iFOREX Cuts 2026 Outlook as July Trading Income Falls Sharply

iFOREX Financial Trading Holdings has lowered its expectations for full-year 2026 after trading outlook weakened significantly in July and August, with unusually low market volatility weighing on client trading income.

The company said trading following its 27 July update has been “considerably weaker than anticipated,” with August to date proving particularly subdued. July trading income was approximately $720,000, down sharply from around $3.1 million in July 2025.

iFOREX attributed much of the July decline to unprecedented currency intervention involving the Japanese Ministry of Finance and the US Treasury on 30 and 31 July. The intervention came after the Japanese yen reached a 40-year low against the US dollar and triggered a rapid appreciation in the currency, moving against the Group’s net client exposure.

iFOREX Cuts 2026 Outlook as July Trading Income Falls Sharply

The company also highlighted the impact of yen weakness on its Japanese customer base. Because Japanese clients fund their accounts in yen, movements in the currency can reduce the US dollar value of trading income generated from those customers.

As a result, the Board now expects Adjusted EBITDA for the 2026 financial year to fall between $0.5 million and $2.5 million. The revised outlook represents a significant deterioration from the company’s previous expectations, although iFOREX stressed that trading performance can fluctuate materially from month to month.

Despite the weaker revenue environment, several underlying indicators remain positive. New customers increased 40% year-on-year in July, while total deposits were 8% higher than in the same month last year. iFOREX also reported a robust financial position, with approximately $10 million in net cash as of 17 August, including around $4 million ringfenced for regulatory purposes.

CEO Itai Sadeh said the company was disappointed to issue another update so soon after its H1 announcement, pointing to subdued trading activity and sharp currency movements. However, he maintained confidence in the Group’s medium- and long-term prospects, citing continued KPI momentum and progress against its strategic plan.

The company is going to publish its interim results on 24 September 2026.

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