REG - Plus500 Ltd - Q1 2026 Trading Update

Plus500Announcement

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RNS Number : 0410B  Plus500 Limited  20 April 2026

20 April 2026

Plus500 Ltd.

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

Q1 2026 Trading Update

Strong Q1 2026 performance driven by proprietary technology-led customer
acquisition, delivering high-quality revenue growth

FY 2026 revenue and EBITDA expected to be ahead of current market
expectations 1 

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 31 March 2026. (#_bookmark0)

David Zruia, Chief Executive Officer of Plus500, commented:

"The Group delivered an excellent performance in the quarter, with strong
growth across key financial and operational metrics, underpinned by our
proprietary technology and highly efficient, scalable customer acquisition
capabilities. This was supported by robust activity across our global customer
base of c.34 million registered customers, providing a strong foundation for
continued growth, customer activation and monetisation.

Customer Income reached a five-year record high in Q1 2026, driven by the
continued execution of our strategic shift toward higher-value customers, as
well as heightened market volatility. This was achieved alongside continued
improvements in customer acquisition and lifetime value, driving higher
quality revenue and earnings.

We also made significant strategic progress in the US, including the launch of
our B2C prediction markets products and the continued expansion of our B2B
partnerships with leading market participants such as the CME Group and
FanDuel, further reinforcing Plus500's status as a leading provider of global
market infrastructure. Reflecting the strong momentum across the business and
our growing, increasingly diversified global footprint, the Board expects FY
2026 revenue and EBITDA to be ahead of current market expectations."

Key highlights:

+  Customer Income 2  increased by 33% quarter-on-quarter ("QoQ") and 53%
year-on-year ("YoY") to a five-year record high of $270.6m, demonstrating the
increasing, enduring value of the Group's high quality customer base.

+  Revenue 3  in Q1 2026 increased by 24% QoQ and 18% YoY to $242.1m, driven
by strong customer activity across both the Group's OTC and non-OTC
businesses.

+  New Customers 4  increased by 53% QoQ and 48% YoY to 39,867, reflecting
the strength of the Group's proprietary technology-led customer acquisition
model. Active Customers 5  increased by 28% QoQ and 21% YoY to 157,703,
reflecting higher levels of engagement and trading activity across the Group's
platforms.

+  EBITDA 6  in Q1 2026 increased by 19% QoQ and 2% YoY to $95.7m,
underscoring the Group's strong operating leverage alongside accelerated
investment in customer acquisition to support sustained long-term growth.

+  The Group's OTC business continued to grow, supported by activity across
its global markets and sustained customer engagement in key strategic regions,
including Europe, Australia and the Middle East.

+  The non-OTC 7  business scaled further during the period, accounting for
c.15% of Group revenue and c.18% of New Customers, further diversifying the
Group's earnings base. The US business delivered excellent progress, with
revenue increasing by c.21% QoQ and c.45% YoY.

Financial and Operational KPIs (unaudited)
                   Q1 2026  Q1 2025  Change %  Q1 2026  Q4 2025  Change %
 Revenue           $242.1m  $205.8m  18%       $242.1m  $194.6m  24%
 EBITDA            $95.7m   $93.8m   2%        $95.7m   $80.3m   19%
 New Customers     39,867   26,897   48%       39,867   26,093   53%
 Active Customers  157,703  130,514  21%       157,703  123,122  28%
 AUAC 8            $1,196   $1,205   (1%)      $1,196   $1,264   (5%)
 ARPU 9            $1,535   $1,577   (3%)      $1,535   $1,580   (3%)

Strategic highlights

+  The Group's US business continued to scale into a key strategic growth
pillar and delivered strong momentum across both its B2B and B2C segments,
reinforcing its position in one of its most important markets and its role as
a provider of institutional-grade market infrastructure.

+  The Group launched its US B2C prediction markets offering in February 2026
and expects to launch its next-generation offering during Q2 2026, with
enhanced capabilities and expanded prediction markets products, marking a
significant step in strengthening its presence in this rapidly growing space.

+  The Group expects to announce additional strategic partnerships across its
B2B futures and prediction markets businesses in the short to medium-term,
supporting further expansion of its global market infrastructure offering and
deepening its presence in these high-growth markets.

+  The acquisition of Mehta 10  (#_ftn10) in India was completed in February
2026, providing access to one of the world's largest retail futures markets
and representing a significant opportunity to scale the Group's global futures
operations.

Strategic overview

Plus500 entered FY 2026 with strong momentum across both its OTC and non-OTC
operations, driven by its diversified business model, proprietary technology
and its strategic focus on establishing a higher value customer base. The
Group's expanding global regulatory footprint and scalable infrastructure
provide a strong foundation to support continued growth.

The strong performance delivered in Q1 2026 was enabled by the Group's
sophisticated and technology-led customer acquisition capabilities, driving a
continued improvement in customer quality. The increasing long-term value of
its customers, alongside the highest level of quarterly Customer Income in the
last five years, reflect the Group's success in acquiring higher value
customers whilst enhancing the quality of its revenue and earnings.

The Group's continued expansion across its US futures and prediction markets
offerings is broadening its addressable market and strengthening its position
as a provider of critical global market infrastructure, supported by its
unique position as an FCM in the US futures market, combining execution and
clearing capabilities across both B2B and B2C channels.

Strong momentum in the US as Plus500 continued to scale and strengthen its
market presence

The Group delivered strong momentum in its US business, with revenue of
approximately $35m in Q1 2026, representing an increase of c.21% QoQ and c.45%
YoY, driven by growth across both its B2B and B2C offerings. The continued
growth of the US business reinforces its position as a key pillar of the
Group's diversified earnings base in a core strategic growth market.

Expansion of prediction markets and launch of new B2C offering

In February 2026, the Group successfully launched its US B2C prediction
markets offering, enabling retail customers to access regulated event-based
contracts through an enhanced user experience and broader product suite. This
marks a key strategic milestone in extending the Group's infrastructure into
the retail segment, with further product enhancements expected following the
planned launch of its next-generation offering in Q2 2026.

The Group also continued to expand its B2B prediction markets offering,
building on its strategic partnerships, including its landmark appointment as
clearing partner for the CME Group and FanDuel's event-based contracts
platform. These partnerships reinforce Plus500's position as a trusted
provider of market infrastructure.

Mehta acquisition strengthens global futures strategy

The Mehta acquisition marks a major milestone in the Group's global futures
strategy, providing immediate access to India, one of the world's largest
retail derivatives markets, and creating opportunities for further scale
through targeted synergies with its existing operations in the US futures
market.

The Indian market provides attractive long-term structural growth
fundamentals, including high retail participation and deep derivatives
liquidity, presenting a compelling opportunity for Plus500.

Higher value customers driving OTC performance and enhanced quality of
earnings

The Group's OTC business delivered a strong performance during the quarter,
supported by increased customer engagement and trading activity across its
platforms. Leveraging its global customer base of c.34 million registered
customers, the Group continued to enhance the value of its customers through
its data-driven acquisition capabilities, enabling efficient acquisition at
attractive AUAC levels. Increasing customer value has been accompanied by
lower acquisition costs, reflecting the strength and scalability of the
Group's operating model, as well as its unique technological capabilities,
which provide a distinct competitive advantage.

Continued improvements in customer retention, monetisation and activation are
driving increased engagement and value across the Group's higher quality
customer base. The average deposit per Active Customer remained robust, with
further expansion driven by increased deposits from OTC customers, reflecting
the Group's continued success in acquiring higher value customers.

Financial overview

Revenue and Customer Income both increased strongly in Q1 2026, with revenue
rising by 24% QoQ to $242.1m (Q1 2025: $205.8m; Q4 2025: $194.6m), including
trading income of $231.7m and interest income of $10.4m.

Customer Income increased by 33% QoQ to a five-year record high of $270.6m (Q1
2025: $176.3m; Q4 2025: $202.7m), reflecting strong customer engagement and
trading activity during the period. Customer Trading Performance 11  (#_ftn11)
was ($38.9m) in Q1 2026 (Q1 2025: $15.4m; Q4 2025: ($20.2m)), and is expected
to remain broadly neutral over time. The Group's resilient trading
infrastructure and disciplined technological risk management framework enabled
uninterrupted customer activity throughout a period of heightened market
volatility.

New Customers increased by 53% QoQ to 39,867 (Q1 2025: 26,897; Q4 2025:
26,093), as the Group continued to scale its global customer base while
maintaining a strategic focus on attracting higher value customers. This is
reflected in the increasing long-term value of its customers and the sustained
improvement in revenue and earnings.

AUAC decreased by 5% QoQ to $1,196, demonstrating the strength and flexibility
of the Group's marketing efficiency and disciplined capital allocation. Higher
customer volumes were achieved alongside a reduction in acquisition costs,
while customer value continued to increase over time. This was achieved
alongside an additional investment in customer acquisition of approximately
$16m during the quarter, above the prior year quarterly run-rate, with
improving cohort quality further supporting long-term revenue.

EBITDA increased by 19% QoQ to $95.7m (Q1 2025: $93.8m; Q4 2025: $80.3m),
equating to an EBITDA margin of 40%, reflecting the flexibility of the Group's
operating cost base and its ability to invest in growth while maintaining
strong profitability. On a constant currency basis, underlying performance was
even stronger, with reported results impacted by FX-related cost headwinds
during the period.

During Q1 2026, revenue growth exceeded EBITDA growth YoY, which reflects a
deliberate increase in investment in customer acquisition, including the
c.$16m incremental investment noted above, alongside strategic initiatives to
attract higher value customers and support the expansion of the Group's US
operations. Despite these targeted growth investments, the Group successfully
delivered a robust EBITDA margin of 40%, underscoring the strength of the
underlying profitability of its business.

Customer engagement remained strong, with Active Customers increasing by 28%
QoQ to 157,703 (Q1 2025: 130,514; Q4 2025: 123,122), reflecting higher levels
of trading activity across the Group's platforms.

ARPU was $1,535 during the quarter (Q1 2025: $1,577; Q4 2025: $1,580). The
Group expects to generate increasing value from these cohorts over time,
in-line with previous trends, as the current ARPU reflects a higher weighting
of new customers.

Total customer deposits reached a record quarterly level of $1.8bn (Q1 2025:
$1.6bn; Q4 2025: $1.7bn), reflecting strong customer demand and the quality of
newly acquired customers. High deposit volumes during the quarter led to
approximately $4m in additional payment processing costs.

The Group remained debt-free and maintained a strong financial position, with
cash balances of over $780m as of 31 March 2026 (31 December 2025: $801.6m).
This robust balance sheet position underpins the Board's confidence in
delivering significant future capital returns to shareholders, consistent with
Plus500's established, attractive shareholder returns policy.

Outlook

The Group entered FY 2026 with strong momentum, driven by continued growth in
customer acquisition, increasing customer value and expansion across both its
OTC and non-OTC businesses. Plus500 will continue to scale its operations
through multiple growth drivers, supported by its highly cash-generative
business model, proprietary technology, expanding global footprint and
continued product innovation. The Group is increasingly well positioned to
capitalise on a significantly expanding addressable market, supported by its
diversified and growing product offering.

The Group's growing presence in the US futures and prediction markets,
combined with the increasing value and quality of its customer cohorts, is
expanding its addressable market and strengthening the sustainability of its
earnings profile. Reflecting this strong performance and outlook, the Board
expects FY 2026 revenue and EBITDA to be ahead of current market
expectations 12 .

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.

 1  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
$779.3m and $360.4m, respectively.

 2  Customer Income - From OTC (customer spreads and overnight charges) and
non-OTC (commissions from the Group's futures and options on futures operation
and from 'Plus500 Invest', the Group's share dealing platform)

(( 3 )) Revenue is comprised of trading income and interest income

 4  New Customers - Customers depositing for the first time

 5  Active Customers - Customers who made at least one real money trade during
the period

 6  EBITDA - Revenue (trading income and interest income) minus operating
expenses plus depreciation and amortisation

 7  Non-OTC includes futures and share dealing

 8  AUAC - Average User Acquisition Cost

 9  ARPU - Average Revenue Per User

 10  Mehta Equities Private Limited

 11  Customer Trading Performance - Gains/losses on customers' trading
positions

 12  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
$779.3m and $360.4m, respectively.

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