iFOREX Cuts First-Half Earnings Estimate to $1.4 Million After Accounts Review

iFOREX Financial Trading Holdings Ltd. lowered its first-half adjusted EBITDA estimate to approximately $1.4 million, the London-listed CFD broker said on Thursday, September 17, 2026. The new figure sits about $1 million below the $2.4 million the company presented to investors less than two months ago.

iFOREX attributed the revision to its review of interim accounts. It booked a higher liability for amounts owed to clients as of June 30 than previously recorded, together with a related non-cash expense. It is the second downward revision since a July update, in which the company reported first-half revenue of about $27 million and adjusted EBITDA of $2.4 million on a reported basis. Revenue and net cash at the end of June remain unchanged from that disclosure.

Full-year guidance unchanged

The company left its full-year adjusted EBITDA guidance at $0.5 million to $2.5 million, saying the accounting effect had "largely reversed" after the period closed and is immaterial to the full year. That range was set on August 19, when iFOREX cut its outlook after July trading income dropped 76.8% year over year to roughly $720,000. Management linked the fall to a joint US-Japan currency intervention on July 30 and 31 that moved the yen against its net client exposure.

The board took a somewhat firmer tone in the latest statement, describing trading conditions as "remain challenging" but noting that August came in slightly better than expected. No August figures were disclosed. Chief Executive Itai Sadeh had said at the time of the earlier cut: "We are disappointed to be issuing this update so soon after our H1 update."

iFOREX joined the Main Market of the London Stock Exchange on February 25 at 195 pence per share, after pricing its offering following an eight-month delay. Three weeks later the stock had barely traded, with founder Eyal Carmon holding 58.91% of shares under a 12-month lock-up, leaving a thin free float and few price signals for investors.

Results were already under pressure before the listing. Adjusted EBITDA fell to about $4 million in 2025 from $9.7 million a year earlier, while revenue slipped to $48.8 million from $50.1 million. A stronger shekel added a separate drag, since most costs are incurred in Israeli currency but reported in dollars; the July update cited a $1.8 million gap between first-half EBITDA on a constant-currency and reported basis.

Full interim results are scheduled for September 24. Net cash stood at about $12 million on June 30 with no debt, falling to roughly $10 million by August 17, of which some $4 million is ring-fenced for regulatory requirements. iFOREX Europe is authorized by CySEC and the group also holds a license from the British Virgin Islands Financial Services Commission, offering CFDs on more than 870 instruments.