Plus500 Surpasses Q3 Expectations Fueled by U.S. Futures and OTC Gains

Plus500 Ltd (LSE: PLUSP) delivered a solid set of results for the third quarter of 2025, outperforming market estimates thanks largely to a surge in its U.S. futures operations and ongoing strength in over-the-counter (OTC) trading. The fintech company reported revenue of $182.7 million, approximately 10% above the consensus forecast of $165 million.

The revenue stream broke down into $161.6 million from trading income and an impressive $21.1 million from interest income-a notable jump from around $15 million recorded in each of the first two quarters. Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at $82.7 million, representing a 45% margin, slightly ahead of expectations.

Looking at the first nine months of 2025, Plus500 posted a 2% rise in revenue to $597.8 million, while EBITDA marginally climbed by 1% to $267.8 million, maintaining the 45% margin seen during Q3. Customer income increased to $536.7 million from $495.7 million a year earlier, signaling ongoing user engagement.

One striking highlight was the sharp rise in customer segregated funds within the U.S. futures segment, soaring to over $1.2 billion by September, up from $350 million at the end of 2024. This segment, along with share dealing, now accounts for roughly 14% of total revenue and contributed 18% of new customer acquisitions during the quarter.

Customer metrics showed stability as Plus500 added 22,644 new users in Q3, bringing active customers to 115,327-figures broadly aligning with analyst expectations. Remarkably, nearly half of OTC revenue stems from clients trading with Plus500 for more than five years, doubling the proportion compared to 2022.

Average revenue per user nudged up 2% year over year to $2,849, while user acquisition costs dropped 16% to $1,268. The average deposit per active customer exhibited a dramatic surge, climbing 139% to about $14,700 from $6,150 in the same quarter last year.

On the regulatory front, Plus500 expanded its reach by securing a new clearing membership with ICE Clear Europe alongside its existing membership with CME Group. Additionally, the company earned a regulatory license in Canada and gained authorization to set up a representative office in Colombia, pushing its licensed jurisdictions to 15.

Financially, Plus500 remains in a strong position with no debt and cash reserves exceeding $815 million as of the end of September. The firm also bought back approximately 1.5 million shares for about $65 million in the quarter and distributed a sizable dividend payout of $90 million in July. While full-year guidance remains steady, the company has already achieved 80% of consensus revenue and 78% of EBITDA for 2025, possibly hinting at upside if conditions remain favorable.

Plus500's latest numbers emphasize the growing significance of its U.S. futures segment amid a shifting trading environment, underpinned by loyal OTC clients and an expanding global footprint. How this momentum will play out in a complex macroeconomic backdrop remains a point to observe closely.