Plus500 Ltd.

In H1 2026, Plus500 reported revenue of approximately $463 million, up 12% year over year, customer income of approximately $461 million, up 24% year over year, and EBITDA of $187.5 million, up 1% year over year, for an EBITDA margin of 41%. Basic EPS was $2.17, up 6% year over year. Trading income rose 15% year over year to $441.8 million. Non-OTC revenue grew by approximately 30% year over year and represented approximately 15% of total group revenue. Management said non-OTC revenue is expected to annualize at approximately $140 million in 2026. For capital returns, the company announced $182.5 million of additional returns, bringing 2026 announced returns to $370 million, including $200 million in share buybacks and $170 million in total dividends, or more than $2.40 per share.

David Zruia said the first half showed record results and accelerating strategic progress as Plus500 evolves into a diversified global multi-asset fintech group. He emphasized the U.S. business as a multiyear growth engine, especially prediction markets and futures, and pointed to geographic expansion, new products, and proprietary technology as the main growth engines. His tone was confident and upbeat, but he also framed growth as deliberate and disciplined, with investment made ahead of revenue and intended to compound over time.

Elad Even-Chen highlighted that revenue grew 12% and EBITDA 1%, with margin at 41%, while the company deliberately stepped up investment. He cited about $60 million of incremental marketing spend, selling and marketing expenses of just over $201 million, administrative and general expenses of just over $76 million, and operating cash conversion of 99%. He said cash and cash equivalents ended the period at approximately $860 million, with no debt or loans, and noted surplus capital of about $310 million alongside approximately $550 million of required capital. He also reiterated the capital allocation framework and the $182.5 million of new returns.

Analysts focused on Brazil/Nelogica and the broader pipeline of institutional partnerships, the faster monetization of older customer cohorts, capital intensity in non-OTC, second-half margin ramp, and prediction-market unit economics. Management said the new partnerships, including Wealthsimple and Nelogica, extend the firm’s clearing and infrastructure model into new regions and that Brazil adds another venue for services and future expansion. On customer monetization, they attributed the improvement to stronger marketing, retention, premium account focus, and added trading features such as options, weekly options, and 24/5 trading. On margins and growth, management said H2 should benefit from prediction markets, new markets, 24/5 trading, and options, and that non-OTC economics differ by channel, with B2B including SaaS, clearing, routing and interest, while B2C is commission-based.