Plus500 (LSE: PLUS) reported a strong start to 2026, posting first-quarter revenue of $242.1 million, an 18% increase year-over-year and 24% higher than the previous quarter. The London-listed multi-asset broker said it now expects full-year 2026 revenue and EBITDA to come in ahead of current market expectations, citing strong business momentum and a more diversified global footprint.
EBITDA for the quarter reached $95.7 million, up 19% sequentially and 2% compared with the same period a year earlier, equating to a 40% margin. The company said the modest year-on-year EBITDA growth reflected a deliberate $16 million increase in customer acquisition spending and around $4 million in additional payment processing costs tied to record deposits. Total customer deposits in the quarter rose to $1.8 billion, the highest level for any quarter at the firm.
Customer income and trading activity
The standout metric from the trading update was customer income, which Plus500 describes as a leading indicator of client activity on its platforms. Customer income reached $270.6 million in the first quarter, 53% higher than a year earlier and the highest quarterly reading since 2021, a period that captured the pandemic-era retail trading boom. CEO David Zruia said customer income reached a five-year record high in the quarter, driven by the continued execution of the company’s strategic shift toward higher-value customers and heightened market volatility.
Customer trading performance came in at negative $38.9 million, indicating that clients made money on the Group's book. Plus500 said it expects this to even out over time. Average revenue per user (ARPU) slipped 3% to $1,535, which the company attributed to the higher weighting of newly acquired customers during the period.
Customer acquisition and US expansion
Despite the step-up in marketing spend, Plus500 reported that average user acquisition cost fell 5% quarter-over-quarter and 1% year-over-year to $1,196. Cash on hand stood at over $780 million at the end of the quarter, down from $801.6 million at year-end, reflecting the record level of customer deposits.
Plus500’s US business continued to grow, generating about $35 million in revenue in the quarter, up 21% sequentially and 45% year-over-year. The US arm now accounts for roughly 15% of group revenue and 18% of new customers. In February, the company launched a retail-facing prediction markets platform in the US, distributing event contracts issued by Kalshi under the Plus500 Futures brand.
Reflecting the strong performance in the quarter, CEO David Zruia said the Board expects full-year 2026 revenue and EBITDA to be ahead of current market expectations. Plus500 reported full-year 2025 revenue of $792.4 million and EBITDA of $348.1 million.
