Plus500 (PLUS) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 saw strong strategic, operational, and financial progress, with results expected to surpass market expectations.

• Expansion into the Indian futures market via the acquisition of Mehta Equities and further growth in the US futures business.

• Enhanced offerings in the UAE and Japan, including new regulatory licenses and product launches.

Financial highlights

• Revenue rose 13% to $205.8m compared to Q4 2024; EBITDA increased 23% to $93.8m, with a margin of 46%.

• Customer Income up 3% to $176.3m quarter-on-quarter; trading income $191.7m and interest income $14.1m.

• Non-OTC business contributed 12% of total revenue, up from 10% in FY 2024, with c.18% quarterly growth.

• US futures business customer segregated funds grew 80% to $630m versus December 2024.

• Average deposit per Active Customer doubled to $12,450; customer deposits reached $1.6bn, up from $0.8bn in Q4 2024.

Outlook and guidance

• FY 2025 results anticipated to be ahead of current market expectations, driven by favorable macroeconomic and market conditions.