Plus500 (LSE:PLUS) has reported full-year 2025 revenue of approximately $792m and EBITDA of around $348m, both exceeding market expectations. EBITDA rose by roughly 8% on a constant-currency basis compared with 2024, while cash balances stood at about $0.8bn at year end, despite the distribution of roughly $380m to shareholders over the period.
The group highlighted continued progress in shifting its client base toward longer-term, higher-value customers. Customer acquisition costs declined by more than 10%, and around half of OTC revenue is now generated by clients who have been trading on the platform for more than five years. Active customer numbers were broadly stable, reflecting a focus on quality rather than volume.
Strategically, Plus500 strengthened its position in the U.S. futures market through two significant B2B partnerships. These included acting as clearing partner for CME Group’s new prediction market platform launched in collaboration with FanDuel, and becoming the exclusive clearing and technology provider for Topstep Brokerage. Together, these agreements underline Plus500’s evolution into a scaled market infrastructure provider. The company also expanded its OTC operations with new regulatory licences in the UAE and Canada, and established its first presence in Latin America through a representative office in Colombia. Management highlighted the scarcity and breadth of its global licensing footprint as a key competitive advantage and a marker of regulatory credibility.
Capital allocation remained firmly shareholder-focused, with total returns of $365m in 2025, including $200m of share buybacks. This performance has left Plus500 as the best-performing stock in the FTSE All-Share on a total return basis since its IPO in 2013, reinforcing confidence in continued financial strength and strategic momentum into 2026.
Overall, Plus500 continues to demonstrate strong financial delivery and supportive technical indicators, underpinned by disciplined capital returns and strategically important partnerships. A relatively low valuation multiple and attractive dividend yield add to the investment case, although the absence of recent earnings call commentary limits visibility on management’s longer-term outlook.
More about Plus500
Plus500 is a global multi-asset fintech group operating proprietary, technology-driven trading platforms. The company offers contracts for difference (CFDs), share dealing, and futures and options on futures. It is highly regulated, holding 16 operating licences across major jurisdictions including the UK, U.S., Europe, Asia-Pacific, the Middle East and Latin America, and provides access to more than 2,500 underlying financial instruments for retail customers in over 60 countries via web and mobile platforms.
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