half of the year.”