CMC Markets (CMCX) H2 2025 earnings summary

Executive summary

• Introduced a third business vertical focused on DeFi and Web 3.0, expanding beyond direct-to-consumer and B2B platform technology services, and completed the StrikeX acquisition.

• Achieved 12% uplift in EBITDA and 33% increase in profit before tax year-over-year, with strong cost discipline and margin expansion.

• Positioned as a leader in the convergence of traditional and decentralized finance, leveraging blockchain for enhanced trading, settlement, and asset tokenization.

• Robust growth in international trading and crypto, with significant product innovation and expansion into new markets.

• Leadership team strengthened to drive the next phase of growth and global expansion.

Financial highlights

• Net operating income reached GBP 340.1 million for FY 2025, up 2% year-over-year, driven by growth in PTAS/B2B and strong performance in Australia and Treasury Management.

• EBITDA increased 12% year-over-year, reflecting operational discipline and top-line growth.

• Profit before tax was GBP 84.5 million, up 33% year-over-year, with a 25% PBT margin, aided by lower one-off charges.

• Dividend per share proposed at GBP 0.114, up 37% from last year, maintaining a 50% payout of post-tax profits.

• Operating expenses down 2% to GBP 250 million; net staff costs fell 4%, while IT costs rose 17% due to investment in automation and platform resilience.

Outlook and guidance

• Operating expenses expected to remain broadly stable or rise moderately over the next two years as reinvestment continues in strategic growth, especially Web 3.0 and DeFi.

• Focus on scalable growth, operational efficiencies, and continued investment in technology and talent.

• Ongoing commitment to pay dividends in line with 50% of after-tax profits and consider share buybacks.

• Confident in long-term growth prospects across all three verticals, with a strong pipeline in B2B and expanding D2C reach.