REG - Plus500 Ltd - Q3 2025 Trading Update

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RNS Number : 9607D  Plus500 Limited  20 October 2025

20 October 2025

 

Plus500 Ltd.

("Plus500", the "Company" or together with its subsidiaries the "Group")

Q3 2025 Trading Update

Substantial strategic progress delivered driving future growth and returns

Milestone reached in US futures business as segregated funds increased to more
than $1bn

Reiterating FY 2025 revenue and EBITDA guidance

Plus500, a global multi-asset fintech group operating proprietary
technology-based trading platforms, today announces the following trading
update for the three-month period ended 30 September 2025(( 1  (#_bookmark0)
)) (#_bookmark0) .

David Zruia, Chief Executive Officer of Plus500, commented:

"Plus500 has delivered significant strategic progress during the first nine
months of 2025, further diversifying the Group's multi-asset product offering,
maintaining a focus on acquiring and retaining higher value customers, and
reinforcing our status as a trusted provider of global market infrastructure.
During Q3 2025, we reached a significant milestone with our US futures
business as segregated funds increased to more than $1bn. This strong position
enables Plus500 to accelerate the delivery of key strategic projects while
continuing to pursue accretive bolt-on acquisitions that further enhance the
Group's increasingly global footprint.

We have strong momentum and look to the future with confidence, well
positioned to capitalise on both short-term opportunities in global financial
markets, as well as compelling medium-term structural growth drivers. The
Group's ability to execute on our financial, operational and strategic
objectives through the cycle is underpinned by Plus500's disciplined capital
allocation policy, scalable technology platforms, strong balance sheet and
proven track record of delivering sustainable growth and attractive
shareholder returns."

Financial highlights:

 +  Revenue(( 2  (#_ftn2) )) for the first nine months of 2025 increased by 2% to
    $597.8m (YTD 2024: $585.5m). Q3 2025 revenue was $182.7m (Q3 2024: $187.3m).
 +  Customer Income(( 3  (#_ftn3) )) for the first nine months of 2025 increased
    by 8% to $536.7m (YTD 2024: $495.7m). Q3 2025 Customer Income was $165.2m (Q3
    2024: $166.3m).
 +  EBITDA(( 4  (#_ftn4) )) for the first nine months of 2025 increased by 1% to
    $267.8m (YTD 2024: $266.1m), equating to an EBITDA margin of 45%. Q3 2025
    EBITDA was $82.7m, with an EBITDA margin of 45% (Q3 2024: $82.2m and 44%,
    respectively).
 +  Approximately 48% of OTC revenue for the first nine months of 2025 was
    generated by customers who have been trading with Plus500 for more than five
    years, double the equivalent percentage of three years ago (FY 2022: 24%),
    highlighting the success Plus500 has achieved in enhancing customer longevity
    and deepening engagement in recent years.
 +  The Group's financial position remained extremely strong, with cash balances
    of over $815m as of 30 September 2025, following the dividend payment of
    c.$90m in July 2025 and the c.$65m already returned as part of the ongoing
    share buyback programmes during Q3 2025.
 +  The Company's Board of Directors anticipates that revenue and EBITDA for FY
    2025 will be in-line with current market expectations(( 5  (#_ftn5) )).

Futures business highlights:

 +  In Q3 2025, the Group's non-OTC(( 6  (#_ftn6) )) business as a whole accounted
    for approximately 15% of total Group revenue and approximately 18% of total
    New Customers(( 7  (#_ftn7) )).
 +  Customer segregated funds in the US futures business surpassed $1bn for the
    first time ever, reaching approximately $1.2bn at the end of September 2025,
    marking a significant milestone for the Group.
 +  A new clearing membership was secured with ICE Clear Europe during the period,
    highlighting the Group's continued evolution into a provider of global market
    infrastructure services catering to new client segments both in the US and
    globally.

Operational highlights:

 +  The Group secured a new regulatory licence in Canada, marking further
    expansion into North America and the extension of its services into the
    well-established Canadian market, and taking its total global portfolio of
    valuable licences to 15.
 +  The Group received authorisation in Colombia to establish a local
    representative office, representing its first expansion into Latin America and
    demonstrating its ongoing success in laying the foundations for structural
    growth over the medium-term.
 +  During the first nine months of 2025, optimisation and efficiency initiatives
    led to an increase in ARPU(( 8  (#_ftn8) )) and decrease in AUAC(( 9  (#_ftn9)
    )), strengthening the Group's customer offering and demonstrating its highly
    flexible cost base.
 +  The Group's deliberate strategic focus on attracting and retaining higher
    value customers helped drive a significant increase in average deposit per
    Active Customer(( 10  (#_ftn10) )) in the quarter to c.$14,700 (Q3 2024:
    c.$6,150).

Financial KPIs (unaudited):

                YTD 2025  YTD 2024  Change  Q3 2025  Q3 2024  Change
 Revenue        $597.8m   $585.5m   2%      $182.7m  $187.3m  (2%)
 EBITDA         $267.8m   $266.1m   1%      $82.7m   $82.2m   1%
 EBITDA Margin  45%       45%       0%      45%      44%      2%

Operational KPIs (unaudited):

                                      YTD 2025   YTD 2024   Change  Q3 2025    Q3 2024   Change
 New Customers                        78,809     81,681     (4%)    22,644     24,922    (9%)
 Active Customers                     209,842    210,565    0%      115,327    120,968   (5%)
 ARPU                                 $2,849     $2,781     2%      $1,584     $1,548    2%
 AUAC                                 $1,268     $1,501     (16%)   $1,344     $1,527    (12%)
 Average deposit per Active Customer  c.$22,850  c.$10,600  116%    c.$14,700  c.$6,150  139%

Strategic update

In recent years, Plus500 has focused on diversifying its global operations
into new territories, products and services and, during the third quarter of
2025, its delivery of significant strategic progress accelerated once again.
The Group's trading platforms, which are enabled by its best-in-class
proprietary technology and extremely robust financial position, allow it to
grow and innovate for the benefit of all stakeholders as new products and
services are introduced. This strong strategic position has powered the Group
to deliver consistently attractive and sustainable returns to shareholders
over the long-term.

Major milestone reached in the US futures business as customer segregated
funds surpassed $1bn

Customer segregated funds in the US futures business, crossed the $1bn mark
for the first time during the period and have more than trebled this year,
reaching approximately $1.2bn as of 30 September 2025 compared with
approximately $350m as of 31 December 2024. This milestone is a significant
endorsement of the confidence and trust placed in Plus500 by both B2B
(Institutional) and B2C (Retail) customers and reflects the ongoing
enhancements that the Group has made to its customer offering. For context,
when Plus500 acquired its futures business in 2021, customer segregated funds
were just c.$70m, highlighting the significant growth that has been achieved
since then.

Also, during the period, Plus500 announced that it had secured a new clearing
membership with ICE Clear Europe, part of the Intercontinental Exchange Group
("ICE"), one of the world's largest operators of exchanges and clearing houses
for listed derivatives, complementing the Group's existing membership with ICE
Clear US, which was secured in January 2025. This new clearing membership
supports the Group's strategic expansion of its futures business to new
territories and products. It also enhances its clearing capabilities to cover
a broader range of futures products across multiple asset classes and will
ultimately provide a more seamless trading experience for customers.

For Q3 2025, the Group's non-OTC business as a whole represented approximately
15% of total Group revenue (FY 2024: approximately 10%) and approximately 18%
of total New Customers (FY 2024: approximately 15%).

Both the B2B (Institutional) and B2C (Retail) futures businesses performed
well during the period enabled by Plus500's scalable, proprietary technology.
Consistent with Plus500's track record of growth and innovation, both
businesses will continue to focus on their product and service offerings,
introducing innovative new technological solutions and strategic partnerships
aimed at growing the Group's addressable markets.

New regulatory licence in Canada and authorisation in Colombia underpin
medium-term structural growth drivers

The new regulatory licence from the Canadian Investment Regulatory
Organization ("CIRO") brings the Group's portfolio of international licences
to 15, representing an extremely valuable asset and a meaningful source of
competitive advantage. This marks another significant milestone in the Group's
strategic expansion across North America, with the extension of its services
into the well-established and highly regulated Canadian market.

Furthermore, in August 2025, Plus500 was pleased to announce that it had
received authorisation from the Colombian Financial Superintendence ("SFC") to
establish a new representative office in the country, Plus500's first
strategic expansion into Latin America. The new Colombia office will allow the
Group to establish enhanced relationships with local stakeholders and
ultimately to deliver a localised and more tailored service proposition to
Colombian customers in the OTC market.

Consistent with its strategic roadmap objectives, the Group will continue to
target additional opportunities to expand its operations further into Latin
America and Asia for the rest of 2025 and beyond.

Ongoing focus on higher value customers brings customer longevity and
stability

Over recent years, part of the Group's strategic focus has been on attracting
and retaining higher value customers, whilst also investing significant
resources into improving customer retention and longevity. The Group has
introduced premium services, supported by its leading proprietary technology,
which had further enhanced its overall offering. This focus has been extremely
successful and has resulted in a more robust customer base, enabling the Group
to generate consistent, attractive and sustainable returns across market
cycles.

Financial overview

Revenue for Q3 2025 was $182.7m (Q3 2024: $187.3m), comprising trading income
of $161.6m (Q3 2024: $173.2m) and interest income of $21.1m (Q3 2024: $14.1m),
reflecting the lower levels of volatility across global financial markets
during the period. During Q3 2025, Plus500 demonstrated strong operational
resilience and adaptability, achieving robust results driven by the agile
nature of its operating model in quieter market conditions.

Customer Income, a key measure of the Group's underlying performance, was
$165.2m in Q3 2025 (Q3 2024: $166.3m) and $536.7m for the nine-month period
ended 30 September 2025 (YTD 2024: $495.7m). Customer Trading
Performance(( 11  (#_ftn11) )) stood at ($3.6m) in Q3 2025 (Q3 2024: $6.9m)
and at $10.4m for the first nine months of FY 2025 (YTD 2024: $46.6m). The
Group expects that the contribution from Customer Trading Performance will be
broadly neutral over time.

EBITDA was $82.7m in Q3 2025, which equated to an EBITDA margin of 45% (Q3
2024: $82.2m and 44%, respectively). For the nine-month period ended 30
September 2025, revenue stood at $597.8m (YTD 2024: $585.5m), EBITDA was
$267.8m and the EBITDA margin was 45% (YTD 2024: $266.1m and 45%,
respectively).

Total customer trades were 14.9m during Q3 2025 (Q3 2024: 14.5m) and total
customer trades for the nine-month period ended 30 September 2025 reached
50.4m (YTD 2024: 41.0m), representing growth of approximately 23%
year-on-year.

The Group onboarded 22,644 New Customers during Q3 2025 (Q3 2024: 24,922) and
New Customers for the nine-month period ended 30 September 2025 were 78,809
(YTD 2024: 81,681). This reflects the Group's deliberate strategy to actively
manage and adjust its marketing spend with a focus on delivering high ROI.

The number of Active Customers during Q3 2025 was 115,327 (Q3 2024: 120,968)
and Active Customers for the nine-month period ended 30 September 2025 were
209,842 (YTD 2024: 210,565).

The average deposit per Active Customer more than doubled to approximately
$14,700 in Q3 2025 (Q3 2024: approximately $6,150), again highlighting the
successful strategic decision to focus on higher value customers. Over the
last five years, the average deposit per Active Customer has increased by more
than 350% (Q3 2020: approximately $3,200), driven by continued improvements in
the Group's customer cohorts, which reflects the strategic focus on new
territories and higher value customers.

ARPU was $1,584 during Q3 2025 (Q3 2024: $1,548) and $2,849 for the first nine
months of FY 2025 (YTD 2024: $2,781). AUAC was $1,344 in Q3 2025 (Q3 2024:
$1,527) and $1,268 for the first nine months of FY 2025 (YTD 2024: $1,501),
demonstrating the Group's proven ability to optimise per customer spend via
its sophisticated, multi-channel approach to customer acquisition.

The Group remained debt-free and maintained its strong financial position
during the period, with cash balances of over $815m as of 30 September 2025
(31 December 2024: $890.0m).

Shareholder returns

During Q3 2025, the Company repurchased a total of 1,508,613 shares, at an
average price of £31.87, for a total cash consideration of c.$65m. As of 30
September 2025, the remaining number of ordinary shares in issue was
70,133,617. Ordinary shares that are repurchased by the Company under its
buyback programmes are held in treasury, are not entitled to dividends and
have no voting rights.

Outlook

The Group's FY 2025 revenue and EBITDA are expected to be in-line with current
market expectations(( 12  (#_ftn12) )).

Plus500 is strategically positioned to drive sustained value creation and
compound returns for shareholders, leveraging its best-in-class proprietary
technology and durable structural growth trends across its key end markets.

 

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.

 1  (#_ftnref1) All figures for the three-month and nine-month periods ended
30 September 2025 and 30 September 2024 included in this announcement are
unaudited

(( 2  (#_ftnref2) )) Revenue is comprised of trading income and interest
income

 3  (#_ftnref3) 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)

 4  (#_ftnref4) EBITDA - Revenue (trading income and interest income) minus
operating expenses plus depreciation and amortisation

 5  (#_ftnref5) 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 $749.5m
and $343.0m, respectively, for FY 2025

 6  (#_ftnref6) Non-OTC includes futures and share dealing

 7  (#_ftnref7) New Customers - Customers depositing for the first time

 8  (#_ftnref8) ARPU - Average Revenue Per User

 9  (#_ftnref9) AUAC - Average User Acquisition Cost

 10  (#_ftnref10) Active Customers - Customers who made at least one real
money trade during the period

 11  (#_ftnref11) Customer Trading Performance - Gains/losses on customers'
trading positions

 12  (#_ftnref12) 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 $749.5m
and $343.0m, respectively, for FY 2025

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