Plus500 (LSE:PLUS) reported an 11% increase in third-quarter revenue to $203.2 million, compared with $182.7 million a year earlier, as customer numbers increased and trading income contributed to revenue growth.
The multi-asset financial technology group recorded quarterly EBITDA of $88.4 million, up 7% from $82.7 million in the corresponding period of 2025, representing an EBITDA margin of 44%.
For the nine months ended 30 September 2026, revenue increased 11% to $666.1 million, while EBITDA rose 3% to $275.9 million.
Following the results, Plus500 said it expects full-year 2026 revenue and EBITDA to exceed current market expectations.
The company also reported progress in expanding its operations in the United States and Latin America, including proposed acquisitions in the US and Brazil and plans to launch a multi-asset trading application in the first quarter of 2027.
Third-Quarter EBITDA Increases 7% to $88.4 Million
Plus500 generated revenue of $203.2 million in the third quarter of 2026, an increase of 11% from $182.7 million in Q3 2025.
EBITDA rose to $88.4 million from $82.7 million, representing year-on-year growth of 7%.
The quarterly EBITDA margin was 44%, reflecting the relationship between revenue growth and operating expenditure during the period.
For the first nine months of 2026, revenue reached $666.1 million, compared with $597.8 million in the corresponding period of 2025.
Trading income increased to $634.0 million from $547.1 million, offsetting a decline in interest income to $32.1 million from $50.7 million.
The company attributed the reduction in interest income to lower global interest rates.
Nine-month EBITDA increased to $275.9 million from $267.8 million, with the company continuing to invest in marketing technology and expanding its operations.
Customer Income, a measure used by Plus500 to assess revenue generated from customer activity, increased 19% to $641.1 million during the first nine months, compared with $536.7 million a year earlier.
Third-quarter Customer Income rose 9% to $180.3 million.
Customer Trading Performance was negative $7.1 million for the nine-month period, compared with positive $10.4 million in the prior year. In the third quarter, the measure was positive $11.9 million, compared with negative $3.6 million a year earlier.
Plus500 maintained its expectation that Customer Trading Performance will remain broadly neutral over time.
New Customer Numbers Increase 27% as Acquisition Costs Decline
Plus500 reported 28,747 new customers during the third quarter, an increase of 27% from 22,644 in Q3 2025.
The number of active customers increased 4% to 119,528, compared with 115,327 in the previous year.
Average revenue per user rose 7% to $1,700 from $1,584, while average user acquisition cost declined 14% to $1,150 from $1,344.
For the first nine months of 2026, new customer numbers increased 20% to 94,470, compared with 78,809 during the corresponding period of 2025.
Active customers increased 10% to 230,287, while average revenue per user rose 2% to $2,893.
Average user acquisition cost for the nine-month period declined 5% to $1,206.
Customer deposits totalled $1.9 billion during the third quarter, compared with $1.7 billion a year earlier.
Average deposits per active customer increased approximately 7% to $15,800 from $14,700.
For the first nine months, customer deposits reached $5.3 billion, compared with $4.8 billion in 2025.
US Non-OTC Business Accounts for 16% of Nine-Month Revenue
Plus500 reported further expansion of its non-over-the-counter (non-OTC) business, which includes futures, options on futures and prediction market products.
The segment accounted for approximately 16% of group revenue and 31% of new customers during the first nine months of 2026.
Customer segregated funds exceeded $1 billion at 30 September 2026.
The company also announced two business partnerships with Wealthsimple and Nelogica, expanding the distribution of its trading technology and infrastructure through business-to-business and business-to-business-to-consumer channels.
Plus500’s existing institutional relationships also include Topstep.
During the period, the group introduced additional US trading products, including Commodity Futures Trading Commission-regulated sports and non-sports prediction market contracts and single-stock futures.
The company said it intends to introduce further products as it expands its US operations.
Plus500 Plans US Multi-Asset Trading App for First Quarter of 2027
Plus500 outlined plans to launch a new multi-asset trading application in the United States during the first quarter of 2027.
The proposed platform is intended to combine access to futures, options on futures, prediction markets, equities, options and exchange-traded funds within a single application.
The development is linked to Plus500’s recently announced conditional acquisition of Hedge Capital Markets, a US broker-dealer.
The acquisition would provide access to markets regulated by the US Securities and Exchange Commission, complementing Plus500’s existing operations regulated by the Commodity Futures Trading Commission.
The company plans to use its proprietary technology to integrate the additional securities products into its existing trading infrastructure.
Following the proposed US launch, Plus500 intends to consider introducing the application in other international markets.
The company has not disclosed a specific launch date within the first quarter or provided financial projections for the new platform.
Proposed Broker-Dealer Acquisitions Expand Operations in US and Brazil
Alongside its US expansion plans, Plus500 announced the conditional acquisition of Guru, a regulated broker-dealer in Brazil.
The transaction is intended to establish the company’s first locally regulated operations in Brazil and enable it to begin onboarding customers in the country.
Plus500 already has a business partnership with Brazilian financial technology company Nelogica and maintains a presence in Colombia.
The proposed acquisition would extend its direct operations in Latin America and provide access to additional products and customer segments.
Both the Hedge and Guru acquisitions are expected to be funded entirely from Plus500’s existing cash resources.
The company has not disclosed the financial terms of the transactions in its latest trading update.
Plus500 Expands Trading Hours and Product Availability
Plus500 continued developing its OTC trading business during the period, introducing extended trading hours for selected financial instruments.
The company launched 24-hour trading on stocks and exchange-traded funds during five days of the week.
Shortly after the third quarter ended, it expanded trading availability to include 24-hour, seven-day access to gold, silver, oil and natural gas products.
Plus500 also introduced new daily options contracts.
The additions form part of the group’s strategy to expand its product range and provide customers with access to different markets and trading schedules.
Cash Exceeds $775 Million Following Dividends and Share Buybacks
Plus500 reported cash balances exceeding $775 million at 30 September 2026 and confirmed that the group remained debt-free.
During the third quarter, the company paid dividends totalling $87.4 million and repurchased approximately $63.5 million of its shares.
At the end of September, Plus500 held 43,980,450 ordinary shares in treasury, representing approximately 38% of its issued share capital.
Since beginning its share repurchase programmes in 2017, the company has acquired a total of 51,113,187 ordinary shares at an average price of £17.70 per share.
The reported cumulative figure excludes shares subsequently issued from treasury under equity-based compensation arrangements.
Shares held in treasury do not carry voting rights or dividend entitlements.
Plus500 said its capital allocation strategy continues to include investment in existing operations, potential acquisitions and shareholder distributions.
Plus500 Expects Full-Year Revenue and EBITDA to Exceed Market Forecasts
Following its performance during the first nine months of 2026, Plus500’s board expects full-year revenue and EBITDA to exceed current market expectations.
The company did not provide revised numerical guidance in its trading update.
Chief Executive Officer David Zruia attributed the group’s performance to customer acquisition, expansion of its non-OTC activities and the introduction of additional trading products.
Management also identified the proposed acquisitions in the US and Brazil as part of its strategy to enter new regulated markets and broaden its international operations.
Plus500 operates across more than 60 countries and continues to develop its proprietary trading technology for retail and institutional customers.
The company’s remaining 2026 activities include progressing its proposed acquisitions, developing additional trading products and preparing for the planned US multi-asset application launch in early 2027.
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