CMC Markets (CMCX) H1 2026 earnings summary

Executive summary

• Net operating income rose 5% year-over-year to £186.2m, driven by strong trading and investing growth, record Australian stockbroking performance, and expanding B2B/API partnerships, including a transformational Westpac deal.

• 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.

• 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.

• Interim dividend increased 77% to 5.5p per share, reflecting strong financial position and confidence in future growth.

• Major new partnerships, including Westpac, Currys, and a forthcoming major bank, are expanding distribution and brand reach.

Financial highlights

• Net operating income: £186.2m (up 5% YoY); net trading revenue: £138.1m (up 5% YoY); net investing revenue: £26.3m (up 32% YoY), with record Australian stockbroking income up 34% YoY.

• Profit before tax reached £49.3m, with a margin of 26.5%; profit after tax was £35.7m; EBITDA was £57.1m.

• Operating expenses rose 10% YoY to £136.5m, mainly due to a £5.2m remediation provision in Australia.

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

• Cash and cash equivalents at £222.4m; total assets: £767.4m; own funds ratio: 221%.

Outlook and guidance

• Net operating income for FY2026 expected to exceed market expectations by approximately 10%, reflecting strong H2 momentum and B2B/API growth.

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

• Strong pipeline of institutional partnerships and record retail cash balances position the group for continued growth.