Q3 2026 Trading Update
Summary by AI BETAClose X
26 October 2026
Plus500 Ltd.
("Plus500", the "Company" or together with its subsidiaries the "Group")
Q3 2026 Trading Update
FY 2026 revenue and EBITDA expected to be ahead of current market expectations[1]
Excellent Q3 2026 results underline continued delivery against the Group's strategic objectives
Targeted M&A in the US and Brazil delivers strategic objectives through new market access and product expansion
Plus500, a global multi-asset fintech group operating proprietary technology-based trading platforms, today announces the following trading update for the three-month period ended 30 September 2026.
David Zruia, Chief Executive Officer of Plus500, commented:
"Plus500 has delivered significant strategic and operational progress in Q3 and throughout 2026, underpinning strong financial results. We expanded our global reach and product suite, which continued to attract increasing numbers of higher-value customers. Our non-OTC business continued to gain momentum, enhanced by new partnerships in our B2B and B2B2C channels, extending our global distribution. Customer segregated funds surpassed $1bn at period end, reflecting the ongoing trust customers place in us and strengthening the foundation for future revenue generation. Our OTC business launched innovative new offerings, expanded into new geographies and achieved impressive customer acquisition efficiency at scale, driving growth and attractive value creation.
We built on our established track record of disciplined M&A, with the recently announced acquisitions of two broker-dealers in the US and Brazil. In the US, Hedge will unlock access to SEC-regulated markets, supporting the planned launch of a new, multi-asset 'super-app' in Q1 2027. Guru will establish Plus500's first local operations in Brazil, enabling the Group to begin onboarding customers and extend its presence across Latin America. With momentum accelerating across the Group, the Board expects that FY 2026 revenue and EBITDA will be ahead of current market expectations."
Financial and Operational KPIs (unaudited)
|
|
Q3 2026 |
Q3 2025 |
Change % |
YTD[2] 2026 |
YTD 2025 |
Change % |
|
Revenue[3] |
$203.2m |
$182.7m |
11% |
$666.1m |
$597.8m |
11% |
|
EBITDA[4] |
$88.4m |
$82.7m |
7% |
$275.9m |
$267.8m |
3% |
|
New Customers[5] |
28,747 |
22,644 |
27% |
94,470 |
78,809 |
20% |
|
Active Customers[6] |
119,528 |
115,327 |
4% |
230,287 |
209,842 |
10% |
|
ARPU[7] |
$1,700 |
$1,584 |
7% |
$2,893 |
$2,849 |
2% |
|
AUAC[8] |
$1,150 |
$1,344 |
(14%) |
$1,206 |
$1,268 |
(5%) |
Key highlights:
+ Strategy driving strong results. Plus500 delivered excellent financial and operational results for Q3 2026 and YTD 2026. Demonstrating the Group's strategic progress and investment in medium-term growth initiatives, Plus500 grew New Customers significantly while reducing AUAC materially, a combination that is extremely hard to achieve. These customers converted rapidly into high-quality revenue, driving an EBITDA margin of 44% in Q3 2026.
+ Accelerating momentum in the US. The Group's non-OTC[9] business continued to perform strongly, securing two new international B2B partnerships with Wealthsimple and Nelogica, alongside introducing new products, including CFTC[10]-regulated sports and non-sports prediction market contracts and single stock futures, further expanding its target markets. Reflecting this accelerating progress, the non-OTC business accounted for c.16% of Group revenue and c.31% of New Customers for YTD 2026.
+ Strategic international expansion. The recently announced acquisitions of two broker-dealers unlock exciting new opportunities for Plus500. In the US, Hedge will complement the Group's established CFTC-regulated operations, expanding them into SEC[11]-regulated markets, and support the delivery of a seamless, holistic trading experience through a new US 'super-app' including futures, options on futures, prediction markets, stocks, options, ETFs and more. In Brazil, Guru's regulated status will establish Plus500's first local operations in Brazil, enabling the Group to begin onboarding local customers and extend its presence across Latin America, delivering further geographic and product diversification.
+ OTC product innovation. The Group's OTC business launched 24/5 trading on stocks and ETFs and shortly after the period end, it extended its capabilities to include 24/7 trading on gold, silver, oil and natural gas, as well as new daily option contracts. Together, these launches broaden product choice, cater to evolving customer preferences and demonstrate Plus500's ability to deliver product innovation at scale.
+ Strong financial foundations. The Group maintained a robust, debt-free balance sheet, with cash balances of over $775m as of 30 September 2026, following a dividend payment of $87.4m and share buybacks of c.$63.5m in Q3 2026. This strong financial foundation provides Plus500 with the flexibility to invest in organic growth, pursue inorganic opportunities and continue delivering attractive shareholder returns.
Strategic overview
Enabled by its proprietary technology, Plus500's strategy centres on its core priorities: entering new markets, broadening its product offering and deepening customer engagement, encompassing increased customer activation, monetisation and retention. Together, these core priorities form a clear and proven framework for sustainable growth and innovation, against which the Group has delivered consistent, measurable progress since the launch of its strategic roadmap. In the first nine months of 2026, Plus500 remained disciplined in executing against these objectives while continuing to invest to position the Group for its next phase of growth through the localisation of its products, new technological innovation and regulated market expansion, achieved both organically and inorganically.
Positive momentum in the US further accelerating expansion and operational scaling
Plus500 has built a sustainable, fast-growing presence across futures, options on futures and prediction markets in the US. By leveraging its proprietary technology and operational expertise, the Group has successfully developed distinct business lines across its B2B, B2C and B2B2C channels, each of which is delivering real value through a diversified and established product suite. The non-OTC business reflects this momentum, accounting for c.16% of Group revenue and c.31% of New Customers in YTD 2026. Customer segregated funds surpassed $1bn as at 30 September 2026, reflecting the ongoing trust customers place in Plus500's platforms, strengthening the foundation for future revenue generation. The recent launches of CFTC-regulated prediction markets and single stock futures significantly expand the Group's US product suite, with additional product launches planned in the short term to drive continued growth.
The B2B2C channel demonstrates Plus500's innovative, technology-led approach in practice. Institutional partners including Wealthsimple, Nelogica and Topstep already benefit from the Group's integrated execution, clearing and risk management infrastructure. Plus500's established and credible platform in this market positions the Group to attract additional global partners and scale its international operations further.
Strategic expansion in the US and Brazil enhances the product offering and market access
Building on its established track record of using targeted bolt-on M&A to access exciting high-growth markets and introduce innovative products, the Group recently announced the conditional acquisitions of two broker-dealers: Hedge in the US and Guru in Brazil. The acquisitions will be funded entirely from the Group's existing cash resources, reflecting the strength of Plus500's balance sheet.
The acquisition of Hedge will complement the Group's established CFTC-regulated US operations, expanding them into SEC-regulated securities markets, enhancing its customer proposition through a truly integrated multi-asset ecosystem. Both new and existing US customers will benefit from a significantly broader suite of trading solutions, enabling the Group to drive cross-product synergies in a unified platform offering while catering to a wider set of customer demand.
The acquisition of Guru will establish Plus500's first local operations in Brazil, enabling the Group to begin onboarding local customers and extend its presence across Latin America, delivering further diversification by geography and product. This represents an exciting next step in the Group's regional expansion, building on its existing B2B partnership with Nelogica and its local presence in Colombia.
At the core of Plus500's M&A strategy, and its proven track record, is financial discipline and proprietary technology integration, which together drive compelling returns on investment and attractive medium-term growth.
US 'super-app' supports the Group's strategy of product expansion and catering to evolving customer demand
The planned launch of the Group's new US 'super-app' in Q1 2027 demonstrates its commitment to investing in medium- to long-term growth and to consistently expanding its product offering to meet customer demand. The app will be powered by Plus500's proprietary technology and supported by the proposed acquisition of Hedge. The 'super-app' represents a major strategic milestone for Plus500 that will give US retail customers unified access to futures, options on futures, prediction markets, stocks, options, ETFs and more, through a single, seamless and intuitive platform.
For the first time, the 'super-app' will unlock the SEC-regulated securities market for Plus500, the world's largest pool of retail investment activity, while supporting the Group's broadest-ever product range in one ecosystem. By addressing a wider spectrum of customer needs, the offering is designed to drive deeper customer engagement, higher retention rates and greater monetisation, while expanding the Group's reach to new groups of customers. Following the US launch, the Group intends to roll out the 'super-app' across additional global markets over time.
Continued focus on customer value and product innovation
In recent years, the Group has focused on acquiring higher-value customers through its technology-led multi-channel approach to marketing. This strategy has enabled the Group to scale its global business, while establishing local platforms, and convert customer growth into high-quality revenue. Significant increases in customer deposits, engagement and longevity reflect this, as well as the Group's ongoing optimisation of its customer proposition, supported by enhancements to activation, monetisation and retention initiatives. Strong levels of customer growth have been delivered, while simultaneously optimising customer acquisition to reduce AUAC materially, highlighted by a 14% year-on-year ("YoY") reduction in Q3 2026, a combination that is extremely hard to achieve.
To further deepen customer engagement and expand customer trading opportunities, the Group launched 24/5 trading on stocks and ETFs, earlier this year. Shortly after the period end, it expanded its capabilities to include 24/7 trading on gold, silver, oil and natural gas, as well as new daily option contracts. Together, these broaden product choice, cater to evolving customer preferences and demonstrate Plus500's ability to deliver product innovation at scale.
Financial overview
The Group delivered a strong financial performance in Q3 2026. New Customer growth of 27% YoY converted into high-quality revenue, while AUAC fell by 14% YoY, driving an EBITDA margin of 44% in the quarter. This builds on the Group's excellent H1 2026 performance, resulting in strong financial and operational results for the first nine months of the year.
Revenue for the first nine months of 2026 increased by 11% to $666.1m (YTD 2025: $597.8m), comprising trading income of $634.0m (YTD 2025: $547.1m) and interest income of $32.1m (YTD 2025: $50.7m), including revenue of $203.2m in Q3 2026, representing an increase of 11% YoY (Q3 2025: $182.7m). The Group's revenue growth was positively driven by strong trading income, which outweighed a decline in interest income as global interest rates fell.
Customer Income[12], a key measure of the Group's underlying performance, increased by 19% to $641.1m (YTD 2025: $536.7m), including $180.3m in Q3 2026 representing an increase of 9% YoY (Q3 2025: $165.2m), reflecting the strength, engagement and quality of the Group's customer base. Customer Trading Performance[13] was ($7.1m) for the first nine months of 2026 (YTD 2025: $10.4m) and $11.9m in Q3 2026 (Q3 2025: ($3.6m)). The Group continues to expect that this will remain broadly neutral over time.
EBITDA for YTD 2026 was $275.9m (YTD 2025: $267.8m), representing growth of 3%. This reflects the Group's deliberate investment in marketing technology to support high value customer acquisition, together with the natural scaling of costs associated with the continued expansion of the Group's operations. EBITDA in Q3 2026 was $88.4m, representing growth of 7% YoY (Q3 2025: $82.7m) and an EBITDA margin for the period of 44%.
The Group maintained a robust, debt-free balance sheet, with cash balances exceeding $775m as of 30 September 2026, following a dividend payment of $87.4m and share buybacks of c.$63.5m in Q3 2026. This financial strength enables the Board to pursue its capital allocation policy with confidence, balancing organic and inorganic growth investments with substantial capital returns to shareholders.
Operational overview
The Group's continued focus on attracting higher value customers drove a 20% increase in New Customers to 94,470 for YTD 2026 (YTD 2025: 78,809), including a 27% increase in Q3 2026 to 28,747 (Q3 2025: 22,644), supported by the Group's sophisticated, technology-led marketing capabilities.
Active Customers increased by 10% to 230,287 for the first nine months of the year (YTD 2025: 209,842), including 119,528 in Q3 2026 (Q3 2025: 115,327). These trends reflect the Group's highly successful approach to customer retention and activation initiatives.
Total customer deposits reached a quarterly record high of $1.9bn in Q3 2026 (Q3 2025: $1.7bn), with average deposit per Active Customer increasing YoY by 7% in Q3 2026 to c.$15,800 (Q3 2025: c.$14,700), highlighting the Group's continued success in attracting and retaining higher value customers. Total customer deposits for the first nine months of the year were $5.3bn (YTD 2025: $4.8bn), equating to an average deposit per Active Customer of c.$23,000 (YTD 2025: c.$22,850), reflecting continued strong demand from customers.
Shareholder returns
As of 30 September 2026, the Company held 43,980,450 ordinary shares in treasury, representing approximately 38% of the Company's issued share capital. Since the commencement of its share buyback programmes in 2017, the Company has repurchased a total of 51,113,187 ordinary shares at an average price of £17.70 per share. This total reflects purchased ordinary shares, excluding shares issued from treasury in respect of equity share-based compensation plans. Ordinary shares repurchased under the buyback programmes are held in treasury and are not entitled to dividends and have no voting rights.
Outlook
The fundamentals of the Group remain highly compelling: a robust, debt-free balance sheet, global distribution across more than 60 countries, an expanding global portfolio of valuable regulatory licences, which support all of the Group's various lines of business, and a proprietary technology stack that powers all aspects of its operations. As a result, Plus500 is uniquely positioned to generate sustained shareholder value across diversified revenue streams in high structural growth markets. The Group's disciplined capital allocation framework and proven ability to outperform across market cycles, give the Board confidence in its ability to continue to deliver compounding returns through organic growth and value-accretive bolt-on acquisitions.
Reflecting the strong financial performance and meaningful strategic progress in the first nine months of 2026, the Board expects that FY 2026 revenue and EBITDA will be ahead of current market expectations[14].
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.
[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 $837.6m and $358.0m, respectively
[2] The nine-month period ended 30 September
[3] Revenue is comprised of trading income and interest income
[4] EBITDA - Revenue (trading income and interest income) minus operating expenses plus depreciation and amortisation
[5] New Customers - Customers depositing for the first time
[6] Active Customers - Customers who made at least one real money trade during the period
[7] ARPU - Average Revenue Per User
[8] AUAC - Average User Acquisition Cost
[9] Non-OTC includes futures, prediction markets and share dealing
[10] The Commodity Futures Trading Commission
[11] The US Securities and Exchange Commission
[12] 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)
[13] Customer Trading Performance - Gains/losses on customers' trading positions
[14] 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 $837.6m and $358.0m, respectively
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