Plus500 (PLUS) H1 2025 earnings summary

Executive summary

• Achieved strong operational, financial, and strategic momentum in H1 2025, with revenue of $415.1m (up 4% year-over-year) and EBITDA of $185.1m (up 1% year-over-year).

• Expanded global regulatory footprint with new licenses in Canada, UAE, and Japan, and announced the acquisition of Mehta Equities in India.

• Returned $365 million to shareholders year-to-date, equivalent to 11% of market capitalization as of June 30, 2025.

• Maintained a robust, debt-free financial position with $938.1 million in cash and cash equivalents.

• Joined the STOXX Europe 600 Index, reflecting recognition of sustained value creation.

Financial highlights

• H1 2025 revenue was $415.1m (H1 2024: $398.2m), EBITDA was $185.1m (H1 2024: $183.9m), and EBITDA margin was 45%.

• Net profit for H1 2025 was $149.6m, with basic EPS of $2.05, up 8% year-over-year.

• Customer deposits more than doubled to $3.1bn, a record for a six-month period.

• Average deposit per active customer rose to $17,250, a 105% increase year-over-year.

• Operating cash conversion at 70% for H1 2025; cash generated from operations was approximately $130m.

Outlook and guidance

• FY 2025 results expected to align with market expectations: revenue of $746.2m and EBITDA of $345.2m.

• Confident in continued growth, scale, and compounding value creation, supported by strong fundamentals and proprietary technology.

• Focused on further diversification, especially in non-OTC segments and new geographies, with ongoing investment in technology and customer retention.