Plus500 lifts 2026 outlook as non-OTC business draws new customers

Plus500 raised its full-year outlook after third-quarter revenue rose 11% from a year earlier, while its non-over-the-counter business, which includes prediction markets, continued to account for a disproportionately large share of new customers.

The online trading group recorded $203.2 million in revenue for the three months to Sept. 30, up from $182.7 million a year earlier. Its board said it now expected both 2026 revenue and EBITDA to exceed current market expectations, reversing the in-line guidance it had issued at the half-year stage.

Bloomberg consensus forecasts cited in the update had put full-year revenue at $837.6 million and EBITDA at $358 million. Third-quarter EBITDA was $88.4 million, up 7% year on year, producing a 44% margin.

Revenue for the first nine months reached $666.1 million, also an 11% increase, while EBITDA rose 3% to $275.9 million. Plus500 said stronger trading income outweighed lower interest income as global interest rates fell. Customer income increased 19% year to date to $641.1 million.

The company’s non-OTC operation represented about 16% of group revenue year to date but 31% of new customers. The division encompasses futures, prediction markets and share dealing. Plus500 said recent product launches and partnerships had helped it gain momentum, including B2B arrangements with Wealthsimple and Nelogica.

In the United States, Plus500 has introduced Commodity Futures Trading Commission-regulated sports and non-sports prediction-market contracts, alongside single-stock futures. Its US offering also spans futures and options on futures. Prediction markets are platforms on which users trade on future events, an expanding area that has also attracted regulatory and manipulation concerns, according to Stanford Law School.

New customers rose 27% in the quarter to 28,747, while active customers in the first nine months increased 10% to 230,287. Quarterly customer deposits reached a record $1.9 billion. The company ended September debt-free with more than $775 million in cash.

As we reported Oct. 13, Plus500 has conditionally agreed to acquire US broker-dealer Hedge Capital Markets as part of preparations for a broader American securities offering. The proposed deal would extend its established CFTC-regulated US operations into SEC-regulated securities markets and support a multi-asset US app planned for the first quarter of 2027, offering futures, options on futures, prediction markets, stocks, options and ETFs on one platform.

Plus500 also expanded trading availability earlier this year, introducing 24/5 dealing in stocks and ETFs before adding 24/7 trading in gold, silver, oil and natural gas.