Plus500 LTD

Latest Results (08.01.2026):

Plus500 LTD — FY 2024 (year ended 31 December 2024; includes Q4 2024 commentary): Plus500 reported solid full‑year results with revenue of $768.3m (+6% y/y), EBITDA of $342.3m (margin 45%, down from 47%), net profit $273.1m and basic EPS $3.57 (+13% y/y). The Group saw strong customer growth (118,010 new customers, +30%) and record customer deposits of $3.0bn. Management announced additional shareholder returns of $200.0m (share buybacks $110.0m; dividends $90.0m), and the balance sheet remained very strong with $890.0m cash and no debt. Outlook is positive and the Board expects FY 2025 in line with market consensus.

Key financials

Revenue $768.3m (+6%); trading income $711.6m, interest income $56.7m. EBITDA $342.3m (+1%) with a 45% margin (FY 2023: 47%). Net profit $273.1m and basic EPS $3.57 (+13%). Q4 revenue was $182.8m and Q4 EBITDA $76.2m (42% margin).

Shareholder returns & capital allocation

Plus500 announced $200.0m of additional returns: $110.0m of buybacks and $90.0m of dividends (total dividend $1.2238 per share). Since IPO total shareholder returns are cited at ~$2.5bn; the company returned $345.2m in FY 2024 already (buybacks $195.0m; dividends $150.2m). Treasury shares held: ~40.57m.

Customer & operational KPIs

New Customers 118,010 (+30%); Active Customers 254,138 (+9%). ARPU $3,023 (‑3%); AUAC $1,456 (‑2%). Average deposit per active customer ≈ $12,000 (+17%); total customer deposits $3.0bn (record). Total trades ≈56m (+>20%).

Non‑OTC / US futures progress

Non‑OTC (futures & share dealing) contributed ≈10% of revenue and ≈15% of new customers in FY 2024. Significant momentum in the US futures market: record retail onboarding, B2B launch of ‘Plus500 Cosmos’, and a clearing membership with ICE Clear US.

Investments and cost profile

Total SG&A $432.2m; marketing technology investments $171.8m (up materially), employee costs and commissions increased. Management notes ~70% of costs are variable, explaining margin flexibility while investing to grow customer acquisition.

Balance sheet & cash generation

Cash and cash equivalents $890.0m (no debt). Total assets $991.8m; equity $644.3m. Cash generated from operations $321.9m; FY 2024 operating cash inflow supported dividends and buybacks while leaving a strong cash position.

Strategic expansion & outlook

Further expansion into Japan (multi‑asset OTC launched Jan 2025) and a new UAE licence (SCA, Jan 2025). Management remains confident; Board expects FY 2025 in line with consensus (Bloomberg consensus cited: FY25 revenue ~$719.2m, EBITDA ~$331.3m).