Highlights

  • In year ended 31 December 2025, average deposit per active customer increased 124% to c.USD 26,900, reaching a record level for the Group.
  • Non-OTC business achieved record revenue exceeding USD 100 million, with customer segregated funds rising 160% year-on-year.
  • Strategic acquisitions and regulatory licences expanded Plus500’s global footprint, including completion of Mehta Equities acquisition in India.

Plus500 Ltd (LSE:PLUS), a global multi‑asset fintech group operating proprietary trading platforms released preliminary unaudited results for the year ended 31 December 2025, revealing revenue growth, record deposits, business diversification and strategic expansion. With Jefferies issuing a buy rating and target price of GBX 5,200, investors are analysing whether the company’s performance and outlook make it an attractive investment now.

Financial Performance Shows Revenue and Earnings Growth

For FY 2025, Plus500 reported revenue of USD 792.4 million, up 3% from USD 768.3 million in 2024. EBITDA increased to USD 348.1 million (2024: USD 342.3 million), while basic earnings per share rose 10% to USD 3.93. The Group maintained a debt-free balance sheet with cash resources of approximately USD 0.8 billion.

Shareholder returns included dividends of USD 87.5 million and share buybacks of USD 100 million, supporting the Group’s ongoing capital allocation strategy while funding growth initiatives.

Strategic Expansion and Diversification

Plus500 accelerated its strategic roadmap through geographic and product diversification. The acquisition of Mehta Equities Limited in India strengthened its B2B and B2C futures offerings. New licences in Canada, the UAE, Japan, and Colombia expanded the regulatory footprint to 17 markets.

Partnerships with Topstep and new clearing memberships with ICE Clear US, ICE Clear Europe, and Kalshi Klear enhanced global clearing capabilities. The launch of prediction markets, including FanDuel Prediction Markets and Kalshi exchange event-based contracts, added a new growth avenue.

Customer Engagement and Business Resilience

Average deposits per active customer increased to c.USD 26,900 (2024: c.USD 12,000), while annual revenue per user reached USD 3,268, up 8% year-on-year. Active customer numbers were 242,440, with 50% of OTC revenue generated by long-term customers of over five years.

Non-OTC business revenue exceeded USD 100 million, with customer segregated funds rising to USD 0.9 billion, highlighting confidence from B2B and B2C clients. Proprietary marketing technology contributed to a 13% reduction in acquisition costs, while enhancing retention and engagement.

Outlook for 2026

Momentum from FY 2025 continues into 2026, supported by global market conditions, strategic acquisitions, and the expansion of non-OTC offerings. Plus500’s diversified business model, robust balance sheet, proprietary technology, and regulatory footprint provide a foundation for continued execution of its growth strategy.

Plus500 delivered revenue and earnings growth, record customer deposits, and operational progress across OTC and non-OTC businesses. Strategic acquisitions, regulatory expansion, and new product initiatives underscore its ongoing development as a global multi-asset fintech group, with investor confidence reinforced by Jefferies’ buy rating and target price of GBX 5,200.

FAQs

Q1: What drove the increase in customer deposits at Plus500?
A: Average deposits per active customer increased 124% to c.USD 26,900, supported by high-value customer acquisition, retention initiatives, and diversified product offerings.

Q2: How did the non-OTC business perform in FY 2025?
A: The non-OTC business generated record revenue of over USD 100 million, with customer segregated funds rising 160% to USD 0.9 billion, highlighting growing trust and engagement.

Q3: What strategic expansions did Plus500 undertake in 2025?
A: Plus500 completed the acquisition of Mehta Equities in India, secured licences in Canada, UAE, Japan, and Colombia, and expanded prediction markets offerings, strengthening its global footprint.