REG - Plus500 Ltd - Plus500 FY 2025 Preliminary Results
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RNS Number : 1899S Plus500 Limited 09 February 2026
9 February 2026
Plus500 Ltd.
("Plus500", the "Company" or, together with its subsidiaries, the "Group")
Preliminary Results for the year ended 31 December 2025
Completion of Mehta Equities acquisition in India
Significant shareholder returns of $187.5m announced today
Non-OTC 1 (#_ftn1) business generated more than $100m of revenue for the
first time
Strong financial performance and accelerated delivery across products,
geographies and customers
Plus500, a global multi-asset fintech group operating proprietary
technology-based trading platforms, today announces its preliminary unaudited
results for the year ended 31 December 2025.
David Zruia, Chief Executive Officer of Plus500, commented:
"2025 marked a year of accelerated strategic progress for Plus500. We
successfully scaled our non-OTC business into a key growth driver, bolstered
our position as a trusted provider of institutional market infrastructure, and
continued to deliver a strong financial performance with significant
shareholder returns.
Reflecting this, we have started FY 2026 with the Group's trading being
supported by positive momentum across global financial markets, as well as
with strong operational results including launching prediction markets
products for B2C customers and completing the acquisition of Mehta Equities in
India.
The strategic milestones we achieved during the year highlight the enduring
strengths of our proprietary technology, regulatory expertise and disciplined
capital allocation framework. Supported by our robust balance sheet, highly
cash-generative business model and multiple structural growth drivers across
product verticals, including in new, rapidly growing segments such as
prediction markets, we are well positioned to continue delivering strong
operational execution, innovation, growth and attractive compounding
shareholder returns over the medium- to long-term."
Financial KPIs
FY 2025* FY 2024 Change %
Revenue 2 (#_ftn2) $792.4m $768.3m 3%
EBITDA 3 (#_ftn3) $348.1m $342.3m 2%
Basic Earnings Per Share ("EPS") $3.93 $3.57 10%
Operational KPIs*
FY 2025 FY 2024 Change %
Average deposit per Active Customer c.$26,900 c.$12,000 124%
ARPU(( 4 (#_ftn4) )) $3,268 $3,023 8%
Active Customers(( 5 (#_ftn5) )) 242,440 254,138 (5%)
New Customers 6 (#_ftn6) 104,902 118,010 (11%)
AUAC 7 (#_ftn7) $1,267 $1,456 (13%)
*Unaudited
Strong financial performance driven by the Group's global offering, scale and
capital allocation
+ Strong financial results delivered for FY 2025, with revenue and EBITDA ahead
of market expectations 8 (#_ftn8) , supported by an increasingly diversified
revenue base and disciplined cost management
+ Maintained a highly cash-generative business model, underpinned by a strong,
debt-free balance sheet with substantial cash resources of approximately
$0.8bn as of 31 December 2025
+ Significant shareholder returns of $187.5m announced today, comprising
dividends of $87.5m and share buybacks of $100m, extending Plus500's
long-standing track record of capital returns while continuing to invest in
growth and innovation
Accelerated strategic execution and diversification across the Group
+ FY 2025 was a year of significant progress against the Group's long-term
strategic roadmap of expanding into new markets, enhancing its product
offering across both the OTC and non-OTC businesses and deepening engagement
with its growing cohort of premium customers
+ In February 2026, Plus500 successfully completed its acquisition of Mehta
Equities Limited ("Mehta") in India, expanding its geographic reach and
enhancing its global B2B and B2C futures offering
+ Further business diversification across products, geographies and customers,
enhancing resilience across market cycles, including during less volatile
financial markets
+ Continued evolution into a global, multi-asset fintech group operating
proprietary trading platforms alongside trusted market infrastructure and
clearing services
Material progress delivered in non-OTC business with annual record revenue and
customer segregated funds
+ The non-OTC business generated record revenue of more than $100m in FY 2025,
marking a step-change in scale as this business line becomes a meaningful and
increasingly important contributor to Group revenue, new customer numbers and
total customer deposits
+ Customer segregated funds in the non-OTC business increased by 160%
year-on-year to over $0.9bn as of 31 December 2025, reflecting the rapidly
growing trust and engagement that both B2B and B2C customers place in Plus500
+ Entered into a strategic partnership with Topstep, a leading US-based trading
education and evaluation platform, acting as the exclusive provider of
clearing and technology infrastructure to support its brokerage expansion
+ Obtained three new clearing memberships with ICE Clear US, ICE Clear Europe
and Kalshi Klear, further expanding the Group's holistic clearing service and
global geographic footprint
Prediction markets initiatives provide a strategic growth engine for Plus500
+ Landmark appointment as clearing partner for CME Group and FanDuel's new
event-based contracts platform, 'FanDuel Prediction Markets'
+ As announced earlier this month, the Group also expanded its B2C offering in
the US through the launch of Kalshi exchange event-based contracts, enabling
customers on Plus500's futures trading platform to access regulated
event-based markets
+ These significant achievements underscore the industry's confidence in
Plus500's proprietary technology, regulatory expertise and trusted status,
solidifying the Group's position as a provider of institutional infrastructure
and collaboration
Structural growth of the Group's OTC business underpinned by new markets,
licences and products
+ During FY 2025 the Group secured new licences in Canada and the UAE
+ First strategic expansion into Latin America with authorisation to establish a
representative office in Colombia, which brings the Group's global portfolio
of regulatory licences to 17, including the most recent addition following the
acquisition of Mehta in India
+ New commodities licence obtained in Japan, expanding the Group's localised,
multi-asset OTC offering in this strategically important market, followed by a
new localised offline marketing campaign
+ Plus500's status as an innovative leader for the mobile-first generation of
customers was highlighted once again by 89% of OTC revenue being generated by
customers trading on mobile or tablet devices (FY 2024: 88%)
Increased focus on higher value customers enhances quality of revenue,
earnings and longevity
+ Continued strong momentum in customer deposits, with the average deposit per
Active Customer increasing by 124% to a record level of c.$26,900 during the
year (FY 2024: c.$12,000), highlighting the Group's ongoing success in
attracting higher value customers
+ Delivered a record ARPU of $3,268 (FY 2024: $3,023) for FY 2025, representing
growth of 8% year-on-year, driven by the Group's diverse product offering,
intuitive trading platforms, best-in-class customer service and sophisticated
retention initiatives
+ In FY 2025, approximately 50% of OTC revenue was generated by customers
trading with the Group for more than five years. Improved customer longevity
and deeper engagement reflect the increasingly sophisticated, long-term nature
of Plus500's high-quality customer base, leading to greater stability,
resilience and quality of earnings
+ Proprietary, data-driven marketing technology driving disciplined customer
acquisition while improving efficiency, contributing to a 13% reduction in
AUAC year-on-year
Outlook
The significant strategic, operational and financial momentum achieved in FY
2025 has continued into FY 2026 with the Group's trading being supported by
positive momentum across global financial markets, as well as with strong
operational results. This includes Plus500's launch of its prediction markets
offering for B2C customers in the US and completing the acquisition of Mehta
in India, setting a strong foundation for the year.
The Group's positive outlook is underpinned by its diversified business model,
its growing non-OTC business lines and its established position as a trusted
provider of institutional market infrastructure. This is enabled by its robust
balance sheet, proprietary technology and an expanding global regulatory
footprint, all of which provide a strong foundation for continued execution
against its strategic roadmap.
The Company's Board of Directors (the "Board") remains confident in the
Group's prospects and expects FY 2026 performance to be ahead of current
market expectations(( 9 (#_ftn9) )).
Analyst and investor webcast
Plus500's CEO, CFO and Head of Investor Relations will host a webcast for
analysts and investors at 9:00am UK time today, which can be accessed via the
following link: Plus500 FY 2025 Preliminary Results | SparkLive | LSEG
(https://sparklive.lseg.com/Plus500Ltd/events/78913e56-3c6a-4f76-ad4f-3c0d16373ed6/plus500-fy-2025-preliminary-results)
. The presentation materials and a recording of the webcast will be made
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 Styles +44 (0) 7510 385554
Corbin Ellington Plus500@dgagroup.com (mailto:Plus500@dgagroup.com)
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, Canada,
Colombia and India, 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.
FY 2025: Accelerated progress across various strategic initiatives driving
growth and value creation
FY 2025 was a year in which Plus500 further stepped up the level of execution
against its long-term strategic roadmap, accelerating progress across the
Group, and continuing to diversify its operations across products,
geographies, markets and customers.
The Group has continued its evolution into a global, multi-asset fintech
business, operating proprietary trading platforms across OTC, futures and
share dealing markets. It also provides accredited, trusted market
infrastructure services, including execution and clearing, to the global
futures industry and prediction markets space. The progress delivered during
FY 2025 reflects the enduring strength of Plus500's proprietary technology,
regulatory expertise, disciplined capital allocation framework and
high-performance culture.
Non-OTC business evolving into a key contributor to the Group's growth
The Group's non-OTC business, which comprises its futures and share dealing
businesses, delivered substantial progress during FY 2025 and continued to
scale into a key growth driver for the Group.
During the year, the non-OTC business generated more than $100m of revenue for
the first time, increasing its contribution to total Group revenue to
approximately 14% (FY 2024: approximately 10%), New Customers to approximately
17% (FY 2024: approximately 15%) and customer deposits to approximately 67%
(FY 2024: approximately 36%). Customer segregated funds increased
significantly by 160% to $918.2m as of 31 December 2025 (31 December 2024:
$353.8m), reflecting the growing scale of these operations and the increasing
trust placed in Plus500's platforms by both retail and institutional
customers.
As a result, the non-OTC business now represents a structurally important
pillar of the Group, enhancing its diversification, quality and durability of
earnings and providing multiple avenues for continued growth across
geographies, client segments and product types.
This continued progress also reflects the increasing scalability of the
Group's non-OTC model and supports the Board's confidence in its potential to
become a meaningful long-term driver of future growth and value creation.
US prediction markets expansion maximising strategic opportunities across B2B
and B2C businesses
The Group was appointed as the clearing partner for 'FanDuel Prediction
Markets', a groundbreaking new event-based contracts platform established as a
joint venture between the CME Group and FanDuel, that went live in December
2025.
As announced earlier this month, shortly after the period end, the Group also
expanded its B2C offering in the US through the launch of Kalshi event-based
contracts, enabling B2C customers on Plus500's futures trading platform to
access regulated event-based markets for the first time. This further broadens
the Group's product offering and expands its addressable market into a popular
and fast-growing new category, as interest in prediction markets continues to
increase significantly. Plus500 aims to leverage the same trusted
institutional infrastructure that underpins its B2B operations, enabling it to
cater to both B2B and B2C customers.
These important partnerships and technological expansions demonstrate
Plus500's market-leading operational strengths, underscoring its role as a
critical market infrastructure provider, ensuring robust execution, settlement
and risk management. In addition, these new execution-brokerage and clearing
arrangements will enable Plus500 to deliver secure and scalable access for
clients, bringing its institutional infrastructure together with emerging
platforms to empower broader engagement with global markets.
B2B (Institutional) business leveraging its unique market position to drive
growth
The Group's B2B business continued to strengthen its position as a trusted
provider of critical market infrastructure services, exemplified by several
landmark partnerships in the US.
The Group entered into a strategic partnership with Topstep, under which it
will be the exclusive provider of clearing and technology infrastructure to
support Topstep's brokerage expansion.
During the year, the Group also secured additional clearing memberships with
ICE Clear US, ICE Clear Europe, as well as with Kalshi Klear, enhancing its
ability to provide holistic clearing services across multiple venues and
geographies.
Taken together, these achievements represent strong validation of Plus500's
trusted proprietary technology, regulatory credentials and operational
resilience, and position the Group to support a broader range of institutional
clients and products over time.
B2C (Retail) business continued to perform well
The Group's B2C business, including the 'Plus500 Futures' and 'T4-Pro' trading
platforms, continued to perform strongly during FY 2025.
Customer acquisition, engagement and activity increased further, supported by
the Group's proprietary technology and its 'omni-set' solution, enabling
customers to onboard, fund and trade seamlessly through a single integrated,
secure platform. The breadth of products and functionality available to
customers also continued to expand, supporting deeper engagement from both new
and existing users.
The Group's established regulatory track record and market expertise leave it
well placed to capitalise on broader growth opportunities by incorporating
additional products and entering into new strategic partnerships, including in
the prediction markets space.
Completed the acquisition of Mehta in India, marking a major step in creating
a global futures offering
Plus500 achieved an important strategic milestone, expanding its futures
footprint into the Indian market through the acquisition of Mehta, a regulated
Indian brokerage firm, which completed in February 2026.
India represents one of the world's largest and fastest-growing futures
markets, supported by increasing retail participation, improving market
infrastructure and a well-established regulatory framework. This acquisition
provides Plus500 with immediate local market access, regulatory credentials,
operational capabilities and market expertise, creating strong foundations for
the expansion of both its B2B and B2C futures activities in the region.
This acquisition is closely aligned with the Group's strategy of leveraging
its proprietary technology and trusted, market-leading infrastructure to
access attractive, regulated markets. It also provides Plus500 with the
opportunity to apply its successful futures strategy in one of the world's
most significant retail futures markets, driving growth and generating
synergies with the Group's existing operations in the US futures market.
Expansion of OTC business into new markets and products, and strengthened
focus on higher value customers
Plus500's OTC business continued to perform strongly during FY 2025, driven by
regulatory licence expansion, product innovation and a continued focus on
higher value customers.
The Group secured new licences in Canada, the UAE and Colombia, expanding its
global portfolio of regulatory licences to 17, including most recently
following the acquisition of Mehta in India. In Japan, the Group obtained a
new commodities licence, further expanding its localised, multi-asset OTC
offering following the earlier launch of Equity, Index and ETF products. The
Group's licences represent a major source of long-term competitive advantage
and hold significant inherent value by driving future growth.
Plus500 also received authorisation to establish a new representative office
in Colombia, marking the Group's first strategic expansion into Latin America.
This provides a foundation for deeper engagement with customers in the region
and enhances the Group's long-term growth prospects.
Plus500's unique proprietary technology is able to provide customers with an
intuitive and agile trading platform via mobile or tablet device, easily
accommodating customer requirements. Reflecting Plus500's status as an
innovative leader for the mobile-first generation of customers, 89% of OTC
revenue was generated by customers trading on mobile or tablet devices in FY
2025 (FY 2024: 88%).
Product innovation enhances customer experience and drives operational
efficiency
Technology remains central to Plus500's business model and a key source of
long-term competitive advantage. During FY 2025, the Group continued to
enhance its product offering across its OTC and non-OTC platforms, delivering
improvements on performance, functionality and overall customer experience.
Demonstrating the Group's approach to continuous technological innovation and
commitment to enhancing its product offering, Plus500 recently introduced new
weekly options for customers on its OTC platform, offering greater product
diversity and flexibility as part of a seamless user experience.
Such initiatives support the Group's enhanced scalability and adaptability,
while maintaining rigorous compliance, customer care and operational
resilience.
Operational overview
Plus500 delivered a strong operational performance during FY 2025, reflecting
its continued focus on attracting and retaining higher value customers as well
as the benefits of its increasingly diversified platform offering.
Active Customers were steady at 242,440 for FY 2025 (FY 2024: 254,138),
supported by improved customer retention and engagement across the Group's
platforms and reflecting its focus on long term, higher value customers. The
number of Active Customers in Q4 2025 was 123,122 (Q4 2024: 136,658).
ARPU grew 8% year-on-year and reached a record annual level of $3,268 in FY
2025 (FY 2024: $3,023), including $1,580 in Q4 2025 (Q4 2024: $1,338), which
highlights the depth of the Group's product offering and the quality of its
intuitive trading platforms.
New Customer acquisition was 104,902 during the year (FY 2024: 118,010),
including 26,093 in Q4 2025 (Q4 2024: 36,329), with a positive year-on-year
improvement in AUAC, declining by 13%, supported by the Group's sophisticated
multi-channel marketing approach. AUAC was $1,267 in FY 2025 (FY 2024:
$1,456), including $1,264 in Q4 2025 (Q4 2024: $1,355).
Average deposit per Active Customer increased in FY 2025 to a record level of
c.$26,900 (FY 2024: c.$12,000), reflecting the Group's success in targeting
higher value customer segments while also deepening engagement with existing
customers. Customer activity also continued to grow, with total number of
customer trades reaching approximately 69m during the year (FY 2024:
approximately 56m), highlighting both the strength of the Group's product
offering and the scalability, performance and resilience of its proprietary
trading platforms.
These operational metrics demonstrate the effectiveness of Plus500's
technology-led operating model and its ability to support growth across
multiple products, markets and client segments. The Group leveraged its highly
sophisticated marketing technology, powered by big data and AI and its strict
Return on Investment parameters, to optimise customer acquisition costs during
the period.
Financial overview
Plus500 delivered a strong financial performance for FY 2025, supported by its
diversified business model, disciplined cost management and continued
operational execution.
Group revenue increased by 3% to $792.4m (FY 2024: $768.3m), driven by growth
across both the OTC and non-OTC businesses, comprising trading income of
$729.6m (FY 2024: $711.6m), reflecting strong customer activity across the
Group's platforms, and interest income of $62.8m (FY 2024: $56.7m), supported
by the significant cash balances held by the Group, including revenue of
$194.6m in Q4 2025 (Q4 2024: $182.8m).
EBITDA for FY 2025 was $348.1m (FY 2024: $342.3m), representing an EBITDA
margin of 44% (FY 2024: 45%), including EBITDA of $80.3m in Q4 2025 (Q4 2024:
$76.2m). On a constant currency basis, the EBITDA outcome for FY 2025 was
approximately 8% higher than the EBITDA in FY 2024.
Customer Income(( 10 (#_ftn10) )), a key measure of the Group's underlying
performance, was $739.4m during FY 2025 (FY 2024: $667.6m), including $202.7m
in Q4 2025 (Q4 2024: $171.9m). Customer Trading Performance(( 11 (#_ftn11) ))
was ($9.8m) in FY 2025 (FY 2024: $44.0m), including ($20.2m) in Q4 2025 (Q4
2024: ($2.6m)). The Group expects that the contribution from Customer Trading
Performance will remain broadly neutral over time.
Net profit in FY 2025 was $281.3m (FY 2024: $273.1m) and basic EPS increased
by 10% to $3.93 (FY 2024: $3.57), reflecting the Group's strong financial
performance and the ongoing impact of share buyback programmes executed during
the year.
The Group's cost base remained highly flexible in FY 2025, with approximately
70% (FY 2024: 70%) of costs being variable in nature, providing resilience
across market conditions and enabling Plus500 to respond quickly to changes in
customer demand and trading activity.
Total SG&A expenses were $449.8m for FY 2025 (FY 2024: $432.2m). The main
elements were marketing technology investments of $132.9m (FY 2024: $171.8m),
payment processing costs of $40.2m (FY 2024: $39.4m), employee benefits and
other related expenses of $152.0m (FY 2024: $123.9m), related mainly to the
substantial increase in the Company's share price during the year, as well as
FX headwinds, and commissions and fees of $69.4m (FY 2024: $47.0m), which can
be mainly attributed to the growth of the US futures businesses.
Plus500 ended the year with cash balances of $801.6m (FY 2024: $890.0m),
remained debt-free and maintained a highly cash-generative business model.
This strong financial position underpins the Group's ability to continue to
invest in organic growth, pursue selective, accretive M&A opportunities
and deliver attractive shareholder returns.
Significant shareholder returns announced today
As announced today, the Board has approved total shareholder returns of
$187.5m, comprising share buyback programmes of $100m and total dividends of
$87.5m. These new shareholder returns reflect the Group's strong financial
performance, highly cash-generative business model and robust, debt-free
balance sheet.
The $100m share buyback programme includes a final buyback programme of $30.3m
and a special buyback programme of $69.7m. These programmes will commence
following the completion of the current share buyback programme of $90m, which
was announced on 11 August 2025 and commenced on 18 August 2025.
The $87.5m of dividends includes a final dividend of $30.3m, representing
$0.4314 per share, and a special dividend of $57.2m, representing $0.8143 per
share, equating to a total dividend per share of $1.2457. The final and
special dividends have an ex-dividend date of 19 February 2026, with a record
date of 20 February 2026 and a payment date of 9 July 2026.
These returns are fully aligned with Plus500's established and disciplined
capital allocation framework and demonstrate the Board's continued confidence
in the Group's strategy, financial position and outlook, while retaining
substantial flexibility to support organic growth and selective strategic
investments.
At 31 December 2025, the Company held in treasury a total of 44,458,677
ordinary shares, which were purchased since the commencement of Plus500's
initial share buyback programmes in 2017, representing approximately 39% 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.
Disciplined capital allocation driving growth, innovation and attractive
long-term returns
Plus500 continued to allocate capital with discipline during FY 2025,
balancing investment in future growth with attractive shareholder returns.
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.
In recent years, the Group has executed bolt-on acquisitions globally,
including the US, Japan and India. These acquisitions have delivered immediate
value by expanding the Group's regulatory footprint, market access and product
set, supported by application of its superior proprietary technology during
the integration phase.
Since its IPO in 2013, Plus500 has returned approximately $2.9bn to
shareholders through dividends and share buybacks, including the returns
announced today. This approach to capital allocation has delivered a total
return to shareholders of over 8,700% up to 31 December 2025. This achievement
demonstrates the Group's exceptional and consistent track record of long-term,
compounding shareholder value creation across market cycles, positioning it as
the best performing share in the FTSE All-Share Index on a total return basis
over that time frame(( 12 (#_ftn12) )).
Outlook: well positioned for continued strategic execution and growth
The significant strategic, operational and financial momentum achieved in FY
2025 has continued into FY 2026 with the Group's trading being supported by
positive momentum across global financial markets, as well as with strong
operational results. This includes Plus500's launch of its prediction markets
offering for B2C customers in the US and completing the acquisition of Mehta
in India, setting a strong foundation for the year.
The Group's diversified business model, increasingly scaled non-OTC operations
and reinforced position as a trusted provider of critical market
infrastructure, alongside its expanding global footprint, provide a robust
foundation to support continued execution against its strategic roadmap.
Supported by its differentiated proprietary technology, strong balance sheet
and disciplined capital allocation framework, the Board remains confident in
the Group's prospects and expects the FY 2026 results to be ahead of current
market expectations(( 13 (#_ftn13) )).
Plus500 LTD.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
Year ended
31 December
2025 2024
Note US dollars in millions
Trading income 729.6 711.6
Interest income 62.8 56.7
REVENUE 792.4 768.3
Selling and marketing expenses 323.8 329.0
Administrative and general expenses 126.0 103.2
OPERATING PROFIT 342.6 336.1
Financial income 6.8 6.7
Financial expenses 10.5 5.6
FINANCIAL EXPENSES (INCOME), NET 3.7 (1.1)
PROFIT BEFORE INCOME TAX 338.9 337.2
Income tax expense 57.6 64.1
PROFIT AND COMPREHENSIVE INCOME FOR THE YEAR 281.3 273.1
Basic earnings per share (In US dollars) 6 3.93 3.57
Diluted earnings per share (In US dollars) 6 3.79 3.45
Plus500 LTD.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
As of 31 December
2025 2024
Note US dollars in millions
ASSETS
Non-current assets
Property, plant and equipment 14.3 11.8
Goodwill and other intangible assets, net 37.5 37.9
Right of use assets 18.4 14.1
Long-term other receivables 13.4 7.8
Total non-current assets 83.6 71.6
Current assets
Income tax receivable 0.4 0.1
Other receivables and others 7 58.5 30.1
Cash and cash equivalents 801.6 890.0
Total current assets 860.5 920.2
TOTAL ASSETS 944.1 991.8
LIABILITIES
Non-current liabilities
Lease liabilities (net of current maturities) 19.5 13.2
Deferred tax liability 6.9 6.9
Total non-current liabilities 26.4 20.1
Current liabilities
Income tax payable 169.2 163.4
Other payables 130.1 118.7
Service suppliers 12.2 17.4
Current maturities of lease liabilities 2.9 2.6
Trade payables - due to clients 8 35.3 25.3
Total current liabilities 349.7 327.4
TOTAL LIABILITIES 376.1 347.5
EQUITY
Ordinary shares 4 0.3 0.3
Share premium 22.2 22.2
Company's shares held by the Company (981.6) (785.8)
Retained earnings 1,527.1 1,407.6
Total equity 568.0 644.3
TOTAL LIABILITIES AND EQUITY 944.1 991.8
Plus500 LTD.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
Company's
Ordinary Share shares held by Retained
shares premium the Company earnings Total
US dollars in millions
BALANCE AT 1 JANUARY 2024 0.3 22.2 (606.5) 1,283.8 699.8
CHANGES DURING THE YEAR ENDED 31 DECEMBER 2024
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 compensation - - 15.7 (15.7) -
Acquisition of treasury shares - - (195.0) - (195.0)
BALANCE AT 31 DECEMBER 2024 0.3 22.2 (785.8) 1,407.6 644.3
CHANGES DURING THE YEAR ENDED 31 DECEMBER 2025
Profit and comprehensive income for the year - - - 281.3 281.3
Share based compensation - - - 21.8 21.8
TRANSACTION WITH SHAREHOLDERS:
Dividend - - - (164.4) (164.4)
Issue of treasury shares to settle equity share based compensation - - 19.2 (19.2) -
Acquisition of treasury shares - - (215.0) - (215.0)
BALANCE AT 31 DECEMBER 2025 0.3 22.2 (981.6) 1,527.1 568.0
Plus500 LTD.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
Year ended
31 December
2025 2024
US dollars in millions
OPERATING ACTIVITIES:
Cash generated from operations (see Note 9) 266.2 321.9
Income tax paid, net (44.3) (37.1)
Interest received 62.8 56.7
Net cash flows provided by operating activities 284.7 341.5
INVESTING ACTIVITIES:
Purchase of property, plant and equipment (4.6) (4.8)
Net cash flows used in investing activities (4.6) (4.8)
FINANCING ACTIVITIES:
Dividend paid to equity holders of the Company (164.4) (150.2)
Payment in respect of lease liabilities (3.7) (3.3)
Acquisition of treasury shares (215.0) (195.0)
Net cash flows used in financing activities (383.1) (348.5)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (103.0) (11.8)
BALANCE OF CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR 890.0 906.7
Gains (losses) from effects of exchange rate changes on cash and cash 14.6 (4.9)
equivalents
BALANCE OF CASH AND CASH EQUIVALENTS AT END OF THE YEAR 801.6 890.0
Plus500 LTD.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
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, the Canadian Investment Regulatory Organization ("CIRO") in Canada
and the Colombian Financial Superintendence ("SFC") in Colombia.
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.
NOTE 2 - SUMMARY OF MATERIAL ACCOUNTING POLICIES
a. Basis of accounting and accounting policies
The Group's condensed consolidated financial information as at 31 December
2025 and 2024 and for each of the two years in the period ended on 31 December
2025 is in compliance with IFRS Accounting Standards that consist of standards
and interpretations issued by the International Accounting Standard Board
("IFRSs").
The material accounting policies in this financial information have been
applied consistently in relation to all the reporting periods, unless
otherwise stated.
The financial information has been prepared under the historical cost
convention subject to adjustments in respect of revaluation of financial
assets at fair value through profit or loss presented at fair value.
b. 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 these condensed
consolidated financial statements.
Plus500 LTD.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(continued)
NOTE 3 - 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%. The
Company has final tax assessments up to the year 2024.
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%.
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 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%.
Plus500 LTD.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(continued)
NOTE 3 - INCOME TAX EXPENSE (continued)
c. Tax assessments
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.
NOTE 4 - SHARE CAPITAL
Composed of ordinary shares of NIS 0.01 par value, as follows:
Number of ordinary shares
As at 31 December
2025 2024
Authorised 300,000,000 300,000,000
Issued and fully paid 114,888,377 114,888,377
Less treasury shares* (44,458,677) (40,569,750)
Outstanding shares 70,429,700 74,318,627
* Number of accumulated ordinary shares that were purchased by the Company as
part of the share buyback programmes, less issue of treasury shares.
NOTE 5 - 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:
Ex-Date Amount of dividend Amount of dividend Date of payment to shareholders
(US $ in millions)* per share (US $)
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
21 August 2025 74.7 1.0553 11 November 2025
*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.
Plus500 LTD.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(continued)
NOTE 6 - 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 year.
Year ended 31 December
2025 2024
Profit attributable to equity holders of the
Company (US dollars in millions) 281.3 273.1
Weighted average number of ordinary shares in issue*:
Basic 71,491,575 76,459,266
Dilutive effect of equity share based compensation 2,795,370 2,733,527
Diluted 74,286,945 79,192,793
Basic earnings per share (In US dollars) 3.93 3.57
Diluted earnings per share (In US dollars) 3.79 3.45
*After weighting the effect of the Company's share buyback programmes.
NOTE 7 - OTHER RECEIVABLES AND OTHERS
As of 31 December
2025 2024
US dollars in millions
Securities at fair value - 1.5
Prepaid expenses 5.1 6.0
Excess funds in segregation, net* 12.9 5.0
Other 40.5 17.6
58.5 30.1
*Excess funds in segregation, net
are comprised of the following:
Amount required to be segregated (905.3) (348.8)
Amount in segregation 918.2 353.8
12.9 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 8 - TRADE PAYABLES - DUE TO CLIENTS
As of 31 December
2025 2024
US dollars in millions
Customers' deposits, net* 292.8 260.3
Segregated client funds (257.5) (235.0)
35.3 25.3
*Customers' deposits, net, are comprised of the following:
Customers' deposits 395.2 373.6
Less - financial derivative open positions:
Gross amount of assets (129.3) (132.1)
Gross amount of liabilities 26.9 18.8
292.8 260.3
*The total amount of 'Trade payables - due to clients' includes bonuses to
clients.
Plus500 LTD.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(continued)
NOTE 9 - CASH GENERATED FROM OPERATIONS
Year ended 31 December
2025 2024
US dollars in millions
Cash generated from operating activities
Net income for the year 281.3 273.1
Adjustments required to reflect the cash flows from
operating activities:
Depreciation and amortisation 2.5 3.1
Amortisation of right of use assets 3.0 3.1
Changes of equity and cash share based compensation 25.8 19.9
Taxes on income 57.6 64.1
Interest expenses in respect of leases 1.4 1.0
Exchange differences in respect of leases 1.6 (0.4)
Interest income (62.8) (56.7)
Foreign exchange losses (gains) on operating activities (24.9) (0.3)
4.2 33.8
Operating changes in working capital:
Decrease (increase) in other receivables (31.5) (5.7)
Increase (decrease) in trade payables due to clients 10.0 (4.9)
Increase (decrease) in other payables 7.4 20.8
Increase (decrease) in service suppliers (5.2) 4.8
(19.3) 15.0
Cash generated from operations 266.2 321.9
Non-cash transactions
During the years ended 31 December 2025 and 2024, $7.3 million and $0.1
million in right of use assets and lease liabilities were recognised,
respectively.
NOTE 10 - SUBSEQUENT EVENTS
In February 2026, the Company completed the acquisition of 100% of the share
capital of Mehta Equities Limited. The total cash consideration was
approximately $20 million and was funded from the Company's existing cash
balances. The acquisition is not expected to have a material impact on the
Group's financial position.
On 9 February 2026, the Company declared a final dividend in an amount of
$30.3 million ($0.4314 per share). The dividend record date is 20 February
2026 and it will be paid to the shareholders on 9 July 2026.
On 9 February 2026, the Company declared a special dividend in an amount of
$57.2 million ($0.8143 per share). The dividend record date is 20 February
2026 and it will be paid to the shareholders on 9 July 2026.
On 9 February 2026, the Company declared the adoption of a share buyback
programme to buy back up to $100.0 million of the Company's ordinary shares,
comprised of a final share buyback programme in the amount of $30.3 million
and a special share buyback programme in the amount of $69.7 million.
(( 1 (#_ftnref1) )) Non-OTC includes futures and share dealing
(( 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) ARPU - Average Revenue Per User
5 (#_ftnref5) Active Customers - Customers who made at least one real money
trade during the period
6 (#_ftnref6) New Customers - Customers depositing for the first time
7 (#_ftnref7) AUAC - Average User Acquisition Cost
8 (#_ftnref8) Market expectations - Based on compiled analysts' consensus
forecasts (Source: Bloomberg), located on the Investor Relations section of
the Company's website. Consensus forecasts for FY 2025 were Revenue of $757.7m
and EBITDA of $345.8m
(( 9 (#_ftnref9) )) Market expectations - Based on compiled analysts'
consensus forecasts (Source: Bloomberg), located on the Investor Relations
section of the Company's website. Consensus forecasts for FY 2026 Revenue and
EBITDA are $749.3m and $348.4m, respectively
(( 10 (#_ftnref10) )) 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)
(( 11 (#_ftnref11) )) Customer Trading Performance - Gains/losses on
customers' trading positions
(( 12 (#_ftnref12) )) Source: Bloomberg
(( 13 (#_ftnref13) )) Market expectations - Based on compiled analysts'
consensus forecasts (Source: Bloomberg), located on the Investor Relations
section of the Company's website. Consensus forecasts for FY 2026 Revenue and
EBITDA are $749.3m and $348.4m, respectively
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