Interim Results

20 November 2025

CMC MARKETS PLC

("CMC" or the "Group")

Results for the period ended 30 September 2025

H1 performance ahead of market expectations.

10% upgrade to FY2026 NOI guidance.

Strong start to H2.

Transformational Westpac deal agreed.

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.

· 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

· 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

· 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.

We are pleased to report a solid H1, with net operating income up 5% on HY2025 and strong growth coming through our retail and B2B divisions - both of which have some really exciting opportunities. Retail client cash balances are at record highs and growing exponentially, pointing to strong tailwinds for H2, traditionally the strongest half of our financial year.

Our API partnerships are gaining momentum leading to accelerated account opening, with hundreds of thousands of retail trading accounts being opened over the last year and around 70% of these accounts from European countries where we have no physical presence. These API partnerships demonstrate the distribution power and scale of our API technology without the incremental costs of procuring clients directly, through marketing and onboarding.

We have built a strong, extensive and extensible API platform which is now starting to add real value to the business and will continue to be material over the coming years.

The recent announcement of a major partnership with Australia's second largest bank, Westpac, is expected to be the biggest partnership deal in our history and similar to the ANZ transaction, we view this partnership as a transformational opportunity, offering significant long-term growth potential and upside.

Our Australian stockbroking business continues to go from strength-to-strength, delivering record performance and firmly establishing CMC as the country's second-largest stockbroker. The business now exceeds our CFD operations in Australia in terms of income, client accounts and assets under administration, and continues to grow at a significantly faster rate.

Following the Westpac integration, our retail footprint is expected to approach two million accounts within the next year, laying the foundation for a broader wealth and financial services proposition across the Group which will be rolled out in the next 12 months.

In the UK, CMC Invest is at an advanced stage of contracting with a major international bank - a significant milestone that strengthens our growing institutional partnerships and demonstrates continued momentum in our B2B strategy. Alongside this, we are excited to announce a partnership with leading tech retailer Currys. We are working together to bring something unique to the market, and we look forward to sharing more on both partnerships in due course.

The success we are now seeing across all areas of the business is also reflective of the investments we have made, the diversity of the organisation and a strategic restructuring of the Group, undertaken over the past 12 months. We are now beginning to see the benefits of that work coming through.

A key part of this progress has been Project Telstar, the devolution plan I have initiated, giving our regional heads greater autonomy to run their offices more progressively, through more localised marketing and sales control. This has been a major step forward and is without doubt contributing to the success we are seeing today.

Each office can pick what products and platforms they want to offer their clients in the region. Office heads can negotiate with institutions and B2B clients' commercial terms, within financial and brand metrics. They can set their own marketing budgets based on where they can drive growth. Each office is then rewarded based on their success, profit margins and the value of the business they bring to the Group.

However, the real point here is that each office feels liberated to do their best for the company. It means they can take on local competition and match them in marketing and they can respond quickly to new product launches, or changes in regulations. Finance and Compliance has full transparency over each office to ensure that controls are always in place. It has been liberating for the business, and you can see that in our improved numbers today, and I believe it will deliver strong growth in the coming years.

Web3 and Blockchain - The Third Vertical

As announced at our FY2025 results in June, we are pushing aggressively into Web3 technology because of the pending decentralisation of financial markets (DeFi) through product tokenisation, blockchain, multi-asset wallets and stablecoin clearing and payments.

DeFi is going to redefine the financial markets allowing clients to seamlessly trade thousands of financial products in real time, twenty-four hours a day, 365 days a year. Products will not just be limited to cryptocurrencies but all major financial products, including shares, FX, commodities, indices and options.

Settlement and clearing will be via clients' own multi-asset wallets and trades will self-clear between clients as they trade with each other, real time across blockchain. This is precisely the reason we acquired StrikeX - an important investment in our own DeFi and Web3 infrastructure and capabilities.

Tokenised financial products are very similar to our current CFDs in that they are fractional, off exchange, and multi-asset across one account. For CMC because of our history and experience, tokenisation is effectively what we already do through our CFD platforms. But the clearing, settlement and payment structure will change.

Blockchain, multi-asset wallets, stablecoin payments and clearing is the piece that StrikeX are building for us and already we are making great strides. In October, CMC CapX, in partnership with StrikeX, successfully completed a live test using blockchain technology to move company shares securely between investors - all within existing UK regulations.

The trial proved that digital assets and traditional shares can work together safely and efficiently. Whilst other companies are talking about what they intend to do, we are doing it at CMC.

CMC will continue to expand its footprint into the tokenised finance space and stablecoins are an initial crucial step to being able to move value seamlessly 24/7. At the same time, we are exploring potential partnerships with blockchain companies and crypto exchanges as DeFi evolves. As with all our products and services, it is important to note that tokenised products and our multi-asset wallet will also be available for all our B2B partners via API, or white label.

Stablecoins will play an important role in DeFi. To support our evolution and expansion in this space we are expanding our Treasury Management division through the establishment of an up to €300 million Commercial Paper Programme.

While this initiative strengthens our ability to fund growth across all three verticals, it is not exclusively linked to our DeFi expansion. Rather, it represents a prudent step in diversifying our funding sources and optimising balance sheet flexibility as the Group continues to scale.

We expect to enter the market imminently, with a short bookbuild period preceding the initial round of funding. While the programme provides capacity of up to €300 million, we do not anticipate issuing the full amount at the outset. The overall cost to the Group is expected to be negligible, as a result of our recent investment-grade rating, which is expected to reduce the credit spread on future issuances and our Treasury Management team, which will continue to actively optimise cash balances, ensuring proceeds are deployed efficiently and productively.

In support of this initiative, Fitch Ratings has assigned CMC an investment-grade rating of BBB- (long-term) and F3 (short-term), marking another key milestone for the Group as we continue to strengthen our financial and operational foundations.

We will update the markets at our year end results but, for now, our future is BAU whilst positioning the business for tokenisation, blockchain, DeFi, and getting ourselves ready for the major changes that are happening in the financial markets and the way they will be traded in the future.

When the world goes DeFi, CMC will be ready.

The "Super App" Vision:

The enclosed statement highlights tangible businesses that are already established, and businesses that are being established. But the vision is much broader and powerful when you bring it all together via a "Super App", which we are launching in three phases.

Phase one will see the release of our multi-asset platform, that we intend to launch imminently. This will encompass traditional finance (TradFi) products, including equities, derivatives, options, SIPPs, ISAs, wealth-solutions and CFDs - all on one platform.

Phase two is where it gets really exciting as we plan the release of our "Super App" which will include TradFi and DeFi products, with SIPPs and ISAs sitting alongside tokenised products, stablecoins and CapX investing.

This is more than just trading products from one account. This is one platform, every asset class - equities, derivatives, tokenised products and wealth-solutions - all delivered via a service-led "Super App", designed and built for the future.

Phase Three of our "Super App" will include payments and banking products, to create an application that puts every corner of the financial universe at your fingertips.

API and Future State

API connectivity is our platform for growth and expansion, because it is an easy win for banks and brokers to offer our different products whilst we also provide the technology infrastructure. All they have to do is seamlessly connect their platform to ours via our API and access our different product types. API connectivity is scalable and profitable for our partners and for ourselves.

For example, one of our API client's turnover increased by over 1,000% in a year, and we saw all that flow through the API connection. It was a new business for the bank and new products for their clients and flows we would not ordinarily have seen without our API capability.

The way to expand this business is through extensive, extensible API distribution alongside our "Super App". Our API connections will continue to be available across all our products and platforms and that includes our future "Super App".

This is what sets us apart and it is a very scalable way to grow the business. Having laid the foundations over many years, we are now seeing the results.

Lord Cruddas

20 November 2025

An analyst and investor presentation will be available on our website from 9.00am on 20th November:

https://www.cmcmarkets.com/group/investors/results-reports-and-presentations

This trading update may include statements that are forward looking in nature. Forward looking statements involve known and unknown risks, assumptions, uncertainties and other factors which may cause the actual results, performance or achievements of the Group to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Except as required by the Listing Rules and applicable law, the Group undertakes no obligation to update, revise or change any forward-looking statements to reflect events or developments occurring after the date such statements are published.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

CMC Markets Plc ("CMC"), whose shares are listed on the London Stock Exchange under the ticker CMCX (LEI: 213800VB75KAZBFH5U07), was established in 1989 and is now one of the world's leading online financial trading and investing businesses. The Company serves retail and institutional clients through regulated offices and branches in 12 countries with a significant presence in the UK, Australia, Germany and Singapore. CMC Markets offers an award-winning, online and mobile platform, enabling clients to trade and in invest in over 12,000 financial instruments across shares, indices, foreign currencies, commodities and treasuries through contracts for difference ("CFDs"), financial spread bets (in the UK and Ireland only) and, in Australia, Singapore and the UK, access stockbroking services. More information is available at https://www.cmcmarkets.com/group.

FINANCIAL REVIEW

Summary Update

CMC delivered a solid first half performance, with net operating income up 5% to £186.2 million (HY2025: £177.4 million). The Group continued to demonstrate strong operational momentum, underpinned by record client cash balances, healthy client activity levels, and continued traction from its expanding network of B2B partnerships. Performance in Australia was particularly strong, with record half-year income from the stockbroking business supported by double-digit growth in assets under administration, turnover volume and active accounts.

Operating expenses increased year-on-year, primarily reflecting the £5.2 million remediation provision in Australia relating to an industry-wide margin netting matter, taking the total charge to £9.5 million. Excluding this, underlying costs remained well controlled and in line with internal expectations.

The result of the above was profit before tax of £49.3 million (HY2025: £49.6 million), with a margin of 26.5%, remaining robust despite the Australian remediation charge. Profit after tax was £35.7 million (HY2025: £35.3 million), reflecting the Group's strong underlying profitability and ongoing cost discipline.

Net operating income

Net operating income increased by 5% to £186.2 million (HY2025: £177.4 million), reflecting resilient performance across trading and exceptional growth in the investing division.

Net trading revenue continues to represent the majority of Group income, accounting for approximately 74% of the total (HY2025: 74%), while the contribution from investing activities is accelerating as momentum builds, particularly in our Australian stockbroking business.

1 - Net trading and net investing revenues represent trading and investing revenues after deducting commissions and levies.

Trading performance

Net trading revenue rose 5% to £138.1 million (HY2025: £131.3 million), supported by steady client activity and periods of healthy market volatility, particularly across commodities and index products. The revised hedging strategy introduced in FY2025 has continued to enhance earnings efficiency and the volatility observed during the summer contributed to improved performance across key products. The result underscores the depth and resilience of CMC's trading franchise, with robust contributions from both retail and institutional clients.

Investing performance

Net investing revenue increased 32% to £26.3 million (HY2025: £19.9 million), reflecting record performance in Australia and growing traction across the Group's UK and international investing platforms.

The Australian business continues to deliver exceptional results, achieving a record half, underpinned by strong client activity and record levels of assets under administration, turnover and active accounts. Revenues from international share trading, domestic brokerage and cryptocurrency all increased materially, reflecting broad-based growth across the platform and a diversification of the earnings base of the business. The continued expansion of B2B partnerships - including the transformational agreement with Westpac and the prior-year ASB Bank deal in New Zealand - positions the business for sustained growth in the years ahead.

In the UK, the Cash ISA product has continued to gain strong traction, attracting new customers to the platform, with assets under administration peaking at over £300 million. The product serves as an effective gateway into CMC's broader wealth proposition, including general investment accounts, stocks and shares ISAs, and self-invested personal pensions. Further momentum is expected in the second half of the year as the tax year-end approaches and the Group launches its Junior ISA offering.

Interest income

Interest income decreased 15% to £20.0 million (HY2025: £23.4 million), reflecting higher client interest payments during the period, primarily driven by the rapid growth of our Cash ISA product. 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. The Group remains well positioned to generate stable, diversified returns from both client and own funds, with the Treasury Management and Capital Markets division focused on disciplined yield and liquidity optimisation as market interest rates continue to moderate.

Operating expenses

Total operating expenses were £136.5 million (HY2025: £123.9 million), up 10% year-on-year, primarily reflecting a further £5.2 million provision for margin-netting remediation in Australia. This brings the total provision for this matter to £9.5 million, including £4.3 million recognised in FY2025, with the remediation element now considered complete. Excluding this, underlying costs remained well managed and in line with internal expectations, reflecting continued cost discipline across the Group.

Net staff costs decreased 3% to £57.1 million (HY2025: £59.0 million), with higher fixed staff costs offset by lower variable remuneration following the adoption of a more prudent policy to accrue incentives only once performance hurdles have been met.

Sales and marketing costs increased to £20.4 million (HY2025: £15.0 million), primarily reflecting the additional £5.2 million provision for margin-netting remediation in Australia. Marketing expenses rose modestly year-on-year as the Group continued to focus on more targeted and data-driven campaigns.

IT remains the largest component of non-staff costs, increasing to £24.1 million (HY2025: £22.4 million), as the Group continued to invest in front and back-office system enhancements. Legal and professional fees rose to £10.2 million (HY2025: £7.0 million), reflecting higher advisory costs linked to ongoing strategic initiatives and regulatory programmes.

A number of efficiency and technology projects are now nearing completion, with temporary dual-running and project costs expected to unwind over time. These initiatives are set to deliver meaningful operational efficiencies, with lower overheads and improved profit margins beginning to flow through as key programmes are completed, supporting enhanced operating leverage into FY2027.

Taxation

The total taxation charge for the period was £13.6 million (HY2025: £14.3 million), representing an effective tax rate of 27.5% (HY2025: 28.9%). The effective rate for the period was broadly in line with expectations. The Group's effective tax rate is higher than the UK statutory rate of 25.0% due to the effect of profits being taxed in Australia and Germany where the tax rate is higher than in the UK. The effective tax rate is expected to remain around 28.0% for FY2026.

Profitability and earnings

Profit before tax was £49.3 million (HY2025: £49.6 million), with a profit before tax margin of 26.5% (HY2025: 27.9%). The modest reduction year-on-year primarily reflects the additional £5.2 million provision for industry-wide margin netting remediation in Australia. Profit after tax was £35.7 million (HY2025: £35.3 million), with basic earnings per share of 13.3 pence (HY2025: 12.8 pence). Underlying profitability remains strong, supported by disciplined cost management, solid revenue growth across all three verticals, and continued operating efficiency improvements.

Financial position

Fixed assets consist of intangible assets and property plant and equipment, or PPE. Other assets include deferred tax assets, current tax recoverable, other assets (exchange and vaults) and investments in associates. Other liabilities include current tax payable, short-term provisions, deferred tax liabilities and long term provisions.

Total assets increased 5% to £767.4 million (31 March 2025: £732.0 million), reflecting higher receivables, partially offset by lower cash balances.

Fixed assets, which include intangible assets and property, plant and equipment rose 16% to £61.5 million (31 March 2025: £53.2 million), as the Group continued to invest in platform development and technology infrastructure, including enhancements to its API connectivity and multi-asset platform.

Financial investments were £84.0 million (31 March 2025: £111.0 million), and were comprised of short-dated investment-grade corporate bonds and other high-quality liquid assets as part of the Group's refined treasury strategy.

Trade and other receivables increased 44% to £212.2 million (31 March 2025: £147.7 million), primarily reflecting higher client-related balances and the timing of settlements around the period end.

Cash and cash equivalents decreased 10% to £222.4 million (31 March 2025: £247.7 million) as a result of the reallocation of funds into financial investments and client remediation payments made during the period. The Group continues to maintain a strong liquidity position, with ample resources to support regulatory and operational requirements.

On the liabilities side, total liabilities increased 9% to £341.9 million (31 March 2025: £314.0 million), largely due to higher trade and other payables associated with increased client trading activity.

Total equity increased 2% to £425.5 million (31 March 2025: £418.0 million), reflecting retained profits generated during the period, partially offset by the payment of the final FY2025 dividend.

Capital resources

1 - Total audited CET1 capital resources as at the end of the period.

2 - Regulatory adjustments include the deduction of intangible and deferred tax assets.

3 - The minimum capital requirement in accordance with MIFIDPRU 4.3.

4 - The OFR ratio represents common equity tier 1 capital as a percentage of OFR. CMC Markets plc has no additional tier 1 or tier 2 capital.

The Group's capital position remains robust, with total common equity tier 1 (CET1) capital before regulatory adjustments increasing to £418.0 million as at 30 September 2025 (31 March 2025: £412.4 million). After regulatory adjustments of £69.5 million (31 March 2025: £48.7 million), CET1 capital stood at £348.5 million (31 March 2025: £363.7 million).

The Group's own funds requirement increased to £157.4 million (31 March 2025: £133.6 million) and as a result, the total own funds ratio was 221% (31 March 2025: 272%), comfortably above the Group's regulatory minimum and demonstrating a strong capital base and prudent risk management framework.

Liquidity

Blocked cash represents amounts required to meet local regulatory or exchange requirements in individual Group entities.

The Group's available liquidity comprises assets that can be readily accessed to meet additional funding needs, typically arising from changes in broker margin requirements. The Group's liquidity position remains strong, with total unencumbered liquid assets of £314.0 million as at 30 September 2025 (31 March 2025: £293.7 million). Cash and cash equivalents include title transfer funds and a modest fall in Group funds.

In addition, the Group continues to maintain access to a £55.0 million committed facility (31 March 2025: £55.0 million) to support liquidity and margin requirements if required, alongside the newly established Commercial Paper Programme, which further enhances funding flexibility.

Dividend

The Board has declared an interim dividend of 5.5 pence per share (HY2025: 3.1 pence), in line with the Group's policy to distribute 50% of after-tax profits. This reflects the Board's continued confidence in the Group's financial position, strategic progress, and long-term growth prospects.

Outlook

The Group enters the second half in a strong position, with momentum building across all three verticals.

Operating efficiency initiatives continue to progress well, with several key projects nearing completion. These are expected to deliver sustainable cost and operational benefits over time, helping to offset the impact of temporary dual-running and project-related expenditure.

Performance in the early weeks of the second half has been encouraging, with key metrics tracking ahead of internal expectations. The Group is well positioned to capture growth opportunities through its diversified model, and full-year performance is now expected to exceed current market expectations by approximately 10%.1

1 - Company compiled consensus for FY2026 net operating income of £353.9m.

PRINCIPAL RISKS AND UNCERTAINTIES

Details of the Group's approach to risk management and its principal risks and uncertainties were set out on pages 20 to 24 of the 2025 Group Annual Report and Financial Statements (available on the Group website https://www.cmcmarketsplc.com).

During the six months to 30 September 2025, there have been no changes to the overall principal risk listing. The Group continues to categorise its principal risks into three categories: business and strategic risks; financial risks; and operational risks.

Business change risk, Regulatory and compliance risk, and Information and data security risk were the top principal risks considered in the 2025 Group Annual Report and Financial Statements, and we continue to be exposed to those areas. 

The Group, through its global presence, faces a variety of regulations and legislative requirements, which we are committed to meeting to a high standard. Consumer Duty and Good Clients Outcome remain a key focus and we continuously review and enhance our processes. We have made strong progress remediating audit findings in our German subsidiary (GmbH), with key deliverables achieved in line with the agreed plan and ongoing focus on control maturity and stability of key functions. Following the successful implementation of the Digital Operational Resilience Act (DORA) within CMC, the Group is now progressing the second phase of enhancements focused on embedding operational resilience principles and improving third-party oversight. We are also working to align with the new Corporate Governance Code, reinforcing our commitment to a strong and effective control environment.

As we pursue strategic product and geographical diversification, business change and project delivery risks remain naturally elevated. A number of operational improvements were introduced during the period to enhance project planning, prioritisation, and governance through the Project and Programme Governance Committee (PPGC). Further to this, CMC is committed to developing its third strategic vertical by developing DeFi functionality on blockchain networks. Web3 technologies, with emphasis on decentralisation and transparency, represent a natural evolution of our multi-asset and technology strategy. Our risk management framework is also evolving in line with this to ensure it can support the business strategy and growth, including strengthened alignment between change governance and operational risk oversight.

Cyber risk remains a key focus area for CMC Markets given the firm's reliance on technology and the growing sophistication of external threats across the financial services sector. The overall risk level is assessed as amber, reflecting the persistently elevated threat environment despite strong internal control measures and positive performance against key risk indicators. During the period, initiatives to strengthen resilience and regulatory alignment have progressed materially. These include the phased rollout of new two-factor authentication solutions across client-facing platforms, enhanced ransomware preparedness, and the introduction of an improved third-party risk management framework.

RESPONSIBILITY STATEMENT

The Directors listed below (being all the Directors of CMC Markets plc) confirm that to the best of our knowledge, these condensed consolidated financial statements have been prepared in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and that the interim management report includes a fair review of information required by DTR 4.2.7R and DTR 4.2.8R, namely:

· the interim management report includes a fair review of the important events that have occurred during the first six months of the financial year and their impact on the condensed consolidated financial statements, together with a description of the principal risks and uncertainties for the remaining six months of the financial year;

· and material related party transactions in the first six months of the financial year and any material changes in the related-party transactions described in the last annual report.

Neither the Group nor the Directors accept any liability to any person in relation to the interim results for the half year ended 30 September 2025, except to the extent that such liability could arise under English law. Accordingly, any liability to a person who has demonstrated reliance on any untrue or misleading statement or omission shall be determined in accordance with Section 90A and Schedule 10A of the Financial Services and Markets Act 2000.

By order of the Board of Directors

Lord Cruddas

Chief Executive Officer

20 November 2025

CMC Markets plc Board of Directors

Executive Directors

Lord Peter Cruddas (Chief Executive Officer)

Laurence Booth (Head of Global Capital Markets)

Non-Executive Directors

Paul Wainscott (Chair)

Sarah Ing

Clare Francis

Stuart Manning

For the half year ended 30 September 2025

For the half year ended 30 September 2025

At 30 September 2025

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the half year ended 30 September 2025

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

For the half year ended 30 September 2025

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the half year ended 30 September 2025

1. Basis of preparation

Basis of accounting and accounting policies

The condensed consolidated financial statements have been prepared in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority. The condensed consolidated financial statements do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. Within the notes to the condensed consolidated financial statements, all current and comparative data covering periods to (or as at) 30 September is unaudited.

The Group's statutory financial statements for the year ended 31 March 2025 have been prepared in accordance with UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006 and the disclosure guidance and transparency rules sourcebook of the United Kingdom's Financial Conduct Authority. These financial statements have been delivered to the Registrar of Companies. The auditors' opinion on those financial statements was unqualified and did not contain a statement made under Section 498 of the Companies Act 2006. The 31 March 2025 balances presented in these condensed consolidated financial statements are from those financial statements and are audited.

The accounting policies and methods of computation applied in these condensed consolidated financial statements are consistent with those applied in the Group's statutory financial statements for the year ended 31 March 2025. The condensed consolidated financial statements should be read in conjunction with the statutory financial statements for the year ended 31 March 2025.

The condensed consolidated financial statements have been prepared under the historical cost convention, except in the case of financial instruments at FVPL and financial instruments at FVOCI. The financial information is rounded to the nearest thousand, except where otherwise indicated.

Future accounting developments

The following standards and amendments have been assessed as not having a material impact at this time.

Critical accounting judgements

The preparation of condensed consolidated financial statements in conformity with IFRS requires the use of certain significant accounting judgements. The areas involving a higher degree of judgement as at, or for the six months ended, 30 September 2025 are:

· Contingent liabilities

A key judgement applied in preparing these financial statements is the evaluation of the accounting treatment of the matters described in Note 23 (Contingent Liabilities). This includes the assessment of whether a present obligation exists and where it does, estimating the likelihood, timing, and amount of any associated outflows. In evaluating whether a provision is required and can be reliably estimated, we consult relevant experts, where necessary and continuously reassess our decisions. In the initial stages of legal, tax and regulatory matters, it is often not possible to reliably estimate the outcome, and in such cases, no provision is made. However, we provide additional disclosures with further details on these matters.

· Intangible assets

A key judgement has been applied in recognising of customer relationship intangible assets on the Group's Statement of Financial Position. At 30 September 2025, these had a net book amount of £9,068,000 (31 March 2025: £8,745,000; 30 September 2024: £10,065,000). The Group applied the recognition principles of IAS 38 "Intangible Assets" to account for these assets and continues to measure them in accordance with this standard.

Key sources of estimation uncertainty

The preparation of condensed consolidated financial statements in accordance with IFRS requires the use of certain significant accounting estimates. The area involving a higher degree of estimation uncertainty as at, or for the six months ended, 30 September 2025 is:

· Recoverable amount of the UK Invest cash-generating Unit (CGU)

Management undertakes a regular review of impairment indicators for its non-current assets. As of 30 September 2025, indicators were identified relating to the Group's UK Invest cash-generating unit (CGU). An impairment test was conducted, assessing the recoverable amount based on the CGU's value in use (VIU). This resulted in headroom above the net book amount, confirming that no impairment was required (H2 2025: £nil; H1 2025: £nil).

Management performed sensitivity analyses on key assumptions, including discount rate and terminal growth rate. No reasonably possible change in these assumptions would result in the recoverable amount falling below the carrying amount.

· Recoverable amount of Level 3 Financial assets

The Group's investment in a structured vehicle that provides indirect exposure to common stock in Space Exploration Technologies Corp. (SpaceX) is classified as a level 3 instrument. The valuation was derived with reference to publicly available transaction prices, discounted to the lower price paid by the Group to reflect inherent uncertainty in the valuation. Further adjustments were made for illiquidity and other unobservable inputs, and significant changes in these assumptions could materially impact the reported fair value.

Going concern

The Group actively manages and assessed the capital and liquidity requirements of operating subsidiaries to ensure appropriate financial resources. The Group has a broad range of products and a geographically diversified business. Consequently, the Directors believe that the Group is well placed to manage its business risks in the context of the current economic outlook. Accordingly, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, a period of not less than 12 months from the date of this report. They therefore continue to adopt the going concern basis in preparing these condensed consolidated financial statements.

Seasonality of operations

The Directors consider that given the impact of market volatility and the growth in overseas business there is no predictable seasonality to the Group's operations.

2. Segmental reporting

The Group's business consists of two segments, Trading and Investing, each with distinct characteristics and client objectives.

Trading

The Group's core business involves online trading, enabling clients to trade a broad array of financial instruments for short-term investment and hedging purposes. These instruments include contracts for difference ("CFDs") and financial spread betting across various assets, such as shares, indices, foreign currencies, commodities, and treasuries. The Group also extends these services to institutional partners through white label and introducing broker arrangements. While CFDs are accessible globally, spread betting is available exclusively in the UK and Ireland.

Additionally, the trading segment includes the Treasury Management and Capital Markets Division that invests surplus liquidity to enhance yield.

Investing

To support clients' longer-term investment goals, the Group offers online stockbroking services in Australia, the UK, and Singapore.

At the reporting date, management reviewed the appropriateness of the Group's current operating segment disclosures and the information used by the Chief Operating Decision Maker (CODM) to allocate resources and evaluate performance. The Group's CODM is identified as the Board of Directors.

This segmentation aligns with the management information regularly presented to the CODM. Revenue and operating expenses are attributed to the originating segments, and the Group evaluates the financial performance of each segment based on operating profit.

The measurement of net operating income for segmental analysis is consistent with that in the income statement and is broken down by geographic location below.

The measurement of segment assets for segmental analysis is consistent with that in the condensed consolidated statement of financial position. The total of non-current assets other than deferred tax assets, broken down by location, is shown below.

3. Net operating income

Trading revenue represents CFD and Spread bet revenue (net of hedging costs) and revenue generated from treasury operations accounted for in accordance with IFRS 9 "Financial Instruments". Investing revenue represents stockbroking revenue generated in Australia and investing revenue generated in other regions accounted for in accordance with IFRS 15 "Revenue from Contracts with Customers".

4. Operating expenses

The table above reflects the breakdown of operating expenses by the nature of expense. It is shown net of amounts that have been capitalised.

5. Taxation

The effective tax rate for the six months ended 30 September 2025 was 27.5% compared to the six months ended 30 September 2024 effective tax rate, which was 28.9%. The Group's effective tax rate is higher than the UK statutory tax rate of 25% due to the effect of profits being taxed in Australia and Germany where the tax rate is higher than the UK rate and adjustments for discrete items.

6. Earnings per share (EPS)

Basic EPS is calculated by dividing the earnings attributable to the equity owners of the Company by the weighted average number of Ordinary Shares in issue during each period, excluding those held in employee share trusts.

For diluted earnings per share, the weighted average number of Ordinary Shares in issue, excluding those held in employee share trusts, is adjusted to assume conversion vesting of all dilutive potential weighted average Ordinary Shares and that vesting is satisfied by the issue of new Ordinary Shares.

For all periods presented, there are no potentially dilutive weighted average Ordinary Shares in respect of share awards and options in issue, included in the calculation of diluted EPS, as the Group does not expect to issue any new shares to settle these share awards and options.

7. Dividends

An interim dividend for 2026 of 5.5p per share, amounting to £14,833,000 has been approved by the board but has not been included as a liability at 30 September 2025. The dividend will be paid on 8 January 2026 to those members on the register at the close of business on 28 November 2025.

8. Intangible assets

Computer software includes capital development costs of £26,487,000 relating to the Group's Next Generation trading platform which has been fully amortised.

Impairment

At 30 September 2025, impairment indicators were identified in relation to the UK Invest CGU, and an impairment assessment was performed. No impairment loss was recognised as the recoverable amount of the CGU exceeded its carrying value. The recoverable amount for the UK Invest CGU was determined using a VIU calculation. UK Invest was assessed as a standalone CGU, reflecting its distinct user interface, brand and operating model.

The VIU calculation is based on the Group's Board-approved budget and reforecasts covering the period from 1 October 2025 to 31 March 2028. These forecasts reflect Management's best estimates of future business performance and incorporate assumptions related to the execution of the Group's strategic priorities, including the successful delivery of key B2B partnerships.

Forecast profitability for the CGU has been adjusted for non-cash items (such as depreciation and amortisation) and expected capital expenditure. Cash flows beyond the explicit thirty month forecast period were extrapolated over a further seven years, reflecting a gradual progression to maturity. A terminal growth rate of 2% has been applied thereafter, consistent with long-term economic growth expectations in the UK - the sole market in which the CGU operates. A pre-tax discount rate of 12% was applied in the VIU model.

Management performed sensitivity analyses on key assumptions, including discount rate and terminal growth rate. No reasonably possible change in these assumptions would result in the recoverable amount falling below the carrying amount.

No impairment indicators were identified for any of the Group's other intangible assets.

9. Property, plant and equipment

10. Trade and other receivables