Plus500 Ltd (LON:PLUS), a global multi-asset fintech group operating proprietary technology-based trading platforms, has announced its interim results for the six-month period ended 30 June 2025[1].
David Zruia, Chief Executive Officer of Plus500, commented:
“In the first half of the year, the strength of Plus500’s globally diversified multi-asset offering was again evidenced by our accelerated operational, financial and strategic results.
We delivered great progress during H1 2025 in further diversifying our business and strengthening our operating model. Our global portfolio of regulatory licences further increased with new licences in Canada and the UAE, as well as a new clearing membership with ICE Clear US. We strengthened our successful B2B and B2C futures offering, continued to build out our innovative product suite with new offerings in Japan and announced the conditional acquisition of Mehta Equites in India, to further expand our geographic reach.
Plus500’s track record of delivering compounded returns for shareholders over the long-term, and across market cycles, is unrivalled. In total, we have bought back approximately 38% of our shares in the open market and, in 2025 alone, we have committed to buying back another $200.0m worth of shares including today’s announcement. Our cash generative business model and debt-free balance sheet strength underpin our global operations, allowing us to keep investing in the compelling structural growth opportunities we see ahead of us and to continue delivering attractive returns to our shareholders at the same time. We look to the second half of the year and beyond with confidence.”
Financial KPIs (unaudited):
H1 2025 | H1 2024 | Change % | Q2 2025 | Q2 2024 | Change % | |
Revenue[2] | $415.1m | $398.2m | 4% | $209.3m | $182.6m | 15% |
EBITDA[3] | $185.1m | $183.9m | 1% | $91.3m | $81.3m | 12% |
EBITDA Margin | 45% | 46% | (2%) | 44% | 45% | (2%) |
Operational KPIs (unaudited):
H1 2025 | H1 2024 | Change % | Q2 2025 | Q2 2024 | Change % | |
Active Customers[4] | 179,931 | 175,909 | 2% | 132,602 | 123,803 | 7% |
New Customers[5] | 56,165 | 56,759 | (1%) | 29,268 | 24,810 | 18% |
ARPU[6] | $2,307 | $2,264 | 2% | $1,578 | $1,475 | 7% |
AUAC[7] | $1,237 | $1,489 | (17%) | $1,267 | $1,708 | (26%) |
Average deposit per Active Customer | c.$17,250 | c.$8,400 | 105% | c.$11,100 | c.$6,100 | 82% |
Delivering against our strategic objectives and positioning the Group for continued long-term growth
The acceleration of Plus500’s business continued in the first half of the year, as it secured new regulatory licences and a clearing membership, entered new markets and leveraged the strength of its unparalleled technology stack to broaden its product suite, all of which drove revenue and EBITDA growth and resulted in all-time record high total customer deposits which have more than doubled year-on-year.
+ | Strong H1 2025 results with revenue of $415.1m and EBITDA of $185.1m, equating to an EBITDA margin of 45%. A basic Earnings per Share (“EPS”) of $2.05 represents 8% growth year-on-year. |
+ | Meaningful contribution from the non-OTC[8] business as a whole during the period, which now accounts for approximately 13% of total Group revenue (FY 2024: approximately 10%), highlighting the business’s established position and the increasingly diversified nature of the Group’s offering. |
+ | The US futures business was further strengthened following the addition of a new clearing membership with ICE Clear US in January 2025, enhancing its holistic clearing capabilities, to cater to current and new customers. |
+ | The acquisition of Mehta Equities Limited (“Mehta”) in India, which is still subject to regulatory approval and certain closing conditions, will further expand the Group’s geographic presence to include the largest retail futures trading market in the world and supports the Group’s ambitions to become a global futures provider, driving valuable synergies between the US futures business and the Indian market for B2B (Institutional) customers. |
+ | Total customer deposits reached an all-time record high for a six-month period of $3.1bn, reflecting an average deposit per Active Customer which more than doubled, to c.$17,250 (H1 2024: c.$8,400), highlighting the Group’s diversified product offering and its sustained success in attracting higher value customers. |
+ | Plus500 secured a new commodities licence in Japan allowing it to expand its OTC offering to the commodities asset class, following the earlier launch of a highly localised, multi-asset offering for the Japanese market, which remains a structural growth opportunity for the Group over the medium to long-term. |
+ | With the addition of new regulatory licences in the UAE, from the Securities and Commodities Authority (“SCA”), and in Canada, from the Canadian Investment Regulatory Organization (“CIRO”), the Group now holds 15 regulatory licences globally. These licences remain a highly attractive source of long-term competitive advantage, which enable Plus500 to operate at scale across the OTC, futures and share dealing markets. |
Momentum continuing to build in the US futures market – on track to deliver more than $100m of revenue in FY 2025
The US futures business is on track to generate more than $100m in revenue this year, a direct result of Plus500’s superior technology stack which underpins its best-in-class offering.
+ | In H1 2025, the Group’s non-OTC business as a whole continued to perform extremely well, representing approximately 13% of total Group revenue (FY 2024: approximately 10%), approximately 17% of total New Customers (FY 2024: approximately 15%) and approximately 64% of total customer deposits (FY 2024: approximately 36%). |
+ | As of 30 June 2025, the futures businesses held approximately $850m of customer segregated funds, a material increase of over 140% versus the end of FY 2024. This growth reflects the trust that Plus500 has been able to establish with customers in this market, thanks to the Group’s technology-enabled offering and best-in-class customer engagement. |
+ | The B2B (Institutional) business continued to successfully leverage its technological superiority to onboard new customers and grow its market share during H1 2025, and the Group is currently working on further expanding its offering through enhanced integrations of its B2B futures vertical as a clearing party of different exchanges. Also, ‘Plus500 Cosmos’, the Group’s innovative customer portal, continued to serve as an important driver of new Introducing Brokers (“IBs”) relationships. |
+ | The B2C (Retail) business, which includes the ‘Plus500 Futures’ and ‘T4-Pro’ trading platforms, also delivered excellent operational results in H1 2025, once again driven by its superior technological offering and ability to provide customers with a seamless trading experience. |
Disciplined and responsible M&A strategy leading to enhanced global footprint, delivering attractive synergies across markets and products
Plus500’s M&A strategy has enabled the Group to enter highly-attractive markets with strong underlying fundamentals, with the opportunity to introduce its differentiated market-leading technology, and drive synergies across markets and products for the benefit of all stakeholders.
+ | In recent years, Plus500 has established an excellent M&A track record. The Group has acquired businesses in the US, Japan and India, providing it with access to high-growth, regulated markets and established financial industries. This M&A track record complements the Group’s organic growth strategy of entering new markets and developing innovative new products and services. |
+ | The acquisition of Mehta marks a significant milestone in the Group’s strategic ambitions of scaling its futures offering globally and will also drive valuable synergies between the US futures business and the Indian market for B2B (Institutional) customers, streamlining processes and improving users’ trading experience. |
+ | Supported by its balance sheet strength, the Group will continue to assess opportunities for additional accretive bolt-on acquisitions, which contribute to its geographic or product diversification, as part of Plus500’s strategic roadmap, all designed to generate significant value for its shareholders. |
Plus500’s proprietary marketing technology is central to the Group’s strong customer KPIs performance
The Group’s proprietary technology platforms are the engine of the business, providing customers with a seamless user experience, and supporting its enduring ability to continue to attract and retain higher value customers, with deeper engagement. Reflecting this, the Group now has an established customer base of approximately 32 million registered customers worldwide.
+ | Over the last few years, Plus500 has actively focused on attracting and retaining higher value customers, leading to a significant improvement in customer KPIs and customer retention. For example, during H1 2025, the average deposit per Active Customer increased significantly by over 100% to approximately $17,250 (H1 2024: approximately $8,400) and 47% of H1 2025 OTC revenue was generated by customers who have been trading with Plus500 for more than five years (H1 2024: 31%). |
+ | At the same time, Plus500 has continued to optimise its customer acquisition strategies, utilising its sophisticated technological marketing capabilities, resulting in reduced AUAC of $1,237 during H1 2025 (H1 2024: $1,489) while focusing on attracting higher value customers. |
+ | In H1 2025, 89% of OTC revenue was generated from customers trading on mobile or tablet devices (H1 2024: 87%), highlighting Plus500’s consistent industry leadership when it comes to mobile-first services for customers and its relentless focus on innovation. |
Plus500 extends its track record of meaningful shareholder returns with an additional $165.0m of share buyback programmes and dividends announced today
Today’s announcement of $165.0m of further shareholder returns is consistent with Plus500’s disciplined capital allocation framework and reflects the Group’s robust balance sheet and highly cash generative business model.
+ | The shareholder returns announced today include new share buyback programmes of $90.0m, and total dividends of $75.0m, equating to $1.0553 per share. This brings total shareholder returns announced during 2025 to total of $365.0m, following the $200.0m announced in February 2025. |
+ | Since its IPO in 2013, the Company’s total shareholder returns amount to $2.7bn, including those announced today. Since listing on the LSE in 2013, up to 30 June 2025, Plus500 has been the best-performing share on a total return basis in the FTSE All-Share Index, generating a total return to shareholders of over 7,900%[9]. |
+ | Reflecting the significant progress and scale the Group has achieved in recent years, and its established track record of delivering attractive shareholder returns, Plus500 was included in the STOXX Europe 600 Index for the first time in January 2025. |
Outlook
The Group’s FY 2025 results are expected to be in-line with current market expectations[10].
Plus500 is well-positioned to drive through-the-cycle compounding returns for shareholders and to benefit from compelling structural growth drivers in its end markets over the medium-term.
The Board of Directors of Plus500 (the “Board”) remains confident about the Group’s future prospects and strategic direction driven by its status as a trusted, diversified multi-asset fintech leader, and the consistent operational progress made in recent years enabled by its leading proprietary technology stack and its robust financial position.
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 H1 2025 Interim Results | SparkLive | LSEG. The presentation materials and a recording of the audiocast will be available in due course at https://investors.plus500.com/Reports/Presentation.
[1] All figures for the six-month period ended 30 June 2025 and for the six-month period ended 30 June 2024, included in this announcement, are unaudited
[2] Revenue is comprised of trading income and interest income
[3] EBITDA – Revenue (trading income and interest income) minus operating expenses plus depreciation and amortisation
[4] Active Customers – Customers who made at least one real money trade during the period
[5] New Customers – Customers depositing for the first time
[6] ARPU – Average Revenue Per User
[7] AUAC – Average User Acquisition Cost
[8] Non-OTC includes futures and share dealing
[9] Source: Bloomberg
[10] Market expectations – Based on compiled analysts’ consensus forecasts (Source: Bloomberg), which can be found on the Investor Relations section of the Company’s website, which are for revenue and EBITDA of $746.2m and $345.2m, respectively, for FY 2025