Plus500 Is Returning $182.5 Million to Shareholders — $30…

Plus500 has unveiled $182.5 million of new shareholder returns alongside its first-half 2026 results, a payout that exceeds the $151.9 million net profit it generated during the six months ended June 30. The distribution is about $30.6 million larger than earnings, funded by a balance sheet that holds $861.3 million in cash and no financial debt.

Revenue rose 12% year over year to $462.9 million, the broker's strongest six-month total in three years. Customer income increased 24% to $460.8 million and trading income rose 15% to $441.8 million. Adjusted EBITDA, however, gained just 1% to $187.5 million from $185.1 million, pulling the EBITDA margin down to 41% from 45%. Net profit increased about 2% from $149.6 million. Plus500 attributed the margin pressure to higher customer-acquisition spending, costs tied to its growing U.S. business and a stronger Israeli shekel.

The extra spending is showing up in customer numbers. Active customers rose 10% to 197,294, while new customers climbed 17% to 65,723. Average revenue per user also increased 2% to $2,346. The less encouraging point is operating leverage: revenue was up nearly $48 million, but EBITDA improved by only $2.4 million. New customer growth also slowed in the second quarter, with new customers down 12% year over year to 25,856 after a much stronger first quarter.

The capital-return package consists of $100 million in share buybacks and $82.5 million in dividends. Buybacks are split between a $35.3 million interim programme and a $64.7 million special programme. Dividends include a $35.3 million interim payment and a $47.2 million special dividend, together worth $1.2001 per share. The shares go ex-dividend on August 20, with payment on November 11. Declared 2026 returns now total $370 million, and distributions since the 2013 IPO stand at roughly $3.1 billion. Buybacks have left Plus500 holding 45.5 million treasury shares, about 40% of issued capital, helping basic EPS rise 6% even though net profit gained only 2%.

Diversification outside traditional OTC business is also progressing. Non-OTC revenue, covering futures, prediction markets and share dealing, rose about 30% year over year and accounted for around 15% of group revenue, or roughly $70 million. Plus500 expects that operation to reach an annualized run rate of about $140 million during 2026. The U.S. segment now includes retail futures, prediction markets and B2B clearing infrastructure, with CME single-stock futures added for U.S. traders. Consumer prediction markets launched in February and sports contracts followed in June.

Plus500 is deliberately accepting lower near-term profitability in exchange for customer growth, new products and a larger U.S. footprint. The balance sheet gives it room to pay investors and fund expansion simultaneously. The key question for the second half is whether that investment can convert faster revenue into higher EBITDA and rebuild the margin lost in H1.