Half Year 2026 Plus500 Ltd Earnings Call

August 10, 2026

Speaker #1: Good morning, ladies and gentlemen, and welcome to the Plus500 H1 2026 Interim Results. The presentation will commence shortly. After the presentation, we will conduct a Q&A session.

Operator: Good morning, ladies and gentlemen, welcome to the Plus500 H1 2026 interim 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 phone lines or by submitting written questions using the Ask a Question button on the SparkLive 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 Zruia, Group Chief Executive Officer, to open the presentation. Please go ahead.

Operator: Good morning, ladies, and gentlemen, Welcome to the Plus500 H1 2026 interim 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 phone lines or by submitting written questions using the Ask a Question button on the SparkLive 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 Zruia, Group Chief Executive Officer, to open the presentation. Please go ahead.

Speaker #1: If you wish to ask a question, you will be able to ask either through the phone lines or by submitting written questions using the 'Ask a Question' button on the Spark Live webcast page.

Speaker #1: Please note this call is being livestreamed to a webcast for a wider audience and will be recorded. I would now like to hand over to David Zruia, Group Chief Executive Officer, to open the presentation.

Speaker #1: Please go ahead.

Speaker #2: Good morning, everyone, and thank you for joining our 2026 interim results presentation today. I'm David Zruia, CEO of Plus500, and I'm joined today by Elad Even Hen, our Group CFO, and Owen Jones, our Group Head of Investor Relations.

David Zruia: Good morning, everyone, thank you for joining our 2026 interim results presentation today. I am David Zruia, CEO of Plus500, and I am joined today by Elad Even-Chen, our Group CFO, and Owen Jones, our Group Head of Investor Relations. The H1 of 2026 delivered strong financial and operating momentum across Plus500 businesses. We achieved record results which directly reflect the compounding quality of our customer base, the resilience of our global businesses, and the power of our best-in-class proprietary technology, underpinning our deliberate evolution into a diversified global multi-asset FinTech group. Today's presentation will highlight the continued delivery of our key strategic initiatives. A key part of our strategy, driven by the vast opportunity in the prediction market space, is our US business, which represents a multi-year growth engine. At the same time, the broader structural opportunities across our target markets remain substantial and continue to expand.

Speaker #2: The first half of 2026 delivered strong financial and operating momentum across Plus500 businesses, with record results achieved, which directly reflect the compounding quality of our customer base.

Speaker #2: The resilience of our global businesses, and the power of our best-in-class proprietary technology, underpin our deliberate evolution into a diversified, global, multi-asset fintech group.

Speaker #2: Today's presentation will highlight the continued delivery of our key strategic initiatives. A key part of our strategy, and driven by the vast opportunity in the prediction market space, is our US business, which represents a multi-year growth engine. At the same time, the broader structure of opportunities across our target markets remains substantial and continues to expand.

Speaker #2: We enter the second half of 2026 with real momentum, and look to the remainder of the year and beyond with confidence and excitement. With that in mind, we would like to take a moment to thank all of my colleagues across Plus500, the people who made these record results possible.

David Zruia: We enter the H2 of 2026 with real momentum and look to the remainder of the year and beyond with confidence and excitement. With that in mind, we would like to take a moment to thank all my colleagues across Plus500, the people who made these record results possible, for their hard work, dedication, and commitment to driving our strategic ambitions forward. Slide two outlines the agenda for today. We will take you through the H1 highlights and the operating review, followed by an in-depth look at our unique proprietary technology and product suite, continue with the financial highlights. We will conclude with a summary and outlook section before taking your questions at the end. Slide four summarizes five key takeaways from today's presentation.

Speaker #2: For their hard work, dedication, and commitment to driving our strategic ambitions forward. Slide 2 outlines the agenda for today. We will take you through the first-half highlights and the operating review, followed by an in-depth look at our unique proprietary technology and product suites, and then continue with the financial highlights.

Speaker #2: We will then conclude with a summary and outlook section before taking your questions at the end. Slide 4 summarizes five key takeaways from today's presentation.

Speaker #2: First, our record results demonstrate the continued delivery of our strategic objectives: entering new markets, broadening our product offering, and deepening customer engagement. Together, these drove significant and accelerating financial and operational momentum across the group.

David Zruia: First, our record results demonstrate the continued delivery of our strategic objectives, entering new markets, modeling our product offering, and deepening customer engagement, which together drove significant and accelerating financial and operational momentum across the group. Customer income reached a 5-year high, while revenue grew to a 3-year high, reflecting our focus on higher-value customers. During the period, we deliberately increased investment in customer acquisition, technology, product development, and the local operational capabilities required to scale our expanding geographic footprint. These investments are incurred ahead of the associated revenue, they are already converting into customer income faster than prior periods. This disciplined conviction-led investment is intended to support our sustainable growth. Second, our US business continues to scale and represents a multi-year growth engine, highlighting this non-OTC revenue grew significantly by approximately 30% year on year.

David Zruia: First, our record results demonstrate the continued delivery of our strategic objectives, entering new markets, modeling our product offering, and deepening customer engagement, which together drove significant and accelerating financial and operational momentum across the group. Customer income reached a five-year high, while revenue grew to a three-year high, reflecting our focus on higher-value customers. During the period, we deliberately increased investment in customer acquisition, technology, product development, and the local operational capabilities required to scale our expanding geographic footprint. These investments are incurred ahead of the associated revenue, they are already converting into customer income faster than prior periods. This disciplined conviction-led investment is intended to support our sustainable growth. Second, our US business continues to scale and represents a multi-year growth engine, highlighting this non-OTC revenue grew significantly by approximately 30% year on year.

Speaker #2: Customer income reached a five-year high, while revenue grew to a three-year high, reflecting our focus on higher-value customers. During the period, we deliberately increased investment in customer acquisition, technology, product development, and the local operational capabilities required to scale our expanding geographic footprint.

Speaker #2: These investments are included ahead of the associated revenue, but they are already converting into customer income faster than in prior periods. This disciplined, conviction-led investment is intended to support our sustainable growth.

Speaker #2: Second, our US business continues to scale and represents a multi-year growth engine. Notably, this non-OTC revenue grew significantly by approximately 30% year-on-year. We have deepened our existing strategic B2B relationships and recently welcomed Wealthsimple in Canada and a.Logica in Brazil as new partners, reinforcing Plus500's position as a trusted partner of choice.

David Zruia: We deepened our existing strategic B2B relationships and recently welcomed Wealthsimple in Canada and Nelogica in Brazil as new partners, reinforcing Plus500's position as a trusted partner of choice. Third, in our CFTC-regulated prediction markets business, we achieved a major milestone with the initial introduction of our B2C offering on the Plus500 Futures Platform in February 2026, which we quickly followed with the launch of sports event-based contracts in June. This completed our next-generation B2C offering in the industry's highest engagement category, establishing Plus500 as a leading participant in one of the fastest-growing markets. Building on this strong performance and excellent strategic position, our non-OTC business is on track to deliver annualized revenue of approximately $140 million this year. Our differentiated position in futures and prediction markets provides significant further opportunities for value creation, beginning in the short term, and for growth to compound over the medium to long term.

Speaker #2: Third, in our CFTC-regulated prediction markets business, we achieved a major milestone with the initial introduction of our B2C offering on the Plus500 Future platform in February 2026, which we quickly followed with the launch of sports event-based contracts in June.

Speaker #2: This completed our next-generation B2C offering in the industry's highest-engagement category, establishing Plus500 as a leading participant in one of the fastest-growing markets. Building on this strong performance and excellent strategic position, our non-OTC business is on track to deliver annualized revenue of approximately $140 million this year.

Speaker #2: Our differentiated position in futures and prediction markets provides significant further opportunities for value creation, beginning in the short term and for growth to compound over the medium to long term.

Speaker #2: Finally, we announce today additional returns of $182.5 million, comprising $82.5 million in total dividends and $100 million in new share buyback programs, reinforcing our strong commitment to generating value for our shareholders.

David Zruia: Finally, we announced today additional returns of $182.5 million, comprising $82.5 million in total dividends and $100 million in new share buyback programs, reinforcing our strong commitment to generating value for our shareholders. In conclusion, our robust financial position underpins everything we do, and we remain highly cash generative and debt-free, holding over $860 million in cash. These highlights, together with our disciplined approach, generate a compelling investment case. Plus500 is a business that has transformed, delivers, and will continue to grow. We have become a fundamentally stronger group, delivering record results today while investing in growth engines already contributing to our performance with further investment sets to drive it for years to come. Turning to slide five, which illustrates our long-standing track record of profitable growth and cash generation since our IPO in 2013.

Speaker #2: In conclusion, our robust financial position underpins everything we do, and we remain highly cash-generative and debt-free, holding over £860 million in cash. These highlights, together with our disciplined approach, generate a compelling investment case: Plus500 is a business that has transformed, delivers, and will continue to grow.

Speaker #2: We have become a fundamentally stronger group, delivering record results today, while investing in growth engines already contributing to performance, with further investment set to drive it for years to come.

Speaker #2: Turning to slide 5, which illustrates our long-standing track record of profitable growth and cash generation since our IPO in 2013. Our performance is built on four fundamentals: high operational efficiency driven by technology and automation, business model stability, consistent growth through market and product expansion, and a strong financial position.

David Zruia: High operational efficiency, driven by technology and automation, business model stability, consistent growth through market and product expansion, and a strong financial position. Since listing, Plus500 has generated $4 billion in cash from operations, $3.3 billion in cumulative net profits, and a 16% compound annual growth rate of the group's revenue. Crucially, we have returned approximately $3.1 billion to shareholders through dividends and share buybacks, including the returns announced today. These shareholder returns, combined with a strong share price performance, have resulted in Plus500 being the best-performing share in the FTSE All-Share Index over the past 13 years to the end of June on a total return basis, delivering a total shareholder return of approximately 12,000% which is a remarkable achievement.

Speaker #2: Since listing, Plus500 has generated $4 billion in cash from operations, $3.3 billion in cumulative net profits, and a 16% compound annual growth rate for the Group's revenue.

Speaker #2: Crucially, we have returned approximately $3.1 billion to shareholders through dividends and share buybacks, including the returns announced today. These shareholder returns, combined with strong share price performance, have resulted in Plus500 being the best-performing share in the FTSE All-Share Index over the past 13 years to the end of June, on a total return basis, delivering a total shareholder return of approximately 12,000 percent, which is a remarkable achievement.

Speaker #2: Moving now to Slide 6, which highlights our evolution from a single-product provider to a market-leading, global, multi-asset fintech group across OTC, futures, and share dealing, and, most recently, with the notable expansion of our offering to include prediction markets in the US.

David Zruia: Moving now to slide six, which highlights our evolution from a single product provider to a market-leading global multi-asset FinTech group across OTC, futures, and share dealing, and most recently, with the notable expansion of our offering to include prediction markets in the US. This deliberate evolution reflects a clear and consistently executed strategy to broaden the product offering and expand our geographic reach. Every growth opportunity has been pursued with discipline and with the infrastructure to support it at scale. The result is a business that is not only more resilient, but structurally better positioned to capture compounding growth across multiple areas simultaneously. Importantly, we operate in attractive growing end markets with powerful structural growth drivers, which I will highlight in more detail shortly.

Speaker #2: This deliberate evolution reflects a clear and consistently executed strategy to broaden the product offering and expand our geographic reach. Every growth opportunity has been pursued with discipline, and with the infrastructure to support it at scale.

Speaker #2: The result is a business that is not only more resilient, but structurally better positioned to capture compounding growth across multiple areas simultaneously. Importantly, we operate in attractive, growing end markets with powerful structural growth drivers, which I will highlight in more detail shortly.

Speaker #2: Our OTC businesses cover seven asset classes, now enhanced with 24/5 trading on stocks and ETFs. Our non-OTC business includes futures, which we further enhanced through the recent launch of single stock futures prediction markets and share dealing.

David Zruia: Our OTC businesses cover seven asset classes, now enhanced with 24/5 trading on stocks and ETFs, and our non-OTC business include futures, which we further enhanced through the recent launch of single stock futures, prediction markets, and share dealing. Our futures and prediction markets businesses, which covers large and rapidly growing addressable market opportunities with significant long-term potential, can be split further into B2B, institutional, and B2C retail channels, with a new B2B2C subline. Together, these channels provide execution and clearing services across a growing range of global exchanges and venues to an expanding list of partners. We also highlight Plus500 Cosmos here, our industry-leading client portal for our B2B futures customers, which has become a meaningful and growing source in accelerating customer onboarding and retention within our B2B businesses.

Speaker #2: Our futures and prediction markets businesses, which cover large and rapidly growing addressable market opportunities with significant long-term potential, can be split further into B2B, institutional, and B2C retail channels, with a new B2B2C subline. Together, these channels provide execution and clearing services across a growing range of global exchanges and venues to an expanding list of partners.

Speaker #2: We also highlight Plus500 Cosmos here, our industry-leading client portal for our B2B futures customers, which has become a meaningful and growing source in accelerating customer onboarding and retention within our B2B businesses.

Speaker #2: Expanding on our new B2B2C channel, this subline of our U.S. operation delivers an end-to-end institutional solution that enables strategic partners to seamlessly power their own customer trading experience, built on our proprietary technology and clearing infrastructure.

David Zruia: Expanding on our new B2B2C channel, the subline of our US operation delivers an end-to-end institutional solution that enables strategic partners to seamlessly power their own customer trading experience built on our proprietary technology and clearing infrastructure. The full suite package encompasses order routing, streamlined KYC onboarding, single sign-on integration, treasury management, regulatory reporting, and full clearing services, allowing partners to scale efficiently while extending Plus500 market reach. Our overall offering provides customers with a broad and expanding range of relevant products, enabling them to tailor their trading strategies to their own individual needs. The breadth of our business is a direct reflection of the scale of opportunity we see. Diversification remains a key pillar and a vital part of our success. We will continue to drive this agenda as we maximize the attractive growth opportunities across our markets. Moving to the next slide.

Speaker #2: The full suite package encompasses order routing, streamlined KYC onboarding, single sign-on integration, treasury management, regulatory reporting, and full clearing services, allowing partners to scale efficiently while extending Plus500's market reach.

Speaker #2: Our overall offering provides customers with a broad and expanding range of relevant products, enabling them to tailor their trading strategies to their own individual needs.

Speaker #2: The breadth of our business is a direct reflection of the scale of opportunity we see. Diversification remains a key pillar and a vital part of our success.

Speaker #2: And we will continue to drive this agenda as we maximize the attractive growth opportunities across our markets. Moving to the next slide—here, we show the critical and increasingly important role that Plus500 plays as a provider of accredited, trusted, institutional-grade market infrastructure, built on our innovative proprietary technology and deep market expertise.

David Zruia: Here, we show the critical and increasingly important role that Plus500 plays as a provider of accredited, trusted, institutional-grade market infrastructure built on our innovative proprietary technology and deep market expertise. Our role has evolved significantly as the group has diversified its operations. We now sit at the heart of the financial ecosystem, connecting our global customer base of institutional and retail customers to over 30 exchanges and clearing houses worldwide. Our futures business in particular, which we will discuss in more detail shortly, continues to outperform our expectations, delivering an exceptionally strong performance in H1 of the year as customer demand for our compelling offering grew meaningfully. Moving to slide eight, which details our US market business, a self-reinforcing growth engine driven by three channels: B2B, B2C, and B2B2C, creating a unique proposition.

Speaker #2: Our role has evolved significantly as the group has diversified its operations, and we now sit at the heart of the financial ecosystem, connecting our global customer base of institutional and retail customers to over 30 exchanges and clearing houses worldwide.

Speaker #2: Our futures business, in particular—which we'll discuss in more detail shortly—continues to outperform our expectations, delivering an exceptionally strong performance in the first half of the year as customer demand for our compelling offering grew meaningfully.

Speaker #2: Moving to slide 8, which details our US market business—a self-reinforcing growth engine driven by three channels: B2B, B2C, and B2B2C—creating a unique proposition.

Speaker #2: As shown on the left, we own and operate our proprietary technology, our full clearing and execution capabilities, and our institutional-grade B2B infrastructure. This complete ownership allows us to power the entire offering across all channels within our futures and prediction markets business.

David Zruia: As shown on the left, we own and operate our proprietary technology, our full clearing and execution capabilities, and our institutional-grade B2B infrastructure. This complete ownership allows us to power the entire offering across all channels within our futures and prediction markets business. On the right, you can see how this capability is delivered in practice through our various platforms, Plus500 Futures Platform, T4 Pro, and Plus500 Cosmos. Because we built and control every layer of this stack ourselves, each component reinforces the others, creating a structural competitive moat that compounds as we scale our market share. The prediction market space, covered here on slide nine, represents a compelling and fast-growing market opportunity for Plus500. Driven by a surge in retail and institutional engagement, regulated exchanges, and next-generation trading tools, this new financial asset class has experienced significant growth over the past year.

Speaker #2: On the right, you can see how this capability is delivered in practice through our various platforms: Plus500 Futures platform, T4 Pro, and Plus500 Cosmos.

Speaker #2: Because we built and control every layer of this stack ourselves, each component reinforces the others, creating a structural competitive moat that compounds as we scale our market share.

Speaker #2: The prediction market space covered here on slide 9 represents a compelling and fast-growing market opportunity for Plus500. Driven by surging retail and institutional engagement, regulated exchanges, and next-generation trading tools, this new financial asset class has experienced significant growth over the past year.

Speaker #2: Prediction markets enable customers to trade on real-world outcomes within a trusted, safety-regulated framework, underpinned by advanced technology and infrastructure, which generate a seamless and highly intuitive trading experience.

David Zruia: Prediction markets enable customers to trade on real-world outcomes within a trusted CFTC-regulated framework underpinned by advanced technology and infrastructure, which generate a seamless and highly intuitive trading experience. Plus500 customers can trade on our highly robust and reliable platform, providing them with direct, regulated access to act on real-time events as they unfold. Our technology-led position in this market speaks for itself and explains why we are established as the provider of choice for a growing number of blue-chip partners. We combine deep market expertise, institutional-grade infrastructure, and a robust proprietary ecosystem to serve an expanding customer base. We entered this market in 2025 as the clearing partner for a joint venture between the CME and FanDuel, our first strategic partnership.

Speaker #2: Plus500 customers can trade on our highly robust and reliable platform, providing them with direct, regulated access to act on real-time events as they unfold.

Speaker #2: Our technology-led position in this market speaks for itself and explains why we're established as a provider of choice for a growing number of blue-chip partners.

Speaker #2: We combine deep market expertise, institutional-grade infrastructure, and a robust proprietary ecosystem to serve an expanding customer base. We enter this market in 2025 as the clearing partner for a joint venture between CME and FundUle, our first strategic partnership. Then, in early 2026, we launched our own B2C prediction markets offering via the Plus500 Futures platform in the US.

David Zruia: In early 2026, we launched our own B2C prediction markets offering via the Plus500 Futures platform in the US. Most recently, we enhanced our offering with CFTC regulated sports event-based contracts, the highest engaging category in this prediction market space. Thanks to the unique strength and deep competitive moats of our proprietary technology and our trusted institutional infrastructure, we are exceptionally well-placed to maximize the substantial opportunities in front of us, and the most exciting part is we are only just getting started. I will now hand over to Elad, who will take us through the operating review section.

Speaker #2: And, most recently, we enhanced our offering with CFTC-regulated sports event-based contracts, the highest-engaging category in this prediction market space. Thanks to the unique strength and deep competitive moats of our proprietary technology, and our trusted institutional infrastructure, we are exceptionally well-placed to maximize the substantial opportunities in front of us. And most excitingly, we are only just getting started.

Speaker #2: I will now hand over to Elad, who will take you through the operating review section.

Speaker #1: Thank you, David. And good morning, everyone. It is a pleasure to present to you today the operating overview of our 2026 interim results, which reflect a strong set of financial and operational performance.

Elad Even-Chen: Thank you, David, and good morning, everyone. It is a pleasure to present you today the operating overview of our 2026 interim results, one which reflects a strong set of financial and operational performance. The operating review section will include an outline of our operating performance, as well as a closer look at our growing futures business, including our entry into the prediction market space and the newly announced institutional partnerships. On slide 11, we highlight the key financial and operational achievements from the period. Building on a strong 2025, the group carried forward substantial momentum into 2026, delivering record results for a six-month period. This reflects our consistent strategic focus, which includes entering into new markets, broadening our product offering, and deepening customer engagement.

Speaker #1: The operating review section will include an outline of our operating performance, as well as a closer look at our growing futures business, including our entry into the prediction market space and the newly announced institutional partnerships.

Speaker #1: On slide 11, we highlight the key financial and operational achievements from the period. Building on a strong 2025, the group carried forward substantial momentum into 2026, delivering record results for a six-month period.

Speaker #1: This reflects our consistent strategic focus, which includes entering into new markets, broadening our product offering, and deepening customer engagement. Additionally, we will continue to invest in customer acquisition and the localization of our proprietary trading platforms to meet local customer preferences, in order to drive the business forward.

Elad Even-Chen: Additionally, we will continue to invest in customer acquisition and the localization of our proprietary trading platforms to meet local customer preferences in order to drive the business forwards. In H1 2026, we delivered record level of results, with customer income up by 24% year on year to a five-year high, and revenue up by 12% year on year to a three-year high. This performance reflects strong momentum across both our OTC and non-OTC businesses. Non-OTC revenue grew by approximately 30% year on year, now accounting for approximately 15% of total group revenue. This momentum was driven by significant developments across the US business, where we expanded our capabilities to accommodate customers across B2B, B2C, and B2B2C channels.

Speaker #1: In the first half of 2026, we delivered record levels of results, with customer income up by 24% year-on-year to a five-year high, and revenue up by 12% year-on-year to a three-year high.

Speaker #1: This performance reflects strong momentum across both our OTC and non-OTC businesses. Non-OTC revenue grew by approximately 30% year-on-year and now accounts for approximately 15% of total group revenue.

Speaker #1: This momentum was driven by significant developments across the US business, where we expanded our capabilities to accommodate customers across B2B, B2C, and B2B2C channels.

Speaker #1: We continue to strengthen our position at the center of the fast-growing U.S. futures and prediction markets industry, onboarding new B2C futures customers and expanding our B2B customer base.

Elad Even-Chen: We continue to strengthen our position at the center of the fast-growing US futures and prediction markets industry, onboarding new B2C futures customers, and expanding our B2B customer base, leveraging our end-to-end omniset solution. Internationally, we completed the acquisition of Mehta Equities in India in February 2026, and recently secured new strategic partnerships with Wealthsimple in Canada and Nelogica in Brazil, alongside the established partnership with the CME Group and FanDuel as part of the growing B2B ecosystem. We also launched single stock futures shortly after the period end, which I will return to later. Our new B2B2C channel, which David mentioned earlier, delivers an end-to-end institutional solution that enables our partners to seamlessly power their own customer trading experiences. Building on this momentum, our OTC business accelerated performance by converting acquisition investment into revenue faster than in prior periods.

Speaker #1: Leveraging our end-to-end omni-set ET solution. Internationally, we completed the acquisition of Metta in India in February 2026, and recently secured new strategic partnerships with Wealthsimple in Canada and Logica in Brazil.

Speaker #1: Alongside the established partnerships with CME Group and FundUle, as part of the growing B2B ecosystem, we also launched single stock futures shortly after the period end, which I will return to later.

Speaker #1: Our new B2B2C channel, which David mentioned earlier, delivers an end-to-end institutional solution that enables our partners to seamlessly power their own customer trading experiences.

Speaker #1: Building on this momentum, our OTC business accelerated performance by converting acquisition investment into revenue faster than in prior periods. We significantly advanced our localized propositions, tailoring our offerings to align with local customer preferences, and launched high-demand trading tools like 24/5 trading on stocks and ETFs.

Elad Even-Chen: We significantly advanced our localized propositions, tailoring our offerings to align with local customer preferences, and launching high-demand trading tools like 24/5 trading on stocks and ETFs. We also continue to expand our global footprint with recent launch in Canada progressing well. While our UAE business contributed a strong level of revenue and profit, thanks to the enhanced local operation. As shown on slide 12, we now serve more than 34 million registered customers across 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 maximizing activation, retention, and monetization of our global customer base.

Speaker #1: We also continue to expand our global footprint, with the recent launch in Canada progressing well, while our UAE business contributed a strong level of revenue and profit, thanks to the enhanced local operation.

Speaker #1: As shown on slide 12, we now serve more than 34 million registered customers across more than 60 countries. This global scale, combined with a tailored, localized offering, is an important source of both current and future value.

Speaker #1: As we focus on maximizing activation, retention, and monetization of our global customer base, this is further supported by our highly innovative and agile offering, driving customer engagement with our compelling multi-asset product set, as well as a strong, debt-free balance sheet that provides the flexibility to keep investing to generate growth.

Elad Even-Chen: This is further supported by our highly innovative and agile offering, driving customer engagement with our compelling multi-asset product set, as well as a strong debt-free balance sheet that provides the flexibility to keep investing to generate growth. All of this is underpinned by our strategic advantage, a global portfolio of 17 regulatory licenses paired with proprietary technology that is designed for rapid expansion of localized services. Together, these strengths are delivered alongside a dedicated best-in-class customer service, enabling a consistently high-quality user experience. On slide 13, we show some of our operational KPIs alongside 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.

Speaker #1: All of this is underpinned by our strategic advantage: a global portfolio of 17 regulatory licenses, paired with proprietary technology that is designed for rapid expansion of localized services.

Speaker #1: Together, these strengths are delivered alongside dedicated, best-in-class customer service, enabling a consistently high-quality user experience. On slide 13, we show some of our operational KPIs alongside regional performance data.

Speaker #1: As the group has consistently demonstrated historically, new customer acquisition and deeper engagement with existing customers lay the foundation for future growth, making it an investment today to drive value creation over the medium to long term.

Speaker #1: Also, as we have demonstrated in recent years, our increasing focus on attracting and retaining higher-value and more sophisticated customers keeps us well-positioned to drive sustainable, high-quality growth.

Elad Even-Chen: Also, as we have demonstrated in recent years, our increasing focus on attracting and retaining higher value and more sophisticated customers keeps us well positioned to drive sustainable, high-quality growth. During H1 2026, we onboarded more than 65,000 new customers, a 17% increase year on year, supported by continued momentum in our strategic growth markets, and active customers increased by 10% year on year to more than 197,000. We continue to invest in attractive growth areas, including customer acquisition, new markets, and product development. This is also reflected in total customer deposits, which rose 10% year on year to $3.4 billion, with an average deposit per active customer of more than $17,000, alongside a higher number of trades executed in the period. Moving ahead to slide 14, which shows the customer tenure and longevity.

Speaker #1: During the first six months of 2026, we onboarded more than 65,000 new customers, a 17% increase year-on-year, supported by continued momentum in our strategic growth markets. Active customers increased by 10% year-on-year to more than 197,000.

Speaker #1: We continue to invest in attractive growth areas, including customer acquisition, new markets, and product development. This is also reflected in total customer deposits, which rose 10% year-on-year to $3.4 billion, with an average deposit per active customer of more than $17,000, alongside a higher number of trades executed in the period.

Speaker #1: Moving ahead to slide 14, we chose to focus on customer tenure and longevity. Over recent years, we have invested consistently in retention technologies and global premium account programs to enable a superior customer experience.

Elad Even-Chen: Over recent years, we have invested consistently in retention technologies and global premium account programs to enable a superior customer experience. These programs aim to deepen engagement with higher value customers and extend customer longevity. We aim to establish long-term relationships with our customers through tech-enabled retention initiatives and a wide range of products and services, supported by our best-in-class, robust, secure, intuitive, and reliable trading platforms. Operating entirely on a self-directed basis, customers retain complete discretion over their trading activity. As can be seen on the pie charts, in H1 2026, 20% of the OTC revenue was generated by customers who have been with us for up to 1 year, while 50% of the OTC revenue was generated by customers who have been with us for more than 5 years.

Elad Even-Chen: Over recent years, we have invested consistently in retention technologies and global premium account programs to enable a superior customer experience. These programs aim to deepen engagement with higher value customers and extend customer longevity. We aim to establish long-term relationships with our customers through tech-enabled retention initiatives and a wide range of products and services, supported by our best-in-class, robust, secure, intuitive, and reliable trading platforms. Operating entirely on a self-directed basis, customers retain complete discretion over their trading activity. As can be seen on the pie charts, in H1 2026, 20% of the OTC revenue was generated by customers who have been with us for up to one year, while 50% of the OTC revenue was generated by customers who have been with us for more than five years.

Speaker #1: These programs aim to deepen engagement with higher-value customers and extend customer longevity. We aim to establish long-term relationships with our customers through tech-enabled retention initiatives and a wide range of products and services, supported by our best-in-class, robust, secure, intuitive, and reliable trading platforms.

Speaker #1: Operating entirely on a self-directed basis, customers retain complete discretion over their trading activity. As can be seen on the pie charts, in the first half of 2026, 20% of the OTC revenue was generated by customers who have been with us for up to one year.

Speaker #1: While 50% of ODC 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 in 2022.

Elad Even-Chen: This is an excellent achievement, which is more than double the equivalent metric in 2022, reflecting the depth of trust and engagement that Plus500's proprietary platform inspires, as well as the group's ability to acquire high-value customers at attractive levels of ROI. This is a direct result of sustained deliberate investment in our proprietary retention and monetization technology, which continuously optimizes the customer life cycle and drives measurable improvement across the business. Turning to Slide 15. Customer income is a key measure of the group's underlying performance, and in H1 2026, it reached a 5-year high of approximately $461 million, a 24% increase year on year, which is an excellent achievement.

Elad Even-Chen: This is an excellent achievement, which is more than double the equivalent metric in 2022, reflecting the depth of trust and engagement that Plus500's proprietary platform inspires, as well as the group's ability to acquire high-value customers at attractive levels of ROI. This is a direct result of sustained deliberate investment in our proprietary retention and monetization technology, which continuously optimizes the customer life cycle and drives measurable improvement across the business. Turning to Slide 15. Customer income is a key measure of the group's underlying performance, and in H1 2026, it reached a five-year high of approximately $461 million, a 24% increase year on year, which is an excellent achievement.

Speaker #1: Reflecting the depth of trust and engagement that Plus500's proprietary platform inspires, as well as the Group's ability to acquire high-value customers at attractive levels of ROI.

Speaker #1: This is a direct result of sustained, deliberate investment in our proprietary retention and monetization technology, which continuously optimizes the customer lifecycle and drives measurable improvement across the business.

Speaker #1: Turning to slide 15, customer income is a key measure of the Group's underlying performance. In the first half of 2026, it reached a five-year high of approximately $461 million, a 24% increase year-on-year, which is an excellent achievement.

Speaker #1: This growth reflects the expanding scale of the group's operations, and the increasing quality, longevity, and value of our customer base. Made up of more sophisticated customers who continue to engage with our reliable and scalable proprietary trading platforms.

Elad Even-Chen: This growth reflects the expanding scale of the group's operations and the increasing quality, longevity, and value of our customer base, made up of more sophisticated customers who continue to engage our reliable and scalable proprietary trading platforms. It also demonstrates the wider progress we have delivered, including the structural resilience of our OTC business, alongside the increasing revenue contribution from our non-OTC business, which grew by approximately 30% year on year, a point we will expand on in the next slide. The group continues to expand its global footprint, both organically through new regulatory licenses and the establishment of local operations, and inorganically through selective bolt-on acquisitions. Every part of the business contributed to this record result, and that breadth of contribution is exactly what we have been strategically working towards.

Speaker #1: It also demonstrates the wider progress we have delivered, including the structural resilience of our ODC business, alongside the increasing revenue contribution from our non-ODC business.

Speaker #1: Which grew by approximately 30% year-on-year, a point we will expand on in the next slide. The Group continues to expand its global footprint both organically, through new regulatory licenses and the establishment of local operations, and inorganically, through selective world-class acquisitions.

Speaker #1: Every part of the business contributed to this record result, and that breadth of contribution is exactly what we have been strategically working towards. Over the next few slides, I will highlight the impact that our non-ODC business as a whole, and particularly the futures business, has had on the group's revenues, customer mix, and other KPIs.

Elad Even-Chen: 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. Turning to Slide 16, we can see the rapid expansion of our US business. Non-OTC revenue increased by approximately 30% year on year in H1 2026, accounting for approximately 15% of the group's total revenue and 23% of new customers, reflecting a business that has evolved into a material and rapidly scaling driver of the group's performance. The non-OTC business is anticipated to generate annualized revenue of approximately $140 million in 2026, representing a meaningful contribution from this business as it continues to scale. Three growth drivers are powering this expansion.

Speaker #1: Turning to slide 16, we can see the rapid expansion of our US business. Non-ODC revenue increased by approximately 30% year-on-year in the first half of 2026, accounting for approximately 15% of the Group's total revenue, and 23% of new customers, reflecting a business that has evolved into a material and rapidly scaling driver of the Group's performance.

Speaker #1: The non-ODC business is anticipated to generate annualized revenue of approximately $140 million in 2026, representing a meaningful contribution from this business as it continues to scale.

Speaker #1: Three growth drivers are powering this expansion. First, our B2B business continues to establish itself as a trusted provider of critical market infrastructure, growing our number of strategic partners while deepening relationships with existing ones.

Elad Even-Chen: First, our B2B business continues to establish itself as a trusted provider of critical market infrastructure, growing our number of strategic partners while deepening relationships with existing ones. Second, on the B2C side, our Plus500 Futures and T4 Pro platforms have enhanced their performance significantly over the past year, with both customer acquisition and trading volumes growing year-on-year, underpinned by our integrating infrastructure and best-in-class proprietary technology. Third, our B2B2C channel, a new sub-line in our US operation, allows our partners to power their own customer trading experiences using Plus500's proprietary technology and infrastructure. By embedding this technology across our B2B, B2C, and B2B2C channels, together with our clearing and risk management infrastructure, this valuable technology is what has driven and will continue to drive the growth and scaling of this line of business.

Speaker #1: Second, on the B2C side, our Plus500 Futures and T4 Pro platforms have enhanced their performance significantly over the past year, with both customer acquisition and trading volumes growing year-on-year, underpinned by our integrated infrastructure and best-in-class proprietary technology.

Speaker #1: And third, our B2B2C channel and new sub-line in our US operation allow our partners to power their own customer trading experiences using Plus500's proprietary technology and infrastructure.

Speaker #1: By embedding this technology across our B2B, B2C, and B2B2C channels, together with our clearing and risk management infrastructure, this valuable technology is what has driven, and will continue to drive, the growth and scaling of this line of business.

Speaker #1: Within the prediction markets, we first launched our B2C prediction markets offering in 2026, then expanded it in June 2026 with our next-generation proposition.

Elad Even-Chen: Within the prediction markets, we first launched our B2C prediction markets offering in 2026, then expanding it in June 2026 with our next generation proposition, introducing CFTC-regulated sports event-based contracts, the highest engagement category in the industry. Our positioning in this market provides significant further opportunities for value creation to begin in short term, and for growth to compound over the medium to long term. This has driven a near doubling of non-OTC revenue from around $35 million in H1 2024 to approximately $70 million in H1 2026. This positive momentum is expected to continue. Turning to slide 17, we show the strategic foundations and the building blocks that have enabled our US business to perform so well.

Speaker #1: Introducing CFTC-regulated, sports event-based contracts, the highest engagement category in the industry. Our positioning in this market provides significant further opportunities for value creation to begin in the short term, and for growth to compound over the medium to long term.

Speaker #1: This has driven a near doubling of non-ODC revenue, from around $35 million in the first half of 2024 to approximately $70 million in the first half of 2026.

Speaker #1: And this positive momentum is expected to continue. Turning to slide 17, we show the strategic foundations and the building blocks that have enabled our US business to perform so well.

Speaker #1: In our futures business, our portfolio of exchange and clear memberships, including ICE Clear US and ICE Clear Europe, as well as Culture Clear, allows Plus500 to offer B2B customers a holistic solution covering clearing, execution, and order routing—with direct API connectivity—across venues and geographies.

Elad Even-Chen: In our futures business, our portfolio of exchange and clearing memberships, including ICE Clear US and ICE Clear Europe, as well as Eurex Clearing, allows Plus500 to offer B2B customers a holistic solution covering clearing, execution, and order routing with direct API connectivity across venues and geographies. During H1 2026, we added six new exchange memberships in India, further strengthening our position as increasingly global infrastructure provider. Our institutional offering is underpinned by Plus500 Cosmos, an end-to-end proprietary platform built for our B2B partners to manage their business and service their end customers. It brings together a full range of services, which includes funds management, real-time risk monitoring, and streamlined onboarding within a single scalable system, materially improving the experience our customers can offer and deepening their engagement with us.

Speaker #1: During the first half of 2026, we added six new exchange memberships in India, further strengthening our position as an increasingly global infrastructure provider. Our institutional offering is underpinned by Plus500 Cosmos, an end-to-end proprietary platform built for our B2B partners to manage their business and service their end customers.

Speaker #1: It brings together a full range of services, which includes funds management, real-time risk monitoring, and streamlined onboarding within a single, scalable system, materially improving the experience our customers can offer and deepening their engagement with us.

Speaker #1: Across all three channels—B2B, B2C, and B2B2C—we have expanded our core technology architecture to deliver dedicated clearing, order routing, and risk management solutions.

Elad Even-Chen: Across all these three channels, B2B, B2C, and B2B2C, we have expanded our core technology architecture to deliver dedicated clearing, order routing, and risk management solutions. Our B2B2C infrastructures enables our partners to power their own customer offering and to extend our market reach beyond our direct audience. Our offering to B2C customers is powered by our proprietary technology and includes specific functionalities developed especially for this business. At its core is our omniset solution, enabling customers to onboard, fund, and trade seamlessly through a single integrated and secure platform. This reflects a strong and unique combination as we own and operate both the trading platform and the clearing infrastructure needed to deliver this seamless end-to-end experience.

Speaker #1: Our B2B2C infrastructures enable our partners to power their own customer offerings and to extend our market reach beyond our direct audience. Our offering to B2C customers is powered by our proprietary technology and includes specific functionalities developed especially for this business.

Speaker #1: At its core is our OmniSetET solution, enabling customers to onboard, fund, and trade seamlessly through a single integrated and secure platform. This reflects a strong and unique combination, as we own and operate both the trading platform and the clearing infrastructure needed to deliver this seamless end-to-end experience.

Speaker #1: In the prediction market space, our focus has been on developing and launching a high-quality product with a full-service offering, positioning us to build quickly across all three channels in one of the fastest-growing segments in today's financial markets.

Elad Even-Chen: In the prediction market space, our focus has been on developing and launching a high-quality product with a full service offering, positioning us to build quickly across all three channels in one of the fast-growing segments in today's financial markets. As I've mentioned, we launched our B2C prediction markets offering in February 2026, and in June, we built on this by expanding our addressable market with CFTC-regulated sports event-based contracts. We will also continue to target additional B2B partnerships in this space, further extending our reputation as a premier provider of market infrastructure. Turning to our exciting blue-chip partnerships shown here on slide 18, which demonstrate the scale and caliber of institutions now choosing to collaborate with Plus500.

Speaker #1: As I've mentioned, we launched our B2C prediction markets offering in February 2026, and in June, we built on this by expanding our addressable market with CFTC-regulated sports event-based contracts.

Speaker #1: We will also continue to target additional B2B partnerships in this space, further extending our reputation as a premier provider of market infrastructure. Turning to our exciting blue-chip partnerships, shown here on slide 18, these demonstrate the scale and caliber of institutions now choosing to collaborate with Plus500.

Speaker #1: We recently announced strategic partnerships with Wealthsimple, Canada's leading financial innovator serving more than 4 million Canadians, and Elogica, a leading trading technology provider in Brazil.

Elad Even-Chen: We recently announced on strategic partnerships with Wealthsimple, Canada's leading financial innovator, serving more than 4 million Canadians, and Nelogica, a leading trading technology provider in Brazil, marking our expansion into Latin America region. We will also continue to build on our role as a clearing partner for FanDuel prediction markets as part of our joint venture with the CME Group exchanges. These partnerships reflect just how much we have developed our offering in the US and how our status as an accredited, trusted market infrastructure provider built on proprietary technology and deep market expertise enables us to drive institutional collaboration to the very highest level. They also demonstrate the strength and maturity of our operational processes and status as a global multi-asset FinTech group on the international stage.

Speaker #1: Marking our expansion into the Latin America region. We will also continue to build on our role as a clearing partner for funding your prediction markets, as part of our joint venture with the CME Group exchanges.

Speaker #1: These partnerships reflect just how much we have developed our offering in the US, and how our status as an accredited, trusted market infrastructure provider, built on proprietary technology and deep market expertise, has enabled us to drive institutional collaboration to the very highest level.

Speaker #1: They also demonstrate the strength and maturity of our operational processes, and our status as a global multi-asset fintech group on the international stage. These partnerships are expected to build progressively, creating value in the short term and growing their contribution to group results over time.

Elad Even-Chen: These partnerships are expected to build progressively, creating value in the short term and growing their contribution to group results over time. Securing this caliber and number of partnerships within such a short time reflect the strength of the group's technological capabilities and its ability to build solutions tailored to each partner's specific needs. Together, this combination of advanced technological capabilities, regulatory position, and robust clearing memberships With strong financial foundations and deep market expertise, it is scarce and durable competitive advantage representing a meaningful barrier to entry in this expanding market. This leaves us extremely well-positioned to capitalize on the growth opportunities ahead. I will now hand back to David, who will take us through the technology section.

Speaker #1: Securing this caliber and a number of partnerships within such a short time reflects the strength of the group's technological capabilities and its ability to build solutions tailored to each partner's specific needs.

Speaker #1: Together, this combination of advanced technological capabilities, regulatory position, and robust clearing memberships—with strong financial foundations and deep market expertise—is a scarce and durable competitive advantage, representing a meaningful barrier to entry in this expanding market.

Speaker #1: This leaves us extremely well-positioned to capitalize on the growth opportunities ahead. I will now hand back to David, who will take us through the technology section.

Speaker #2: Thank you, Elad. Turning to slide 20—technology is why Plus500 operates efficiently at scale and why we are so confident about our prospects. Our proprietary technology is one of our core competitive advantages.

David Zruia: Thank you, Elad. Turning to slide 20. Technology is why Plus500 operates efficiently at scale, why we are so confident about our prospects. Our proprietary technology is one of our four competitive advantages, powering every aspect of our business from operations and product to marketing and customer service. By seamlessly integrating these in-house systems, we deliver specialized services such as search and data analytics in marketing, payments processing, and customer onboarding, while maintaining a holistic view of our infrastructure. Ultimately, this resilient and agile architecture underpins our best-in-class global multi-asset offering in highly regulated markets. Our domains are built using our own technology, they are integrated and optimized with one another, giving a holistic view of our systems. It is a capability which compounds in value with every new market we enter, every new product we launch, and every new transaction processed.

Speaker #2: Powering every aspect of our business, from operations and product to marketing and customer service. By seamlessly integrating these in-house systems, we deliver specialized services such as search and data analytics in marketing, payments processing, and customer onboarding—while maintaining a holistic view of our infrastructure.

Speaker #2: Ultimately, this resilient and agile architecture underpins our best-in-class global multi-asset offering in highly regulated markets. Our domains are built using our own technology, and they are integrated and optimized with one another.

Speaker #2: Giving a holistic view of our systems. It is a capability which compounds in value with every new market we enter, every new product we launch, and every new transaction processed.

Speaker #2: We power the complete customer journey through our proprietary technology, and that end-to-end ownership is a significant competitive advantage. Whether driving acquisition through our multi-channel marketing machine, with an increasing level of AI input, processing payments via our in-house cashier, or delivering unique trading products, our technology stack covers every touchpoint of the customer experience.

David Zruia: We power the complete customer journey through our proprietary technology, and that end-to-end ownership is a significant competitive advantage. Whether driving acquisition through our multi-channel marketing machine with increasing level of AI input, processing payments via our in-house cashier, or delivering unique trading products, our technology stack covers every touch point of the customer experience. Every improvement to this journey, whether in onboarding speed, payment processing efficiency, or trading experience, directly reduces friction, improves conversion rates, and enhances the lifetime value of each customer. Plus500 is committed to developing cutting-edge solutions that provide our global user base with a secure, localized, and user-friendly trading experience. We are investing continuously to make that experience better, faster, and more intuitive. Our best-in-class technology stack provides our customers with a reliable, robust, and seamless trading experience across mobile devices, tablets, and the web.

Speaker #2: Every improvement to this journey—whether in onboarding speed, payment processing efficiency, or trading experience—directly reduces friction, improves conversion rates, and enhances the lifetime value of each customer.

Speaker #2: Plus500 is committed to developing cutting-edge solutions that provide our global user base with a secure, localized, and user-friendly trading experience. We are investing continuously to make that experience better, faster, and more intuitive.

Speaker #2: Our best-in-class technology stack provides our customers with a reliable, robust, and seamless trading experience across mobile devices, tablets, and the web. We offer over 2,500 different underlying global financial instruments across more than 60 countries and in 30 languages via our product portfolios of OTC share dealing, futures and options on futures, and prediction markets.

David Zruia: We offer over 2,500 different underlying global financial instruments across more than 60 countries and in 30 languages via our product portfolios of OTC, share dealing, futures and options on futures, and prediction markets. As you can see on the slide, the graphical user interface and overall user experience across our mobile-first product offering are seamless, enabling greater level of customer satisfaction, engagement, and longevity. Plus500's new tech stack for the US futures market available across various platforms, serves retail, professional, and institutional clients. These include Plus500 Futures and its prediction markets offering, T4 Pro and Plus500 Cosmos, along with advanced clearing risk management, middle office, and execution technologies.

David Zruia: We offer over 2,500 different underlying global financial instruments across more than 60 countries and in 30 languages via our product portfolios of OTC, share dealing, futures, and options on futures, and prediction markets. As you can see on the slide, the graphical user interface and overall user experience across our mobile-first product offering are seamless, enabling greater level of customer satisfaction, engagement, and longevity. Plus500's new tech stack for the US futures market available across various platforms, serves retail, professional, and institutional clients. These include Plus500 Futures and its prediction markets offering, T4 Pro and Plus500 Cosmos, along with advanced clearing risk management, middle office, and execution technologies.

Speaker #2: As you can see on the slide, the graphical user interface and overall user experience across our mobile-first product offering are seamless, enabling a greater level of customer satisfaction, engagement, and longevity.

Speaker #2: Plus500's new technology stack for the U.S. futures market, available across various platforms, serves retail, professional, and institutional clients. These include Plus500 Futures, its prediction markets offering, T4 Pro, and Plus500 Cosmos.

Speaker #2: Along with advanced clearing, risk management, middle office, and execution technologies—and our strategic partnerships, which Elad covered earlier—this demonstrates our ability to offer bespoke API connectivity and other tailored services to meet the specific needs of prospective partnerships across futures and prediction markets.

David Zruia: Our strategic partnerships, which Elad covered earlier, demonstrates our ability to offer bespoke API connectivity and other tailored services to meet the specific needs of prospective partnerships across futures and prediction markets, a flexibility that is a direct product of owning and controlling our own technology. For institutional clients, we offer enhanced control over the end-to-end process. Plus500 Cosmos leads industry innovation with a proprietary platform built for our B2B partners, featuring advanced risk management tools and trade monitoring services, streamlined onboarding, and other functionalities. With these advancements, Plus500 has established itself as a key market infrastructure provider in the futures industry. We made significant progress during the first six months of 2026 with the launch of 24/5 trading on stocks and ETFs in our OTC business, giving customers continuous weekday access to financial markets.

Speaker #2: A flexibility that is a direct product of owning and controlling our own technology. For institutional clients, we offer enhanced control over the end-to-end process.

Speaker #2: Plus500 Cosmos leads industry innovation with a proprietary platform built for our B2B partners, featuring advanced risk management tools and trade monitoring services, streamlined onboarding, and other functionalities.

Speaker #2: With these advancements, Plus500 has established itself as a key market infrastructure provider in the futures industry. We made significant progress during the first six months of 2026 with the launch of 24/5 trading on stocks and ETFs in our OTC business, giving customers continuous weekday access to financial markets.

Speaker #2: Continuing this momentum, shortly after the period end, we also extended around-the-clock trading to our US futures customers through the launch of single stock futures, further enhancing our product suite and strengthening our position in this fast-growing market.

David Zruia: Continuing this momentum, shortly after the period end, we also extended around-the-clock trading to our newest futures customers through the launch of single-stock futures, further enhancing our product suite and strengthening our position in this fast-growing market. This response to structural shifts reshaping our industry. Extended-hours trading is now accounting for a significant and growing share of global retail activity. Customers increasingly want the flexibility to act the moment news breaks, regardless of time zone. We have also introduced an exciting new feature for our OTC customers called +AI Bites. This is a proprietary AI tool that provides near real-time market analysis in seamless, intuitive way. It rapidly processes complex data sets and translates them into easy-to-understand insights. Key features include AI-driven news summaries, technical analysis, and real-time sentiment displays.

Speaker #2: This response to structural shift reshaping our industry extended our trading, which is now accounting for a significant and growing share of global retail activity, and customers increasingly want the flexibility to act the moment news breaks, regardless of time zone.

Speaker #2: We have also introduced an exciting new feature for our OTC customers called Plus AI Bites. This is a proprietary AI tool that provides near real-time market analysis in a seamless, intuitive way.

Speaker #2: It rapidly processes complex data sets and translates them into easy-to-understand insights. Key features include AI-driven news summarization, technical analysis, and real-time sentiment displays. The launch of Plus AI Bites reflects our ongoing commitment to equipping our customers with innovative and effective tools.

David Zruia: The launch of +AI Bites reflects our ongoing commitment to equipping our customers with innovative and effective tools. Turning to slide 25. The mobile trading space has become increasingly important for retail customers, and we work extremely hard to maintain and extend our leading position in this field. Many of our customers have a mobile-first approach to trading, which is why Plus500's customer experience is seamless between mobile, tablet, or web, and each interaction is designed to have the same look and feel. This consistency in trading experience for our customers is extremely important to us. Highlighting this, 90% of OTC revenue was generated from customers trading with us on mobile and tablet devices, and 87% of OTC trades took place on mobile or tablet devices in H1 2026.

Speaker #2: Turning to slide 25, the mobile trading space has become increasingly important for retail customers, and we work extremely hard to maintain and extend our leading position in this field.

Speaker #2: Many of our customers have a mobile-first approach to trading, which is why Plus500's customer experience is seamless between mobile, tablet, or web. Each interaction is designed to have the same look and feel.

Speaker #2: This consistency in trading experience for our customers is extremely important to us. Highlighting this, 90% of OTC revenue was generated from customers trading with us on mobile and tablet devices, and 87% of OTC trades took place on mobile or tablet devices in H1 2026.

Speaker #2: I will now hand back to Elad, who will take you through the financials before I conclude with the summary and outlook section.

David Zruia: I will now hand back to Elad, who will take you through the financials before I conclude with the summary and outlook section.

Speaker #1: Thank you, David. Shown here on slide 27 are some of the financial and operational highlights for the period. We are really pleased to be reporting today on such a strong set of results, which include multi-year highs for customer income, revenue, and customer growth.

Elad Even-Chen: Thank you, David. Shown here on slide 27 are some of the financial and operational highlights for the period. We are really pleased to be reporting today on such a strong set of results, which include multiyear highs for customer income, revenue, and customer growth. Results which reflects our discipline and consistent delivery of strategic roadmap objectives. The group delivered revenue growth of 12% and EBITDA growth of 1% year-on-year, translating into a strong EBITDA margin of 41%. This reflects a deliberate decision to accelerate investment in customer acquisition and significantly scaling our US presence across futures and prediction markets through B2B, B2C, and B2B2C channels, leading to a natural rise in our cost base and consistent with our strategy to prioritize long-term, high-quality earnings. The growth in our cost base was driven by three main factors.

Speaker #1: Results which reflect our discipline and consistent delivery of strategic roadmap objectives. The Group delivered revenue growth of 12% and EBITDA growth of 1% year on year.

Speaker #1: This translated into a strong EBITDA margin of 41%. This reflects a deliberate decision to accelerate investment in customer acquisition and significantly scale our US presence across futures and prediction markets.

Speaker #1: Through B2B, B2C, and B2B2C channels, leading to a natural rise in our cost base, and consistent with our strategy to prioritize long-term, high-quality earnings.

Speaker #1: The growth in our cost base was driven by three main factors. First, continued investment in customer acquisition, including a deliberate incremental investment of approximately $60 million in marketing during the period, which is already converting into revenue.

Elad Even-Chen: First, continued investment in customer acquisition, including a deliberate incremental investment of approximately $60 million in marketing during the period, which is already converting in revenue faster than in prior periods. Second, the natural scaling of revenue link costs as the business grows, including higher payment processing costs driven by a 10% growth in customer deposits, and commissions and infrastructure costs tied to our non-OTC revenue, which grew by approximately 30% year-on-year. Third, the period experienced major external FX headwinds as the Israeli shekel strengthened by approximately 20% against the US dollar, an external dynamic affecting the broader Israeli tech sector. While this affected the group, the impact on us has been comparably modest, reflecting our continued focus on automation and technology over headcount alone, supported by a lean, highly qualified workforce, and geographic diversification outside of our headquarters.

Speaker #1: Faster than in prior periods. Second, the natural scaling of revenue-linked costs as the business grows, including higher payment processing costs driven by a 10% growth in customer deposits.

Speaker #1: And commissions and infrastructure costs tied to our non-OTC revenue, which grew by approximately 30% year-on-year. Third, the period experienced major external FX headwinds, as the Israeli Shekel strengthened by approximately 20% against the US dollar—an external dynamic affecting the broader Israeli tech sector.

Speaker #1: While this affected the group, the impact on us has been comparably modest, reflecting our continued focus on automation and technology over headcount alone. Supported by a lean, highly qualified workforce and geographic diversification outside of our— We view the FX impact as a short-term effect rather than a mid-term one.

Elad Even-Chen: We view the FX impact as a short-term effect rather than a midterm one. On a constant currency basis, our underlying performance was meaningfully stronger, underscoring the resilience and quality of our operating model. Our focus on attracting and retaining higher value customers, enabled by our sophisticated marketing technology investment and additional investments during the period, drove 17% growth in new customers and $3.4 billion in total customer deposits, supporting the record customer income delivered in the period. None of this would've been possible without the platform strengths we have built. Best-in-class customer service, extremely resilient technological infrastructure, and ongoing innovation that continues to compound our advantages. We also grew average revenue per user by 2% year-on-year, highlighting our sophisticated multi-channel marketing technology and ability to attract and retain higher value customers at scale.

Speaker #1: And on a constant currency basis, our underlying performance was meaningfully stronger, underscoring the resilience and quality of our operating model. Our focus on attracting and retaining higher-value customers, enabled by our sophisticated marketing technology investment and additional investments during the period, drove 17% growth in new customers.

Speaker #1: And $3.4 billion in total customer deposits, supporting the record customer income delivered in the period. None of this would have been possible without the platform strength we have built.

Speaker #1: Best-in-class customer service, extremely resilient technological infrastructure, and ongoing innovation continue to compound our advantages. We also grew average revenue per user by 2% year-on-year.

Speaker #1: Highlighting our sophisticated multi-channel marketing technology and our ability to attract and retain higher-value customers at scale, this was achieved alongside a favorable decrease in average user acquisition costs by 1% to $1,230. This is consistent with the Group's strategy of scaling customer acquisition while improving cohort quality and achieving more efficient levels of acquisition costs.

Elad Even-Chen: This was achieved alongside a favorable decrease in average user acquisition cost by 1% to $1,230, consistent with the group's strategy of scaling customer acquisition while improving cohort quality and more efficient levels of acquisition costs. On slide 28, we can see the financial performance Plus500 has delivered in recent years. The group generated revenue of approximately $463 million in the H1 of 2026. Representing growth of 12% year-on-year, EBITDA was also extremely robust at $187.5 million. The strong delivery, combined with the ongoing share buyback program during the period, led to basic earnings per share of $2.17, representing growth of 6% year-on-year. These results reflect the quality, resilience, and compounding strength of our business model. I will now take you through our financials, starting on slide 29. Here, we show a breakdown of our income statement in more detail. Starting with revenue.

Speaker #1: On slide 28, we can see the financial performance Plus500 has delivered in recent years. The group generated revenue of approximately $463 million in the first half of 2026.

Speaker #1: This represents growth of 12% year-on-year. EBITDA was also extremely robust at $187.5 million. The strong delivery, combined with the ongoing share buyback program during the period, led to basic earnings per share of $2.17.

Speaker #1: Representing growth of 6% year on year. These results reflect the quality, resilience, and compounding strength of our business model. I will now take you through our financials, starting on slide 29.

Speaker #1: Here we show a breakdown of our income statement in more detail. Starting with revenue, trading income, our primary revenue driver, grew by 15% year on year to $441.8 million.

Elad Even-Chen: Trading income, our primary revenue driver, grew by 15% year-on-year to $441.8 million. This growth was driven by increased customer and trading activity, underpinned by higher customer deposits, which together are the key drivers of our performance. It also outweighed a decline in interest income as global interest rates fell. We view the growing contribution from trading income very favorably, as it reflects a reduced reliance on rate-sensitive income and a greater contribution from a key driver of the business, customer engagement. These are high-quality earnings, underscoring the increasing quality and resilience of our underlying revenue model. In the H1 of 2026, selling and marketing expenses increased by 20% year-on-year to just over $201 million, reflecting a deliberate step-up in customer acquisition investment, which directly supported the 17% growth in new customers during the period.

Speaker #1: This growth was driven by increased customer trading activity, underpinned by higher customer deposits, which together are the key drivers of our performance. It also outweighed a decline in interest income as global interest rates fell.

Speaker #1: We view the growing contribution from trading income very favorably, as it reflects a reduced reliance on rate-sensitive income and a greater contribution from a key driver of the business: customer engagement.

Speaker #1: These are high-quality earnings, underscoring the increasing quality and resilience of our underlying revenue model. In the first half of 2026, selling and marketing expenses increased by 20% year on year.

Speaker #1: to just over $201 million, reflecting a deliberate step-up in customer acquisition investment, which directly supported the 17% growth in new customers during the period.

Elad Even-Chen: Administrative and general expenses increased by 20% year-on-year to just over $76 million, reflecting the growing scale of our international expansion and the related impact of the FX headwinds during the period. Slide 30 shows our cost base in more detail, it reflects a business that is both disciplined and structurally flexible. Approximately 70% of costs are variable in nature, a key part of our financial strength, and a significant source of resilience through different market cycles. This structural flexibility enabled us to scale investment in attractive opportunities while continuing to deliver strong level of operational profitability. Advertising technology and marketing investment increased by 16% year-on-year to $80.9 million, driven by our increased customer acquisition investment via multi-channel marketing technology. Payment processing costs also increased by 10%, reflecting the higher customer deposit volumes and our continued success in attracting and retaining a larger base of active higher-value customers.

Speaker #1: Administrative and general expenses increased by 20% year-on-year to just over $76 million, reflecting the growing scale of our international expansion and the related impact of FX headwinds during the period.

Speaker #1: Slide 30 shows our cost base in more detail, and it reflects a business that is both disciplined and structurally flexible. Approximately 70% of costs are variable in nature.

Speaker #1: A key part of our financial strength and a significant source of resilience through different market cycles. The structural flexibility enabled us to scale investment in attractive opportunities, while continuing to deliver a strong level of operational profitability.

Speaker #1: Advertising technology and marketing investment increased by 16% year on year to $80.9 million, driven by our increased customer acquisition investment via multi-channel marketing technology.

Speaker #1: Payment processing costs also increased by 10%, reflecting the higher customer deposit volumes and our continued success in attracting and retaining a larger base of active, higher-value customers.

Speaker #1: Commission and fees increased by 34% year on year, reflecting the continued scaling of our U.S. futures business, where the cost base scales directly with trading volumes.

Elad Even-Chen: Commission and fees increased by 34% year-on-year, reflecting the continued scaling of our US futures business, where the cost base scales directly with trading volumes, growing customer numbers, and revenue. We view this dynamic very positively, and we expect it to persist as we continue to scale our non-OTC operations. Slide 31 shows the group's balance sheet. Our strong financial position underpins all of our activities, giving us the optionality to invest both organically and inorganically, and to enhance our shareholder returns where appropriate. The group ended the period with cash balances of approximately $860 million, with no debt or loans, representing an extremely strong and flexible financial position. Slide 32 represent the cash flow statement. Plus500 remains a highly cash-generative business, underpinned by a lean cost base and our proprietary technology. During the period, operating cash conversion was 99%, reflecting the quality and efficiency of our business model.

Speaker #1: Growing customer numbers and revenue—we view this dynamic very positively, and we expect it to persist as we continue to scale our non-OTC operations.

Speaker #1: Slide 31 shows the group's balance sheet. Our strong financial position underpins all of our activities, giving us the optionality to invest both organically and inorganically, and to enhance our shareholder returns where appropriate.

Speaker #1: The group ended the period with cash balances of approximately $860 million, with no debt or loans, representing an extremely strong and flexible financial position.

Speaker #1: Slide 32 represents the cash flow statement. Plus500 remains a highly cash-generative business, underpinned by a lean cost base and our proprietary technology. During the period, operating cash conversion was 99%, reflecting the quality and efficiency of our business model.

Speaker #1: In the first half of 2026, cash generated from operations was approximately $185 million. Cash and cash equivalents at the end of the period stood at approximately $860 million.

Elad Even-Chen: In H1 2026, cash generated from operations was approximately at the level of $185 million, and cash and cash equivalents at the end of the period stood at approximately $860 million. Turning to slide 33, we set out our disciplined approach to capital allocation across the group, an approach that has underpinned our exceptional track record of value creation since the company's IPO 13 years ago. Our objective is to maintain the right balance between maximizing shareholder returns, investing strategically to support future growth, pursuing highly selective bolt-on acquisitions, and continuing to build a sustainable business for the long term. As shown on the slide, our capital position can be broadly divided into 2 categories. The first, representing approximately $550 million, comprises four pillars, regulatory capital, working capital, clearing funds, and risk management balances.

Elad Even-Chen: In H1 2026, cash generated from operations was approximately at the level of $185 million, and cash and cash equivalents at the end of the period stood at approximately $860 million. Turning to slide 33, we set out our disciplined approach to capital allocation across the group, an approach that has underpinned our exceptional track record of value creation since the company's IPO 13 years ago. Our objective is to maintain the right balance between maximizing shareholder returns, investing strategically to support future growth, pursuing highly selective bolt-on acquisitions, and continuing to build a sustainable business for the long term. As shown on the slide, our capital position can be broadly divided into two categories. The first, representing approximately $550 million, comprises four pillars, regulatory capital, working capital, clearing funds, and risk management balances.

Speaker #1: Turning to slide 33, we set out our disciplined approach to capital allocation across the Group—an approach that has underpinned our exceptional track record of value creation since the company’s IPO 13 years ago.

Speaker #1: Our objective is to maintain the right balance between maximizing shareholder returns, investing strategically to support future growth, pursuing highly selective, bold acquisitions, and continuing to build a sustainable business for the long term.

Speaker #1: As shown on the slide, our capital position can be broadly divided into two categories. The first, representing approximately $550 million, comprises four pillars: regulatory capital, working capital, clearing funds, and risk management balances.

Speaker #1: These pillars are essential to supporting the ongoing operations of the group, including our growing clearing and execution activities across our B2B, B2C, and B2B2C channels.

Elad Even-Chen: These pillars are essential to supporting the ongoing operations of the group, including our growing clearing and execution activities across our B2B, B2C, and B2B2C channels. The second category is surplus capital, which stood at approximately $310 million as of 30 June 2026. This provides the group with significant flexibility to invest in future growth opportunities while continuing to deliver enhanced returns to shareholders. I will now cover those shareholder returns in more detail on slide 34. Our shareholder returns policy state that at least 50% of net profits are to be distributed to shareholders via dividends and share buybacks, and at least 50% of those distributions will be made by way of share buybacks. This policy will continue to apply to net profits on a half-yearly basis and will continue to be based on a 23% corporate tax rate for both interim and final distributions.

Speaker #1: The second category is surplus capital, which stood at approximately $310 million as of 30 June 2026. This provides the group with significant flexibility to invest in future growth opportunities while continuing to deliver enhanced returns to shareholders.

Speaker #1: I will now cover those shareholder returns in more detail on slide 34. Our shareholder returns policy states that at least 50% of net profits are to be distributed to shareholders via dividends and share buybacks, and at least 50% of those distributions will be made by way of share buybacks.

Speaker #1: This policy will continue to apply to net profits on a half-yearly basis and will continue to be based on a 23% corporate tax rate for both interim and final distributions.

Speaker #1: The Board will also consider executing special share buybacks or dividends on a half-yearly basis, dependent on fiscal year results as well as on investment and growth opportunities.

Elad Even-Chen: The board will also consider executing special share buybacks or dividends on a half-yearly basis, dependent on fiscal year results, as well as on investment and growth opportunities. Accordingly, today, we're really pleased to announce an additional shareholder returns of $182.5 million. This takes the total returns announced during 2026 to $370 million, comprising $200 million in new share buyback programs and $170 million of total dividends, which equals a dividend distribution of more than $2.40 per share. This is consistent with our proven capital allocation framework, and it reflects the record financial performance, robust balance sheet, and highly cash-generative business model that underpins everything we do. This is all part of a truly exceptional long-term evolution. Since our IPO in 2013, Plus500 has delivered a total shareholder return of approximately 12,000%, making us the best-performing share in the FTSE All-Share Index over that period.

Speaker #1: Accordingly, today we're really pleased to announce additional shareholder returns of $182.5 million. This takes the total returns announced during 2026 to $370 million, comprising $200 million in new share buyback programs and $170 million of total dividends, which equals a dividend distribution of more than $2.40 per share.

Speaker #1: This is consistent with our proven capital allocation framework. It reflects the record financial performance, robust balance sheet, and highly cash-generative business model that underpins everything we do.

Speaker #1: And this is all part of a truly exceptional long-term evolution. Since our IPO in 2013, Plus500 has delivered a total shareholder return of approximately 12,000%, making us the best-performing share in the FTSE All-Share Index over that period.

Speaker #1: This is a remarkable achievement—one we're extremely proud of, and we remain absolutely committed to extending this over the years. Thank you all, and I will now hand back to David for his final remarks.

Elad Even-Chen: This is a remarkable achievement, one we're extremely proud of, and we remain absolutely committed to extending this over the years. Thank you all. I will now hand back to David for his final remarks. I look forward to taking your questions at the end.

Speaker #1: And I look forward to taking your questions at the end.

Speaker #2: Thank you, Elad. Let's now move to the Summary and Outlook section, starting on slide 36. As we have shown today, the first half of 2026 was another strong period for Plus500, with accelerating strategic, operational, and financial progress across the business.

David Zruia: Thank you, Elad. Let's now move to the summary and outlook section, starting on slide 36. As we have shown today, H1 2026 was another strong period for Plus500, with accelerating strategic, operational, and financial progress across the business. We have carried this momentum straight into H2 of the year. Our confidence in Plus500's future growth prospects remains exceptionally strong. Looking farther ahead, we remain confident in our ability to build on our track record and deliver real long-term value for our shareholders. As shown on this slide, our growth is driven by five compounding engines. First, geographic expansion. We will continue to target new markets to boost our already excellent portfolio of 17 global regulatory licenses, with areas of focus including Latin America and Asia.

Speaker #2: We have carried this momentum straight into the second half of the year, and our confidence in Plus500's future growth prospects remains exceptionally strong. Looking further ahead, we remain confident in our ability to build on our track record and deliver real long-term value for our shareholders.

Speaker #2: As shown on this slide, our growth is driven by five compounding engines. First, geographic expansion. We will continue to target new markets to boost our already excellent portfolio of 17 global regulatory licenses, with areas of focus including Latin America and Asia.

Speaker #2: Second, customer quality and retention, where our efforts have delivered real and significant benefit across the Group. And we will continue to drive these initiatives forward.

David Zruia: Second, customer quality and retention, where our efforts have delivered real and significant benefits across the group. We will continue to drive these initiatives forward. Third, our US futures business, where continued product enhancements build on a highly successful infrastructure. We have begun the integration of Mehta Equities in India. Four, prediction markets, where we launched our next-generation offering of CFTC-regulated sports contracts during this period, extending our early-mover advantage in this fast-growing, dynamic, and transformative new asset class. Finally, underpinning all of what I've just mentioned, our proprietary technology and trading platforms, which are not simply operational enablers. They are the engine of our customer economics, continuously improving acquisition efficiency, retention rates, and lifetime value. Together, these five drivers give us a clear, compelling, and well-funded path to sustainable growth.

Speaker #2: Third, our years futures business. We’ve continued product enhancement, built on a highly successful infrastructure, and we have begun the integration of Meta in India.

Speaker #2: Fourth, prediction markets, where we launched our next-generation offering of CFTC-regulated sports contracts during this period, extending our early mover advantage in this fast-growing, dynamic, and transformative new asset class.

Speaker #2: Finally, underpinning all of what I've just mentioned are our proprietary technology and trading platforms, which are not simply operational enablers—they are the engine of our customer economics, continuously improving acquisition efficiency, retention rates, and lifetime value.

Speaker #2: Together, these five drivers give us a clear, compelling, and well-funded path to sustainable growth. Value creation from our unique position in the futures and prediction markets business has already begun, and we expect growth to compound over the medium to long term.

David Zruia: Value creation from our unique position in the futures and prediction markets business has already begun. We expect growth to compound over the medium to long term. Building on those growth engines, slide 37 shows why the opportunities ahead remain so compelling and why we are so excited about the future for Plus500. Plus500 has a clear and durable technology edge in large, growing markets. The retail trading opportunity is substantial, with meaningful, sustained growth expected across exchange-traded futures, prediction markets, and OTC trading over the coming years. We hold strong, differentiated positions across all three. A global leader in OTC, a fast-scaling futures business, and an early mover in prediction markets. Our technology, experience, and infrastructure put us in a strong position to capture this growth as these markets continue to expand. We intend to capture it strategically.

Speaker #2: Building on those growth engines, slide 37 shows why the wide opportunities ahead remain so compelling and why we are so excited about the future for Plus500.

Speaker #2: Plus500 has a clear and durable technology edge in large, growing markets. The retail trading opportunity is substantial, with meaningful, sustained growth expected across exchange-traded futures, prediction markets, and OTC trading over the coming years.

Speaker #2: We hold a strong, differentiated position across all three—a global leader in OTC, a fast-scaling futures business, and an early mover in prediction markets.

Speaker #2: Our technology, experience, and infrastructure put us in a strong position to capture this growth as these markets continue to expand, and we intend to capture it strategically.

Speaker #2: Bringing everything together, as shown here on slide 38, is our compelling investment case, and it has never been stronger. In recent years, Plus500 has evolved significantly.

David Zruia: Bringing everything together, shown here on slide 38, is our compelling investment case, and it has never been stronger. In recent years, Plus500 has evolved significantly, materially diversifying its operations to become a leading global multi-asset FinTech group. Today, we provide trading platforms and critical market infrastructure, all supported by our leading proprietary technology and unique system architecture, a combination that is difficult to replicate and that compounds in value as we scale. Over our 13 years as a public company, Plus500 has delivered an exceptional track record of growth, innovation and attractive shareholder returns. Importantly, as we have grown and diversified, we have maintained a highly cash generative business model, and we continue to invest in our group-wide capabilities. Our financial position remains extremely strong, with significant levels of cash and no debt.

David Zruia: Bringing everything together, shown here on slide 38, is our compelling investment case, and it has never been stronger. In recent years, Plus500 has evolved significantly, materially diversifying its operations to become a leading global multi-asset FinTech group. Today, we provide trading platforms and critical market infrastructure, all supported by our leading proprietary technology and unique system architecture, a combination that is difficult to replicate, and that compounds in value as we scale. Over our 13 years as a public company, Plus500 has delivered an exceptional track record of growth, innovation and attractive shareholder returns. Importantly, as we have grown and diversified, we have maintained a highly cash generative business model, and we continue to invest in our group-wide capabilities. Our financial position remains extremely strong, with significant levels of cash and no debt.

Speaker #2: We have materially diversified our operations to become a leading global multi-asset fintech group. Today, we provide trading platforms and critical market infrastructure, all supported by our leading proprietary technology and unique system architecture—a combination that is difficult to replicate and that compounds in value as we scale.

Speaker #2: Over our 13 years as a public company, Plus500 has delivered an exceptional track record of growth, innovation, and attractive shareholder returns. Importantly, as we have grown and diversified, we have maintained a highly cash-generative business model, and we continue to invest in our group-wide capabilities.

Speaker #2: Our financial position remains extremely strong, with significant levels of cash and no debt. This financial strength gives us the flexibility to pursue growth opportunities both organically and inorganically, while continuing to deliver attractive returns to shareholders.

David Zruia: With our strong strategic position in growing end markets, we remain extremely well-placed to capitalize on opportunities as they emerge with confidence, speed, and with the technology to execute at scale. To conclude, slide 39. Looking ahead, the opportunity for Plus500 and the growth runway has never been more significant. In 2026, we are accelerating strategic progress across the group, including B2C prediction market expansion and additional B2B partnerships. H2 2026 has started well, supported by positive momentum across global financial markets and continued progress on our strategic priorities. As such, we are confident in delivering full-year results in line with current market expectations, which have been upgraded several times during 2026.

Speaker #2: And with our strong strategic position in growing end markets, we remain extremely well placed to capitalize on opportunities as they emerge—with confidence, speed, and with the technology to execute at scale.

Speaker #2: And to conclude slide 39, looking ahead, the opportunity for Plus500 and the growth runway has never been more significant. In 2026, we are accelerating strategic progress across the group, including B2C prediction market expansion and additional B2B partnerships.

Speaker #2: The second half of 2026 has started well, supported by positive momentum across global financial markets and continued progress on our strategic priorities. As such, we are confident in delivering full-year results in line with current market expectations, which have been upgraded several times during 2026.

Speaker #2: Over the medium term, we will continue to expand our non-OTC operations, pursue strategic growth through targeted investments and bolt-on acquisitions, and continue to expand into new OTC markets and deepen customer relationships.

David Zruia: Over the medium term, we will continue to expand our non-OTC operations, pursue strategic growth through targeted investments and bolt-on acquisitions, and continue to expand into new OTC markets and deepen customer relationships. Over the long term, we have the solid financial and technological foundations in place to keep delivering expansion, innovation and attractive shareholder returns. We look to the future with confidence and absolutely focused on executing with precision against our strategic priorities to deliver growth and value creation for all our stakeholders. Thank you all for listening. That marks the end of our presentation. We will now move on to take your questions. Thank you.

Speaker #2: And over the long term, we have the solid financial and technological foundations in place to keep delivering expansion, innovation, and attractive shareholder returns. We look to the future with confidence and are absolutely focused on executing with precision against our strategic priorities to deliver growth and value creation for all our stakeholders.

Speaker #2: Thank you all for listening. That marks the end of our presentation. We will now move on to take your questions. Thank you.

Speaker #1: Ladies and gentlemen, we will now begin the question-and-answer session. To ask a question on the phone line, please signal by pressing star one on your telephone keypad.

Operator: Ladies and gentlemen, we will now begin the question and answer session. To ask a question on the phone line, please signal by pressing *1 on your telephone keypad. Participants can also submit questions through the webcast page using the Ask a Question button. We'll pause for a moment to assemble the queue. Your first question comes the line of Marron Singh from Panmure Liberum. Your line is open.

Speaker #1: Participants can also submit questions through the webcast page using the Ask a Question button. We'll pause for a moment to assemble the queue. Your first question comes from the line of Maren Singh from Panma Library.

Speaker #1: Your line is open.

Speaker #3: Good morning, Elad and David. First of all, congratulations on the great set of results. A couple of questions from me. You announced the Nelogica partnership today alongside the results.

Marron Singh: Morning, Elad and David. First of all, congratulations on the great set of results. A couple of questions from me. You announced the Nelogica partnership today alongside the results. Could you talk more about what Brazil adds to non-OTC footprint and how you think about the pipeline of similar partnerships from here? Secondly, 20% of OTC revenue now comes from the customers acquired in the last year, alongside half from clients of more than five years. What is driving the faster monetization in your cohorts? Third, your US approach has been to monetize infrastructure through partners rather than acquire a customer franchise. How do you think about strategic advantage of capital light model versus buying distribution?

Barun Singh: Morning, Elad and David. First of all, congratulations on the great set of results. A couple of questions from me. You announced the Nelogica partnership today alongside the results. Could you talk more about what Brazil adds to non-OTC footprint and how you think about the pipeline of similar partnerships from here? Secondly, 20% of OTC revenue now comes from the customers acquired in the last year, alongside half from clients of more than five years. What is driving the faster monetization in your cohorts? Third, your US approach has been to monetize infrastructure through partners rather than acquire a customer franchise. How do you think about strategic advantage of capital light model versus buying distribution?

Speaker #3: Could you talk more about what Brazil adds to the non-OTC footprint, and how you think about the pipeline of similar partnerships from here? Secondly, 20% of OTC revenue now comes from the customer acquired in last year.

Speaker #3: Alongside half from clients of more than five years, what is driving the faster monetization in your cohorts? And third, your US approach has been to monetize infrastructure through partners rather than acquire a customer franchise.

Speaker #3: How do you think about the strategic advantage of a capital-light model versus buying distribution?

Speaker #4: Hi, good morning, all. So, as for the first question regarding Nelogica, you could have seen the great momentum we've had over the last few months, and more specifically, even last week and today, with the announcement on Wealthsimple and Nelogica.

David Zruia: Hi, good morning, all. As for kind of the first question for Nelogica, you could have seen the great momentum we've had over the last few months, more specifically even last week, and today with the announcement on Wealthsimple and Nelogica. The beauty of Plus within the prediction market and other kind of segments as well is also to act as a clearing party to those great institutional bodies. We're not just the one to provide B2C services with our technology as the beast that knows also how to market itself very strongly and provide a great user experience. Also we established our B2B operation together with the new segment and line of sub-business of the B2B2C. Together we're bringing the clearing services, the order routing, and we're also facilitating their needs locally from technology standpoint of view and backend level.

Speaker #4: The beauty of Plus within the prediction market, and other kinds of segments as well, is also to act as a clearing party to those great institutional bodies. We're not just the ones to provide B2C services with our technology as the beast that knows also how to market itself very strongly and provide a great user experience, but we've also established our B2B operation, together with a new segment and a line of sub-business of the B2B2C. Together, we're bringing the clearing services, the order routing, and we are also facilitating their needs locally from a technology standpoint and backend level.

Speaker #4: Now, when we're looking at Nelogica and other kinds of factors in Brazil, we're having the benefit of servicing them and other sub-institutional bodies down there. As you've seen, we'll continue the expansion elsewhere in the world.

David Zruia: Now, when we're looking at Nelogica and other kind of factors in Brazil, we're having the benefit to service them and other kind of sub-institutional bodies down there. As you've seen, we'll continue the expansion elsewhere in the world.

Speaker #4: As for the second question, yeah, go for it.

Elad Even-Chen: As for the second question, yeah, go for it.

Speaker #3: Yeah, go for it. It's okay. Go for it.

David Zruia: Yeah, go for it. It's okay. Go for it.

Speaker #4: As as for kind of the just the the the second question of the 20 and the 50% all together we can see the continuous evolution that David will follow also with the explanation on the technology and we'll just add that this is kind of a reflection of the strength of the business behind the scene the fact that on a calendaric year we do not start a year empty of revenues profits and a clientele but rather with the stickiness and the journey of the service that we provide to those customers alongside the monetization the increased monetization that took place this year and David will be able also to explain a bit about the monetization technologies that took place.

Elad Even-Chen: As for kind of just the second question of the 20% and the 50% all together, we can see the continuous evolution that David will follow also with the explanation on the technology, we'll just add that this is kind of a reflection of the strength of the business behind the scene. The fact that on a calendar year, we do not start a year empty of revenues, profits, and a clientele, but rather with the stickiness and the journey of the service that we provide to those customers, alongside the increased monetization that took place this year. David will be able also to explain a bit about the monetization technologies that took place.

Speaker #2: Yes so obviously as as Elad mentioned we focused a lot over the last two years and and we see the results of the of lots of optimization of the marketing of the retention and also higher focus on the premium accounts premium customers we added we invested a lot in our trading proposition we've added options weekly options we have added 24/5 trading and all of this together leads to the great results.

David Zruia: Yeah. Obviously, as Elad mentioned, we focused a lot over the last two years, and we see the results of a lot of optimization of the marketing, of the retention, and also higher focus on the premium accounts, premium customers. We invested a lot in our trading proposition. We've added options, weekly options. We have added 24/5 trading, all of this together leads to the great results.

Speaker #3: Yeah, and the third question as well. Both—the US approach has been monetizing infrastructure, you know, rather than acquiring. So, how is that capital-light model, you know, better? If we can put some comments on that, it would be great.

Marron Singh: Yeah. The third question as well, both the US approach has been monetizing infrastructure, rather than acquiring. How is that capital light model better? If you can put some comments on that would be great.

Barun Singh: Yeah. The third question as well, both the US approach has been monetizing infrastructure, rather than acquiring. How is that capital light model better? If you can put some comments on that would be great.

Speaker #2: Yeah, so first of all, it is both. The plan is basically to expand the go-live with a super app, a one-stop shop trading app, and this is what we are working on.

David Zruia: Yeah. Presumably, it's both. The plan is basically to expand and go live with the super app one-stop shop trading app, and this is what we are working at. What we started organically, we built and we added the prediction markets, and we are working and looking always for bolt-on acquisitions, also to support us with that, to be able to add the required licenses and other layers that are needed in order to be able to go live with the super app. I hope it answers the question.

Speaker #2: So we started organically, we built and we added the prediction markets, and we are working and looking always for bolt-on acquisitions also to support us with that, to be able to add the required licenses and other layers that are needed in order to be able to go live with the super app.

Speaker #2: I hope it answers the question.

Speaker #3: Thanks thanks both. Yeah.

Marron Singh: Thanks. Thanks, both. Yeah.

Barun Singh: Thanks. Thanks, both. Yeah.

Speaker #1: Your next question comes from the line of Nagarji from Cantor. Office Gerald, your line is open.

Operator: Your next question comes from the line of Bharat Nagaraji from Cantor Fitzgerald. Your line is open.

Speaker #3: Thank you. Thanks for the presentation. Just a few questions from me. How should we think about the capital intensity of the non-OTC business in terms of clearing memberships, etc.?

Bharat Nagaraji: Thank you. Thanks for the presentation. Just a few questions from me. How should we think about the capital intensity of the non-OTC business in terms of clearing memberships, et cetera, versus maybe a lower capital requirement for the OTC model? Does the scaling of the non-OTC business imply that the excess capital generation to fund the buybacks, et cetera, will change in the future or not really? That's the first question. I'll go one by one, if that's all right.

Bharath Nagaraj: Thank you. Thanks for the presentation. Just a few questions from me. How should we think about the capital intensity of the non-OTC business in terms of clearing memberships, et cetera, versus maybe a lower capital requirement for the OTC model? Does the scaling of the non-OTC business imply that the excess capital generation to fund the buybacks, et cetera, will change in the future or not really? That's the first question. I'll go one by one, if that's all right.

Speaker #3: versus maybe a lower capital requirement for the OTC model? Does this non-OTC change—does the scaling of the non-OTC business imply that the excess capital generation to fund the buybacks, etc.—

Speaker #3: Will that change in the future, or not really? That's the first question. I'll go one by one, if that's all right.

Speaker #4: Of course. So good morning. As for kind of the capital optimization or the capital necessities for the non-OTC line of business very much that line of business is one that may require additional capital but yet again that's the beauty also of having the ability to navigate within the clientele and also to onboard applicable clients with the the service to them according also to the the the the offering which they kind of provide to their end customers i.e. we are in a position also to have clients for instance that are institutional bodies that are offering to their clients as IDs short trading on corn while also having the natural hedge for those that are offering or their clients are trading on long trading on corn and if it's cattle or if it's other kind of agricultural commodities and other indices as well as kind of crypto as well as kind of other prediction market as well as kind of hedge funds that are actually coming and having their clearing services through Plus500 on the prediction market product.

Elad Even-Chen: Of course. Good morning. As for kind of the capital optimization or the capital necessities for the non-OTC line of business, very much that line of business is one that may require additional capital. Yet again, that's the beauty also of having the ability to navigate within the clientele and also to onboard applicable clients with the service to them, according also to the offering which they kind of provide to their end customers, i.e., we are in a position also to have clients, for instance, that are institutional bodies that are offering to their clients as IBs, short trading on corn, while also having the natural hedge for those that are offering or their clients are trading on long trading on corn.

Elad Even-Chen: If it's cattle or if it's other kind of agricultural commodities and other indices, as well as kind of crypto, as well as kind of other prediction market, as well as kind of hedge funds that are actually coming and having their clearing services through Plus500 on the prediction market product. Altogether, it's not just a question of the capital on an absolute level, but rather as well the composition behind the scene of your clientele. We're very proud, not just to offer our services, but also to have that level of natural hedging that takes place behind the scene that enables Plus to scale its business on the ongoing basis.

Speaker #4: So, altogether, it's not just a question of the capital on an absolute level, but rather as well the composition behind the scenes of your clientele. We're very proud not just to offer our services, but also to have that level of natural hedging that takes place behind the scenes. That enables Plus to scale its business on an ongoing basis. We can also see, by the way, that movement and that kind of flow within the OTC business, that as time goes by, is very much naturally hedged on an ongoing basis, in the longer term. You could see that being reflected through the CTPs, which is very de minimis as time goes by.

Elad Even-Chen: We can also see, by the way, that movement and that kind of flow within the OTC business, that as time goes by, it's very much natural hedged on the ongoing basis on the longer term, you could see that being reflected through the CTP that is very de minimis as time goes by.

Speaker #1: Okay, now it makes sense. Thank you very much. Just a question on the outlook. I know the second half outlook implies a significant ramp in the margin profile on the operating margin side.

Bharat Nagaraji: Okay. No, it makes sense. Thank you very much. Just a question on the outlook. I know the H2 outlook implies a significant ramp in the margin profile on the operating margin side. What do you expect that to be driven by? Also, given that the H2 started strongly, can you quantify the July or early August trading versus the Q2 kind of run rate, given that the VIX has kind of fallen to the range of 14 to 15 at the moment?

Bharath Nagaraj: Okay. No, it makes sense. Thank you very much. Just a question on the outlook. I know the H2 outlook implies a significant ramp in the margin profile on the operating margin side. What do you expect that to be driven by? Also, given that the H2 started strongly, can you quantify the July or early August trading versus the Q2 kind of run rate, given that the VIX has kind of fallen to the range of 14 to 15 at the moment?

Speaker #1: How do you expect that what do you expect that to be driven by and also given that the second half started strongly can you quantify the July or early August trading versus the Q2 kind of run rate given that the VIX is kind of fall into the 15 the range of 14 to 15 at the moment.

Speaker #2: Yes, so we are obviously, as mentioned today, in line with the market consensus and I cannot add in addition to that. And please repeat again the second part of the question.

David Zruia: Yeah. We are, obviously, as mentioned today, we're in line with the market consensus, and I cannot add in addition to that. Please repeat again the second part of the question.

Speaker #3: I was more interested in the ramp-up in the margins in the second half. What is that to be driven by, in your internal expectations?

Bharat Nagaraji: I was more interested in the ramp-up in the margins in the H2. What is that to be driven by in your internal expectations? What is that to be driven by?

Bharath Nagaraj: I was more interested in the ramp-up in the margins in the H2. What is that to be driven by in your internal expectations? What is that to be driven by?

Speaker #3: What is that going to be driven by?

Speaker #4: So, obviously, yeah—go for it, David. Sorry.

David Zruia: So obviously-

Elad Even-Chen: Yeah, go for it, Dan. Sorry.

Speaker #2: Yeah, so obviously we just initiated, as stated, the prediction markets on H1. We entered the sport, so obviously this should contribute.

David Zruia: Obviously, we just initiated, as stated, the prediction markets on H1. We entered the sports, obviously this should contribute. We have all the new markets that we entered recently that we went live on. We have the new trading opportunities that we introduced over the last 2 months on the 24/5 trading, the options. All of that basically should contribute to the growth in H2 and going forward. Later on, next year, we'll also add to that equation also the Super App that I mentioned earlier.

Speaker #2: We have all the new markets that we entered recently, that we went live on. We have the new trading opportunities that we introduced over the last two months on the 24/5 trading—the options.

Speaker #2: So all of that basically should contribute to the growth in H2 and going forward. And later on next year, we'll also add to that equation the super app that I mentioned earlier.

Speaker #4: I'll also add that obviously kind of if you're looking at specifically in more specifically at the second half and and it's kind of evolution and the market expectation as a whole you could see that actually we're on track to meet that level also at the year end with the market expectation.

Elad Even-Chen: I'll also add there that obviously, if you're looking at specifically and more specifically at H2, and its kind of evolution and the market expectation as a whole, you could see that actually we're on track to meet that level also at the year-end with the market expectation. If you take Q2 as even a run rate, and even if it will be higher as a given, but also within its current run rate, we're very much established to deliver the market expectation. As mentioned this morning, we as management and board, we're very confident about delivering.

Speaker #4: If you take the second quarter as even a run rate, and even if it will be higher as a given, but also within its current run rate, we're very much established to deliver the market expectation.

Speaker #4: So as mentioned this morning, we as management and board are very confident about delivering it.

Speaker #1: Sure, thank you. If I may, just to sneak in one more—on the prediction markets—could you provide any color on the unit economics of a trade in the prediction markets versus, say, a CFD trade, for example?

Bharat Nagaraji: Sure. Thank you. If I may just sneak in one more, please, on the prediction markets. Is there any color you can provide on the unit economics of a trade in the prediction markets versus like a CFD trade, for example? Thank you.

Bharath Nagaraj: Sure. Thank you. If I may just sneak in one more, please, on the prediction markets. Is there any color you can provide on the unit economics of a trade in the prediction markets versus like a CFD trade, for example? Thank you.

Speaker #1: Thank you.

Speaker #4: So, obviously, the unique economic aspect is very different from the perspective that it's a cleared product as well, and the commission to be charged.

Elad Even-Chen: Obviously, the unit economic is very different, from the perspective that it's a cleared product as well, and the commission to be charged. There is a commission that we're gaining, and there is a differentiation between B2C to B2B. From the B2B, there are four different components for the revenues to be generated. The first one is the SaaS service that we may get from the applicable parties that we cater. There is the clearing fee altogether that we charge. The order routing that may be applicable for the one that would like to use our execution service. The fourth one is, of course, the interest that may be applicable on an omnibus level.

Speaker #4: There is a commission that we're gaining, and there is a kind of differentiation between B2C and B2B. For the B2B, there are four different components for the revenues to be generated.

Speaker #4: The first one is a SaaS service that we may get from the applicable parties that we cater. Then there is the clearing fee altogether that we charge, the order routing that may be applicable for the ones that would like to use our execution service, and the fourth one is, of course, the interest that may be applicable on an omnibus level.

Speaker #4: The the the service or the fee associated with the B2C is of course to come altogether from the commission and that's in in contrast or in parallel to the OTC which there the the the charges are of course the spreads and the overnight charges that comes altogether.

Elad Even-Chen: The service or the fee associated with the B2C is, of course, to come altogether from the commission, and that's in contrast or in parallel to the OTC, which there the charges are, of course, the spreads and the overnight charges that comes altogether.

Bharat Nagaraji: Thank you very much.

Bharath Nagaraj: Thank you very much.

Speaker #1: Thank you very much. Your next question comes from Alexander Bowers at KBW. Your line is open.

Elad Even-Chen: Pleasure.

Operator: Your next question comes to line of Alexander Bowers from KBW. Your line is open.

Speaker #5: One question on the non-OTC business, if I may. Is there any color you can provide in terms of the kind of profit margin or the PBT margin of that business as it stands today? And any kind of color you can provide on what you expect that to look like in the medium term, like any sort of profit margin expansion for that business going forward?

Alexander Bowers: One question on the non-OTC business if I may. Is there any color you can provide in terms of the kind of profit margin or the PBT margin of that business as it stands today, and any kind of color you can provide on what you expect that to look like in medium term, like any sort of profit margin expansion in that business going forward? Thanks.

Speaker #5: Thanks.

Speaker #4: So, as we are having, of course, the line of business of the non-OTC, with its expectation to have a margin which is at the level of approximately, the market practice is 10%. We truly believe we're more towards the 20% and above on an ongoing basis.

Elad Even-Chen: As we are having, of course, the line of business of the non-OTC with its expectation to have a margin, which is the level of approximately the market practice is 10%, we truly believe we're more towards the 20% and above on the ongoing basis. We didn't split it more specifically just into the prediction market, but the beauty here is to have not just the B2C, but also the B2B, and by that, by acting as the clearing party, also having the ability to increase the level of profitability.

Speaker #4: And we didn't split it more specifically just into the prediction market, but the beauty here is to have not just the B2B2C, but also the B2B, and by that, by acting as the clearing party, also having the ability to increase the level of profitability.

Speaker #5: Thank you.

Alexander Bowers: Thank you.

Speaker #1: Your next question comes from James Allen with Berenberg. Your line is open.

Operator: Your next question comes to line of James Allen from Berenberg. Your line is open.

Speaker #6: Hi, morning guys. Good afternoon. Two questions, if I can. First one: obviously, non-OTC is still growing really well, with 30% year-on-year growth in revenues, and presumably that includes the new Meta Equities acquisition.

James Allen: Hi. Morning, guys. Could I ask two questions if I can? First one, obviously non-OTC is still growing really well, 30% year-on-year growth in revenues. Presumably, that includes the new Mehta Equities acquisition. I was just wondering what that growth was when you exclude the Mehta Equities contribution in the H1. The second question, you've obviously plugged some geographic gaps with the new licenses in both Colombia and Canada. You now have pretty good global coverage from a licensing point of view. But are there any other geographies where you'd like to add another license? Thanks.

Speaker #6: So, I was just wondering what that growth was when you exclude the Meta equities contribution in the first half. And then, the second question: you've obviously plugged some geographic gaps with new licenses in both Colombia and Canada.

Speaker #6: You've now got pretty good global coverage from a licensing point of view. But are there any other geographies where you'd like to add another license?

Speaker #6: Thanks.

Speaker #2: Yeah so we with regards to meta so meta is still in the early stages obviously we bought the company in India with the licensing with the team with the proposition with the running operation and we are now in the phase of optimizing it and we are yet to include this in our near term plans or or numbers.

David Zruia: Yeah. With regards to Mehta. Mehta is still in the early stages. Obviously, we bought the company in India with the licensing, with the team, with the proposition, with the running operation, and we are now in the phase of optimizing it, and we are yet to include this in our near-term plans or numbers, which is also a positive thing because it has a lot of potential for the later stage. Regarding the other geographies, as mentioned, we put a lot of focus recently on LATAM, Latin America, both with the prediction but also with other products that we are having or working at. We see lots of potential with Latin America. It is a market that basically it's quite untapped for us.

Speaker #2: Which which is also a positive thing because it it has a lot of potential for the later stage. Regarding the other geographies so as mentioned we we we put a lot of focus recently on on LATAM Latin America both with the prediction but also with with other products that we are having or working at.

Speaker #2: We see lots of potential with Latin America. It is a market that basically—it's quite untapped for us. We didn't utilize the potential that we have over the years.

David Zruia: We didn't utilize the potential that we have over during the years, it's time for us also to add more resources there, marketing capabilities and operational ones in order to increase our market share there.

Speaker #2: And it's time for us also to add more resources there—marketing capabilities and operational ones—in order to increase our market share there.

Speaker #1: Great. Thanks very much.

James Allen: Great. Thanks very much.

Speaker #2: Thank you.

David Zruia: Thank you.

Operator: There are no further questions. That concludes today's call. Have a nice day.