CMC Markets (CMCX) H2 2026 earnings summary

Executive summary

• Transitioned from a traditional retail CFD provider to a multi-asset platform business with institutional scale and diversified earnings, driven by B2B and wholesale revenue streams.

• Achieved 15% year-over-year growth in net operating income to £392.6m, with profit before tax up 20% to £101.3m and a margin of 25.8%.

• Majority of revenue now generated via non-direct-to-consumer channels, driven by institutional and B2B partnerships.

• Built long-term strategic partnerships with major banks and fintechs, including ANZ, Westpac, Revolut, and ASB, providing access to large embedded client bases and scalable distribution.

• Continued investment in technology, platform resilience, and brand to support future growth.

Financial highlights

• Net operating income grew 15% year-over-year to GBP 392.6 million for FY 2026; net trading revenue up 16% to GBP 289.5 million.

• Profit before tax increased 20% to GBP 101.3 million, with margin expanding to 25.8%.

• Australian stockbroking business achieved record performance, with net operating income up 32% to AUD 140 million and assets under administration up 15% to AUD 89 billion.

• Dividend per share increased 21% to 13.8p, maintaining a 50% payout of profit after tax.

• CET1 capital ratio improved to 292% from 272% year-over-year.

Outlook and guidance

• FY 2027 net operating income expected in the range of GBP 460 million–GBP 480 million, representing around 20% growth at the midpoint.

• Operating expenses (excluding variable remuneration) guided at approximately GBP 280 million, reflecting ongoing investment in growth initiatives.

• Major growth drivers include Westpac and ASB partnership launches, multi-asset platform rollout, and increased retail investment.

• Ongoing investment in technology, brand, and efficiency initiatives to support operating leverage.

• Continued expansion of institutional and B2B partnerships, with Westpac and ASB integrations progressing toward 2027 launch.