Plus500 H1 2026: record customer income and US expansion support outlook

Plus500's half-year performance at a glance

Plus500 has reported record customer income and its highest first-half revenue in three years, helped by customer growth, heightened market volatility and expansion beyond its traditional over-the-counter trading business.

For the six months ended 30 June 2026, revenue increased 12% year on year to $462.9 million. Customer Income, which includes customer spreads, overnight charges and commissions, rose 24% to $460.8 million - its best six-month result for five years.

The FTSE 250 fintech group also reconfirmed its full-year outlook after what it described as multiple upgrades to market expectations during 2026.

Key figure	H1 2026	H1 2025	Change
Revenue	$462.9 million	$415.1 million	12%
Customer Income	$460.8 million	$371.5 million	24%
EBITDA	$187.5 million	$185.1 million	1%
EBITDA margin	41%	Not disclosed	Not disclosed
Average revenue per user	$2,346	$2,307	2%
New Customers	65,723	56,165	17%
Active Customers	197,294	179,931	10%

EBITDA means earnings before interest, tax, depreciation and amortisation. It is commonly used to assess the underlying profitability of a business before financing and certain accounting costs.

Revenue is growing faster than profit

The headline numbers are positive, but there is an important split between revenue and profit growth.

Revenue increased by 12%, while EBITDA rose by just 1% to $187.5 million. That produced an EBITDA margin of 41%, which remains substantial, but shows that additional revenue did not translate into equivalent growth in operating earnings during the period.

Plus500 said this reflected deliberate investment in customer acquisition, initiatives aimed at attracting higher-value customers and support for the expansion of its US operations. The company also faced foreign exchange-related cost headwinds, noting that underlying performance was stronger on a constant-currency basis.

This looks like a conscious trade-off. Plus500 is spending more today to expand its customer base and addressable markets, while still maintaining strong profitability. Investors will want to see whether this investment eventually results in faster EBITDA growth rather than becoming a permanently higher cost burden.

Second-quarter momentum was also more measured than the half-year headline. Q2 revenue grew 5% to $220.8 million, while EBITDA increased 1% to $91.8 million.

Customer quality remains central to the story

Plus500 added 65,723 New Customers during H1, up 17% year on year. Active Customers increased 10% to 197,294, while average revenue per user rose 2% to $2,346.

Management said it is deliberately focusing on higher-value customers with greater longevity. The record Customer Income figure provides some support for that strategy, particularly as its 24% growth outpaced both customer numbers and revenue.

There was, however, some softness in the quarterly customer data. Plus500 added 25,856 New Customers in Q2, down from 29,268 a year earlier. Q2 Active Customers also slipped to 131,214 from 132,602.

That does not undermine the stronger half-year performance, but it is worth monitoring. Customer acquisition can fluctuate between quarters, especially for a trading business influenced by market conditions. The key question is whether Plus500 can maintain customer value and engagement if volatility becomes less supportive.

US prediction markets are becoming more important

The most notable strategic development is Plus500's expansion in US prediction markets.

The group launched its business-to-consumer prediction markets offering in February 2026. In June, it added Commodity Futures Trading Commission-regulated sports event-based contracts, which management described as the highest-engagement category within prediction markets.

Plus500 believes its presence across both business-to-business and business-to-consumer channels gives it an attractive position for growth, partnerships and product innovation.

This sits within the company's broader effort to diversify away from relying mainly on over-the-counter products. OTC products include contracts for difference, or CFDs, which allow customers to speculate on price movements without owning the underlying asset.

Non-OTC operations, including futures and share dealing, generated approximately $70 million of revenue in H1. That represented around 15% of group revenue, compared with approximately 13% a year earlier, and growth of around 30%.

OTC remains the clear majority of the business, but non-OTC is growing faster and gradually becoming more meaningful. A broader mix could make earnings more resilient, although the announcement does not disclose the profitability of individual business lines.

Canada, Japan and extended-hours trading

Outside the US, Plus500 launched its localised OTC platform in Canada and continued developing its multi-asset offering in Japan.

The group also introduced 24/5 trading in stocks and exchange-traded funds. This gives customers continuous access from Monday to Friday and extends the range of opportunities available through its OTC platform.

These developments show that Plus500 is using its proprietary technology across more countries, products and trading formats. The potential benefit is operating leverage: once the technology has been developed, it may support growth across multiple markets. The counterpoint is that entering and scaling regulated markets requires continued investment, with no financial contribution from Canada, Japan or the new products separately disclosed.

A strong balance sheet and shareholder returns ahead

Plus500 ended June with more than $850 million in cash and no debt.

That provides considerable flexibility to fund growth, absorb periods of weaker trading activity and return capital to shareholders. The company plans to announce new dividends and share buyback programmes alongside its full H1 results on 10 August 2026.

The size of those shareholder returns was not disclosed in this update, so investors will need to wait for the results announcement before judging how much of the balance-sheet strength will be distributed.

Full-year expectations reconfirmed

The board expects 2026 revenue and EBITDA to be in line with current market expectations. The announcement gives consensus forecasts of:

• Revenue of $811.5 million
• EBITDA of $368.1 million

This guidance has been maintained following several upgrades during the year. H1 revenue of $462.9 million represents more than half of the stated full-year consensus figure, although trading income can vary significantly between periods and should not simply be annualised.

What matters for Plus500 investors

This is a strong trading update overall. Record Customer Income, double-digit revenue growth, increasing customer numbers and a debt-free balance sheet all point in the right direction. The growing contribution from non-OTC activities also suggests that Plus500's diversification strategy is producing measurable results.

The main reservation is the limited EBITDA growth. Higher investment may be justified if it creates durable growth in the US and other new markets, but investors will eventually want that expansion to improve profit growth as well as revenue.

Q2 customer numbers also deserve attention after New Customers and Active Customers came in below the comparable period. Meanwhile, heightened volatility supported H1 performance, leaving some sensitivity to future market conditions.

The 10 August results should provide the next important details, particularly around shareholder returns and any further evidence that investment in prediction markets and international expansion is translating into sustainable earnings growth.