Plus500 Plc (LON:PLUS), a global multi-asset fintech group operating proprietary technology-based trading platforms, has announced its trading update for the six months ended 30 June 2025.
David Zruia, Chief Executive Officer of Plus500, commented:
“Plus500 delivered further operational and financial progress in H1 2025. We expanded our global presence with new regulatory licences in Canada and the UAE, added to our growing list of clearing memberships with ICE Clear US and announced the exciting acquisition of Mehta Equities in India, which will provide us access to the largest retail futures market in the world. This progress is underpinned by our proprietary technology which drives our global business model and supports our relentless focus on innovation and growth, enabling the Group to deliver compounded returns through the cycle.”
Financial highlights*
| H1 2025 | H1 2024 | Change % | Q2 2025 | Q2 2024 | Change % | |
| Revenue[1] | $415.1m | $398.2m | 4% | $209.3m | $182.6m | 15% |
| EBITDA[2] | $185.1m | $183.9m | 1% | $91.3m | $81.3m | 12% |
| EBITDA margin | 45% | 46% | (2%) | 44% | 45% | (2%) |
*Unaudited
Strong financial and operational delivery during H1 2025
The Group’s increasingly diversified business model, global scale and best-in-class operations are all driven by its proprietary technology and unique system architecture. Reflecting this strong strategic positioning, revenue in H1 2025 increased by 4% to $415.1m (H1 2024: $398.2m) and EBITDA grew to $185.1m, equating to an EBITDA margin of 45% (H1 2024: $183.9m and 46%).
The Group successfully onboarded 56,165 New Customers[3] in H1 2025 (H1 2024: 56,759), including 29,268 in Q2 2025 (Q2 2024: 24,810) and Active Customers[4] were 179,931 (H1 2024: 175,909), including 132,602 in Q2 2025 (Q2 2024: 123,803). Customer deposits of $3.1bn (H1 2024: $1.5bn) was a record high for a six-month period, highlighting the success of Plus500’s strategic focus on higher value customers and structural growth initiatives.
Strategic highlights
In H1 2025, Plus500 delivered meaningful progress on a number of important initiatives as its positive momentum accelerated.
The strategic highlights include:
+ The Group’s growing futures business performed extremely well, with non-OTC[5] revenue representing approximately 13% of total Group revenue during the period, highlighting the successful diversification of the Group’s operations into the US futures market.
+ The futures business was further supported with a new clearing membership with ICE Clear US, allowing the Group to expand its holistic product and service offering to futures customers.
+ The conditional acquisition of Mehta Equities Limited in the period, subject to the receipt of certain regulatory approvals and other closing conditions, represents a major milestone that aims to boost Plus500’s presence in the global futures market, providing access to the largest retail futures market in the world, and creating synergies between the Group’s existing operations in the US futures market.
+ Geographic expansion with a new regulatory licence in Canada and an additional licence in the UAE, which has already enabled Plus500 to enhance its localised offering in the UAE and expand its product in this strategically important market to capture the revenue opportunity.
Significant level of total shareholder returns
During H1 2025, Plus500 announced shareholder returns of approximately $200m through dividends and share buybacks, supported by its strong financial position. Cash balances remained strong at over $925m as of 30 June 2025.
The Company will announce new shareholder returns, comprising dividends and share buybacks, consistent with its shareholder returns policy, as part of its H1 2025 results on Monday 11 August 2025.
Outlook
Following a strong start to the year, the Board of Directors of Plus500 remains confident in the outlook for the Group for 2025[6] and beyond, reflecting the Group’s market-leading technological capabilities, balance sheet strength, earnings resilience and the emerging opportunities, particularly within the B2B (Institutional) futures space.
[1] Revenue is comprised of trading income and interest income
[2] EBITDA – Revenue (trading income and interest income) minus operating expenses plus depreciation and amortisation
[3] New Customers – Customers depositing for the first time
[4] Active Customers – Customers who made at least one real money trade during the period
[5] Non-OTC includes futures and share dealing
[6] Market expectations based on compiled analysts’ consensus forecasts (Source: Bloomberg). Consensus forecasts for FY 2025 revenue and EBITDA are $746.2m and $345.2m, respectively
