Plus500 (PLUS) H1 2026 earnings summary

Executive summary

• Achieved record H1 2026 results with revenue up 12% year-on-year to $462.9m and customer income up 24% to $460.8m, both multi-year highs, driven by strategic expansion, product diversification, and deepening customer engagement.

• Non-OTC revenue grew approximately 30% YoY, now representing 15% of total group revenue, driven by US expansion and new B2B/B2B2C partnerships.

• Maintained a debt-free balance sheet with $861.3m in cash, supporting ongoing investments and shareholder returns.

• Announced $182.5m in shareholder returns for H1 2026, totaling $370m YTD and $3.1bn since IPO.

• Significant investments in customer acquisition, technology, and local operations are converting into revenue faster than prior periods.

Financial highlights

• Revenue grew 12% YoY to $462.9m; EBITDA up 1% to $187.5m with a 41% margin; net profit at $151.9m; basic EPS up 6% YoY to $2.17.

• Trading income rose 15% YoY to $441.8m; customer income up 24% YoY to $460.8m; customer deposits up 10% to $3.4bn.

• Operating cash conversion at 99%; cash and equivalents at $861.3m, debt-free.

• EBITDA margin at 41%, down from 45% YoY due to increased investment in marketing and technology.

• Net profit margin approximately 33%.

Outlook and guidance

• Confident in delivering full-year results in line with upgraded market expectations for 2026: consensus forecasts for FY 2026 revenue and EBITDA are $811.5m and $365.1m, respectively.

• Growth to be driven by geographic expansion, customer quality and retention, futures and prediction markets, and proprietary technology.

• Continued investment in non-OTC operations, targeted acquisitions, and new market entries expected.

• Strong momentum into H2 2026, with growth drivers including B2B partnerships, scaling prediction markets, and further OTC expansion.