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iFOREX reported H1 2026 revenue of about $27 million as customer numbers improved, while a stronger Israeli shekel increased reported costs. The update also covers UAE licensing, its new COO and plans for greater AI integration.
iFOREX Issues First Half-Year Results Since London Listing
iFOREX Financial Trading Holdings issued a trading update in July 2026 for the six months ended 30 June 2026, marking its first performance update since listing on the Main Market of the London Stock Exchange (LSE) in February 2026. The announcement showed that the company expects revenue of approximately $27 million for the first half of 2026, slightly below the $27.6 million recorded in the first half of 2025 but 25% higher than the $21.5 million reported in the second half of 2025.
The company’s full-year 2025 results, previously released on 30 April 2026, showed annual revenue of $49.1 million, down 2.0% year on year, while adjusted EBITDA fell 55.7% to $4.3 million, mainly due to one-off costs related to its initial public offering. This half-year update therefore provides the market with its first opportunity to assess the company’s operating trajectory since listing.(Sources: iFOREX Financial Trading Holdings, trading update for the six months ended 30 June 2026, published: 2026-07, performance summary section; full-year 2025 results, published: 2026-04-30.)
Customer Numbers Continue to Grow as Revenue per User Declines
From an operational perspective, iFOREX continued to improve its customer acquisition performance during the reporting period, although revenue contribution per customer declined. Compared with the first half of 2025, the principal year-on-year changes were as follows:
The number of new depositing customers increased by 19% year on year;
The number of active customers increased by 8% year on year;
Average revenue per user (ARPU) decreased by 9% year on year.
Compared sequentially with the second half of 2025, all of the company’s operating indicators improved: new depositing customers increased by 22%, active customers rose by 9%, andARPUincreased by 17%. This sequential trend indicates that customer activity and revenue contribution recovered after the relative low point recorded in the second half of 2025.
Comparison of Key Financial and Operating Metrics
| Metric | First Half of 2026 | Year-on-Year Change vs First Half of 2025 | Sequential Change vs Second Half of 2025 |
|---|---|---|---|
| Revenue | Approximately $27 million | Slight decrease from $27.6 million in the first half of 2025 | Up 25% from $21.5 million in the second half of 2025 |
| New Depositing Customers | Absolute figure not disclosed | Up 19% | Up 22% |
| Active Customers | Absolute figure not disclosed | Up 8% | Up 9% |
| Average Revenue per User (ARPU) | Absolute figure not disclosed | Down 9% | Up 17% |
Shekel Appreciation Weighs on Reported Profit as Full-Year Cost Forecast Rises
EBITDA Gap Between Constant and Actual Exchange Rates
In terms of profitability, iFOREX expects adjusted EBITDA for the first half of the year to be approximately $4.2 million on a constant-currency basis, which the company said was in line with the board’s expectations. On an actual exchange-rate basis, however, the figure fell to approximately $2.4 million, creating a difference of around $1.8 million.
iFOREX attributed the difference to the appreciation of the Israeli shekel against the US dollar during the second quarter of 2026. During the reporting period, the US dollar/shekel exchange rate fell to its lowest level since 1993. As most of the company’s operating costs are paid in shekels while its financial results are reported in US dollars, the stronger shekel directly increased the value of its costs when translated into dollars.(Source: iFOREX Financial Trading Holdings, trading update for the six months ended 30 June 2026, published: 2026-07, profitability and foreign exchange impact section.)
Cautious Approach to Full-Year Cost Assumptions
The company’s board said that, given the shekel’s continued strength—despite a modest recovery in the US dollar/shekel exchange rate from its mid-May 2026 low—it had adopted a cautious approach to exchange-rate assumptions for the remainder of the year. Full-year operating costs, measured in US dollars, are now expected to be approximately $2 million higher than the company’s forecast at the beginning of the year.
For forex and contracts for difference (CFD) brokers, a mismatch between revenue and cost currencies is a common source of financial risk exposure. iFOREX’s position illustrates how the income statement of a listed broker reporting in US dollars may come under material pressure when its local operating currency appreciates, even if its core business indicators continue to grow.
UAE Licence Application Progresses as New Chief Operating Officer Is Appointed
Expansion of Regulatory Coverage
During the reporting period, iFOREX submitted a formal application for a Category 5 licence to the relevant UAE regulator. According to Finance Magnates, the UAE was one of several target jurisdictions identified by iFOREX in its initial public offering prospectus. The company plans to use the proceeds raised through its listing to apply for new regulatory licences in the following regions and expand the geographical coverage of its regulated operations:
Australia;
Malaysia;
Chile;
The United Kingdom.
(Sources: Finance Magnates, report on iFOREX’s regulatory expansion, 2026-06; iFOREX prospectus, target jurisdictions section.)
Management and Brand Updates
On 18 June 2026, the company announced the appointment of Daniel Shalom as Chief Operating Officer with immediate effect. He is responsible for the group’s day-to-day operations, including business operations, customer experience, product and technology. According to publicly available information, Shalom spent eight years at Amdocs, where he served as Vice President of Data and Artificial Intelligence and led a team of approximately 500 people. The appointment is linked to the company’s plans to expand the integration of artificial intelligence across its operations. Commenting on the appointment, Chief Executive Officer Itai Sadeh said:
“Daniel has extensive experience in expanding global businesses driven by cutting-edge technology, combined with strong operational and commercial discipline.”
In addition, the company launched new corporate websites at iforex.com and iforex.eu, updating its online brand presentation.(Sources: Finance Magnates/FX News Group, announcement of Daniel Shalom’s appointment, 2026-06-18.)
Financial Position and Listing Background
As at the end of June 2026, iFOREX held approximately $12 million in net cash and had no debt on its balance sheet, maintaining a sound financial position.
iFOREX listed on the Main Market of the London Stock Exchange on 25 February 2026 at an offer price of 195 pence per share. The offering had previously been postponed from its original June 2025 timetable to complete a compliance review in the British Virgin Islands. Commenting on the company’s half-year performance, Chief Executive Officer Itai Sadeh said:
“Despite foreign exchange headwinds, the company’s core business remained resilient during the first half of 2026, and we will continue to build on the progress achieved in the first half as we move through the remainder of the year.”
Future market attention is expected to focus on three areas:
The progress of licence approvals in jurisdictions including the UAE;
The actual impact of shekel exchange-rate movements on full-year costs;
The specific contribution of the company’s artificial intelligence integration plans to operating efficiency.
Whether the company’s full-year performance can offset the cost pressure created by adverse currency movements will require further disclosure in subsequent periodic reports.(Sources: iFOREX Financial Trading Holdings, trading update for the six months ended 30 June 2026, published: 2026-07, full announcement; London Stock Exchange listing information, 2026-02-25.)
Frequently Asked Questions About iFOREX’s Half-Year Results
What reporting period does the iFOREX trading update cover?
The update covers the six months ended 30 June 2026, representing the first half of the company’s 2026 financial year. It was published in July 2026 and is the company’s first performance update since its London listing in February 2026.
Why is there such a large difference between EBITDA at constant and actual exchange rates?
Most of the company’s operating costs are paid in Israeli shekels, while its financial statements are prepared in US dollars. The shekel appreciated against the dollar during the second quarter of 2026, increasing the value of its costs when reported in dollars and reducing adjusted EBITDA from approximately $4.2 million at constant exchange rates to around $2.4 million at actual exchange rates, a difference of approximately $1.8 million.
How will the stronger shekel affect the company’s full-year costs?
The board has adopted a cautious approach to its full-year exchange-rate assumptions and currently expects operating costs measured in US dollars to be approximately $2 million higher than forecast at the beginning of the year, even though the US dollar/shekel exchange rate has recovered modestly from its mid-May 2026 low.
Which regions are included in iFOREX’s regulatory expansion plans?
During the reporting period, the company submitted an application for a Category 5 licence in the UAE. Other target jurisdictions identified in its prospectus include Australia, Malaysia, Chile and the United Kingdom.
What is the background of the new Chief Operating Officer, Daniel Shalom?
Shalom became the group’s Chief Operating Officer on 18 June 2026 and is responsible for business operations, customer experience, product and technology. He previously spent eight years at Amdocs, where he served as Vice President of Data and Artificial Intelligence and led a team of approximately 500 people. His appointment is linked to the company’s plans to expand the integration of artificial intelligence.
