Plus500 raises 2026 guidance, Q3 revenue up 11%
Plus500 Ltd has raised its 2026 guidance while committing cash to two broker-dealer acquisitions, in the US and Brazil. The group, which runs proprietary platforms for contracts for difference (CFDs), share dealing, futures and options on futures from Haifa, Israel, said in a trading update today that the Board now expects full-year revenue and earnings before interest, tax, depreciation and amortisation (EBITDA) to be ahead of current market expectations.
In July the group guided in line with expectations. Third-quarter revenue was $203.2m, up 11% on $182.7m a year earlier, and EBITDA was $88.4m, up 7%. Chief executive David Zruia said: “With momentum accelerating across the Group, the Board expects that FY 2026 revenue and EBITDA will be ahead of current market expectations,”
Customer growth, with a weaker interest line
New customers rose 27% to 28,747 from 22,644 a year earlier, and active customers reached 119,528, up 4%. Average revenue per user (ARPU) rose 7% to $1,700, while average user acquisition cost (AUAC), the spend to win each new customer, fell 14% to $1,150. Customer deposits hit a record $1.9bn.
Customer Trading Performance, the company’s measure of how clients’ trading results fed through to the group, was $11.9m in the quarter against negative $3.6m a year earlier. Customer Income reached $641.1m, up 19%.
Interest income fell to $32.1m for the nine months from $50.7m, which the company attributed to lower global interest rates. Nine-month revenue was $666.1m, up 11%, but EBITDA was $275.9m, up 3%, so earnings are growing more slowly than sales. First-half EBITDA was $187.5m, up 1%.
Business outside over-the-counter (OTC) products such as CFDs made up about 16% of group revenue and 31% of new customers year to date. US customer segregated funds, client money held apart from the company’s own, passed $1bn.
Two acquisitions in a week
On 13 October 2026 Plus500 announced it had conditionally agreed to buy Hedge Capital Markets Inc, a US broker-dealer (a licensed securities brokerage), funded from cash. Zruia said: “Hedge will unlock access to SEC-regulated markets, supporting the planned launch of a new, multi-asset ‘super-app’ in Q1 2027.” SEC is the US Securities and Exchange Commission.
On Tuesday 20 October 2026 the group conditionally agreed to buy 100% of Guru Corretora de Títulos e Valores Mobiliários Ltda, a Brazilian broker-dealer regulated by the Central Bank of Brazil and the Securities and Exchange Commission of Brazil (CVM). It is paying from existing cash resources, over $860m at 30 June 2026, on completion and subject to customary regulatory approvals. No price was disclosed.
Zruia said: “Brazil is one of the world’s most attractive trading markets, and acquiring Guru gives us the licence, the experienced local team and the regulatory framework to thrive.” The company described it as the second strategic acquisition within about a week.
Cash stood above $775m at 30 September 2026, with no debt, after an $87.4m dividend and about $63.5m of share buybacks in the quarter.
For operators, a CFD broker is buying regulated venues in two large markets from its own balance sheet while raising guidance, which may raise the bar for OTC-only rivals. The Guru regulatory approvals and the Q1 2027 super-app launch are the dates to diarise.
