Plus500 beats Q3 forecasts as U.S. futures, OTC trading lift revenue

Investing.com -- Trading platform operator Plus500 Ltd. on Monday reported results ahead of market expectations for the third quarter of 2025, with revenue and earnings driven by its expanding U.S. futures business and steady OTC trading.

The London-listed fintech group posted revenue of $182.7 million, about 10% above consensus forecasts of $165 million. 

The quarter included $161.6 million in trading income and $21.1 million in interest income, up from roughly $15 million in each of the first two quarters. EBITDA was $82.7 million, equating to a 45% margin, which Jefferies said was about 5% ahead of implied consensus expectations.

Revenue for the first nine months of 2025 rose 2% to $597.8 million, while EBITDA increased 1% to $267.8 million, both maintaining a 45% margin. 

Plus500’s customer income reached $536.7 million, compared with $495.7 million a year earlier.

Customer segregated funds in the U.S. futures business grew sharply, surpassing $1.2 billion at the end of September from $350 million at the end of 2024. 

The company said its non-OTC operations, including futures and share dealing, made up about 14% of total revenue and 18% of new customers in the period.

Plus500 reported 22,644 new customers during the quarter and 115,327 active customers, broadly in line with expectations. 

About 48% of OTC revenue came from customers who have traded with the company for more than five years, double the proportion in 2022.

The company said average revenue per user rose 2% year over year to $2,849, while the average user acquisition cost declined 16% to $1,268. 

The average deposit per active customer increased to about $14,700, up 139% from $6,150 in Q3 2024.

During the quarter, Plus500 secured a new clearing membership with ICE Clear Europe, complementing its existing membership with CME Group. 

It also received a regulatory license in Canada and authorization to open a representative office in Colombia, extending its regulatory portfolio to 15 licenses.

Plus500 remained debt-free with cash balances above $815 million as of Sept. 30. The company repurchased about 1.5 million shares for roughly $65 million in Q3 and distributed a dividend of about $90 million in July.

Guidance for full-year 2025 remained unchanged, with management saying revenue and EBITDA are expected to align with current market forecasts. 

Jefferies noted that Plus500 has already achieved 80% of consensus revenue and 78% of EBITDA for the year, suggesting potential outperformance if market conditions hold.