iFOREX Financial Trading Holdings has published a trading update for the six months to 30 June 2026, its first since listing on the London Stock Exchange in February. The company expects H1 2026 revenue of approximately $27 million, down slightly from $27.6 million in H1 2025 but up 25% on the $21.5 million reported in H2 2025.
New client onboarding rose 19% year on year and active clients increased 8%, while average revenue per user fell 9% over the same period.
Measured against H2 2025, onboarding rose 22%, active clients rose 9% and ARPU increased 17%.
Currency Swings Squeeze Reported Earnings
Adjusted EBITDA on a constant currency basis is expected to reach approximately $4.2 million, which the company said is in line with the board’s expectations. On a non-constant currency basis, the figure drops to $2.4 million. iFOREX attributed the gap to the strengthening of the Israeli shekel against the US dollar during the second quarter, when the USD/ILS rate hit its lowest point since 1993.
Itai Sadeh, the CEO of the iForex Group
Most of the company’s operational costs are incurred in shekels but reported in dollars.
The board said it is taking a cautious approach to exchange rate assumptions for the rest of the year, citing continued shekel strength even though the USD/ILS rate has ticked up slightly since its mid-May low.
Full-year operational costs are now expected to be approximately $2 million higher in dollar terms than the company forecast at the start of the year.
Regulatory Expansion and a New COO
iFOREX submitted a formal Category 5 licence application to the UAE regulator during the period.
According to Finance Magnates, the UAE was one of several jurisdictions, alongside Australia, Malaysia, Chile and the UK, that iFOREX identified in its IPO prospectus as targets for new regulatory licences funded by proceeds from the listing.
Related: BlackBull’s Kiwi Unit’s Client Funds Jump 87%, but Local Profit Dips Ahead of Public Listing
The company also appointed Daniel Shalom as chief operating officer, a hire it linked to plans to expand artificial intelligence integration across its operations, and launched new corporate websites at iforex.com and iforex.eu. Net cash stood at approximately $12 million at the end of June, with no debt on the balance sheet.
iFOREX listed on the LSE’s main market on 25 February 2026 at 195 pence per share, after delaying the offering from an original June 2025 target to complete a compliance review in the British Virgin Islands.
CEO Itai Sadeh said the underlying business remained resilient in H1 2026 despite currency headwinds and that the company would build on the progress in the second half.
iFOREX Financial Trading Holdings has published a trading update for the six months to 30 June 2026, its first since listing on the London Stock Exchange in February. The company expects H1 2026 revenue of approximately $27 million, down slightly from $27.6 million in H1 2025 but up 25% on the $21.5 million reported in H2 2025.
New client onboarding rose 19% year on year and active clients increased 8%, while average revenue per user fell 9% over the same period.
Measured against H2 2025, onboarding rose 22%, active clients rose 9% and ARPU increased 17%.
Currency Swings Squeeze Reported Earnings
Adjusted EBITDA on a constant currency basis is expected to reach approximately $4.2 million, which the company said is in line with the board’s expectations. On a non-constant currency basis, the figure drops to $2.4 million. iFOREX attributed the gap to the strengthening of the Israeli shekel against the US dollar during the second quarter, when the USD/ILS rate hit its lowest point since 1993.
Itai Sadeh, the CEO of the iForex Group
Most of the company’s operational costs are incurred in shekels but reported in dollars.
The board said it is taking a cautious approach to exchange rate assumptions for the rest of the year, citing continued shekel strength even though the USD/ILS rate has ticked up slightly since its mid-May low.
Full-year operational costs are now expected to be approximately $2 million higher in dollar terms than the company forecast at the start of the year.
Regulatory Expansion and a New COO
iFOREX submitted a formal Category 5 licence application to the UAE regulator during the period.
According to Finance Magnates, the UAE was one of several jurisdictions, alongside Australia, Malaysia, Chile and the UK, that iFOREX identified in its IPO prospectus as targets for new regulatory licences funded by proceeds from the listing.
Related: BlackBull’s Kiwi Unit’s Client Funds Jump 87%, but Local Profit Dips Ahead of Public Listing
The company also appointed Daniel Shalom as chief operating officer, a hire it linked to plans to expand artificial intelligence integration across its operations, and launched new corporate websites at iforex.com and iforex.eu. Net cash stood at approximately $12 million at the end of June, with no debt on the balance sheet.
iFOREX listed on the LSE’s main market on 25 February 2026 at 195 pence per share, after delaying the offering from an original June 2025 target to complete a compliance review in the British Virgin Islands.
CEO Itai Sadeh said the underlying business remained resilient in H1 2026 despite currency headwinds and that the company would build on the progress in the second half.
