Plus500 (P55) Q2 2026 Earnings Report

The call presented multiple material positive developments: record customer income and revenue, rapid scaling of the U.S. non-OTC business (futures and prediction markets), strong cash generation and a robust balance sheet, significant product launches and high-caliber partnerships, and continued technology-led customer monetization. The primary negatives were near-term cost increases from deliberate investments, FX headwinds, and rising revenue-linked costs (commissions/processing) that limited EBITDA growth to 1% despite double-digit revenue growth. On balance, the strategic investments are framed as intentional and converting into higher-quality revenue, and the balance sheet plus shareholder returns signal management confidence.

Management guided that they remain confident in delivering full‑year results in line with current market expectations, with the second half already showing positive momentum, and reiterated that the fast‑scaling non‑OTC business is on track to deliver annualised revenue of approximately $140m in 2026 (non‑OTC grew ~30% y/y, now ~15% of group revenue and roughly $70m in H1 versus ~$35m in H1 2024). Key H1 metrics underpinning the outlook included customer income of ~$461m (+24% y/y), group revenue of ~$463m (+12% y/y), trading income $441.8m (+15% y/y), EBITDA $187.5m (41% margin), cash of ~ $860m, operating cash conversion 99% and cash from operations ~ $185m; customer metrics were >34m registered customers, >65k new customers (+17% y/y), >197k active customers (+10% y/y), total deposits $3.4bn (+10% y/y) with average deposit per active customer >$17k, ARPU +2% y/y and acquisition cost $1,230 (-1%). They also highlighted capital flexibility (surplus capital ~ $310m, no debt) and confirmed additional 2026 shareholder returns announced today — $182.5m (=$82.5m dividends + $100m buybacks) bringing total 2026 returns to $370m (comprising $200m buybacks and $170m dividends, >$2.40 per share).