Plus500 H1 2026 Revenue Rises 12% to $462.9M as Profit Growth Slows

Plus500 reported unaudited revenue of $462.9 million for the first half of 2026, a 12% increase year-over-year. However, EBITDA growth stalled, rising just 1% to $187.5 million, as the broker increased spending on customer acquisition. The company's key performance metric, Customer Income, surged 24% to $460.8 million, marking its highest half-year figure in five years.

Growth momentum cooled significantly in the second quarter. Revenue for Q2 was $220.8 million, up 5% year-on-year but down approximately 9% from Q1's $242.1 million. New customer additions followed a similar pattern, with 65,723 for the half but only 25,856 in Q2, a decline from 29,268 a year earlier. The EBITDA margin for H1 contracted to 41% from 44.6% a year ago. Plus500 stated it intentionally boosted marketing spend and noted currency headwinds impacted reported results, with underlying performance stronger on a constant-currency basis.

The company's non-OTC US operations contributed roughly 15% of group revenue, about $70 million, growing 30% year-over-year. The period also saw Plus500 expand in US prediction markets, adding Kalshi's sports event contracts in June. The broader UK-listed retail broker cohort benefited from market volatility in H1. IG Group reported strong Q1 organic revenue growth of 19%, while CMC Markets posted solid first-half income. Plus500 differentiates itself as the only one of the three currently distributing CFTC-regulated event contracts to US retail traders.

CEO David Zruia said the board now expects full-year revenue and EBITDA to be in line with market expectations, following several consensus upgrades. Current analyst consensus, per Bloomberg, stands at $811.5 million for revenue and $368.1 million for EBITDA for the full year. This implies a significantly higher profit margin will be required on a smaller revenue base in the second half. Zruia highlighted the half delivered the strongest Customer Income in five years. Plus500 ended June debt-free with over $850 million in cash and will report full audited results on August 10.