Plus500 H1 Revenue Climbs 12% to $462.9 Million as EBITDA Growth Stalls at 1%
Plus500 reported a 12% revenue increase to $462.9M in H1 2026, but EBITDA edged up only 1% to $187.5M. Customer income hit a five-year high, though second-quarter growth slowed and new client sign-ups fell year-over-year.
London-listed retail broker Plus500 today reported revenue of $462.9 million for the first half of 2026, a 12% increase from $415.1 million a year earlier. However, EBITDA rose just 1% to $187.5 million, as the company ramped up customer acquisition spending and faced currency-related cost headwinds. The EBITDA margin declined to 41% from 44.6% in the comparable period.
The company's Customer Income — a key metric tracking client trading activity — reached $460.8 million, up 24% and the highest for any six-month period in five years. But the growth was heavily front-loaded: revenue in the second quarter came in at $220.8 million, up just 5% year-over-year and roughly 9% below the first quarter's $242.1 million.
New customer additions totaled 65,723 for the half, a 17% increase, but Q2 saw only 25,856 new sign-ups, down 12% from 29,268 in the same quarter of 2025. Active customers also edged lower to 131,214 from 132,602. Average revenue per user (ARPU) for Q2 was $1,683, up 7% from last year but down from $2,346 for the full half.
Plus500's US operations — its futures and share-dealing business — contributed roughly $70 million, or about 15% of group revenue, growing approximately 30% year-over-year. However, Q2 revenue in the US was broadly flat compared to Q1. The company has been building a position in US prediction markets, adding Kalshi's CFTC-regulated sports event contracts in June and clearing for the CME Group and FanDuel's venture. Prediction markets processed over $50 billion in June, with Kalshi accounting for about $33 billion, including $7.4 billion in World Cup trades. Plus500 does not disclose prediction market revenue separately.
CEO David Zruia said the half delivered "the strongest Customer Income in five years and the highest revenue in three years," attributing the performance to customer quality and platform reach. The board now expects full-year revenue and EBITDA to be in line with market consensus of $811.5 million and $368.1 million, respectively, after previously guiding for a beat. The company ended June debt-free with over $850 million in cash.
The broker also matched rivals by launching 24/5 trading on stocks and ETFs in June, expanding its offering in a market where IG Group, eToro, and Capital.com had already entered.
Source: Finance Magnates