Plus500 Q1 2026 Trading Update: Record Performance and Upgraded Guidance

Q1 2026 at a glance: record customer income and upgraded guidance

Plus500 opened 2026 with a punchy update. Customer Income hit a five-year record of $270.6m, revenue climbed to $242.1m, and EBITDA came in at $95.7m. Management now expects full-year revenue and EBITDA to be ahead of current market expectations. For context, the latest analyst consensus cited in the RNS sits at $779.3m for revenue and $360.4m for EBITDA.

The quarter was driven by higher-value customer cohorts, strong market activity, and continued scaling of the US business across both B2B and B2C. Non-OTC activities (futures and share dealing) are now a meaningful contributor, accounting for roughly 15% of Group revenue and 18% of new customers.

Key numbers investors should note

Metric (Q1 2026)	Q1 2026	YoY change	QoQ change
Revenue	$242.1m	+18%	+24%
EBITDA	$95.7m	+2%	+19%
Customer Income	$270.6m	+53%	+33%
New Customers	39,867	+48%	+53%
Active Customers	157,703	+21%	+28%
AUAC (Average User Acquisition Cost)	$1,196	(1%)	(5%)
ARPU (Average Revenue Per User)	$1,535	(3%)	(3%)

Other useful datapoints: US revenue was approximately $35m in the quarter, total customer deposits reached a record $1.8bn, and the Group reported cash of over $780m with no debt at 31 March 2026.

What’s driving the beat: higher-value customers, efficient acquisition

Plus500 is leaning harder into “quality” rather than just “quantity”. Customer Income – a measure of underlying earnings from customers across OTC and non-OTC products – reached $270.6m, up 53% year-on-year. That strength reflects a strategic shift towards higher-value customers and a period of elevated market volatility.

Acquisition efficiency improved too. AUAC fell 5% quarter-on-quarter to $1,196, even as the company invested about $16m more than last year’s run-rate to bring in new customers. That combination – lower unit costs and higher long-term value per cohort – is exactly what you want to see in a scalable, technology-led model.

ARPU dipped slightly to $1,535, which management attributes to a higher weighting of new customers in the mix. If the cohorts monetise as previous vintages have, ARPU should trend up over time.

OTC vs non-OTC: diversification is working

Quick jargon check:

• OTC (over-the-counter) here mainly refers to CFDs – leveraged contracts on instruments like indices, FX, equities and commodities.
• Non-OTC includes futures, options on futures and share dealing.

Both sides contributed. The OTC business saw sustained engagement across Europe, Australia and the Middle East. The non-OTC side kept scaling, contributing about 15% of Group revenue and 18% of new customers in Q1 2026, helping to smooth earnings through product diversification.

US momentum and prediction markets rollout

The US is turning into a proper growth pillar. Revenue there was about $35m in the quarter, up c.21% quarter-on-quarter and c.45% year-on-year, with progress in both B2B and B2C.

Two notable developments:

• B2C prediction markets launched in February 2026, with a next-generation upgrade planned in Q2 2026 to broaden products and enhance the user experience.
• On the B2B side, Plus500 is extending partnerships, including clearing for CME Group and FanDuel’s event-based contracts platform, and expects more strategic partnerships in the short to medium term.

These moves extend Plus500’s role as a provider of institutional-grade market infrastructure in a large addressable market.

India entry via Mehta: scaling global futures

The acquisition of Mehta Equities Private Limited completed in February 2026. This plugs Plus500 straight into one of the world’s largest retail derivatives markets. The Indian market’s high retail participation and deep liquidity are attractive, and there are potential synergies with Plus500’s US futures operations. The strategy is clear: build a global futures footprint across B2B and B2C, with Plus500’s technology and FCM capabilities at the core.

Revenue vs Customer Income: what the gap tells us

Revenue was $242.1m, made up of $231.7m of trading income and $10.4m of interest income. Customer Income was higher at $270.6m. The bridge is largely “Customer Trading Performance” – the gains or losses realised by customers – which was ($38.9m) in Q1 2026. Management expects this to be broadly neutral over time, but quarter-to-quarter it can swing, which explains why Customer Income can outpace reported revenue in certain periods.

Profitability, cash, and capital returns

EBITDA was $95.7m, up 19% quarter-on-quarter, with a 40% margin. Revenue grew faster than EBITDA year-on-year because Plus500 deliberately stepped up marketing spend (the c.$16m incremental investment) and absorbed FX-related cost headwinds, plus about $4m of extra payment processing costs tied to record customer deposits of $1.8bn.

The balance sheet remains robust: debt-free, with over $780m in cash. The Board reiterated confidence in delivering significant future capital returns, in line with the established policy.

Guidance vs consensus: why the upgrade matters

The Board expects FY 2026 revenue and EBITDA to be ahead of current market expectations. The RNS cites consensus at $779.3m revenue and $360.4m EBITDA. The upgrade signals management’s confidence in the trajectory of both OTC and non-OTC lines, the scaling US business, and the improving quality of customer cohorts. It also positions Plus500 well if volatility stays supportive.

My take: strengths, watch-outs, and what to track next

What looks positive

• Record Customer Income ($270.6m) shows the higher-value customer strategy is delivering.
• Acquisition engine humming: New Customers +53% QoQ with AUAC down 5% QoQ, despite heavier investment.
• Diversification: non-OTC at c.15% of revenue and US revenue of about $35m add breadth and resilience.
• Cash-rich, debt-free balance sheet supports ongoing investment and capital returns.
• Clear catalysts ahead: next-gen US prediction markets launch in Q2 2026 and additional B2B partnerships expected.

What to watch

• ARPU softness: understandable with a new-customer skew, but investors will want to see the expected uplift as cohorts mature.
• Volatility sensitivity: strong quarters often coincide with lively markets; keep an eye on sustainability if volatility fades.
• Customer Trading Performance: management guides to neutrality over time, but it can move reported revenue around in the short term.
• US and India execution: scaling regulated infrastructure and integrating Mehta are attractive, but operational delivery will be key.
• Costs and FX: payment processing and currency headwinds nudged costs up; monitoring margin discipline remains important.

Overall, this is a high-quality print. The mix is improving, the acquisition machine is efficient, and new markets are scaling. With guidance now “ahead of expectations” and a strong balance sheet in support, Plus500 enters the rest of 2026 with momentum and multiple growth levers to pull.