LMAX’s H1 adjusted earnings accelerate after a reported annual loss

LMAX Group’s results released on 18 September 2026 show first-half adjusted EBITDA of $33 million, up 162% year on year, against $75 million of adjusted gross profit, up 51%. Trading volume increased 36% to $5.3 trillion.[1]

The audited 2025 accounts also record a loss. That makes the distinction between management’s underlying measures and statutory profitability material.[3]

More activity, faster adjusted earnings growth

The half-year figures imply adjusted EBITDA equivalent to 44% of adjusted gross profit, calculated as 33 divided by 75. This is a ratio of two adjusted measures, rather than a statutory revenue margin. LMAX attributes the strong opening quarter to greater activity and volatility, followed by normalisation in the second quarter.[1]

The separate full-year release reports 2025 volume of $8.2 trillion, adjusted gross revenue of $112 million and adjusted EBITDA of $25 million. The company gives revenue and EBITDA growth of 4% and 11%, respectively. Those figures describe a business processing substantially more activity, with a smaller increase in monetisation. They do not establish a uniform fee per million traded: the group spans products and services with different economics.[2]

Annual adjusted gross revenue and half-year adjusted gross profit are different measures. Comparing their levels as if they were the same income line would distort the apparent change in profitability. The releases support an acceleration in adjusted earnings; they do not supply a full H1 statutory profit reconciliation.[2][1]

The £51.157 million realised inventory gain supplied 34.3% of 2024 reported revenue, calculated from the accounts. Its absence explains a large part of the later revenue decline, although other revenue lines also fell.[3]

The adjustment schedule adds back depreciation, amortisation, impairments, foreign-exchange and inventory-valuation losses, PYTH support costs and other items, while including associate profits. The table uses the signed statements: the narrative’s dollar EBITDA figure does not reconcile directly to them.[3]

What counterparties can assess separately

LMAX Exchange describes an institutional central limit order book supplied by banks and non-banks. Its execution model uses firm liquidity without last-look rejections; price improvement and slippage pass through, while fill rates depend partly on the tolerance set around a target price. These are operating characteristics that brokers and asset managers can test against their own order flow.[4]

Financial growth can support a venue’s capacity to invest, but a higher group volume does not tell a client the depth available in its currency pair, the cost of a particular order or the quality of execution during a volatile interval. The relevant commercial comparison combines the venue’s financial trajectory with measured fills, price variation and execution costs for the strategy actually traded.[4]

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