Interim Results Update

H1 2026 EBITDA drops to $1.4M, but full-year guidance holds at $0.5–2.5M.

What the company is saying

iFOREX Financial Trading Holdings Ltd. is communicating that its expected Adjusted EBITDA for H1 2026 is approximately $1.4 million, a reduction from the previously anticipated $2.4 million. The company attributes this decline to a higher liability for amounts owed to clients at 30 June 2026 and a related non-cash expense, which it claims has largely reversed after the period end. Despite the interim shortfall, iFOREX emphasizes that revenue and net cash as of 30 June 2026 remain unchanged from prior guidance, and that its full-year 2026 Adjusted EBITDA guidance of $0.5 million to $2.5 million is unaffected. The announcement stresses that the accounting adjustment has an immaterial impact on the full-year outlook due to the post-period reversal. The Board frames recent trading conditions as challenging but highlights that August results were slightly better than anticipated. The company also reiterates its regulatory authorizations in Cyprus and the BVI, reinforcing its compliance credentials.

What the data suggests

The disclosed figures show a significant downward revision in H1 2026 Adjusted EBITDA from $2.4 million to $1.4 million, indicating a notable deterioration in interim profitability. The company explains this as the result of a higher-than-expected liability to clients and a non-cash expense, but does not quantify the liability or the reversal. Revenue and net cash are stated as unchanged, but no actual numbers are provided for these metrics, limiting visibility into the company's operational health. Full-year Adjusted EBITDA guidance remains at $0.5 million to $2.5 million, suggesting management expects the interim shortfall to be offset in H2, largely due to the reversal of the accounting impact. The lack of detail on the reversal and the absence of revenue or cash flow figures means the update is only partially transparent. The mildly positive commentary on August performance is not supported by any disclosed metrics.

Analysis

The announcement is factual and restrained, with no evidence of exaggerated or promotional language. The company discloses a downward revision to expected H1 2026 Adjusted EBITDA (from $2.4 million to $1.4 million), attributing this to a higher liability for amounts owed to clients and a non-cash expense, but claims this impact has largely reversed post period end. While the company maintains its full-year Adjusted EBITDA guidance, the update clearly signals a deterioration in interim profitability. There is no attempt to overstate performance; the only mildly positive language is the Board being 'encouraged' by August results, but no figures are provided. The absence of revenue and net cash figures limits full assessment, but the tone remains measured and the negative development is not obscured. No large capital outlay or long-dated benefit is discussed.

Risk flags

• ●The downward revision of H1 2026 Adjusted EBITDA from $2.4 million to $1.4 million signals weaker-than-expected profitability, raising concerns about the company's ability to deliver on full-year targets if further adverse adjustments occur.
• ●The explanation for the EBITDA shortfall references a higher liability and a non-cash expense, but the absence of specific figures for these items or for the reversal limits the ability to independently assess the underlying financial health.
• ●No revenue or net cash figures are disclosed for the period, reducing transparency and making it difficult for investors to evaluate the company's liquidity and operational resilience.

Bottom line

iFOREX Financial Trading Holdings Ltd. has lowered its H1 2026 Adjusted EBITDA expectation to $1.4 million, down from $2.4 million, due to a higher liability to clients and a related non-cash expense. Management asserts that this accounting impact has largely reversed after the reporting period, and maintains full-year Adjusted EBITDA guidance at $0.5 million to $2.5 million. While the company claims revenue and net cash remain unchanged, it does not provide these figures, leaving a gap in disclosure. The Board's positive tone about August performance is not backed by numbers. Investors should focus on the upcoming interim results on 24 September 2026 for more comprehensive financial details. The most important takeaway is that while the interim miss is material, management expects it to be a timing issue rather than a structural problem—this will need confirmation in the next set of results.

Announcement summary

(LSE:IFRX) iFOREX Financial Trading Holdings Ltd. has provided an interim results update for the six months ended 30 June 2026 (H1 2026). The Company expects to announce its interim results on 24 September 2026 as previously stated. In its interim results, iFOREX expects to report Adjusted EBITDA for H1 2026 of approximately $1.4 million, compared with the previously expected approximately $2.4 million as set out in the H1 2026 trading update on 27 July 2026. This change is due to a higher liability for amounts owed to clients at 30 June 2026 than previously recorded and the associated non-cash expense recognized. The Company states that this accounting impact has largely reversed post period end. Revenue and net cash as at 30 June 2026 remain unchanged and as set out in the H1 2026 trading update. The current guidance for Adjusted EBITDA for the full year 2026 remains unchanged at between $0.5 million to $2.5 million, with the Company noting that the change described above has an immaterial impact on full year performance given the reversal post period end. The Board reports that trading conditions remain challenging but has been encouraged by the Group's performance since the update on 19 August 2026, with the August result slightly better than anticipated. iFOREX Europe is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 143/11 and provides services throughout the European Economic Area (EEA) (with the exception of Belgium and Cyprus) in reliance on passports granted in accordance with MiFID. The Group also holds regulatory authorisation from the Financial Services Commission in the BVI under license number SIBA/L/13/1060. This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014, which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.

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