Key Highlights

  • Plus500 (LSE:PLUS) remains in focus on the FTSE 250 after upgrading its outlook, with FY2026 Revenue and EBITDA now expected ahead of market expectations.
  • Q3 2026 revenue rose 11% to $203.2 million and EBITDA increased 7% to $88.4 million, a 44% margin.
  • New customers jumped 27% to 28,747 while average user Acquisition cost fell 14% to $1,150.
  • The non-OTC business, including US futures and CFTC-regulated prediction markets, generated around 16% of revenue and 31% of new customers year-to-date.
  • Cash exceeded $775 million with no debt, after an $87.4 million Dividend and around $63.5 million of Buybacks in Q3, plus a new $100 million buyback.

Why Plus500 (LSE:PLUS) Is in Focus Today

Plus500 (LSE:PLUS), the global multi-asset Fintech group, is attracting attention on 3 November 2026 following its recent upgrade to full-year expectations. In its third-quarter trading update on 26 October, the board said FY2026 revenue and EBITDA would be ahead of current market consensus of $837.6 million and $358.0 million respectively. The shares rose around 3.6% on the day.

The upgrade was notable because, just three weeks earlier, the company had said it was trading in line with expectations. The shift has fuelled discussion across Investment communities and social platforms, particularly given Plus500's growing exposure to US futures and prediction markets, a fast-growing and widely debated area of retail trading. Investors are also tracking two pending broker-dealer acquisitions in the US and Brazil, both being funded from existing cash.

Q3 2026 Trading Update in Detail

For the three months to 30 September 2026, revenue rose 11% to $203.2 million from $182.7 million. EBITDA increased 7% to $88.4 million, giving an EBITDA Margin of 44%. For the first nine months, revenue grew 11% to $666.1 million, while EBITDA rose 3% to $275.9 million, reflecting deliberate investment in Marketing technology and expansion. Trading income for the nine months rose to $634.0 million from $547.1 million.

Customer metrics were strong. Plus500 added 28,747 new customers in the quarter, up 27% year-on-year, while the average user acquisition cost fell 14% to $1,150. Active customers totalled 119,528 in the quarter and 230,287 for the year to date, up 10%. Average revenue per user rose 7% to $1,700. Total customer deposits reached a record $1.9 billion, with average deposit per active customer up 7% to around $15,800, and segregated customer funds surpassed $1 billion.

Customer Trading Performance, which measures the impact of client trading results on revenue, was a positive $11.9 million in the quarter, compared with a negative $3.6 million a year earlier. The company expects this to remain broadly neutral over time.

The US and Prediction Markets Opportunity

Plus500 groups its futures, Options on futures, share dealing and prediction market products under its non-OTC business. This division accounted for around 16% of group revenue and around 31% of new customers for the first nine months of 2026. The company has introduced CFTC-regulated sports and non-sports prediction market contracts and single stock futures in the US, tapping into rapidly growing retail interest in event-based trading.

Plus500 also secured new international business-to-business partnerships with Wealthsimple and Nelogica, providing its futures infrastructure to other platforms. After the period end, it launched 24/7 trading on gold, silver, oil and natural gas, along with daily option contracts.

Acquisitions in the US and Brazil

The trading update covered two pending acquisitions of broker-dealers in the US and Brazil, both funded from existing cash. These deals are designed to broaden Plus500's regulatory licences, product range and geographic reach, supporting its strategy to diversify away from its traditional contracts for difference (CFD) business.

Shareholder Returns

Plus500 (LSE:PLUS) has a long record of returning cash to shareholders. In Q3 2026, it paid a dividend of $87.4 million and bought back around $63.5 million of shares. It has launched a new $100 million share buyback, part of $182.5 million of Shareholder returns announced with its H1 2026 results. Since 2017, the group has repurchased more than 51 million shares at an average price of around £17.70.

Valuation and Sentiment

Plus500 trades on a relatively low Earnings multiple for a Business with high margins and a debt-free Balance Sheet with more than $775 million of cash. This reflects investor caution around the regulatory risks associated with CFDs and the Volatility of trading revenues. The growing non-OTC business and US expansion offer a route to a higher-quality, more diversified earnings base.

Key Risks

Key risks include regulatory changes affecting CFDs or prediction markets, volatility in customer trading performance, competition from other trading platforms, integration of acquisitions, and dependence on market volatility to drive trading activity. Regulatory scrutiny of prediction markets in the US is an evolving area.

What Investors Are Watching Next

Investors will watch for completion of the US and Brazil acquisitions, growth in US futures and prediction market volumes, progress on the new $100 million buyback, and customer acquisition trends in the fourth quarter. Full-year 2026 results, expected in early 2027, will reveal how far revenue and EBITDA exceed consensus, alongside dividend and Capital return plans.