CMC Markets (CMCX) H1 2026 earnings summary

Executive summary

• Transitioned from a retail CFD provider to a diversified fintech with a technology-led, API-driven model, enabling global scale and reach through partnerships and connectivity.

• API-driven B2B partnerships fueled exponential account growth, with 70% of new accounts from markets without prior presence and a 2,400% increase in API partnership account openings year-over-year.

• Major new partnerships with blue-chip brands like Westpac and Currys, alongside established relationships with Revolut, ANZ, and ASB, driving distribution and brand reach.

• Strategic focus on a three-vertical model: D2C, Platform Technology as a Service, and DeFi/Web3, with a "Super App" in development to unify trading, investing, and payments.

• Record half-year for Australian stockbroking, transformative Westpac deal, and first tokenised share trade completed.

Financial highlights

• Net operating income for H1 2026 was £186.2m, up 5% year-over-year, driven by both trading and investing revenues and record Australian stockbroking performance.

• Net trading revenue rose 5% to £138.1m; net investing revenue up 32% to £26.3m, with Australian stockbroking income up 34% year-over-year.

• Profit before tax reached £49.3m, with a PBT margin of 26.5%; profit after tax was £35.7m, effective tax rate 27.5%.

• Interim dividend increased 77% to 5.5p per share, maintaining a 50% payout of after-tax profit.

• Operating expenses increased to £136.5m, up 10% year-over-year, mainly due to a £5.2m remediation provision in Australia.

Outlook and guidance

• Net operating income for FY2026 expected to exceed market expectations by approximately 10%.

• Operating expenses for FY2026 anticipated to be marginally above consensus due to remediation and transition costs, but efficiency initiatives are expected to improve margins over the next 12-18 months.

• Strong pipeline of institutional and B2B API partnerships, with record retail cash balances positioning the group for continued growth.

• Continued expansion into digital assets, with a €300m Commercial Paper Programme and investment-grade Fitch rating supporting funding flexibility.