# Plus500 raises FY2026 outlook after Q3 revenue grows 11%

- Link: https://www.directorstalkinterviews.com/plus500-raises-fy2026-outlook-after-q3-revenue-grows-11/4121267790
- Published: 2026-10-26T07:07:00+00:00
- Author: Amilia Stone

**Plus500 Limited **(LON:PLUS), a global multi-asset fintech group operating proprietary
technology-based trading platforms, has announced the following trading update for
the three-month period ended 30 September 2026[.](https://www.londonstockexchange.com/en/news/article/PLUS/q3-2026-trading-update/fa94-a9-f9-ea-e0-48b1a6#_bookmark0)

> **David Zruia, Chief Executive Officer of Plus500, commented:**
> “Plus500 has delivered significant strategic and operational progress in Q3 and
> throughout 2026, underpinning strong financial results. We expanded our global
> reach and product suite, which continued to attract increasing numbers of higher-
> value customers. Our non-OTC business continued to gain momentum, enhanced by 
> new partnerships in our B2B and B2B2C channels, extending our global distribution.
> Customer segregated funds surpassed $1bn at period end, reflecting the ongoing
> trust customers place in us and strengthening the foundation for future revenue
> generation. Our OTC business launched innovative new offerings, expanded into 
> new geographies and achieved impressive customer acquisition efficiency at scale,
> driving growth and attractive value creation.
> We built on our established track record of disciplined M&A, with the recently
> announced acquisitions of two broker-dealers in the US and Brazil. In the US, 
> Hedge will unlock access to SEC-regulated markets, supporting the planned launch
> of a new, multi-asset ‘super-app’ in Q1 2027. Guru will establish Plus500’s first
> local operations in Brazil, enabling the Group to begin onboarding customers and
> extend its presence across Latin America. With momentum accelerating across the
> Group, the Board expects that FY 2026 revenue and EBITDA will be ahead of current
> market expectations.”

**Financial and Operational KPIs _(unaudited)_**

| 
 | ** Q3** **2026** | Q3 2025 | _Change %_ | **YTD^([2]) 2026** | YTD 2025 | _Change %_ | 
| Revenue^([3]) | **$203.2m** | $182.7m | _11%_ | **$6****66****.1m** | $597.8m | _11%_ | 
| EBITDA^([4]) | **$88.4m** | $82.7m | _7%_ | **$275.9m** | $267.8m | _3%_ | 
| New Customers^([5]) | **28,747** | 22,644 | _27%_ | **94,470** | 78,809 | _20%_ | 
| Active Customers^([6]) | **119,528** | 115,327 | _4%_ | **230,287** | 209,842 | _10%_ | 
| ARPU^([7]) | **$1,700** | $1,584 | _7%_ | **$2,893** | $2,849 | _2%_ | 
| AUAC^([8]) | **$1,150** | $1,344 | _(14%)_ | **$1,206** | $1,268 | _(5%)_ |

**Key highlights:**

+   **Strategy driving strong results.** Plus500 delivered excellent financial and
operational results for Q3 2026 and YTD 2026. Demonstrating the Group’s strategic
progress and investment in medium-term growth initiatives, Plus500 grew New Customers
significantly while reducing AUAC materially, a combination that is extremely hard
to achieve. These customers converted rapidly into high-quality revenue, driving
an EBITDA margin of 44% in Q3 2026.

+   **Accelerating momentum in the US.** The Group’s non-OTC^([9]) business continued
to perform strongly, securing two new international B2B partnerships with Wealthsimple
and Nelogica, alongside introducing new products, including CFTC^([10])-regulated
sports and non-sports prediction market contracts and single stock futures, further
expanding its target markets. Reflecting this accelerating progress, the non-OTC
business accounted for c.16% of Group revenue and c.31% of New Customers for YTD
2026.

+   **Strategic international expansion.** The recently announced acquisitions of
two broker-dealers unlock exciting new opportunities for Plus500. In the US, Hedge
will complement the Group’s established CFTC-regulated operations, expanding them
into SEC^([11])-regulated markets, and support the delivery of a seamless, holistic
trading experience through a new US ‘super-app’ including futures, options on futures,
prediction markets, stocks, options, ETFs and more. In Brazil, Guru’s regulated 
status will establish Plus500’s first local operations in Brazil, enabling the Group
to begin onboarding local customers and extend its presence across Latin America,
delivering further geographic and product diversification.

+   **OTC product innovation.** The Group’s OTC business launched 24/5 trading on
stocks and ETFs and shortly after the period end, it extended its capabilities to
include 24/7 trading on gold, silver, oil and natural gas, as well as new daily 
option contracts. Together, these launches broaden product choice, cater to evolving
customer preferences and demonstrate Plus500’s ability to deliver product innovation
at scale.

+   **Strong financial foundations.** The Group maintained a robust, debt-free balance
sheet, with cash balances of over $775m as of 30 September 2026, following a dividend
payment of $87.4m and share buybacks of c.$63.5m in Q3 2026. This strong financial
foundation provides Plus500 with the flexibility to invest in organic growth, pursue
inorganic opportunities and continue delivering attractive shareholder returns.

**Strategic overview**

Enabled by its proprietary technology, Plus500’s strategy centres on its core priorities:
entering new markets, broadening its product offering and deepening customer engagement,
encompassing increased customer activation, monetisation and retention. Together,
these core priorities form a clear and proven framework for sustainable growth and
innovation, against which the Group has delivered consistent, measurable progress
since the launch of its strategic roadmap. In the first nine months of 2026, Plus500
remained disciplined in executing against these objectives while continuing to invest
to position the Group for its next phase of growth through the localisation of its
products, new technological innovation and regulated market expansion, achieved 
both organically and inorganically.

_Positive momentum in the US further accelerating expansion and operational scaling_

Plus500 has built a sustainable, fast-growing presence across futures, options on
futures and prediction markets in the US. By leveraging its proprietary technology
and operational expertise, the Group has successfully developed distinct business
lines across its B2B, B2C and B2B2C channels, each of which is delivering real value
through a diversified and established product suite. The non-OTC business reflects
this momentum, accounting for c.16% of Group revenue and c.31% of New Customers 
in YTD 2026. Customer segregated funds surpassed $1bn as at 30 September 2026, reflecting
the ongoing trust customers place in Plus500’s platforms, strengthening the foundation
for future revenue generation. The recent launches of CFTC-regulated prediction 
markets and single stock futures significantly expand the Group’s US product suite,
with additional product launches planned in the short term to drive continued growth.

The B2B2C channel demonstrates Plus500’s innovative, technology-led approach in 
practice. Institutional partners including Wealthsimple, Nelogica and Topstep already
benefit from the Group’s integrated execution, clearing and risk management infrastructure.
Plus500’s established and credible platform in this market positions the Group to
attract additional global partners and scale its international operations further.

_Strategic expansion in the US and Brazil enhances the product offering and market
access_

Building on its established track record of using targeted bolt-on M&A to access
exciting high-growth markets and introduce innovative products, the Group recently
announced the conditional acquisitions of two broker-dealers: Hedge in the US and
Guru in Brazil. The acquisitions will be funded entirely from the Group’s existing
cash resources, reflecting the strength of Plus500’s balance sheet.

The acquisition of Hedge will complement the Group’s established CFTC-regulated 
US operations, expanding them into SEC-regulated securities markets, enhancing its
customer proposition through a truly integrated multi-asset ecosystem. Both new 
and existing US customers will benefit from a significantly broader suite of trading
solutions, enabling the Group to drive cross-product synergies in a unified platform
offering while catering to a wider set of customer demand.

The acquisition of Guru will establish Plus500’s first local operations in Brazil,
enabling the Group to begin onboarding local customers and extend its presence across
Latin America, delivering further diversification by geography and product. This
represents an exciting next step in the Group’s regional expansion, building on 
its existing B2B partnership with Nelogica and its local presence in Colombia.

At the core of Plus500’s M&A strategy, and its proven track record, is financial
discipline and proprietary technology integration, which together drive compelling
returns on investment and attractive medium-term growth.

_US ‘super-app’ supports the Group’s strategy of product expansion and catering 
to evolving customer demand_

The planned launch of the Group’s new US ‘super-app’ in Q1 2027 demonstrates its
commitment to investing in medium- to long-term growth and to consistently expanding
its product offering to meet customer demand. The app will be powered by Plus500’
s proprietary technology and supported by the proposed acquisition of Hedge. The‘
super-app’ represents a major strategic milestone for Plus500 that will give US 
retail customers unified access to futures, options on futures, prediction markets,
stocks, options, ETFs and more, through a single, seamless and intuitive platform.

For the first time, the ‘super-app’ will unlock the SEC-regulated securities market
for Plus500, the world’s largest pool of retail investment activity, while supporting
the Group’s broadest-ever product range in one ecosystem. By addressing a wider 
spectrum of customer needs, the offering is designed to drive deeper customer engagement,
higher retention rates and greater monetisation, while expanding the Group’s reach
to new groups of customers. Following the US launch, the Group intends to roll out
the ‘super-app’ across additional global markets over time.

_Continued focus on customer value and product innovation_

In recent years, the Group has focused on acquiring higher-value customers through
its technology-led multi-channel approach to marketing. This strategy has enabled
the Group to scale its global business, while establishing local platforms, and 
convert customer growth into high-quality revenue. Significant increases in customer
deposits, engagement and longevity reflect this, as well as the Group’s ongoing 
optimisation of its customer proposition, supported by enhancements to activation,
monetisation and retention initiatives. Strong levels of customer growth have been
delivered, while simultaneously optimising customer acquisition to reduce AUAC materially,
highlighted by a 14% year-on-year (“YoY”) reduction in Q3 2026, a combination that
is extremely hard to achieve.

To further deepen customer engagement and expand customer trading opportunities,
the Group launched 24/5 trading on stocks and ETFs, earlier this year. Shortly after
the period end, it expanded its capabilities to include 24/7 trading on gold, silver,
oil and natural gas, as well as new daily option contracts. Together, these broaden
product choice, cater to evolving customer preferences and demonstrate Plus500’s
ability to deliver product innovation at scale.

**Financial overview**

The Group delivered a strong financial performance in Q3 2026. New Customer growth
of 27% YoY converted into high-quality revenue, while AUAC fell by 14% YoY, driving
an EBITDA margin of 44% in the quarter. This builds on the Group’s excellent H1 
2026 performance, resulting in strong financial and operational results for the 
first nine months of the year.

Revenue for the first nine months of 2026 increased by 11% to $666.1m (YTD 2025:
$597.8m), comprising trading income of $634.0m (YTD 2025: $547.1m) and interest 
income of $32.1m (YTD 2025: $50.7m), including revenue of $203.2m in Q3 2026, representing
an increase of 11% YoY (Q3 2025: $182.7m). The Group’s revenue growth was positively
driven by strong trading income, which outweighed a decline in interest income as
global interest rates fell.

Customer Income^([12]), a key measure of the Group’s underlying performance, increased
by 19% to $641.1m (YTD 2025: $536.7m), including $180.3m in Q3 2026 representing
an increase of 9% YoY (Q3 2025: $165.2m), reflecting the strength, engagement and
quality of the Group’s customer base. Customer Trading Performance^([13]) was ($
7.1m) for the first nine months of 2026 (YTD 2025: $10.4m) and $11.9m in Q3 2026(
Q3 2025: ($3.6m)). The Group continues to expect that this will remain broadly neutral
over time.

EBITDA for YTD 2026 was $275.9m (YTD 2025: $267.8m), representing growth of 3%. 
This reflects the Group’s deliberate investment in marketing technology to support
high value customer acquisition, together with the natural scaling of costs associated
with the continued expansion of the Group’s operations. EBITDA in Q3 2026 was $88.4m,
representing growth of 7% YoY (Q3 2025: $82.7m) and an EBITDA margin for the period
of 44%.

The Group maintained a robust, debt-free balance sheet, with cash balances exceeding
$775m as of 30 September 2026, following a dividend payment of $87.4m and share 
buybacks of c.$63.5m in Q3 2026. This financial strength enables the Board to pursue
its capital allocation policy with confidence, balancing organic and inorganic growth
investments with substantial capital returns to shareholders.

**Operational overview**

The Group’s continued focus on attracting higher value customers drove a 20% increase
in New Customers to 94,470 for YTD 2026 (YTD 2025: 78,809), including a 27% increase
in Q3 2026 to 28,747 (Q3 2025: 22,644), supported by the Group’s sophisticated, 
technology-led marketing capabilities.

Active Customers increased by 10% to 230,287 for the first nine months of the year(
YTD 2025: 209,842), including 119,528 in Q3 2026 (Q3 2025: 115,327). These trends
reflect the Group’s highly successful approach to customer retention and activation
initiatives.

Total customer deposits reached a quarterly record high of $1.9bn in Q3 2026 (Q3
2025: $1.7bn), with average deposit per Active Customer increasing YoY by 7% in 
Q3 2026 to c.$15,800 (Q3 2025: c.$14,700), highlighting the Group’s continued success
in attracting and retaining higher value customers. Total customer deposits for 
the first nine months of the year were $5.3bn (YTD 2025: $4.8bn), equating to an
average deposit per Active Customer of c.$23,000 (YTD 2025: c.$22,850), reflecting
continued strong demand from customers.

**Shareholder returns**

As of 30 September 2026, the Company held 43,980,450 ordinary shares in treasury,
representing approximately 38% of the Company’s issued share capital. Since the 
commencement of its share buyback programmes in 2017, the Company has repurchased
a total of 51,113,187 ordinary shares at an average price of £17.70 per share. This
total reflects purchased ordinary shares, excluding shares issued from treasury 
in respect of equity share-based compensation plans. Ordinary shares repurchased
under the buyback programmes are held in treasury and are not entitled to dividends
and have no voting rights.

**Outlook**

The fundamentals of the Group remain highly compelling: a robust, debt-free balance
sheet, global distribution across more than 60 countries, an expanding global portfolio
of valuable regulatory licences, which support all of the Group’s various lines 
of business, and a proprietary technology stack that powers all aspects of its operations.
As a result, Plus500 is uniquely positioned to generate sustained shareholder value
across diversified revenue streams in high structural growth markets. The Group’s
disciplined capital allocation framework and proven ability to outperform across
market cycles, give the Board confidence in its ability to continue to deliver compounding
returns through organic growth and value-accretive bolt-on acquisitions.

Reflecting the strong financial performance and meaningful strategic progress in
the first nine months of 2026, the Board expects that FY 2026 revenue and EBITDA
will be ahead of current market expectations^([14]).

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