Plus500 Shares Pull Back On H1 Report: Expansion Plans Continue At Pace

Plus500 (LON:PLUS) has reported a solid set of numbers for the first half of 2025, but not enough for markets today, with shares pulling back on the print. The Plus500 share price is currently trading at 3,292p, down 130p or 3.86% on the day as the 3,400 level gave way.

The company’s recently H1 results highlight continued expansion into high-growth markets, including new licenses in Canada and the UAE, as well as the acquisition of Mehta Equities in India.

Core financial highlights include revenue of $415.1 million, a 4% increase year-over-year, and EBITDA of $185.1 million, translating to a healthy 45% EBITDA margin. Basic Earnings per Share (EPS) reached $2.05, up 8% from the prior year.

A standout metric is the all-time record high total customer deposits of $3.1 billion, reflecting an average deposit per active customer that more than doubled to approximately $17,250. This surge indicates the company's success in attracting and retaining higher-value clients.

A key driver of growth is the increasing contribution from Plus500's non-OTC business, which now accounts for approximately 13% of total Group revenue, compared to 10% in FY 2024. This diversification highlights the company's established position in new markets and its ability to offer a broader range of financial products.

Global Expansion and Technology Edge

The company's expansion into the US futures market has been particularly successful, with revenues on track to exceed $100 million in FY 2025. The addition of a new clearing membership with ICE Clear US in January 2025 has further strengthened its capabilities in this sector.

Plus500 is also awaiting regulatory approval for its acquisition of Mehta Equities Limited in India, a move that will grant access to the world's largest retail futures trading market. This acquisition is expected to create valuable synergies with the existing US futures business, particularly in the B2B (Institutional) segment.

“Plus500's proprietary technology platforms are the engine of the business, providing customers with a seamless user experience, and supporting its enduring ability to continue to attract and retain higher value customers, with deeper engagement,” the company stated in its results. This is reflected in the fact that 47% of H1 2025 OTC revenue was generated by customers who have been trading with Plus500 for more than five years, compared to 31% in H1 2024.

The company has also secured new regulatory licenses in the UAE and Canada, bringing its total number of licenses to 15 globally. These licenses provide a significant competitive advantage, allowing Plus500 to operate at scale across various markets.

Demonstrating its commitment to shareholder returns, Plus500 announced an additional $165.0 million in share buyback programs and dividends, bringing the total shareholder returns announced in 2025 to $365.0 million.