Plus500 H1 2026 Interim Results
Summary by AI BETAClose X
10 August 2026
Plus500 Ltd.
("Plus500", the "Company" or, together with its subsidiaries, the "Group")
Interim results for the six-month period ended 30 June 2026
Record H1 2026 results: Five-year high Customer Income and three-year high revenue
$182.5m of shareholder returns announced today, extending Plus500's exceptional track record of shareholder returns since IPO to c.$3.1bn
Plus500, a global multi-asset fintech group operating proprietary technology-based trading platforms, today announces its interim results for the six-month period ended 30 June 2026[1].
David Zruia, Chief Executive Officer of Plus500, commented:
"H1 2026 was an outstanding period for Plus500. We delivered record results for a six-month period, reflecting the compounding quality and value of our customer base, the resilience of our global OTC and non-OTC businesses, and the enduring power of our proprietary technology.
In our non-OTC business, we launched our B2C prediction markets offering, including our next-generation sports contracts and, shortly after the period end, we introduced single stock futures and grew our B2B partnerships significantly. Collectively, H1 2026 marked a genuine step-change for our US business. At the same time, our OTC business continued to gain real traction globally, expanding both its geographic footprint and its product offering, including 24/5 trading.
Together, this progress continued our transformation from a single-product business to a diversified global multi-asset fintech group, operating at the centre of the world's financial markets. H2 2026 started positively and the Board is confident in delivering FY 2026 revenue and EBITDA in-line with current market expectations."
Key highlights
+ Record financial performance in H1 2026, including revenue growth of 12% and Customer Income[2] growth of 24% year-on-year ("YoY").
+ The Group's non-OTC[3] business launched its CFTC-regulated B2C prediction markets offering, including sports contracts, as well as single stock futures, and secured additional B2B partnerships with Wealthsimple and Nelogica.
+ The OTC business expanded its geographic reach, including new operations in Canada and Latin America, and launched 24/5 trading on stocks and ETFs.
+ Significant shareholder returns announced today totalling $182.5m, comprising share buyback programmes of $100.0m and total dividends of $82.5m, equating to $1.2001 per share.
+ The Group's FY 2026 results are expected to be in-line with current market expectations[4], following several upgrades earlier this year.
Financial and operational KPIs*
|
|
H1 2026 |
H1 2025 |
Change % |
Q2 2026 |
Q2 2025 |
Change % |
|
Revenue[5] |
$462.9m |
$415.1m |
12% |
$220.8m |
$209.3m |
5% |
|
EBITDA[6] |
$187.5m |
$185.1m |
1% |
$91.8m |
$91.3m |
1% |
|
ARPU[7] |
$2,346 |
$2,307 |
2% |
$1,683 |
$1,578 |
7% |
|
Active Customers[8] |
197,294 |
179,931 |
10% |
131,214 |
132,602 |
(1%) |
|
New Customers[9] |
65,723 |
56,165 |
17% |
25,856 |
29,268 |
(12%) |
|
AUAC[10] |
$1,230 |
$1,237 |
(1%) |
$1,283 |
$1,267 |
1% |
*Unaudited
Excellent financial performance highlights the strength and depth of the Group's platforms
+ Customer Income increased by 24% YoY to $460.8m, marking a five-year record high for a six-month period (H1 2025: $371.5m).
+ Trading income, the Group's primary revenue driver, increased by 15% YoY to $441.8m (H1 2025: $385.5m).
+ Revenue increased by 12% YoY to $462.9m (H1 2025: $415.1m), representing a three-year record high for a six-month period.
+ The non-OTC business delivered revenue growth of c.30% YoY in H1 2026, increasing its contribution to c.15% of total Group revenue (H1 2025: c.13%).
+ EBITDA reached $187.5m in H1 2026 (H1 2025: $185.1m), representing a 1% increase YoY, reflecting the Group's deliberate step-up in customer acquisition investment, the natural scaling of revenue-linked costs in the US business, and a short-term FX headwind from a materially stronger Israeli Shekel versus the US Dollar.
+ Basic EPS grew by 6% YoY to $2.17, driven by the strong financial performance and the positive impact of the ongoing share buyback programmes.
+ Total customer deposits rose by 10% to $3.4bn (H1 2025: $3.1bn), with an average deposit per Active Customer of c.$17,300 (H1 2025: c.$17,250).
+ Total shareholder returns announced today of $182.5m, comprising $100.0m in share buyback programmes and $82.5m in total dividends, underpinned by a strong financial position with cash balances of over $860m, bringing the aggregate shareholder returns announced since IPO in 2013, to c.$3.1bn.
Strengthened position of the non-OTC business, covering futures and prediction markets
+ The Group launched its CFTC-regulated B2C prediction markets offering in February 2026 and introduced sports event-based contracts in June 2026, the highest-engagement category within prediction markets.
+ In H1 2026, new B2B and B2C customers were onboarded, leading to significantly higher trading volumes being processed YoY, helping to drive non-OTC revenue growth of c.30% YoY. As a result, the business is on track to generate annualised revenue of approximately $140m in FY 2026, highlighting the successful expansion into the high-growth US market.
+ B2B partnerships expanded, with Wealthsimple in Canada and Nelogica in Brazil being announced shortly after the period end, building on the Group's existing partnership with CME Group and FanDuel, as well as Topstep, highlighting the Group's position as an infrastructure partner of choice. B2B partnerships are particularly valuable as they provide greater diversification of earnings as they scale.
+ Completed the acquisition of Mehta[11] in India, securing an immediate foothold in one of the world's largest futures markets.
+ Plus500's unique dual-channel position in futures and prediction markets covering B2B and B2C, as well as a new B2B2C sub-line, represents a significant and growing opportunity for the Group, with value creation beginning in the short-term and its contribution expected to compound over the medium- to long-term.
OTC business continued to expand its global presence and enhance its product offering
+ The Group's OTC business continued to scale, launching new products and converting acquisition investment into revenue faster than in prior periods while sustaining strong long-term customer retention.
+ The launch of 24/5 trading on stocks and ETFs provides customers greater flexibility to respond to market-moving events in real time and reflects a structural shift reshaping the industry, with extended-hours trading rapidly becoming standard practice and accounting for a significant and growing share of global retail activity.
+ The OTC business continued to broaden its geographic diversification with continued expansion in Canada, Japan and Latin America, with a representative office established in Colombia. Existing OTC markets, such as the UAE, also performed extremely well, building on its more established operations to deliver a growing share of revenue and profit.
Focus on high-value customer cohorts converting acquisition investment into revenue more quickly
+ The strategic focus on higher value customers and investments in retention technologies continued during the period and resulted in a strong ROI on recently acquired cohorts converting into high-quality revenue more quickly than in prior periods.
+ New Customers increased by 17% YoY to 65,723 in H1 2026, reflecting the Group's sustained and disciplined investment in customer acquisition, retention and activation technologies, driving a 10% increase in Active Customers YoY to 197,294.
+ ARPU increased by 2% to $2,346 and AUAC decreased favourably by 1% YoY to $1,230 in H1 2026, highlighting the Group's ability to optimise acquisition investment while enabling stronger revenue generation more quickly from higher value customers.
+ In H1 2026, 20% of OTC revenue was generated by customers trading with Plus500 for up to one year (H1 2025: 16%), reflecting greater conversion in the short-term, while 50% of the OTC revenue was generated by customers trading for more than five years (H1 2025: 47%), highlighting the increased longevity and sophistication of the customer base.
$182.5m of shareholder returns announced today, extending total distributions since IPO in 2013 to c.$3.1bn
Shareholder returns totalling $182.5m, consistent with Plus500's proven capital allocation framework, reflect the Group's record H1 2026 results, robust balance sheet and highly cash generative business model, with operating cash conversion of 99% achieved during the period.
Today's shareholder returns are comprised of new share buyback programmes of $100.0m and total dividends of $82.5m, equating to $1.2001 per share, bringing total shareholder returns announced in 2026 to $370.0m, following the announcement of $187.5m in February 2026.
Since its IPO in 2013, the Company has returned approximately $3.1bn to shareholders through dividends and share buybacks, including those announced today, delivering a total shareholder return of approximately 12,000% to the end of June 2026, and resulting in Plus500 being the best-performing share across the FTSE All-Share Index on a total return basis over that time frame[12]. This achievement demonstrates the Group's exceptional and consistent track record of long-term, compounding shareholder value creation across market cycles.
Outlook
Plus500 enters the second half of 2026 with strong momentum and a clear strategy across its OTC and non-OTC operations. The Group's OTC business continues to deliver high-quality, resilient earnings as it expands its geographic reach, provides greater technological depth and diversifies its product offering. At the same time, the Group's expanding US presence, comprising B2B, B2C and B2B2C channels across futures and prediction markets, is a proven growth driver which continues to provide compelling opportunities for expansion.
A number of key growth engines are expected to drive progress in H2 2026 and beyond, including additional B2B partnerships, the continued scaling of the prediction markets offering, ongoing development of the Group's global futures proposition including the integration of Mehta in India, and further growth across the Group's OTC business.
Consistent with the Group's disciplined approach to M&A, it continues to evaluate further bolt-on acquisition opportunities to accelerate its global growth strategy.
Reflecting this strong strategic position, the Group is exceptionally well-placed to build on a record H1 2026, sustaining momentum into H2 2026 and beyond.
The Company's Board of Directors (the "Board") expects FY 2026 revenue and EBITDA to be in-line with current market expectations[13], following several upgrades earlier this year.
Analyst and investor webcast
Plus500's CEO, CFO and Head of Investor Relations will host a webcast for analysts and investors at 9:00am UK time today, which can be accessed via the following link: Plus500 H1 2026 Interim Results | SparkLive | LSEG. The presentation materials and a recording of the audiocast will be available in due course at https://investors.plus500.com/Reports/Presentation.
For further details:
|
Plus500 Ltd. |
|
|
Elad Even-Chen, Chief Financial Officer Owen Jones, Head of Investor Relations |
+972 4 8189503 +44 (0) 7551 654208
|
|
FTI Consulting |
|
|
Ed Berry Dwight Burden Victoria Hayns |
+44 20 3727 1000 |
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.
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 expressed 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.
Diversified global growth engine powered by proprietary technology
Over the past five years, Plus500 has transformed from a single OTC product provider into a global, established, and diversified fintech group operating proprietary trading platforms across OTC, futures, share dealing and, most recently, prediction markets. This evolution also encompasses the Group's B2B (Institutional) offering, as part of its futures and prediction markets business, and new geographies such as the US, the UAE, Canada, Colombia and Japan. Since 2021, the Group has added nine new regulatory licences, taking the Group's global portfolio to 17, with every market matched by dedicated local operational teams, infrastructure investment and a localised technology proposition tailored to local needs.
Plus500 is already established as a global futures platform, and the completion of the Mehta acquisition in India in February 2026 further strengthens this position, with the Group actively pursuing synergies between its US and Indian operations, alongside further bolt-on opportunities to extend its global futures footprint.
Plus500's proprietary technology and unique system architecture are the Group's greatest source of competitive advantage, enabling it to maintain global scale whilst offering highly localised trading experiences for customers across every market it operates in. This is the product of an agile, scalable technology stack that is reliable and deeply integrated, built to support rapid innovation. It is a structural advantage that compounds in value with every new market entered, every new product launched and every new transaction processed.
The Group's strategic roadmap, focused on entering new markets, broadening its product offering and deepening customer engagement, provides a clear framework for Plus500's continued growth and development. The Group continues to expand its global footprint both organically, through new regulatory licences and establishing local operations, and inorganically, through selective bolt-on acquisitions. Alongside this expansion, the Group continues to invest in the capabilities required to support long-term success in each new market, including targeted customer acquisition, as well as the localisation of its proprietary trading platforms to meet local customer preferences.
The Group's expansion into the US and the UAE provides two compelling examples of Plus500's disciplined, long-term approach to growth. In the US, targeted bolt-on acquisitions have not only unlocked significant revenue opportunities, but have already delivered a material contribution, while broadening the Group's capabilities, strategic positioning and market profile. The UAE demonstrates the Group's ability to build and scale its OTC operations organically, after securing scarce regulatory licences, and successfully gaining market share and establishing a growing revenue contribution over a sustained period. Together, these examples reflect a proven, repeatable model that the Group expects to continue applying as it enters new markets and pursues further avenues for growth.
The opportunity in the US represents a multi-year growth engine underpinning Plus500's outlook
Today, Plus500 provides essential market infrastructure, including execution and clearing services, in the US futures and prediction markets to institutional and retail customers across its B2B and B2C channels, as well its new B2B2C sub-line that enables strategic partners to seamlessly power their own customer trading experiences via Plus500's end-to-end institutional solution. In the B2B business, 'Plus500 Cosmos' continued to serve as a key driver of new Introducing Broker relationships and institutional client engagement. The B2C business, which includes the 'Plus500 Futures' and 'T4-Pro' trading platforms, delivered strong growth in H1 2026.
The Group's US futures and prediction markets business has grown from an early-stage operation into a material and rapidly scaling contributor to the Group's medium-term growth outlook. Plus500 is able to serve B2B, B2C and B2B2C channels supported by its institutional-grade clearing infrastructure across multiple exchanges. Shortly after the period end, the Group also launched Single Stock Futures, extending around-the-clock trading to its US futures customers, further broadening its product offering and strengthening its position in the large and fast-growing US market. The Group remains committed to continue investing in this business as it expands its US operations and builds its global futures footprint, including through the acquisition of Mehta in India. Building on the clearing memberships secured in 2025, including ICE Clear US, ICE Clear Europe and Kalshi Klear, the Group further strengthened its holistic clearing capabilities during H1 2026, adding six new exchange memberships in India as well as a new clearing membership with the Indian Clearing Corporation, reinforcing Plus500's position as an increasingly global infrastructure provider spanning both the US and India.
Prediction markets: a structural growth opportunity at the centre of Plus500's US strategy
Prediction markets have emerged as one of the world's fastest-growing segments in financial markets, with sports event-based contracts becoming the category generating the highest levels of engagement. Plus500 is strategically well positioned to capture this opportunity through its differentiated role as a CFTC-regulated clearing member and infrastructure provider serving B2B, B2C and B2B2C customers.
Building on the successful launch of its CFTC-regulated B2C prediction markets offering in February 2026, the Group expanded its addressable market by introducing sports event-based contracts in June 2026. This offering is complemented by Plus500's clearing relationships across multiple exchanges and platforms, including CME Group and Kalshi, providing the Group with broad, infrastructure-level accessibility to the continued development of the market. As with the Group's successful entry into futures, Plus500 has established the high-end proprietary technology and the platform foundations needed to compete effectively in this space, with customer acquisition expected to build progressively from period to period. Prediction markets represent a significant opportunity within a large and growing addressable market. Consistent with the Group's business model, capturing meaningful market share is a process of building scale and establishing market position over time. Therefore, the Group expects this to contribute increasingly to value creation in the short-term and to drive Group results over the medium-term.
Strategic futures business expansion in the US through B2B blue-chip partnerships
Plus500's proprietary market infrastructure, built for the US futures and prediction markets, has positioned the Group as a trusted partner to leading global institutions.
As the Group recently announced, shortly after the period end, Plus500 entered into a strategic partnership with Wealthsimple, Canada's leading financial innovator, serving more than four million Canadians and holding approximately C$150bn in assets under administration as of 30 June 2026. Under this partnership, Plus500 will provide its institutional-grade clearing, order routing and risk management infrastructure, the same proven technology that underpins its regulated futures and prediction markets operations in the US.
The Group has announced today a strategic partnership with Nelogica, a leading trading technology provider serving brokers and institutions across Brazil, marking the continued global expansion to the Latin America region. Under the partnership, Plus500 and Nelogica will deliver an integrated solution enabling Brazilian brokers and financial institutions to access CME Group's global derivatives markets. The offering combines Plus500's regulated clearing and execution capabilities, risk management expertise and post-trade infrastructure with Nelogica's trading platform technology.
Plus500 continued to build on its role as clearing partner for FanDuel Prediction Markets, the CME Group and FanDuel joint venture, providing brokerage-execution and clearing services that reinforce its status as the infrastructure provider of choice at the centre of the fast-growing US prediction markets industry.
Plus500's proprietary and innovative offering continues to be selected by leading global institutions, with Wealthsimple and Nelogica now joining the CME Group and FanDuel as part of a growing number of blue-chip partnerships. Consistent with the Group's disciplined approach to expanding its offering and addressable audience, these partnerships are expected to build progressively, enhancing value in the short-term, and contributing to Group results over the medium-term. B2B partnerships are particularly valuable as they provide greater diversification of earnings as they scale. Securing this calibre and number of partnerships within such a short time in the industry is an outstanding outcome, a testament to the strength of the Group's technological capabilities and its ability to build solutions tailored to each partner's specific needs.
Completed the acquisition of Mehta in India, establishing Plus500 as a global futures platform
The acquisition of Mehta in India was completed in February 2026 and the local operation is being integrated into the Group's existing infrastructure and system architecture.
India represents one of the world's largest futures markets, and this acquisition provides Plus500 with immediate local market access, regulatory credentials and operational capabilities. Integration is progressing, with a B2B pipeline and targeted synergies being developed alongside the Group's US futures business. Applying the same disciplined playbook that has driven results in the US, the Group expects a similar return on investment over the medium to long-term.
The OTC business continued to demonstrate resilience and depth across global markets
The Group's OTC business delivered strong revenue growth in H1 2026, reinforcing its position as the foundation of Plus500's diversified global earnings base. The period was characterised by elevated market volatility across key asset classes and regions, such as Europe, Australia and the Middle East, which combined with the Group's increasingly high-quality and deeply engaged customer base, to drive exceptional customer activity levels across the platform.
The Group launched 24/5 trading on stocks and ETFs during the period, enabling customers to trade around the clock, five days a week. This reflects a structural shift reshaping the industry, with extended-hours trading now accounting for a significant and growing share of global retail activity. In H1 2026, 90% of OTC revenue was generated from customers trading on mobile or tablet devices (H1 2025: 89%), underscoring Plus500's leadership in mobile-first trading and its relentless focus on platform innovation.
The Group's expansion into Canada and Japan is progressing well, with both markets developing in-line with management's expectations and representing meaningful growth opportunities. In Japan, the enhanced multi-asset product offering is providing further momentum to this important market. In Canada, the Group onboarded customers during H1 2026, who are already depositing and trading on Plus500's localised platform.
In H1 2026, 20% of OTC revenue was generated by customers trading with Plus500 for up to one year (H1 2025: 16%), reflecting the speed and efficiency with which newly acquired cohorts convert into high-quality revenue, supported by the Group's continually evolving monetisation technologies, and evidencing an attractive return on the Group's disciplined customer acquisition investment. This is complemented by customer longevity, which remains a defining strength of the business, with 50% of H1 2026 OTC revenue being generated by customers who have been trading with Plus500 for more than five years (H1 2025: 47%), reflecting the depth of trust and engagement that Plus500's proprietary platform inspires. Together, this demonstrates the strength and efficiency of the Group's business model, underpinned by the retention and monetisation technologies the Group has developed and continues to invest in, with new customer cohorts converting into high-quality revenue within a shorter timeframe than in prior periods, while continuing to generate revenue over a sustained, multi-year horizon thereafter. This reflects the Group's strategic focus on combining disciplined customer acquisition with long-term customer value, supported by its proprietary technology.
This quality-led growth reflects the Group's continued focus on high-value customers, while maintaining attractive levels of ROI. New Customers grew by 17% YoY in H1 2026, providing a continued pipeline of customer cohorts expected to contribute to revenue over future periods.
The Group's global regulatory licences are a unique and valuable asset that underpins long-term growth and competitive advantages
A core part of Plus500's strategic plan is accessing new regulated markets, both organically and inorganically, to strengthen its international presence. The Group now holds 17 regulatory licences in its global portfolio, following the most recent additions of Canada, the UAE and Colombia in FY 2025 and the completion of the Mehta acquisition in India in Q1 2026. These licences represent a unique and valuable competitive asset, enabling Plus500 to operate at scale and enter new markets with speed and credibility.
Operational and trading update
Total customer deposits reached $3.4bn in H1 2026 (H1 2025: $3.1bn), representing growth of 10% YoY and equating to an average deposit per Active Customer of c.$17,300 (H1 2025: c.$17,250). This excellent performance highlights the Group's continued success in attracting and retaining higher-value customers.
The Group onboarded 65,723 New Customers during H1 2026 (H1 2025: 56,165), including 25,856 in Q2 2026 (Q2 2025: 29,268), with the Group's multi-channel acquisition capabilities continuing to attract a high-quality customer cohort. Active Customers were up 10% YoY to 197,294 in H1 2026 (H1 2025: 179,931), including 131,214 in Q2 2026 (Q2 2025: 132,602), reflecting the Group's continued investment in customer retention and activation technologies.
ARPU was up 2% YoY to $2,346 in H1 2026 (H1 2025: $2,307), including $1,683 in Q2 2026 (Q2 2025: $1,578), reflecting the higher weighting of recently acquired customer cohorts which are expected to increase in value as they mature. For example, the 7% increase in Q2 ARPU YoY is consistent with the expected maturation of prior-period customer cohorts and validates the Group's acquisition investment strategy.
AUAC held firm at $1,230 in H1 2026 (H1 2025: $1,237), including $1,283 in Q2 2026 (Q2 2025: $1,267), even as the Group significantly scaled up total marketing technology investment to increase new customer acquisition. This stable acquisition cost, set against rising ARPU and faster conversion into high-quality revenue, underscores the increasing attractiveness and long-term value of the Group's newly acquired customer cohorts.
Financial overview
Plus500 delivered a record financial performance in H1 2026. Revenue grew by 12% YoY to $462.9m (H1 2025: $415.1m), comprising trading income of $441.8m (H1 2025: $385.5m) and interest income of $21.1m (H1 2025: $29.6m), including revenue of $220.8m in Q2 2026 (Q2 2025: $209.3m). This growth was positively driven by strong trading income, which outweighed a decline in interest income as global interest rates fell. The Group views this trend favourably as it reflects a reduced reliance on rate-sensitive income and a greater contribution from the core driver of the business, customer engagement. Earnings quality is high, increasingly underpinned by core trading activity. Notably, growth was sustained into Q2 2026 despite lower market volatility relative to the particularly elevated levels seen in Q1 2026, underscoring the improved durability and resilience of the Group's revenue and earnings.
Trading income, the Group's primary revenue driver, grew by 15% YoY to $441.8m (H1 2025: $385.5m), including $210.1m in Q2 2026 (Q2 2025: $193.8m), reflecting increased customer engagement and the Group's continued focus on its core, high-value trading activity. This growth was driven primarily by increased customer trading activity and deposits, key drivers of the Group's performance.
Customer Income, a key measure of the Group's underlying performance, reached a five-year high of $460.8m for a six-month period (H1 2025: $371.5m), including $190.2m in Q2 2026 (Q2 2025: $195.2m), reflecting the sustained momentum across the Group throughout the period.
Customer Trading Performance[14] was ($19.0m) in H1 2026 (H1 2025: $14.0m), including $19.9m in Q2 2026 (Q2 2025: ($1.4m)). The Group continues to expect the contribution from Customer Trading Performance to remain broadly neutral over time.
EBITDA was strong and increased by 1% YoY to $187.5m (H1 2025: $185.1m), equating to an EBITDA margin of 41% (H1 2025: 45%), including $91.8m in Q2 2026 (Q2 2025: $91.3m). This reflects the Group's deliberate decision to accelerate investment in customer acquisition and US market expansion, notwithstanding an FX headwind within SG&A during the period, as set out below.
Supporting the Group's disciplined approach to growth, its cost base remained highly flexible, with approximately 70% of costs variable in nature (H1 2025: 70%). This enables Plus500 to scale investment in attractive opportunities, including new markets, customer acquisition and the expansion of its US businesses, while continuing to deliver strong levels of operational profitability.
During H1 2026, the Group deliberately invested an incremental c.$16m in marketing technology to accelerate new customer acquisition, with its continued focus on attracting higher-value customers contributing to a significant increase in the average deposit per Active Customer in recent years. This incremental investment formed part of the Group's total marketing technology spend of $80.9m for the period. While the associated investment is incurred upfront, the benefits are proven to develop over time, consistent with the Group's well-established, multi-year track record, as customers deepen their engagement with the Group's platforms. Supported by new monetisation and activation technology initiatives, marketing spend in H1 2026 is already demonstrating a faster return than in prior periods, demonstrating that acquisition investment is converting into revenue more quickly, and building on Plus500's well-established track record of generating attractive returns from disciplined acquisition investment.
Total SG&A expenses were $278.5m in H1 2026 (H1 2025: $232.7m), an increase of 20% YoY. This growth was driven by four main factors: continued investment in customer acquisition, the natural scaling of revenue-linked costs as the business grows, including costs associated with the Group's non-OTC business mainly in the US, ongoing investment in R&D, and operational costs from new markets such as India, Canada and Colombia, expected to become meaningful revenue and profit contributors over the mid-term. Separately, significant external FX movements took place, specifically the Israeli Shekels short-term swing of c.20% against the US Dollar, which is reflected in these results.
Marketing technology investment increased to $80.9m in H1 2026 (H1 2025: $69.5m), representing a deliberate step-up in customer acquisition spend, directly contributing to the 17% year-on-year increase in New Customers to 65,723 and reflecting management's decision to scale acquisition spend beyond historical levels to capture higher-value customer cohorts.
Payment processing costs increased by 10% YoY to $24.1m (H1 2025: $21.9m), reflecting higher customer deposit volumes and the Group's continued success in attracting and retaining a larger base of active, higher-value customers across its global platforms, a direct and positive corollary of the growth in Customer Income.
Commissions and fees increased by 34% YoY to $44.6m (H1 2025: $33.3m), reflecting the continued scaling of the Group's non-OTC business, where a portion of the cost base scales directly with trading volumes, increased customer numbers and revenue, reflected by non-OTC revenue growing by c.30% YoY. The Group views this dynamic positively and expects it to persist as it continues to scale its non-OTC operations, with commissions and fees growing broadly in step with the pace of US revenue growth over time.
Employee benefits and related expenses increased by 27% YoY to $94.4m (H1 2025: $74.2m), driven in large part by an FX headwind during the period. A significant portion of these expenses are denominated in Israeli Shekels, which strengthened against the US Dollar by approximately 20%. On a constant currency basis, the Group's underlying operating margin would be higher, better reflecting the Group's strong underlying profitability alongside its continued investment in its people to support this growth.
Net financial expenses were $1.2m in H1 2026 (H1 2025: $0.6m), driven primarily by FX movements. A substantial portion of the Group's cash is held in US dollars to reduce the impact of currency movements over time.
Net profit in H1 2026 was $151.9m (H1 2025: $149.6m) and basic EPS increased by 6% to $2.17 (H1 2025: $2.05), reflecting the Group's strong financial performance and the ongoing impact of share buyback programmes.
The Group has remained debt-free since inception, with cash and cash equivalents of $861.3m as of 30 June 2026 (30 June 2025: $938.1m), underpinning its ability to invest in growth, pursue selective M&A opportunities and deliver attractive shareholder returns.
Plus500's shareholder returns policy and capital allocation framework
The Company's shareholder returns policy is to return at least 50% of net profits to shareholders through share buyback programmes and dividends on a half-yearly basis, with at least 50% of this distribution made by way of share buybacks. The policy applies to net profits on a half-yearly basis and is based on a 23% corporate tax rate. The Board may also consider executing special share buybacks, or other capital distributions, on a half yearly basis, dependent on fiscal year results, while maintaining a clear capital allocation framework to ensure an optimal balance between shareholder returns, investment in growth and long-term business continuity.
Plus500's leading track record of shareholder returns since IPO
Since its IPO in 2013, Plus500 has returned approximately $3.1bn to shareholders through dividends and share buybacks, including the returns announced today, delivering a total shareholder return of approximately 12,000% to the end of June 2026, resulting in Plus500 being the best-performing share in the FTSE All-Share Index over that period, which is a remarkable achievement and another testament to the Group's excellent track record of consistent outperformance.
Significant shareholder returns announced in 2026
Today's announcement of $182.5m of further shareholder returns is consistent with Plus500's disciplined capital allocation framework and reflects the Group's record H1 2026 financial performance, highly cash-generative business model and robust, debt-free balance sheet with cash balances of over $860m.
The shareholder returns announced today comprise share buyback programmes of $100.0m and total dividends of $82.5m. The $100.0m share buyback programme includes an interim buyback programme of $35.3m and a special buyback programme of $64.7m.
The $82.5m of dividends includes an interim dividend of $35.3m, representing $0.5135 per share, and a special dividend of $47.2m, representing $0.6866 per share, equating to a total dividend per share of $1.2001. The interim and special dividends have an ex-dividend date of 20 August 2026, a record date of 21 August 2026 and a payment date of 11 November 2026. Total shareholder returns announced in 2026 amount to $370.0m, including today's announcement.
As of 30 June 2026, the Company held in treasury a total of 45,527,921 ordinary shares, which were purchased since the commencement of Plus500's initial share buyback programmes in 2017, representing approximately 40% 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.
Outlook: well positioned for continued strategic execution and growth
Plus500 entered H2 2026 with strong momentum and a clear strategic roadmap to capitalise on the opportunities within its large addressable markets. The Group's growing non-OTC business, including its US presence covering B2B, B2C and B2B2C channels for futures and prediction markets, continues to expand its addressable market and strengthen the quality and durability of its earnings. Additional B2B partnership announcements, the continued scaling of the prediction markets offering, and the development of the Mehta opportunity in India, each represent key growth drivers that the Board expects to generate further progress in H2 2026 and beyond.
The OTC business, supported by the Group's differentiated proprietary technology, 17 global regulatory licences and established presence, continues to deliver high-quality, resilient earnings as it expands its geographic reach, introduces new products and focuses on onboarding and retaining higher-value customers.
Reflecting this strong position, significant operating momentum and extremely robust financial position, as well as the Group's commitment to invest in the growth opportunities it sees in its addressable markets, the Board remains confident in the Group's prospects and expects FY 2026 revenue and EBITDA to be in-line with current market expectations[15], following several upgrades earlier this year.
Plus500 LTD.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2026 (UNAUDITED)
|
|
|
Six months ended 30 June |
Year ended 31 December |
|
|
|
|
2026 |
2025 |
2025 |
|
|
|
(Unaudited) |
(Audited) |
|
|
|
Note |
U.S. dollars in millions |
||
|
Trading income |
|
441.8 |
385.5 |
729.6 |
|
Interest income |
|
21.1 |
29.6 |
62.8 |
|
REVENUE |
4 |
462.9 |
415.1 |
792.4 |
|
Selling and marketing expenses |
5 |
201.8 |
168.8 |
323.8 |
|
Administrative and general expenses |
6 |
76.7 |
63.9 |
126.0 |
|
OPERATING PROFIT |
|
184.4 |
182.4 |
342.6 |
|
Financial income |
|
3.4 |
4.9 |
6.8 |
|
Financial expenses |
|
4.6 |
5.5 |
10.5 |
|
FINANCIAL EXPENSES (INCOME), NET |
|
1.2 |
0.6 |
3.7 |
|
PROFIT BEFORE INCOME TAX |
|
183.2 |
181.8 |
338.9 |
|
Income tax expense |
8 |
31.3 |
32.2 |
57.6 |
|
PROFIT AND COMPREHENSIVE INCOME |
|
|
|
|
|
FOR THE PERIOD |
|
151.9 |
149.6 |
281.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share (In US dollars) |
9 |
2.17 |
2.05 |
3.93 |
|
Diluted earnings per share (In US dollars) |
9 |
2.10 |
1.99 |
3.79 |
The accompanying notes are an integral part of the condensed consolidated interim financial information.
Plus500 LTD.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 JUNE 2026 (UNAUDITED)
|
|
|
As of 30 June |
As of 31 December |
|
|
|
|
2026 |
2025 |
2025 |
|
|
|
(Unaudited) |
(Audited) |
|
|
|
Note |
U.S. dollars in millions |
||
|
ASSETS |
|
|
|
|
|
Non-current assets |
|
|
|
|
|
Property, plant and equipment |
|
13.5 |
11.2 |
14.3 |
|
Goodwill and other intangible assets, net |
|
56.3 |
37.7 |
37.5 |
|
Right of use assets |
|
18.0 |
12.8 |
18.4 |
|
Long-term other receivables |
|
9.6 |
11.7 |
13.4 |
|
Total non-current assets |
|
97.4 |
73.4 |
83.6 |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
Income tax receivable |
|
0.1 |
0.4 |
0.4 |
|
Other receivables and others |
12 |
65.0 |
48.9 |
58.5 |
|
Cash and cash equivalents |
|
861.3 |
938.1 |
801.6 |
|
Total current assets |
|
926.4 |
987.4 |
860.5 |
|
TOTAL ASSETS |
|
1,023.8 |
1,060.8 |
944.1 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
Lease liabilities (net of current maturities) |
|
19.8 |
13.5 |
19.5 |
|
Share based compensation |
|
1.6 |
1.1 |
- |
|
Deferred tax liability |
|
10.6 |
6.9 |
6.9 |
|
Total non-current liabilities |
|
32.0 |
21.5 |
26.4 |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Dividend |
10 |
87.4 |
89.7 |
- |
|
Income tax payable |
8 |
130.3 |
175.1 |
169.2 |
|
Other payables |
13 |
96.7 |
102.0 |
130.1 |
|
Service suppliers |
|
16.0 |
14.1 |
12.2 |
|
Current maturities of lease liabilities |
|
3.3 |
2.4 |
2.9 |
|
Trade payables - due to clients |
14 |
74.1 |
44.1 |
35.3 |
|
Total current liabilities |
|
407.8 |
427.4 |
349.7 |
|
TOTAL LIABILITIES |
|
439.8 |
448.9 |
376.1 |
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
Ordinary shares |
|
0.3 |
0.3 |
0.3 |
|
Share premium |
|
22.2 |
22.2 |
22.2 |
|
Company's shares held by the Company |
11 |
(1,044.7) |
(887.1) |
(981.6) |
|
Retained earnings |
|
1,606.2 |
1,476.5 |
1,527.1 |
|
Total equity |
|
584.0 |
611.9 |
568.0 |
|
TOTAL LIABILITIES AND EQUITY |
|
1,023.8 |
1,060.8 |
944.1 |
|
|
|
|
|
David Zruia |
Elad Even-Chen |
Prof. Jacob A. Frenkel |
|
Chief Executive Officer |
Group Chief Financial Officer |
Non-Executive Director and Chairman |
Date of approval of the condensed consolidated interim financial information by the Company's Board of Directors: 10 August 2026.
The accompanying notes are an integral part of the condensed consolidated interim financial information.
Registered Company number (Israel): 514142140
Plus500 LTD.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2026 (UNAUDITED)
|
|
|
|
Company's |
|
|
|
|
|
Ordinary |
Share |
Shares held by |
Retained |
|
|
|
|
shares |
premium |
the Company |
earnings |
Total |
|
|
|
U.S. dollars in millions |
|||||
|
|
|
|
|
|
|
|
|
BALANCE AT 1 JANUARY 2026 (audited) |
0.3 |
22.2 |
(981.6) |
1,527.1 |
568.0 |
|
|
CHANGES DURING THE SIX-MONTH PERIOD ENDED 30 JUNE 2026 (unaudited): |
|
|
|
|
|
|
|
Profit and comprehensive income for the period |
- |
- |
- |
151.9 |
151.9 |
|
|
Share based compensation |
- |
- |
- |
15.3 |
15.3 |
|
|
TRANSACTION WITH SHAREHOLDERS: |
|
|
|
|
|
|
|
Dividend |
- |
- |
- |
(87.4) |
(87.4) |
|
|
Issue of treasury shares to settle |
|
|
|
|
|
|
|
equity share based compensation |
- |
- |
0.7 |
(0.7) |
- |
|
|
Acquisition of treasury shares |
- |
- |
(63.8) |
- |
(63.8) |
|
|
BALANCE AT 30 JUNE 2026 (unaudited) |
0.3 |
22.2 |
(1,044.7) |
1,606.2 |
584.0 |
|
|
|
|
|
|
|
|
|
|
BALANCE AT 1 JANUARY 2025 (audited) |
0.3 |
22.2 |
(785.8) |
1,407.6 |
644.3 |
|
|
CHANGES DURING THE SIX-MONTH PERIOD ENDED 30 JUNE 2025 (unaudited): |
|
|
|
|
|
|
|
Profit and comprehensive income for the period |
- |
- |
- |
149.6 |
149.6 |
|
|
Share based compensation |
- |
- |
- |
9.5 |
9.5 |
|
|
TRANSACTION WITH SHAREHOLDERS: |
|
|
|
|
|
|
|
Dividend |
- |
- |
- |
(89.7) |
(89.7) |
|
|
Issue of treasury shares to settle |
|
|
|
|
|
|
|
equity share based compensation |
- |
- |
0.5 |
(0.5) |
- |
|
|
Acquisition of treasury shares |
- |
- |
(101.8) |
- |
(101.8) |
|
|
BALANCE AT 30 JUNE 2025 (unaudited) |
0.3 |
22.2 |
(887.1) |
1,476.5 |
611.9 |
|
|
|
|
|
|
|
|
|
|
BALANCE AT 1 JANUARY 2025 (audited) |
0.3 |
22.2 |
(785.8) |
1,407.6 |
644.3 |
|
|
CHANGES DURING THE YEAR ENDED 31 DECEMBER 2025 (audited): |
|
|
|
|
|
|
|
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 (audited) |
0.3 |
22.2 |
(981.6) |
1,527.1 |
568.0 |
|
The accompanying notes are an integral part of the condensed consolidated interim financial information.
Plus500 LTD.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2026 (UNAUDITED)
|
|
|
Six months ended |
Year ended |
|
|
|
|
30 June |
31 December |
|
|
|
|
2026 |
2025 |
2025 |
|
|
|
(Unaudited) |
(Audited) |
|
|
|
Note |
U.S. dollars in millions |
||
|
OPERATING ACTIVITIES: |
|
|
|
|
|
Cash generated from operations |
16 |
184.7 |
129.2 |
266.2 |
|
Income tax paid, net |
|
(59.7) |
(20.5) |
(44.3) |
|
Interest received |
|
21.1 |
29.6 |
62.8 |
|
Net cash flows provided by operating activities |
|
146.1 |
138.3 |
284.7 |
|
INVESTING ACTIVITIES: |
|
|
|
|
|
Acquisition of subsidiaries, net of cash acquired |
15 |
(19.8) |
- |
- |
|
Purchase of property, plant and equipment |
|
(0.3) |
(0.4) |
(4.6) |
|
Net cash flows used in investing activities |
|
(20.1) |
(0.4) |
(4.6) |
|
FINANCING ACTIVITIES: |
|
|
|
|
|
Dividend paid to equity holders of the Company |
|
- |
- |
(164.4) |
|
Payment in respect of lease liabilities |
|
(2.0) |
(1.7) |
(3.7) |
|
Acquisition of treasury shares |
11 |
(63.8) |
(101.8) |
(215.0) |
|
Net cash flows used in financing activities |
|
(65.8) |
(103.5) |
(383.1) |
|
|
|
|
|
|
|
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
|
60.2 |
34.4 |
(103.0) |
|
|
|
|
|
|
|
BALANCE OF CASH AND CASH EQUIVALENTS AT |
|
|
|
|
|
BEGINNING OF THE PERIOD |
|
801.6 |
890.0 |
890.0 |
|
Gains (losses) from effects of exchange rate changes on |
|
|
|
|
|
cash and cash equivalents |
|
(0.5) |
13.7 |
14.6 |
|
BALANCE OF CASH AND CASH EQUIVALENTS AT |
|
|
|
|
|
END OF THE PERIOD |
|
861.3 |
938.1 |
801.6 |
|
|
|
|
|
|
The accompanying notes are an integral part of the condensed consolidated interim financial information.
Plus500 LTD.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION
NOTE 1 - GENERAL INFORMATION
Information on activities
Plus500 Ltd. (the "Company" and together with its subsidiaries, the "Group") is a global multi-asset fintech group operating proprietary technology-based trading platforms. Plus500 offers customers a range of trading products, including OTC ("Over-the-Counter" products, namely Contracts for Difference ("CFDs")), share dealing, as well as futures and options on futures. The Company has developed and operates online trading platforms, enabling its international customer base to trade internationally.
The Group's offering is available internationally with main market presence in the UK, the European Economic Area ("EEA"), Australia, the US, and the Middle East and has customers located in more than 60 countries worldwide. The Group operates through operating subsidiaries regulated by the Financial Conduct Authority ("FCA") in the UK, the Australian Securities and Investments Commission ("ASIC") in Australia, the Cyprus Securities and Exchange Commission ("CySEC") in Cyprus, the Israel Securities Authority ("ISA") in Israel, the Financial Markets Authority ("FMA") in New Zealand, the Financial Sector Conduct Authority ("FSCA") in South Africa, the Monetary Authority of Singapore ("MAS") in Singapore, the Financial Services Authority ("FSA") in the Seychelles, the Commodities Futures Trading Commission ("CFTC") in the US, the Estonian Financial Supervision Authority ("EFSA") in Estonia, the Financial Services Agency ("FSA") in Japan, the Dubai Financial Services Authority ("DFSA") in the UAE, the Securities Commission of the Bahamas ("SCB") in the Bahamas, the Securities and Commodities Authority ("SCA") in the UAE, the Canadian Investment Regulatory Organization ("CIRO") in Canada, the Colombian Financial Superintendence ("SFC") in Colombia and the Securities and Exchange Board of India ("SEBI") in India.
The Company also has a subsidiary in Bulgaria which provides operational services to the Group.
The Company was admitted to trading on the London Stock Exchange on 24 July 2013. It was admitted to the Equity Shares in Commercial Companies ("ESCC") Category of the Official List and is a constituent of the FTSE 250 Index and the STOXX Europe 600 Index.
The Group offers trading products: OTC trading; share dealing; and futures and options on futures. The Group presents its operation as one operating segment.
The address of the Company's principal offices is Building 10.2, Matam, Haifa 3115001, Israel.
NOTE 2 - BASIS OF PREPARATION
Basis of accounting and accounting policies
These condensed consolidated interim financial information for the six-month period ended 30 June 2026 have been prepared in accordance with IAS 34 - 'Interim financial reporting' as issued by the International Accounting Standards Board. The condensed consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended 31 December 2025, which have been prepared in accordance with IFRS Accounting Standards. This condensed consolidated interim financial information is reviewed and not audited.
Going concern
The Group has considerable financial resources, a broad range of financial instruments and a substantial active customer base which is geographically diversified. As a consequence, the Company's Board of Directors (the "Board") believes that the Group is well placed to manage its business risks in the context of the current economic outlook. Accordingly, the Board has a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Board therefore continues to adopt the going concern basis in preparing this condensed consolidated interim financial information.
NOTE 3 - ACCOUNTING POLICIES
Material accounting policies and computation methods used in preparing the condensed consolidated interim financial information are consistent with those used in preparing the 2025 annual financial statements, except for income tax, which in interim periods is recognised based on management's best estimate of the annual income tax rate expected (see note 8).
Plus500 LTD.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (continued)
NOTE 4 - REVENUE
The revenue attributed to geographical areas is as follows:
|
|
Six months ended 30 June |
Year ended 31 December |
|
|
|
2026 |
2025 |
2025 |
|
|
(Unaudited) |
(Audited) |
|
|
|
U.S. dollars in millions |
||
|
|
|
|
|
|
European Economic Area (EEA) |
163.3 |
165.1 |
303.7 |
|
United Kingdom |
33.8 |
31.3 |
51.3 |
|
Australia |
36.8 |
28.6 |
50.9 |
|
Rest of the World |
229.0 |
190.1 |
386.5 |
|
|
462.9 |
415.1 |
792.4 |
NOTE 5 - SELLING AND MARKETING EXPENSES
|
|
Six months ended 30 June |
Year ended 31 December |
|
|
|
2026 |
2025 |
2025 |
|
|
(Unaudited) |
(Audited) |
|
|
|
U.S. dollars in millions |
||
|
|
|
|
|
|
Advertising and technology costs |
74.0 |
62.8 |
120.1 |
|
Commissions to media buying |
6.9 |
6.7 |
12.8 |
|
Payment processing costs |
24.1 |
21.9 |
40.2 |
|
Commissions and fees |
44.6 |
33.3 |
69.4 |
|
Data processing costs |
9.6 |
8.9 |
16.6 |
|
Payroll and related expenses |
24.0 |
18.0 |
38.3 |
|
Variable bonuses |
6.1 |
6.0 |
8.9 |
|
Share based compensation |
6.4 |
5.6 |
10.3 |
|
Other |
6.1 |
5.6 |
7.2 |
|
|
201.8 |
168.8 |
323.8 |
NOTE 6 - ADMINISTRATIVE AND GENERAL EXPENSES
|
|
Six months ended 30 June |
Year ended 31 December |
|
|
|
2026 |
2025 |
2025 |
|
|
(Unaudited) |
(Audited) |
|
|
|
U.S. dollars in millions |
||
|
|
|
|
|
|
Payroll and related expenses |
16.7 |
14.3 |
27.5 |
|
Variable bonuses |
4.7 |
4.6 |
9.3 |
|
Share based compensation |
36.5 |
25.7 |
57.7 |
|
Professional and regulatory fees |
6.7 |
8.1 |
10.7 |
|
Depreciation and amortisation |
3.1 |
2.7 |
5.5 |
|
Other |
9.0 |
8.5 |
15.3 |
|
|
76.7 |
63.9 |
126.0 |
Plus500 LTD.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (continued)
NOTE 7 - OPERATING EXPENSES
The presentation below reflects the breakdown of operating expenses by nature of expense:
|
|
Six months ended 30 June |
Year ended 31 December |
|
|
|
2026 |
2025 |
2025 |
|
|
(Unaudited) |
(Audited) |
|
|
|
U.S. dollars in millions |
||
|
|
|
|
|
|
Advertising, marketing and commissions to media buying |
52.8 |
48.2 |
89.8 |
|
Employee benefit and other related expenses |
94.4 |
74.2 |
152.0 |
|
IT and technology costs |
37.7 |
30.2 |
59.7 |
|
Payment processing costs |
24.1 |
21.9 |
40.2 |
|
Commissions and fees |
44.6 |
33.3 |
69.4 |
|
Professional and regulatory fees |
6.7 |
8.1 |
10.7 |
|
Depreciation and amortisation |
3.1 |
2.7 |
5.5 |
|
Other |
15.1 |
14.1 |
22.5 |
|
|
278.5 |
232.7 |
449.8 |
In the year ended 31 December 2025 and the six-month periods ended 30 June 2026 and 30 June 2025, IT and technology costs together with additional allocated other technological related costs, were $89.2 million, $55.6 million and $43.6 million, respectively.
NOTE 8 - INCOME TAX EXPENSE
Law for the Encouragement of Capital Investments, 5719-1959
The Law for the Encouragement of Capital Investments, 5719-1959, generally referred to as the "Investment Law", provides certain incentives for capital investments in production facilities (or other eligible assets) by "Industrial Enterprises" (as defined under the Investment Law).
New Tax benefits under the 2017 Amendment that became effective on 1 January 2017 ("2017
Amendment")
The 2017 Amendment was enacted as part of the Economic Efficiency Law that was published on 29 December 2016, and is effective as of 1 January 2017. The 2017 Amendment provides new tax benefits, as described below, and is in addition to the other existing tax beneficial programmes under the Investment Law.
The 2017 Amendment provides that a technology company satisfying certain conditions will qualify as a Preferred Technological Enterprise ("PTE") and will thereby enjoy a reduced corporate tax rate of 12% on income that qualifies as Preferred Technology Income, as defined in the Investment Law.
Dividends distributed by a PTE, paid out of Preferred Technology Income, are generally subject to withholding tax at source at the rate of 20% or such lower rate as may be provided in an applicable tax treaty.
a. Group taxation
The Group is subject to income tax in multiple jurisdictions, as it has various international wholly owned operations. The Group's income tax expense is based on the aggregation of the income taxes derived from its global jurisdictions. The applicable tax rate in each jurisdiction is based on the applicable local tax framework. Accordingly, the effective tax rate of the Group reflects local jurisdictions and the Israeli tax legislation.
b. Company taxation in Israel
The full corporate tax rate in Israel for the years 2026 and 2025 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%.
Plus500 LTD.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (continued)
NOTE 8 - INCOME TAX EXPENSE (continued)
b. Company taxation in Israel (continued)
A Preferred Company distributing dividends from technological income derived from its PTE would generally subject the recipient to a 20% withholding tax (or lower, if so provided under an applicable tax treaty).
In January 2022, the Company's status as a PTE, as accredited by the ITA under the tax regime in Israel, has been extended for the years 2022, 2023, 2024, 2025 and 2026, subject to the Company complying with the conditions of the Investment Law. Consequently, the Company's corporate tax rate for each of these years will be reduced from 23% to 12% and the withholding tax rate applicable for dividends will be reduced from 25% to 20%.
c. Tax assessments
The assessments of amounts of current and deferred taxes require the Group's management to take into consideration uncertainties that its tax position will be accepted and of incurring any additional tax expenses. This assessment is based on estimates and assumptions based on interpretation of tax laws and regulations, and the Group's past experience. It is possible that new information will become known in future periods that will cause the final tax outcome to be different from the amounts that were initially recorded, such differences will impact the current and deferred income tax assets and liabilities in the period in which such determination is made.
d. Taxes on income included in the consolidated income statement for the reported periods
|
|
Six months ended 30 June |
Year ended 31 December |
|
|
|
2026 |
2025 |
2025 |
|
|
(Unaudited) |
(Audited) |
|
|
|
U.S. dollars in millions |
||
|
|
|
|
|
|
Current taxes: |
|
|
|
|
Current taxes in respect of current period's profit |
27.5 |
32.9 |
60.1 |
|
|
|
|
|
|
Deferred income taxes: |
|
|
|
|
Change of deferred taxes |
3.8 |
(0.7) |
(2.5) |
|
Taxes on income expenses |
31.3 |
32.2 |
57.6 |
NOTE 9 - EARNINGS PER SHARE
Earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period.
|
|
Six months ended 30 June |
Year ended 31 December |
|
|
|
2026 |
2025 |
2025 |
|
|
(Unaudited) |
(Audited) |
|
|
|
|
|
|
|
Profit attributable to equity holders of the |
|
|
|
|
Company (US dollars in millions) |
151.9 |
149.6 |
281.3 |
|
|
|
|
|
|
Weighted average number of ordinary shares in issue*: |
|
|
|
|
Basic |
69,894,812 |
72,836,263 |
71,491,575 |
|
Dilutive effect of equity share based compensation |
2,426,414 |
2,377,120 |
2,795,370 |
|
Diluted |
72,321,226 |
75,213,383 |
74,286,945 |
|
Basic earnings per share (In US dollars) |
2.17 |
2.05 |
3.93 |
|
Diluted earnings per share (In US dollars) |
2.10 |
1.99 |
3.79 |
*After weighting the effect of Company's share buyback programmes (see note 11).
Plus500 LTD.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (continued)
NOTE 10 - DIVIDEND
The amounts of dividends and the amounts of dividends per share for the years 2026 and 2025 declared and distributed by the Company are as follows:
|
EX-DATE |
Amount of dividend (US $ in millions)* |
Amount of dividend per share (US $) |
Date of payment to Shareholders |
|
27 February 2025 |
89.7 |
1.2238 |
9 July 2025 |
|
21 August 2025 |
74.7 |
1.0553 |
11 November 2025 |
|
19 February 2026 |
87.4 |
1.2457 |
9 July 2026 |
On 10 August 2026, the Company declared an interim dividend and a special dividend in the amounts of $35.3 million and $47.2 million, respectively (see note 18).
*Between the dividend announcement date and the record date of the dividend, the number of issued and outstanding ordinary shares of the Company decreased as a result of the repurchase by the Company of ordinary shares during such period and the classification of such repurchased ordinary shares as treasury shares that are not entitled to dividends. However, this did not affect the dividend per share as announced on the dividend announcement date.
NOTE 11 - COMPANY'S SHARES HELD BY THE COMPANY
The Board approves share buyback programmes. The share buyback programmes are funded from the Company's net cash balances.
|
Period |
Number of ordinary shares purchased |
Aggregate purchase amount (US $ in millions) |
Average price of shares purchased |
|
Year ended 31 December 2025 |
5,344,366 |
215.0 |
£30.49 |
|
Six months ended 30 June 2025 |
2,693,395 |
101.8 |
£29.19 |
|
Six months ended 30 June 2026 |
1,087,332 |
63.8 |
£43.55 |
During the six-month periods ended 30 June 2026 and 2025, the Company issued 18,088 and 16,998 of its treasury shares, respectively, in accordance with the various share based equity settled compensation grants.
NOTE 12 - OTHER RECEIVABLES AND OTHERS
|
|
As of 30 June |
As of 31 December |
|
|
|
2026 |
2025 |
2025 |
|
|
(Unaudited) |
(Audited) |
|
|
|
U.S. dollars in millions |
||
|
|
|
|
|
|
Securities at fair value |
- |
1.1 |
- |
|
Prepaid expenses |
6.2 |
4.7 |
5.1 |
|
Excess funds in segregation, net* |
12.9 |
11.9 |
12.9 |
|
Other |
45.9 |
31.2 |
40.5 |
|
|
65.0 |
48.9 |
58.5 |
|
|
|
|
|
|
*Excess funds in segregation, net |
|
|
|
|
are comprised of the following: |
|
|
|
|
Amount required to be segregated |
(770.7) |
(839.7) |
(905.3) |
|
Amount in segregation |
783.6 |
851.6 |
918.2 |
|
|
12.9 |
11.9 |
12.9 |
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.
Plus500 LTD.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (continued)
NOTE 13 - OTHER PAYABLES
|
|
As of 30 June |
As of 31 December |
|
|
|
2026 |
2025 |
2025 |
|
|
(Unaudited) |
(Audited) |
|
|
|
U.S. dollars in millions |
||
|
|
|
|
|
|
Payroll, tax and related liabilities |
44.1 |
43.2 |
66.5 |
|
Share based compensation |
5.5 |
6.4 |
11.2 |
|
Other |
47.1 |
52.4 |
52.4 |
|
|
96.7 |
102.0 |
130.1 |
The financial liabilities included among other payables are for relatively short periods. Therefore, their fair values approximate or are similar to their carrying amounts.
NOTE 14 - TRADE PAYABLES - DUE TO CLIENTS
|
|
As of 30 June |
As of 31 December |
|
|
|
2026 |
2025 |
2025 |
|
|
(Unaudited) |
(Audited) |
|
|
|
U.S. dollars in millions |
||
|
|
|
|
|
|
Customers' deposits, net* |
315.3 |
292.3 |
292.8 |
|
Segregated client funds |
(241.2) |
(248.2) |
(257.5) |
|
|
74.1 |
44.1 |
35.3 |
|
|
|
|
|
|
*Customers' deposits, net are comprised of the following: |
|
|
|
|
Customers' deposits |
424.9 |
394.8 |
395.2 |
|
Less - financial derivative open positions: |
|
|
|
|
Gross amount of assets |
(128.8) |
(123.8) |
(129.3) |
|
Gross amount of liabilities |
19.2 |
21.3 |
26.9 |
|
|
315.3 |
292.3 |
292.8 |
*The total amount of 'Trade payables - due to clients' includes bonuses to clients.
NOTE 15 - ACQUISITION
In February 2026, the Company completed the acquisition of 100% of the share capital of Mehta Equities Private Limited, regulated by the Securities and Exchange Board of India ("SEBI") in India. The acquisition consideration was funded from the Company's existing cash balances and was paid on completion.
The assets and liabilities recognised as a result of this acquisition are as follows:
|
|
U.S. dollars in millions |
|
|
|
|
Cash |
2.0 |
|
Other receivables and others |
10.0 |
|
Property, plant and equipment |
0.1 |
|
Service suppliers |
(0.2) |
|
Other payables |
(5.4) |
|
Deferred tax liability |
(3.7) |
|
Goodwill and other intangible assets |
19.0 |
|
Net assets acquired |
21.8 |
Plus500 LTD.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (continued)
NOTE 16 - CASH GENERATED FROM OPERATIONS
|
|
Six months ended 30 June |
Year ended 31 December |
|
|
|
2026 |
2025 |
2025 |
|
|
(Unaudited) |
(Audited) |
|
|
|
U.S. dollars in millions |
||
|
Cash generated from operating activities |
|
|
|
|
Net income for the period |
151.9 |
149.6 |
281.3 |
|
Adjustments required to reflect the cash flows from |
|
|
|
|
operating activities: |
|
|
|
|
Depreciation and amortisation |
1.4 |
1.2 |
2.5 |
|
Amortisation of right of use assets |
1.7 |
1.5 |
3.0 |
|
Changes of equity and cash share based compensation |
11.2 |
9.8 |
25.8 |
|
Taxes on income |
31.3 |
32.2 |
57.6 |
|
Interest expenses in respect of leases |
0.8 |
0.6 |
1.4 |
|
Exchange differences in respect of leases |
0.6 |
1.0 |
1.6 |
|
Interest income |
(21.1) |
(29.6) |
(62.8) |
|
Foreign exchange losses (gains) on operating activities |
(5.9) |
(14.7) |
(24.9) |
|
|
20.0 |
2.0 |
4.2 |
|
Operating changes in working capital: |
|
|
|
|
Decrease (increase) in other receivables |
3.5 |
(22.0) |
(31.5) |
|
Increase (decrease) in trade payables due to clients |
38.8 |
18.8 |
10.0 |
|
Increase (decrease) in other payables |
(33.1) |
(15.9) |
7.4 |
|
Increase (decrease) in service suppliers |
3.6 |
(3.3) |
(5.2) |
|
|
12.8 |
(22.4) |
(19.3) |
|
Cash generated from operations |
184.7 |
129.2 |
266.2 |
Non-cash transactions
During the six-month period ended 30 June 2026, $1.3 million in right of use assets and lease liabilities were recognised.
On 9 February 2026, the Company declared a dividend in an amount of $87.4 million ($1.2457 per share). The dividend was paid to shareholders on 9 July 2026 (see note 10).
NOTE 17 - FINANCIAL RISK MANAGEMENT
Financial risks arising from financial instruments are analysed into market, credit, concentration and liquidity risks. The condensed consolidated interim financial information does not include all financial risk management information and disclosures required in the annual financial statements. Details of how these risks are managed are discussed in the financial risk management note of the 2025 annual financial statements.
Further to the mentioned above, there has not been a significant change in the Group's financial risk management processes or policies since year end 2025.
NOTE 18 - SUBSEQUENT EVENTS
On 10 August 2026 the Company declared an interim dividend in an amount of $35.3 million ($0.5135 per share). The dividend record date is 21 August 2026 and it will be paid to the shareholders on 11 November 2026.
On 10 August 2026 the Company declared a special dividend in an amount of $47.2 million ($0.6866 per share). The dividend record date is 21 August 2026 and it will be paid to the shareholders on 11 November 2026.
On 10 August 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 an interim share buyback programme in the amount of $35.3 million and a special share buyback programme in the amount of $64.7 million.
[1] All figures for the six-month period ended 30 June 2026 and for the six-month period ended 30 June 2025, included in this announcement, are unaudited
[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] Non-OTC includes futures, prediction markets and share dealing
[4] 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 $811.5m and $365.1m, respectively
[5] Revenue is comprised of trading income and interest income
[6] EBITDA - Revenue (trading income and interest income) minus operating expenses plus depreciation and amortisation
[7] ARPU - Average Revenue Per User
[8] Active Customers - Customers who made at least one real money trade during the period
[9] New Customers - Customers depositing for the first time
[10] AUAC - Average User Acquisition Cost
[11] Mehta Equities Private Limited
[12] Source: Bloomberg
[13] 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 $811.5m and $365.1m, respectively
[14] Customer Trading Performance - Gains/losses on customers' trading positions
[15] 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 $811.5m and $365.1m, respectively
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 16 minutes ago Oxford Nanopore Technologies
- 1 hour ago AVI Global Trust
- 1 hour ago LSL Property Services
- 1 hour ago Bluebird Merchant Ventures (DI)
- 1 hour ago Power Probe PLC