Multi-asset trading platform Plus500 (LON:PLUS) raised its FY26 revenue and profit guidance after posting ‘excellent’ Q3 results. New customer numbers grew significantly, while customer acquisition costs fell, which is very impressive.
Raising FY guidance
For the three months to September, Plus500 increased revenue by 11% to $203.2 million, topping market estimates. EBITDA increased by 7% to $88.4 million, also topping estimates and raising the margin to 44%.
Remarkably, the firm added 27% more new customers than a year earlier yet the acquisition cost fell 14%. The firm also said these new customers quickly converted into high-quality revenue drivers, contributing to the increase in margins.
Momentum in the US in particular has gathered momentum, partly thanks to new products including sports and non-sports prediction market contracts and single-stock futures. On the back of the results, CEO David Zruia said FY26 revenue and EBITDA would be above market expectations.
Plus 500 key financial results
| Q3 2026 | Q3 2025 | Change | |
| Revenue ($m) | 203.2 | 182.7 | +11% |
| EBITDA ($m) | 88.4 | 82.7 | +7% |
| New customers | 28,747 | 22,644 | +27% |
| ARPU ($) | 1,700 | 1,584 | +7% |
| AUAC ($) | 1,150 | 1,344 | -14% |
Source: Company accounts
Note: ARPU = average revenue per user; AUAC = average user acquisition cost
Last week we drew attention to Plus500’s exceptional underlying earnings growth, and today’s results provides welcome confirmation. However, we think the market is still underestimating the group’s long-term growth potential and undervaluing the shares.
Speaking with Sharesify, chief financial officer Elad Evan-Chen described Plus500s vision as being ‘the best of the best’ for customers. Thanks to continued investment in technology and marketing, the firm understands its users and is consistently able to offer them the best products.
That helps explain why 70% of revenue comes from customers with three years’ standing, and 50% from customers with five years’ standing. The kicker is it’s now winning new high-quality customers at reduced cost, so margins are rising along with revenue.
Added to that, the firm is expanding in major growth markets like the US and Brazil. Plus, next year it’s launching its ‘super app’ to drive even deeper customer engagement, higher retention rates and greater monetisation.
DIsclaimer: The author (Ian Conway) owns shares in Plus500
