Plus500 (PLUS) H2 2025 earnings summary

Executive summary

• Achieved strong operating momentum in 2025, driven by global diversification, proprietary technology, and accelerated delivery of strategic initiatives across OTC and non-OTC businesses.

• Expanded into new markets, including the fast-growing prediction market space and India via the Mehta Equities acquisition.

• Announced significant shareholder returns, with $365 million returned in 2025 and an additional $187.5 million announced for early 2026.

• Maintained a robust financial position with over $800 million in cash and no debt at year-end.

• Recognized as the best-performing share in the FTSE All-Share Index over 13 years, with over 8,700% total shareholder returns.

Financial highlights

• Revenue grew 3% year-on-year to $792.4 million in FY2025; EBITDA increased 2% to $348.1 million; Net Profit was $281.3 million, up 3%.

• EBITDA margin was 44% (down 2% from FY24); ARPU grew 8% to $3,268; average deposit per active customer rose 124% to $26,900.

• Customer deposits reached a record $6.5 billion, with average deposit per active customer up over 400% in four years to $27,000.

• Cash generated from operations was $265 million, with cash and cash equivalents at year-end of $801.6 million.

• Total costs increased 4% to $449.8 million, with notable increases in commissions, payroll, and share-based compensation.

Outlook and guidance

• Entered 2026 with strong momentum, highlighted by new partnerships, expansion into prediction markets and India, and positive trading expected to outperform market consensus.

• Continued expansion of non-OTC operations and strategic growth through investments and acquisitions.

• Confident in continued growth, innovation, and shareholder returns, supported by a robust balance sheet and diversified business model.

• Focused on executing strategic priorities and capitalizing on structural growth drivers in core and new markets.

• Long-term view emphasizes solid financial and technological foundations for further expansion and innovation.