REG - Plus500 Ltd - Plus500 H1 2025 Interim Results
Mon 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250811:nRSK7126Ua&default-theme=true
RNS Number : 7126U Plus500 Limited 11 August 2025
11 August 2025
Plus500 Ltd.
("Plus500", the "Company" or together with its subsidiaries the "Group")
Interim results for the six-month period ended 30 June 2025
Strong operational, financial and strategic momentum across all areas of the
business
Significant additional shareholder returns of $165.0m announced today
Plus500, a global multi-asset fintech group operating proprietary
technology-based trading platforms, today announces its interim results for
the six-month period ended 30 June 2025 1 (#_ftn1) .
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 (#_ftn2) $415.1m $398.2m 4% $209.3m $182.6m 15%
EBITDA 3 (#_ftn3) $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 (#_ftn4) )) 179,931 175,909 2% 132,602 123,803 7%
New Customers 5 (#_ftn5) 56,165 56,759 (1%) 29,268 24,810 18%
ARPU(( 6 (#_ftn6) )) $2,307 $2,264 2% $1,578 $1,475 7%
AUAC 7 (#_ftn7) $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 (#_ftn8) )) 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 (#_ftn9) )).
+ 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 (#_ftn10) )).
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
(https://sparklive.lseg.com/Plus500Ltd/events/24dbebd4-03d5-4c9d-b9f1-c50eb1b8518b/plus500-h1-2025-interim-results)
. The presentation materials and a recording of the audiocast will be
available in due course at https://investors.plus500.com/Reports/Presentation
(https://investors.plus500.com/Reports/Presentation) .
For further details:
Plus500 Ltd.
Elad Even-Chen, Chief Financial Officer +972 4 8189503
Owen Jones, Head of Investor Relations +44 (0) 7551 654208
ir@Plus500.com (mailto:ir@Plus500.com)
DGA Group
James Melville-Ross +44 (0)20 7038 7411
James Styles Plus500@dgagroup.com (mailto:Plus500@dgagroup.com)
Methuselah Tanyanyiwa
About Plus500
Plus500 is a global multi-asset fintech group operating proprietary
technology-based trading platforms. Plus500 offers customers a range of
trading products, including OTC ("Over-the-Counter" products, namely Contracts
for Difference (CFDs)), share dealing, as well as futures and options on
futures.
The Group retains operating licences and is regulated in the United Kingdom,
Australia, Cyprus, Israel, New Zealand, South Africa, Singapore, the
Seychelles, the United States, Estonia, Japan, the UAE, the Bahamas and
Canada, and through its OTC product portfolio, offers more than 2,500
different underlying global financial instruments, comprising equities,
indices, commodities, options, ETFs, foreign exchange and cryptocurrencies.
Customers of the Group can trade its OTC products in more than 60 countries
and in 30 languages.
Plus500's trading platforms are accessible from multiple operating systems
(iOS, Android and Windows) and web browsers. Customer care is, and has always
been, integral to Plus500. As such, OTC customers cannot be subject to
negative balances. A free demo account is available on an unlimited basis for
OTC trading platform users and sophisticated risk management tools are
provided free of charge to manage leveraged exposure, and stop losses to help
customers protect profits, while limiting capital losses.
Plus500 was admitted to trading on the London Stock Exchange (LON: PLUS) on 24
July 2013. It was admitted to the Equity Shares in Commercial Companies
("ESCC") Category of the Official List and is a constituent of the FTSE 250
Index and the STOXX Europe 600 Index. Website: www.plus500.com
(http://www.plus500.com/) .
The information contained within this announcement is deemed by the Company
to constitute inside information as stipulated under the Market Abuse
Regulation ("MAR"). Upon the publication of this announcement via Regulatory
Information Service ("RIS"), this inside information is now considered to be
in the public domain.
Forward looking statements
This announcement contains statements that are or may be forward-looking
statements. All statements other than statements of historical facts included
in this announcement may be forward-looking statements, including statements
that relate to the Group's future prospects, developments and strategies. The
Company does not accept any responsibility for the accuracy or completeness of
any information reported by the press or other media, nor the fairness or
appropriateness of any forecasts, views or opinions express by the press or
other media regarding the Group. The Company makes no representation as to the
appropriateness, accuracy, completeness or reliability of any such information
or publication.
Forward-looking statements are identified by their use of terms and phrases
such as "believe", "targets", "expects", "aim", "anticipate", "project",
"would", "could", "envisage", "estimate", "intend", "may", "plan", "will" or
the negative of those, variations or comparable expressions, including
references to assumptions. The forward-looking statements in this announcement
are based on current expectations and are subject to known and unknown risks
and uncertainties that could cause actual results, performance and
achievements to differ materially from any results, performance or
achievements expressed or implied by such forward-looking statements. Factors
that may cause actual results to differ materially from those expressed or
implied by such forward looking statements include, but are not limited to,
those described in the Risk Management Framework section of the Company's most
recent Annual Report. These forward-looking statements are based on numerous
assumptions regarding the present and future business strategies of the Group
and the environment in which it is and will operate in the future. All
subsequent oral or written forward-looking statements attributed to the
Company or any persons acting on its behalf are expressly qualified in their
entirety by the cautionary statement above. Each forward-looking statement
speaks only as of the date of this announcement. Except as required by law,
regulatory requirement, the UK Listing Rules and the Disclosure Guidance and
Transparency Rules, neither the Company nor any other party intends to update
or revise these forward-looking statements, whether as a result of new
information, future events or otherwise.
Performance enabled by industry-leading proprietary technology, diversified
global scale and an unparalleled customer proposition
Over the last four years, Plus500 has evolved from being a single OTC product
provider, to becoming a global, established, diversified fintech group
offering multiple products across OTC, futures and share dealing. This
evolution also encompasses the Group's B2B (Institutional) offering, as part
of its futures business, and new geographies such as the US, the UAE and
Japan. Since 2021, the Group has added seven new regulatory licences, taking
the Group's portfolio of global regulatory licences to 15.
The Group has acquired a number of businesses in recent years providing it
with access to the strategically important, high-growth markets of the US,
Japan and India (subject to regulatory approval and certain closing
conditions). The Group has also launched a significant number of innovative
new products and expanded the services it provides for customers.
Today, Plus500 operates proprietary trading platforms in OTC, futures and
share dealing markets and also provides essential market infrastructure
services, including execution and clearing services, in the US futures market
to B2B (Institutional) and B2C (Retail) customers. Following the announcement
of the acquisition of Mehta in India, the Group is evolving to become a global
futures provider, offering synergies for B2B customers between the US and
India.
The diversification of the Group's business model in recent years has
strengthened its operating base and provided it with access to high-growth,
regulated markets. This would not have been possible without Plus500's
proprietary technology and unique system architecture, which are the Group's
greatest source of competitive advantage and enablement. It provides the Group
with a foundation to maintain its global scale whilst, at the same time,
offering highly localised and tailored experiences for customers.
Plus500 drives long-term value creation for shareholders by creating
sustainable earnings growth and unrivalled shareholder returns
Plus500's track record of delivering compounded returns for shareholders over
the long-term, and across market cycles, is unrivalled. Since listing on the
London Stock Exchange in 2013, Plus500 has generated a total shareholder
return ("TSR") of over 7,900%, making it the best performing share in the FTSE
All-Share Index on a total return basis over that time frame. This
extraordinary track record is another testament to the strength of the Group's
increasingly diversified business model, its clear strategy and consistently
strong financial position.
The Group's approach to growth and continued diversification is driven by its
strategic roadmap objectives and underpinned by its proprietary technology and
robust system architecture. These strategic objectives include expanding into
new markets, developing new products and services, and deepening relationships
and enhancing engagement with customers.
These objectives will be pursued thoroughly, supported by the Group's robust
financial position. As of 30 June 2025, the Group had $938.1m of its own cash
on balance sheet without any debt.
The futures industry represents a multi-year growth engine underpinning
Plus500's outlook
The Group's futures business, comprising B2B (Institutional) and B2C (Retail)
businesses in the US futures market, continued to perform extremely well
during H1 2025 and further established its position in this high-growth
market. During the period, in January 2025, the Group secured a new clearing
membership with ICE Clear US, further enhancing its holistic clearing
capabilities for both current and potential new customers.
The Group's growing futures business represents an increasingly compelling
value driver for Plus500, as it further establishes and grows its operations
in new markets and with new products and partnerships. Supported by its
disruptive proprietary technology, and best-in-class customer service, the
Group is able to automate and streamline time intensive processes for its
customers. Today, Plus500 offers a wide range of futures products to customers
and aims to further expand its offering over time.
The Group intends to continue leveraging its proprietary technology to drive
innovation and bring new standards of customer service combined with a
holistic clearing capability across multiple exchanges and clearing houses.
The Group will also continue to allocate substantial financial and operational
resource to this business as it expands its operations beyond the US.
In H1 2025, the contribution of the non-OTC business as a whole to total Group
revenue increased to c.13% (FY 2024: c.10%), to c.17% of total New Customers
(FY 2024: c.15%) and to c.64% of total customer deposits (FY 2024: c.36%). For
context, as of 30 June 2025, the US businesses held a record amount of
customer segregated funds of approximately $850m, representing an increase of
over 140% versus the end of FY 2024. The growth trajectory of the futures
businesses reflects the highly attractive, technology-enabled offering,
best-in-class customer service and the speed with which Plus500 has been able
to establish itself in this market. As a result, the business remains on track
to generate revenue of more than $100m in FY 2025.
B2B (Institutional) futures business to drive global synergies
The B2B business continued to successfully leverage its technological
superiority, onboard new customers and grow its market share during H1 2025,
reflecting its enhanced service offering, a new clearing membership, and
best-in-class customer service. 'Plus500 Cosmos', which provides Introducing
Brokers and other institutional customers with a transparent and user-friendly
platform, forms a key part of this customer service offering and is a key
customer retention tool.
The addition of Mehta will also enable Plus500 to scale its proprietary
technology to a global customer base, allowing synergies to be created for B2B
customers in the US and India.
B2C (Retail) futures business grew customer numbers materially during H1 2025
The B2C 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 advanced capabilities. These
underpin its 'omni-set solution', offering customers an unrivalled trading
experience.
Both businesses successfully grew the number of customers on its platforms and
processed more trades year-on-year.
New licences in Canada, Japan and the UAE underpin an accelerating future
growth trajectory
A core part of Plus500's strategic plan is accessing new regulated markets,
both organically and inorganically, to strengthen its international presence
and deliver innovative solutions across multiple financial markets.
In H1 2025, the Group secured new regulatory licences in Canada, Japan and the
UAE taking its tally of new licences to seven since 2021 and to 15 in total.
These licences remain a source of meaningful long-term competitive advantage,
and of significant inherent value given their hard-to-obtain nature, which
enables Plus500 to operate at scale across OTC, futures, and share dealing
markets.
In January 2025, the Group obtained a new regulatory licence in the UAE from
the Securities and Commodities Authority ("SCA"), enabling the Group to expand
its presence in this strategically important market through an enhanced
localised product offering, and tailored marketing initiatives, to capture the
revenue opportunity over the medium-term.
In Q1 2025, Plus500 launched its multi-asset offering for the Japanese retail
market comprising new OTC products based on Indices, Equities and ETFs. More
recently, in June 2025, the Group also secured a new licence in Japan to
enable Plus500 to expand its proposition to include OTC products based on
commodities, as well. This is a significant and exciting milestone for the
Group in a strategically important market, which has the potential to drive
structural growth over the medium- to long-term.
In June 2025, the Group obtained a new regulatory licence from the Canadian
Investment Regulatory Organization ("CIRO") in the significant and high-growth
Canadian market. This achievement marks an important milestone in Plus500's
ongoing strategic efforts to further expand into North America, with the
extension of its services into the well-established and highly regulated
Canadian market. With this new licence, Plus500 will initiate its services
within the OTC market and aims to further expand its local proposition by
offering an omni-channel suite of products.
Operational and trading update
Total customer deposits more than doubled and reached a new record high for a
six-month period of $3.1bn (H1 2024: $1.5bn), with an average deposit per
Active Customer reaching approximately $17,250 (H1 2024: approximately
$8,400), highlighting the Group's ongoing success in attracting higher value
customers.
The number of Active Customers increased by approximately 2% during H1 2025 to
179,931 (H1 2024: 175,909), reflecting the Group's ongoing investments in
customer retention and activation technologies.
ARPU was $2,307 in H1 2025 (H1 2024: $2,264) and, for Q2 2025 specifically, it
increased by 7% to $1,578 (Q2 2024: $1,475), highlighting the ongoing benefit
of Plus500's focus on higher value customers, as well as the strength and
resiliency of its trading platforms.
AUAC for the period was $1,237 (H1 2024: $1,489) including a 26% reduction to
$1,267 in Q2 2025 (Q2 2024: $1,708), reflecting the successful optimisation of
the Group's sophisticated approach to extracting efficiencies from customer
acquisition and marketing initiatives. Notwithstanding this increase in
marketing efficiency, the Group onboarded a total of 56,165 New Customers
during H1 2025 (H1 2024: 56,759), reflecting its investment in a multi-channel
approach to customer acquisition.
Customer engagement and activity levels on Plus500's trading platforms also
increased during the period, with total customer trades of approximately 35.5m
in H1 2025 (H1 2024: approximately 26.5m), equating to growth of approximately
34% year-on-year. The ability of the Group to seamlessly cater to increasing
levels of customer trading activity highlights the resiliency, security and
underlying strengths of its proprietary trading platforms.
Financial overview
Plus500 delivered strong financial performance in H1 2025. Revenue and EBITDA
grew year-on-year by 4% and 1%, respectively and in Q2 2025 by 15% and 12%,
respectively.
For H1 2025, revenue stood at $415.1m (H1 2024: $398.2m), comprising trading
income of $385.5m (H1 2024: $369.1m) and interest income of $29.6m (H1 2024:
$29.1m), including revenue of $209.3m in Q2 2025 (Q2 2024: $182.6m). EBITDA
for H1 2025 was $185.1m (H1 2024: $183.9m), equating to an EBITDA margin of
45% (H1 2024: 46%), including $91.3m in Q2 2025 with an EBITDA margin of 44%
(Q2 2024: $81.3m and 45%, respectively).
Customer Income(( 11 (#_ftn11) )), a key measure of the Group's underlying
performance, was $371.5m during H1 2025 (H1 2024: $329.4m), including $195.2m
in Q2 2025 (Q2 2024: $159.8m).
Customer Trading Performance(( 12 (#_ftn12) )) was $14.0m in H1 2025 (H1
2024: $39.7m), including $(1.4m) in Q2 2025 (Q2 2024: $9.1m). The Group
expects that the contribution from Customer Trading Performance will be
broadly neutral over time.
Net profit in H1 2025 was $149.6m (H1 2024: $148.8m) and basic EPS increased
by 8% to $2.05 (H1 2024: $1.90).
The Group's cost base remained highly flexible and responsive to changing
market conditions, enabled by its proprietary technology. For H1 2025, 70% of
the Group's costs were variable (H1 2024: 70%), enabling Plus500 to respond
quickly and efficiently to a range of different scenarios and customer
feedback.
Total SG&A expenses were $232.7m for H1 2025 (H1 2024: $218.0m). The main
elements were marketing technology investments of $69.5m (H1 2024: $84.5m),
payment processing costs of $21.9m (H1 2024: $19.6m), payroll and related
expenses of $32.3m (H1 2024: $25.9m), shared based compensation of $31.3m (H1
2024: $23.9m) and commissions and fees of $33.3m (H1 2024: $22.0m), which can
be attributed to the growth of the US futures businesses.
Net financial expenses (income) were $0.6m in H1 2025 (H1 2024: ($3.5m)),
driven mainly by FX gains and losses as the Group manages its exposure to a
range of operating currencies versus the US dollar. A substantial portion of
the Group's cash is held in US dollars in order to reduce the impact of
currency movements on financial expenses over time.
As of 30 June 2025, total assets on the Group's balance sheet were $1,060.8m
(30 June 2024: $1,106.0m), with equity of $611.9m (30 June 2024: $701.8m),
representing approximately 58% of the balance sheet (30 June 2024:
approximately 63%).
The Group has remained debt-free since inception, and had a cash and cash
equivalents balance at the end of H1 2025 of $938.1m (H1 2024: $1,007.2m).
This robust financial position is supported by the Group's technology-enabled,
cash generative business model.
Plus500's shareholder returns policy and the Board's capital allocation
framework
The Company's shareholder returns policy is to return at least 50% of net
profits to shareholders through share buyback programmes and dividends, on a
half yearly basis, with at least 50% of this distribution being made by way of
share buybacks. The Board may also consider executing special share buybacks,
or other distributions, on a half yearly basis, dependent on fiscal year
results as well as on investment and growth opportunities. This shareholder
returns policy applies to net profits on a half-yearly basis and is based on a
23% corporate tax rate, for both interim and final distributions.
The Board has a clear capital allocation framework, based on an ongoing
assessment of the availability of excess capital going forward, to ensure
there continues to be an optimal balance between shareholder returns,
investments in future growth and in driving business continuity over the
long-term. In particular, and aligned to this framework, the Board will
continue to ensure that appropriate levels of available capital are maintained
for required working capital and other factors to drive future growth.
Plus500's leading track record of shareholder returns since IPO
Since the Company's IPO in 2013, Plus500 has consistently delivered attractive
and sustainable returns of capital to shareholders through dividends and share
buybacks, totalling approximately $2.7bn including the returns announced
today. This has been supported by significant levels of cash from operations
being generated over the same timeframe, which totals approximately $3.7bn.
It is this disciplined approach to capital allocation that has delivered a
total return to shareholders of over 7,900% since Plus500 listed on the LSE in
2013 up to 30 June 2025. This total return positions Plus500 as the best
performing share in the FTSE All-Share Index on a total return basis over that
time frame, which is a remarkable achievement and another testament to the
Group's excellent track record of consistent outperformance.
Significant shareholder returns announced in 2025
Today, Plus500 has announced additional shareholder returns of $165.0m,
comprising share buyback programmes of $90.0m and total dividends of
$75.0m 13 (#_ftn13) . The $90.0m share buyback programme includes an interim
buyback programme of $35.0m and a special buyback programme of $55.0m. These
programmes will commence following the completion of the current share buyback
programme of $110.0m, which was announced and commenced on 18 February 2025.
The $75.0m of dividends includes an interim dividend of $35.0m, representing
$0.4925 per share, and a special dividend of $40.0m, representing $0.5628 per
share, equating to a total dividend per share of $1.0553. The interim and
special dividends have an ex-dividend date of 21 August 2025, a record date of
22 August 2025, and a payment date of 11 November 2025. These new shareholder
returns emphasise the Board's continued confidence in the prospects for
Plus500 and reflect the robust financial position of the Group. Total
shareholder returns announced in 2025 amount to $365.0m.
As of 30 June 2025, the Company held in treasury a total of 43,246,147
ordinary shares, which were purchased since the commencement of Plus500's
initial share buyback programmes in 2017, at an average price of £15.72 per
share, representing approximately 37.6% of the Company's issued share capital
(the total treasury shares held by the Company comprise the shares purchased
less issued treasury shares). Ordinary shares that are repurchased by the
Company under its buyback programmes are held in treasury and are not entitled
to dividends and have no voting rights.
The Board expects that FY 2025 results will be in-line with current market
expectations
Plus500's strong fundamentals, disciplined capital allocation and
differentiated proprietary technology position it extremely well to seize the
exciting growth opportunities ahead, across multiple geographies and product
verticals.
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, the consistent operational progress made in recent years and its
robust balance sheet.
Plus500 LTD.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2025 (UNAUDITED)
Six months Year ended
ended 30 June 31 December
2025 2024 2024
(Unaudited) (Audited)
Note U.S. dollars in millions
Trading income 385.5 369.1 711.6
Interest income 29.6 29.1 56.7
REVENUE 4 415.1 398.2 768.3
Selling and marketing expenses 5 168.8 164.2 329.0
Administrative and general expenses 6 63.9 53.8 103.2
OPERATING PROFIT 182.4 180.2 336.1
Financial income 4.9 5.5 6.7
Financial expenses 5.5 2.0 5.6
FINANCIAL EXPENSES (INCOME), NET 0.6 (3.5) (1.1)
PROFIT BEFORE INCOME TAX 181.8 183.7 337.2
Income tax expense 8 32.2 34.9 64.1
PROFIT AND COMPREHENSIVE INCOME
FOR THE PERIOD 149.6 148.8 273.1
Basic earnings per share (In US dollars) 9 2.05 1.90 3.57
Diluted earnings per share (In US dollars) 9 1.99 1.84 3.45
The accompanying notes are an integral part of the condensed consolidated
interim financial information.
Plus500 LTD.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 JUNE 2025 (UNAUDITED)
As of As of
30 June 31 December
2025 2024 2024
(Unaudited) (Audited)
Note U.S. dollars in millions
ASSETS
Non-current assets
Property, plant and equipment 11.2 11.8 11.8
Goodwill and other intangible assets, net 37.7 38.1 37.9
Right of use assets 12.8 15.5 14.1
Long-term other receivables 11.7 8.7 7.8
Total non-current assets 73.4 74.1 71.6
Current assets
Income tax receivable 0.4 0.5 0.1
Other receivables and others 12 48.9 24.2 30.1
Cash and cash equivalents 938.1 1,007.2 890.0
Total current assets 987.4 1,031.9 920.2
TOTAL ASSETS 1,060.8 1,106.0 991.8
LIABILITIES
Non-current liabilities
Lease liabilities (net of current maturities) 13.5 14.1 13.2
Share based compensation 1.1 1.2 -
Deferred tax liability 6.9 6.9 6.9
Total non-current liabilities 21.5 22.2 20.1
Current liabilities
Dividend 10 89.7 74.8 -
Income tax payable 8 175.1 160.1 163.4
Other payables 13 102.0 97.5 118.7
Service suppliers 14.1 15.2 17.4
Current maturities of lease liabilities 2.4 2.6 2.6
Trade payables - due to clients 14 44.1 31.8 25.3
Total current liabilities 427.4 382.0 327.4
TOTAL LIABILITIES 448.9 404.2 347.5
EQUITY
Ordinary shares 0.3 0.3 0.3
Share premium 22.2 22.2 22.2
Company's shares held by the Company 11 (887.1) (686.8) (785.8)
Retained earnings 1,476.5 1,366.1 1,407.6
Total equity 611.9 701.8 644.3
TOTAL LIABILITIES AND EQUITY 1,060.8 1,106.0 991.8
David Zruia Elad Even-Chen Prof. Jacob A. Frenkel
Chief Executive Officer Group Chief Financial Officer Non-Executive Director and Chairman
Date of approval of the condensed consolidated interim financial information
by the Company's Board of Directors: 11 August 2025.
The accompanying notes are an integral part of the condensed consolidated
interim financial information.
Registered Company number (Israel): 514142140
Plus500 LTD.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2025 (UNAUDITED)
Company's
Ordinary Share Shares held by Retained
shares premium the Company earnings Total
U.S. dollars in millions
BALANCE AT 1 JANUARY 2025 (audited) 0.3 22.2 (785.8) 1,407.6 644.3
CHANGES DURING THE SIX-MONTH PERIOD
ENDED 30 JUNE 2025 (unaudited):
Profit and comprehensive income for the period - - - 149.6 149.6
Share based compensation - - - 9.5 9.5
TRANSACTION WITH SHAREHOLDERS:
Dividend - - - (89.7) (89.7)
Issue of treasury shares to settle
equity share based compensations - - 0.5 (0.5) -
Acquisition of treasury shares - - (101.8) - (101.8)
BALANCE AT 30 JUNE 2025 (unaudited) 0.3 22.2 (887.1) 1,476.5 611.9
BALANCE AT 1 JANUARY 2024 (audited) 0.3 22.2 (606.5) 1,283.8 699.8
CHANGES DURING THE SIX-MONTH PERIOD
ENDED 30 JUNE 2024 (unaudited):
Profit and comprehensive income for the period - - - 148.8 148.8
Share based compensation - - - 8.7 8.7
TRANSACTION WITH SHAREHOLDERS:
Dividend - - - (74.8) (74.8)
Issue of treasury shares to settle
equity share based compensations - - 0.4 (0.4) -
Acquisition of treasury shares - - (80.7) - (80.7)
BALANCE AT 30 JUNE 2024 (unaudited) 0.3 22.2 (686.8) 1,366.1 701.8
BALANCE AT 1 JANUARY 2024 (audited) 0.3 22.2 (606.5) 1,283.8 699.8
CHANGES DURING THE YEAR
ENDED 31 DECEMBER 2024 (audited):
Profit and comprehensive income for the year - - - 273.1 273.1
Share based compensation - - - 16.6 16.6
TRANSACTION WITH SHAREHOLDERS:
Dividend - - - (150.2) (150.2)
Issue of treasury shares to settle
equity share based compensations - - 15.7 (15.7) -
Acquisition of treasury shares - - (195.0) - (195.0)
BALANCE AT 31 DECEMBER 2024 (audited) 0.3 22.2 (785.8) 1,407.6 644.3
The accompanying notes are an integral part of the condensed consolidated
interim financial information.
Plus500 LTD.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2025 (UNAUDITED)
Six months ended Year ended
30 June 31 December
2025 2024 2024
(Unaudited) (Audited)
Note U.S. dollars in millions
OPERATING ACTIVITIES:
Cash generated from operations 15 129.2 177.5 321.9
Income tax paid, net (20.5) (17.7) (37.1)
Interest received 29.6 29.1 56.7
Net cash flows provided by operating activities 138.3 188.9 341.5
INVESTING ACTIVITIES:
Purchase of property, plant and equipment (0.4) (4.0) (4.8)
Net cash flows used in investing activities (0.4) (4.0) (4.8)
FINANCING ACTIVITIES:
Dividend paid to equity holders of the Company - - (150.2)
Payment in respect of lease liabilities (1.7) (1.4) (3.3)
Acquisition of treasury shares 11 (101.8) (80.7) (195.0)
Net cash flows used in financing activities (103.5) (82.1) (348.5)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 34.4 102.8 (11.8)
BALANCE OF CASH AND CASH EQUIVALENTS AT
BEGINNING OF THE PERIOD 890.0 906.7 906.7
Gains (losses) from effects of exchange rate changes on
cash and cash equivalents 13.7 (2.3) (4.9)
BALANCE OF CASH AND CASH EQUIVALENTS AT
END OF THE PERIOD 938.1 1,007.2 890.0
The accompanying notes are an integral part of the condensed consolidated
interim financial information.
Plus500 LTD.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION
NOTE 1 - GENERAL INFORMATION
Information on activities
Plus500 Ltd. (the "Company" and together with its subsidiaries, the "Group")
is a global multi-asset fintech group operating proprietary technology-based
trading platforms. Plus500 offers customers a range of trading products,
including OTC ("Over-the-Counter" products, namely Contracts for Difference
("CFDs")), share dealing, as well as futures and options on futures. The
Company has developed and operates online trading platforms, enabling its
international customer base to trade internationally.
The Group's offering is available internationally with main market presence in
the UK, the European Economic Area ("EEA"), Australia, the US, and the Middle
East and has customers located in more than 60 countries worldwide. The Group
operates through operating subsidiaries regulated by the Financial Conduct
Authority ("FCA") in the UK, the Australian Securities and Investments
Commission ("ASIC") in Australia, the Cyprus Securities and Exchange
Commission ("CySEC") in Cyprus, the Israel Securities Authority ("ISA") in
Israel, the Financial Markets Authority ("FMA") in New Zealand, the Financial
Sector Conduct Authority ("FSCA") in South Africa, the Monetary Authority of
Singapore ("MAS") in Singapore, the Financial Services Authority ("FSA") in
the Seychelles, the Commodities Futures Trading Commission ("CFTC") in the US,
the Estonian Financial Supervision Authority ("EFSA") in Estonia, the
Financial Services Agency ("FSA") in Japan, the Dubai Financial Services
Authority ("DFSA") in the UAE, the Securities Commission of the Bahamas
("SCB") in the Bahamas, the Securities and Commodities Authority ("SCA") in
the UAE and the Canadian Investment Regulatory Organization ("CIRO") in
Canada.
The Company also has a subsidiary in Bulgaria which provides operational
services to the Group.
The Company was admitted to trading on the London Stock Exchange on 24 July
2013. It was admitted to the Equity Shares in Commercial Companies ("ESCC")
Category of the Official List and is a constituent of the FTSE 250 Index and
the STOXX Europe 600 Index.
The Group offers trading products: OTC trading; share dealing; and futures and
options on futures. The Group presents its operation as one operating segment.
The address of the Company's principal offices is Building 10.2, Matam, Haifa
3115001, Israel.
NOTE 2 - BASIS OF PREPARATION
Basis of accounting and accounting policies
These condensed consolidated interim financial information for the six-month
period ended 30 June 2025 have been prepared in accordance with IAS 34 -
'Interim financial reporting' as issued by the International Accounting
Standards Board. The condensed consolidated interim financial information
should be read in conjunction with the annual financial statements for the
year ended 31 December 2024, which have been prepared in accordance with IFRS
Accounting Standards. This condensed consolidated interim financial
information is reviewed and not audited.
Going concern
The Group has considerable financial resources, a broad range of financial
instruments and a substantial active customer base which is geographically
diversified. As a consequence, the Company's Board of Directors (the "Board")
believes that the Group is well placed to manage its business risks in the
context of the current economic outlook. Accordingly, the Board has a
reasonable expectation that the Group has adequate resources to continue in
operational existence for the foreseeable future. The Board therefore
continues to adopt the going concern basis in preparing this condensed
consolidated interim financial information.
NOTE 3 - ACCOUNTING POLICIES
Material accounting policies and computation methods used in preparing the
condensed consolidated interim financial information are consistent with those
used in preparing the 2024 annual financial statements, except for income tax,
which in interim periods is recognised based on management's best estimate of
the annual income tax rate expected (see note 8).
Plus500 LTD.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (continued)
NOTE 4 - REVENUE
The revenue attributed to geographical areas is as follows:
Six months Year ended 31 December
ended 30 June
2025 2024 2024
(Unaudited) (Audited)
U.S. dollars in millions
European Economic Area (EEA) 165.1 169.6 309.0
United Kingdom 31.3 34.5 60.8
Australia 28.6 24.8 51.4
Rest of the World 190.1 169.3 347.1
415.1 398.2 768.3
NOTE 5 - SELLING AND MARKETING EXPENSES
Six months Year ended 31 December
ended 30 June
2025 2024 2024
(Unaudited) (Audited)
U.S. dollars in millions
Advertising and technology costs 62.8 79.3 160.0
Commissions to media buying 6.7 5.2 11.8
Payment processing costs 21.9 19.6 39.4
Commissions and fees 33.3 22.0 47.0
Data processing costs 8.9 8.9 16.2
Payroll and related expenses 18.0 13.8 29.5
Variable bonuses 6.0 8.3 8.0
Share based compensation 5.6 4.9 10.0
Other 5.6 2.2 7.1
168.8 164.2 329.0
NOTE 6 - ADMINISTRATIVE AND GENERAL EXPENSES
Six months Year ended 31 December
ended 30 June
2025 2024 2024
(Unaudited) (Audited)
U.S. dollars in millions
Payroll and related expenses 14.3 12.1 24.3
Variable bonuses 4.6 5.8 11.2
Share based compensation 25.7 19.0 40.9
Professional and regulatory fees 8.1 7.8 10.5
Depreciation and amortisation 2.7 3.7 6.2
Other 8.5 5.4 10.1
63.9 53.8 103.2
Plus500 LTD.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (continued)
NOTE 7 - OPERATING EXPENSES
The presentation below reflects the breakdown of operating expenses by nature
of expense:
Six months Year ended 31 December
ended 30 June
2025 2024 2024
(Unaudited) (Audited)
U.S. dollars in millions
Advertising, marketing and commissions to media buying 48.2 54.2 111.1
Employee benefit and other related expenses 74.2 63.9 123.9
IT and technology costs 30.2 39.2 76.9
Payment processing costs 21.9 19.6 39.4
Commissions and fees 33.3 22.0 47.0
Professional and regulatory fees 8.1 7.8 10.5
Depreciation and amortisation 2.7 3.7 6.2
Other 14.1 7.6 17.2
232.7 218.0 432.2
In the year ended 31 December 2024 and the six-month periods ended 30 June
2025 and 30 June 2024, IT and technology costs together with additional
allocated other technological related costs, were $104.2 million, $43.6
million and $49.9 million, respectively.
NOTE 8 - INCOME TAX EXPENSE
Law for the Encouragement of Capital Investments, 5719-1959
The Law for the Encouragement of Capital Investments, 5719-1959, generally
referred to as the "Investment Law", provides certain incentives for capital
investments in production facilities (or other eligible assets) by "Industrial
Enterprises" (as defined under the Investment Law).
New Tax benefits under the 2017 Amendment that became effective on 1 January
2017 ("2017
Amendment")
The 2017 Amendment was enacted as part of the Economic Efficiency Law that was
published on 29 December 2016, and is effective as of 1 January 2017. The 2017
Amendment provides new tax benefits, as described below, and is in addition to
the other existing tax beneficial programmes under the Investment Law.
The 2017 Amendment provides that a technology company satisfying certain
conditions will qualify as a Preferred Technological Enterprise ("PTE") and
will thereby enjoy a reduced corporate tax rate of 12% on income that
qualifies as Preferred Technology Income, as defined in the Investment Law.
Dividends distributed by a PTE, paid out of Preferred Technology Income, are
generally subject to withholding tax at source at the rate of 20% or such
lower rate as may be provided in an applicable tax treaty.
a. Group taxation
The Group is subject to income tax in multiple jurisdictions, as it has
various international wholly owned operations. The Group's income tax expense
is based on the aggregation of the income taxes derived from its global
jurisdictions. The applicable tax rate in each jurisdiction is based on the
applicable local tax framework. Accordingly, the effective tax rate of the
Group reflects local jurisdictions and the Israeli tax legislation.
b. Company taxation in Israel
The full corporate tax rate in Israel for the years 2025 and 2024 is 23%.
Under the 2017 Amendment, provided the conditions stipulated therein are met,
technological income derived by Preferred Companies from "Preferred
Technological Enterprise" (as defined in the 2017 Amendment), would be subject
to reduced corporate tax rates of 12%.
Plus500 LTD.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (continued)
NOTE 8 - INCOME TAX EXPENSES (continued)
b. Company taxation in Israel (continued)
A Preferred Company distributing dividends from technological income derived
from its PTE would generally subject the recipient to a 20% withholding tax
(or lower, if so provided under an applicable tax treaty).
In July 2020, the Company received an approval from the Israeli Innovation
Authority ("IIA") that together with the tax ruling received from the Israeli
Tax Authority ("ITA") in May 2019, recognises the Company as a PTE for the
years 2017, 2018 and 2019. Accordingly, the applicable tax rate for the
preferred technological income of a PTE for these years was 12%. The Company
was also considered as PTE for the years 2020 and 2021. As a result, the
Company's corporate tax rate for the years 2020 and 2021 was 12%, subject to
the Company complying with the conditions of the Investment Law.
In January 2022, the Company's status as a PTE, as accredited by the ITA under
the tax regime in Israel, has been extended for the years 2022, 2023, 2024,
2025 and 2026, subject to the Company complying with the conditions of the
Investment Law. Consequently, the Company's corporate tax rate for each of
these years will be reduced from 23% to 12% and the withholding tax rate
applicable for dividends will be reduced from 25% to 20%.
c. Tax assessments
The Company is currently subject to tax audits in relation to 2020-2024 tax
years. The assessments of amounts of current and deferred taxes require the
Group's management to take into consideration uncertainties that its tax
position will be accepted and of incurring any additional tax expenses. This
assessment is based on estimates and assumptions based on interpretation of
tax laws and regulations, and the Group's past experience. It is possible that
new information will become known in future periods that will cause the final
tax outcome to be different from the amounts that were initially recorded,
such differences will impact the current and deferred income tax assets and
liabilities in the period in which such determination is made.
d. Taxes on income included in the consolidated income statement for the
reported periods
Six months Year ended 31 December
ended 30 June
2025 2024 2024
(Unaudited) (Audited)
U.S. dollars in millions
Current taxes:
Current taxes in respect of current period's profit 32.9 36.1 64.4
Deferred income taxes:
Change of deferred taxes (0.7) (1.2) (0.3)
Taxes on income expenses 32.2 34.9 64.1
Plus500 LTD.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (continued)
NOTE 9 - EARNINGS PER SHARE
Earnings per share is calculated by dividing the profit attributable to equity
holders of the Company by the weighted average number of ordinary shares in
issue during the period.
Six months Year ended 31 December
ended 30 June
2025 2024 2024
(Unaudited) (Audited)
Profit attributable to equity holders of the
Company (US dollars in millions) 149.6 148.8 273.1
Weighted average number of ordinary shares in issue*:
Basic 72,836,263 78,234,210 76,459,266
Dilutive effect of equity share based compensation 2,377,120 2,420,690 2,733,527
Diluted 75,213,383 80,654,900 79,192,793
Basic earnings per share (In US dollars) 2.05 1.90 3.57
Diluted earnings per share (In US dollars) 1.99 1.84 3.45
*After weighting the effect of Company's share buyback programmes (see note
11).
NOTE 10 - DIVIDEND
The amounts of dividends and the amounts of dividends per share for the years
2025 and 2024 declared and distributed by the Company are as follows:
Amount of dividend Amount of dividend Date of payment to
EX-DATE (US $ in millions)* per share (US $) Shareholders
29 February 2024 74.8 0.9462 11 July 2024
29 August 2024 75.4 1.0000 11 November 2024
27 February 2025 89.7 1.2238 9 July 2025
On 11 August 2025, the Company declared an interim dividend and a special
dividend in the amounts of $35.0 million and $40.0 million, respectively (see
note 17).
*Between the dividend announcement date and the record date of the dividend,
the number of issued and outstanding ordinary shares of the Company decreased
as a result of the repurchase by the Company of ordinary shares during such
period and the classification of such repurchased ordinary shares as treasury
shares that are not entitled to dividends. However, this did not affect the
dividend per share as announced on the dividend announcement date.
NOTE 11 - COMPANY'S SHARES HELD BY THE COMPANY
The Board approves share buyback programmes. The share buyback programmes are
funded from the Company's net cash balances.
Aggregate
Number of ordinary shares purchased purchase amount (US $ in millions) Average price of shares purchased
Period
Year ended 31 December 2024 6,840,104 195.0 £22.23
Six months ended 30 June 2024 3,229,215 80.7 £19.73
Six months ended 30 June 2025 2,693,395 101.8 £29.19
During the six-month periods ended 30 June 2025 and 2024, the Company issued
16,998 and 20,452 of its treasury shares, respectively, in accordance with the
various share based equity settled compensation grants.
Plus500 LTD.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (continued)
NOTE 12 - OTHER RECEIVABLES AND OTHERS
As of As of 31 December
30 June
2025 2024 2024
(Unaudited) (Audited)
U.S. dollars in millions
Securities at fair value 1.1 1.5 1.5
Prepaid expenses 4.7 4.5 6.0
Excess funds in segregation, net* 11.9 5.0 5.0
Other 31.2 13.2 17.6
48.9 24.2 30.1
*Excess funds in segregation, net
are comprised of the following:
Amount required to be segregated (839.7) (363.9) (348.8)
Amount in segregation 851.6 368.9 353.8
11.9 5.0 5.0
All the financial assets included among other receivables and others are for
relatively short periods. Therefore, their fair values approximate or are
similar to their carrying amounts.
NOTE 13 - OTHER PAYABLES
As of As of 31 December
30 June
2025 2024 2024
(Unaudited) (Audited)
U.S. dollars in millions
Payroll, tax and related liabilities 43.2 35.0 50.6
Share based compensation 6.4 2.8 7.2
Other 52.4 59.7 60.9
102.0 97.5 118.7
The financial liabilities included among other payables are for relatively
short periods. Therefore, their fair values approximate or are similar to
their carrying amounts.
NOTE 14 - TRADE PAYABLES - DUE TO CLIENTS
As of As of 31 December
30 June
2025 2024 2024
(Unaudited) (Audited)
U.S. dollars in millions
Customers' deposits, net* 292.3 261.7 260.3
Segregated client funds (248.2) (229.9) (235.0)
44.1 31.8 25.3
*Customers' deposits, net are comprised of the following:
Customers' deposits 394.8 384.1 373.6
Less - financial derivative open positions:
Gross amount of assets (123.8) (141.3) (132.1)
Gross amount of liabilities 21.3 18.9 18.8
292.3 261.7 260.3
*The total amount of 'Trade payables - due to clients' includes bonuses to
clients.
Plus500 LTD.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (continued)
NOTE 15 - CASH GENERATED FROM OPERATIONS
Six months Year ended 31 December
ended 30 June
2025 2024 2024
(Unaudited) (Audited)
U.S. dollars in millions
Cash generated from operating activities
Net income for the period 149.6 148.8 273.1
Adjustments required to reflect the cash flows from
operating activities:
Depreciation and amortisation 1.2 2.1 3.1
Amortisation of right of use assets 1.5 1.6 3.1
Changes of equity and cash share based compensation 9.8 8.8 19.9
Taxes on income 32.2 34.9 64.1
Interest expenses in respect of leases 0.6 0.5 1.0
Exchange differences in respect of leases 1.0 (0.8) (0.4)
Interest income (29.6) (29.1) (56.7)
Foreign exchange losses (gains) on operating activities (14.7) 2.3 (0.3)
2.0 20.3 33.8
Operating changes in working capital:
Decrease (increase) in other receivables (22.0) 0.2 (5.7)
Increase (decrease) in trade payables due to clients 18.8 1.6 (4.9)
Increase (decrease) in other payables (15.9) 4.0 20.8
Increase (decrease) in service suppliers (3.3) 2.6 4.8
(22.4) 8.4 15.0
Cash generated from operations 129.2 177.5 321.9
Non-cash transactions
On 18 February 2025, the Company declared a dividend in an amount of $89.7
million ($1.2238 per share). The dividend was paid to shareholders on 9 July
2025 (see note 10).
NOTE 16 - FINANCIAL RISK MANAGEMENT
Financial risks arising from financial instruments are analysed into market,
credit, concentration and liquidity risks. The condensed consolidated interim
financial information does not include all financial risk management
information and disclosures required in the annual financial statements.
Details of how these risks are managed are discussed in the financial risk
management note of the 2024 annual financial statements.
Further to the mentioned above, there has not been a significant change in the
Group's financial risk management processes or policies since year end 2024.
NOTE 17 - SUBSEQUENT EVENTS
On 11 August 2025 the Company declared an interim dividend in an amount
of $35.0 million ($0.4925 per share). The dividend record date is 22 August
2025 and it will be paid to the shareholders on 11 November 2025.
On 11 August 2025 the Company declared a special dividend in an amount
of $40.0 million ($0.5628 per share). The dividend record date is 22 August
2025 and it will be paid to the shareholders on 11 November 2025.
On 11 August 2025, the Company declared the adoption of a share buyback
programme to buy back up to $90.0 million of the Company's ordinary shares,
comprised of an interim share buyback programme in the amount of $35.0 million
and a special share buyback programme in the amount of $55.0 million.
1 (#_ftnref1) 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 (#_ftnref2) )) Revenue is comprised of trading income and interest
income
(( 3 (#_ftnref3) )) EBITDA - Revenue (trading income and interest income)
minus operating expenses plus depreciation and amortisation
4 (#_ftnref4) Active Customers - Customers who made at least one real money
trade during the period
5 (#_ftnref5) New Customers - Customers depositing for the first time
6 (#_ftnref6) ARPU - Average Revenue Per User
7 (#_ftnref7) AUAC - Average User Acquisition Cost
(( 8 (#_ftnref8) )) Non-OTC includes futures and share dealing
(( 9 (#_ftnref9) )) Source: Bloomberg
(( 10 (#_ftnref10) )) 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
(( 11 (#_ftnref11) )) Customer Income - Revenue from OTC Customer Income
(customer spreads and overnight charges) and Non-OTC Customer Income
(commissions from the Group's futures and options on futures operation and
from 'Plus500 Invest', the Group's share dealing platform)
(( 12 (#_ftnref12) )) Customer Trading Performance - Gains/losses on
customers' trading positions
(( 13 (#_ftnref13) )) The total estimated dividend payout of $75.0m is based
on 71,071,836 ordinary shares issued as at 10 August 2025. The total dividend
payout will be subject to the ordinary shares that will be repurchased between
11 August 2025 and the dividend record date of 22 August 2025, which will be
held in treasury and therefore will not be entitled to a dividend and the
actual aggregate dividend payout will be reduced accordingly.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR SFIFWSEISEFARecent news on Plus500
See all newsREG - Plus500 Ltd - Transaction in Own Shares
AnnouncementREG - Plus500 Ltd - Transaction in Own Shares
AnnouncementREG - Plus500 Ltd - Transaction in Own Shares
AnnouncementREG - Plus500 Ltd - Plus500 H1 2025 Interim Results
AnnouncementREG - Plus500 Ltd - Transaction in Own Shares
Announcement