iFOREX registers 25% Y/Y increase in revenue in H1 2026

London-listed online broker iFOREX Financial Trading Holdings (LON:IFRX) has updated the market on trading for the six months ended 30 June 2026, saying it expects revenue of approximately $27.0 million. That is up 25% from $21.5 million in H2 2025, though broadly unchanged from the $27.6 million reported in H1 2025.

The group projects adjusted EBITDA of around $4.2 million on a constant currency basis, in line with the board's expectations. However, on a reported basis, adjusted EBITDA is expected to come in at $2.4 million after the Israeli shekel strengthened sharply against the US dollar during the second quarter, with the USD/ILS rate touching its lowest level since 1993.

Client activity metrics improved versus both the prior half-year and year-ago period. Compared with H1 2025, new client onboarding rose 19%, active clients increased 8%, and average revenue per user (ARPU) fell 9%. Versus H2 2025, new client onboarding was up 22%, active clients rose 9%, and ARPU increased 17%.

Strategic progress and FX outlook

iFOREX said it has formally submitted an application for a UAE CMA Category 5 licence, a step it described as a significant milestone in broadening its Middle East presence. The company also highlighted the appointment of Daniel Shalom as chief operating officer, underscoring its push to embed artificial intelligence across operations, and the launch of new corporate websites at iforex.com and iforex.eu.

The balance sheet remains strong, with roughly $12 million of net cash and no debt at the end of the period. The company said underlying trading remains positive and in line with board expectations, supported by a strengthened balance sheet and a scalable operating model.

Looking ahead, iFOREX said the USD/ILS rate has strengthened slightly since its mid-May low, but the board believes it is prudent to remain cautious on exchange rates for the rest of the year. As a result, full-year operational costs are now expected to be about $2 million higher on a US dollar basis than originally anticipated.

CEO Itai Sadeh said the first half of 2026 was an important period for iFOREX, with continued execution of the strategic priorities set out at IPO. He noted resilient growth in client acquisition, active clients and ARPU, despite ongoing FX headwinds, and pointed to the new COO appointment and UAE licence application as key progress for the second half.