Plus500 Reports Lower Q3 Revenue but Improved Customer Metrics

Plus500 (LON: PLUS) announced its financial results for the third quarter of 2025, reporting a 2.5% year-over-year decline in revenue to $182.7 million. This figure also represented a 12.7% decrease compared to the previous quarter.

Despite the lower revenue, the company's EBITDA for the period saw a slight year-over-year increase to $82.7 million, up from $82.2 million in Q3 2024. The EBITDA margin improved by one percentage point to 45%. In a trading update, the company's board stated it "anticipates that revenue and EBITDA for FY 2025 will be in line with current market expectations."

Customer metrics for the quarter were mixed. The number of new clients declined by 9% year-on-year to 22,644, and the total number of active customers fell by 5% to 115,327. However, the average revenue per user (ARPU) improved by 2% to $1,584, while the average user acquisition cost (AUAC) decreased by 12% to $1,344. The average deposit per active client saw a significant 139% jump to approximately $14,700.

The company highlighted progress in its diversification efforts beyond over-the-counter (OTC) instruments. Its non-OTC business, primarily in the U.S. futures market, contributed 15% of total group revenue and 18% of new customers. Customer funds in its U.S. futures division reportedly reached about $1.2 billion by the end of September.

"We have strong momentum and look to the future with confidence, well-positioned to capitalise on both short-term opportunities in global financial markets, as well as medium-term structural growth drivers,” said CEO David Zruia. The company also reported holding cash reserves of over $815 million.