CMC Markets releases final results for the year ended 31 March 2025

Underlying EBITDA of £103.4 million, up 12%, PBT of £84.5 million and advancing Web 3.0 strategy with launch of third vertical

Results for the year ended 31 March 2025

Three vertical future state

• CMC’s success has been driven by a two vertical model, combining our Direct-to-Consumer (D2C) platform with our B2B institutional-grade Platform Technology as a Service (PTAS)

• The rise of Web 3.0 technologies, including decentralised finance and tokenisation represents a structural shift in global finance and is the future state

• In response, we are launching a third strategic vertical: Decentralised Finance (DeFi) and Web 3.0 capabilities, designed to position CMC at the forefront of the next generation of financial services

• Key initiatives already delivered include the launch of 24/7 crypto trading, enhanced digital asset treasury and payment capabilities, and the post-year-end acquisition of StrikeX, bringing native blockchain expertise and infrastructure in-house

• Our product pipeline is active and ambitious, with further expansion of 24/7 trading, the development of a multi-asset wallet, and tokenised access to financial products

• Three vertical model is the future of CMC, underpinning the next phase of growth and enabling us to become the go-to multi asset platform across Web 3.0 and Traditional Finance (TradFi)

FY 2025 Financial Performance

Net operating income represents total revenue net of commissions and levies. Profit before tax margin % is calculated as profit before tax as a percentage of net operating income.

• Record net operating income of AU$106.3 million (FY 2024: AU$85.1 million) in Australian stockbroking, with double-digit growth in active clients and new accounts

• Interest income of £42.5 million (FY 2024: £35.0 million) is up 21%, driven in part by strong performance from our Treasury Management and Capital Markets division

• Underlying EBITDA up 12% year-on-year to £103.4 million (FY 2024: £92.7 million), reflecting strong underlying profitability alongside improved operating leverage

• Profit before tax of £84.5 million (FY 2024: £63.3 million), with margin of 24.8% (FY 2024: 19.0%) reflecting robust net operating income, disciplined cost management and lower one-off charges

• Operating expenses, excluding variable remuneration, were £230.2 million (FY 2024: £237.9 million) as the Group maintains a focus on delivering margin expansion

• Non-recurring charge of £4.3 million relating to customer remediation in Australia following an industry-wide review into margin netting – provision expected to be fully utilised in FY 2026

• Final dividend of 8.3 pence per share (FY 2024: 7.3 pence) taking dividend for the full year to 11.4 pence per share (FY 2024: 8.3 pence), up 37% year-on-year

FY 2025 Operational and Strategic Highlights

• Major agreements with Revolut and ASB Bank have solidified CMC's role as a premier technology partner in banking and fintech, with Revolut set to expand into new geographies in FY 2026 - paving the way for even greater global reach

• Launch of 24/7 crypto trading has unlocked an additional 104 trading days per year, supporting vision of round-the-clock market access and strengthening position in digital asset infrastructure

• UK Cash ISA product is performing strongly, attracting record levels of client inflows and enhancing our D2C investment offering

• Significantly expanded our product set, now offering listed and fractional futures and options

• Established new Bermuda office, expanding trading, investment, and digital asset services, and growing our global footprint

• CMC CapX, our capital markets platform launched in 2022, has rapidly become a leading force in UK public market fundraising, whilst also building a robust presence in private capital markets

• Reinforced leadership team with several senior hires, bringing further expertise to drive the next phase of our growth

• Post-period end acquired majority 51% stake in StrikeX, cementing CMC’s position as a leader in blockchain technology and tokenised financial products, supporting the development of our third vertical

Outlook

• The rollout of our three vertical model across D2C, PTAS, and DeFi positions the Group to capture opportunities across both traditional and decentralised financial markets

• Our strategic vision remains firmly on track, with continued investment in digital assets, multi-asset trading, and global platform expansion underpinning long-term growth

• CMC remains self-funded, enabling disciplined investment in technology, international scale, and next-generation financial products, without reliance on external capital

• Recent trading conditions have also been supportive, providing good momentum into FY 2026

• This strategy, anchored by our robust D2C and PTAS verticals, and strengthened by ongoing investment in DeFi, will drive sustained operational performance and long-term value creation for shareholders

CEO Statement

Under my leadership, and particularly since our IPO in 2016, CMC has had a clear, focused strategy for growth as a technology-driven, multi-asset, multi-platform, financial services provider - delivering results today, whilst investing for the future and shaping the industry of tomorrow.

Today, CMC is the go-to business for multi-asset, investment products and platform technology built on two core verticals:

• Platform Technology as a Service (PTAS): Institutional-grade trading platform technology and execution services to (B2B and B2B2C) through our open API and white-label solutions, deriving higher turnover and profits through scale and distribution.

• Direct to Consumer (D2C): Offering a best-in-class multi-asset trading experience, incorporating platform technology, products, educational resources, liquidity and execution services.

This two vertical approach enables us to access a broad diverse global client base spanning institutional, professional, retail traders and investors, ensuring deep liquidity and varied revenue streams. Our global ambition is to provide 24/7 execution, liquidity, investing and trading access across multiple platforms.

However, Web 3.0 technologies, with its emphasis on decentralisation, user ownership, and transparency, is reshaping how financial products are structured, accessed, managed and traded, particularly through the influence of Decentralised Finance (DeFi), tokenisation, and blockchain-based systems. Web 3.0 is a natural extension of everything we already do – just more efficient, more accessible, and more scalable.

The advent of Web 3.0 technologies has necessitated the development of our third vertical: DeFi functionality on blockchain networks. This is a move that positions CMC to take advantage of the structural changes we are seeing in the financial ecosystem in the years to come.

Web 3.0 is the natural evolution for CMC and is driving the launch of our third vertical

• Always On: 24/7, Borderless, Timeless: Web 3.0 markets don’t sleep. They align with CMC’s vision for continuous access across global multi-asset classes and enables seamless participation regardless of geography, time zone, or banking infrastructure.

• Self-Custody & Digital Ownership: Web 3.0 will empower our clients to own, manage and trade their assets directly, with no third-party custody required – integration of cold storage wallets and DeFi infrastructure will enable clients to hold assets safely and independently.

• On-/Off-Ramp Infrastructure: Clients can fund and withdraw in digital currencies, enabling seamless access to Web 3.0 markets and unlocking borderless trading. In turn, this will create new spread-based revenue and supports CMC’s role as a digital gateway.

• One-Click Trading Across Chains: Users can trade any asset, across any chain, with a single click. Our smart wallet will abstract away all the complexity – gas fees, bridging, routing – and delivers a clean, all-in net price.

• Tokenisation of Everything: From equities to real estate, tokenisation turns illiquid, inaccessible assets into tradeable, divisible tokens. This will enable fractional ownership, enhanced liquidity, and broader inclusion across both retail and institutional audiences.

• Integrated Payments & Instant Settlement: CMC’s treasury model is crypto-native: digital asset settlement, on-chain clearing, and spread opportunities when converting between fiat and crypto. We are developing a single wallet that lets clients deposit, withdraw, and pay in crypto, fiat, or tokenised assets, seamlessly. One interface, fully integrated across on-chain and traditional rails.

• Programmability & Smart Contracts: Execution logic, yield strategies, and even fund access can be automated and auditable via smart contracts. This will reduce reliance on intermediaries, enhances transparency, and cuts cost-to-serve.

Web 3.0 is not optional – it is inevitable

Web 3.0 will transform traditional investing products by introducing tokenised assets, DeFi platforms, and DeFi models that enhance accessibility, reduce costs and offer new opportunities. The convergence of Traditional Finance (TradFi) and DeFi looks to a future where hybrid models dominate, blending Web 3.0’s innovation with traditional stability.

DeFi infrastructure is the tech stack that makes transparent, and permissionless financial services possible, supporting everything from centralised exchanges to yield farming. As the lines between asset classes and products blur, CMC will sit at the centre of this transformation – with technology that empowers, educates and unlocks value for clients and shareholders.

The advent of Web 3.0 is inevitable. With the launch of our third vertical and strategic investments in this space, CMC is positioned firmly at the heart of this major transformation.

DeFi and the three vertical future state

For decades, CMC has been at the fore of innovation, pioneering online trading in the 1990’s and now, we are leading the way once again with DeFi - unlocking the power of blockchain, tokenisation, and decentralised markets for our global client base.

Our strategic investment in StrikeX is a cornerstone of our vision. By securing a 51% controlling stake, completed in May 2025, we are not only accelerating our DeFi ambitions but also bringing native blockchain talent directly in-house. StrikeX’s expertise in tokenisation, DeFi wallet custody, and digital asset execution is matched by its team of blockchain innovators who are now part of the CMC family. This investment goes beyond technology – it strengthens our internal capabilities and enables us to build a bridge between traditional and decentralised financial ecosystems.

Web 3.0 is an ecosystem that never sleeps, and I firmly believe that the future of trading is 24/7, with round-the-clock market access becoming the new global standard. In FY 2025 we launched weekend crypto trading, adding an extra 104 trading days to our trading year. This is a central part of my broader vision for the business where clients can access global markets seamlessly, anywhere, anytime and without restriction. We are actively implementing 24/7 access for a wide range of asset classes, including major indices, commodities, and equities – a shift which represents a transformation in how financial markets are accessed and traded.

To further support our expansion, we are enhancing our Digital Asset Treasury & Payments infrastructure, which is now fully crypto-native. This enables real-time digital asset settlement and on-chain clearing. Our infrastructure also allows clients to deposit and withdraw in major digital currencies like USDT, BTC, and ETH, enhancing liquidity and facilitating borderless market access. This foundation is crucial for unlocking the full potential of DeFi and ensuring that CMC remains a gateway for digital assets on a global scale.

Looking further into the future, we are developing a Multi-Asset Wallet – a unified platform where clients can seamlessly manage both traditional and digital assets. This wallet will integrate cash, equities, crypto, ETFs, funds, and tokenised assets under one interface, offering real-time settlement, 24/7 access, and true market fluidity. At CMC we intend to deliver a single, secure gateway to the entire financial ecosystem, providing clients with unmatched accessibility and control over their investments.

The introduction of our third vertical – DeFi functionality – will mark a significant step forward. Whilst this will be transformational for the business; it is also a natural extension of everything we do, designed to be more efficient, accessible, and scalable. Alongside our established strengths in D2C and PTAS, DeFi represents the future of this business and the next exciting phase of our growth and development.

Embracing the financial revolution

As we enter FY 2026, CMC stands as a well-capitalised, highly cash-generative business with the vision, technology, strategy, and leadership to deliver the next phase of growth. Our two vertical model has firmly established us as a leader in multi-asset trading and technology solutions. Now, with the introduction of our third vertical, in the form of DeFi functionality, I am positioning CMC to lead the next wave of innovation.

I have dedicated most of my life to ensuring that CMC remains at the forefront of financial technology and that commitment is stronger than ever - I am fully focused and energised on ensuring we stay ahead in a rapidly evolving financial landscape. I am, and always will be, 100% dedicated to this business and I have no plans to ever retire, or to sell any of my shares.

With my clear vision and the talented team around me, I am confident CMC will continue to cement its status as a global leader and world-class financial technology business in the years to come with me at the helm.

With all the opportunities ahead of us, I am more confident and excited than ever before.

Lord Cruddas

5 June 2025

Webcast:

An analyst and investor presentation will be held on 5 June 2025 at 9:00am UK time. Participants need to register using the link below.

CMC Markets plc Full Year Results | SparkLive | LSEG

Forthcoming announcement dates:

November 2025: HY 2026 Results

Enquiries

CMC Markets Plc

Dave Fineberg, Deputy CEO

Matthew Lee, Investor Relations

investor.relations@cmcmarkets.com

Camarco

Geoffrey Pelham-Lane: cmc@camarco.co.uk / +44 (0) 7733 124 226

Jennifer Renwick: +44 (0) 7928 471 013

Alex Campbell: +44 (0) 7710 230 545

Forward-looking statements

This trading update may include statements that are forward looking in nature. Forward looking statements involve known and unknown risks, assumptions, uncertainties and other factors which may cause the actual results, performance or achievements of the Group to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Except as required by the Listing Rules and applicable law, the Group undertakes no obligation to update, revise or change any forward-looking statements to reflect events or developments occurring after the date such statements are published.

Notes to editors

CMC Markets Plc (“CMC”), whose shares are listed on the London Stock Exchange under the ticker CMCX (LEI: 213800VB75KAZBFH5U07), was established in 1989 and is now one of the world’s leading online financial trading and investing businesses. The Company serves retail and institutional clients through regulated offices and branches in 12 countries with a significant presence in the UK, Australia, Germany and Singapore. CMC Markets offers an award-winning, online and mobile platform, enabling clients to trade and in invest in over 12,000 financial instruments across shares, indices, foreign currencies, commodities and treasuries through contracts for difference (“CFDs”), financial spread bets (in the UK and Ireland only) and, in Australia, Singapore and the UK, access stockbroking services. More information is available at https://www.cmcmarkets.com/group.