Plus500’s Q3 Revenue Declined, but Per Customer Metrics Improved

Plus500 (LON: PLUS) reported revenue of $182.7 million for the third quarter of 2025, down 2.5 per cent year over year and 12.7 per cent quarter over quarter. EBITDA for the period increased slightly to $82.7 million from $82.2 million a year earlier.

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However, EBITDA declined compared to the previous quarter’s $91.3 million. The latest EBITDA margin improved by one percentage point to 45 per cent.

“The Company's Board of Directors anticipates that revenue and EBITDA for FY 2025 will be in line with current market expectations,” the trading update released today (Wednesday) stated.

Non-OTC Business Showing Promise

Although the London-listed company is known for offering contracts for differences (CFDs), it now focuses on expanding beyond over-the-counter (OTC) instruments. About 15 per cent of total group revenue was generated by its non-OTC business, along with 18 per cent of new customers.

Overall, Plus500 added 22,644 new clients in Q3 2025, a 9 per cent year-on-year decline.

Its non-OTC business mainly consists of its operations in the United States, where it entered in 2021 by acquiring Cunningham for $30 million.

The broker also revealed that customer funds in its US futures business reached about $1.2 billion at the end of September.

“This strong position enables Plus500 to accelerate the delivery of key strategic projects while continuing to pursue accretive bolt-on acquisitions that further enhance the Group's increasingly global footprint,” said Plus500’s CEO, David Zruia, following the growth in its US business.

The company also remains cash-rich, holding more than $815 million in reserves.

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Improved Key Customer Metrics

Meanwhile, the total number of active customers on the platform declined 5 per cent year on year to 115,327. However, on a positive note, its average revenue per user improved by 2 per cent to $1,584, while the average user acquisition cost decreased 12 per cent to $1,344.

Interestingly, the average deposit per active client jumped by 139 per cent to about $14,700.

Plus500 further highlighted that about 48 per cent of its OTC revenue for the first nine months of 2025 came from customers who have been trading for the last five years, a figure that has doubled since 2022.

“We have strong momentum and look to the future with confidence, well-positioned to capitalise on both short-term opportunities in global financial markets, as well as medium-term structural growth drivers,” Zruia added.