CMC Markets releases interim results for the half year ended 30 September 2025
H1 performance ahead of market expectations. 10% upgrade to FY2026 NOI guidance. Strong start to H2. Transformational Westpac deal agreed.
Results for the period ended 30 September 2025
Financial performance
HY2026 | HY2025 | Change | |
|---|---|---|---|
Net operating income (£m) | 186.2 | 177.4 | 5% |
EBITDA (£m) | 57.1 | 60.3 | (5%) |
Profit before tax (£m) | 49.3 | 49.6 | (1%) |
Profit before tax margin (%) | 26.5% | 27.9% | 1.4ppts |
Basic earnings per share (pence) | 13.3 | 12.8 | 4% |
Ordinary dividend per share (pence) | 5.5 | 3.1 | 77% |
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.
Financial highlights
Net operating income up 5% to £186.2 million (HY2025: £177.4 million) with increases in net trading and investing revenues
Record half-year for Australian stockbroking with net operating income of A$65.9 million (HY2025: A$49.4 million), a 34% increase year-on-year and supported by a 14% increase in AuA to approximately A$91 billion
Total operating expenses were £136.5 million (HY2025: £123.9 million), reflecting a further £5.2 million provision for industry-wide margin netting in Australia, concluding the remediation due on this matter. Excluding this, costs remained well managed and in line with internal expectations
Profit before tax of £49.3 million (HY2025: £49.6 million) and profit before tax margin of 26.5% (HY2025: 27.9%) remain robust and primarily reflect impact of the Australian remediation charge
Interim dividend of 5.5 pence per share (HY2025: 3.1 pence), up 77% year-on-year
Strategic & operational highlights
Transformational Westpac partnership agreed, CMC’s largest institutional deal to date, providing fintech infrastructure, technology, and execution services and further cementing our position as Australia’s second-largest stockbroker
Westpac agreement expected to expand the Australian customer base materially, and lift domestic trading volumes by approximately 45%, with significant opportunity for further upside. Launch will be in approximately 12 months
Neobank API partnership continues to mature, with exponential account growth and rollout now live in over 30 European countries – many where CMC has no physical presence – extending the Group’s global reach and demonstrating the distribution power of our API technology
Further partnerships at an advanced stage with a major international bank and UK retailer Currys, reinforcing CMC as the partner of choice and highlighting the diversity and scalability of our technology with blue-chip institutions
New multi-asset platform set for December launch in the UK, with other regions to follow. This will be followed by the rollout of our “Super App,” designed to unify TradFi and DeFi within a single, scalable platform – marking the start of a three-phase development roadmap
Robust product pipeline across trading, investing, and B2B platforms, via API connectivity to broaden CMC’s distribution reach, through products and partnerships
FY2026 operating expenses expected to be marginally ahead of consensus1, predominantly due to the Australian remediation
Operating expenses include temporary dual-running costs as the Group transitions key operational functions to lower cost jurisdictions, supported by a partnership with a leading global outsourcing provider
These initiatives are expected to deliver meaningful efficiency gains, with lower overheads and improved profit margins expected to flow through over the next 12 to 18 months
Outlook
The Group enters the second half with strong momentum across all three verticals, supported by solid client activity and a healthy pipeline of B2B and D2C opportunities
Third vertical advancing rapidly, with a successful live blockchain-based tokenised share trade, an up to €300 million Commercial Paper Programme, and the assignment of an investment-grade rating by Fitch – all completed post-period end and demonstrating tangible progress in the Group’s digital asset and funding infrastructure
Momentum has accelerated across the business, with record client cash balances, rising activity levels and stronger performance metrics, particularly seen across the institutional B2B and API space
As a result – and following a strong start to H2, including the significant growth of our neobank API business – the Group now expects net operating income to be approximately 10% ahead of current market expectations for FY20262
Notes:
1 – Company compiled consensus for FY2026 operating expenses, excluding variable remuneration, of £231.4 million.
2 – Company compiled consensus for FY2026 net operating income of £353.9 million.
Webcast
An analyst and investor presentation will be available on our website from 9am on 20 November:
cmcmarkets.com/group/investors/results-reports-and-presentations
Enquiries
CMC Markets Plc
John Cubbin, Interim Head of Finance
David Fineberg, Head of Strategic Partnerships
Matthew Lee, Investor Relations: investor.relations@cmcmarkets.com