Plus500 (LSE:PLUS) reported revenue of $462.9m for the six months to 30 June, up 12% year-on-year and the strongest first-half figure in three years.
Customer income, a key metric for the group, rose 24% to $460.8m, a five-year high for the period, while trading income climbed 15% to $441.8m.
The London-listed group, which operates proprietary trading platforms across contracts for difference, share dealing and futures, said EBITDA rose just 1% to $187.5m, held back by increased customer acquisition spending, scaling costs in its US business and a stronger Israeli shekel against the dollar.
Basic earnings per share grew 6% to $2.17, aided by ongoing share buybacks.
The non-OTC business, covering futures and the newly launched CFTC-regulated prediction markets offering, grew revenue by around 30% and now contributes around 15% of group revenue, up from 13% a year earlier.
Plus500 announced $182.5m in shareholder returns, split between a $100m buyback and $82.5m in dividends equating to $1.2001 per share, taking total distributions since its 2013 IPO to approximately $3.1bn.
"H1 2026 was an outstanding period for Plus500... marking a genuine step-change for our US business," said chief executive David Zruia.
The board expects full-year revenue and EBITDA to be in line with current market expectations, following several upgrades earlier in the year.
News Intelligence what this means for the company
Plus500 delivered H1 revenue of $462.9m (up 12% YoY, a three-year high) and customer income of $460.8m (up 24%, a five-year high), but EBITDA growth stalled at just 1% due to elevated US customer acquisition and scaling costs. The company is returning $182.5m to shareholders ($100m buyback, $82.5m dividend) and signalled confidence in full-year guidance, which had already been upgraded earlier in the year.
Revenue and customer income momentum remain strong, but the sharp deceleration in EBITDA growth—despite 12% revenue expansion—signals that near-term profitability gains are being sacrificed for US market expansion. The $182.5m return represents meaningful capital deployment, but investors should watch whether US scaling costs normalize or persist as a structural drag on margin expansion.
Insights assembled by AI. Editor-reviewed and grounded in tickstock’s coverage and proprietary knowledge graph.
Content is for informational purposes only, not financial advice.
