Plus500 Ltd.

Good morning ladies and gentlemen and welcome to the plus 500 2025 preliminary results. The presentation will commence shortly. After the presentation we will conduct a Q&A session. If you wish to ask a question, you will be able to ask either through the Zoom webinar link provided separately or by submitting written questions using the Ask a Question button on the Spark Live webcast page. Please note this call is being live streamed to a webcast for a wider audience and will be recorded. I would now like to hand over to David Zeruya, Group Chief Executive Officer, to open the presentation. Please go ahead.

Good morning, everyone, and thank you for joining our 2025 preliminary results presentation. I'm David Zruya, CEO of Plus500, and I'm joined today by Elad Evenhen, our Group CFO, and Oren Jones, our Group Head of Investor Relations. Plus500's globally diversified multi-asset offering drove strong operating momentum across several key strategic initiatives during the year. which we will highlight today. Our differentiated customer offerings, which are powered by proprietary technology, provide us with compelling competitive advantages and we remain committed to delivering seamless and innovative access to financial markets worldwide. The structural growth opportunities in our end markets are substantial and we are seeking to maximize our opportunity set within them. We have started 2026 well and we look to the remainder of the year and beyond with confidence. I would like to thank all my colleagues across Plus 500 who made these strong results possible, for their hard work and dedication towards successfully achieving our collective goals and strategic ambitions. Slide 2 shows the agenda for today. We will take you through the highlights for the year. and the operating review, followed by a run-through of our unique technology and product set, and then we continue with the financial highlights. We will then conclude with the summary and outlook section before taking your questions at the end. There are five key takeaways from today's presentation, shown on slide 4. For the year as a whole, we increased the positive operating momentum we have across the group significantly, both in our OTC and non-OTC businesses. The focus on our strategic objectives remained a key priority, including product and market growth, innovation, and the acquisition of higher value, more sophisticated customers, alongside retention and monetization initiatives. We secured additional regulatory licenses and clearing memberships, enabling the group to deliver important structural growth over the coming years. And our excellent strategic positioning and our proprietary technology drove strong financial results for 2025, including growth in revenue and EBITDA. We announced groundbreaking strategic partnerships in our growing US futures business. expanding into new markets and demonstrating the increasing strength and attractiveness of Plus500 as a trusted partner with a focus on institutional collaboration and provider of market infrastructure. In an exciting development, we also entered the fast-growing prediction market space, which I will come on to in greater detail later. Finally, today, We have announced additional shareholder returns of $187.5 million, comprising dividends and share buybacks, adding to the $165 million we announced in August 2025. And Even with such attractive shareholder returns, the group ended 2025 with an extremely strong financial position with cash balances of approximately $800 million and no debt. The strong financial results for 2025 extend our significant track record that stretches back to our IPO in 2013. Since then, Plus 500 has generated $3.8 billion in cash for operations, $3.1 billion in accumulated net profits, and of that, the company has returned approximately $2.9 billion to shareholders to $1.7 billion in dividends and $1.2 billion in share buybacks, including the $187.5 million announced today. These shareholder returns, combined with a strong share price, have resulted in PLUS500 being the best performing share in the FTSE All Share Index over the last 13 years on a total return basis, with a cumulative total shareholder returns of over 8,700%, which is a remarkable achievement. And, It was a reflection of this strong performance that saw the company join the prestigious Stocks Europe 600 Index in early 2025, an important recognition of the compounding value creation we have delivered for shareholders in recent years. Moving now to slide 6, which focuses on some of our operational drivers and outputs. during 2025 we continued to focus on our strategic roadmap and accelerated the delivery of meaningful progress across the group the drivers and outputs that you can see on the slide are all underpinned by our market leading proprietary technology a key competitive advantage for plus 500 which allows us to grow our business globally while creating deeper engagement with our customers by maintaining a robust, secure, seamless and reliable trading experience. As a result, 67% of OTC revenue was derived from customers who have been trading with Plus500 for over 3 years. And over 5 years, the same metric is remarkable, 50%. which has more than doubled in the last three years. Both achievements highlight the benefit of our focus on driving higher customer lifetime value by providing a best-in-class trading experience. Customer deposits increased significantly once again to $6.5 billion, which sets a new record for the group. And this equated to a record of approximately $27,000 per active customer. The strength of our mobile offering was also highlighted once again, with 89% of OTC revenue being generated from mobile or tablet devices. Moving now to slide 7. Four years ago, at our Capital Markets Day, we introduced our strategic roadmap objectives. Since then, we have made excellent progress against our ambitious targets, transforming Plus500 into a more resilient and skilled business with diversified earnings streams. This transformation has had a significant positive impact on our quality of earnings and underpins our focus on innovation. growth and continued diversification through the development of new products and expansion into new markets. In addition, a central part of the group strategy is to deepen customer engagement and enhance customer retention by investing in and developing our customer retention technologies and initiatives. which is something we have done very successfully in recent years. Collectively, we expect the objectives within our strategic roadmap to position Plus500 to continue delivering sustainable compounded returns for shareholders for many years to come. Moving to slide 8. Plus500's superior proprietary technology and its ability to quickly develop new offerings or adopt for new strategic partnership opportunities, has enabled Class 500 to evolve from being a single product provider into an established multi-asset fintech group, a trusted global provider of market infrastructure services and proprietary trading platforms with a broad and diverse customer base. The Plus 500 of today provides a wide range of products, services, and instruments across its OTC, futures, options on futures, and share dealing verticals, to which we have recently added prediction markets, as we continue to see surge in demand for event-based trading contracts, and we operate in attractive, growing end markets with powerful structural growth drivers. Our OTC business covers seven asset classes in our futures business and is split further into B2B and B2C offerings, which provide execution and clearing services across a growing range of global exchanges. Our non-OTC business also includes our prediction markets offering, as I mentioned, an addressable market with significant potential. We also highlight Plus 500 Cosmos here, an industry-leading client portal for our B2B futures customers, which has become a meaningful source of both customer onboarding and improved customer retention in our B2B business. On the right side of the chart, we can see our share dealing platform, Plus 500 Invest, which enables customers to buy and sell shares directly. Our overall offering provides customers with a wide choice of products, enabling them to tailor their approach and trading strategies. The diversification of our business remains a key part of our success, and we will continue to drive this agenda as we maximize the attractive growth opportunities in our markets. Moving to the next slide, here, we show the increasingly important role that Plus 500 plays as a provider of accredited, trusted, institutional market infrastructure built on our proprietary technology and regulatory expertise. Our role has evolved significantly as the group has diversified its operations, and we now see it At the heart of the financial ecosystem, connecting institutional customers and retail customers to more than 30 different exchanges and clearinghouses. We provide the mission-critical market infrastructure to a global customer base, which includes individual customers, institutions and other businesses. Our futures business, which we'll discuss in more detail, continues to outperform our expectations and perform exceptionally well during 2025. The prediction market space represents a compelling and fast-growing market opportunity for Plus 500, driven by retail engagement, regulated exchanges, and next-gen trading tools. This new financial asset class has experienced rapid growth over the past year. Thanks to the unique strength of our proprietary technology and our trusted institutional infrastructure, we are well placed to maximize the opportunity in front of us. Prediction markets enable customers to trade on real world outcomes in a fully regulated CFTC framework underpinned by advanced technology and infrastructure that makes the process seamless and highly intuitive. We are thrilled to have been able to bring this engaging, exciting and fully regulated offering to our US customers following the groundbreaking launch of event-based contracts on our B2C trading platform. On the back of a strong 2025, we enter 2026 with positive strategic, operational and financial momentum. Here, on slide 11, we show some of the operating highlights. We delivered significant strategic progress across both our OTC and non-OTC businesses, demonstrating the increasing strength and attractiveness of PlusF100 as a trusted counterparty with a focus on institutional collaboration, as we entered new markets and offered innovative new products for our customers. Reflecting this status, during 2025, we announced two exciting partnerships in the B2B US future space, one with Topstep and the other with CME FanDuel. We continued to enhance our existing OTC offering with innovative new products, services and licenses. And, as I mentioned earlier, we have entered the prediction market space with B2B and B2C offerings. In summary, 2025 was a year of strong achievements, and we are extremely excited about 2026 and beyond. I will now hand over to Elad to present the operating review section.

Thank you, David, and good morning, everyone. It is a pleasure to present the operating overview for 2025. in such a strong set of financial results this morning. The operating review section will include an outline of our operating performance in 2025, as well as a closer look at our growing futures business, including our entry into the prediction market space. As can be seen on slide 13, we offer our services to approximately 33 million registered customers in more than 60 countries. This global scale, combined with a tailored, localized offering, is an important source of both current and future value, as we focus on driving activation, retention, and monetization of our global customer base by leveraging our highly innovative and agile proprietary technology to drive customer engagement with our compelling multi-asset product set. Our global offering is further enhanced by our localized solutions, which include tailored products and support in a customer's native language and our best-in-class customer service, which includes our premium customer offering. On slide 14, we show some of our operating KPIs, along with the regional performance data. As the group has consistently demonstrated historically, New customer acquisition and deeper engagement with existing customers lays the foundation for future growth, making it an investment today to drive value creation over the medium to long term. Also, as we have demonstrated in recent years, our increasing focus on more sophisticated, higher value customers means we are well positioned to drive sustainable high quality growth over the long term. In 2025, we onboarded roughly 105,000 new customers, reflecting our continued focus on attracting and retaining higher value customers. And active customers remain broadly stable at approximately 242,000. Moving ahead to slide 15. we chose customer tenor and longevity. Over recent years, we have made significant improvements in our customer retention technologies and premium account programs, increasing customer longevity materially, as shown here on slide 15. We have a deeply embedded philosophy of driving long-term relationships with our customers by providing technology-enabled retention initiatives and by consistently providing our customers with a wide range of products and services supported by robust, secure, intuitive and reliable trading platforms. These improvements are working well, as shown here on the pie charts. For example, in the year of 2025, 87% of the OTC revenue was generated by customers who have been with us for more than a year, while 50% of the OTC revenue was generated by customers who have been with us for more than five years. This is an excellent achievement, which is more than double the equivalent metric from 2022. Over the next few slides, I will highlight the impact that our non-OTC business as a whole, and particularly the futures business, has had on the group's revenues, customer mix, and other KPIs. Earlier this month, we completed the acquisition of MetaEquities in India, which opens up a number of exciting strategic initiatives for us to pursue over the coming years. Meta provides plus 500 with immediate access to the world's largest and fastest growing derivative markets operating under an established regulatory framework. It will also allow us to generate synergies between our existing futures operations in the US and our position in India. Slide 17 sets out how our revenue New customers and total deposit mix have evolved in recent years, driven by the growth in our non OTC business. In the last two years, our futures business has established itself and grown quickly, reflecting the strength of our offering both to retail and institutional customers. And this status is reflected in its contribution to the group's performance. In 2025, non-OTC revenues accounted for approximately 14% of the group's total revenue, equivalent to more than $100 million, which highlights the increasing importance of this vertical now. From a customer perspective, 17% of new customers came from the non-OTC businesses during the year. As David mentioned, This business continued to outperform our expectations, and we are extremely pleased with the progress we have delivered in this area. We have made progress in attracting higher value customers and how that has impacted our average deposit per active customer since 2021. For FY 2025, aggregate customer deposits increased significantly. to approximately six and a half billion dollars, which is a record level for the group, reflecting our increased breadth and scale of operations and the rapidly growing trust that customers have placed in Plus 500. And over the last four years, the average deposit per active customer has grown by over 400% to approximately 27,000 doors, which is truly remarkable. We have done this by strategically focusing on higher value customers, leveraging our superior marketing technologies, and providing a localized offering to customers, which includes local payment solutions and exceptional customer service, among others. Over the last few slides, I've highlighted the quantitative impact that the growth in our futures business has had. And now, over the next few, I will focus on some of the operational highlights for 2025. starting on slide 18. Over the last three years, Plus 500 has established its position in the US futures market with a B2B institutional and B2C retail offering, both of which perform extremely well in 2025. Across our B2B and B2C businesses, We grew our customer and security funds to over 900 million dollars as of the end of December 2025 versus approximately 350 million dollars at the end of 2024, representing growth of over two and a half times, which is a fantastic achievement. This reflects both the onboarding of new customers and increased trading activity from existing ones. In 2025, we secured nuclear memberships with IceClear US and IceClear Europe, as well as CalchiClear, which will allow us to further enhance our institutional product offering and holistic clearing services to a global customer base. In the B2C business, our trading platform, Plus 100 Futures, which offers a unique, omniscient solution, continues to set us apart from our competitors. And it is clear that our customers value the seamless trading experience which we offer. Turning to slide 19. During the year, and in the early part of 2026, we expanded our futures business. taking it into the increasingly popular prediction market space, leveraging our existing infrastructure and superior proprietary technology to capitalize on a high growth opportunity for us. We have done so directly via the clearing memberships with Calchi and also as the clearing partner for the joint venture between the CME and Fangio, Through this exciting new product category, Plus 500 customers in the US will be able to trade on a wide range of event-based outcomes, including economic indicators, financial events, geopolitical developments, and other measurable real-world scenarios, all cleared directly by Plus 500. By integrating this fast-growing offering We have further enhanced product choice for customers at a time when prediction markets are seeing a surge in interest and trading volumes are continuing to increase significantly. We're highly excited about our prospects in this market segment. We have the proprietary technology and regulatory expertise to cater to increasing activity from prediction markets. and our capabilities extend further to include treasury and risk management, as well as best-in-class customer service for both B2B and B2C customers. The combination of our clear memberships, proprietary technology, institutional infrastructure, order routing, strong financial foundations, and market expertise leave us extremely well positioned to capitalize on the growth opportunities in this expanding market. Turning to the exciting B2B partnerships shown here on slide 20. In December, we announced our appointment as the clearing partner for FanDuel Prediction Markets, an exciting joint venture between the CME and FanDuel. Then, in October 2025, we announced that we had entered into a strategic partnership with Topstep, a leading U.S.-based trading education and evaluation platform, under which PASO 100 will exclusively provide clearing and technology infrastructure for Topstep. Through this partnership, Topstep's large and active trader community will gain direct access to live CME group exchange markets, via PLUS 500's institutional clearing, order routing and risk management technology. Being chosen as a strategic partner for these groundbreaking initiatives is a landmark achievement for PLUS 500. They reflect just how far we have come and how our status as an accredited, trusted market infrastructure provider built on proprietary technology and regulatory expertise allow us to drive institutional collaboration. It also demonstrates the superiority of our operational processes and status as a global multi-asset fintech group on the international stage. As we touched on earlier, worldwide interest in both future contracts and prediction markets led to the creation of an exciting new financial asset class. This is a market with very powerful structural tailwinds, as millions of people choose to access the financial markets through event contracts. At PLUS100, we are performing a critical role through the power of our market leading B2B infrastructure, and B2C customer expertise to unleash the democratizing power of prediction markets. For retail customers, as you can see on the slide, our new uplifted mobile platform creates an intuitive personal user experience, opening up an exciting new financial asset class. This new financial prediction markets offering includes economic indicators, financial events, geopolitical developments, and other measurable real-world scenarios. Moving ahead to slide 22. Plus 500's U.S. operation is regulated by the CFTC and is a member of the National Futures Association. and the Futures Industry Association. Plus 500's Futures operation also holds exchange and clear memberships with the CME Group Exchanges, the Minneapolis Grain Exchange, Eurex, IceClear US, IceClear Europe, and CultureClear. And following the completion of meta acquisition six Indian exchanges, and clearing house memberships. We will continue to target additional clearing memberships going forward. This objective will be supported by our proven track record, robust financial position and expertise in applying for and securing new clearing memberships. Thanks to our proprietary technology, financial strength, customer service and strategic collaborations, we have grown rapidly in a short space of time to become an established player in the futures market. Additionally, as part of our B2C offering, we are proud to have the Plus 500 Futures platform, which has gained good traction with customers driven by its OmniSense solution. and t4 pro our trading platform for more professional customers our licenses player memberships strong balance sheet partnerships and innovative trading platforms leave a swell position to generate continued value for all of our stakeholders overall our expansion into the non-otc products was a key pillar of our strategic roadmap, and one against which we are delivering real and accelerated growth. I will now hand back to David, who will take us through the technology section. Thank you, Elad.