Plus500

Website: Plus500
Index: FTSE 250
EPIC: PLUS
Supersector: Financial Services
Sector: Financial Services
Subsector: Investment Services
Market Cap: £2.94B
Payout Frequency: Semi-Annual

Plus500 Dividend Analysis and Summary

Key Dividend Details

Type: Final + Special dividend declared alongside FY2025 results
Total dividend per share: $1.2457
- Final: $0.4314 per share
- Special: $0.8143 per share
Total cash outlay: $87.5m
Ex-dividend date: 19/02/2026
Record date: 20/02/2026
Payment date: 09/07/2026
Currency: USD (UK holders face USD/GBP FX on receipt)

Context: Shareholder Returns and Policy

Additional buybacks announced: $100m (final $30.3m + special $69.7m), to follow completion of the ongoing $90m programme.
Combined returns announced today: $187.5m (dividends + buybacks).
Policy: return at least 50% of net profit via dividends and buybacks, with at least half of distributions via buybacks.
Treasury shares: 44.46m (c. 39% of issued) held in treasury are not entitled to dividends, reducing cash outflow per share.

Sustainability and Coverage

FY2025 net profit: $281.3m; EPS: $3.93.
Declared dividend payout on FY2025 results: $87.5m (~31% of net profit); dividend cover ~3.2x (EPS/DPS).
Total announced returns ($187.5m) equal ~67% of FY2025 net profit, consistent with policy.
Cash and liquidity: cash balance $801.6m, debt-free; FY2025 operating cash flow $284.7m comfortably supports distributions.
Earnings quality/diversification: non-OTC revenue > $100m (14% of group) and growing; OTC remains core but customer base is higher value (ARPU +8%, avg deposit +124%), improving resilience.

Growth Trajectory

Today’s February distribution per share ($1.2457) is modestly above the February 2025 distribution ($1.2238), indicating cautious growth.
Medium-term dividend growth likely to be complemented by sizeable buybacks (EPS accretive) under the stated framework rather than large step-ups in ordinary DPS.

Capital Allocation and Structural Changes

M&A: Completion of Mehta Equities acquisition (India) in February 2026 (~$20m). Broadens futures footprint; not material to near-term financials but supports diversification and future cash generation.
Non-OTC expansion: Clearing memberships (ICE US/EU, Kalshi Klear) and partnerships (Topstep; CME/FanDuel prediction markets) deepen institutional infrastructure role.
Ongoing buybacks: High treasury share balance and new $100m programme will continue to reduce the share count, supporting per-share dividends and EPS.

Risks / Flags to Dividend Stability

Revenue volatility: Trading activity and market volatility can swing results; “Customer Trading Performance” was -$9.8m in 2025 and can fluctuate.
Regulatory complexity: Broad multi-jurisdiction footprint (including new licences in Canada, UAE, Colombia; India entry) increases compliance risk; any adverse rule changes could affect profitability and distributions.
Interest income sensitivity: FY2025 interest income $62.8m; falling rates would be a headwind to earnings and cash generation.
Customer metrics mix: Active and new customers declined (Active -5%, New -11%) while value per customer rose. If acquisition slows further without sustained ARPU gains, earnings leverage could moderate.
Tax regime: Israeli PTE status (reduced corporate tax) confirmed through 2026; changes beyond this window could lift the tax burden and trim distributable profit. Dividends may be subject to Israeli withholding tax for many investors.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
19/02/2026	09/07/2026	Special	81.43¢	USX
19/02/2026	09/07/2026	Final	43.14¢	USX

Total (Annual Dividends Per Share): 93.50p (Using exchange rate on 18/03/2026 $ = £0.75058)

Dividend Yield = Annual Dividends Per Share (93.50p) ÷ Share Price (4214p) = 2.22%

Ex Dividend Date	Payment Date	Type	Amount	Currency
19/02/2026	09/07/2026	Special	81.43¢	USX
19/02/2026	09/07/2026	Final	43.14¢	USX
21/08/2025	11/11/2025	Interim	49.25¢	USX
21/08/2025	11/11/2025	Special	56.28¢	USX
27/02/2025	09/07/2025	Special	82.13¢	USX
27/02/2025	09/07/2025	Final	40.25¢	USX
29/08/2024	11/11/2024	Interim	46.86¢	USX
29/02/2024	11/07/2024	Special	55.51¢	USX
29/02/2024	11/07/2024	Final	39.11¢	USX
24/08/2023	09/11/2023	Special	32.19¢	USX
24/08/2023	09/11/2023	Interim	41.25¢	USX
23/02/2023	11/07/2023	Special	10.78¢	USX
23/02/2023	11/07/2023	Final	21.56¢	USX
25/08/2022	11/11/2022	Interim	62.38¢	USX
24/02/2022	11/07/2022	Special	22.18¢	USX
24/02/2022	11/07/2022	Final	37.77¢	USX
26/08/2021	11/11/2021	Interim	59.21¢	USX
25/02/2021	12/07/2021	Final	54.22¢	USX
25/02/2021	12/07/2021	Special	28.70¢	USX
20/08/2020	11/11/2020	Interim	95.31¢	USX
27/02/2020	13/07/2020	Final	37.67¢	USX
29/08/2019	28/11/2019	Interim	27.34¢	USX
21/02/2019	09/07/2019	Final	61.91¢	USX
23/08/2018	22/11/2018	Interim	137.86¢	USX
22/02/2018	23/07/2018	Special	63.50¢	USX
22/02/2018	23/07/2018	Final	81.29¢	USX
07/09/2017	23/11/2017	Interim	23.87¢	USX
02/03/2017	03/07/2017	Special	27.29¢	USX
02/03/2017	03/07/2017	Final	37.99¢	USX
15/09/2016	17/11/2016	Interim	23.24¢	USX
24/03/2016	11/05/2016	Special	33.62¢	USX
24/03/2016	11/05/2016	Final	29.22¢	USX
07/01/2016	29/02/2016	Interim	21.21¢	USX
19/03/2015	15/05/2015	Special	26.57¢	USX
19/03/2015	15/05/2015	Final	30.01¢	USX
20/08/2014	19/09/2014	Interim	23.50¢	USX

Year	Interim	Final	Special	Currency	Total	Change
2024	46.860	40.250	55.510	USX	142.620	15.640
2023	41.250	39.110	42.970	USX	123.330	16.210
2022	62.380	21.560	22.180	USX	106.120	-15.560
2021	59.210	37.770	28.700	USX	125.680	-15.940
2020	95.310	54.220		USX	149.530	130.010
2019	27.340	37.670		USX	65.010	-75.300
2018	137.860	61.910	63.500	USX	263.270	98.760
2017	23.870	81.290	27.290	USX	132.450	14.120
2016	44.450	37.990	33.620	USX	116.060	108.030
2015		29.220	26.570	USX	55.790	4.260
2014	23.500	30.010		USX	53.510

Number of Shares:

Payment	Paid	Amount
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