Plus500 review: Revenue and EBITDA top expectations in 2025

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Plus500 beats market expectations

Financial performance and customer quality

For the financial year ended 31 December 2025, Plus500 generated approximately $792 million in revenue and $348 million in EBITDA, both ahead of market forecasts. On a constant currency basis, EBITDA was about 8% higher than in FY 2024, reflecting operating leverage and disciplined cost management. The group remained debt-free, ending the year with around $0.8 billion in cash, even after distributing roughly $380 million to shareholders.

Customer metrics pointed to improving quality rather than volume-driven growth (80% of retail CFD accounts lose money). Plus500 onboarded around 104,500 new customers, fewer than in 2024, while achieving a more than 10% reduction in average user acquisition cost. Active customers stood at approximately 242,000, broadly stable year on year. Notably, around 50% of OTC revenue was generated by clients trading with Plus500 for more than five years, double the share recorded in 2022.

Strategic expansion and U.S. partnerships

Beyond retail trading, Plus500 strengthened its institutional footprint through high-profile partnerships in the United States. The group was appointed clearing partner for the CME Group’s prediction market and event-based contracts platform, launched in collaboration with FanDuel. The role highlights Plus500’s regulatory credentials and proprietary infrastructure, supported by its status as a clearing member of major exchanges.

Earlier in October, Plus500 also entered a strategic partnership with Topstep, a US-based trading education and evaluation platform, becoming the exclusive provider of clearing and technology infrastructure for Topstep Brokerage. Together, the partnerships mark a significant step in Plus500’s expansion in the US futures market.

Global reach and shareholder returns

In 2025, Plus500 secured new licences in the UAE and Canada and received authorisation to open a representative office in Colombia, its first move into Latin America. The group now holds 16 global regulatory licences, which management views as a key competitive advantage.

The company also maintained a shareholder-friendly capital policy, delivering $365 million in total shareholder returns, including $200 million in share buybacks. Since its 2013 IPO, Plus500 remains the best-performing stock in the FTSE All-Share Index on a total return basis.

Looking ahead, Plus500 expects to benefit from expanding addressable markets across OTC, futures, and prediction-based products, positioning the group for continued growth in 2026.

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