Plus500 H1 Earnings Call Highlights

Plus500 reported record first-half 2026 results : customer income rose 24% to approximately $461 million, revenue increased 12% to $463 million, and EBITDA reached $187.5 million despite higher growth spending and foreign-exchange headwinds. The customer base expanded, with more than 65,000 new customers, 197,000 active customers and $3.4 billion in deposits. Retention improved, while trading activity increasingly offset lower interest income. Non-OTC operations gained momentum , growing roughly 30% and contributing about 15% of group revenue, driven by U.S. futures, prediction markets and international partnerships. Strong cash generation supported $182.5 million in additional dividends and share buybacks.

Plus500 reported record first-half results for 2026, supported by growth in customer activity, continued investment in acquisition and an expanding contribution from its non-over-the-counter business, including U.S. futures and prediction markets. Group Chief Executive Officer David Zruia said the performance reflected the company’s strategy of entering new markets, broadening its product range and increasing engagement with higher-value customers. He said Plus500 entered the second half with momentum and expected to deliver full-year results in line with current market expectations.

Customer income rose 24% year over year to approximately $461 million, a five-year high, while revenue increased 12% to about $463 million, its highest level in three years. Trading income, the group’s principal revenue source, grew 15% to $441.8 million. Elad Even-Chen, Group CFO, said the revenue mix was becoming less dependent on interest income, which declined as global rates fell, and increasingly supported by trading activity and customer engagement. EBITDA increased 1% year over year to $187.5 million, producing an EBITDA margin of 41%. Basic earnings per share rose 6% to $2.17. Plus500 said its profit growth reflected a decision to raise spending on growth initiatives. Selling and marketing expenses rose 20% to just over $201 million, including about $60 million of incremental marketing investment. Administrative and general expenses also increased 20% to just over $76 million, reflecting international expansion and the effect of a stronger Israeli shekel against the U.S. dollar. Even-Chen said the shekel strengthened by approximately 20% against the dollar during the period, creating an external foreign-exchange headwind. He said underlying performance was “meaningfully stronger” on a constant-currency basis.

The company onboarded more than 65,000 new customers in the first six months, up 17% from a year earlier. Active customers increased 10% to more than 197,000, while total customer deposits rose 10% to $3.4 billion. Average revenue per user increased 2%, and the average cost of acquiring a user declined 1% to $1,230. Plus500 said it serves more than 34 million registered customers in over 60 countries and operates with 17 regulatory licenses. The company said its focus on premium accounts, retention technology and localized product offerings had helped improve customer quality and longevity. According to the company, 50% of first-half OTC revenue came from customers that had traded with Plus500 for more than five years, while 20% came from customers acquired within the past year. Zruia said the company had invested in marketing optimization, customer retention and products including options, weekly options and 24/5 stock and ETF trading. Mobile remained central to the OTC business, with 90% of OTC revenue and 87% of OTC trades generated through