Plus500 upgrades 2026 profit outlook after strong quarterly gains
Plus500 has revised its full-year 2026 revenue and EBITDA forecasts upward, exceeding earlier market expectations after its July guidance. The London-based broker reported third-quarter revenue of $203.2 million, an 11% increase from $182.7 million in the same period a year earlier, according to an unaudited statement covering the three months ending September 30. EBITDA rose by 7% to $88.4 million, maintaining a 44% margin. For the first nine months of the year, revenue reached $666.1 million, also up 11%, while EBITDA grew 3% to $275.9 million. In July, the company had projected full-year results would meet consensus estimates, but now it expects to surpass them.
CEO David Zruia noted that “With momentum accelerating across the Group, the Board expects that FY 2026 revenue and EBITDA will be ahead of current market expectations.” The revision reflects stronger trading income, which climbed to $634.0 million for the nine-month period, up from $547.1 million in the prior year. However, interest income declined to $32.1 million from $50.7 million, reflecting lower global interest rates.
Customer Income, a key metric, increased 19% to $641.1 million year to date, while Customer Trading Performance turned positive at $11.9 million in the quarter, compared with a loss of $3.6 million in the same period last year. New customer sign-ups reached 28,747 in the quarter, up from 22,644, while the total active customer base grew 4% to 119,528. Average revenue per user increased 7% to $1,700, though average user acquisition costs fell 14% to $1,150.
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Customer deposits hit a quarterly high of $1.9 billion. The company’s non-OTC business accounted for 16% of total revenue and 31% of new customers year to date. In the U.S., customer segregated funds exceeded $1 billion. Plus500 also expanded its partnerships, adding Wealthsimple and Nelogica as new B2B collaborators. On the product front, it introduced CFTC-regulated prediction market contracts and single stock futures. For OTC trading, the firm launched 24/5 trading on stocks and ETFs, later extending to 24/7 trading on gold, silver, oil, and natural gas, alongside daily option contracts. The update also detailed two recent acquisitions. The company agreed to purchase Hedge, a U.S. broker-dealer, and Guru, a Brazilian firm, both financed with existing cash reserves.
Hedge will provide access to SEC-regulated markets and support a planned multi-asset “super-app” for U.S. retail customers, set to launch in Q1 2027. The app will include futures, options, prediction markets, stocks, and ETFs. Guru will expand Plus500’s operations into Brazil. At the time of the deal, Zruia said “Brazil is one of the world’s most attractive trading markets.” The company said it can now begin onboarding customers there and extend its reach across Latin America.
It already has a B2B partnership with Nelogica and a presence in Colombia. As of September 30, Plus500 held $775 million in cash and maintained a debt-free balance. In the third quarter, it distributed $87.4 million in dividends and repurchased $63.5 million in shares. The strong cash position and absence of debt support its expansion plans, including the pending acquisitions and new product offerings.
