Comparing H2 FY2025 (February 9, 2026) → H1 FY2026 (August 10, 2026)
✅ Delivered
- Non-OTC Revenue Scales to ~$140M Annualized Run Rate, Up ~30% Year-on-Year
- B2C Prediction Markets Offering Launched on Plus500 Futures Platform in February 2026
- Sports Event-Based Contracts Introduced in June, Completing Next-Generation B2C Offering
- B2B2C Channel Operationalized as a Third Distinct Revenue Sub-Line
- Mehta Acquisition Completed in February 2026, Six Indian Exchange Memberships Added
- Customer Income Reaches Five-Year High at ~$461M, Up 24% Year-on-Year
- Revenue Grows 12% Year-on-Year to a Three-Year High of ~$463M
- New Customers Up 17% Year-on-Year to More Than 65,000 in H1
- Wealthsimple (Canada) and Nelogica (Brazil) Onboarded as New B2B Partners
- Total Shareholder Returns of $182.5M Announced, Consistent with Capital Allocation Policy
⚠️ Reprioritized
- Topstep Partnership Moves from Featured Milestone to Background Reference
- Kalshi Ceases to Appear as a Named Strategic Reference
- Japan Market Build-Out and Offline Marketing Campaigns Drop Out of Prepared Remarks
- Active Customer Count Framing Shifts — 197,000 Active Customers vs. 242,000 in Prior Period, Without Direct Comparison
- EBITDA Growth Decelerates to 1% Year-on-Year; Cost Step-Up Foregrounded as «Deliberate Investment»
- FX Headwinds Introduced as New Cost Narrative — Israeli Shekel Appreciation Cited at ~20% Against USD
- Non-OTC Margin Guidance Introduced for the First Time: Management Projects 20%+ vs. ~10% Industry Practice
🔇 De-Emphasized or Absent
- Kalshi Partnership — Named as Active Strategic Initiative in February Call, Absent from H1 Prepared Remarks 🔴
- STOXX Europe 600 Index Inclusion — Featured Achievement in February Call, Unmentioned in H1 🔴
- Topstep Partnership Detail and Exclusivity Terms — Fully Elaborated in February, Reduced to a Passing Reference in H1
🎭 Narrative Positioning
- «Record Results» Language Elevated Throughout — Revenue, Customer Income, and New Customer Growth All Framed at Multi-Year Highs
- Prediction Markets Reframed from «Entry» to «Established Position» — Language Shifts from Excitement to Institutional Confidence
- Mehta Repositioned from Strategic Acquisition to Early-Stage Integration Asset, Excluded from Near-Term Numbers
- Latin America Gains Explicit Narrative Presence as an Underutilized Growth Market Requiring Incremental Resources
- Cost Acceleration Defended via «Investing Ahead of Revenue» Frame — Marketing Step-Up of ~$60M Positioned as Conversion-Positive
- Q&A: Non-OTC Margin Question Answered with Forward Projection Rather Than Current Disclosure
- Q&A: Mehta’s Contribution to Non-OTC 30% Growth Left Quantitatively Unaddressed
