Plus500 (LON:PLUS) outlined what it described as accelerating strategic, operational, and financial progress in its 2025 preliminary results presentation, highlighting continued expansion beyond its core OTC business, a growing U.S. futures franchise, entry into prediction markets, and additional shareholder returns alongside a sizable net cash position.
Strategic progress and diversification
CEO David Zruia said 2025 saw “strong operating momentum” across both OTC and non-OTC businesses, supported by the group’s proprietary technology and what he called a globally diversified, multi-asset offering. He pointed to ongoing priorities including product and market growth, innovation, and the acquisition of “higher value, more sophisticated customers,” alongside retention and monetization initiatives.
Prediction markets and U.S. futures partnerships
A major theme of the call was Plus500’s expansion in U.S. futures and its entry into prediction markets. Management described prediction markets as a fast-growing opportunity, noting that customers can trade on real-world outcomes within a CFTC-regulated framework. The company said it launched event-based contracts on its B2C trading platform for U.S. customers and also offers B2B services in the segment.
In the U.S. futures business, CFO Elad Even-Chen said customer segregated funds across the firm’s B2B and B2C futures operations rose to “over $900 million” at the end of December 2025, compared with about $350 million at the end of 2024. During 2025, Plus500 secured new clearing memberships with ICE Clear U.S. and ICE Clear Europe, as well as Cantor Fitzgerald, which management said would expand its institutional offering and clearing services.
The company also highlighted two partnerships in the B2B U.S. futures space:
- FanDuel Prediction Markets: Plus500 said it was appointed clearing partner for FanDuel Prediction Markets, which it described as a joint venture between CME and FanDuel.
- Topstep: Plus500 said it entered a strategic partnership under which it will “exclusively provide clearing and technology infrastructure” for Topstep, a U.S.-based trading education and evaluation platform, giving Topstep’s trader community access to live CME Group exchange markets through Plus500’s clearing and related technology.
In a Q&A focused on prediction markets, management said the CME-FanDuel partnership was “just at the beginning,” “ramping up,” and “looks good,” but remained early. It also said it had seen increased traction in B2B clearing services around recent sporting events, while noting the partnership had only launched “a few weeks” earlier.
Responding to questions on Kalshi, management said it views prediction markets as a broader category rather than a single-exchange product, and expects additional exchanges to be added over time. When asked how Plus500’s Kalshi partnership differs from Kalshi’s own B2C offering and its partnership with Robinhood, management said Plus500’s differentiation is the ability for customers to trade multiple products—futures and prediction markets today, with additional products planned over time—within a single app experience.
Customer metrics and engagement
Plus500 reported it serves about 33 million registered customers in more than 60 countries, with localized support and what it described as best-in-class customer service, including a premium customer offering. For 2025, management said the group onboarded roughly 105,000 new customers, while active customers were “broadly stable” at approximately 242,000.
Retention and longevity were a recurring message. Management said 87% of 2025 OTC revenue was generated by customers who had been with the company for more than one year, and 50% by customers with more than five years’ tenure—more than double the comparable metric from 2022. Zruia separately highlighted that 67% of OTC revenue came from customers trading with Plus500 for more than three years.
The company also said aggregate customer deposits rose to a record $6.5 billion, equating to about $27,000 per active customer. Mobile remained central to usage, with management reporting 89% of OTC revenue and 85% of OTC trades were generated on mobile or tablet devices in 2025.
Financial results and capital returns
Even-Chen said the group delivered year-on-year growth of 3% in revenue and 2% in EBITDA in FY2025, adding that on a constant currency basis EBITDA was about 8% higher than in 2024. Plus500 reported FY2025 revenue of $792 million and EBITDA of $348 million. Basic earnings per share were $3.93, up 10% year-on-year, which management attributed in part to the ongoing share buyback program.
On costs, management said selling and marketing expenses fell 2% year-over-year, citing improved efficiency from marketing technology, while general and administrative expenses increased due to international expansion and foreign exchange impacts. Plus500 also said 70% of operating costs were variable, describing that flexibility as a contributor to resilience across market cycles.
The balance sheet was presented as a strategic asset. Plus500 ended 2025 with approximately $800 million in cash and no debt or loans. Cash generated from operations in 2025 was about $265 million, and management said operating cash conversion since the 2013 IPO has averaged roughly 98%.
Alongside the results, Plus500 announced additional shareholder returns of $187.5 million, comprising a new $100 million share buyback program and $87.5 million in total dividends, which management said equated to “more than $1.2 per share.” This followed $165 million announced in August 2025. The company reiterated its policy to distribute at least 50% of net profits via dividends and buybacks, with at least half of those distributions made through share buybacks.
Outlook and recent developments
Zruia said Plus500 “started 2026 well” and expressed confidence for the remainder of the year and beyond, pointing to continued progress across product expansion, market entry, and institutional collaboration. Management also referenced the recent acquisition of Mehta Equities in India, which Even-Chen said provides immediate access to India’s derivatives markets under an established regulatory framework and could create synergies with the group’s existing U.S. futures operations.
In closing remarks, management emphasized Plus500’s proprietary technology, expanding product set, and strong cash position as foundations to pursue organic and inorganic growth while continuing shareholder returns.
About Plus500 (LON:PLUS)
Plus500 Ltd., a fintech company, operates technology-based trading platforms in Europe, the United Kingdom, Australia, and internationally. The company develops and operates an online trading platform, including over the counter (OTC) products comprising the contracts for difference (CFDs) sector enabling its international customer base of individual customers to trade CFDs on underlying financial instruments comprising shares, indices, commodities, options, ETFs, foreign exchange, and cryptocurrencies internationally.
