Highlights

  • Plus500 achieved revenue of USD 792m and EBITDA of USD 348m for FY25, exceeding expectations, with constant currency EBITDA up 8% from FY24.
  • The company onboarded 104,500 new customers while active customers held steady at 242,000, with 50% of OTC revenue from traders active over five years—double the FY22 figure.
  • Two major US futures partnerships were secured: clearing for CME Group's FanDuel prediction market and exclusive infrastructure for Topstep, alongside new licences in UAE, Canada, and Colombia.

Plus500 Ltd (LSE:PLUS) shares have rocketed 35.965% over the past year to GBX 3,630.00, and brokers see further upside and have issued buy ratings, Cavendish targets 4,345 GBX, Jefferies 3,550 GBX, and Panmure Liberum 3,750 GBX, implying 20-37% potential gains.

Beats Market Expectations

Plus500 delivered standout financial performance for the year ended December 31, 2025. Revenue reached about USD 792m, while EBITDA landed at roughly USD 348m, outpacing analyst predictions. On a constant currency basis, EBITDA rose approximately 8% from FY24 levels. The group ended the year debt-free, holding USD 0.8bn in cash after distributing USD 380m to shareholders through buybacks and other returns.

This outcome underscores the company's focus on quality earnings. Total shareholder returns hit USD 365m, including USD 200m in share buybacks. Since its 2013 IPO, Plus500 has topped the FTSE All-Share Index on total return basis through year-end 2025.

Customer Base Evolves

Retention efforts paid off as Plus500 prioritised long-term clients. New customers totalled 104,500, down from 118,010 in FY24, yet average user acquisition costs dropped over 10% year-on-year. Active customers stayed level at 242,000.

Half of OTC revenue came from customers trading with the platform for more than five years, up from 24% in FY22.

US Futures Push Accelerates

Plus500 expanded its B2B footprint with key US deals. It became the clearing partner for CME Group's prediction market platform, launched with FanDuel last month. The company also partnered exclusively with Topstep in October for clearing and tech infrastructure.

These moves build on Plus500's role as a CME and Kalshi clearing member. The group now holds 16 global licences, including fresh approvals in UAE and Canada, plus a Colombia office—its Latin America entry.

New Markets and Outlook

OTC business grew into emerging regions, supported by regulatory wins. The company pursues product innovation, higher-value clients, and selective M&A.

For 2026, Plus500 targets short-term trends and structural shifts in OTC and non-OTC segments like futures. The board anticipates continued progress and shareholder value.