Plus500 Ltd
Plus500 Ltd is a global multi-asset fintech group that develops and operates proprietary, technology-based online trading platforms. It offers retail customers OTC Contracts for Difference (CFDs) across shares, indices, commodities, options, ETFs, cryptocurrencies and FX, plus share dealing, and (through its growing non-OTC/B2B business) futures and options on futures, including via the 'Plus500 Futures' and 'T4-Pro' platforms. The Group is incorporated in Israel, listed on the Main Market of the London Stock Exchange (FTSE 250, STOXX Europe 600), and serves customers in more than 60 countries through regulated subsidiaries holding 17 regulatory licences.
8 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: FCA NSM (4), Company website (4)
FY2026Next report expected 30 Mar 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
Plus500 Ltd runs online trading platforms where customers trade on price moves in shares, currencies, commodities, cryptocurrencies and futures. In the year to 31 December 2025, revenue rose 3.1% to $792.4m and profit after tax rose to $281.3m from $273.1m. The report credits higher trading income, more interest earned on cash, and its newer futures and share-dealing business, which brought in more than $100m of revenue for the first time. Higher staff and share-award costs held back profit growth, and the report does not point to any large one-off items. Plus500 has no borrowings and ended the year with $801.6m in cash, down from a year earlier, after paying $164.4m in dividends and spending $215.0m buying back its own shares. It announced further dividends and buybacks in February 2026. Management plans to keep investing in growth, including through acquisitions, and bought an Indian broker after the year end. The auditor gave a clean opinion. One of the main risks the report flags is that regulators could restrict or ban its products.
From the reportevery line sits on the page it namesWhat drove revenueOTC trading income (customer spreads, overnight charges and customer trading performance)
Trading income of $729.6m within total revenue of $792.4m in FY2025 (FY2024: $711.6m of $768.3m)
page 116AndNon-OTC business growth (futures, options on futures, share dealing)
Non-OTC business generated record revenue exceeding $100m for the first time in FY2025, representing c.14% of total Group revenue, c.17% of New Customers and c.67% of total customer deposits
page 94What moved the margintailwindPredominantly variable cost base
'The Group's cost base continued to be positively weighted towards variable costs during FY 2025... For FY 2025, 70% of the Group's costs were variable (FY 2024: 70%)'
page 44AndtailwindEBITDA margin resilience
EBITDA of $348.1m in FY2025 (FY2024: $342.3m) equating to a 44% margin (FY2024: 45%)
page 44What management saidCFO Elad Even-Chen: 'In FY 2025, the Group accelerated its delivery of meaningful strategic progress across its global end markets, whilst also delivering a strong set of financial results. This combination enables us to keep investing in innovation and growth, whilst supporting attractive shareholder returns.'
page 43After the year endCompleted acquisition of 100% of Mehta Equities Private Limited (India) in February 2026 for total cash consideration of approximately $20m, funded from existing cash; not expected to have a material impact on the Group
page 139The dividendProgressive shareholder returns policy since 2017 share buyback programmes began; buybacks represent at least 50% of total shareholder returns in a given period. FY2025: dividends $164.4m + buybacks $215.0m = $379.4m returned; further $187.5m (buyback $100.0m + dividends $87.5m) announced Feb 2026
page 87Going concern and the auditBoard adopted the going concern basis, having reviewed budgets/cash flow forecasts for the three years to 31 Dec 2028; viability statement covers the same three-year period. Auditor Kesselman & Kesselman (a member firm of PricewaterhouseCoopers International Limited) issued an unqualified ('present fairly') opinion, with two key audit matters: revenue recognition and uncertain tax provisions, both with 'no material issues noted'
page 51The risks it names first- Legal and jurisdictional risk — changes in legal/regulatory frameworks across the Group's many operating jurisdictions could adversely affect performancep.48
- Regulatory risk — regulatory change could make products less profitable, restrict marketing, or lead to bans on offerings in one or more jurisdictionsp.48
- Customer care and protection risk — failure in customer welfare/compliance with conduct regulationp.48
- Business risk — strategic decision-making failing to seize opportunities, or failure by a significant third-party outsource provider to deliverp.48
Read from C001014-AR-2025-website.
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