Plus500 Declares $182.5 Million Payout, Larger Than Its First-Half Profit

Plus500 declared $182.5 million in dividends and share buybacks on Monday, exceeding the $151.9 million net profit it earned in the first half of 2026. The London-listed broker's interim accounts showed net profit up 2% year-on-year, with revenue rising 12% to $462.9 million.

The payout consists of $100 million in buyback programs and $82.5 million in dividends, equating to $1.2001 per share. Shares go ex-dividend on August 20, with payment to holders on November 11. Total shareholder returns announced in 2026 now reach $370 million, following a $187.5 million package tied to the 2025 results in February. Plus500 ended June with $861.3 million in cash and no debt.

Only $70.6 million of Monday's total meets the policy minimum, which is half of net profit calculated at a 23% tax rate. The remaining $111.9 million consists of special dividends and special buybacks funded from the cash pile.

Operating expenses rose 20% year-over-year to $278.5 million, while revenue increased 12% to $462.9 million. EBITDA reached $187.5 million, up 1%, but the margin fell to 41% from 45%, a decline of 4 percentage points. The figures are unaudited. Plus500 attributed the results to "the Group's deliberate step-up in customer acquisition investment," scaling of costs tied to US revenue, and the Israeli shekel's strength. The company had flagged the revenue and EBITDA numbers in a July trading update, without the cost detail published Monday.

Marketing technology spending rose to $80.9 million from $69.5 million, with about $16 million representing an extra push to acquire customers. Commissions and fees, which move with US trading volumes, increased 34% to $44.6 million. Employee costs rose 27% to $94.4 million, driven by the shekel strengthening roughly 20% against the dollar. Share-based pay across both expense lines climbed to $42.9 million from $31.3 million, following a year that opened with £20.5 million (about $27 million) of deferred bonus shares for executives. Interest income fell to $21.1 million from $29.6 million as rates declined.

Basic earnings per share reached $2.17 from $2.05 a year earlier, a 6% gain against profit growth of 2%, reflecting a lower share count. The weighted average number of shares fell 4% to 69.9 million. Plus500 held 45,527,921 shares in treasury at June 30, about 40% of issued share capital. It bought 1.09 million shares in the half for $63.8 million at an average of £43.55, compared to 2.69 million shares at £29.19 a year earlier.

Among rivals, XTB reported first-half revenue up 79.7% and net profit up 150.5%, with commodity CFDs contributing about three-quarters of its gross result on financial instruments. IG Group, which follows a similar capital-return strategy, started a £125 million (about $167 million) buyback in March, its fourth in under two years, while guiding revenue growth toward the top of its range.

Plus500's non-OTC business, covering futures, prediction markets, and share dealing, grew about 30% year-on-year and now represents roughly 15% of group revenue, or about $70 million. The company said it is on track for annualized revenue of about $140 million from that segment in 2026. "Collectively, H1 2026 marked a genuine step-change for our US business," Chief Executive David Zruia said in a statement. The unit added single stock futures after the period ended. Plus500 does not report the US operation as a separate segment and did not disclose the methodology behind the $140 million estimate.

The company closed its purchase of Mehta Equities in India in February, booking $19.0 million of goodwill and other intangibles on $21.8 million of net assets. On Monday, it also announced a tie-up with Brazil's Nelogica to supply clearing and execution to Nelogica's broker clients, following the Wealthsimple deal in Canada 12 days earlier.

The board expects full-year revenue and EBITDA in line with market consensus of $811.5 million and $365.1 million, compiled from Bloomberg forecasts. Plus500 had raised its outlook alongside the first-quarter figures. Those targets imply about $348.6 million of revenue for the second half, roughly 8% below the $377.3 million booked in the second half of 2025.