Plus500 Ltd
(LSE:PLUS)
£
37.56
-0.70 (-1.83%)
Market Cap: 2.58 Bil
Enterprise Value: 2.00 Bil
PE Ratio: 13.36
PB Ratio: 6.24
GF Score: 82/100 
Half Year 2026 Plus500 Ltd. Earnings Call Transcript
Aug 10, 2026 / 08:00AM GMT
Key Points
Positve
- Record H1 2026 results with customer income up 24% year-on-year to a five-year high and revenue up 12% to a three-year high, reflecting strong momentum across OTC and non-OTC businesses.
- Non-OTC revenue grew approximately 30% year-on-year, now accounting for about 15% of total group revenue, driven by the scaling US futures and prediction markets business, with annualized revenue expected to reach $140 million in 2026.
- Strategic expansion in high-growth prediction markets, including the launch of B2C offering and CFTC-regulated sports event-based contracts, positioning Plus500 as a leading participant in a fast-growing asset class.
- Strong customer acquisition and retention, with new customers up 17% year-on-year and active customers up 10%, while 50% of OTC revenue comes from customers with over five years tenure, indicating high customer loyalty and quality.
- Robust financial position with over $860 million in cash, no debt, and a 99% operating cash conversion, enabling continued investment and shareholder returns, including $182.5 million in additional dividends and buybacks.
- New strategic partnerships with Wealthsimple in Canada and Nelogica in Brazil, expanding global footprint and reinforcing Plus500's position as a trusted market infrastructure provider.
- Proprietary technology and end-to-end ownership of trading platforms and clearing infrastructure create a competitive moat, supporting efficient scaling and innovation like 24/5 trading and AI-powered tools.
- Diversified revenue streams across OTC, futures, share dealing, and prediction markets, reducing reliance on any single product or market, enhancing business resilience.
- Successful integration of Mehta in India and addition of six new exchange memberships, expanding global reach and infrastructure capabilities.
- Strong shareholder returns track record, with total shareholder return of approximately 12,000% since IPO, making Plus500 the best performing share in the FTSE All-Share Index over 13 years.
Negative
- EBITDA growth was only 1% year-on-year despite revenue growth of 12%, due to deliberate increases in customer acquisition investment and scaling costs, pressuring short-term profitability.
- Significant external FX headwinds, with the Israeli shekel strengthening approximately 20% against the US dollar, negatively impacting reported results, though the impact was described as modest.
- Selling and marketing expenses increased 20% year-on-year, reflecting higher customer acquisition costs, which may pressure margins if conversion efficiency does not continue to improve.
- Administrative and general expenses rose 20% year-on-year due to international expansion and FX effects, indicating rising operational costs.
- The non-OTC business, while growing, has a lower profit margin (estimated around 20% versus OTC) and higher capital intensity, which could dilute overall group margins as it scales.
- Interest income declined as global interest rates fell, reducing a source of revenue and highlighting reliance on trading income for growth.
- The company faces execution risks in integrating new acquisitions like Mehta and scaling new partnerships, which may not deliver expected returns in the near term.
- Prediction markets and sports event-based contracts are new and unproven, with regulatory and market adoption uncertainties that could limit growth potential.
- The increased investment in customer acquisition and new markets may not yield returns as quickly as anticipated, given the competitive landscape and evolving customer preferences.
- The company's outlook is dependent on market conditions and customer trading activity, which can be volatile and unpredictable, as seen in the second half of 2026.
Operator
Good morning, ladies and gentlemen, and welcome to the Plus500 H1 2026 interim results. (Operator Instructions) Please note this call is being livestreamed to a webcast for a wider audience and will be recorded.
I would now like to hand over to David Zuria, Group Chief Executive Officer to open the presentation. Please go ahead.
David Zruia
Plus500 Ltd. - Chief Executive Officer, Executive Director
Good morning, everyone, and thank you for joining our 2026 interim results presentation today. I'm David Zuria, CEO of Plus500, and I'm joined today by Elad Even-Chen, our Group CFO, and Owen Jones, our Group Head of Investor Relations.
The first half of 2026 delivered strong financial and operating momentum across Plus500 businesses. We achieved record results which directly reflect the compounding quality of our customer base, the resilience of our global businesses, and the power of our best-in-class proprietary technology, underpinning our deliberate evolution into a diversified global multi-asset Fintech group.
Today's presentation
Already have an account? Log in
Get the full story
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
7-Day Free Trial · Cancel Anytime
Subscription fee may be tax deductible.
Excellent 
4.6 out of 5 
Trustpilot
Trustpilot
Survey
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
Follow Us
Disclaimers