Plus500 (LON:PLUS) reported record first-half results for 2026, supported by growth in customer activity, continued investment in acquisition and an expanding contribution from its non-over-the-counter business, including U.S. futures and prediction markets.
Group Chief Executive Officer David Zruia said the performance reflected the company’s strategy of entering new markets, broadening its product range and increasing engagement with higher-value customers. He said Plus500 entered the second half with momentum and expected to deliver full-year results in line with current market expectations.
Record customer income and revenue growth
Elad Even-Chen, Group CFO, said the revenue mix was becoming less dependent on interest income, which declined as global rates fell, and increasingly supported by trading activity and customer engagement.
EBITDA increased 1% year over year to $187.5 million, producing an EBITDA margin of 41%. Basic earnings per share rose 6% to $2.17.
Plus500 said its profit growth reflected a decision to raise spending on growth initiatives. Selling and marketing expenses rose 20% to just over $201 million, including about $60 million of incremental marketing investment. Administrative and general expenses also increased 20% to just over $76 million, reflecting international expansion and the effect of a stronger Israeli shekel against the U.S. dollar.
Even-Chen said the shekel strengthened by approximately 20% against the dollar during the period, creating an external foreign-exchange headwind. He said underlying performance was “meaningfully stronger” on a constant-currency basis.
Customer base expands as retention strengthens
The company onboarded more than 65,000 new customers in the first six months, up 17% from a year earlier. Active customers increased 10% to more than 197,000, while total customer deposits rose 10% to $3.4 billion. Average revenue per user increased 2%, and the average cost of acquiring a user declined 1% to $1,230.
Plus500 said it serves more than 34 million registered customers in over 60 countries and operates with 17 regulatory licenses. The company said its focus on premium accounts, retention technology and localized product offerings had helped improve customer quality and longevity.
According to the company, 50% of first-half OTC revenue came from customers that had traded with Plus500 for more than five years, while 20% came from customers acquired within the past year. Zruia said the company had invested in marketing optimization, customer retention and products including options, weekly options and 24/5 stock and ETF trading.
Mobile remained central to the OTC business, with 90% of OTC revenue and 87% of OTC trades generated through mobile phones and tablets during the half.
Non-OTC business gains scale in U.S. markets
Non-OTC revenue increased approximately 30% year over year and accounted for roughly 15% of total group revenue and 23% of new customers. The company said non-OTC operations are expected to generate annualized revenue of about $140 million during 2026.
The business includes futures, share dealing and prediction markets, delivered through business-to-business, direct-to-consumer and business-to-business-to-consumer channels. Plus500 said its U.S. operation provides clearing, execution, order-routing, risk-management and technology services to institutional partners as well as direct retail trading platforms.
In February, Plus500 launched its direct-to-consumer prediction-markets offering on the Plus500 Futures platform. It expanded the offering in June with CFTC-regulated sports event-based contracts. The company also launched single-stock futures shortly after the end of the reporting period.
During the half, Plus500 completed the acquisition of Mehta in India and added six exchange memberships in the country. It also announced partnerships with Wealthsimple in Canada and Nelogica in Brazil, while continuing its clearing relationship involving CME Group and FanDuel Prediction Markets.
Asked about the profitability of non-OTC operations, Even-Chen said market practice for the business was approximately a 10% margin, but that Plus500 believed it could achieve margins of 20% or above over time. He did not provide a current standalone profit figure for the segment.
Zruia said Mehta remained at an early stage of integration and was not included in the company’s near-term plans or numbers. He identified Latin America as an area of increased strategic focus, where Plus500 plans to add marketing and operational resources.
Cash position supports investment and shareholder returns
Plus500 ended the half with approximately $860 million in cash and no debt or loans. Operating cash conversion was 99%, while cash generated from operations totaled about $185 million.
The company said approximately $550 million of its capital was allocated to regulatory capital, working capital, clearing funds and risk-management balances. Surplus capital stood at approximately $310 million at June 30.
The board announced an additional $182.5 million of shareholder returns, consisting of $82.5 million in dividends and $100 million in new share buyback programs. Total returns announced during 2026 reached $370 million, comprising $200 million of buybacks and $170 million of dividends, or more than $2.40 per share in dividend distributions.
Looking ahead, Zruia said Plus500 plans to continue expanding its non-OTC operations, seek additional business partnerships, invest in targeted bolt-on acquisitions and expand its OTC presence in new markets. He said the company’s planned growth drivers include geographic expansion, customer retention, U.S. futures, prediction markets and proprietary technology.
About Plus500 (LON:PLUS)
Plus500 Ltd., a fintech company, operates technology-based trading platforms in Europe, the United Kingdom, Australia, and internationally. The company develops and operates an online trading platform, including over the counter (OTC) products comprising the contracts for difference (CFDs) sector enabling its international customer base of individual customers to trade CFDs on underlying financial instruments comprising shares, indices, commodities, options, ETFs, foreign exchange, and cryptocurrencies internationally.
