Plus500 outlook raised as Q3 revenue climbs 11% to $203.2m

The Plus500 outlook for 2026 was raised on October 26 after third-quarter revenue increased 11% year over year to $203.2 million. The trading-platform group now expects full-year revenue and EBITDA to exceed current market expectations, reversing its earlier October assessment that trading remained in line with expectations.

Key Takeaways

• Third-quarter EBITDA rose 7% to $88.4 million, with a 44% margin.
• New customers increased 27% while average acquisition cost fell 14%.
• Two conditional acquisitions would broaden Plus500’s securities operations in the United States and establish a local business in Brazil.

Plus500 outlook moves above market expectations

The board now expects 2026 revenue and EBITDA to exceed market expectations of $837.6 million and $358.0 million, respectively. Those figures are the market benchmarks management expects to beat, rather than newly announced point forecasts.

For the first nine months of 2026, revenue reached $666.1 million, up 11%, while EBITDA increased 3% to $275.9 million. EBITDA growth therefore lagged revenue growth over both the quarter and the nine-month period.

Customer additions rise as acquisition costs fall

Plus500 added 28,747 new customers during the third quarter, up 27% from a year earlier. Average user acquisition cost declined 14% to $1,150, while average revenue per user increased 7% to $1,700. Together, those figures show faster customer acquisition at a lower average cost per addition.

The company’s customer metric definitions distinguish first-time depositors from customers who traded: new customers are those depositing for the first time during the period, while active customers made at least one real-money trade. Active customers rose a more modest 4% to 119,528 in the quarter.

Customer deposits reached a quarterly record of $1.9 billion. Average deposits per active customer increased 7% to approximately $15,800.

Non-OTC expansion includes two pending acquisitions

Non-OTC operations, including futures, prediction markets and share dealing, generated approximately 16% of group revenue and accounted for 31% of new customers during the first nine months. Their larger share of customer additions than revenue shows that the two measures of diversification are progressing at different rates.

In the United States, the planned acquisition of Hedge Capital Markets would extend Plus500’s existing CFTC-regulated derivatives operations into SEC-regulated securities. The company intends to use those capabilities for a multi-asset application combining futures, options on futures, prediction markets, stocks, options and ETFs.

The separate planned acquisition of Guru would establish Plus500’s first local operation in Brazil, adding to its relationship with trading-technology provider Nelogica and its presence in Colombia. Both acquisitions remain conditional.

Cash balance supports deals and shareholder returns

Plus500 ended September with no debt after paying dividends and repurchasing shares during the quarter. The company plans to fund the Hedge and Guru acquisitions from existing cash.

Next milestone

The next scheduled product milestone is the US multi-asset application launch in the first quarter of 2027; the Hedge and Guru acquisitions remain pending.

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