iFOREX Adds 19% More Clients in H1, Shekel Takes $1.8M Bite

iFOREX Financial Trading Holdings, which listed on the London Stock Exchange in February 2026, has published its first trading update for the six months to 30 June 2026. Revenue for H1 2026 is expected at approximately $27 million, down slightly from $27.6 million in the same period last year but up 25% from the $21.5 million reported in H2 2025.

The broker saw a 19% year-on-year increase in new client onboarding, while the number of active clients rose 8%. Average revenue per user (ARPU) fell 9% compared to H1 2025. Sequentially, compared to H2 2025, onboarding grew 22%, active clients increased 9% and ARPU improved 17%.

Currency Headwinds Hit Reported Earnings

Adjusted EBITDA on a constant currency basis is expected to reach roughly $4.2 million, in line with the board's expectations. However, on a reported basis the figure drops to $2.4 million. iFOREX attributed the gap to the strengthening of the Israeli shekel against the US dollar during the second quarter, when the USD/ILS rate touched its lowest level since 1993. The company incurs most of its operational costs in shekels but reports in dollars.

The board is taking a cautious approach to exchange rate assumptions for the remainder of the year, noting continued shekel strength even though the USD/ILS rate has edged up slightly from its mid-May low. Full-year operational costs in dollar terms are now expected to be about $2 million higher than the company forecast at the start of 2026.

Regulatory Expansion and New COO

During the period, iFOREX submitted a formal application for a Category 5 licence in the UAE. According to its IPO prospectus, the UAE is one of several jurisdictions — alongside Australia, Malaysia, Chile and the UK — targeted for new regulatory licences, to be funded by listing proceeds.

The company also appointed Daniel Shalom as chief operating officer, a move linked to plans to expand artificial intelligence integration across its operations. iFOREX launched new corporate websites at iforex.com and iforex.eu. Net cash stood at approximately $12 million at the end of June, with no debt on the balance sheet.

CEO Itai Sadeh commented that the underlying business remained resilient in H1 2026 despite currency headwinds and that the company would build on the progress in the second half of the year.