Plus500 plc (LON:PLUS), a global multi-asset fintech group operating proprietary technology-based trading platforms, has announced its preliminary unaudited results for the year ended 31 December 2025.
Completion of Mehta Equities acquisition in India
Significant shareholder returns of $187.5m announced today
Non-OTC[1] business generated more than $100m of revenue for the first time
Strong financial performance and accelerated delivery across products, geographies and customers
David Zruia, Chief Executive Officer of Plus500, commented:
“2025 marked a year of accelerated strategic progress for Plus500. We successfully scaled our non-OTC business into a key growth driver, bolstered our position as a trusted provider of institutional market infrastructure, and continued to deliver a strong financial performance with significant shareholder returns.
Reflecting this, we have started FY 2026 with the Group’s trading being supported by positive momentum across global financial markets, as well as with strong operational results including launching prediction markets products for B2C customers and completing the acquisition of Mehta Equities in India.
The strategic milestones we achieved during the year highlight the enduring strengths of our proprietary technology, regulatory expertise and disciplined capital allocation framework. Supported by our robust balance sheet, highly cash-generative business model and multiple structural growth drivers across product verticals, including in new, rapidly growing segments such as prediction markets, we are well positioned to continue delivering strong operational execution, innovation, growth and attractive compounding shareholder returns over the medium- to long-term.”
Financial KPIs
| FY 2025* | FY 2024 | Change % | |
| Revenue[2] | $792.4m | $768.3m | 3% |
| EBITDA[3] | $348.1m | $342.3m | 2% |
| Basic Earnings Per Share (“EPS”) | $3.93 | $3.57 | 10% |
Operational KPIs*
| FY 2025 | FY 2024 | Change % | |
| Average deposit per Active Customer | c.$26,900 | c.$12,000 | 124% |
| ARPU[4] | $3,268 | $3,023 | 8% |
| Active Customers[5] | 242,440 | 254,138 | (5%) |
| New Customers[6] | 104,902 | 118,010 | (11%) |
| AUAC[7] | $1,267 | $1,456 | (13%) |
*Unaudited
Strong financial performance driven by the Group’s global offering, scale and capital allocation
| + | Strong financial results delivered for FY 2025, with revenue and EBITDA ahead of market expectations[8], supported by an increasingly diversified revenue base and disciplined cost management |
| + | Maintained a highly cash-generative business model, underpinned by a strong, debt-free balance sheet with substantial cash resources of approximately $0.8bn as of 31 December 2025 |
| + | Significant shareholder returns of $187.5m announced today, comprising dividends of $87.5m and share buybacks of $100m, extending Plus500’s long-standing track record of capital returns while continuing to invest in growth and innovation |
Accelerated strategic execution and diversification across the Group
| + | FY 2025 was a year of significant progress against the Group’s long-term strategic roadmap of expanding into new markets, enhancing its product offering across both the OTC and non-OTC businesses and deepening engagement with its growing cohort of premium customers |
| + | In February 2026, Plus500 successfully completed its acquisition of Mehta Equities Limited (“Mehta”) in India, expanding its geographic reach and enhancing its global B2B and B2C futures offering |
| + | Further business diversification across products, geographies and customers, enhancing resilience across market cycles, including during less volatile financial markets |
| + | Continued evolution into a global, multi-asset fintech group operating proprietary trading platforms alongside trusted market infrastructure and clearing services |
Material progress delivered in non-OTC business with annual record revenue and customer segregated funds
| + | The non-OTC business generated record revenue of more than $100m in FY 2025, marking a step-change in scale as this business line becomes a meaningful and increasingly important contributor to Group revenue, new customer numbers and total customer deposits |
| + | Customer segregated funds in the non-OTC business increased by 160% year-on-year to over $0.9bn as of 31 December 2025, reflecting the rapidly growing trust and engagement that both B2B and B2C customers place in Plus500 |
| + | Entered into a strategic partnership with Topstep, a leading US-based trading education and evaluation platform, acting as the exclusive provider of clearing and technology infrastructure to support its brokerage expansion |
| + | Obtained three new clearing memberships with ICE Clear US, ICE Clear Europe and Kalshi Klear, further expanding the Group’s holistic clearing service and global geographic footprint |
Prediction markets initiatives provide a strategic growth engine for Plus500
| + | Landmark appointment as clearing partner for CME Group and FanDuel’s new event-based contracts platform, ‘FanDuel Prediction Markets’ |
| + | As announced earlier this month, the Group also expanded its B2C offering in the US through the launch of Kalshi exchange event-based contracts, enabling customers on Plus500’s futures trading platform to access regulated event-based markets |
| + | These significant achievements underscore the industry’s confidence in Plus500’s proprietary technology, regulatory expertise and trusted status, solidifying the Group’s position as a provider of institutional infrastructure and collaboration |
Structural growth of the Group’s OTC business underpinned by new markets, licences and products
| + | During FY 2025 the Group secured new licences in Canada and the UAE |
| + | First strategic expansion into Latin America with authorisation to establish a representative office in Colombia, which brings the Group’s global portfolio of regulatory licences to 17, including the most recent addition following the acquisition of Mehta in India |
| + | New commodities licence obtained in Japan, expanding the Group’s localised, multi-asset OTC offering in this strategically important market, followed by a new localised offline marketing campaign |
| + | Plus500’s status as an innovative leader for the mobile-first generation of customers was highlighted once again by 89% of OTC revenue being generated by customers trading on mobile or tablet devices (FY 2024: 88%) |
Increased focus on higher value customers enhances quality of revenue, earnings and longevity
| + | Continued strong momentum in customer deposits, with the average deposit per Active Customer increasing by 124% to a record level of c.$26,900 during the year (FY 2024: c.$12,000), highlighting the Group’s ongoing success in attracting higher value customers |
| + | Delivered a record ARPU of $3,268 (FY 2024: $3,023) for FY 2025, representing growth of 8% year-on-year, driven by the Group’s diverse product offering, intuitive trading platforms, best-in-class customer service and sophisticated retention initiatives |
| + | In FY 2025, approximately 50% of OTC revenue was generated by customers trading with the Group for more than five years. Improved customer longevity and deeper engagement reflect the increasingly sophisticated, long-term nature of Plus500’s high-quality customer base, leading to greater stability, resilience and quality of earnings |
| + | Proprietary, data-driven marketing technology driving disciplined customer acquisition while improving efficiency, contributing to a 13% reduction in AUAC year-on-year |
Outlook
The significant strategic, operational and financial momentum achieved in FY 2025 has continued into FY 2026 with the Group’s trading being supported by positive momentum across global financial markets, as well as with strong operational results. This includes Plus500’s launch of its prediction markets offering for B2C customers in the US and completing the acquisition of Mehta in India, setting a strong foundation for the year.
The Group’s positive outlook is underpinned by its diversified business model, its growing non-OTC business lines and its established position as a trusted provider of institutional market infrastructure. This is enabled by its robust balance sheet, proprietary technology and an expanding global regulatory footprint, all of which provide a strong foundation for continued execution against its strategic roadmap.
The Company’s Board of Directors (the “Board”) remains confident in the Group’s prospects and expects FY 2026 performance to be ahead of current market expectations[9].
Analyst and investor webcast
Plus500’s CEO, CFO and Head of Investor Relations will host a webcast for analysts and investors at 9:00am UK time today, which can be accessed via the following link: Plus500 FY 2025 Preliminary Results | SparkLive | LSEG. The presentation materials and a recording of the webcast will be made available in due course at https://investors.plus500.com/Reports/Presentation.
