Plus500 Q3 Revenue Edges Lower; FY25 Guidance Reaffirmed

Plus500 Ltd. (LON: PLUS) reported a slight dip in Q3 revenue, but the company maintains its full-year revenue and EBITDA guidance, aligning with market expectations.

The global fintech firm highlighted strategic advancements, particularly the growth of its US futures business.

Revenue for the third quarter of 2025 totaled $182.7 million, a decrease from $187.3 million in Q3 2024. However, for the first nine months of 2025, revenue increased by 2% to $597.8 million, compared to $585.5 million in the same period last year.

EBITDA for Q3 2025 was $82.7 million, mirroring the $82.2 million reported in Q3 2024, with a consistent EBITDA margin of 45%.

Customer income, a key performance indicator, showed resilience, reaching $165.2 million in Q3 2025, nearly identical to the $166.3 million in Q3 2024. Year-to-date, customer income rose by 8% to $536.7 million from $495.7 million.

The company's robust financial health is underscored by cash balances exceeding $815 million as of September 30, 2025, even after distributing approximately $90 million in dividends in July and allocating around $65 million to ongoing share buyback programs during Q3.

Plus500's strategic focus on higher-value customers is proving successful. Approximately 48% of OTC revenue for the first nine months of 2025 came from customers trading with the platform for over five years, doubling the 24% figure from FY 2022. The average deposit per active customer significantly increased to approximately $14,700 during the quarter, compared to roughly $6,150 in Q3 2024.

Driver Breakdown:

• US Futures Growth: Customer segregated funds in the US futures business surpassed $1 billion, reaching $1.2 billion by the end of September 2025.
• Global Expansion: Securing a new regulatory license in Canada and authorization to establish a local representative office in Colombia expands Plus500's reach.
• Efficiency Gains: Optimization and efficiency initiatives led to increased ARPU (Average Revenue Per User) and decreased AUAC (Average User Acquisition Cost).

CEO David Zruia stated, “Plus500 has delivered significant strategic progress during the first nine months of 2025…reinforcing our status as a trusted provider of global market infrastructure.”