LMAX Group reports record $5.3trn H1 2026 volumes as adjusted gross profit rises 51%
LMAX Group reported adjusted gross profit of $75m, up 51% year on year, and adjusted EBITDA of $33m for the first six months of 2026, alongside record group trading volumes of $5.3trn. The group said first-quarter activity was heightened by market volatility and normalised in the second quarter, as expected.
View original sourceReported earnings
In a release dated 18 September 2026, LMAX Group said adjusted gross profit for the first six months of 2026 reached $75m, 51% higher year on year, while adjusted EBITDA rose to $33m, up 162%. The announcement describes the period as record performance across all key metrics and attributes it to the group's diversified revenue model and continued investment in institutional distribution and an expanded product suite across FX and digital assets. It does not publish prior-year absolute figures for the two adjusted earnings measures, only the growth rates.
Volumes and daily records
Group trading volumes were $5.3trn in 1H-26, up 36% year on year, and 23% above the previous half-year record of $4.3trn set in 2H-25. FX volumes rose 37% year on year. Average daily volume for the half year was a record $41bn, 26% above the previous record in 2H-25. The group also cited a record single-day volume of $74.2bn on 3 March 2026, 24% above the prior record, which it dates to 9 April 2025. No time zone or session basis is given for the daily figures.
Company commentary
Chief executive David Mercer said: "We delivered record performance in the first half of the year and entered the second half with strong momentum." He linked the results to institutional demand for a cross-asset marketplace spanning FX and digital assets, adding that the group aims to lead a shift toward 24/7 trading by combining technology, liquidity and distribution. The release also states that 1Q-26 benefited from heightened market activity and volatility and that performance normalised as expected in 2Q-26.
Scope and basis of the figures
The figures are presented at LMAX Group level and are described as adjusted, with no reconciliation to statutory measures, no breakdown by legal entity, venue or asset class beyond the FX growth rate, and no disclosure of revenue, costs or statutory profit. Because the release does not reconcile the adjusted earnings measures, they should be read as the company's own reported metrics rather than as audited or statutory results. The growth rates are year-on-year comparisons unless the release specifies a half-year basis.
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