iFOREX Loses $1.8M to Shekel Surge in H1 2026

iFOREX Financial Trading Holdings Ltd. (LSE:IFRX) saw $1.8 million wiped from its half-year earnings by the strongest Israeli shekel rally in more than three decades, the online trading platform disclosed on 27 July 2026.

The London-listed broker said its underlying business performed in line with board expectations, but the shekel's surge against the US dollar turned what would have been $4.2 million in adjusted EBITDA into just $2.4 million on a reported basis.

Contents

01

A Currency Shock Three Decades in the Making

02

Clients Keep Coming

03

UAE Licence Bid and Leadership Moves

04

Balance Sheet and Outlook

A Currency Shock Three Decades in the Making

The USD/ILS exchange rate fell to its lowest level since 1993 during the first half of 2026. Because much of iFOREX's operational costs are shekel-denominated while revenue is largely in US dollars, the mismatch delivered a direct hit to earnings.

The board warned that full-year operational costs are now expected to be approximately $2 million higher on a US dollar basis than forecast at the start of the year. Although the rate has strengthened slightly from its mid-May trough, the board is taking a cautious approach for the rest of 2026.

Revenue for the six months to 30 June 2026 is expected at approximately $27.0 million, a modest decline from $27.6 million in H1 2025 but a 25 percent jump from the $21.5 million recorded in H2 2025.

Clients Keep Coming

New client onboarding rose 19 percent compared with H1 2025, while active clients increased 8 percent. Average revenue per user fell 9 percent over the same period.

Against H2 2025, the picture is stronger: new client onboarding surged 22 percent, active clients grew 9 percent, and ARPU jumped 17 percent, indicating the business entered 2026 with stronger momentum than it achieved in the preceding six months.

CEO Itai Sadeh said the group continued executing on strategic priorities set at its IPO. “Our underlying business remained resilient, with growth in client acquisition, active clients and ARPU although we have been impacted by ongoing FX headwinds,” he said.

UAE Licence Bid and Leadership Moves

iFOREX formally submitted its application for a Category 5 licence with the UAE's Capital Market Authority during the half, marking a significant step in its Middle East expansion. The group also appointed Daniel Shalom as Chief Operating Officer, a hire it said underscores its commitment to embedding artificial intelligence across operations. A new corporate website was launched to improve digital capabilities.

Balance Sheet and Outlook

The group ended the period with approximately $12 million in net cash and no debt, providing a buffer against currency headwinds. iFOREX operates a proprietary platform offering retail clients CFDs across more than 870 financial instruments. Its European arm is regulated by CySEC under licence 143/11, and the group holds authorisation from the British Virgin Islands Financial Services Commission. Full interim results are expected in September 2026.