Plus500 Reports Record Customer Growth and Higher Revenue Outlook

Plus500 Ltd delivered a strong first quarter for 2026, with results surpassing expectations in revenue, profitability, and customer growth. The company posted revenue of $242.1 million for the quarter ending March 31, marking an 18% increase year-on-year and a 24% rise quarter-on-quarter.

Customer Income, a key performance metric, reached $270.6 million, hitting a five-year high and growing 53% compared to the prior year. This performance was driven by elevated market volatility and a continued focus on higher-value customers.

EBITDA climbed to $95.7 million, with margins stable at 40% despite higher investments in growth initiatives. CEO David Zruia described the quarter as "excellent," citing broad growth across core metrics and sustained progress in customer acquisition.

Customer acquisition accelerated sharply, with new customers increasing 48% year-on-year to nearly 40,000, while active customers rose 21% to over 157,000. The firm attributed this to its technology-driven marketing, which improved targeting efficiency and lowered costs.

Customer deposits hit a record $1.8 billion, indicating strong platform engagement. Average revenue per user fell slightly to $1,535 due to a larger proportion of new clients, but management expects these users to yield higher lifetime value over time.

The US market is emerging as a central growth pillar, with regional revenue rising approximately 45% year-on-year. Expansion across both B2C and B2B segments supported this growth.

A key development was the February launch of Plus500's B2C prediction markets platform in the US. The company plans to release an enhanced version in Q2, adding features in a segment gaining traction with retail and institutional users.

Strategic partnerships with CME Group and FanDuel are enhancing the company's US market positioning by connecting its trading infrastructure to established platforms.

While over-the-counter trading remains the primary revenue source, Plus500 is expanding into exchange-traded products and futures. Non-OTC revenue accounted for about 15% of total revenue for the quarter, signaling gradual diversification.

The company also completed the acquisition of Mehta in India, accessing one of the world's largest retail derivatives markets. This supports its global futures strategy and opens a new growth channel in a high-volume trading environment.

Plus500 expects full-year revenue and earnings to exceed current market expectations, backed by continued expansion in key regions and product lines. The company closed the quarter with over $780 million in cash and no debt, providing flexibility to invest in growth while sustaining shareholder returns.

Its strategy focuses on scaling in high-growth markets, broadening product offerings, and increasing the share of higher-value customers. As the company builds its presence in futures, prediction markets, and international regions, its business model is steadily extending beyond its traditional OTC foundation.