CMC Markets H1 2026 Earnings Report

CMC Markets EPS Results

• Actual EPS: GBX 13.30
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A

CMC Markets Revenue Results

• Actual Revenue: N/A
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

CMC Markets Announcement Details

• Quarter: H1 2026
• Date: 11/20/2025
• Time: Before Market Opens
• Conference Call Date: Thursday, November 20, 2025
• Conference Call Time: 4:00AM ET

CMC is a leading global provider of online trading and investing, with a comprehensive retail, professional and institutional offering. The business was started in 1989 with a simple ethos: to make financial markets truly accessible for investors. We are proud of our strong heritage and our successful 30-year track record as an innovator at the forefront of enabling digital trading for our clients.

CMC Markets H1 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: API partnerships are a major growth engine — partnership account openings rose by ~2,400%, adding hundreds of thousands of low-cost accounts (≈70% from markets with no physical presence), driving recurring revenue and scalable distribution.
• Positive Sentiment: The planned Super App and ownership of StrikeX position CMC for tokenization and 24/7 wallet-led markets, with a live blockchain trial completed and a €300m commercial paper program supporting tokenized settlement and stablecoin movement.
• Positive Sentiment: Institutional B2B momentum is strong, highlighted by the transformational Westpac deal (≈500,000 clients, AUD39bn assets) and a growing pipeline of partners that should lift distribution and turnover materially.
• Positive Sentiment: Financially the group showed resilience: half-year net operating income of £186.2m (+5%), profit before tax £49.3m (26.5% margin), an interim dividend of £0.055, and guidance that FY net operating income should be ~10% above market expectations.
• Negative Sentiment: Costs are elevated: total operating expenses rose to £136.5m (up 10% YoY) driven by a £5.2m Australian remediation provision (industry-wide margin netting) and temporary dual-running transition costs, leaving FY operating expenses likely marginally above consensus.

Presentation

[Peter Cruddas, CEO at CMC Markets]

Good morning, everyone, and welcome to our half-year 2026 results presentation. My name is Peter Cruddas, and joining me today is Global Head of Capital Markets, Lawrence Booth, and our Interim Head of Finance, John Cubbin. In terms of the agenda today, I will provide an overview of a number of the exciting initiatives we have going on here at CMC. John will then cover the financials. Lawrence will provide a strategic update across each of our businesses before handing back to me to wrap up. Shall we get going? API connectivity delivers distribution and scale through technology, which is what sets CMC apart. I wanted to share this quote at the top of the presentation because it is what really captures the essence of where CMC is as a business today.

[Peter Cruddas, CEO at CMC Markets]

Over the past few years, I have transformed this business from a retail CFD provider into a diversified fintech company, one that delivers growth and distribution through our API technology, our connectivity, and our partnerships. Everything we do now in retail or institutional is built on this technology-led approach. It is what gives us scale and reach well beyond our traditional footprint. You will hear a lot about our API technology today, and that is deliberate. It is the foundation of everything we are building. Our API business is one of the most powerful, exciting growth areas within the group. It is a simple but powerful proposition, one connection that gives our partners access to global markets, thousands of products, and infrastructure that scales instantly, and the results speak for themselves. Over the past year, API partnership account openings have increased by more than 2,400%, and it is only going one way.

[Peter Cruddas, CEO at CMC Markets]

What makes this growth particularly impressive is the cost efficiency. We are acquiring a significant number of clients, but we are doing it without any marketing or onboarding costs. The benefit to CMC is substantial, but the cost is minimal. We've added hundreds of thousands of new accounts over the past 12 months, and the amazing thing is around 70% of those accounts are from markets where we have no physical presence. This shows the true power of our technology, extending our reach globally and creating distribution at scale through partnerships. Our API connectivity is now a major engine of growth for CMC, delivering recurring revenue, global distribution, and significant operating leverage. One of the biggest validations of our technology and capability has been the caliber of the partners we continue to attract.

[Peter Cruddas, CEO at CMC Markets]

CMC attracts the biggest names in the business, and behind every great name sits a vast network of clients. Through our API infrastructure, we're powering their access to markets. On the left, you'll see some of our long-standing institutional partners, including Revolut, ANZ, ASB, and St. George. Relationships that have scaled over time and continue to grow strongly. On the right, you can see some of the new partnerships announced this year, including Westpac, Currys, and another major bank with details to be revealed soon. These are blue-chip brands that have chosen CMC because of our market-leading technology, our ability to scale seamlessly and to deliver quickly, and our proven track record of delivering for institutional clients. CMC is the partner of choice, and each partner brings us distribution, scale, and brand reach.

[Peter Cruddas, CEO at CMC Markets]

This helps us grow account numbers, turnover, and assets, often with minimal incremental cost, with our API account numbers now growing faster than our D2C platforms. This is exactly what sets CMC apart. We combine institutional-grade technology with the agility and scalability of a fintech. This is where the future of CMC comes together. The Super App is the next big step in our evolution, a single powerful platform that unites trading, investing, and payments. One app, one account, one ecosystem. We're building something that nobody else in this space has: a bridge between traditional finance and decentralized finance, DeFi, all powered by our own technology. Phase one is expected to be live imminently, a multi-asset platform delivering everything from equities to options. Phase two brings in DeFi, tokens, stablecoin, CapEx investments, putting us right at the heart of the shift towards decentralized markets.

[Peter Cruddas, CEO at CMC Markets]

Phase three will extend into payments and banking, creating a truly connected financial universe. This is game-changing for CMC. It is scalable, it is global, and it positions us at the frontier of fintech. I would like now to speak a little bit about some of the changes that I have been implementing within the business. One of the biggest strategic shifts we have made is how we run CMC. We have moved away from a centralized structure to one that empowers our regional offices to take ownership and drive growth. Our dealing teams in London, Toronto, and Sydney manage risk centrally, aggregating flows underpinned by our treasury management division. Commercial decision-making is now more local and agile. Regional heads can tailor products, pricing, and marketing strategies to suit local conditions while still operating within our group framework.

[Peter Cruddas, CEO at CMC Markets]

It's a model that links success directly to profitability and growth, giving offices accountability but also autonomy. This devolved structure means we can move faster, respond to competition more effectively, and capture opportunities as they arise, all while maintaining full oversight. In short, we have built a franchise-like model that's unlocking a new level of performance across the group, and it is having great benefits. I will be back at the end to wrap up, but that is all from me for now, and I'm going to hand over to John, who will cover the financial.

[John Cubbin, CFO at CMC Markets]

Thank you, Peter, and good morning, everyone. My name is John Cubbin, and I'm the Interim Head of Finance. I would like to begin by looking at some of the key group financial metrics. Net operating income for the half-year was a solid GBP 186.2 million, up 5% year on year, driven by growth across both trading and investing net revenues and a record performance from our Australian stock-broking business. Total operating expenses rose to GBP 136.5 million, primarily reflecting a further GBP 5.2 million remediation provision in Australia relating to an industry-wide margin netting matter. The operational discipline of the business, together with the solid top-line performance, resulted in a profit before tax of GBP 49.3 million and a healthy PBT margin of 26.5%, demonstrating our resilience even after absorbing one-off items.

[John Cubbin, CFO at CMC Markets]

The board has declared an interim dividend of GBP 0.055 per share, consistent with our policy to return 50% of after-tax profit to shareholders. Overall, these results reflect solid execution, strong regional performance, and continued momentum across our business verticals as we move into the second half. Turning to look at the income statement in more detail, as mentioned on the previous slide, net operating income was up 5% year on year to GBP 186.2 million, driven by increases across both trading and investing revenues. Net trading revenue rose 5% to GBP 138.1 million, supported by strong client activity with good momentum across both our retail and institutional channels. Net investing revenue grew strongly, up 32% to GBP 26.3 million, reflecting another record half for Australia, where stockbroking income reached AUD 65.9 million, a 34% increase year on year.

[John Cubbin, CFO at CMC Markets]

This strong growth in Australia was underpinned by double-digit increases in assets under administration and turnover volumes, alongside continued momentum across our broader investing platform. Interest, treasury, and other income declined 17% year on year, largely due to higher client interest payments linked to the rapid growth of our Cash ISA product. However, on a gross basis, underlying interest earnings were higher year on year, supported by increased returns from money market fund investments and active treasury management, as well as record client cash balances. Turning to costs, operating expenses, excluding variable rem, were GBP 128.8 million, up 16%, and reflect the additional GBP 5.2 million provision for margin netting. As a reminder, this relates to an industry-wide matter rather than a CMC Markets-specific issue, and we now consider the remediation element of this matter closed. Excluding this one-off charge, underlying costs remain well controlled and in line with internal expectations.

[John Cubbin, CFO at CMC Markets]

As a result, profit before tax was GBP 49.3 million, with a profit before tax margin of 26.5%, demonstrating solid profitability despite the one-off charge. Profit after tax was GBP 35.7 million, with an effective tax rate of around 27.5%, broadly in line with expectations and reflecting the higher proportion of profits generated in Australia. Overall, it's been a solid first half, with the group well positioned for the remainder of the year, with good momentum across all divisions heading into our traditionally stronger second half. Now looking at our cost base in more detail, total operating expenses for the half were GBP 136.5 million, which is up 10% year on year. The main driver of that increase is the additional GBP 5.2 million provision previously mentioned for margin netting in Australia. As we've said, this is an industry matter, not CMC specific.

[John Cubbin, CFO at CMC Markets]

If you strip that out, underlying costs were broadly in line with our internal expectation. Staff costs remain well controlled, and net staff costs were down 3% to GBP 57 million. Within that, fixed rem was slightly higher, which reflects continued investment in key areas of the business, but this was offset by a reduction in variable remuneration that is linked to a more prudent approach where we now only accrue incentives once performance hurdles have been met. Sales-related costs were up significantly, but that is driven by the Australian remediation provision. Marketing spend, excluding the impact of this provision, was broadly flat and continues to be more targeted and data-driven. Outside of staff costs, IT remains our largest cost component and was up 3% year on year to GBP 13.1 million. That reflects our ongoing enhancement of our front and back-office systems to support scalability across all three verticals.

[John Cubbin, CFO at CMC Markets]

Finally, I'd call out that a number of major efficiency and infrastructure projects are well advanced. We're incurring some temporary dual running and transition costs as we move certain functions into lower-cost hubs, but we expect those to unwind over time. The benefit of that work is improved operating leverage, lower overheads, and better margins as we move through the next 12-18 months. I'd finally like to turn to the outlook. Momentum across the group has continued to build into the second half. In B2B, we're seeing a growing pipeline of institutional partnerships, many of which are now moving towards launch. Retail cash balances remain at record highs, reflecting the strength and stability of our customer franchise and our emerging third vertical positions as well for future expansion beyond our current markets.

[John Cubbin, CFO at CMC Markets]

As a result, we now expect net operating income to exceed current market expectations for the full year by approximately 10%. On costs, our efficiency initiatives continue to progress well, with several major projects now nearing completion. We do expect FY2026 operating expenses to be marginally ahead of consensus, primarily due to the Australian remediation charge and the temporary dual running costs as we complete our transition programs. However, these investments are positioning the group for greater efficiency and stronger operating leverage in the years ahead. Overall, we have a clear income trajectory, a disciplined investment program, and strong visibility on future growth, leaving CMC well placed to deliver sustainable returns and long-term shareholder value. I'd now like to hand over to Laurence, who's going to cover some of our strategic developments in more detail.

[Laurence Booth, Global Head of Capital Markets at CMC Markets]

Thank you, John, and good morning. Peter has set the vision and the strategy. My job and my team's job is to execute it, scale it, and keep pushing it forward. Today, I want to explain what we are building at CMC. This is not only about results; it is about the future we are creating. We are moving from being a strong business to becoming the company the market looks to for direction. Our strategy is simple and powerful: one platform, one ecosystem, a global multi-asset offering that is always on, 24/7 access to trading, tokenization ready, atomic settlement, wallet-first architecture, payments, and API distribution at global scale. This is where traditional finance and Web3 converge, not side by side, but as one unified system. As Peter said earlier, our API platform is gaining real momentum.

[Laurence Booth, Global Head of Capital Markets at CMC Markets]

What I want to reinforce is this: the market now watches us to see what we will build next, and we intend to stay ahead. The future of markets is always on, instant, tokenized, and wallet-led. We are building the foundations for that shift. A key part of this is StrikeX. StrikeX began as optionality, a way to stay close to new technology, but optionality became strategy, and strategy became ownership. This brings blockchain talent and tooling inside CMC, and we now own the tokenization engine, the multi-asset wallet, the 24/7 settlement rails, the expertise to build markets of tomorrow. This is now a core part of our platform. We proved this with a live blockchain trial, moving shares between investors instantly, safely, and within the U.K. regulation.

[Laurence Booth, Global Head of Capital Markets at CMC Markets]

Alongside this, our EUR 300 million commercial paper program and our investment-grade credit rating give us the liquidity and balance sheet to support tokenized settlement and stablecoin movement. We are early, we are careful, we are disciplined, and we are ahead of the market. Payments form a strategic new layer which aligns with the super app vision. As trading moves 24/7 and settlement becomes atomic, payments become critical infrastructure. This gives the user full control of value flow inside our ecosystem. It adds duration, it removes friction, it improves user experience, and it positions CMC Markets as a fully integrated financial platform. We also recognize human-led service is a premium strength. Technology gives scale, but people give trust. Even in an automated world, clients want real expertise, so we are investing in experienced professionals across markets, products, and regions, strengthening our service and raising our standard.

[Laurence Booth, Global Head of Capital Markets at CMC Markets]

We have brought key talent into core roles to deliver the next phase of our strategy, and we will continue hiring best-in-class people as we grow. CMC will lead with technology, but also with people, as both matter. Spectre is a CMC original and an example of how we innovate for our clients. It offers unlimited trading size, any asset class, zero tax, and no administration. Access to 24/5 traditional markets, access to 24/7 cryptos. It is professional, it is global, it is powerful, and a mass market version will follow. Our B2B franchise leads the industry. We partner across the full spectrum of modern finance. Neobanks, major retail banks, global banks, and regional financial institutions choose CMC. Our relationships span digital-first innovators like Revolut, long-established banking groups such as Westpac and ASB, and household retail names like Currys.

[Laurence Booth, Global Head of Capital Markets at CMC Markets]

They choose CMC because we deliver, we scale, and our API platform removes friction at every stage. This is a powerful and profitable growth engine which continues to accelerate. The Westpac partnership is transformational: 500,000 clients, AUD 39 billion in assets, around a 45% increase in domestic turnover for CMC. This is one of the largest migrations in the region. Delivering this scale is evidence of our operational excellence. When banks and institutions need reliability, scale, regulated infrastructure, proven delivery, they choose CMC. Our track record speaks to that: 15 years of consistent delivery, 15 years of trust, and the flywheel is now spinning faster. The Australian D2C business continues to be a standout performer. Net operating income is up 34% at AUD 66 million, 46,000 new accounts, assets under administration up 14% at AUD 91 billion. Strong results across crypto, FX, and domestic brokerage.

[Laurence Booth, Global Head of Capital Markets at CMC Markets]

It is a broad, resilient, and consistently high-performing business. Our D2C U.K. invest business is gaining momentum with Cash ISA traction, Junior ISAs coming, expanded investment choice, increasing cross-sell into GIAs, SIPs, and ISAs, and major U.K. partnerships. Momentum is building, and the platform is ready to scale. In closing, we have delivered, we are delivering, and we are building a company that will define the next decade of global markets across traditional finance, Web3, tokenization, innovation, expert human service, and a single global atomic platform that is 24/7. CMC is not following the future; CMC is defining it. Thank you. Peter, back to you.

[Peter Cruddas, CEO at CMC Markets]

Thank you, Laurence. To wrap up, CMC today is fundamentally a different business from where we were even a few years ago. Our three-vertical model is now fully established and delivering results, and importantly, it has given us multiple engines for growth. In the D2C space, our Australian stockbroking business delivered a record half-year. This has been supported by retail cash balances at record highs. We also head into the second half with a tailwind given recent strong performance and the fact that the second half is typically our seasonally stronger period. In platform technology as a service, we have had a transformational start. The Westpac deal is a milestone partnership, and the explosive growth of our Neobank API shows the scalability of what we have built. The pipeline going into the second half is strong and continues to grow.

[Peter Cruddas, CEO at CMC Markets]

Finally, in DeFi and Web3, we have already completed our first tokenization share trade, launched our commercial paper program, and are now finalizing the launch of phase one of our super app, a key step in creating a seamless multi-asset ecosystem for our clients. All of this progress is underpinned by seamless API connectivity, disciplined investment, and global expansion, and it is powered by a leadership team with the experience to execute. You have heard today just some of the exciting initiatives we have underway, but there is still plenty more to come, and I look forward to sharing more with you in the months ahead. Thank you very much.

Participants

Executives

• Laurence Booth, Global Head of Capital Markets
• Peter Cruddas, CEO
• John Cubbin, CFO