Plus500 LTD

Latest Results (22.02.2026):

Plus500 LTD — FY 2024 (year ended 31 December 2024; includes Q4 2024): the company reported a strong full‑year performance with revenue up 6% to $768.3m, EBITDA of $342.3m (45% margin), basic EPS of $3.57 (+13% y/y) and a robust cash position of $890.0m. Management announced additional shareholder returns of $200.0m (share buybacks $110.0m; dividends $90.0m) and highlighted significant customer growth and strategic progress in the US futures market, Japan and the UAE.

Key financials

Revenue $768.3m (+6% vs FY 2023); trading income $711.6m and interest income $56.7m. EBITDA $342.3m (45% margin, down from 47% in 2023). Net profit $273.1m (FY 2023: $271.4m). Basic EPS $3.57 (+13%). Q4 2024 revenue $182.8m and Q4 EBITDA $76.2m (42% margin).

Shareholder returns & capital allocation

Announced $200.0m of new shareholder returns: $110.0m of buybacks and $90.0m of dividends ($1.2238 per share). Company says it targets returning at least 50% of net profits (half‑yearly) via buybacks/dividends and has returned ~$2.5bn since IPO; total shareholder returns announced today equate to $2.72 per share.

Customer metrics and engagement

New Customers +30% to 118,010 for FY 2024 (Q4 new customers 36,329). Active Customers +9% to 254,138 (Q4 active 136,658). ARPU $3,023 (slight decline y/y), Average Deposit per Active Customer ~ $12,000 (record), total customer deposits $3.0bn (record).

Strategic growth: US futures, Japan and UAE

Non‑OTC (futures & share dealing) contributed ~10% of revenue and ~15% of new customers in FY 2024. Strong traction in US futures: record retail onboarding, B2B launch of ‘Plus500 Cosmos’, ICE Clear US clearing membership secured and ~$350m in segregated customer funds (up ~20% y/y). January 2025 launches: multi‑asset OTC in Japan and a new UAE SCA licence.

Balance sheet and liquidity

Cash and cash equivalents $890.0m as at 31 Dec 2024; no debt. Total assets $991.8m, equity $644.3m (~65% of balance sheet). Business remains cash‑generative with ~70% of costs variable.

Operational investments and margin dynamics

FY 2024 SG&A $432.2m driven by increased marketing technology investment ($171.8m) and higher employee/commission costs. Management deliberately increased marketing spend to drive customer acquisition (AUAC $1,456). EBITDA margin compressed modestly as investments were stepped up to support growth.

Outlook

Board remains confident and expects FY 2025 performance to be in line with market consensus (Bloomberg: FY25 revenue $719.2m; EBITDA $331.3m). Management emphasises continued strategic investments, geographic expansion and further clearing/licence growth as priorities.