Accelerating strategic momentum,
driving growth and returns
Plus500 Ltd.
Annual Report 2025

Contents
STRATEGIC REPORT
2025 Highlights and Key Achievements 2
Group at a Glance 4
Chair’s Statement 5
The Plus500 Investment Case 7
Chief Executive Officer’s Review 8
Strategic Roadmap 12
Non-OTC Business 16
Holistic Technological Solutions 17
Prediction Markets Offering 18
Diverse Product Offerings 19
Best-in-class Technology 20
Large, Global Customer Base 21
Leading Mobile-first Offering 22
Investing in R&D 23
Business Model 24
Key Performance Indicators (“KPIs”) 26
Key Stakeholder Relationships 28
ESG Approach 30
Report on Climate-Related 37
Financial Disclosures (TCFD Report)
Group Chief Financial Officer’s Review 42
Group Tax Policy 44
Risk Management Framework 45
Going Concern and Viability Statement 50
GOVERNANCE
Governance at a Glance 52
Chair’s Introduction to Governance 54
UK Corporate Governance 55
Code Compliance Statement
Board of Directors 56
Governance Report 60
Shareholder Engagement 66
Report of the Nomination Committee 67
Report of the Audit Committee 72
Report of the Regulatory & Risk Committee 79
Report of the ESG Committee 82
Report of the Remuneration Committee 85
Directors’ Remuneration Report 92
Directors’ Report 104
Corporate Law 106
Directors’ Responsibility Statement 109
FINANCIAL STATEMENTS
Independent Report of the Auditors 111
Consolidated Statement of 115
Comprehensive Income
Consolidated Statement of Financial Position 116
Consolidated Statement of Changes in Equity 117
Consolidated Statement of Cash Flows 118
Notes to the Consolidated Financial Statements 119
FURTHER INFORMATION
Advisors 139
IN THIS REPORT
Chair’s
statement
Chief Executive
Officer’sreview
Group Chief Financial
Officer’sreview
p5 p8 p42
All charts and graphs contained in this Annual Report are graphical
representations of the underlying data to which each chart or graph relates
and have been included to aid interpretation of such data and are therefore
included for illustrative purposes only.
Plus500 Ltd. (“Plus500”, the “Company” or, together with its
subsidiaries, the “Group”) is a global multi-asset fintech group
operating proprietary technology-based trading platforms.
Visit investors.plus500.com
for more information
Strategic report
Governance Financial statements
1
Plus500 Ltd. 2025 Annual Report

Financial highlights
$792.4m
Revenue
1
$348.1m
EBITDA
2
44%
EBITDA Margin
$801.6m
Cash balance at year end
2025 highlights
1 Revenue is comprised of trading income and interest income.
2 Revenue (trading income and interest income) minus operating expenses plus depreciation and amortisation.
3 Customers depositing for the first time.
4 Customers who made at least one real money trade during the period.
5 Average Revenue Per User.
6 Average User Acquisition Cost.
2025 HIGHLIGHTS AND KEY ACHIEVEMENTS
Operational highlights
104,902
New Customers
3
242,440
Active Customers
4
$3,268
ARPU
5
$1,267
AUAC
6
2
Plus500 Ltd. 2025 Annual Report

2025 key achievements
Prediction markets initiatives provide
a strategic growth engine for Plus500
The Group was appointed as the clearing
partner for ‘FanDuel Prediction Markets’, a
groundbreaking new event-based contracts
platform established as a joint venture between
the CME Group and FanDuel. In addition, Plus500
launched a B2C offering through the addition
of Kalshi event-based contracts in the US.
Increased focus on higher value
customers enhances quality of
revenue, earnings and longevity
In FY 2025, the Group delivered record total
customer deposits of $6.5bn, equating to a
record average deposit per Active Customer of
c.$26,900, and a record ARPU of $3,268,
reflecting its continued focus on attracting and
retaining higher value customers as well as the
benefits of its increasingly diversified platform
offering.
Strong financial performance driven
by the Group’s global offering, scale
and capital allocation
Strong financial results delivered for FY 2025,
supported by an increasingly diversified
revenue base and disciplined cost
management. Maintained a highly cash-
generative business model, underpinned by a
strong, debt-free balance sheet.
Structural growth of the Group’s OTC
business underpinned by new markets,
licences and products
During FY 2025 the Group secured new licences
in Canada and the UAE, and following its first
strategic expansion into Latin America, with
authorisation to establish a representative
office in Colombia. The Group’s global portfolio
of regulatory licences increased to 17, including
the most recent addition following the
acquisition of Mehta Equities Private Limited
(“Mehta”) in India.
Material progress delivered in non-OTC
business with annual record revenue
and customer segregated funds
The non-OTC business generated record
revenue of more than $100m in FY 2025, marking
a step-change in scale as this business line
becomes a meaningful and increasingly
important contributor to Group revenue, new
customer numbers and total customer
deposits.
Accelerated strategic execution
and diversification across the Group
FY 2025 was a year of significant progress
against the Group’s long-term strategic
roadmap of expanding into new markets,
enhancing its product offering across both the
OTC* and non-OTC businesses and deepening
engagement with its growing cohort of
premium customers.
* Over-the-Counter (“OTC”)
Strategic report
Governance Financial statements
3
Plus500 Ltd. 2025 Annual Report

GROUP AT A GLANCE
A global multi-asset
fintechinnovator
Plus500 is a global multi-asset fintech group operating proprietary
technology-based trading platforms. It offers customers a range
of trading products, including OTC, share dealing, as well as futures
and options on futures
Plus500 is listed on the London Stock Exchange (“LSE”) and is a
constituent of the FTSE 250 Index and the STOXX Europe 600 Index
Our strategy Our values
To enable trusted
and intuitive access to
financial opportunities
for our customers
Across devices
and platforms
Through best-in-class
proprietary technology
Across the globe
Through global scale
with localised services
Acrossfinancial
instruments
Through a broad range
of innovative products
Our purpose
Read more on pages 5 to 11
Plus500’s strategy
is to continue to develop
its position as a leading
global multi-asset
fintech group by:
Deepening engagement
with customers
Expanding its offering
in existing markets
Entering new markets
Launching new products
Plus500iswellpositioned
to access a range of
significantgrowth
opportunities
Read more on pages 12 to 15
Strive for excellence
Offering a best-in-class
technology
Customer-centric
approach
Customers are at the centre
of decision-making, to
ensure high service levels
Committed to operating
sustainably and
responsibly
Plus500 is focused on
carrying out a range of
sustainability initiatives
to deliver tangible value
for stakeholders
Unique organisational
culture
Plus500 operates an
entrepreneurial and
high-performance
organisational culture
to empower employee
development
Read more on pages 30 to 36
4
Plus500 Ltd. 2025 Annual Report

CHAIR’S STATEMENT
Plus500 accelerated its
strategic progress in FY 2025
The first, announced in October 2025, was with Topstep, a
leading US-based trading education and evaluation platform,
and the second, announced thereafter, was as the clearing
partner for a new joint venture between the CME Group and
FanDuel, known as ‘FanDuel Prediction Markets’. In addition,
shortly after the period end, we completed the acquisition of
Mehta in India, expanding the Group’s global footprint and
product set.
The OTC business expanded its scope of operations during
FY 2025 with new regulatory licences in Canada, the UAE and
Colombia, expanding its global portfolio of regulatory licences.
Collectively these developments position the OTC business
extremely well to deliver structural growth over the medium-
term and beyond.
Strongfinancialresultsenablegrowth
and innovation
The FY 2025 financial results were strong, with total revenue of
$792.4m and EBITDA of $348.1m, which highlight the benefits of
the Group’s diversification initiatives in recent years towards
new markets, products and an increasing focus on higher
value customers.
In recent years, the Group has diversified its global operations
materially, evolving from a single OTC product provider into a
global multi-asset fintech group covering OTC, futures, options
on futures and share dealing. Such diversification, particularly
in a relatively short period of time, has only been possible
thanks to Plus500’s proprietary technology and unique system
architecture. This continues to be the Group’s most significant
competitive advantage, as it provides a foundation to maintain
its global scale whilst, at the same time, offering highly localised
and tailored experiences for customers. It also means that
the Group’s platforms are highly-scalable and robust, giving
customers confidence when using Plus500.
Plus500 made meaningful progress during
FY 2025 across several important strategic
initiatives. Reflecting our excellent
strategic positioning and financial
strength, the Board and I look to 2026
and beyond with confidence.”
Prof. Jacob A. Frenkel
Chair of the Board
Introduction
FY 2025 was a year of strong strategic delivery as the Group
moved towards its medium-term collective ambitions both in
its OTC and non-OTC businesses. It delivered strong financials
and, of particular note, were the announced shareholder
returns of $365m. I am more motivated than ever to be part
of Plus500’s journey as it continues to diversify and evolve as a
leading global multi-asset fintech group.
In the OTC business, the Group secured additional regulatory
licences, expanded its geographic reach and enhanced
its product offering to customers. We were also particularly
pleased with the progress made in the non-OTC business,
which comprises its futures and share dealing businesses,
where Plus500 once again demonstrated its status as a
trusted provider of institutional market infrastructure with
two extremely exciting new strategic partnerships. We also
announced the extension of our B2C product offering in the
US to include prediction markets, which is a fast-growing
new category, as interest in prediction markets continues to
increase significantly.
The Board and the Executive Management team are committed
to delivering the strategic roadmap initiatives successfully for
the benefit of all stakeholders and our success would not be
possible without our colleagues across the Group. I would like
to take this opportunity to thank them all for their hard work
and dedication in delivering the Group’s collective ambitions
during 2025.
Accelerating momentum and strategic
progress in FY 2025
During FY 2025, Plus500’s futures business, which includes B2B
(Institutional) and B2C (Retail) businesses, performed extremely
well. Underpinned by our proprietary technology, regulatory
expertise and institutional market infrastructure, we secured
two exciting strategic partnerships.
Strategic report
Governance Financial statements
5
Plus500 Ltd. 2025 Annual Report

High standards of corporate governance
remained core focus
Corporate governance remained a key focus for the Board
during FY 2025 and I am delighted with the progress we made in
several important areas, including the delivery of our strategic
objectives. For more information, see the Governance section
on page 52 onwards.
Shareholder engagement remained a priority
Engagement with shareholders continued to be a matter of
high priority for the Board and Executive Management during
FY 2025. In particular, David Zruia (CEO), Elad Even-Chen (CFO)
and Owen Jones (Head of Investor Relations) held a wide
variety of in-person meetings with shareholder and prospective
investors throughout the year in the UK, Europe and the US.
These meetings provided a valuable platform to gather
feedback and views, while engaging in meaningful discussions,
also on key corporate governance matters. Overall, the Board
believes that it has a good understanding of shareholders’ views
and that the feedback received from shareholders was positive
and supportive. Plus500 is committed to take into account this
valuable feedback and incorporate it where feasible, while the
Board will continue to take shareholder views and feedback
into consideration as part of its approach to maintaining high
governance standards and continuing to deliver long-term
value for all stakeholders.
For further details, please refer to the Directors’ Remuneration
Report from page 92 onwards.
Sustainability and inclusivity across
financial trading products and services
Plus500’s objective is to provide trusted and intuitive access
to financial products, by offering a broad range of financial
products, aligning its global scale with its locally tailored
offering, all of which are powered by its best-in-class
proprietary technology.
Providing access to financial markets via the Group’s intuitive,
secure and user-friendly platforms is core to Plus500’s purpose.
Equally important is the Board’s commitment to customer care,
protection and support. Plus500 also places great emphasis
on employee welfare, well-being and career opportunities
throughout the Group, and is firmly committed to maintaining
an environment of equality, diversity and inclusion. During
FY 2025, the Group continued to be involved in the local
communities in which it operates, and to support employees’
volunteering activities. Once again, the Group made several
donations worldwide, both monetary and in-kind, to support
local communities and causes, as also detailed on page 36.
Regulatory compliance in focus
The Group maintains a highly robust, customer-centric
approach to compliance, supported by its expertise in relevant
global regulatory standards and Plus500’s long-standing
relationships with the regulators in the markets and industries
in which it operates. It also has the relevant technological skills
and capabilities to ensure that the Group can react with speed
and clarity to regulatory changes. This approach has continued
to deliver consistent results and has helped to support its
performance since Plus500’s inception.
Established track record of
shareholder returns
The Board has a clear capital allocation framework, based on
the ongoing assessment of the availability of excess capital
going forward, to ensure there continues to be an optimal
balance between shareholder returns, investments in future
growth and in driving business continuity over the long term. In
particular, and aligned to this framework, the Board will continue
to ensure that appropriate levels of capital are maintained
for working capital and other factors to drive future growth.
During FY 2025, Plus500 announced $365m of total shareholder
returns, comprising of share buyback programmes of $200m
and total dividends of $165m.
In February 2026, additional share buyback programmes and
dividends were announced as part of the Group’s FY 2025
preliminary results totalling $187.5m, comprising of buyback
programmes of $100.0m and total dividends of $87.5m.
Since the Company’s IPO in 2013, Plus500 has continued to
deliver attractive returns to shareholders of approximately
$2.9bn in aggregate through dividends and share buybacks,
including the returns announced in February 2026.
It is this approach to capital allocation that has delivered a
total return to shareholders of more than 8,700% since Plus500
listed on the LSE in 2013 up to 31 December 2025. This positioned
Plus500 as the best performing share in the FTSE All-Share
Index on a total return basis over that time frame*, which is an
outstanding achievement.
The Board remains confident in Plus500’s strategic roadmap,
financial resilience and growth prospects. I look forward to
updating our valued shareholders regarding the Group’s
progress during 2026 in the Company’s next Annual Report.
Prof. Jacob A. Frenkel
Chair of the Board
19 March 2026
CHAIR’S STATEMENT CONTINUED
* Based on Bloomberg TSR of FTSE All-Share Index between FY 2013 to FY 2025
6
Plus500 Ltd. 2025 Annual Report

THE PLUS500 INVESTMENT CASE
Our purpose is being delivered
by a clear investment case
Consistent track
record of growth
and delivery,
supported by
our long-term,
high-value
customer base
Proprietary
technology is
Plus500’s key
source of
competitive
advantage
Plus500 is
diversified across
its product
portfolio
and global
geographic
footprint
Growth
supported
by organic
investments and
targeted bolt-on
acquisitions
Robust financial
position with
a significant
cash balance
and no debt
since inception
Attractive and
sustainable
shareholder
returns through
dividends and
share buybacks
Strategic report
Governance Financial statements
7
Plus500 Ltd. 2025 Annual Report

CHIEF EXECUTIVE OFFICER’S REVIEW
Accelerated progress across various
strategicinitiativesdrivinggrowthand
value creation
FY 2025 was a year in which Plus500 further stepped up its
level of execution against its long-term strategic roadmap,
accelerating progress across the Group, and continuing to
diversify its operations across products, geographies, markets
and customers.
The Group has continued its evolution into a global multi-asset
fintech business, operating proprietary trading platforms
across OTC, futures and share dealing markets. It also provides
accredited, trusted market infrastructure services, including
execution and clearing, to the global futures industry and
prediction markets space. The progress delivered during
FY 2025 reflects the enduring strength of Plus500’s proprietary
technology, regulatory expertise, disciplined capital allocation
framework and high-performance culture.
Non-OTC business evolving into a key
contributortotheGroup’sgrowth
The Group’s non-OTC business, which comprises its futures
and share dealing businesses, delivered substantial progress
during FY 2025 and continued to scale into a key growth driver
for the Group.
During the year, the non-OTC business generated more than
$100m of revenue for the first time, increasing its contribution
to total Group revenue to approximately 14% (FY 2024:
approximately 10%), New Customers to approximately 17%
(FY 2024: approximately 15%) and customer deposits to
approximately 67% (FY 2024: approximately 36%). Customer
segregated funds increased significantly by 160% to $918.2m
as of 31 December 2025 (31 December 2024: $353.8m),
reflecting the growing scale of these operations and the
increasing trust placed in Plus500’s platforms by both retail and
institutional customers.
As a result, the non-OTC business now represents a structurally
important pillar of the Group, enhancing its diversification,
quality and durability of earnings and providing multiple
avenues for continued growth across geographies, client
segments and product types.
This continued progress also reflects the increasing scalability
of the Group’s non-OTC model and supports the Board’s
confidence in its potential to become a meaningful long-term
driver of future growth and value creation.
Strongfinancialperformance
and accelerated delivery across
products, geographies and
customers in FY 2025
2025 marked a year of accelerated
strategic progress for Plus500.
We successfully scaled our non-OTC
business into a key growth driver,
bolstered our position as a trusted
provider of institutional market
infrastructure, and continued to deliver
a strong financial performance with
significant shareholder returns.”
David Zruia
Chief Executive Officer
8
Plus500 Ltd. 2025 Annual Report

US prediction markets expansion
maximising strategic opportunities across
B2B and B2C businesses
The Group was appointed as the clearing partner for ‘FanDuel
Prediction Markets’, a groundbreaking new event-based
contracts platform established as a joint venture between the
CME Group and FanDuel, that went live in December 2025.
As announced in February 2026, shortly after the period end,
the Group also expanded its B2C offering in the US through
the launch of Kalshi event-based contracts, enabling B2C
customers on Plus500’s futures trading platform to access
regulated event-based markets for the first time. This further
broadens the Group’s product offering and expands its
addressable market into a popular and fast-growing new
category, as interest in prediction markets continues to
increase significantly. Plus500 aims to leverage the same
trusted institutional infrastructure that underpins its B2B
operations, enabling it to cater to both B2B and B2C customers.
These important partnerships and technological expansions
demonstrate Plus500’s market-leading operational strengths,
underscoring its role as a critical market infrastructure provider,
ensuring robust execution, settlement and risk management.
In addition, these new execution-brokerage and clearing
arrangements will enable Plus500 to deliver secure and scalable
access for clients, bringing its institutional infrastructure
together with emerging platforms to empower broader
engagement with global markets.
Completed the acquisition of Mehta in
India, marking a major step in creating
a global futures offering
Plus500 achieved an important strategic milestone, expanding
its futures footprint into the Indian market through the
acquisition of Mehta, a regulated Indian brokerage firm, which
was completed in February 2026.
India represents one of the world’s largest and fastest-growing
futures markets, supported by increasing retail participation,
improving market infrastructure and a well-established
regulatory framework. This acquisition provides Plus500
with immediate local market access, regulatory credentials,
operational capabilities and market expertise, creating strong
foundations for the expansion of both its B2B and B2C futures
activities in the region.
This acquisition is closely aligned with the Group’s strategy
of leveraging its proprietary technology and trusted, market-
leading infrastructure to access attractive, regulated markets.
It also provides Plus500 with the opportunity to apply its
successful futures strategy in one of the world’s most significant
futures markets, driving growth and generating synergies with
the Group’s existing operations in the US futures market.
Strategic report
Governance Financial statements
9
Plus500 Ltd. 2025 Annual Report

ExpansionofOTCbusinessintonewmarkets
and products, and strengthened focus on
higher value customers
Plus500’s OTC business continued to perform strongly during
FY 2025, driven by regulatory licence expansion, product
innovation and a continued focus on higher value customers.
The Group secured new licences in Canada, the UAE and
Colombia, expanding its global portfolio of regulatory
licences to 17, including the most recent addition following the
acquisition of Mehta in India. In Japan, the Group obtained
a new commodities licence, further expanding its localised,
multi-asset OTC offering following the earlier launch of Equity,
Index and ETF products. The Group’s licences represent a
major source of long-term competitive advantage and hold
significant inherent value by driving future growth.
Plus500 also received authorisation to establish a representative
office in Colombia, marking the Group’s first strategic expansion
into Latin America. This provides a foundation for deeper
engagement with customers in the region and enhances the
Group’s long-term growth prospects.
Plus500’s unique proprietary technology provides customers
with an intuitive and agile trading platform via mobile or tablet
device, accommodating customer requirements. Reflecting
Plus500’s status as an innovative leader for the mobile-first
generation of customers, 89% of OTC revenue was generated
by customers trading on mobile or tablet devices in FY 2025
(FY 2024: 88%).
Product innovation enhances customer
experience and drives operational efficiency
Technology remains central to Plus500’s business model and a
key source of long-term competitive advantage. During FY 2025,
the Group continued to enhance its product offering across
its OTC and non-OTC platforms, delivering improvements on
performance, functionality and overall customer experience.
Demonstrating the Group’s approach to continuous
technological innovation and commitment to enhancing
its product offering, Plus500 recently introduced new
weekly options for customers on its OTC platform, offering
greater product diversity and flexibility as part of a seamless
user experience.
Such initiatives support the Group’s enhanced scalability and
adaptability, while maintaining rigorous compliance, customer
care and operational resilience.
Plus500’s people drive its collective success
The organisational culture at Plus500 is unique, highly
collaborative and places the customer at the heart of the
decision-making process. Employee welfare is critical to ensure
that the Group’s products and services are delivered effectively
and consistently to our customers around the world. Therefore,
Plus500’s management teams worked tirelessly during FY 2025
to recruit and retain the best employees in order to provide
the best customer service and achieve the Group’s collective
ambitions. I would like to thank everyone across Plus500 for
their hard work and dedication during the year.
Disciplinedcapitalallocationdrivinggrowth,
innovation and attractive long-term returns
Plus500 continued to allocate capital with discipline during
FY 2025, balancing investment in future growth with attractive
shareholder returns.
As announced alongside the Group’s FY 2025 Preliminary Results,
the Board approved total shareholder returns of $187.5m,
comprising share buyback programmes of $100.0m and total
dividends of $87.5m. These shareholder returns reflect the
Group’s strong financial performance, highly cash-generative
business model and robust, debt-free balance sheet.
These returns are fully aligned with Plus500’s established and
disciplined capital allocation framework and demonstrate the
Board’s continued confidence in the Group’s strategy, financial
position and outlook, while retaining substantial flexibility to
support organic growth and selective strategic investments.
CHIEF EXECUTIVE OFFICER’S REVIEW CONTINUED
The strategic milestones we
achieved during the year highlight
the enduring strengths of our
proprietary technology, regulatory
expertise and disciplined capital
allocation framework.”
Substantial strategic progress delivered
reflects strong operational and financial foundations
Strategic progress
accelerated during
FY 2025 across both
OTC and non-OTC
Launched prediction
markets offering for
B2C and B2B
customers
Ongoing enhancement
of OTC offering with
new products, services
and licences
Significant
partnerships
announced in the US
B2B futures space
10
Plus500 Ltd. 2025 Annual Report

Outlook:wellpositionedforcontinued
strategicexecutionandgrowth
The significant strategic, operational and financial momentum
achieved in FY 2025 has continued into FY 2026, with the Group’s
trading being supported by positive momentum across global
financial markets, as well as with strong operational results.
This includes Plus500’s launch of its prediction markets offering
for B2C customers in the US and completing the acquisition
of Mehta in India, setting a strong foundation for the year.
The Group’s diversified business model, increasingly scaled
non-OTC operations and reinforced position as a trusted
provider of critical market infrastructure, alongside its
expanding global footprint, provide a robust foundation to
support continued execution against its strategic roadmap.
Supported by its differentiated proprietary technology, strong
balance sheet and disciplined capital allocation framework,
the Board remains confident in the Group’s prospects.
David Zruia
Chief Executive Officer
19 March 2026
Plus500 remains well positioned
to continue delivering strong
operational execution, innovation,
growth and attractive compounding
shareholder returns over the
medium- to long-term.”
Strategic report
Governance Financial statements
11
Plus500 Ltd. 2025 Annual Report

STRATEGIC ROADMAP
Our purpose, strategy
and key differentiators
Our purpose is to enable trusted and intuitive access to
financial opportunities for our customers, across a wide
range of financial instruments, geographies and devices
Our position as a global multi-asset fintech group is
well-established and is supported by four key differentiators
Read more on pages 19 to 20 Read more on pages 42 to 44
1
Our superior
proprietary technology
2
Our established
track record
Plus500’s proprietary technology remains its
fundamental competitive advantage, enabling the
Group to respond with agility and speed to customer
requirements, fast-emerging market developments
and regulatory changes. The development of this
technology enables Plus500 to build upon a proven
reputation for innovation and a market-leading
technological capability.
Plus500 has built a long track record of financial
performance, with 17% CAGR in revenue since IPO
year 2013 to 2025, and an average annual EBITDA
margin of c.54% over that time. The Group has
remained debt-free since inception and continued
to be highly cash generative over that time.
Supported by strategic organic investments and targeted bolt-on acquisitions
Keygrowthopportunitiesovertheshort-tomedium-term
Enhancing Offering
in Existing Markets
Developing
New Products
Expanding into
New Markets
Deepening Customer
Engagement
12
Plus500 Ltd. 2025 Annual Report

Read more on pages 30 to 36 Read more on pages 24 to 25
3
Our leadership,
colleagues and culture
4
Our flexible
business model
Plus500’s operating track record and technological
development are a testament to the quality of its
people. The Group has fostered a high-performance
organisational culture. This has been led by a highly
skilled management team, with specialist expertise
and experience in technology.
Plus500’s agile, customer-centric business model,
with its unique edge in attracting and retaining
customers through multiple channels, strong brand
and continued focus on customer care and
protection, has ensured that Plus500 has
consistently delivered an attractive marketing Return
on Investment (“ROI”) over time.
Operational strength driving strong outcomes
Major focus on product
development
Continued investment
in our people
Market-leading
proprietary
technology
Deeper engagement
with our
customers
$6.5bn
Customer deposits,
with average deposit
per Active Customer
of c.$26,900
89%
OTC revenue
generated from mobile
or tablet devices
67%
OTC revenue derived
from customers trading
with Plus500 for over
three years
KEY OPERATIONAL
DRIVERS
OPERATIONAL
OUTPUTS
Strategic report
Governance Financial statements
13
Plus500 Ltd. 2025 Annual Report
Strategic report
Governance

The Plus500 of today
From a single product to a market-leading, global multi-asset fintech group
Global Multi-Asset Fintech Group
OTC SHARE DEALING
Seven asset classes Worldwide popular stocks
FUTURES
Existing markets New markets B2C (Retail) B2B (Institutional) Existing markets New markets
Clearing
Futures
Options on
futures
Prediction
Markets
’Plus500 Futures’
SaaS, ‘T4-Pro‘
Clearing
Execution
SaaS, ‘T4-Pro‘
‘Plus500 COSMOS‘
14
Plus500 Ltd. 2025 Annual Report

Established track record of
shareholder returns since IPO
13 years of generating highly attractive returns for shareholders
* Based on Bloomberg TSR (Total Shareholder Returns) of FTSE All-Share between FY 2013 to FY 2025
2013 2015 2017 2019 2021 2023 2025
2014 2016 2018 2020 2022 2024
>8,700% TSR
Best performing share in the FTSE
All-Share Index on a total return basis
*
Part of the FTSE 250 Index
Part of the STOXX Europe 600 Index
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Plus500 Ltd. 2025 Annual Report

NON-OTC BUSINESS
Non-OTC business evolving
into a key contributor to the
Group’sgrowth
The Group’s non-OTC business, which comprises its futures
and share dealing businesses, delivered substantial progress
during FY 2025 and continued to scale into a key growth driver
for the Group
Non-OTC business delivered substantial
progress during FY 2025
The Group’s non-OTC business, which comprises its futures
and share dealing businesses, delivered substantial progress
during FY 2025 and continued to scale into a key growth driver
for the Group.
During the year, the non-OTC business generated more than
$100m of revenue for the first time, increasing its contribution
to total Group revenue to approximately 14% (FY 2024:
approximately 10%), New Customers to approximately 17%
(FY 2024: approximately 15%) and customer deposits to
approximately 67% (FY 2024: approximately 36%). Customer
segregated funds increased significantly by 160% to $918.2m
as of 31 December 2025 (31 December 2024: $353.8m),
reflecting the growing scale of these operations and the
increasing trust placed in Plus500’s platforms by both retail and
institutional customers.
As a result, the non-OTC business now represents a structurally
important pillar of the Group, enhancing its diversification,
quality and durability of earnings and providing multiple
avenues for continued growth across geographies, client
segments and product types.
This continued progress also reflects the increasing scalability
of the Group’s non-OTC model and supports the Board’s
confidence in its potential to become a meaningful long-term
driver of future growth and value creation.
B2B (Institutional) business leveraging its
uniquemarketpositiontodrivegrowth
The Group’s B2B business continued to strengthen its position
as a trusted provider of critical market infrastructure services,
exemplified by several landmark partnerships in the US.
The Group entered into a strategic partnership with
Topstep, under which it will be the exclusive provider of
clearing and technology infrastructure to support Topstep’s
brokerage expansion.
During the year, the Group also secured additional clearing
memberships with ICE Clear US, ICE Clear Europe, as well as with
Kalshi Klear, enhancing its ability to provide holistic clearing
services across multiple venues and geographies.
Taken together, these achievements represent strong
validation of Plus500’s trusted proprietary technology,
regulatory credentials and operational resilience, and position
the Group to support a broader range of institutional clients
and products over time.
B2C (Retail) business continued to
performwell
The Group’s B2C business, including the ‘Plus500 Futures’
and ‘T4-Pro’ trading platforms, continued to perform strongly
during FY 2025.
Customer acquisition, engagement and activity increased
further, supported by the Group’s proprietary technology and
its ‘omni-set’ solution, enabling customers to onboard, fund
and trade seamlessly through a single integrated, secure
platform. The breadth of products and functionality available
to customers also continued to expand, supporting deeper
engagement from both new and existing users.
The Group’s established regulatory track record and market
expertise leave it well placed to capitalise on broader growth
opportunities by incorporating additional products and
entering into new strategic partnerships, including in the
prediction markets space.
16
Plus500 Ltd. 2025 Annual Report

Plus500 has succeeded in positioning itself as an established
marketinfrastructureproviderwithinthefuturesindustry
‘T4-PRO’ ‘PLUS500 COSMOS’
HOLISTIC TECHNOLOGICAL SOLUTIONS
PREDICTION MARKETS‘PLUS500 FUTURES’
A variety of technological solutions
to support customers trading on
futures, options on futures and
prediction markets products
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Plus500 Ltd. 2025 Annual Report

PREDICTION MARKETS OFFERING
Launch of prediction markets
offering for both B2B and B2C
customers in the US
Seamless access to Kalshi and CME Group prediction markets,
backed by superior technology and institutional expertise
Development of prediction markets offering
caterstogrowingcustomerdemand
Prediction markets are attracting increasing interest from both
retail and institutional participants alike, reflecting their growing
relevance as a transparent and fully regulated way to express
views on real-world outcomes. As announced in February 2026,
the launch of prediction markets on Plus500’s US B2C platform,
‘Plus500 Futures’, marks a pivotal moment for the Group as it
expands into a rapidly developing space within the global
trading landscape.
Plus500’s proprietary technology, suite of clearing memberships
and established risk-management infrastructure provide a
scalable foundation to support broader participation and
growth in prediction markets for B2C customers. Furthermore,
the Group’s established infrastructure, including clearing,
technology and risk-management capabilities, also supports
future opportunities within a robust regulatory framework.
Maximising the prediction markets
potential across B2B and B2C businesses
In December 2025, the Group was appointed as the clearing
partner for ‘FanDuel Prediction Markets’, a groundbreaking
new event-based contracts platform established as a joint
venture between the CME Group and FanDuel. Then, in February
2026, the Group expanded its B2C offering in the US through
the launch of Kalshi event-based contracts, enabling B2C
customers on Plus500’s futures trading platform to access
regulated event-based markets for the first time.
These important partnerships and technological expansions
demonstrate Plus500’s market-leading operational strengths,
underscoring its role as a critical market infrastructure
provider, ensuring robust execution, settlement and risk
management. In addition, these new execution-brokerage
and clearing arrangements will enable Plus500 to deliver
secure and scalable access for clients, bringing its institutional
infrastructure together with emerging platforms to empower
broader engagement with global markets.
Unleashingthedemocratisingpowerofpredictionmarkets
Driving retail adoption enabling better liquidity and tighter spreads
18
Plus500 Ltd. 2025 Annual Report

DIVERSE PRODUCT OFFERINGS
Seamlessandunifiedcustomer
experience across products
Plus500 continues to be a market leader within the mobile space
Supported by proprietary technologies
CRM, Marketing Machine, Retention Machine, Localisation,
Education, Risk Management, Cashier
Unified UI/UX platforms across
operating systems
Webtrader; iOS (Mobile & iPad); Android (Mobile & Tablets)
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19
Plus500 Ltd. 2025 Annual Report

BEST-IN-CLASS TECHNOLOGY
Plus500 is a multi-asset
fintechgroupwithsuperior
proprietary technology
Plus500 will continue to invest in its technology to deliver
innovation and growth
Proprietary technology is our key
competitive advantage
Plus500’s proprietary technology supports all aspects of its
operations, from marketing technology to products and risk
management. Its integrated and unique system architecture
ensures that all domains work together seamlessly, creating a
more robust and reliable trading platform for customers.
Marketing technology
Plus500’s marketing technology ensures that online marketing
campaigns achieve an optimal level of ROI. The marketing
technology includes Artificial Intelligence characteristics and
its optimisation process is a result of its big-data capabilities.
This helps Plus500 to drive customer acquisition, activation,
retention and long-term monetisation.
Diverse product offering globally
Plus500 offers a wide variety of global financial instruments to
customers across OTC, futures, options on futures and share
dealing in more than 60 countries and in 30 languages. This
diverse product and geographic offering allows customers to
tailor and adapt their trading strategies. It is the Group’s unique
system architecture that provides a robust, reliable and secure
trading experience.
Riskmanagementisembeddedwithinthe
Group’s processes
With the Group’s global operating base, and with the number
of customer trades increasing to approximately 69 million in
FY 2025, risk management controls are imperative. Therefore,
the Group’s trading and risk management functions are
critically important to the successful running of the business.
The Group’s proprietary risk management system incorporates
real-time functionality and trading threshold triggers to enable
an efficient risk management position.
This focus on risk management is further reinforced by the
Company’s continued investment in the development of its
technology. The Company actively invests in transforming
its systems architecture to further embrace cloud-native
principles, fostering agility, scalability and efficiency to align with
evolving customer requirements and industry best practices.
c.$26,900
Record average deposit per
Active Customer
$3,268
Record Average Revenue Per User
20
Plus500 Ltd. 2025 Annual Report

LARGE, GLOBAL CUSTOMER BASE
Global registered customer
base of c.33m contains
significantlatentvalue
Ongoing focus on customer retention
and higher value customers
The Group has approximately 33 million customers registered
on its trading platforms globally, reflecting the scale of the
Group’s global operations and popularity of its robust, intuitive
trading platforms. Plus500 offers customers over 2,500 financial
instruments across its product offering of OTC, futures, options
on futures and share dealing. This diverse offering enables
customers to adapt their trading strategies and exploit trading
opportunities.
Plus500 is committed to inclusive access to
financial markets and trading products
Plus500’s purpose is to provide trusted and intuitive access to
financial products. It seeks to achieve this by offering a broad
range of financial products, aligning its global scale with its
locally tailored offering, all of which are powered by its best-in-
class proprietary technology stack.
Superior technology and innovative
approach drive customer retention
Plus500 is a technology company at its core and its
technological superiority forms one of the Group’s key
competitive advantages. The Group’s proprietary technology
provides a host of benefits from how responsive Plus500 can
be to changes in its markets to how quickly it can incorporate
customer feedback and introduce new offerings.
In recent years, the Group has invested significantly in its
customer retention technologies to great effect. As a result,
approximately 50% of OTC revenue in FY 2025 was generated
by customers who have been trading with Plus500 for more
than five years. In addition, the Group’s focus on higher value
customers across its acquisition channels has resulted in
further progress across major operational KPIs, including the
average deposit per Active Customer.
SignificantincreaseinthelongevityofPlus500’sOTCcustomerbase
OTCcustomerstradingwithPlus500
for >5 years
(% of total OTC revenue)
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21
Plus500 Ltd. 2025 Annual Report
Retention initiatives
Including Premium Service
Product diversification
Enables continued customer longevity
Long-term customer
relationships
A key value driver for Plus500
Financial statements
50%
2024 2025
35%
2023
29%
2022
24%

LEADING MOBILE-FIRST OFFERING
Highlyscalablemobile-first
platforms combining usability
withoperationalresilience
Plus500’s superior mobile offering
Plus500 is a market leader in the mobile trading space, a
position underpinned by its proprietary technology and fully
proprietary development capabilities. Plus500 has designed
and developed a unique system architecture and mobile
product offering to attract and retain customers.
Mobile excellence sits at the core of the Group’s customer
proposition, having launched on Apple in 2011 and Android
in 2012. Its platforms are designed and continuously refined
to deliver high performance across mobile, tablet and web,
ensuring a seamless and reliable trading experience.
The Group’s differentiated system architecture enables
consistent functionality, speed and resilience across all
touchpoints. Every customer interaction is designed with a
unified look and feel, creating a frictionless and coherent
trading journey.
This mobile-led engagement model is reflected in customer
behaviour: in FY 2025, 89% of OTC revenue and 85% of OTC
trades were generated via mobile and tablet devices.
Product innovation drives utilisation
andgrowth
Plus500’s futures proposition is differentiated from the rest of
the market. ‘Plus500 Futures’ operates an integrated ‘omni-set’
solution, enabling customers to onboard, fund and trade within
a single platform. ‘T4-Pro’, designed for more advanced traders,
provides enhanced trading tools, broader product coverage
and access to options on futures.
Plus500 will continue to invest in innovation and platform
enhancement, further strengthening its mobile-first leadership
and delivering a best-in-class trading experience.
Plus500 continues to
leadthewayinmobile
and tablet interface
accessibility
89%
of OTC revenue in FY 2025
generated through mobile
and tablet offerings
85%
of all customer OTC trades
took place on mobile or
tablet devices
LEADING OFFERING ACROSS MOBILE DEVICES
22
Plus500 Ltd. 2025 Annual Report

INVESTING IN R&D
Investing to further strengthen
Plus500’s R&D capabilities
Plus500 maintained its competitive
advantages by investing in its
technological strengths
Plus500 has been a technology company to its core since its
inception in 2008, developing its own proprietary technological
capabilities, putting it at the forefront of industry developments.
FY 2025 was another year of continued investment in the
Group’s sophisticated system architecture, designed to drive
innovation and future growth.
The Group has always prioritised investing in Research &
Development (“R&D”) and has had established centres in Tel
Aviv and Haifa, Israel for many years. These cities have grown
quickly to become global technology hubs, with deep and
established pools of talent from which Plus500 is able to attract
and retain the very best technological talent to become future
programmers, web designers and product managers. It is this
ongoing recruitment of talent that provides Plus500 with a
strong foundation to drive future innovation and growth, and
where the Group’s proprietary technology is developed.
The Group’s technology has been fully developed in-house,
delivering superior technological performance, robust and
reliable trading platforms. Through this focus, the Group is able
to continuously develop and evolve its technology to adapt to
market conditions and stay innovative. Of note, FY 2025 saw the
Group also add an AI perspective to its technology which will
enhance and improve the customer experience when using
Plus500’s trading app. In addition, the Group’s risk management
technology is also fully proprietary and, as the Group expands
and diversifies, additional technological layers of automation
have been added.
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23
Plus500 Ltd. 2025 Annual Report
Financial statements

CREATING AND
MAXIMISING VALUE
RESOURCES AND
RELATIONSHIPS
BUSINESS MODEL
Creating value for our stakeholders
Financial position and capacity
The Group has built a strong financial track record,
maintaining a debt-free balance sheet since inception,
with a lean and flexible cost structure and consistently
high levels of cash generation.
Read more on pages 42 to 44
Corporate reputation
Plus500 is a constituent of the FTSE 250 Index and the
STOXX Europe 600 Index. The Group has a long track
record of strong operational and financial performance,
supported by its market-leading and technology-
based trading platforms.
Read more on pages 2 to 11
Regulators
The Group ensures that it remains in compliance with
relevant global regulatory standards.
Read more on page 29
People
The Group attracts and retains talented people
to drive ongoing optimisation and management
of its technology and its ability to attract and
retain customers.
Read more on pages 30 to 36
Technology
Plus500 operates robust and agile trading platforms
which are based on its proprietary, market-leading
technology.
Read more on pages 17 to 23
Service providers
Plus500 has strong and strategic relationships with a
range of service providers to support its commercial
efforts and business initiatives.
Read more on page 29
Responding to
customer requirements
Customer-centric approach
Embedded in the Group’s culture, ensuring a best-in-class
customer experience, enabled by ongoing technological
development of Plus500’s trading platforms.
Aligned to relevant regulatory
requirements
Enables continued customer care and protection,
through educational and training features.
With a clear purpose
and strategy
Our purpose is to enable trusted and intuitive access
to financial opportunities for our customers, across
an increasingly broad range of financial instruments,
countries and devices, and to drive our continued
progress as a global multi-asset fintech group.
Supported by
Comprehensive risk management
A Group-wide proprietary risk management system that
incorporates real-time functionality risk management
systems and trading threshold triggers to reduce risk.
Disciplined oversight
Plus500’s Board is comprised of diversified and highly
experienced individuals with extensive knowledge
across multiple disciplines, in particular financial
services and technology.
Oursignificantcompetitive
advantages enable consistent
delivery of value for our
stakeholders
24
Plus500 Ltd. 2025 Annual Report

KEY
STAKEHOLDERS
VALUE CREATED
IN FY 2025
$792.4m
Revenue
$348.1m
EBITDA
$3.93
Basic earnings per share
$379.4m
Shareholder returns paid
$6.5bn
Total customer deposits
c.$26,900
Average deposit per Active Customer
Customers
Customers enjoy highly rated, robust and scalable,
user-friendly trading platforms, which are tailored
for mobile usage. Plus500 also provides customers
with an extensive range of educational materials
and customer protection features.
People
The Group offers rewarding professional opportunities
for its people to achieve long-term development and
career progression.
Regulators
The Group engages with regulators to ensure the
integrity of the industry remains robust, contributing
to roundtable discussions within the industry and
holding regular dialogue with global and regional
regulators.
Shareholders
Plus500 has delivered attractive returns to its
shareholders through ordinary and special dividends
and share buybacks. Total returns in dividends and share
buybacks since IPO in 2013 amount to approximately
$2.9bn, including those announced in February 2026.
Service providers
The cooperation and collaboration of the Company
with its service providers deliver value and synergy.
Communities
Helping the communities in which we operate with
monetary and in-kind donations, as well as support
and volunteering activities.
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25
Plus500 Ltd. 2025 Annual Report

KEY PERFORMANCE INDICATORS (“KPIs”)
Measuring our performance
The Group’s KPIs benchmark its performance and ability
to drive Return on Investment (“ROI”) over time
Financial KPIs
$792.4m
Revenue
What is it
The Group’s revenue comprises of Customer Income
1
,
interest income and Customer Trading Performance
2
.
Whywemeasureit
Revenue is a measure of the Group’s ability to maximise the
strength of its offering.
Read more on pages 42 to 44
$348.1m
EBITDA
What is it
EBITDA is defined as revenue (trading income and interest
income) minus operating expenses plus depreciation and
amortisation.
Whywemeasureit
EBITDA is a measure of the Group’s profitability.
Read more on pages 42 to 44
1 Revenue from OTC Customer Income (customer spreads and overnight charges) and from non-OTC Customer Income (commissions from the Group’s
futures and options on futures operation and from ‘Plus500 Invest’, the Group’s share dealing platform).
2 Gains/losses on customers’ trading positions.
2025 $792.4m
$768.3m2024
2025
2024
$342.3m
$348.1m
26
Plus500 Ltd. 2025 Annual Report

Non-financialKPIs
242,440
Active Customers
What is it
Active Customers are customers who have made at least
one trade using real money on one of the Group’s trading
platforms in the relevant period.
Whywemeasureit
This measure reflects the level of customer activity on the
Group’s trading platforms during the relevant period. It is an
indicator of how successful the Group is in attracting and
retaining customers, with a view to delivering sustainable
revenue and profits.
Read more on pages 42 to 44
$3,268
Average Revenue
Per User (“ARPU”)
What is it
ARPU is calculated by dividing the revenue by the number of
Active Customers in the relevant period.
Whywemeasureit
This measure helps to provide an understanding of the
average revenue generated per active customer. This
helps us to identify and optimise our customer acquisition
strategies to deliver an attractive ROI over time.
Read more on pages 42 to 44
104,902
NewCustomers
What is it
New Customers are customers who have deposited into
their trading account for the first time.
Whywemeasureit
This metric tracks the number of New Customers the Group
attracts. This helps us to understand the success of our
technological capabilities and effectiveness of marketing
initiatives.
Read more on pages 42 to 44
$1,267
Average User Acquisition
Cost (“AUAC”)
What is it
AUAC shows the average cost of attracting a new customer
and is calculated by dividing our total marketing expenses
by the number of New Customers in the relevant period.
Whywemeasureit
AUAC is a reflection of the marketing cost of recruiting New
Customers in the relevant period.
Read more on pages 42 to 44
2025
2024 $1,456
$1,2672025
2024 $3,023
$3,268
2025
2024 118,010
104,9022025
2024 254,138
242,440
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Plus500 Ltd. 2025 Annual Report

KEY STAKEHOLDER RELATIONSHIPS
Proactively engaging
withourstakeholders
The Group aims to develop long-lasting relationships
with its key stakeholders
The feedback and insights of the Group’s key
stakeholders are taken into consideration as part
of the Board’s discussions and decision-making
Whyweengage
We aim to ensure that Plus500 continues to provide a
consistent, best-in-class service to its customers and that
the Group continues to listen to customers about their
requirements and interests. This approach helps Plus500
retain existing and attract new customers. In addition,
customer care and protection is maintained through
various educational tools and risk management features.
Howweengage
Plus500 has an omni-channel customer-centric approach.
We provide 24/7 customer support, which is available in
multiple languages across a number of channels.
We also provide customers with a range of educational
and technological training tools to support them with their
trading activities, including the ‘Trading Academy’ and a
free demo trading account where applicable.
In addition, we conduct customer surveys to better
understand their views on Plus500’s services, so that we
can continue to innovate and develop our products,
based on customer feedback. As an example, based on
customer feedback, the Group introduced ‘+Insights’,
a big-data, analytical tool designed to provide its OTC
customers with access to real-time and historical trends,
based on the Group’s registered customer base.
Key focus areas
+ Consistent level of service delivery;
+ Continued 24/7 customer service availability;
+ Further expansion of a range of educational and
training tools;
+ Provision of embedded risk management features to
ensure customer care and protection is maintained; and
+ Ongoing customer surveys to ensure we remain
cognisant of customer requirements and ideas.
Whyweengage
Organisational culture and employee welfare and well-
being are critical in ensuring that our services are delivered,
through the ongoing development of our technology by
our people, on a consistent, long-term basis. With this
in mind, the Group regards its talented and committed
people around the world as its key asset to enable its
technology and services.
Howweengage
The Group undertakes regular evaluation processes for
our people and provides competitive reward packages
to attract and retain high-quality people. We encourage
our people to participate in training, learning and
development, and make them aware of possible career
progression opportunities within the Group.
We provide our people with a dynamic work environment,
with high-quality office facilities, including new offices
in several locations globally, and the opportunity to
engage in a number of social activities and community
engagement programmes.
One of our Non-Executive Directors, Steve Baldwin, is the
workforce engagement representative on the Board
who provides a channel through which our people can
also share their views directly to the Board, informing
the Board’s approach to supporting improvements in
organisational culture.
Key focus areas
+ Consistent internal communication on developments
within the Group and across our industry;
+ Continued opportunities for training, learning,
development and career progression; and
+ Continued communication of people matters to
the Board.
CUSTOMERS PEOPLE
28
Plus500 Ltd. 2025 Annual Report

Whyweengage
Regulatory oversight is an integral part of the Group’s
business, as its regulated subsidiaries retain operating
licences and are supervised by various regulators
around the world. Regulatory compliance procedures
are constantly reviewed and enhanced, with a culture
of compliance embedded within the business, including
open and constructive communication with relevant
regulatory bodies.
Howweengage
The Group communicates with regulators on an ongoing,
constructive and open basis and participates in a
number of regulators’ coordination groups. In addition, we
contribute to public consultations issued by regulators on
relevant industry matters.
Key focus areas
+ Continued monitoring of, and compliance with,
appropriate laws, relevant regulatory standards and
industry best practices;
+ Rapid implementation of regulatory changes, driven by
our proprietary technology; and
+ Ongoing communication with, and support of,
regulators in current markets where the Group is
operating and in jurisdictions where the Group may
operate in the future.
Whyweengage
It is important to Plus500 to support and engage with
its local communities and, with this in mind, the Group
continued to invest in various initiatives during FY 2025.
Howweengage
The Group participates in a number of projects to support
and assist local communities and charities. These include
ongoing monetary contributions and the provision of
resources and equipment to a number of charities,
non-profit organisations, community centres and
disadvantaged families in local communities.
The Group also maintains strategic partnerships and
alliances with community partners, including our ongoing
collaboration with top-tier academic institutions, for
example the ‘Technion – Israel Institute of Technology’,
through which we participate in several innovation and
entrepreneurship initiatives.
Key focus areas
+ Continued financial donations;
+ Ongoing supply and provision of resources and equipment;
+ Further employee engagement in local community
projects; and
+ Continued focus on strategic partnerships with top-tier
academic institutions.
Whyweengage
Plus500 works with various service providers, including
payment processors and marketing providers, who
support the Group with various activities.
Howweengage
We build strong partnerships with service providers
through an open dialogue to ensure we can develop
long-term valuable relationships.
Our relationships with our service providers include the
ongoing review and monitoring of their performance
levels, to ensure that the Group is achieving quality and
value from its partnerships. Ultimately, this helps to build
mutually beneficial relationships with our service providers.
Key focus areas
+ Ongoing dialogue with our service providers;
+ Continued fair treatment of service providers in our
dealings with them; and
+ Consistent focus on innovation and new initiatives
to help deliver enhanced value from service provider
partnerships.
Whyweengage
Plus500 aims to provide fair, balanced and understandable
information to investors and shareholders, to ensure
their continued support of the Company. Maintaining a
close connection to its shareholders through clear and
transparent dialogue continues to be a major focus for
Plus500. The Company continues to seek ways in which to
enhance its relationship with investors.
Howweengage
An open dialogue with investors is achieved through
meetings, results presentations, Capital Markets Day
events, conference attendance and group events, such
as the Annual General Meeting (“AGM”). In addition,
the Company produces a variety of investor-focused
materials, including annual reports, news published on
the Regulatory News Service and investor presentations.
These are available on our dedicated Investor Relations
website (investors.plus500.com).
Key focus areas
+ Ongoing transparent dialogue with investors;
+ Open lines of communication for shareholders;
+ Regular collection of investor feedback and
dissemination to the Board; and
+ Executive Management participation in investor-
focused events and activities.
REGULATORS
COMMUNITIES SERVICE PROVIDERS
SHAREHOLDERS
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Plus500 Ltd. 2025 Annual Report

Introduction
The Group remains committed to operating responsibly and
sustainably in all aspects of its business, carrying out a range
of ESG initiatives to deliver tangible value for its stakeholders.
The Group’s core ESG values are:
+ Creating long-term value for our stakeholders;
+ Putting our customers first by leading the industry in which
we operate and by delivering innovative, high-quality
products;
+ Maintaining a dynamic and creative work environment for
our people around the world, which promotes diversity and
equal opportunity, protects human rights and eliminates
discrimination; and
+ Minimising any impact of the Group’s operations on the
environment.
The Group’s key ESG priorities are:
+ Leadership and governance;
+ Customer care and protection;
+ Organisational culture;
+ Cyber security; and
+ Systems infrastructure.
This section of the Annual Report outlines the Group’s progress
in each of these areas in FY 2025, and provides comprehensive
disclosure in relation to Climate-Related Financial Disclosures
(TCFD Report) on pages 37 to 41.
Plus500 continues to take steps to mitigate the risks associated
with each of these priority areas, supported by ongoing
engagement with key stakeholders. The Key Stakeholder
Relationships and Risk Management Framework sections on
pages 28 to 29 and 45 to 49, respectively, of this Annual Report
outline in more detail how the Group is mitigating these risks.
Leadership and governance
Since its IPO in 2013, Plus500 has evolved significantly as it
transitioned from AIM to the Main Market of the LSE. Over that
period, the Company has maintained its ongoing commitment
to adhering to high standards of corporate governance. Under
the leadership of Prof. Jacob A. Frenkel, Plus500’s Chair for
the past five years, the Company’s commitment has further
strengthened and we have evolved our corporate governance
structure materially.
Plus500 makes significant effort to remain in compliance with
relevant governance requirements, in particular ensuring the
appropriate Board composition and diversity, and maintaining
a remuneration policy for directors and executives which is
aligned to the long-term interests of shareholders, including
ESG-related objectives.
In addition, the Board remains aware that it must continue
to attract and retain high-quality members and Executive
Management leadership, to ensure the Group continues to
deliver a consistently strong operational performance and
achieve its strategic objectives.
More details on the Board’s approach to governance, covering
each of these priority areas, can be found in the Governance
Report of this Annual Report, on pages 60 to 65, with biographies
of Board members on pages 56 to 59.
ESG APPROACH
Environmental, Social
and Governance (“ESG”)
The Group continued to prioritise its key ESG areas,
with a particular emphasis on customer care and
protection, and on supporting employee well-being,
welfare and development
Plus500 operates an entrepreneurial
and high‑performance
organisational culture to empower
ongoing improvements in employee
development, attraction and
retention, through training, learning,
community engagement, welfare,
well‑being and career development.”
30
Plus500 Ltd. 2025 Annual Report

Customer care and protection
Customer care and protection, in particular ensuring customers
remain protected from, and well informed of, the inherent risks
involved with trading, remains a high priority for the Group,
in-line with global regulatory requirements in this area.
Measures such as negative balance protection and
maintenance margin protection on the Group’s OTC trading
platform remain important and have been embedded in
Plus500’s trading platforms since its inception, and are now
integrated across many regulatory regimes around the world.
The Group provides an educational portal which includes the
‘Trading Academy’ as part of its commitment to supporting
customers by providing them with access to knowledge and
skills. This offering aims to equip customers with valuable
insights and risk management tools to maximise their user
experience. By fostering a culture of continuous learning,
Plus500 provides its customers with the resources needed to
make informed decisions and navigate the complexities of the
financial markets confidently. This commitment to education
fosters a relationship built on trust, loyalty and support.
In addition, a free demo account is available on an unlimited
basis for the Group’s OTC and ‘Plus500 Futures’ customers,
while sophisticated risk management tools are provided free
of charge for customers to manage leveraged exposure,
including measures such as stop losses.
The Group upholds a strong, customer-focused commitment
to compliance, backed by its proficiency in global regulatory
standards and established connections with regulators in the
markets and industries in which it operates. The Company
possesses the technological expertise and capabilities necessary
to promptly adapt to any regulatory changes efficiently.
Organisational culture
Plus500 operates an entrepreneurial and high-performance
organisational culture to empower ongoing improvements
in employee development, attraction and retention, through
training, learning, community engagement, welfare, well-being
and career development. This ultimately ensures the delivery
of a consistent level of high-quality products and services
for customers.
Employee satisfaction survey
In 2024, Plus500 carried out an employee engagement survey,
covering all Group employees. The survey was well-received
and had a response rate of approximately 80%.
The survey aimed to identify strengths, weaknesses and
challenges to enhance employee engagement and
organisational effectiveness. The main areas of strength, as
identified in this survey were: management effectiveness and
responsiveness; approachable managers; flexibility in the
working environment; clear manager expectations; and good
work-life balance. Plus500’s employees also expressed that
they would recommend Plus500 as a workplace.
As a consequence of the 2024 engagement survey, Plus500 put
a greater level of focus during 2025 on employee development,
including professional and career development workshops, as
well as lectures on various topics.
At the beginning of 2026 a new employee engagement
survey was carried out. The 2026 survey results will guide
strategic initiatives to further improve employee satisfaction
and drive organisational growth, ensuring that feedback is
actively addressed in alignment with Plus500’s commitment to
continuous improvement.
Employee development
The Group’s headquarters and R&D centres are in Israel, a
major global hub for technology and innovation, where there
is a skilled and educated workforce which is highly trained in all
elements of technological development. Plus500 has fostered
an entrepreneurial and high-performance organisational
culture that reflects Israel’s innovation-driven environment.
The Group has replicated this cultural mindset in each of its
global subsidiaries.
This organisational culture has created a working environment
which supports ongoing improvements in employee
development, through training, learning and career progression.
As such, Plus500 has formal structures in place to identify and
promote internal talent. It continually reviews its identified
internal talent and ensures opportunities for training, skill
enhancement and leadership development. The Company also
provides financial support for academic studies of talented
employees, including contributions toward tuition fees for
degree programmes. Additionally, it provides flexibility in work
schedules to accommodate study days.
Strategic report
Governance Financial statements
31
Plus500 Ltd. 2025 Annual Report

Plus500 provides training and development for its employees
on a regular basis. This includes workshops and lectures for
managers and employees, such as sessions by renowned
external speakers, Board member-led lectures, and employee
participation in workshops, conferences, and forums focused
on technology, innovation and soft skills. In 2025, the key focus
for employee training was Artificial Intelligence (“AI”) lectures,
workshops and so-called ‘hackathons’, across the Company’s
various departments.
The Group carries out annual performance evaluations for all
employees, to help continue their development and meet their
career aspirations within the Group.
The Group provides a range of generous benefits for all
employees and enables them to participate in its success
through competitive reward packages, alongside share-related
benefits that are linked to the financial and operational
performance of Plus500.
In 2025, Plus500 held its second Bootcamp training programme
for talented graduates of leading academic institutions,
building on its first Bootcamp programme launched in 2024,
which proved to be a big success. The selection process
was rigorous and the chosen graduates were rewarded with
full-time roles followed by an intensive training programme
covering a broad range of technologies and their application
within the Company, as well as the Company’s internal
development processes.
ESG APPROACH CONTINUED
During 2025, the Group continued
supporting employees to volunteer
and expanded its community
initiatives taking place mainly
during paid working hours, in
the local communities in which
it operates.”
Employee health, safety and well-being
The Group is dedicated to the health, safety and well-being of
its people and aims to continue to provide them with optimal
working conditions to support a healthy, safe and balanced
working environment.
Furthermore, to help drive even greater employee satisfaction,
the Group provides gifts and merchandise to its employees
worldwide to celebrate such events as public holidays, birthdays,
weddings and parenthood. The Group also holds annual
employee events, with various departments arranging regular
‘family days’ and team events across its global operations.
The Group’s approach to equal opportunity,
protecting human rights and employee diversity
Plus500 is committed to maintaining high ethical standards
and protecting human rights across its operations and
supply chain. The Company’s Human Rights and Modern
Slavery Statement pursuant to Section 54 of the UK Modern
Slavery Act 2015, can be found on the Company’s website.
In FY 2025, the Group continued to monitor and track potential
human rights and modern slavery issues, as part of its overall
compliance risk management programme. There were no
incidents of modern slavery or human rights abuses across the
Group’s operations. The Group has not carried out any major
redundancy programmes (defined as more than 10% of the
Group’s workforce) in the last three fiscal years.
32
Plus500 Ltd. 2025 Annual Report

The Group is committed to equal opportunity in employment
and to creating, managing, valuing and promoting diversity and
eliminating discrimination in its workforce. The Group maintains
an Equality, Diversity and Inclusion Policy with respect to
candidate selection processes, hiring, promotion, compensation,
training and assignment of responsibilities, termination or any
other aspect of the employment relationship.
The Group is also committed to equality and fairness to all
and does not provide less favourable facilities or treatment
on the grounds of characteristics such as age, disability,
gender, gender reassignment, marriage and civil partnership,
pregnancy or child care responsibilities, race, ethnic origin,
colour, nationality, national origin, religion or belief, sex or sexual
orientation, educational, professional, cultural and socio-
economic backgrounds, political opinion, sensitive medical
conditions and trade union membership.
Plus500’s people come from diverse backgrounds and the
Group ensures that all employees, both prospective and
current, are given access to equal opportunities. All employees,
whether they are part-time, full-time or temporary, are treated
fairly and with respect.
The Group is committed to achieving the purpose of its Equality,
Diversity and Inclusion Policy by:
+ Creating a secure and positive working environment:
– free of bullying, harassment, victimisation and unlawful
discrimination in which individual differences and the
contributions of all staff are recognised and valued;
– that promotes and encourages all staff to treat everyone
with dignity and respect; and
– that promotes equality, diversity and inclusion. This
includes training managers and all other staff about their
rights and responsibilities under this policy throughout
the period of their employment;
+ Not tolerating any form of intimidation, bullying, harassment,
victimisation or unlawful discrimination by staff, customers,
suppliers, visitors, the public and any others in the course of
the Group’s work activities. The Group will take complaints of
any such behaviour seriously and ensure appropriate action
is taken where breaches of this policy arise;
+ Making training, development and progression opportunities
available to all staff, who will be helped and encouraged to
develop their full potential, so their talents and resources can
be fully utilised to maximise the efficiency of the organisation;
+ Encouraging anyone who feels they have been subject to
any form of discrimination outlined in this policy, or otherwise,
to raise their concerns in a timely manner so the Group can
take appropriate action; and
+ Reviewing the Group’s employment practices and
procedures when necessary to ensure fairness is maintained
at all times and to ensure that they take account of any
changes in any relevant local law.
The Equality, Diversity and Inclusion Policy also sets out
various examples as for what would be considered by the
Group as unacceptable and prohibited behaviour under this
policy, including: bullying and harassment, less favourable
treatment, as well as sexual harassment and victimisation.
This policy is monitored and reviewed annually by the Board,
with the assistance of the Nomination Committee and the ESG
Committee, to ensure that equality, diversity and inclusion are
continually promoted in the workplace.
The Group’s organisational culture and mindset has helped to
drive employee attraction and retention and has ultimately led
to the Group’s innovation and technological excellence.
More information on the Equality, Diversity and Inclusion Policy
can be found on page 70 of this Annual Report. This policy can
also be found on the Company’s website.
Gender representation
674 employees
as at 31 December 2025
56%
44%
l Female
l Male
The Group is committed to the progression of its talented
women, with female representation across the Group remaining
relatively strong.
Plus500 believes that diversity across the Board and the Group
is an important element in maintaining competitive advantage
and effective governance, as well as mitigating the risk of a
“group think” culture.
The table below details gender representation as at
31 December 2025.
FEMALE MALE TOTAL
Board 2 (29%) 5 (71%) 7
Senior management
1
19 (37%) 32 (63%) 51
All employees 299 (44%) 375 (56%) 674
1 Senior management includes Executive Management and the first layer of
management below.
Reporting table on sex/gender representation (as at 31 December 2025)
NUMBER
OF BOARD
MEMBERS
PERCENTAGE OF
THE BOARD
NUMBER
OF SENIOR
POSITIONS ON
THE BOARD
(CEO, CFO, SID,
AND CHAIR)
NUMBER IN
EXECUTIVE
MANAGEMENT
1
PERCENTAGE
OF EXECUTIVE
MANAGEMENT
Female 2 29% 1 1 13%
Male 5 71% 3 7 87%
1 This includes two Executive Directors who were also counted as part of the Board members.
Strategic report
Governance Financial statements
33
Plus500 Ltd. 2025 Annual Report

ESG APPROACH CONTINUED
Cyber security
Ensuring the Group’s technology remains highly secure and
resistant to privacy breaches, especially regarding operational
personal information and data, is a key priority for Plus500.
The Group’s Head of Cyber Security, reporting to the Chief
Technology Officer, manages and oversees the organisation’s
information security programme, developing and implementing
a comprehensive security strategy, managing risks, ensuring
compliance with relevant regulations and standards, and
fostering a robust security culture.
Plus500 conducts regular cyber security training for all Group
employees worldwide, as well as to its Board members. Regular
internal cyber security assessments and audits are in place while
external ones are being conducted as necessary. Plus500 also
has a policy, plan and procedure for disaster recovery in place.
The Group’s production environment is hosted by a third-
party supplier that adheres to the highest security standards,
including ISO/IEC 27001 for Information Security Management
and SOC 1-3, demonstrating a strong commitment to
operational security.
Ethnicity representation
Reporting table on ethnicity representation (as at 31 December 2025)
NUMBER OF
BOARD
MEMBERS
PERCENTAGE
OF THE BOARD
NUMBER OF
SENIOR
POSITIONS ON
THE BOARD
(CEO, CFO, SID,
AND CHAIR)
NUMBER IN
EXECUTIVE
MANAGEME NT
1
PERCENTAGE
OF EXECUTIVE
MANAGEMENT
White British or other White
(including minority-White groups) 5 71% 2 4 50%
Mixed/Multiple Ethnic Groups 2 29% 2 3 37%
Asian/Asian British 0 0 0 0 0
Black/African/Caribbean/Black British 0 0 0 0 0
Other ethnic group, including Arab 0 0 0 1 13%
Not specified/prefer not to say 0 0 0 0 0
1 This includes two Executive Directors who were also counted as part of the Board members.
Data protection
Plus500 maintains a data protection policy which, among
others, outlines the data retention practices which aim to
ensure that: (i) access permissions, inter alia, to personal data,
are granted in a restricted manner to personnel on a need to
know basis, as well as being periodically monitored; and (ii)
personal data is retained for as long as required for the purpose
of its processing or during any applicable statutory retention
period, and is subsequently erased without undue delay.
Moreover, Plus500 implements appropriate technical and
organisational measures to ensure the security of processed
personal data and to protect such data against any accidental
or unlawful destruction or loss, alteration, unauthorised
disclosure or access. The data protection policy also contains
a commitment to require third-party service providers, which
process personal data on behalf of Plus500, to comply with
applicable data protection legislation.
34
Plus500 Ltd. 2025 Annual Report

Plus500 has clear governance structure in place for privacy
management and its data protection practices include: (i)
annual mandatory privacy training for applicable Group
employees; (ii) regular privacy analysis and risk assessments
to mitigate risks derived from processing of personal data; (iii)
a formal incident response procedure which includes several
steps, including reporting, analysing, responding and reviewing
any data breaches that might occur; and (iv) various data
protection procedures, including endpoint protection, network
segregation and user access reviews.
Systems infrastructure
Maintaining a robust systems infrastructure with embedded
risk management, high scalability, availability and resilience
remains crucial to ensure that Plus500’s customers receive a
consistent high level of service.
This commitment is further reinforced by the Company’s
continued investment in the development of its technology.
The Company actively invests in transforming its systems
architecture to further embrace cloud-native principles,
fostering agility, scalability and efficiency to align with evolving
customer requirements and industry best practices.
The strength of the Company’s systems has ensured that its
platforms consistently deliver the required capacity to support
significant volumes of activity.
Anti-bribery and corruption
As a company listed on the Main Market of the LSE, Plus500
is subject to the UK Bribery Act 2010 and, as a company
incorporated in Israel, it is also subject to anti-bribery and anti-
corruption regulation under applicable Israeli law.
Plus500 operates a zero-tolerance approach to bribery and
corruption. The Group’s Anti-Bribery Policy aims to ensure it
conducts all business in an honest and ethical manner while
acting professionally and fairly with integrity in business
dealings and relationships.
This policy applies to all individuals working for the Group, at all
levels and grades, as well as consultants, contractors, trainees,
seconded staff, homeworkers, casual workers and agency
staff, volunteers, interns, agents, sponsors, or any other person
associated with Plus500, or any of its subsidiaries or their
employees, wherever located. This policy covers:
+ Bribes;
+ Gifts, hospitality and expenses;
+ Facilitation payments and kickbacks;
+ Third-party suppliers or agents;
+ Client entertainment and benefits;
+ Money laundering;
+ Obstruction of justice;
+ Political contributions; and
+ Charitable contributions.
The prevention, detection and reporting of bribery and other
forms of corruption are the responsibility of all employees of
the Group. All individuals are required to avoid any activity that
might lead to, or suggest, a breach of this policy and to raise
any concern, should they have any, to the Company Secretary,
who shall keep these concerns strictly confidential. Internal
control systems and procedures are subject to regular audits
to provide assurance that they are effective in countering
bribery and corruption.
The strength of Plus500’s systems
has ensured that its platforms
consistently deliver the required
capacity to support significant
volumes of activity.”
Strategic report
Governance Financial statements
35
Plus500 Ltd. 2025 Annual Report

ESG APPROACH CONTINUED
Training on the Anti-Bribery Policy forms part of the induction
process for all of the Group’s new recruits. All of the Group’s
employees receive relevant training on how to implement and
adhere to all aspects of the policy.
The Anti-Bribery Policy and its implementation is reviewed on a
regular basis, and annually at Board level, to ensure that Plus500
conducts all of its business in an honest and ethical manner.
Plus500 prohibits contributions, whether in cash or in-kind, and
involvement of any kind in support of any political parties or
candidates. In addition, in order to avoid any criminal offence
and to protect the Group’s reputation, it is important that the
Group does not become involved with third-party criminal
activities. To this end, the Group continues to ensure that it does
not receive funds relating to criminal activities which could
be associated with money laundering (the activity of taking
the proceeds of criminal activity and disguising the origin,
identity and destination of this illicit money through a series
of transactions).
Plus500’s donations
As a global group, Plus500 has made a decision to create
a framework for making charitable donations worldwide,
both monetary and in-kind. Plus500’s Donations Committee
comprises of workforce volunteers, who oversee the planning
and performance of relevant activities, with meetings occurring
on a quarterly basis. The Group CEO and the Chief People
Officer are both members of this Committee, and it is chaired
by the Group CEO.
During FY 2025, supervised by the Group’s Donations Committee,
the Group made cash donations to various community
projects and non-profit organisations including to women and
children at risk, children with disabilities and special needs,
disadvantaged and underrepresented communities, trauma-
affected children and families, children with serious illnesses,
and students with financial difficulties. In addition, the Group
donated IT equipment, furniture and other equipment to
various local charities.
Community engagement and philanthropy
The Group encourages its people to get involved and contribute
in their local communities. Workforce social initiatives are
supported by Plus500’s Donations Committee.
Plus500 fosters community engagement activities worldwide,
which not only contribute to a better society but also deepen
employees’ pride in Plus500.
During 2025, the Group continued supporting employees to
volunteer and expanded its community initiatives taking place
mainly during paid working hours, in the local communities
in which it operates. Also, the Group increased the level of
in-kind contributions. The Group will continue its community
engagement and donation initiatives during the course of 2026.
36
Plus500 Ltd. 2025 Annual Report

REPORT ON CLIMATE-RELATED FINANCIAL DISCLOSURES
(TCFD REPORT)
The Group is committed to managing its environmental impact,
which primarily relates to energy used in the maintenance of
the Group’s IT infrastructure and the operation of its network
of offices around the world. Plus500 is a technology business
with no industrial activities, and accordingly has a relatively
low environmental footprint. The Group seeks to ensure that
it undertakes appropriate actions to minimise the impact of
its infrastructure and operations on the environment, and
accordingly commits to:
+ Protect the environment;
+ Reduce waste, as well as water, energy and resource use;
+ Monitor the Group’s environmental performance;
+ Provide environmental training for employees; and
+ Ensure that office services are sourced from providers that
share these commitments.
Plus500 received no environmental fines or penalties in FY 2025,
nor in the prior two fiscal years.
Streamlined energy and carbon reporting
The table on page 41 outlines the Group’s energy and emissions
output over the last two years, particularly in relation to Scope 2
emissions, which have been calculated using a location-based
calculation method based on the Greenhouse Gas Protocol.
Plus500 does not emit any Scope 1 emissions.
In FY 2025, total electricity consumption and expenditure
increased compared to FY 2024 mainly due to the expansion
of the Group’s headcount and offices across the world, in-line
with the Group’s long-term strategic roadmap objectives of,
among others, expanding into new markets and enhancing its
product offering.
The Group has made a commitment to becoming carbon
negative and net zero for Scope 1 and Scope 2 emissions by
2030. This commitment will be supported by a number of
activities, including looking for opportunities to improve the
efficiency and performance of its servers and third-party data
centres, and, where feasible, in shifting direct emissions from
data centres to the cloud. The Group continues to investigate
ways to measure its Scope 3 emissions and, when finalised, the
Group will report on these Scope 3 emissions, including them in
future disclosure and, potentially, incorporating them into the
Group’s emissions targets. Plus500 will continue the dialogue
with its key suppliers in relation to its Scope 3 emissions, and
as part of its vendor management process will stress the
importance of working with vendors that are managing their
environmental impact.
The Group has adopted an Environmental Policy, which can be
found on the Company’s website.
Monitoring our
environmental impact
The following pages cover Plus500’s governance of climate
change, the integration with overall risk management, strategy
in managing climate-related risks and opportunities, and
the metrics to measure progress towards our targets. This
recognises the requirement for mandatory climate-related
disclosures arising from the requirements of the UK Listing Rule
6.6.6R(8), by including climate-related financial disclosures
consistent with the TCFD recommendations and recommended
disclosures as detailed in ‘Recommendations of the Task Force
on Climate-related Financial Disclosures’, 2017, with additional
guidance from ‘Implementing the Recommendations of the
Task Force on Climate-Related Financial Disclosures’, 2021.
The Group has a net zero target for Scope 1 and Scope 2
emissions by 2030 or earlier. In turn, the Group recognises the
requirement to develop a transition plan inclusive of value
chain emissions, consistent with the UK Government’s net zero
commitment by 2050, but the Group has yet to fully quantify its
Scope 3 emissions.
Governance
Board level
The Board has overall responsibility for climate change
management, including oversight of climate-related risks and
opportunities, as with all matters which impact the strategy, risk
management, vision and direction of the Group. ESG matters,
including climate change, are discussed more than once a
year at Board meetings and the Board receives training on
sustainability issues that have the potential to impact the
business, whenever necessary.
The Board is supported and kept informed on climate-related
issues via the ESG Committee, which ensures that any potential
impact of climate change is incorporated into the review of
Group strategy, business plans and risk management. The ESG
Committee, chaired by Steve Baldwin, an Independent Non-
Executive Director, monitors progress against the Group’s ESG
approach and priority areas, and is responsible for externally
reporting these elements.
The ESG Committee meets at least twice a year, as outlined in
the ESG Committee Terms of Reference, and provides updates
to the Board at least annually. In FY 2025, the ESG Committee
met three times.
Progress against the Group’s net zero targets and its climate-
related risks and opportunities is monitored and overseen by
the Board, based on information (progress and metrics as
outlined below) received from the ESG Committee. In 2024
and 2025, several offices of the Group moved to new, more
energy efficient buildings which are Leadership in Energy and
Environmental Design (“LEED”) certified. Moving to the new
office premises demonstrates Plus500’s continued efforts to
drive energy efficiency and environmental design.
Strategic report
Governance Financial statements
37
Plus500 Ltd. 2025 Annual Report

REPORT ON CLIMATE-RELATED FINANCIAL DISCLOSURES
(TCFD REPORT) CONTINUED
Management level
As a member of Plus500’s ESG Committee, David Zruia, the
Group CEO, is responsible for management-level climate
change oversight. The ESG Committee receives input from
Executive Management but is predominantly supported by
the Company’s internal ESG working group. The ESG working
group was established in 2021 to assist the ESG Committee in
monitoring and reviewing ESG risks and opportunities. The ESG
working group comprises the Company Secretary and Head of
Investor Relations, who work with a specialist ESG consultancy
for external guidance.
The ESG Committee receives reports on ESG risks, including
climate-related risks, identified through the Group’s Risk
Management Framework and, with support from the ESG
working group, determines the nature and potential impact
of climate-related risks and opportunities facing the Group
in achieving its purpose and strategic objectives. The ESG
Committee subsequently advises the Board, when necessary,
on current and future strategies regarding climate-related
risks and opportunities.
Risk management
Plus500’s climate-related risk management is integrated into
the Group’s overall Risk Management Framework. All climate-
related risks are assessed in the same manner as other Group
risks, so that their relative significance is comparable. The
Group’s Risk Register categorises all existing and emerging risks,
including climate-related risks, with the register covering the
likelihood of the risk occurring and the degree of the potential
impact. Climate-related risks and opportunities relevant to the
Group were identified with the help of external consultants, CEN
Group, in collaboration with senior management. All risks are
assessed on a 5x5 matrix incorporating an assessment of both
impact and likelihood, which allows for the prioritisation of risks.
Risk impact (materiality) is defined as follows:
Climate risk impact
IMPACT FINANCIAL IMPACT
MINOR X < $8m; 1% from cash
LOW $8m < X < $20m
MEDIUM $20m < X < $35m
HIGH $35m < X < $52m
CRITICAL 15% from EBITDA ($52m) or 10% from cash ($80m)
Risk likelihood is defined under five categories: Slight, Not Likely,
Likely, Highly Likely and Expected.
Time horizons for the climate-related risk assessment have
been chosen on the basis that they encompass our emissions
reduction targets and as climate change impacts tend to
materialise in the longer term; short (0 to 3 years), medium
(2028-2033), or long term (2034-2043).
Risk mitigation factors for all risks, including climate-related,
are included in the Risk Register and this combined view
determines the approach for managing climate-related
risks (e.g., mitigation, accept or control). ESG-related risks are
reviewed annually to reflect new and developing areas in the
operating environment which might impact business strategy
and include the ongoing refinement and quantification of risks
over time. Internally, the cost of mitigation is described (where
possible) along with an explanation of how this is derived. The
Regulatory & Risk Committee meets at least three times a year,
with all Board members receiving risk and compliance reports
on a monthly basis.
Strategy
Climate change has had observable effects on the
environment and at Plus500 we realise climate change may
present both risks and opportunities to the business. However,
as an asset-light technological business, Plus500’s overall
climate risk exposure is limited. For example, the single physical
risk exposure identified using toolsite analysis conducted by a
third-party consultant using Location Risk Intelligence (flood risk
in Haifa, Israel) is considered to be extremely limited and very
unlikely in reality, and is sufficiently mitigated by established
home working procedures and insurance recovery in the event
of natural disasters. Transition risks were analysed but deemed
to be limited.
The Group has used scenario analysis to improve understanding
of how different climate outcomes may affect the behaviour
of risks, and thereby improve the resilience of the business to
climate change. Physical risks were analysed using scenarios
embedded in the Location Risk Intelligence tool, as endorsed by
the Intergovernmental panel on Climate Change (IPCC):
+ SSP1/RCP 2.6: The SSP1-2.6 scenario is associated with radiative
forcing of 2.6 W/m² by 2100, while global mean surface
temperature is estimated to increase by 1.8°C (1.3–2.4°C).
For the corresponding RCP2.6 scenario, the CMIP5 models
estimate a mean temperature increase of 1.6°C by 2100.
+ SSP2/RCP 4.5: The SSP2-4.5 scenario is associated with
radiative forcing of 4.5 W/m² by 2100 and a rise in global
mean surface temperature is estimated to increase by
2.7°C (2.1–3.5°C). For the corresponding RCP4.5 scenario, the
CMIP5 models estimate a mean temperature increase of
2.4°C by 2100.
+ SSP3/RCP 7.0: The SSP3-7.0 scenario is associated with
radiative forcing of 7.0 W/m² by 2100 and an increase in
global mean surface temperature is estimated to increase
by 3.6°C (2.8–4.6°C).
+ SSP5/RCP 8.5: The SSP5-8.5 scenario is associated with
radiative forcing of 8.5 W/m² by 2100 and a rise in global
mean surface temperature is estimated to increase by
4.4°C (3.3–5.7°C). For the corresponding RCP8.5 scenario, the
CMIP5 models estimate a mean temperature increase of
4.3°C by 2100.
38
Plus500 Ltd. 2025 Annual Report

Transition risks and opportunities were analysed using scenarios
from the International Energy Agency (“IEA”), which are more
descriptive and useful for modelling positive climate outcomes.
+ Net Zero 2050 (“NZE”): an ambitious scenario which sets out
a narrow but achievable pathway for the global energy
sector to achieve net zero CO
2
emissions by 2050. This meets
the TCFD requirement of using a “below 2°C” scenario and is
included as it informs the decarbonisation pathways used
by the Science Based Targets initiative (“SBTi”).
+ Stated policies scenario (“STEPS”): a combination of physical
and transition risk impacts as temperatures rise by around
2.5°C by 2100 from pre-industrial levels, with a 50% probability.
This scenario is included as it represents a base case
pathway with a trajectory implied by today’s policy settings.
The Group has analysed and quantified how each climate-
related risk and opportunity behaves under the respective
scenarios in-line with definitions for risk impact outlined above.
When taken in aggregate, the conclusion is that the Group’s
exposure, risk mitigation strategies, strategy, disclosure and
net zero ambition provide financial resilience and strategic
robustness to climate change with the Group’s overall climate-
related risk exposure being “Minor”. A fundamental change to the
business strategy or financial planning resulting from the impact
of climate change is not likely to be required through to 2040
and there are no effects of climate-related matters reflected in
judgements and estimates applied in the financial statements
as a result. The Group will continue to develop this analysis
as new data is made available both internally and externally
and the Group will continue to monitor climate exposures and
action plans through the Group’s Risk Management Framework.
The opportunities identified continue to be developed in-line
with the Company’s strategy and objectives.
Risks
Two key climate-related risks have been identified:
1. Risk to Plus500 not meeting its Scope 1 and 2 Net Zero and
Carbon Negative Targets
Plus500 has clear targets associated with climate change and
a continual obligation to report to external stakeholders to
provide evidence of the Group’s ongoing commitment to this
area. However, some aspects of the delivery against this plan are
reliant on third parties. At present, the only source of operational
emissions for the Group are within Scope 2 (electricity
purchased), where the ability to decarbonise electricity supply
may be hindered by the pace of renewable energy adoption
by the Group offices’ landlords. The location of some sites may
have more limited options for renewable energy.
Failure to meet the defined net zero targets may cause
reputational damage, dissuade potential investors, or result in
greater costs due to the introduction of carbon pricing.
Assuming the successful completion of the Group’s near-term
target of reducing Scope 1 and 2 emissions to net zero by 2030,
the risk presented by potential carbon prices on our residual
emissions under all time periods and all scenarios is “Minor”.
The Group typically operates with short-term leases, making it
feasible to move operations in areas where it is difficult to find
renewable energy contracts with landlords.
SCENARIO
PLUS500 SCOPE 2 RESIDUAL
EMISSIONS (TCO
2
E)
2025 2030 2040
STEPS No internal action (grid
decarbonisation only) 454.5 351.7 210.0
Net Zero by 2030 454.5 0 0
NZE No internal action (grid
decarbonisation only) 454.5 221.4 6.4
Net Zero by 2030 454.5 0 0
2. Carbon pricing in the value chain
The cost of carbon and the number of countries adopting
carbon price mechanisms is expected to rise as businesses
are made more accountable for their energy use and carbon
emissions. If Plus500’s suppliers come under carbon pricing
mechanisms this could result in suppliers passing on the
added cost from the carbon tax. The following table shows
the International Energy Agency’s (“IEA”) forecasts for carbon
pricing under NZE and STEPS scenarios. While quantification
is reliant on a full Scope 3 footprint analysis, Plus500’s current
assessment of this risk is “Minor”.
CARBON PRICE ESTIMATES (US$/T)
Scenario – STEPS 2035 2040
UK 89 92
Scenario – NZE 2035 2040
UK 180 205
Identified key climate-related risks
RISK
1. RISK TO PLUS500 NOT MEETING SCOPE 1 AND 2
NET ZERO AND CARBON NEGATIVE TARGETS 2. CARBON PRICING IN THE VALUE CHAIN
Type Transition (market and reputation) Transition (current and emerging regulation)
Area Own operations Upstream
Primary potential financial impact Potential impact on revenue and/or cost
of capital
Higher costs associated with energy and
other inputs
Time horizon Medium/Long term Medium term
Likelihood Not likely Highly likely
Impact Minor Minor
Location or service most impacted Group Purchased goods and services
Strategic report
Governance Financial statements
39
Plus500 Ltd. 2025 Annual Report

REPORT ON CLIMATE-RELATED FINANCIAL DISCLOSURES
(TCFD REPORT) CONTINUED
Opportunities
Two key climate-related opportunities have been identified:
OPPORTUNITY 1. ENERGY SAVINGS 2. RENEWABLE ENERGY
Type Resource efficiency Energy source
Primary potential financial impact Decreased costs Decreased costs
Time horizon Medium term Medium term
Likelihood Highly likely Expected
Impact Minor Minor
Location Group Group
KPI Total Group energy consumption (kWh) Proportion of global electricity from
renewable sources (%)
1. Energy savings
Decreasing energy consumption and increasing energy
efficiency may reduce operating costs, support delivery of our
net zero target and mitigate exposure to future carbon pricing.
This will have the emergent benefit of further mitigating the
impact of Risk 1 outlined on page 39.
As the Group’s offices are leased, realisation of this opportunity
will partly involve engagement with landlords to introduce
energy saving measures. Implementing best practice in energy
management in current offices will also be a factor in reducing
consumption.
As outlined earlier in this report, in 2024 and 2025 the Group
moved several offices to new, more energy efficient LEED
certified buildings. LEED certification is a globally recognised
standard for energy efficient and sustainable building design,
providing assurance that buildings are designed to high
standards of energy efficiency and environmental performance.
These moves form part of the Group’s broader approach to
monitoring energy efficiency across its operational footprint.
2. Renewable energy
Transitioning to renewable energy sources (self-generation,
power purchase agreements or Renewable Energy Certificates
(“RECs”)) can help in reducing market-based Scope 2 emissions
to zero. As office locations are not owned, the most likely routes
for the Group are to negotiate with landlords for the supply of
renewable energy or to utilise RECs. Given the typically short-
term nature of the Group’s leases and energy requirements
of a services-based business, investment in self-generation
would likely be unfeasible.
40
Plus500 Ltd. 2025 Annual Report

Metrics and targets
Plus500 has a clear target to be net zero for Scope 1 and
Scope 2 emissions by 2030 or earlier, which is ahead of the
UK government’s commitment to net zero by 2050 and which
brings plans for our operating emissions within the science-
based pathway of limiting global warming to 1.5°C. The Group
reports its Scope 1 and Scope 2 greenhouse gas emissions,
calculated in-line with the Greenhouse Gas Protocol and
discloses total energy consumption. In-line with the risk and
opportunities identified, the Group assesses the proportion of
global electricity from renewable sources.
While acknowledging the TCFD recommendations to integrate
an internal carbon price into Group processes, the risk
assessment process has highlighted that at this point, carbon
pricing risks are financially immaterial to Plus500 and therefore
deemed unnecessary to implement. However, it may be used in
assessing any future large capital expenditure and investment
activities.
Additional metrics that monitor the climate-related risks and
opportunities, such as upstream and downstream Scope 3
emissions, are being considered for future reporting.
Streamlined energy and carbon reporting
FY 2025 FY 2024
ENERGY CONSUMPTION (KWH) UK
GLOBAL
(EXCL UK)
GROUP
TOTAL UK
GLOBAL
(EXCL UK)
GROUP
TOTAL
Total Group energy consumption (kWh) 23,547 1,279,960 1,303,507 22,788 776,679 799,467
FY 2025 FY 2024
GHG EMISSIONS (TCO
2
E) UK
GLOBAL
(EXCL UK)
GROUP
TOTAL UK
GLOBAL
(EXCL UK)
GROUP
TOTAL
Total Scope 1 (tCO
2
e) – – – – – –
Total Scope 2 (tCO
2
e) 4.1 450.4 454.5 4.7 302.0 306.7
Total Scope 1 & 2 (tCO
2
e) 4.1 450.4 454.5 4.7 302.0 306.7
Intensity measure (Group turnover $m) 792.4 768.3
GHG Emissions Intensity Ratio
(per Group turnover $m) 0.57 0.40
In 2024 and 2025 the Group moved
several offices to new, more energy
efficient LEED certified buildings.”
Strategic report
Governance Financial statements
41
Plus500 Ltd. 2025 Annual Report

GROUP CHIEF FINANCIAL OFFICER’S REVIEW
Introduction
Over recent years, Plus500 has expanded, diversified and
enhanced its global operations and has extended its global
presence, supported by a portfolio of regulatory licences.
Today, the Group offers a wide variety of financial instruments
across its OTC, futures, options on futures and share dealing
platforms. It operates in more than 60 countries and provides
highly localised trading platforms for customers, enabled by
the Group’s market-leading, proprietary technology and focus
on best-in-class customer service. These strong fundamentals,
coupled with an extremely strong financial position, provide
ongoing support for the Group as it seeks to execute against
its strategic roadmap ambitions of market expansion, product
innovation and deepening its engagement with customers.
During FY 2025, the Group generated excellent financial results
whilst also pursuing its strategic priorities. In total, the Group
announced shareholder returns of $365m, including $200m
allocated to share buyback programmes. In January 2025, the
Group’s shares were included as a constituent of the prestigious
STOXX Europe 600 Index for the first time.
Accelerating strategic momentum in FY 2025
The pace at which Plus500 delivered material strategic progress
accelerated during FY 2025, and this was coupled with an
excellent set of financial results and strong financial position. In the
US futures business, Plus500 gained new clearing memberships,
secured two exciting strategic partnerships, onboarded new B2B
and B2C customers and grew customer segregated funds to
record levels. In the OTC business, the Group expanded into new
markets, secured additional regulatory licences and maintained
its focus on higher value customers and retention initiatives.
The strong FY 2025 results reflect
recent strategic deliveries and
accelerating positive momentum
In FY 2025, the Group accelerated its
delivery of meaningful strategic progress
across its global end markets, whilst also
delivering a strong set of financial results.
This combination enables us to keep
investing in innovation and growth,
whilst supporting attractive
shareholder returns.”
Elad Even‑Chen
Group Chief Financial Officer
$792.4m
Revenue
(FY 2024: $768.3m)
$348.1m
EBITDA
(FY 2024: $342.3m)
44%
EBITDA margin
(FY 2024: 45%)
$3.93
Basic EPS
(FY 2024: $3.57)
42
Plus500 Ltd. 2025 Annual Report

In FY 2025, the Group secured new clearing memberships
with ICE Clear US and ICE Clear Europe, which are both part
of Intercontinental Exchange Group (“ICE”), as well as with
Kalshi Klear, enhancing its ability to provide holistic clearing
services across multiple venues and geographies. Reflecting
its trusted status with customers, customer segregated funds
grew significantly year-on-year and stood at $918.2m as of 31
December 2025 (31 December 2024: $353.8m).
The Group also announced two exciting strategic partnerships.
The first was with Topstep, a leading US-based trading
education and evaluation platform, under which Plus500 will be
the exclusive provider of clearing and technology infrastructure
to support Topstep’s brokerage expansion. The second was
as the clearing partner for ‘FanDuel Prediction Markets’,
a groundbreaking new event-based contracts platform
established as a joint venture between the CME Group and
FanDuel. These important partnerships demonstrate Plus500’s
market-leading operational strengths, underscoring its role
as a critical market infrastructure provider, ensuring robust
execution, settlement and risk management.
In its OTC business, the Group secured new licences in Canada,
the UAE and Colombia, expanding its global portfolio of
regulatory licences to 17, including the most recent addition
following the acquisition of Mehta in India. In Japan, the Group
obtained a new commodities licence, further expanding its
localised, multi-asset OTC offering following the earlier launch
of Equity, Index and ETF products. The Group’s licences represent
a major source of long-term competitive advantage and hold
significant inherent value by driving future growth. Plus500 also
received authorisation to establish a new representative office
in Colombia, marking the Group’s first strategic expansion
into Latin America. This provides a foundation for deeper
engagement with customers in the region and enhances the
Group’s long-term growth prospects.
Revenue, EBITDA, net profit and EPS
Revenue in FY 2025 was $792.4m (FY 2024: $768.3m), comprising
trading income of $729.6m (FY 2024: $711.6m) and interest income
of $62.8m (FY 2024: $56.7m). EBITDA for FY 2025 was $348.1m
(FY 2024: $342.3m) equating to an EBITDA margin of 44% (FY 2024:
45%). Net profit in FY 2025 was $281.3m (FY 2024: $273.1m) and basic
EPS increased by 10% to $3.93 (FY 2024: $3.57). Strong financial
results delivered for FY 2025, supported by an increasingly
diversified revenue base and disciplined cost management.
Cost base
The Group’s cost base continued to be positively weighted
towards variable costs during FY 2025. This enables the Group
to retain flexibility, while investing in its long-term technological
capabilities, and to protect its margins. For FY 2025, 70% of the
Group’s costs were variable (FY 2024: 70%).
Total SG&A expenses were $449.8m for FY 2025 (FY 2024:
$432.2m). The main elements were marketing technology
investments of $132.9m (FY 2024: $171.8m), payment processing
costs of $40.2m (FY 2024: $39.4m), employee benefits and
other related expenses of $152.0m (FY 2024: $123.9m) and
commissions and fees of $69.4m (FY 2024: $47.0m), which can
be attributed to the growth of the US futures businesses.
Investing to attract and retain higher
value customers
Plus500 continued to invest in strategic markets and products
to attract higher value customers during FY 2025. AUAC for
the period was $1,267 (FY 2024: $1,456), representing a positive
reduction of 13% year-on-year and reflecting the Group’s ability
to extract efficiencies from its marketing initiatives, thanks to
its technological marketing capabilities. The Group continues
to expect that AUAC will rise steadily over time, in-line with the
Group’s strategy to focus on higher value customers.
As the Group has focused increasingly on customer retention
initiatives, customer longevity has also increased in recent
years. In FY 2025, 87% of OTC revenue was derived from
customers trading with Plus500 for more than a year, 67% for
more than three years and 50% for more than five years. For
context, in FY 2022, just 24% of OTC revenue was derived from
customers who had been trading with Plus500 for more than
five years, illustrating the impressive progress the Group has
made in improving customer longevity.
Net financial expenses (income)
Net financial expenses (income) were $3.7m in FY 2025 (FY 2024:
($1.1m)), driven mainly by FX gains and losses as the Group
manages its exposure to a range of operating currencies
versus the US dollar. A substantial portion of the Group’s cash
is held in US dollars in order to reduce the impact of currency
movements on financial expenses over time.
Corporate tax
The Company’s status as a Preferred Technological Enterprise
(“PTE”), as accredited by the Israeli Tax Authority (“ITA”) under the
tax regime in Israel, was extended for the financial years 2022,
2023, 2024, 2025 and 2026, subject to the Company complying
with the conditions of the Law for the Encouragement of Capital
Investments, 5719-1959 (“Investment Law”). Consequently, the
Company’s corporate tax rate for each of these years will be
reduced from 23% to 12% and the withholding tax rate applicable
for dividends will be reduced from 25% to 20%, subject to the
Company complying with the conditions of the Investment Law.
For further information, see notes 3 and 10 to the Consolidated
Financial Statements.
Balance sheet and cash generation
As of 31 December 2025, total assets on the Group’s balance
sheet were $944.1m (31 December 2024: $991.8m), with equity
of $568.0m (31 December 2024: $644.3m), representing
approximately 60% of the balance sheet (31 December 2024:
approximately 65%). The Group has remained debt-free since
inception, and had a cash and cash equivalents balance at
the end of FY 2025 of $801.6m (FY 2024: $890.0m). This robust
financial position is supported on an ongoing basis by the
Group’s technology-enabled, cash generative business model
and lean cost base which allows the Group to invest in its
people and its capabilities with a focus on medium- to long-
term returns.
Operational overview
The excellent strategic progress and strong financial results
delivered in FY 2025 reflect the successful diversification
initiatives that Plus500 has established in recent years. The
broadening of the Group’s business model has strengthened
its foundations and provided it with access to high-growth,
regulated markets.
Total customer deposits increased significantly to $6.5bn
(FY 2024: $3.0bn), setting a new record for the Group, with an
average deposit per Active Customer reaching approximately
$26,900 (FY 2024: approximately $12,000), highlighting the
Group’s successful strategic shift towards attracting, and
retaining, higher value customers.
The number of Active Customers was steady at 242,440
(FY 2024: 254,138), reflecting the Group’s ongoing investments
in customer retention and activation technologies, and New
Customer acquisition was 104,902 during the year (FY 2024:
118,010), reflecting the Group’s multi-channel approach to
marketing initiatives.
ARPU was a record $3,268 in FY 2025 (FY 2024: $3,023) highlighting
resiliency of its trading platforms and breadth of product
offering, which continued to expand throughout the period.
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Governance Financial statements
43
Plus500 Ltd. 2025 Annual Report

Customer engagement and activity levels on Plus500’s trading
platforms remained strong, with the total number of customer
trades reaching approximately 69m in FY 2025 (FY 2024:
approximately 56m).
Shareholder returns
Since its IPO in 2013, Plus500 has returned approximately
$2.9bn to shareholders through dividends and share buybacks,
including the $187.5m announced in February 2026, comprising
share buyback programmes of $100.0m and total dividends
of $87.5m, extending the Group’s established track record of
shareholder returns.
The $100.0m share buyback programme included a final
buyback programme of $30.3m and a special buyback
programme of $69.7m. The $87.5m of dividends included a
final dividend of $30.3m, representing $0.4314 per share, and
a special dividend of $57.2m, representing $0.8143 per share,
equating to a total dividend per share of $1.2457. The additional
shareholder returns emphasised the Board’s continued
confidence in the prospects for Plus500 and reflected the
robust financial position of the Group.
As of 31 December 2025, the Company held a total of
44,458,677 ordinary shares in treasury, which were purchased
since the commencement of Plus500’s initial share buyback
programmes in 2017, representing approximately 39% of the
Company’s issued share capital (the total treasury shares held
by the Company comprise the shares purchased less issued
treasury shares). Ordinary shares that are repurchased by the
Company under its buyback programmes are held in treasury
and are not entitled to dividends and have no voting rights.
Presentation of currencies
The Consolidated Financial Statements are presented in US
dollars, which is the Group’s functional and presentation currency.
Foreign currency transactions and balances in currencies
different from the US dollar are translated into US dollars.
Elad Even‑Chen
Group Chief Financial Officer
19 March 2026
Group Tax Policy
The Group actively seeks to comply with both the spirit
and the letter of all relevant taxation laws and regulations
where it operates, and it is committed to a transparent
and open approach to reporting on tax. The Group’s
policy is to file all tax returns on time, and to pay tax as it
falls due. The Group has a low risk tolerance for uncertain
tax positions in the jurisdictions in which it operates and
does not undertake any aggressive or unreasonable
tax planning schemes for the purpose of tax avoidance,
and broadly aims to align tax payments to revenue
generation. The Group does not knowingly help others
avoid their tax obligations.
During FY 2020, Plus500 Ltd. became one of the first
companies to receive approval from both the ITA and
the Israeli Innovation Authority (“IIA”) under the new tax
regime in Israel, recognising the Company as a PTE and
as “an enterprise which promotes innovation”. At the
beginning of July 2020, Plus500 Ltd. received an approval
from the IIA that, together with the tax ruling received
from the ITA in May 2019, recognises Plus500 Ltd. as a
PTE. In January 2022, the Company’s status as a PTE, as
accredited by the ITA under the tax regime in Israel, was
extended for the financial years 2022, 2023, 2024, 2025
and 2026. Consequently, the Company’s corporate tax
rate for each of these years will be reduced from 23% to
12% and the withholding tax rate applicable for dividends
will be reduced from 25% to 20% subject to the Company
complying with the conditions of the Investment
Law. Also see note 3 and note 10 to the Consolidated
Financial Statements.
All intra-Group transactions are required to be priced
on an arm’s-length basis in accordance with the
Group’s internal transfer pricing policies which reflect
internationally accepted transfer pricing standards
and local tax laws, which are also approved by leading
international accounting firms. Taxation is a regular
agenda item for the Audit Committee, which meets at
least four times a year, and reports to the Board. Tax
compliance risks are managed through the Group’s
Governance Framework, overseen by its Audit Committee,
and supported by the Group Chief Financial Officer.
GROUP CHIEF FINANCIAL OFFICER’S REVIEW CONTINUED
We will continue to invest in growth
opportunities, both organically
and inorganically, that align with
the Group’s strategic roadmap
objectives of market expansion,
product growth and improved
customer retention.”
44
Plus500 Ltd. 2025 Annual Report

Assessing and managing our risks
The Group maintains a robust, customer-centric approach to
the management and control of risks, which is fully embedded
within the Group’s technology and its day-to-day operating
procedures.
Furthermore, the Group has a comprehensive risk mitigation
plan, which helps to control exposures and provide robust
solutions. This plan includes a range of measures, such as
corporate policies, operating rules, systematic reporting,
external audits, internal audits, self-assessment and continuous
monitoring by the Regulatory & Risk Committee, the Board and
the Executive Management.
Risk Management Framework
The financial, market and regulatory environments in which
Plus500 operates inherently expose it to a number of strategic,
financial, operational, regulatory and ESG-related risks. The
Group recognises the importance of understanding and
managing these risks and has determined levels of risk that
it believes are efficient. Policies and procedures have been
developed within a robust risk management framework that
attempts to minimise various risks, including market risk.
The Group aims to ensure its risk exposures are aligned with
its risk appetite across its product portfolio. This is supported
by real-time monitoring technology which is embedded in
the Group’s trading platforms. The Group continues to test a
more holistic, automated hedging capability and will provide
information on this approach, if and when it is implemented.
This overall approach aligns the Group’s interests with its
customers, with a particular focus on customer care and
protection and customer experience, helping to deliver a more
stable revenue stream over time, given the consequently lower
level of top-line volatility. The Group continues to expect that
revenue contribution from Customer Trading Performance will
be broadly neutral over time.
Plus500 monitors trading levels and exposure limits (for example
by customer, instrument and asset class), and credit risk is
limited by having all OTC customers’ accounts pre-funded. The
Group also offers negative balance protection and a margin
close-out policy to all of its OTC customers on a global basis.
Governance
The role of the Board
The Board is ultimately responsible for the risk strategy, having
developed a Risk Management Framework, which is regularly
reviewed and assessed by the Board, particularly with regard
to principal and emerging risks.
The Board believes that the robust, technology-driven risk
management systems of the Group are a key competitive
strength and an important factor in its revenue generation.
The implementation of the risk strategy is delegated to
management under the more detailed supervision of the
Regulatory & Risk Committee.
The role of the Regulatory & Risk Committee
The Regulatory & Risk Committee receives updates from
management on risk, compliance and regulatory issues and
reviews the related internal systems. This Committee also
receives monthly reporting packages relating to risk and
compliance.
The Regulatory & Risk Committee is responsible for reviewing
relationships with the regulatory authorities and reviewing the
adequacy and quality of the Group’s systems and procedures
for compliance with relevant regulatory requirements where
the Group is regulated and in other jurisdictions where the
Group has a significant market presence. The Regulatory & Risk
Committee also has responsibility for reviewing the Group’s
most significant risks to the achievement of strategic objectives
and reviewing the Group’s risk management policy.
Lines of defence
Within the Risk Governance Framework, three lines of defence
are created through:
+ Front-line risk management processes;
+ Regulatory compliance; and
+ Independent assurance provided by internal audit.
First line of defence
The first line of defence consists of front-line risk management
processes operated within the day-to-day trading activities of
the Group’s business.
There are three elements to the management of day-to-day
OTC trading risk:
a. Financial Risk Limitation Policies
The Group has developed proprietary risk management
systems that incorporate various real-time financial
risk limits.
b. Trading Limits
i. Customer limits
Monetary limits are placed on a customer’s:
(a) Exposure to any single instrument;
(b) Aggregate open positions as a whole; and
(c) Aggregate deposit amounts.
Customer limits are determined with reference to, among
other things, a customer’s credit score, trading history,
location and other due diligence results.
ii. Group limits
Monetary limits are also placed on the Group’s exposure
to individual instruments. These limits are set according to,
among other things, the asset class, the size, the liquidity
and the beta (volatility) of the underlying instrument. In
each case, when these limits are reached on our trading
platforms, it automatically ceases to accept new trades
from the relevant individual or on the underlying instrument
until exposure levels fall below the relevant threshold(s) or
threshold(s) are reviewed and amended.
RISK MANAGEMENT FRAMEWORK
A rigorous risk framework
Strategic report
Governance Financial statements
45
Plus500 Ltd. 2025 Annual Report

c. Hedging
To further manage risk, the Group has a hedging approach in
place, including targeted hedging in certain circumstances.
This approach would, in extremis, mitigate exposure of the
Group as a whole beyond certain thresholds.
Second line of defence
A strong compliance function is in place in all of the Group’s
regulated subsidiaries. The Board continues to develop the
Group’s compliance policies in-line with each of the regulatory
environments in which the Group’s product offerings are
available.
Third line of defence
The third line of defence, independent assurance, is provided
by internal audit.
The role of the internal auditor is to examine, among other
things, the Company’s compliance with relevant law and
orderly business procedures. In accordance with the Israeli
Companies Law 5759-1999 (the “Companies Law”), the internal
auditor is appointed by the Board on the recommendation of
the Audit Committee, which also oversees the internal auditor’s
work plan, monitors its activities and assesses its performance.
Pursuant to the Companies Law, the internal auditor may not
be: (1) a person who holds more than 5% of the Company’s
outstanding shares or voting rights; (2) a person who has
the power to appoint a Board member or the Chief Executive
Officer of the Company; (3) an officer or Board member of the
Company; (4) a relative of any person described above; or (5)
a member of the Company’s independent accounting firm, or
anyone acting on its behalf.
In 2022, the Board appointed Kost Forer Gabbay & Kasierer
(EY Israel), a member firm of Ernst & Young, as the Company’s
internal auditor.
Compliance with relevant regulations is also provided by local
advisors in the main territories that the Group operates in, and
advice on the regulatory regime is considered when planning
new licence applications or sourcing acquisitions.
Internal controls
The Board has overall responsibility for the Group’s systems
of internal control and for monitoring their effectiveness.
Although no system of internal control can provide absolute
assurance against material misstatement or loss, the Group’s
systems are designed to provide the Board with reasonable
assurance that issues are identified on a timely basis and dealt
with appropriately.
The Group’s key internal financial control procedures include:
+ A review by the Board of actual results compared with
budget and forecasts;
+ Reviews by the Board of year-end forecasts;
+ The establishment of procedures for acquisitions, capital
expenditure and expenditure incurred in the ordinary course
of business;
+ The appraisal and approval of proposed acquisitions
outside of the ordinary course of business by the Board;
+ The detailed budgeting and monitoring of costs incurred in
the development of new products;
+ A review of day-to-day management controls and test of
operating effectiveness of key controls;
+ An annual review of the internal controls system;
+ A regular review of risk limits, with a view to conducting
targeted hedging to reduce market risk, as and when
appropriate;
+ The reporting to, and review by, the Board on changes in
legislation, regulatory requirements and practices within
the sector, as well as accounting, regulatory and legal
developments pertinent to the Group; and
+ The appointment of experienced and suitably qualified staff
to take responsibility for key business functions to ensure
maintenance of high standards of performance.
Risk assessment and review
The Board confirms that it has completed a robust assessment
of the Company’s principal and emerging risks. The Board
continues to assess emerging risks but has not identified any
emerging risks that were not already captured as principal
risks through the Group’s comprehensive risk assessment
process, carried out in FY 2025, in accordance with Provision
28 of the Code. Principal risks are considered those that would
threaten its business model, future performance, solvency
or liquidity. These are outlined below and further details of
financial risks and their management are set out in note 25 to
the Consolidated Financial Statements.
The comprehensive risk assessment process identified certain
risks which were narrowed down into major risks monitored
by the Executive Management and the Regulatory & Risk
Committee, then further consolidated into ten principal risks
closely monitored by the Board.
Throughout FY 2025 and up to the date of this Annual Report,
the Board has reviewed the effectiveness of the Group’s
internal controls system. As a result of this review, the Board
considers that the measures that have been, or are planned to
be, implemented, complement the Group’s risk management
framework and are appropriate to the Group’s circumstances.
The measures cover all controls, including financial and
operational controls and compliance with relevant laws and
regulations.
RISK MANAGEMENT FRAMEWORK CONTINUED
46
Plus500 Ltd. 2025 Annual Report

RISK DESCRIPTION MANAGEMENT AND MITIGATION
Business and strategic risks
Legal and
jurisdictional risk
The risk that changes in the legal and
regulatory frameworks in which the Group
currently operates could adversely affect
its performance
+ Diversification of jurisdictions in which the Group’s product
offerings are available
+ Ongoing monitoring of legal and regulatory developments
and taking necessary actions to remain compliant with any
changes to applicable legal or regulatory frameworks
Regulatory risk
Regulatory changes could result in one
or more of the Group’s product offerings
becoming less profitable, restrictions on the
products’ marketing, or a ban on the product
offerings in one or more of the jurisdictions in
which the Group operates
+ Ongoing monitoring of market and regulatory sentiment,
developments and advice from compliance functions on actual
and possible future changes and taking remedial action
+ Maintaining an open and robust dialogue with regulators
+ Continuing to make efforts and investment to diversify the
Group’s product portfolio and broaden its geographic footprint
Customer
care and
protection risk
The risk that a lack of customer care
and protection could negatively impact
customer welfare, particularly in relation to
compliance with relevant regulations on
these issues
+ Continued efforts to educate and inform customers of the
inherent potential risks involved in trading, through required
risk disclosures, educational features and by offering an
unlimited and free demo account for OTC and ‘Plus500
Futures’ customers
+ Negative balance protection has been a feature of the
Plus500 OTC platform since inception. This guarantees that
maximum losses for all customers are limited to the amount
within their account
+ Other risk management features, including margin close-
out policy, are also embedded within Plus500’s technology
+ ‘Trading Academy’ and ‘+Insights’ to provide customers with
valuable information
+ Assessment of potential customers prior to and during the
completion of the onboarding process
Financial risks
Business risk The risk of a commercially adverse impact on
the business resulting from:
+ The Group’s strategic decision-making
failing to seize business opportunities or
react to changes in the market. This risk
may result in damage or loss, financial or
otherwise, to the Group as a whole
+ The risk that a third-party organisation
on which the Group relies significantly
will inadequately provide or fail to deliver
its outsourced activities or contractual
obligations to the standard required
+ Robust governance, challenge and oversight
+ Managing the Group in-line with the agreed strategy, policies,
risk appetite and periodic reviews of such assumptions
compared to developments in the markets, business and
regulation
+ Developing redundancies for material services provided
by third parties by having secondary providers and alert
systems, as well as automated processes to operate
redundancies
+ Due diligence performed on service providers
+ Service level agreements in place and regular monitoring of
performance
+ Input from best-in-class advisors involved in decision-
making processes of strategic developments and initiatives
Strategic report
Governance Financial statements
47
Plus500 Ltd. 2025 Annual Report

RISK DESCRIPTION MANAGEMENT AND MITIGATION
Financial risks continued
Market risk
The risk of exposure to the market
Market risk is mainly comprised of the
following factors:
+ Price movements
+ Foreign currency exposures
+ The Group manages market risk by balancing natural
hedging and the Group’s risk tolerance. Market risk is
mitigated by:
– The Group’s proprietary technology platforms which
enable real-time position monitoring and alerts to help
the Group constantly manage market exposure and
adjust its controls
– Defining daily/weekly/monthly Group market risk limits for
each financial market or instrument
– If predetermined limits are exceeded, the Group takes
appropriate actions to reduce exposure
– Targeted hedging is conducted on a limited basis, as
appropriate
Credit risk
The risk of clients or counterparties failing
to fulfil contractual obligations and/
or settlements resulting in financial loss,
specifically:
Client credit risk:
Leveraged trading in the OTC business can
result in client trading losses exceeding
available funds in their account (mainly
due to sharp market movements); such
losses are absorbed by the Group (negative
balance protection has always been offered
to all the Group’s OTC customers, in all
markets and across all underlying assets)
Institutional credit risk:
The risk that financial counterparties will not
meet their obligations, risking both client and
Group assets
Client credit risk:
For retail customers, the Group has a “no credit” policy in which
OTC customers can only fund their accounts from their own
resources, with all accounts being pre-funded. Customers can
set a wide range of loss risk mitigation tools such as alerts and
stops features
Institutional credit risk:
The Group engages only with prominent, highly ranked and
well-established financial institutions for the holding of its
own assets and in order to meet its regulatory obligations to
safeguard client money in segregated accounts. The Group
periodically reviews its engagements with such financial
institutions to make sure they continue to operate within the
applicable standards and also diversify the Group’s assets
across those financial institutions to reduce risk
Liquidity risk
The risk that there is insufficient available
liquidity to meet the financial liabilities of
the Group
The Group utilises liquidity forecasts to identify potential risks.
These forecasts incorporate the impact of all applicable liquidity
regulations in force in each jurisdiction and other hindrances
to the free movement of liquidity around the Group. Key issues
affecting the Group’s liquidity are discussed by the Board
RISK MANAGEMENT FRAMEWORK CONTINUED
48
Plus500 Ltd. 2025 Annual Report

RISK DESCRIPTION MANAGEMENT AND MITIGATION
Operational risks
Operational risk
The risk of enduring losses resulting from
inadequate or failed internal processes due
to people, failed technology deployment,
adoption and innovation, external events
(such as natural disasters, major utilities or
infrastructure failure, etc.), or the inability to
attract and maintain competent staff which
the Group requires for operational purposes
+ Business and regulatory sign-off of processes and
procedures to ensure business efficiency and regulatory
compliance
+ Invest in system development to improve process automation
+ Monitoring, quality checks and robust analysis of
performance to identify errors, inefficiencies, underlying
causes and mitigation plans
+ Centralised operations – to enable rapid implementation of
business innovation, adjustments to business and regulatory
changes, monitoring and maintaining high standards and
cost-efficient structure
+ Centralised technical operations, to ensure Group-wide
monitoring, issue handling and analysis
+ Unified IT strategy focused on performance and growth
+ Continuous development efforts towards operational risk
framework to ensure risk recognition and timely control
+ Recruitment of highly competent employees and development
of employee retention programmes, with enhanced staff
training and oversight
+ The Group has a clear business continuity plan, ensuring
quick recovery and cover for both IT and operational aspects
(connectivity, Distributed DoS Attacks, unresponsiveness of
server, etc., as well as external events) and each one has an
emergency plan and contacts in place
Information and
data security risk
The risk of loss of technology services
caused by network disruption and loss of
systems, data and failure to restore services
of a third-party in a timely manner resulting
in the Group’s inability to offer its services
The risk of loss or misuse of individuals’
personal information provided to the Group
+ Operate multi-layered delivery, security and mitigation solutions
+ Continuous investment in increased functionality, scalability,
capacity and responsiveness of systems to monitor, react
and prevent cyber attacks
+ Continuous real-time monitoring of incoming and outgoing
network activity
+ Constant monitoring of systems performance and controls
+ Selective software design methodologies and testing regimes
+ A robust Group IT policy that sets out strategic, stability, security
and performance standards as well as backup processes to
enable service availability in the event of failures
+ Privacy as culture – creating awareness among employees
of privacy-related matters including proper use of personal
information, protection of such information and loss prevention
+ Dedicated cyber security training for all global employees
and the Board
+ Robust privacy-oriented compliance programme to ensure
compliance with relevant data privacy regulations
Climate‑
related risk
Complete or partial prevention of maintaining
the Group’s ongoing operations and the
provisions of services to its customers (e.g.,
due to office premises unavailability, systems
connectivity downtime, data centre disaster,
etc.) as a result of a natural disaster (e.g.,
earthquake, flood), fire or any other external
factors
+ Plus500 has a Disaster Recovery site supported by a
database which is updated in real time
+ The Group’s headquarters are equipped with an emergency
generator that would be automatically activated in the
event of a power outage and has facility uninterruptable
power supply units that would be automatically activated if
the emergency generator fails
+ “Work From Home” mode – employees are assigned
with equipment and connectivity, so that there will not
be any interruptions to working activity in the event of
office unavailability
Strategic report
Governance Financial statements
49
Plus500 Ltd. 2025 Annual Report

Going Concern
Having given due consideration to the nature of the Group’s
business, the Group’s budget, liquidity resources and cash flow
forecasts for the period of three years ending 31 December
2028, taking into account the Group’s anticipated investment
commitments and working capital requirements, the Board
considers that the Company and the Group as a whole are a
going concern and the Consolidated Financial Statements are
prepared on that basis.
This treatment reflects the reasonable expectation that the
Group has adequate resources to continue in business for over
a period of at least 12 months from the date of approval of the
Consolidated Financial Statements and the consideration of
the various risks set out on pages 47 to 49 and the financial risks
described in note 25 to the Consolidated Financial Statements.
Viability Statement
In accordance with Provision 31 of the Code, the Board has
considered the Group’s current financial position and future
prospects, its strategy, risk appetite and the potential impact
of the principal risks and how these are managed. It has a
reasonable expectation that the Group will be able to continue
in operation and meet its liabilities as they fall due over the
three-year assessment ending 31 December 2028.
The Directors confirm that they have performed a robust
assessment of the principal and emerging risks facing the
Group as detailed on pages 47 to 49, including those that will
threaten its business model, future performance and liquidity.
In reaching this conclusion, both the prospects and viability
considerations have been assessed:
Prospects
+ The Group’s current financial position is outlined in the
Strategic Report.
+ The Group’s business model: despite regulatory changes in
a number of jurisdictions, the core of the current strategy
remains in place and continues to demonstrate sufficient
cash generation to support operations. In addition, we believe
the Group will continue to be viable beyond the three years as
mentioned above, in accordance with our business model.
+ Assessment of prospects and assumptions: conservative
expectations of future business prospects through
delivery of the Group strategy as presented to the
Board through the budget approval process. The
annual budget approval process consists of a detailed
bottom-up process with a 12-month outlook which
involves input from all relevant functional and regional
heads. The process includes a collection of resource
assumptions required to deliver the Group strategy and
associated revenue impacts with consideration of key risks.
This is used in conjunction with external assumptions such
as: a region-by-region review of the regulatory environment
and incorporation of any anticipated regulatory changes
as outlined in the Strategic Report, to revenue modelling,
market volatility, interest rates and industry growth which
materially impact the business.
The budget is used to set targets across the Group. The
budgeting process also covers liquidity and capital planning
and, in addition to the granular budget, a three-year outlook is
prepared using assumptions on industry growth, the effects of
regulatory changes, revenue growth from strategic initiatives
and cost growth required to support initiatives. The budget
was reviewed by the Board in October 2025 and in December
2025 and received final approval in December 2025.
+ Ongoing review and monitoring of risks: these are outlined
in the Group’s Risk Management Framework on pages 47
to 49 of this Annual Report and are monitored monthly
by management, with review and challenge from the
Regulatory & Risk Committee. Based on the various scenarios
tested, the Company has sufficient liquidity and headroom
to operate its business.
Viability
Scenario stress testing of available liquidity and capital
adequacy are central to understanding the Group’s viability.
This testing replicates adverse market conditions and regulatory
change, and is therefore considered in the Group’s Individual
Capital Adequacy Assessment Process and Individual Liquidity
Adequacy Assessment documents, which are shared with our
regulators on request. The results of the scenario stress testing
showed that, due to the robust nature of the business, the Group
would be able to withstand these scenarios, both in isolation
and combined scenarios, over the financial planning period by
taking management actions that have been identified.
The Board has considered that three years is an appropriate
period over which to provide a viability statement, as this is
the longest period over which the Board reviews the success
of strategic opportunities. This timeline is also aligned with the
period over which internal stress testing occurs. The Board has
no reason to believe that the Group will not be viable over a
longer period, but given the uncertainty involved, in particular
of regulatory changes, the Board believes this period presents
the readers of the Annual Report with a reasonable degree
of confidence.
The Group also monitors performance against predefined
budget expectations and risk indicators, along with strategic
progress updates, allowing management action to be taken
where required, including the assessment of new opportunities.
Going concern and
viability statement
GOING CONCERN AND VIABILITY STATEMENT
50
Plus500 Ltd. 2025 Annual Report

CONTENTS
Governance at a Glance 52
Chair’s Introduction to Governance 54
UK Corporate Governance Code 55
Compliance Statement
Board of Directors 56
Governance Report 60
Shareholder Engagement 66
Report of the Nomination Committee 67
Report of the Audit Committee 72
Report of the Regulatory & Risk Committee 79
Report of the ESG Committee 82
Report of the Remuneration Committee 85
Directors’ Remuneration Report 92
Directors’ Report 104
Corporate Law 106
Directors’ Responsibility Statement 109
Governance
Strategic report
Governance
Financial statements
51
Plus500 Ltd. 2025 Annual Report

Board profile
As of the date of this Annual Report
Board independence
l Independent
(including Chair)
l Non-Independent
Board tenure
l 0-3 years
l 3-6 years
l 6+ years
Board ethnicity
l Ethnically diverse
l White
Board gender diversity
l Female
l Male
Read more about key activities of the Board on page 61
Introduction
Under the leadership of its Chair over the last five years, Prof.
Jacob A. Frenkel, Plus500 has consistently enhanced and
improved its governance framework.
Maintaining strong corporate governance was a major focus
of the Board throughout FY 2025, ensuring a solid governance
foundation from which Plus500 can continue delivering its
strategic roadmap and drive increased value for its shareholders
in the future.
Key activities of the Board in 2025
+ Engaged in deep dive strategic sessions to solidify the
Group’s position as a global multi-asset fintech group.
Key focus areas included enhancing product offerings
supported by scalable and reliable technologies, securing
new regulatory licences, and expanding market footprint,
notably through the strategic acquisition of Mehta in India
and new global partnerships.
+ Review, discussions and approval of various announcements,
including results, trading updates, and other market updates
as applicable, as well as notice of the Annual General
Meeting.
+ Review of monthly updates, including: CEO KPIs reports; CFO
reports on financial performance and business development
updates; risk reports; and regulatory, compliance and
AML reports.
+ Conduction of an independent third-party performance
review of the Board and its Committees, following two
internal reviews held in 2024 and 2023, as well as the previous
independent third-party performance review held in 2022.
+ Participated in deep dive Board training sessions focused on
cyber security and AI.
+ Monitoring and reviewing the Group’s culture, values and
performance, through regular discussions with the Executive
Directors, senior management and their teams and through
the workforce engagement representative on the Board,
who held round table sessions with employees of the Group.
Governance highlights
GOVERNANCE AT A GLANCE
5
2
1
2
5
4
2
2
5
52
Plus500 Ltd. 2025 Annual Report

Operation of the Board
The Board holds its scheduled meetings in accordance with a
pre-approved annual calendar, with each session prepared
using a clear agenda and comprehensive background
materials provided to the Directors in advance of the meeting.
During 2025, the Board met on ten occasions to review,
formulate, discuss and approve the Group’s strategy and
roadmap, budgets and corporate actions and to oversee
the Group’s progress towards its goals. On a regular basis
or whenever necessary, the Board also receives updates on
various operational, financial, risk and regulatory and other
business matters.
Read more on page 62
Board Committees
The Board’s oversight function is supported by the delegation
of specific responsibilities to its six principal Committees:
Audit, Remuneration, ESG, Regulatory & Risk, Nomination and
Disclosure. Each Committee has adopted its own Terms of
Reference, also approved by the Board, and established an
annual agenda and working plan.
Read more on page 60
Board and Committees changes
Anne Grim was elected at the EGM held on 8 January 2024 for
a one-year term as an Independent Non-Executive Director,
with immediate effect. She completed this term on 7 January
2025 and subsequently stepped down from the Board and the
applicable Committees on that date.
Tami Gottlieb was appointed as a member of the ESG
Committee, effective 18 February 2025.
Varda Liberman and Daniel King were appointed as members
of the Disclosure Committee, effective 18 February 2025.
Board performance review
In accordance with Provision 21 of the Code, which requires that
FTSE 350 companies should have an external performance
review of the Board at least once every three years, and as a
FTSE 250 company, Plus500 undertook in 2025 an independent
third-party Board and Committees performance review
conducted by Nasdaq Governance Solutions, following two
internal reviews held in 2024 and 2023, as well as the previous
independent third-party performance review facilitated in 2022.
As part of this process, Board members were requested to
complete questionnaires via a secure digital platform while
also participating in individual interviews, to evaluate the
performance of the Board and its Committees, as well as the
performance of the Chair. The questionnaires were developed
by Nasdaq Governance Solutions, taking into consideration
the findings of the 2022 independent third-party review and
the findings of the 2023 and 2024 internal reviews, and in
accordance with the Financial Reporting Council’s Guidance
on Board Effectiveness.
Read more on pages 64 to 65
Board training and development
All Board members are given updates, on a regular basis,
on changes and developments in the business and the
environment and territories in which the Group operates,
in order to further develop the Board’s understanding and
awareness of the business and its future prospects.
During the year, Board members attended training sessions
on various areas, such as AI and cyber security, as well as
general corporate regulation, including the 2024 UK Corporate
Governance Code, the majority of which applied to the Company
for the first time in respect of the year ended 31 December 2025.
In-line with Plus500’s continued growth as a global multi-
asset fintech group, and in order to appropriately govern and
manage the future development of the business, a further
comprehensive Board training plan for 2026 was adopted.
Board skills and experience
Number of Board members with relevant skills and experience
Audit and risk management
7
Capital raising, mergers, acquisitions, investment and transactions
5
Compliance and regulation
6
Digital technology
4
ESG
6
5
Finance, banking, financial services and fund management
3
Marketing
4
Shareholder relations
6
Innovation
5
Enterprise risk management
53
Plus500 Ltd. 2025 Annual Report
Strategic report
Governance
Financial statements

CHAIR’S INTRODUCTION TO GOVERNANCE
Dear Shareholder
I would like to take this opportunity to give you an overview
of the work of our Board during FY 2025, as we continue
to review and assess the various aspects of our business,
including corporate governance, remuneration, customer
care and satisfaction, employee satisfaction as well as overall
stakeholder engagement.
To further develop our Board’s understanding, knowledge and
awareness of the business and its future prospects, all Board
members receive on a regular basis updates on changes and
developments in the business, as well as the environment and
territories in which the Group operates.
During the year, the Board continued to discuss and assess
developments related to the principles and provisions of the
2024 UK Corporate Governance Code (the “Code”), the majority
of which applied to the Company for the first time in respect
of the year ended 31 December 2025, in order to monitor and
respond to developments in corporate governance best
practice and to prioritise matters of corporate governance,
ESG and strategic endeavours. The Board also went through
training sessions on various topics, such as AI and cyber security.
The Board has continued to be highly effective during
2025, having deep dive sessions for assessing the Group’s
strategy and the progress made in this regard, as well as in
reviewing key operational elements of the business. The Board
remains very supportive of Executive Management in further
establishing Plus500’s strategic position as a global multi-
asset fintech group through a clear focus on delivering growth
and innovation, supported also by organic investments and
targeted acquisitions.
This strategy is key to the Group’s future success and has
continued to drive the diversification of the Group’s revenue
streams, product range and geographic footprint. It has also
enabled the Group’s reinforced financial position.
Maintaining ongoing transparent
dialogue with all stakeholders
The Board has continued to be
highly effective during 2025, having
deep dive sessions for assessing the
Group’s strategy and the progress
made in this regard, as well as in
reviewing key operational elements
of the business.”
Prof. Jacob A. Frenkel
Chair of the Board
Consistent with Plus500’s commitment to maintaining ongoing,
transparent dialogue with all stakeholders, shareholder
engagement remained highly important to us. In 2025 a
series of in-person meetings were held with key shareholders,
who together represented approximately 25% of the
Company’s shareholder register. Further such governance
meetings are planned for 2026 as part of our regular
engagement with our shareholders, to ensure we keep
representing the best interests of our investors.
During the year, I held two constructive Non-Executive Directors
sessions, in order to review and monitor management
performance. These sessions are invaluable, and, together with
having one-on-one meetings with each of our Non-Executive
Directors, enhance the Board’s contribution and effectiveness
as a whole.
In 2025, we dedicated considerable time to evaluating the
performance of the work of our Board and its Committees,
and undertook an independent third-party review by Nasdaq
Governance Solutions, in accordance with Provision 21 of the
Code, which requires FTSE 350 companies to have an externally
facilitated board performance review at least once every three
years. The review process included personal questionnaires,
as well as one-on-one follow up interviews with our Board
members. A detailed report on the results was presented to the
Board in December 2025. This was a valuable exercise which
resulted in a number of important recommendations which
will be considered and implemented, as applicable, during the
course of 2026. In parallel, we have continued to implement the
feedback and insights derived from our 2024 and 2023 internal
Board reviews.
54
Plus500 Ltd. 2025 Annual Report

The following Governance Report describes the activities of the
Board and its Committees during 2025 in more detail.
I look forward to reporting on the Board’s further progress in
next year’s Annual Report.
Prof. Jacob A. Frenkel
Chair of the Board
19 March 2026
As detailed below, and as detailed further in the independent
reports of each of our Board Committees, the Committees
have continued to assist the Board with reviewing, monitoring
and promoting high standards of corporate governance.
During 2025, we approved several rotations to the Committees’
compositions, further enhancing the diversity of skills and
knowledge within our Board Committees.
The Nomination Committee, chaired by Mr. Steve Baldwin,
continued to review the relevant experience, knowledge and
skill set on the Board while always considering diversity and the
need for independent thinking and challenge. The Committee
will continue to regularly review the size of the Board so as to
confirm that it is appropriate and able to maintain effective
oversight of the executive team while providing sufficient
constructive challenge and support. The Committee dedicated
time to discuss succession plans for the Board, the management
and key personnel within the Group. The Committee continued
to discuss and consider the Board’s ethnic diversity and
concluded that the Board is sufficiently diverse, given the mixed
ethnic background of certain Board members.
The Audit Committee, led by its Chair, Ms. Tami Gottlieb,
continued its dedicated work overseeing the internal controls
of the business as well as the internal audit plan and its
implementation. The Committee worked effectively with the
external auditors and oversaw the integrity of the Group’s
financial results.
Our oversight of principal and emerging risks including
business, strategic, financial and operational challenges
facing the Group continued during 2025. The Regulatory & Risk
Committee, led by its Chair, Prof. Varda Liberman, reviewed
these risks and received assurance from the management
team and the Group’s various advisors as to how they are
understood and mitigated to the level of risk acceptable to the
Board. During the year, the Regulatory & Risk Committee has
monitored upcoming regulatory changes that have arisen, and
discussed new licence applications.
During the year, the Board has continued to develop and
strengthen the Group’s ESG framework, led by its ESG
Committee, to further assess the Group’s priorities and risks in
the continually developing area of ESG. Chaired by Mr. Steve
Baldwin, who also serves as the Board’s designated Non-
Executive Director dedicated to workforce engagement, the
Committee dedicated time to discuss various ESG-related
matters, including customer care, employee satisfaction and
diversity across the Group. Supported by the ESG internal
working group, alongside external ESG advisors, the Committee
reviewed Plus500’s Environmental Policy and made sure we
continue to be aligned with the TCFD recommendations.
Further details are available in our ESG Report, TCFD Report and
in the Report of the ESG Committee.
The Remuneration Committee, led by its Chair, Mr. Daniel King,
continued to monitor all areas of remuneration, including Non-
Executive Directors’ and Executive Directors’ remuneration, and
ensured alignment with the Company’s Remuneration Policy for
Directors and Executives for the years 2024-2026, as approved
at the Company’s 2023 AGM, held on 2 May 2023. Further details
can be found in the Report of the Remuneration Committee.
Finally, and on behalf of all Board members, I would like to share
once again our deep appreciation to our talented management
and employees across our various operations around the
world. Your excellent work and dedicated contribution to the
Group’s culture, performance and great achievements during
the year, are invaluable.
UK Corporate Governance Code
Compliance Statement
As a company admitted to the Equity Shares in
Commercial Companies (“ESCC”) category of the Official
List, and with respect to 2025, Plus500 is required to comply
with the principles and provisions of the UK Corporate
Governance Code 2024 (the “Code”) (except for Provision
29, for which the 2018 version remains applicable for the
year ended 31 December 2025), or otherwise explain its
reasons for non-compliance.
A copy of the Code can be found on the website of the
Financial Reporting Council: www.frc.org.uk.
The following statement is therefore made in respect of
the year ended 31 December 2025 in compliance with this
requirement and explains how the principles of the Code
were applied.
As a company incorporated in Israel, Plus500 is subject to
various mandatory corporate governance requirements
under the Israeli Companies Law 5759-1999 (the
“Companies Law”). The Company considers methods for
being aligned with the Code’s provisions, which in some
areas may contradict the Companies Law provisions,
while also complying with the mandatory requirements
stipulated under the Companies Law, as further detailed
in this statement.
For the financial year ended 31 December 2025, the
Company complied with the provisions of the Code,
other than in respect to the re-election mechanism of
External Directors (Provision 18 of the Code) and in relation
to pay ratios and pay gaps (Provision 41 of the Code).
While the Code recommends that all Directors stand
for re-election annually, the Companies Law mandates
that External Directors be elected for fixed three-year
terms. Furthermore, pursuant to the Companies Law,
and subject to certain reliefs, a public company must
appoint at least two External Directors who satisfy certain
statutory independence requirements.
While the Board is making efforts to fully comply with
the Code, it also seeks to uphold the highest corporate
governance standards under the Companies Law. As a
result, the Board currently consists of only two External
Directors, which is the general requirement for an Israeli
incorporated public company.
Plus500 is not required to compile gender pay gaps
and pay ratios under the Israeli legislation, whereas
companies incorporated in the United Kingdom are
required to do so under UK legislation.
55
Plus500 Ltd. 2025 Annual Report
Strategic report
Governance
Financial statements

BOARD OF DIRECTORS
Our Board of Directors
As at the date of this Annual Report
Prof. Jacob A. Frenkel
Chair
RR N
Tenure: 5 years
(Appointed May 2021)
Prof. Jacob A. Frenkel is a Non-Executive Director and Chair of
the Board.
Prof. Frenkel is a renowned global economist and illustrious
business leader, with significant experience developed over
many years of academic, business and policy leadership. He
is Chairman Emeritus of the Group of Thirty (“G-30”), a private
non-profit Consultative Group on International Economic and
Monetary Affairs.
Prof. Frenkel served as Chairman of JPMorgan Chase
International (2009-2020), Chairman and CEO of the
G-30 (2001-2011), Chairman of the Board of Trustees of the
G-30 (2012-2022), Vice Chairman of American International
Group, Inc. (2004-2009), Chairman of Merrill Lynch International
(2000-2004), Chairman of the Board of the Inter-American
Development Bank (1995-1996) and Vice Chairman of the Board
of the European Bank for Reconstruction and Development
(1999-2000). He also served as Chairman of the Board of
Governors of Tel Aviv University (2013-2021) and Chairman
of the Frenkel-Zuckerman Institute for Global Economics.
Prior to this, he served two terms as the Governor of the Bank
of Israel (1991-2000), as the Economic Counsellor and Director
of Research at the International Monetary Fund (1987-1991),
having previously been Professor of Economics and the
David Rockefeller Professor of International Economics at
the University of Chicago (1973-1987).
He is a Laureate of the Israel Prize in Economics and is a recipient
of several Honorary Doctoral Degrees and other decorations
and awards. He is an Honorary Member of the American
Academy of Arts and Sciences, a Distinguished Fellow of the
Center for Economic Policy Research (“CEPR”), a Fellow of the
Econometric Society, a Fellow of the International Economic
Association, a member of the board of the National Bureau
of Economic Research (“NBER”), co-Chair of the Competitive
Markets Advisory Council of the CME Group, a member of
the International Advisory Council of the Bund Summit, and
a Global Member of the Trilateral Commission. Previously, he
was a member of: the Economic Advisory Panel of the Federal
Reserve Bank of New York; Temasek’s International Panel
(“TIP”); the G20 Eminent Persons Group on Global Financial
Governance; and the G20 High Level Independent Panel on
Financing of the Global Commons for Pandemic Preparedness
and Response. During 2009-2019, he served on the Board of
Directors of Boston Properties, and of Loews Corporation.
Prof. Frenkel holds a BA in Economics and Political Science
from the Hebrew University of Jerusalem, and an MA and Ph.D.
in Economics from the University of Chicago.
The Role of the Board
The Board is responsible for the
effective direction of the Company,
and for promoting its long-
term success and determining
the Group’s strategy, vision and
culture. In order to lead the
development of the Company’s
strategy, the Board receives timely
and comprehensive information,
enabling it to effectively review
and monitor the performance
of the Company and to ensure
it is in-line with its objectives for
achieving its strategic goals.
Committee Membership Key:
N
Nomination
A
Audit
RR
Regulatory & Risk
R
Remuneration
E
ESG
D
Disclosure
Chair of the Committee
56
Plus500 Ltd. 2025 Annual Report

Elad Even-Chen
Group Chief Financial Officer and Director
RR D
Tenure as a Director: 10 years
(Appointed June 2016)
At Plus500 since 2011
Elad Even-Chen is the Chief Financial Officer of the Group and
Chief of Business Development.
Elad joined Plus500’s leadership team in 2011 as Group VP
of Business Development and Head of Risk Management.
Elad’s responsibilities cover a broad range of strategic,
finance, business, corporate and legal functions.
Elad established the business development department
which he is leading and managing. The business development
department is responsible for the Group’s strategic investments
and expansion plans into new and existing markets through
receipt of new regulatory licences across the globe, including by
targeting and executing acquisitions. Under his leadership, the
Group obtained 16 international regulatory licences and made
four acquisitions in the US, Japan and India, representing the
Group’s first M&A transactions.
Elad has played a key role in driving the Group’s strategic and
financial performance and its business expansion in recent
years into new markets and new product areas.
Elad also leads the Group’s financial divisions and as the
Group’s Chief Financial Officer he oversees the financial
performance, including treasury, consolidated financial
statements and tax matters.
Elad has an extensive corporate finance, legal and regulatory
background. Over the last 15 years he has held a number of
positions within the Group, also acting as Company Secretary
and Head of Investor Relations.
Elad is a certified accountant in Israel and, prior to joining the
Group, was a senior associate at KPMG.
Elad holds a BA in Accounting and Economics from Tel Aviv
University, an LL.B from the College of Management and
an MBA (specialising in Financial Management) from
Tel Aviv University.
David Zruia
Chief Executive Officer and Director
E
Tenure as a Director: 6 years
(Appointed April 2020)
At Plus500 since 2010
David Zruia is the Chief Executive Officer.
David joined Plus500’s leadership team in 2010 as a senior
manager in the Group’s marketing department. In that
role, David was instrumental in establishing Plus500’s
technology-based marketing capabilities and in building
awareness of, and recognition for, the Plus500 brand in key
strategic markets around the world through a broad range of
marketing initiatives and activities.
He was appointed as the Group Chief Operations Officer
in 2013 and led the establishment and management of the
operational division of the Group, including the implementation
and development of ‘KYC’ processes, payments processing,
back-office services, customer support and risk management.
In April 2020, David was appointed as Chief Executive Officer
of Plus500. Since that time, under his leadership, Plus500
has developed a new strategic roadmap, which has been
designed to diversify and grow the business as a global multi-
asset fintech group. As part of this strategic roadmap, Plus500
has conducted its first ever acquisitions, in the US, Japan
and India, thereby expanding the Group’s global footprint,
broadening its product range and enabling access to a
number of significant future growth opportunities for Plus500.
David holds a B.Sc. in Industrial Engineering and Management
from the Technion – Israel Institute of Technology.
57
Plus500 Ltd. 2025 Annual Report
Strategic report
Governance
Financial statements

BOARD OF DIRECTORS CONTINUED
Prof. Varda Liberman
Senior Independent
Non-Executive Director
A RR R D
Tenure: 4 years
(Appointed March 2022)
Prof. Varda Liberman is a Non-Executive
Director, the Senior Independent
Director and Chair of the Regulatory &
Risk Committee.
Prof. Liberman is an internationally
renowned expert in the field of decision-
making and behavioural economics. In
this capacity, she provides consulting
and workshops in key elements of
managerial decision-making and risk
management to senior managements
in organisations across a range of
sectors, including healthcare, banking,
investment, technology, hi-tech,
the judicial system and the Israeli
Defence Forces.
Prof. Liberman is one of the founders
and leaders of Reichman University in
Israel. She is a professor of the business
school of Reichman University, a visiting
researcher at Stanford University, and
the author of several books and many
scientific articles. Over the years,
she has held a variety of managerial
positions at Reichman University,
among them heading the mathematics
and statistics studies, leading the
decision-making area in the business
school, founding and heading the MBA
programme in Healthcare Innovation,
serving as the Vice Dean of the Business
school, and as the Provost (Rector) of
Reichman University.
Prof. Liberman holds a B.Sc. in
Mathematics and Statistics, an
M.Sc. in Mathematics and a Ph.D. in
Mathematics, all from Tel Aviv University.
Tami Gottlieb
Independent Non-Executive Director
and External Director
A RR R E
Tenure: 5 years
(Appointed March 2021)
Tami Gottlieb is a Non-Executive Director
and Chair of the Audit Committee.
Tami has a long track record in the
financial services industry in Israel.
Until late 2024, Tami was an External
Director at Bank Leumi Le-Israel B.M. –
one of Israel’s two largest commercial
banks, for nine years (the maximum
continuous term allowed). Tami served
as the Chair of the Audit and Financial
Reports Committees for six years, and
was a member of the Remuneration
and Business & Credit & Resources
Committees, having previously been on
the Technology Committee and on the
Risk Management Committee.
Tami Gottlieb is also an Independent
Director at Novolog (Pharm-Up 1966)
Ltd, an External Director at Extell Limited.,
an External Director at Malam-Team
Holdings Ltd, and until recently served
as the Chairperson of Kibbutz Kfar Aza.
Tami also serves on the Body of Trustees,
the Board and the Finance Committee of
the College of Management (“COLMAN”).
She is also a founder and Co-Managing
Director of Harvest Capital Markets Ltd,
a wealth management and Investment
Banking boutique firm.
Tami holds a BA in International
Relations from the Hebrew University
of Jerusalem and an MA in Economics
from Indiana University, USA.
Committee Membership Key:
N
Nomination
A
Audit
RR
Regulatory & Risk
R
Remuneration
E
ESG
D
Disclosure
Chair of the Committee
58
Plus500 Ltd. 2025 Annual Report

Steve Baldwin
Independent Non-Executive Director
N A E
Tenure: 8 years as of the date of this
Annual Report
(Appointed June 2017)
Steve Baldwin is a Non-Executive
Director and Chair of the Nomination
and ESG Committees.
Steve is currently the Chair of TruFin plc
and is also a Non-Executive Director of
The Edinburgh Investment Trust plc. Steve
has an extensive corporate finance
background and held the position of
Head of European Equity Capital Markets
and Corporate Broking at Macquarie
Capital until 2015, when he decided to
pursue a non-executive career.
Prior to joining Macquarie Capital, Steve
was a Corporate Finance Director at
JP Morgan Cazenove for ten years and
previously a Vice President of Corporate
Finance at UBS.
Steve qualified as a Chartered
Accountant at Coopers & Lybrand in
London after graduating with a BA in
Zoology from St Catherine’s College,
Oxford University.
Daniel King
Independent Non-Executive Director
and External Director
N A R D
Tenure: 2 years
(Appointed June 2024)
Daniel King is a Non-Executive Director
and Chair of the Remuneration
Committee.
Daniel has spent the last two decades
in executive and senior management
roles within technology corporates as
well as start-ups as an operator, advisor
and investor with a focus on fintech,
e-commerce technology, analytics,
and SaaS platforms, for both B2B and
B2C. He has extensive knowledge in
investing, fundraising, and scaling
high-growth companies, including
international expansion.
Daniel is currently a Venture Partner
with Seedcamp, one of Europe’s largest
Venture Capital firms for early-stage
funding. He is Chairman of eStoreMedia,
a platform for e-commerce analytics for
CPG brands, and also Chairman of Tailr,
a deep fashion tech platform. Previously,
he was Chairman at StitcherAds, a social
commerce platform that was acquired
by Kargo Inc. He was also President
and COO for Profitero, a SaaS provider
of online insights and e-commerce
intelligence acquired by Publicis.
Daniel has been a specialist consultant
to the UK Government, working for
the Department of Investment and
Trade (“DIT”) as Head of High Growth
& Emerging Markets, and he is an
active angel investor with a broad
remit of investments in the European
technology space.
Daniel holds a Bachelor’s Degree
(Hons) in Finance and Accounting from
Manchester University.
59
Plus500 Ltd. 2025 Annual Report
Strategic report
Governance
Financial statements

GOVERNANCE REPORT
Maintaining high standards of
corporate governance and
strategic oversight
The Board
The Board maintains full control and direction over appropriate
strategic, financial, organisational and compliance matters.
The Company’s organisational structure establishes clearly
defined lines of authority, responsibility and accountability,
which are subject to regular review. The annual budget and
forecasts are reviewed by the Board prior to their approval. This
includes the identification and assessment of the business risks
inherent in the Group and the online financial trading industry
as a whole, along with associated financial and regulatory
risks. In addition, at least annually, and on other occasions
as necessary, the Company’s senior executives are invited to
attend Board meetings in order to present and discuss various
matters relating to their functions and areas of responsibilities.
Board activities during the year
At the end of each year, the Board approves its annual
calendar and work plan for the following year. Additionally, the
Board convenes at such other times as necessary. The matters
accepted by the Board for consideration at Board meetings
are business strategy, operational highlights and trading
updates, budget and financial performance, governance,
social, sustainability, organisational culture, risk, regulation and
compliance.
This is further detailed in the schedule of matters specifically
reserved for decision by the full Board, which can be found on
the Company’s website: investors.plus500.com.
Board Committees
In order to assist the Board in carrying out its responsibilities, the
Board has appointed six principal Committees to which certain
aspects of the Board’s work are delegated. Each Committee
has adopted its own terms of reference, approved by the Board,
and establishes an annual agenda and working plan. The full
terms of reference of the Board’s Committees are available on
the Company’s website. The Chair of each Committee provides
regular updates to the Board on the matters discussed at
the Committee’s meetings and provides the Committee’s
recommendations to the Board, when required.
A brief description of the main roles of each of the Board
Committees is set out below.
Nomination Committee
The Nomination Committee has been delegated responsibility
for the oversight of appointments to the Board and the senior
management team. The Committee’s responsibilities, main
activities and priorities for the next reporting cycle are set out
on pages 67 to 71.
Audit Committee
The Audit Committee has been delegated responsibility
for ensuring that the financial performance of the Group is
properly reported on and reviewed. The Audit Committee is
also responsible for the monitoring of the external auditor,
the internal auditor and oversight of internal controls. The
Committee’s responsibilities, main activities and priorities for
the next reporting cycle are set out on pages 72 to 78.
Regulatory & Risk Committee
The Regulatory & Risk Committee has been delegated
responsibility for the monitoring and oversight of risk
management and mitigation and the approval of the Group’s
risk appetite. The Committee’s responsibilities, main activities
and priorities for the next reporting cycle are set out on pages 79
to 81.
ESG Committee
The ESG Committee has been delegated responsibility for
considering and assessing the adequacy of the Group’s ESG-
related policies and processes related to environmental, social
and governance aspects. It is also responsible for the climate-
related financial disclosures of the Group. The Committee’s
responsibilities, main activities and priorities for the next
reporting cycle are set out on pages 82 to 84.
Remuneration Committee
The Remuneration Committee’s responsibilities, which are
consistent with the Companies Law, include determining the
Company’s Remuneration Policy for Directors and Executives,
the remuneration packages of the Company’s Chief Executive
Officer and Chief Financial Officer, the Chair and other Non-
Executive Directors, the Company Secretary and other senior
Executives. The Committee’s responsibilities, main activities and
priorities for the next reporting cycle are set out on pages 85 to 91.
Disclosure Committee
The Disclosure Committee assists the Board, as applicable, in
fulfilling its obligation to make timely and accurate disclosure
of all information that is required to be disclosed to meet
legal and regulatory requirements and obligations under the
UK Market Abuse Regulations and the Disclosure Guidance
and Transparency Rules of the FCA, including the requirement
for the Company to establish and maintain adequate
procedures, systems and controls to enable it to comply with
these obligations. Whenever necessary, the Committee meets
to discuss the content of announcements proposed to be
released to the LSE and approve their content.
Find the Terms of Reference for
the Committees on our website:
investors.plus500.com
60
Plus500 Ltd. 2025 Annual Report

Board activity in 2025
Strategy
+ The Board held in-depth discussion on the actions to be taken to further develop the Group’s strategic roadmap
of expanding into new markets, enhancing its product offering across both the OTC and non-OTC businesses
and deepening engagement with its growing cohort of premium customers.
+ The Board discussed the main focus areas for 2026, including continued global expansion of the Group and its
product diversification, alongside further localising its services in the territories in which it operates.
+ The Board held strategic discussions relating to further growing Plus500’s B2B (Institutional) business in the US,
leveraging its unique market position to drive growth, and the progress made during the year, including:
+ The entrance into a strategic partnership with Topstep, under which the Group will be the exclusive provider
of clearing and technology infrastructure to support Topstep’s brokerage expansion;
+ The appointment as the clearing partner for ‘FanDuel Prediction Markets’, a groundbreaking new event-
based contracts platform established as a joint venture between the CME Group and FanDuel, that went
live in December 2025; and
+ The securing of three new additional clearing memberships with ICE Clear US, ICE Clear Europe, as well as with
Kalshi Klear, enhancing the Group’s ability to provide holistic clearing services across multiple venues and
geographies.
+ The Board held strategic discussions relating to further growing Plus500’s B2C (Retail) business in the US, and
the progress made during the year and in the beginning of 2026, including:
+ The continued strong performance of both ‘Plus500 Futures’ and ‘T4-Pro’ trading platforms; and
+ The expansion of the Group’s B2C offering through the launch of Kalshi event-based contracts, enabling B2C
customers on Plus500’s futures trading platform to access regulated event-based markets for the first time.
+ The Board discussed the strategic step of expanding the Group’s non-OTC footprint into the Indian market
through the acquisition of Mehta, a regulated Indian brokerage firm, which was successfully completed in
February 2026.
+ The Board discussed licence applications prepared during the year and received ongoing updates on their
progress, in-line with its strategy to expand the Group’s geographic footprint. This includes the new licences
obtained during the year in Canada, the UAE and Colombia, taking the Group’s global portfolio of regulatory
licences to 17 (including the acquisition of Mehta in India).
+ The Board closely monitored and discussed the progress made during the year in the various geographies in
which the Group operates, including the new commodities licence obtained in Japan, further expanding its
localised, multi-asset OTC offering following the earlier launch of Equity, Index and ETF products.
Business, operational
highlights and
current trading
The Board received monthly updates, including CEO and CFO reports, financial performance and business
development updates and risk and compliance reports.
Quarterly forecasts
and budget
Updates were provided and discussed on a monthly and quarterly basis. Discussions on the 2026 budget were
held in October and December 2025, with final approval received in December 2025.
Financial
performance
The Board reviewed and approved the ongoing trading updates and results announcements. The Board
considered and approved the Consolidated Financial Statements and Annual Report.
People,
governance, risk
and regulation
+ The Board received updates and conducted discussions on regulatory developments and emerging risks. It also
received trainings and briefings on regulation, in addition to ongoing updates on compliance and risk matters.
+ The Board received training sessions, covering various matters, including risk and regulation.
+ The Board reviewed changes and developments in the corporate governance landscape, including in relation
to the 2024 UK Corporate Governance Code, the majority of which applied to the Company for the first time in
respect of the year ended 31 December 2025.
Whistleblowing
The Board reviewed and approved the Group’s Whistleblowing Policy, as it does on an annual basis, and
received an update by the Whistleblowing Supervisor that no complaints were received in 2025.
Culture and values
The Board continued to monitor and review the Group’s culture, values and performance, as well as employees’
welfare, well-being and career development, primarily through regular discussions with the Executive Directors, senior
management and their teams. In addition, Steve Baldwin, in his role as the workforce engagement representative
on the Board, held round table sessions with employees of the Group, as well as discussions with senior managers
responsible for ongoing communication with various stakeholders, such as customers and suppliers.
Shareholder returns
The Board approved share buyback programmes and declared the distribution of dividends during the year,
in-line with the Company’s shareholder returns policy.
Independent
third-party Board
performance review
An external performance review of the Board and its Committees has been conducted in 2025, following internal
reviews conducted in 2024 and 2023 and an independent third-party performance review facilitated in 2022.
A Board discussion was held to address the recommendations provided, as further detailed on pages 64 to 65.
Other
+ Received ongoing updates from Board Committee Chairs.
+ Attended Board training sessions on various topics, including AI, cyber security and the 2024 UK Corporate
Governance Code.
+ Annual review and approval of Human Rights and Modern Slavery Statement.
+ Annual review, update (as applicable) and approval of Company’s policies and procedures.
61
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Governance
Financial statements

Operation of the Board
The Board is responsible for the effective direction and control
of the Group as well as for its overall strategy and financial
performance. The Board has adopted a formal schedule
of matters reserved for its approval, covering key strategic,
financial and operational matters including:
+ Approval of the Group’s strategic objectives;
+ Responsibility for the overall leadership of the Group and
setting the Company’s values and standards;
+ Approval of the annual operating and capital expenditure
budgets of the Group, and any material changes to them;
+ Changes to the Group’s capital structure, management and
control structure;
+ Contracts which are material, strategically or by reason
of size, entered into by the Company in the ordinary course
of business;
+ Ensuring maintenance of a sound system of internal control
and risk management; and
+ Recommended appointments to the Board.
Board effectiveness
The Board holds its meetings in accordance with its pre-
scheduled calendar, and as necessary from time to time.
Each Board meeting is preceded by a clear agenda and any
relevant information and background materials are provided
to the Board members in advance of the meeting. The Board
met on ten occasions in 2025 to review, formulate and approve
the Group’s strategy, budgets and corporate actions and
to oversee the Group’s progress towards its strategic goals.
The Board also holds regular conference calls to update
its members on operational and other business matters. A
summary of the key activities of the Board in 2025 is set out on
page 61.
Where Board members have concerns, which cannot be
resolved, about the running of the Company or a proposed
action, they may request that their concerns are recorded
in the Board minutes. An agreed procedure exists for Board
members in the furtherance of their duties to take independent
professional advice.
On an annual basis, the Board evaluates the effectiveness of its
work during the year, and as a result, identifies topics for further
consideration.
Chair of the Board
The Chair of the Board, Prof. Jacob A. Frenkel, brings significant
and invaluable experience and knowledge to his role and
provides clear direction and leadership. He is responsible for
leading the Board and ensuring its effectiveness, by setting the
relevant agenda and providing sufficient time for constructive
discussions in which the Board has the ability to challenge
the discussed items. The Chair is responsible for promoting
the highest corporate governance standards and creating
the open and engaging atmosphere that enables the healthy
and constructive discussions of the Board. The Chair is also
responsible for ensuring effective communication between
Executive and Non-Executive Directors, key shareholders (by
regularly engaging with them to understand their views) and
between other major stakeholders and the Board.
Chief Executive Officer
The Chief Executive Officer, David Zruia, acts as the main point
of communication between the Board and management. He is
responsible for developing and executing the Company’s strategy
and for the decision-making relating to the day-to-day running
of the business. He maintains relationships with key stakeholders
and leads the development of the Executive Management.
Chief Financial Officer
The Chief Financial Officer, Elad Even-Chen, is responsible for
covering a broad range of strategic, finance, business, corporate
and legal functions, such as monitoring the operational and
financial results, overseeing liquidity, managing the financial
reporting of the Group and developing the Group’s strategy to
continue expanding into new and existing markets.
Non-Executive Directors
Collectively, the Non-Executive Directors bring a valuable
range of expertise in assisting the Company to achieve its
strategic goals. The effectiveness of the Board benefits from the
following skills, expertise and experience offered by the current
members of the Board: audit and risk management, financial
services, M&A, accounting, governance, shareholder relations,
ESG, compliance and regulation, marketing, innovation, digital
technology and other financial expertise.
Senior Independent Director (“SID”)
The Senior Independent Director, Prof. Varda Liberman, acts as a
sounding board for the Chair, providing him with support in the
delivery of his objectives and leading the performance review
of the Chair on behalf of the other Board members. As a Senior
Independent Director, Prof. Varda Liberman may also take
responsibility for an orderly succession process for the Chair.
She currently chairs the Regulatory & Risk Committee and also
serves as member of the Audit, Remuneration and Disclosure
Committees. She is available to meet with shareholders if they
have concerns which are not being addressed through the usual
channels of the Chair, the Chief Executives or the Head of Investor
Relations. In 2025, and in accordance with Provision 12 of the Code,
Prof. Liberman met twice with the Non-Executive Directors, without
the Chair’s presence, in order to, among other things, evaluate his
performance. She then communicated key feedback to the Chair.
Company Secretary
The Company Secretary, Adv. Hila Barak, is responsible for ensuring
that the Company complies with the applicable statutory and
regulatory requirements and maintains high standards of
corporate governance. She supports and works closely with the
Chair of the Board, the Senior Independent Director, the Chief
Executives and the Board Committees’ Chairs, in setting agendas
for meetings of the Board and its Committees. She also supports
the transfer of timely and accurate information flow from and to
the Board and the management of the Company. Hila has been
a certified lawyer in Israel for 13 years and was appointed as the
Company Secretary of Plus500 in 2020, bringing years of experience
in corporate and securities law, being an associate with one of the
leading law firms in Israel. Hila holds an LLB (Magna Cum Laude),
BA in Social Science and an Executive MBA, all from the University of
Haifa. All Board members have access to the advice and services
of the Company Secretary. Both the appointment and removal of
the Company Secretary are a matter for the Board as a whole.
GOVERNANCE REPORT CONTINUED
62
Plus500 Ltd. 2025 Annual Report

Induction of newly appointed Board members
Whenever there is a necessity to appoint a new Non-Executive
Director to the Board, the Nomination Committee operates an
orderly procedure for identifying the relevant skills, knowledge
and experience which are required. As part of this process,
the Nomination Committee takes into consideration various
parameters, including the existing skill set on the Board as well
as diversity aspects. Where a potential candidate is identified,
the Nomination Committee recommends the appointment to
the Board. If approved by the Board, and where applicable, it
recommends the appointment to the Company’s shareholders.
Newly appointed Board members are made aware of their
responsibilities primarily through the Company Secretary. The
Company has accordingly adopted an internal induction plan
for newly appointed Board members which seeks to provide
them with various training and education sessions via internal
meetings, presentations and discussions. These are conducted
by the Company’s external advisors, the senior management
and other relevant persons in order to enable greater
awareness and understanding of the Group’s business and the
legal, regulatory and business environment in which it operates.
Moreover, this induction plan includes provision of various
documents and reports, such as constitutional documents,
organisational charts and Group structure, previous Board
minutes, Group’s policies as well as PR and IR materials.
Board composition
As at the date of this Annual Report, the Board comprises two
Executive Directors (who constitute 29% of the Board): David
Zruia and Elad Even-Chen, and five Non-Executive Directors
(who constitute 71% of the Board): Prof. Jacob A. Frenkel (Chair
of the Board), Prof. Varda Liberman (Senior Independent Non-
Executive Director), Steve Baldwin, Tami Gottlieb and Daniel
King. Prof. Frenkel was independent on appointment (and the
Board considers still is), in accordance with the requirements
of the Code.
In accordance with the Companies Law, and subject to certain
reliefs, the Board must have at least two external directors
who meet certain statutory requirements of independence
(the “External Directors”). Following shareholders’ approval
at the EGM held on 8 January 2024, Tami Gottlieb and Daniel
King both serve as the Company’s External Directors. While the
Board is making efforts to comply with the Code, it also seeks
to uphold the highest corporate governance standards under
the Companies Law. As a result, the Board currently consists of
two External Directors, which is the general requirement for an
Israeli incorporated public company.
Under the Companies Law, the term of office of an External
Director is three years, which can be extended for two additional
three-year terms. External Directors are elected by shareholders
subject to a special majority and may be removed from office
only in limited cases. In addition, any Committee of the Board
of Directors of the Company to which the Board delegated
one or more of its responsibilities must include at least one
External Director and the Audit Committee and Remuneration
Committee must each include all of the External Directors
(including an External Director serving as the Chair of the Audit
Committee and Remuneration Committee).
A majority of the members of the Audit Committee must satisfy
the Director independence requirements, while the majority of
the members of the Remuneration Committee must be External
Directors, and any other member must be remunerated on the
same basis as the External Directors.
Board attendance in FY 2025
Details of the number of scheduled Board meetings
and individual attendance at these meetings are set
out in the Board attendance table below. Where Board
members are unable to attend meetings, for any reason,
they are encouraged to share with the Chair in advance
their views on the agenda items to be discussed at
the meetings.
SCHEDULED
MEETINGS ELIGIBLE
TO ATTEND
SCHEDULED
MEETINGS
ATTENDED
Chair of the Board
Prof. Jacob A. Frenkel 10 10 (100%)
Executive Directors
David Zruia 10 10 (100%)
Elad Even-Chen 10 10 (100%)
Senior Independent Non-Executive Director
Prof. Varda Liberman 10 9 (90%)
Independent Non-Executive, External Directors
Tami Gottlieb 10 10 (100%)
Daniel King 10 10 (100%)
Independent Non-Executive Director
Steve Baldwin
10 9 (90%)
* On 7 January 2025, and prior to any scheduled meeting for the
financial year ended 31 December 2025, Anne Grim stepped down
from the Board after completing her term as an Independent
Non-Executive Director.
On 12 March 2024, an amendment to the Companies Regulations
(Reliefs for Israeli Public Companies Listed on Stock Exchanges
Outside of Israel) was published in the Official Gazette, which
is intended to provide reliefs from certain requirements
currently applicable to Israeli companies, whose securities
are traded on foreign stock exchanges, such as Plus500. The
amendment includes, among other things, specific reliefs that
apply to Israeli companies listed outside of Israel that do not
have a controlling shareholder and that comply with the law
of the foreign country in which they are traded, as it applies
to domestic companies in that foreign jurisdiction, such as
Plus500, and including reliefs in connection to appointments
and structure of the compensation and audit committees, as
well as in relation to the appointment of External Directors to
the Board of Directors of the Company. As the Board strives
to uphold the highest corporate governance standards, both
under the Companies Law and the Code, as of the date of this
Annual Report, the Board has not yet adopted any voluntary
reliefs. However, the Board continues to review from time to
time whether the adoption of the reliefs would better serve the
Company and be in the Company’s best interest.
63
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Strategic report
Governance
Financial statements

GOVERNANCE REPORT CONTINUED
Election of Board members
Following recommendations from the Nomination Committee
and a review by the Chair of the Board, the Board considers
that all Board members continue to be effective, remain
committed to their roles and have sufficient time available to
perform their duties. Information with respect to the re-election
of Board members (excluding External Directors) will be set out
in the 2026 Notice of AGM to be circulated by the Company
to all shareholders in due course. Information with respect
to the Company’s presiding External Directors, Tami Gottlieb
and Daniel King, who were elected at the 2024 EGM held on
8 January 2024, for a three-year term, can be found in the 2024
Notice of EGM published by the Company on 4 December 2023
(as updated on 22 December 2023).
Independence of Non-Executive Directors
and time commitment
Each of the Non-Executive Directors is considered to be
independent of management and is considered by the
Board to be free from any business or other relationships
that could compromise their independence. Their role is to
effectively advise and challenge management and to monitor
management’s success in delivering the strategy agreed by
the Board. In accordance with Provision 13 of the Code, the Chair
and the Non-Executive Directors held discussions and met
twice during the year, without the Executive Directors present,
in order to review and monitor management performance.
Also, in accordance with Provision 12 of the Code, and as a
matter of enhanced best practice, during the year the Non-
Executive Directors, led by the Senior Independent Director, met
twice without the Chair’s presence in order to, among other
things, evaluate his performance. Any key feedback was then
communicated by the SID to the Chair.
Each Board member is aware of the need to allocate sufficient
time to the Company in order to fulfil their responsibilities and is
notified of all scheduled Board and Board Committee meetings.
None of the Non-Executive Directors hold any directorships in
any FTSE 100 company. Details of external Board memberships
of the Company’s Non-Executive Directors in publicly listed
companies, as of the date of this Annual Report, can be found
on page 102.
Conflicts of interest
The Companies Law codifies the fiduciary duties that office
holders owe to a company consisting of a duty of care and a
duty of loyalty. The duty of loyalty requires that an office holder
acts in good faith and in the best interests of the company and
includes, among other things, the duty to refrain from any act
involving a conflict of interest between the performance of his,
her or their duties in the company and his, her or their other
duties or personal affairs.
The Company has procedures for the disclosure and review of
any conflicts of interest, or potential conflicts of interest, which
may arise in relation to Board members. The Board members
are asked to disclose any conflict of interest at each scheduled
Board meeting and are aware of their responsibilities to avoid
conflict of interest and to disclose any conflict or potential
conflict of interest to the Board. A Board member who has a
personal interest in a matter that is considered at a meeting of
the Board, the Audit Committee or the Remuneration Committee
shall not attend that meeting (unless the chair of the Board,
the Audit Committee or the Remuneration Committee, as the
case may be, determines that such person’s presence at the
meeting is required for presentation of the relevant transaction)
or vote on that matter, unless a majority of the respective forum
has a personal interest in the matter as well. If a majority of
the Board has a personal interest in a transaction which is an
extraordinary transaction (as defined in the Companies Law),
then shareholders’ approval is also required.
The authorisation of a conflict matter, and the terms of
authorisation, may be reviewed at any time by the Board.
The Board considers that these procedures are operating
effectively. There have been no matters arising requiring
assessment by the Board as a potential conflict during 2025.
Board performance review
In accordance with Provision 21 of the Code, and as a FTSE
250 company, Plus500 is required to undertake an externally
facilitated performance review of the Board at least every three
years, with the previous externally facilitated review taking
place in 2022. Therefore, in 2025, Plus500 engaged Nasdaq
Governance Solutions (“Nasdaq”) to facilitate the external
performance review of the Board and its Committees and the
final report was presented by Nasdaq at the December 2025
Board meeting. Nasdaq is operationally and organisationally
independent from the Company and does not provide any
other governance consultancy services to the Company that
could reasonably be perceived to impair Nasdaq’s objectivity
or independence.
The performance review comprised completion of written
questionnaires via a secure digital platform, as well as
individual interviews conducted by Nasdaq’s experts with
all Board members and with the Company Secretary. The
questionnaires were developed by Nasdaq, taking into
consideration the findings of the previous external review also
conducted by Nasdaq in 2022 and the findings of the 2023 and
2024 internal reviews, and in accordance with the guidance
from the Financial Reporting Council on Board Effectiveness.
Nasdaq’s experts discussed the feedback received from
the completed questionnaires and the individual interviews,
with the Chair of the Board. The final report on the feedback,
comments and suggestions received was circulated to the
Board, and was presented by Nasdaq and discussed by the
Board in its meeting held in December 2025.
64
Plus500 Ltd. 2025 Annual Report

The Board performance review covered various aspects of the
Board performance, including:
+ Board values and accountability;
+ Board composition and Director engagement;
+ Strategy and performance oversight;
+ Audit, risk and internal control;
+ Board’s relationship with management;
+ Board meetings and administration;
+ People oversight;
+ Stakeholder relations; and
+ Board skills matrix.
The findings determined that the Board had higher degrees of
performance, inter alia, in relation to the following aspects:
+ Board environment (noting a dynamic, collegiate and
inquisitive Board);
+ Board/management relationships (noting trust, openness
and positive tension);
+ Increased engagement with local operations;
+ Board administration and communication;
+ Chair’s leadership (perceived as credible, disciplined and
inclusive); and
+ Committee composition.
Opportunities for improved performance were also identified,
alongside some focus areas for 2026 and topics for Board
training and education. To strengthen its performance, the
Board, supported by the Company Secretary, is evaluating the
findings arising from this independent third-party review, and
with the help of the actions identified in these reports intends to
address and strengthen different focus areas.
Board training and development
The Company Secretary and the Company’s advisors provide
updates to the Board on relevant legislative and regulatory
corporate governance-related changes, on an ongoing basis.
All Board members are given updates, on a regular basis,
on changes and developments in the business and the
environment in which the Group operates, in order to further
develop the Board’s understanding and awareness of the
business and its future prospects.
During the year, Board members attended training sessions
on various areas, including AI, cyber security and the 2024 UK
Corporate Governance Code.
In-line with Plus500’s continued growth as a global multi-
asset fintech group, and in order to appropriately govern and
manage the future development of the business, a further
comprehensive Board training plan for 2026 was adopted.
This training plan was designed and tailored for Plus500 and
the specific commercial dynamics of the business, and was
developed in alignment with the recommendations received
as part of the independent third-party Board performance
review conducted during the year, as well as the internal
reviews which took place in 2024 and 2023.
Ensuring that the Annual Report is fair,
balanced and understandable
In relation to the Annual Report and the Consolidated Financial
Statements for the year ended 31 December 2025, the Board, in
conjunction with the Audit Committee, have sought to ensure
that the Annual Report is fair, balanced and understandable. The
Board considers that, taken as a whole, the Annual Report is fair,
balanced and understandable, and provides the information
necessary for shareholders to assess the Company’s position,
performance, business model and strategy.
The Company continues to encourage the engagement
of both institutional and private investors. During the year,
investor meetings were conducted. The Chief Executive Officer,
David Zruia, and the Chief Financial Officer, Elad Even-Chen,
met regularly with institutional investors on a monthly basis.
Following the issuance of the half- and full-year results, they
are usually accompanied by the Head of Investor Relations,
Owen Jones, who manages Plus500’s relationships and
communications with the investment community.
Also, during the year, Mr. Zruia, Mr. Even-Chen and Mr. Jones
held a series of in-person meetings in London, New York and
Chicago with key shareholders and prospective investors, who
together represented approximately 25% of the Company’s
shareholder register. Further such governance meetings are
planned for 2026 as part of Plus500’s regular engagement with
shareholders.
The Company also engages with advisory bodies, which provide
relevant guidance and insight to the majority of the Company’s
shareholders. As such, in 2025 meetings were held with Glass
Lewis and with ISS, following similar meetings facilitated in 2024.
Communication with private individuals is maintained through
the AGM and any EGM, the Company’s annual and interim
reports and the scheduled, or otherwise required, trading
updates. The Chairs of the Board’s Committees are available to
answer questions at the Company’s Annual General Meetings.
In addition, further details on the strategy and performance of
the Company can be found on the Investor Relations website,
which includes copies of the Company’s regulatory news,
financial statements, trading updates, investor presentations
and other reports.
Regular updates are provided to the Board on meetings with
shareholders and analysts, as well as on brokers’ opinions.
Non-Executive Directors are available to meet major
shareholders, as required. Investors are also encouraged to
contact the Company’s Head of Investor Relations, Mr. Owen
Jones, at: ir@Plus500.com.
65
Plus500 Ltd. 2025 Annual Report
Strategic report
Governance
Financial statements

SHAREHOLDER ENGAGEMENT
Engaging with our shareholders
Major interests in shares
As at 18 March 2026, being the latest practicable date before
the approval of this Annual Report, the Company is aware of
the following persons who, directly or indirectly, were interested
in 5% or more of the Company’s share capital or voting rights:
FUND MANAGER
NUMBER
OF SHARES %
BlackRock Inc 5,096,688 7.29
Artemis Investment Management 4,508,669 6.45
JPMorgan Chase & Co 4,328,524 6.19
The Vanguard Group 3,997,489 5.71
Capital Research Global Investors 3,917,567 5.60
2025 Annual General Meeting
The 2025 AGM was held on 6 May 2025.
All resolutions proposed at the 2025 AGM were duly approved
by shareholders by means of a poll vote (excluding a non-
binding advisory vote on the Directors’ Remuneration Report).
The Board noted that one resolution proposed at the 2025
AGM passed with more than 20% of votes cast against. This
resolution related to the re-election of Steve Baldwin as Non-
Executive Director, where 77.34% of votes cast were in favour.
Following the AGM, consistent with the Company’s commitment to
maintaining ongoing, transparent dialogue with all stakeholders,
the Board put in place a detailed plan to engage with its key
shareholders and the shareholder advisory bodies to which the
majority of the Company’s shareholders are subscribed, namely
ISS and Glass Lewis, aiming to better understand the reasons
behind certain shareholders’ opposition to some of the resolutions.
Engagement with shareholders
During the course of 2025, Plus500 has continued to proactively
engage with its shareholders on matters relating to both corporate
strategy and governance. In particular, during 2025, David Zruia
(CEO), Elad Even-Chen (CFO) and Owen Jones (Head of Investor
Relations) held a series of in-person meetings in London, New York
and Chicago with key shareholders and prospective investors,
who together represented approximately 25% of the Company’s
shareholder register. Overall, the Company believes that the
feedback received from shareholders was positive, and focused
on the success of strategic decisions taken in recent years to
focus on attractive and diversified growth opportunities such as
futures in the US, and on higher value customer acquisition and
retention within the OTC business.
Further such meetings are planned for 2026, as well, as part of
the Group’s regular engagement with its shareholders.
Engagement with shareholders continues to be a matter of
high priority for the Board and Executive Management and it
consistently takes all feedback received from shareholders
extremely seriously. The Board will continue to take shareholder
views and feedback into consideration as part of its proactive
approach to achieving high governance standards and
delivering long-term value for all stakeholders.
Engagement with shareholder advisory bodies
During the course of 2025, the Company held constructive
meetings with Glass Lewis and with ISS. The objective of the
meetings was to continue the constructive engagement and
relationship that Plus500 has established in recent years.
Plus500 also provided further insight into how the Group’s
corporate governance processes have evolved and improved
over recent years under the leadership of the Board of Directors
and the stewardship of its Chair, Prof. Jacob A. Frenkel.
Ahead of Plus500’s 2025 AGM, Glass Lewis recommended that
shareholders vote against the re-election of Steve Baldwin as
a Non-Executive Director. It is the Company’s understanding
that, while Glass Lewis had no specific issues or concerns with
Mr. Baldwin, this recommendation to shareholders was related
directly to his role as Chair of the Nomination Committee, and
to the level of shareholder dissent in relation to the re-election
of the Chair of the Board at the Company’s 2024 AGM. The
Company reiterated to Glass Lewis that no specific concerns
were raised with regard to Prof. Frenkel and that the number of
votes cast against his re-election as Chair at the 2024 AGM was
a direct result of ISS’s recommendation at the time.
The Board would like to reiterate to all stakeholders that
Steve Baldwin continues to bring significant experience and
knowledge to his role as the Chair of the Nomination Committee.
As such, the Board believes that his continuing tenure as Non-
Executive Director is for the benefit of all stakeholders.
Also, ahead of Plus500’s 2025 AGM, ISS recommended
that shareholders vote against the non-binding Directors’
Remuneration Report. As part of the discussion with ISS,
they acknowledged the improved remuneration-related
disclosures made by Plus500 as part of its most recent Directors’
Remuneration Report. The Company reiterated to ISS that its
most recent Remuneration Policy for Directors and Executives
had been significantly restructured to better align it with UK best
practice, while taking into account the unique characteristics
of the Company as an Israeli-incorporated, global fintech
company, and that the policy was constructed using the
guidance and assistance of leading remuneration advisory
firms. This Remuneration Policy was approved at the Company’s
2023 AGM held in May 2023.
With regard to the level of disclosure in the Directors’
Remuneration Report, the Company explained that some of
the KPIs on which its Remuneration Policy is based are either
commercially sensitive or benchmarked against competitors.
The Company has optimised the structure of its Directors’
Remuneration Report in recent years and will continue to
carefully consider potential enhancements to this Remuneration
Report, as applicable. However, disclosing sensitive KPIs, even
retroactively, could represent a potential misalignment with
the Company’s best interests and that of all shareholders. As
the Board takes matters of corporate governance extremely
seriously, it will continue to actively engage with shareholder
advisory bodies and shareholders in order to better understand
the views of all stakeholders going forward.
2026 Annual General Meeting
The Company’s 2026 AGM is scheduled to be held at 09.00am
UK time on 5 May 2026 at Panmure Liberum Limited, Ropemaker
Place, Level 12, 25 Ropemaker Street, London EC2Y 9LY, UK.
Details of all resolutions to be proposed at the 2026 AGM will be
included in the Notice of the 2026 AGM to be circulated by the
Company to all shareholders in due course.
66
Plus500 Ltd. 2025 Annual Report

REPORT OF THE NOMINATION COMMITTEE
Ensuring effective and
diversified leadership
Dear Shareholder
As the Chair of the Nomination Committee, I am pleased to
give an overview of the work of the Committee during 2025
as we continue to focus on ensuring effective and diversified
leadership.
Under the delegation given to the Committee by the Board,
during the year we continued to review and assess the Board
and Committees’ compositions on behalf of the Board. The
Nomination Committee does so on a continual basis and,
whenever needed, recommends the appointment of new
Board members, as well as recommending the rotations
to several Board and Committees’ roles. In reviewing Board
composition, the Nomination Committee considers the
benefits of all aspects of diversity. This role of the Nomination
Committee constitutes an integral part of the Company’s
adherence to the highest corporate governance standards,
as the Board is committed to evaluating and reviewing its
structure, size and composition, including its balance of skills,
knowledge, experience and diversity (including gender and
ethnic diversity) while factoring in the Company’s strategy, risk
appetite and future development.
We remain committed to various aspects of diversity, such
as ethnicity, gender, background, nationality and professional
experience. Over the past few years we have sought to
increase the diversity at Board level, and currently have one
female Senior Independent Director, Prof. Varda Liberman, and
two Committee Chair positions are held by women, Ms. Tami
Gottlieb, who chairs our Audit Committee, and Prof. Varda
Liberman, who chairs our Regulatory & Risk Committee. As a
result, both Committees have 50% female representation. Our
Remuneration Committee has female representation of 67%. As
for ethnic diversity, as at the date of this Annual Report, 29% of
Board members, which represents two Board members out of
seven, are from a mixed ethnic background.
In 2025, the Nomination Committee
dedicated time to review the composition
of the Board Committees and recommended
several changes in this regard, for further
enhancement and diversification of skill
set and expertise.”
Steve Baldwin
Chair of the Nomination Committee
Committee attendance in FY 2025
Details of the number of scheduled Committee meetings
and individual attendance at these meetings are set out
in the Committee attendance table below.
SCHEDULED
MEETINGS ELIGIBLE
TO ATTEND
SCHEDULED
MEETINGS
ATTENDED
Steve Baldwin (Chair) 2 2 (100%)
Prof. Jacob A. Frenkel 2 2 (100%)
Daniel King 2 2 (100%)
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Plus500 Ltd. 2025 Annual Report
Strategic report
Governance
Financial statements

During 2025, the Nomination Committee dedicated time to
reviewing the composition of the Board Committees and
recommended several changes aimed at further enhancing
and diversifying the range of skills and expertise represented. In
February 2025 (and following the stepping down of Anne Grim
in early January 2025), Tami Gottlieb joined our ESG Committee,
and Prof. Varda Liberman, together with Daniel King, joined our
Disclosure Committee.
Throughout the year, the Committee also dedicated time to
reviewing and discussing succession planning across the
business, with a focus on ensuring, among other things, the
continuation of a strong pipeline of female successors to
senior management roles across the Group. The Nomination
Committee also ensured that all immediate successors are
being developed in accordance with the Company’s training
programme. We will continue to ensure that there is a strong
talent pipeline across the business with the necessary set of
skills and expertise.
According to the assessment carried out by the Board on an
ongoing basis, all of our Non-Executive Directors are considered
to be independent in character and judgement and no cross-
directorships exist between any of the Board members.
During the year, and as part of the Board’s independent third-
party performance review facilitated by Nasdaq, we invested
time into also reviewing the performance of the work of the
Nomination Committee. The performance review covered
various aspects of the Committee’s performance (e.g. the
Committee’s monitoring of the Board’s structure and size,
the Group’s succession plan and overall effectiveness of
the Committee’s meetings as well as the Committee Chair’s
leadership). The findings of the review were positive overall
and any constructive recommendations will be considered
and implemented by the Committee, as applicable, during the
course of 2026.
I look forward to reporting on the Nomination Committee’s
further progress in next year’s Annual Report.
Steve Baldwin
Chair of the Nomination Committee
19 March 2026
Committee composition
The Nomination Committee comprises Steve Baldwin, as
Chair, Prof. Jacob A. Frenkel and Daniel King. The Code
requires that a majority of the members of a Nomination
Committee should be Independent Non-Executive
Directors. The Board considers Steve Baldwin, Daniel King
and Prof. Jacob Frenkel to be independent for the purposes
of the Code. Details of the skills and experience of the
Nomination Committee members are set out on pages 56
to 59 of this Annual Report.
Committee
independence
l Independent
(including Committee Chair)
l Non-Independent
REPORT OF THE NOMINATION COMMITTEE CONTINUED
100%
68
Plus500 Ltd. 2025 Annual Report

Committee responsibilities and activities
The Nomination Committee has responsibility for reviewing the
structure, size and composition (including the skills, knowledge
and experience) of the Board, considering succession planning
and ensuring diversity at Board and senior management level.
The other key governance mandates pursuant to the written
terms of reference of the Nomination Committee (which are
available on the Company’s website) are as follows:
+ To oversee succession planning for Board members and
other senior Executives, taking into account the challenges
and opportunities facing the Company;
+ To identify, and nominate for the approval of the Board,
candidates to fill Board vacancies (including External
Directors’ vacancies);
+ To make recommendations concerning the continuation
in office of any Board member at any time, including the
suspension or termination of service; and
+ To prepare a description of the role and capabilities required
for a particular appointment.
The Nomination Committee meets no less than twice a year and
at such other times as required. The Nomination Committee
takes into account the challenges and opportunities the Group
is facing and which skills and expertise are therefore needed
on the Board and its Committees in the future, while remaining
committed to diversity of gender, ethnicity, background,
nationality and professional experience and developing a
talent pipeline reflective of this diversity.
Following the activities of the Committee in 2025, as further
detailed on this page, the Committee is confident that each
Board member brings a unique set of skills and experience
which enables the Board to be reflective of a diverse and
varying range of perspectives and opinions and enables the
Company to achieve its strategy and targets going forward.
The Committee believes that each Board member’s contribution
is important to the Company’s long-term sustainable success.
A summary of the major activities and decisions of the
Committee in 2025 is set out below:
Board
composition
and time
commitment
+ Recommended to shareholders on the
re-election of Board members (both
Independent Non-Executive Directors and
Executive Directors);
+ Reviewed core skills and experience of the
Board and the independence of the Non-
Executive Directors;
+ Oversaw and recommended appointments
and rotations of some members of the
Committees; and
+ Reviewed the time commitment of the
Independent Non-Executive Directors.
Succession
planning
+ Reviewed the tenure of the Board members;
+ Reviewed the Group’s succession plan; and
+ Fostered the development of talented
employees throughout the business.
Diversity + Reviewed the Equality, Diversity and Inclusion
Policy, in-line with the Code and the FCA’s UK
Listing Rules and Disclosure Guidance and
Transparency Rules;
+ Reviewed the gender diversity on the Board
and its various Committees, including key
positions held by women, such as our SID
(Prof. Varda Liberman) and Committees’
chairs (Audit Committee chaired by Ms. Tami
Gottlieb and Regulatory & Risk Committee
chaired by Prof. Varda Liberman); and
+ Reviewed the ethnic diversity of the Board
and of Executive Management.
Governance + Reviewed the Committee’s terms of
reference in light of the Code and the
Companies Law; and
+ Reviewed the 2025 Nomination Committee
Report, which is included within this Annual
Report.
Independent
third-party
Committee
performance
review
+ Discussed and assessed the findings of the
2025 independent third-party performance
review of the Nomination Committee.
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Strategic report
Governance
Financial statements

Priorities for FY 2026
In the coming year, the Committee will continue to focus on
key themes such as diversity and succession planning and
ensuring a diverse talent pipeline throughout the Group.
Equality, Diversity and Inclusion
Our policy on equality, diversity and inclusion commits to:
+ Ensuring that the selection and appointment process for
employees and Board members includes a diverse range
of candidates;
+ Ensuring that no unlawful discrimination, unfavourable or less
favourable treatment occurs at any stage in the selection
process on the grounds of age, disability, gender, gender
reassignment, marriage or civil partnership, pregnancy or
maternity, race, ethnic origin, colour, nationality, national
origin, religion or belief, sex or sexual orientation, educational,
professional, cultural and socio-economic backgrounds,
political opinion, sensitive medical conditions or trade
union membership;
+ Ensuring that appropriate action is taken in an event of a
breach of this policy;
+ Disclosing statistics on gender diversity in this Annual Report
as further detailed on page 33; and
+ Reviewing the Equality, Diversity and Inclusion Policy from
time to time to ensure that it complies with relevant local
laws and disclosing the policy in the Annual Report.
All Board appointments are made objectively, based on an
individual’s skills and expertise and consistent with the Equality,
Diversity and Inclusion Policy.
In respect of the UK Listing Rules diversity targets, as at
31 December 2025, Prof. Varda Liberman held a senior position
on the Board as the Senior Independent Director, and two
members of the Board were from a mixed ethnic background.
The percentage of women on the Board was 29% (representing
two of the seven Board members), below the FCA target of 40%.
These statistics remain accurate as of the date of this Annual
Report. The Nomination Committee and the Board as a whole
believe that the current composition of the Board reflects a
strong balance of skills, knowledge, experience and diversity
(including gender and ethnic diversity) while factoring in the
Group’s strategy, risk appetite and future development. The
Group’s commitment to gender diversity is also evidenced by
the key positions in the Company currently held by its female
Board members (SID, Chair of the Audit Committee and Chair
of the Regulatory & Risk Committee) and by the strong female
representation in its Audit Committee and Regulatory & Risk
Committee (representing 50% female representation) and
in its Remuneration Committee (representing 67% female
representation). Recognising the importance of an even
greater level of diversity, and in order to align with the FCA’s
UK Listing Rules target, the Nomination Committee continues to
work towards further improvements in gender representation
and, as referred to above, to identify and appoint at least
one additional female director to the Board, with a specific
knowledge, background and skill set to complement the current
composition of the Board.
The numerical data as at 31 December 2025 on the gender
identity and ethnic background of the individuals on the
Board and in the Company’s senior management is set out
in the tables on pages 33 and 34. Data was collected by the
Company Secretary asking each of the individual Directors and
members of Executive Management to provide the necessary
information (also giving them the option not to disclose, if they
prefer not to). Further information about equality, diversity and
inclusion within the Group is set out on pages 32 to 33.
OBJECTIVES PROGRESS UPDATES
Ensuring the selection and appointment process for
employees and Board members includes a diverse range
of candidates
Review the employee and Board member recruitment
procedures which include, among others, a non-discriminatory
selection process, allowing the recruitment of a diverse
workforce.
Continue to apply the Company’s policies in relation to equality,
diversity and inclusion to the Board and its Committees, resulting
in female representation on each of the Audit, Remuneration,
ESG, Regulatory & Risk and Disclosure Committees. Furthermore,
both the Audit and Regulatory & Risk Committees are chaired
by a female Board member, and the Senior Independent
Director position is held by a female.
Ensuring that no unlawful discrimination occurs at any
stage in the selection process on the grounds of age,
disability, gender reassignment, marriage or civil
partnership, maternity, pregnancy, race, religion or belief,
gender or sexual orientation, ethnicity, country of origin,
nationality and cultural, socio-economic, educational
or professional background
Review employee and Board member recruitment procedures
which include a non-discriminatory selection process, at all
stages of the selection process.
Improve gender diversity at Board and senior
management level
Succession planning to ensure further diversity across the
business continues over the year.
Continue to focus on increasing female representation at
senior management level, including as potential immediate
and long-term successors for such roles.
Reviewing the Equality, Diversity and Inclusion Policy The Committee has reviewed and approved an updated
Equality, Diversity and Inclusion Policy, a copy of which is
available on the Company’s website.
REPORT OF THE NOMINATION COMMITTEE CONTINUED
70
Plus500 Ltd. 2025 Annual Report

Relevant skills and experience on the Board
JACOB A.
FRENKEL
DAVID
ZRUIA
ELAD
EVEN-CHEN
VARDA
LIBERMAN
TAMI
GOTTLIEB
STEVE
BALDWIN
DANIEL
KING
Audit and risk management
Finance, banking, financial services
and fund management
Capital raising, mergers, acquisitions,
investment and transactions
Marketing
Compliance and regulation
Shareholder relations
Digital technology
Innovation
ESG
Enterprise risk management
Non-Executive Director Executive Director
Succession planning
The Committee spent time in 2025 considering the important
matter of succession across the business and reviewed the
Company’s formal Succession Planning Procedure. In order
to ensure minimal business disruption in the event of any
unexpected senior management or Board departures, the
Committee is committed to continue developing plans for
identifying appropriate successors in the short, medium and
long term, while also having regard to the importance of
diversity throughout the Group.
Due to the size of the Group, it is not always possible to
identify internal successors for all roles throughout the
business. Nevertheless, the Committee has reviewed plans
for the succession of senior management roles throughout
the business and has identified appropriate candidates as
potential successors (both immediate successors and long-
term successors).
All Board appointments are made
objectively, based on an individual’s
skills and expertise and consistent
with the Equality, Diversity and
Inclusion Policy.”
71
Plus500 Ltd. 2025 Annual Report
Strategic report
Governance
Financial statements

REPORT OF THE AUDIT COMMITTEE
Audit, assurance and
internal controls
Dear Shareholder
Having served as Chair of the Audit Committee for five years
now, I am honoured to give you an overview of the work of the
Committee during 2025.
The Audit Committee continued to function efficiently during
the year in performing a key role in the Group’s governance
framework, in assessing internal controls across the Group
and ensuring the integrity of the Group’s financial results.
All of these activities were supported once again by a number
of consistent and professional processes that form the basis of
the Committee’s monitoring and review framework.
The Committee continued to work closely with the Company’s
external auditors, Kesselman & Kesselman, a member firm of
PricewaterhouseCoopers International Limited, to review a list of
non-audit services provided this year by the Company’s external
auditors and approve the audit plan for 2025. In accordance with
our procedure for identifying related-party transactions, these
were reviewed and monitored by the Committee on a semi-
annual basis. The Committee members held two closed sessions
with only the internal and external auditors in attendance, in order
to evaluate and assess management’s effectiveness. Additional
focus areas for the Audit Committee during 2025 included
financial reporting and the associated assurance of these reports,
and working with EY Israel, a member firm of Ernst & Young, which
continued to serve as the Company’s internal auditors.
Following the extensive risk assessment process carried out in
2022 by our internal auditors, an internal audit plan for FY 2025
was implemented and the Committee has approved an internal
audit plan for FY 2026. An updated risk assessment process is
expected to take place during the course of 2026. During the year,
the Committee reviewed and monitored the implementation of
previous internal audit reports’ recommendations.
The Audit Committee continued
to function efficiently during the year
in performing a key role in the Group’s
governance framework, in assessing
internal controls across the Group and
ensuring the integrity of the Group’s
financial results.”
Tami Gottlieb
Chair of the Audit Committee
Committee attendance in FY 2025
Details of the number of scheduled Committee meetings
and individual attendance at these meetings are set out
in the Committee attendance table below.
SCHEDULED
MEETINGS ELIGIBLE
TO ATTE N D *
SCHEDULED
MEETINGS
ATTENDED
Tami Gottlieb (Chair)
7 7 (100%)
Steve Baldwin
7 7 (100%)
Prof. Varda Liberman
7 7 (100%)
Daniel King
7 7 (100%)
* These include five ordinary meetings and two closed sessions with
only the internal and external auditors in attendance.
72
Plus500 Ltd. 2025 Annual Report

During the year, and as part of the Board’s independent third-
party performance review facilitated by Nasdaq, we invested
time into also reviewing the performance of the work of the Audit
Committee. The performance review covered various aspects of
the Committee’s performance (e.g. the Committee’s monitoring
and assessment of appropriateness of financial accounting and
reporting, its consideration of internal audit reports and steps
towards improvement, as well as the work of the Company’s
external and internal auditors). I am pleased that the findings
of the review were positive overall and any constructive
recommendations will be considered and implemented by
the Committee, as applicable, during the course of 2026.
This performance review also complements the internal
reviews conducted in 2024 and 2023 and the independent
third-party review facilitated in 2022, the findings of which have
already been embedded in the Committee’s annual workplan.
I look forward to reporting on the Audit Committee’s progress
going forward, in next year’s Annual Report.
Tami Gottlieb
Chair of the Audit Committee
19 March 2026
Committee composition
The Code requires that an Audit Committee should
include at least three members who are Independent
Non-Executive Directors, and that at least one member
should have recent and relevant financial experience. It
also requires that the Committee, as a whole, should have
competence relevant to the sector in which the Company
operates. The Companies Law requires that, subject to
certain voluntary reliefs detailed on page 63, an Audit
Committee consist of at least three Directors qualified to
serve as members of an audit committee, including all
External Directors, and must be comprised of a majority of
Board members meeting certain independence criteria.
In addition, the Chair of the Audit Committee must be one
of the Company’s External Directors.
The Audit Committee is chaired by Tami Gottlieb. The
other members are Steve Baldwin, Prof. Varda Liberman
and Daniel King. All of the members are considered
Independent Non-Executive Directors under the
Code and meet the independence criteria under the
Companies Law. Tami Gottlieb and Daniel King are also
considered External Directors under the Companies Law.
The Board considers that Tami Gottlieb and Daniel
King have recent and relevant financial experience
in accordance with the requirements of the Code.
All of the Committee members have relevant diversified
financial services experience, and the Board is satisfied
that the members of the Committee as a whole have
competencies in the sector in which the Company
operates in compliance with the Code. Details of the skills
and experience of the Audit Committee members are set
out on pages 56 to 59.
Committee
independence
l Independent
(including Committee Chair)
l Non-Independent
Committee gender
diversity
l Female
(including Committee Chair)
l Male
50%50%
100%
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Committee responsibilities and activities
The Audit Committee is responsible for ensuring that the
financial performance of the Group is properly reported on and
reviewed. The other main key governance mandates pursuant
to the written terms of reference of the Audit Committee (which
are available on the Company’s website) are, among others,
as follows:
+ To monitor the integrity and adequacy of the Consolidated
Financial Statements of the Group (including annual and
interim accounts and results announcements);
+ To monitor the adequacy and effectiveness of the
Company’s internal financial controls and internal control
and risk management systems;
+ To advise on the appointment of the Company’s external
auditor and on its remuneration;
+ To monitor and review the effectiveness of the Company’s
internal audit function;
+ To follow the Financial Reporting Council’s Minimum
Standard for Audit Committees; and
+ To report to the Board on how the Audit Committee has
discharged its responsibilities.
In addition, under the Companies Law, the Audit Committee is
required to monitor deficiencies in the business management of
the Company, including by consulting with the internal auditor
and external independent accountants, to review, classify
and approve related-party transactions and extraordinary
transactions, to review the internal auditor’s audit plan, to
oversee the performance of the Company’s internal auditor
and the internal control functions and to establish and monitor
whistleblower procedures.
As set out in its written terms of reference, the Audit Committee
meets not less than four times a year at appropriate intervals
in the financial reporting and audit cycle and otherwise as
required. The Audit Committee met seven times during 2025
(comprised of five ordinary meetings and two closed sessions,
as described below). The internal and external auditors have the
right to attend meetings. The relevant Executive Directors, the
Company’s legal advisors and other persons may, by invitation
from the Chair of the Audit Committee, attend meetings.
As recommended under the Companies Law, an Audit
Committee should hold, at least once a year, a meeting to
consider any defects in the Company’s business management,
with the presence of the internal and external auditors, and
without the presence of officers of the Company who are
not members of the Audit Committee. Our Audit Committee
members have followed this recommendation and, as a
matter of enhanced best practice, in 2025 they met twice
privately with the Company’s external auditor and internal
auditor to discuss these issues. These private meetings were
held in addition to the five ordinary meetings of the Committee
in 2025, as mentioned above.
A summary of the major activities and decisions of the
Committee in 2025 is set out below:
Financial
performance
review
Reviewed the financial performance and
reviewed the Consolidated Financial Statements
of the Group twice during the year.
Risk
assessment
review and
internal
audit plan
Reviewed the findings of the risk assessment
process conducted by the Company’s internal
auditor and subsequently approved a multi-
year internal audit plan, including a specific
internal audit plan for FY 2025. In addition, the
Committee has already approved a detailed
internal audit plan for FY 2026.
Review of
internal
audit reports
+ Reviewed and discussed the findings of
the internal audit reports prepared by the
Company’s internal auditor.
+ Reviewed and monitored the implementation
of previous internal audit reports
recommendations.
External
audit review
Monitored and reviewed the effectiveness,
independence and objectivity of the external
audit function.
Risk control Assisted the Board in the monitoring of the
Group’s internal controls and risk management
systems and their effectiveness.
Independent
third-party
Committee
performance
review
Discussed and assessed the findings of the
2025 independent third-party performance
review of the Audit Committee.
Governance + Reviewed the Committee’s terms of
reference in light of the Code, the Companies
Law and the FRC Minimum Standard for
Audit Committees.
+ Reviewed the 2025 Audit Committee Report,
which is included within this Annual Report.
+ Reviewed the requirements of the 2024 UK
Corporate Governance Code, particularly
around internal controls.
+ Received an update on corporate governance
changes from our external legal counsel
during the year.
+ Reviewed the requirements of the FRC
Minimum Standard for Audit Committees.
REPORT OF THE AUDIT COMMITTEE CONTINUED
74
Plus500 Ltd. 2025 Annual Report

Significant accounting and financial
judgements in 2025
The Committee considered a number of significant accounting
and financial judgements and estimates, which were discussed
with the external auditor in the planning stage of the audit, and
received the external auditor’s confirmation that no additional
matters have arisen which require the Committee’s attention.
The significant judgements considered were revenue recognition,
uncertain tax positions, the control environment and compliance
with laws and regulations. The Committee also considered the
appropriateness of the going concern basis of the Consolidated
Financial Statements and the level of cash required within the
business to satisfy both external regulatory requirements and
the Group’s market risk management. Details of these, and of
how these issues were addressed by the Committee, are set out
on pages 76 to 77.
External auditor
It is the responsibility of the Audit Committee to keep under
review the scope and effectiveness of the external auditor.
This includes recommending the appointment and/or
reappointment of the external auditor to the Board (and to
shareholders) and reviewing the scope of the audit, approving
the audit fee and, on an annual basis, satisfying itself that the
auditor is independent and objective. The external auditor is
engaged to express an opinion on the Consolidated Financial
Statements. The external auditor conducts the audit according
to the audit plan which includes different audit procedures
like confirmations, testing samples and discussing with
management the reporting of operational results and the
financial status of the Group, to the extent necessary to express
their audit opinion.
Performance and effectiveness of the
external auditor
Kesselman & Kesselman, a member firm of
PricewaterhouseCoopers International Limited, was appointed
as the Company’s external auditor in 2013 and has been
retained since then to perform audit and audit-related work on
the Company. Kesselman & Kesselman was most recently re-
appointed as the Company’s independent external auditor at
the Company’s 2025 AGM held on 6 May 2025, for the period
until the Company’s next AGM in 2026. Other local offices of
PricewaterhouseCoopers perform audit and audit-related work
on the majority of the Company’s subsidiaries. The Committee
assesses the auditor’s independence, effectiveness and
objectivity at least on an annual basis through closed sessions
and enquiries by the Committee members. The presiding
engagement leader for the external auditor, who is a senior and
experienced partner, was appointed in 2024 following a rotation.
The Audit Committee monitors the nature and extent of non-
audit work undertaken by the auditors. Given the non-audit
work undertaken by the external auditor and the Committee’s
oversight of its work, the Committee is satisfied that the
independence and objectivity of the external auditor was
adequately safeguarded throughout 2025. Nevertheless, the
external auditor’s independence and objectivity is kept under
ongoing review and is a recurring item on the agenda of the
Audit Committee.
In addition, the Audit Committee annually monitors the cost of
non-audit work undertaken by the external auditor. The Audit
Committee considers that it is in a position to take action if at
any time it believes there is a risk of the auditor’s independence
and objectivity being undermined as part of its work.
Having assessed the external auditor’s effectiveness and
independence during 2025, the Audit Committee concluded
that the auditor demonstrated professional scepticism and
judgement and that the audit process as a whole has been
conducted robustly and that the team selected to undertake the
audit has done so thoroughly and professionally. A resolution to
re-appoint Kesselman & Kesselman as the Company’s external
auditors will be proposed at the Company’s 2026 AGM.
Non-audit services
The Company maintains a Non-Audit Services Policy in order
to ensure that the provision of non-audit services do not
impair the external auditor’s independence or objectivity.
During 2025, Kesselman & Kesselman, a member firm of
PricewaterhouseCoopers International Limited, and other
local offices of PricewaterhouseCoopers, provided non-audit
services, such as tax assessments and advice and regulatory
reporting requirements, which totalled $0.3m (including
assurance-related services of $0.2m). The assurance-related
services mainly include local regulatory reporting requirements
for the regulated subsidiaries which are linked directly with the
external auditor’s services. In addition, part of the non-audit
services in the amount of $0.1m is related to tax assessments
which are provided by the external auditor according to
common practice in specific territories.
The non-audit services fee constitutes 18% of the total fees
payable to the external auditor in 2025.
Overview of the Non-Audit Services Policy
Under this policy, all services provided by the external auditor
(other than the audit itself) are regarded as non-audit services.
The policy draws a distinction between permitted services
(which could be provided subject to conditions set by the
Committee) and prohibited services. The type of non-audit
services deemed to be permitted include assurance work on
non-financial data, tax services including tax advisory and
reporting best practice.
The Committee has provided pre-approval which allows
management to appoint the external auditor to conduct
permitted non-audit services if such services fall below a set
fee level. The Committee reviews the pre-approval limit on an
annual basis and it is currently set at $150,000. Any non-audit
services provided by the external auditor are reported to the
Board. In the event that the provision of non-audit services
would exceed $150,000, the Committee would also request
Board approval.
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Financial statements

KEY FINANCIAL REPORTING AND SIGNIFICANT FINANCIAL JUDGEMENTS HOW THE ISSUE WAS ADDRESSED BY THE AUDIT COMMITTEE
Revenue recognition The recognition of revenue is a key
matter to be reviewed, monitored
and tested.
+ The Audit Committee held meetings, among others, with
representatives of the operations, R&D and risk teams to
verify compliance of revenue recognition from all related
aspects such as: IT general controls, access to programmes
and supporting data, programme changes and computer
operations for the Group’s platforms and for the ERP system.
+ The Audit Committee discussed this matter with the
external auditor in the planning and conclusion phases of
the audit.
+ The Audit Committee concluded that the revenue
recognition process is appropriate and controls
are effective and are appropriately disclosed in the
Consolidated Financial Statements.
Uncertain tax positions The Audit Committee is responsible
for the adequacy of the uncertain
tax positions.
+ The Audit Committee held meetings, among others, with
management and tax advisors to assess the technical
aspect of the Group’s tax positions, including understanding
the correspondence with the different tax authorities
and reviewing other third-parties’ advice obtained by
management.
+ The Audit Committee discussed this matter with the external
auditor throughout the process of the audit, and received
periodic updates during the year.
+ The Audit Committee concluded that the provision for
uncertain tax positions is reasonable.
Review and
assessment of the
controls environment
The Audit Committee has the
ultimate responsibility for the
supervision of the controls
environment. A key role of the
Committee is to provide oversight
and reassurance to the Board
with regard to the integrity of the
Company’s financial reporting,
internal control policies and
procedures for the identification,
assessment and reporting of risk.
+ The Audit Committee reviewed and approved a multi-year
internal audit plan, as well as a specific internal audit plan for
FY 2025 and for 2026, following an extensive risk assessment
process conducted by EY, the Company’s internal
auditors. The Audit Committee discussed key findings with
management and reviewed the implementation of internal
audit report recommendations brought forward from
previous years. In addition, the Committee reviewed key
audit risk topics as presented by the Company’s internal
auditors.
+ Management is responsible for establishing and
maintaining adequate internal control over financial
reporting. Under the supervision of the Audit Committee
and with management participation, including the Chief
Executive Officer and the Chief Financial Officer, the Audit
Committee evaluated the effectiveness of the Company’s
internal control over financial reporting. In making this
evaluation, which included planning and scoping, design
assessment of the risks and controls, and controls
effectiveness assessment (testing), the Audit Committee
and management have concluded that, as of 31 December
2025, the internal control over financial reporting is effective.
Review and
assessment of
compliance with laws
and regulations
A key risk to the business is the fact
that the Group’s business is subject
to various laws and regulations in
different jurisdictions according to
its activities.
+ The Committee, in conjunction with the work of the
Regulatory & Risk Committee, reviewed regulatory and
compliance reports prepared by the Risk and Compliance
teams, to ensure compliance with local regulations in the
geographic and business areas the Group operates in.
+ The Committee considers the grid of audits and regulatory
assessments and reviews their findings. The relevant
aspects of such assessments to the Group’s business are
discussed and assessed by the Committee.
+ Based on discussions with management and discussions
held in the Regulatory & Risk Committee, the Audit
Committee concluded that the Group is compliant with the
applicable regulations.
REPORT OF THE AUDIT COMMITTEE CONTINUED
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Plus500 Ltd. 2025 Annual Report

KEY FINANCIAL REPORTING AND SIGNIFICANT FINANCIAL JUDGEMENTS HOW THE ISSUE WAS ADDRESSED BY THE AUDIT COMMITTEE
Review and assessment
of appropriateness of
the going concern basis
of the Consolidated
Financial Statements
and long-term viability
Going concern and viability are
key matters for the operations of
the Group.
+ The Audit Committee has reviewed the assessment setting
out the key assumptions related to the nature of the Group’s
business, budget reports and cash flow forecasts for the
period of three years ending 31 December 2028, taking into
account the Group’s anticipated investment commitments
and working capital requirements.
+ These reports detail the impact of outcomes of stress tests
after applying multiple scenarios to determine how the
Group is able to cope with scenarios of deterioration in the
liquidity profile or capital position.
+ The Audit Committee approved and recommended the Going
Concern and Viability Statement to the Board for approval.
Review and assessment
of the level of cash
required within the
business to satisfy both
external regulatory
requirements and the
Group’s attitude to
market risk
The Group requires a level of cash to
ensure that it can provide its services
and maintain sufficient cash in its
regulated entities to satisfy regulatory
and operational needs.
+ The Audit Committee reviews on an ongoing basis the level
of cash required from a regulatory, operational and risk
management perspective.
+ The Audit Committee concluded that the cash amounts held
are sufficient from all of the above-mentioned perspectives.
Internal auditor
Pursuant to the Companies Law, the Board must appoint
an internal auditor recommended by the Audit Committee.
An internal auditor may not be:
+ A person who holds more than 5% of the Company’s
outstanding shares or voting rights;
+ A person who has the power to appoint a Board member or
the Chief Executive Officer of the Company;
+ An officer or Board member of the Company;
+ A relative of any person described above; or
+ A member of the Company’s independent accounting firm,
or anyone acting on its behalf.
The role of the internal auditor is to examine, among other
things, the Company’s compliance with applicable laws and
orderly business procedures. The Audit Committee is required
to oversee the activities and to assess the performance of the
internal auditor, as well as to review and approve the internal
auditor’s work plan, which the Committee has done so in FY 2025.
Kost Forer Gabbay & Kasierer (EY Israel), a member firm of Ernst
& Young, has served as the Company’s internal auditors during
the year, and since being appointed in 2022 they have carried
out an extensive risk assessment process. A multi-year internal
audit plan was approved by the Committee, including a
specific internal audit plan for FY 2025 which was executed. EY’s
team is risk-oriented, professional and familiar with the Group’s
business and operations and the Committee concluded
that the internal audit function was an effective provider of
assurance of the Company’s risks and that the Company has
the controls and appropriate resources as required. In addition,
the Committee has already approved a specific internal audit
plan for FY 2026.
The Audit Committee also plays an important role in overseeing
implementation and adherence to SOX procedures within the
Company, where applicable. This includes, among others,
ensuring that the internal audit team conducts periodic
updates and assessments of the Company’s internal controls
over financial reporting.
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REPORT OF THE AUDIT COMMITTEE CONTINUED
Fair, balanced and understandable
The Audit Committee undertakes a duty to consider
whether the 2025 Annual Report and Consolidated
Financial Statements, taken as a whole, are fair, balanced
and understandable, while final determination lies within
the responsibilities of the Board. The Audit Committee,
on behalf of the Board, also assesses whether there
is sufficient information in the Annual Report and
Consolidated Financial Statements necessary for
shareholders to assess the financial position and
performance, business model and strategy of the Group.
The process
The Committee reviews the Consolidated Financial
Statements and recommends their approval by the Board.
During the drafting process of the 2025 Annual Report
and Consolidated Financial Statements, the Committee
was given the opportunity to comment and provide
feedback on the drafts. The Committee also considers
whether the content provided in the report has properly
illustrated the whole picture for the year.
The Committee then evaluated whether the report is
consistent throughout, with a clear layout and linkage
to the different sections, and whether it is presented in a
logical manner to shareholders.
Conclusion
Following the review, it is the Committee’s opinion that
the 2025 Annual Report and Consolidated Financial
Statements are representative of the year and, taken as
a whole, present a fair, balanced and understandable
overview and provide the information necessary for
shareholders to assess the financial position, governance,
performance, business model and strategy of the Group.
Whistleblowing Policy
The Group operates a Whistleblowing Policy which encourages
all individuals within the Group (including employees, partners,
consultants, contractors, suppliers, customers and other third
parties) to feel confident to voice concerns internally in a
responsible, anonymous, confidential and effective manner,
should they suspect wrongdoing at work, and to question
and act upon those concerns. This policy provides a method
of properly addressing genuine concerns of such individuals,
while ensuring that individuals will not suffer any detrimental
treatment as a result of raising a concern. Such anonymous
reporting can be undertaken 24/7 in local languages. This
policy and its implementation are reviewed on a regular basis,
and annually by the Audit Committee and the Board. The Audit
Committee reports to the Board on the effectiveness of the
Group’s whistleblowing mechanism and on any matter that
arises as a result of it. The Whistleblowing Policy supervisor
is Steve Baldwin, an Independent Non-Executive Director
and member of the Audit Committee, who reported to the
Committee that no whistleblowing complaints were received
in 2025.
78
Plus500 Ltd. 2025 Annual Report

REPORT OF THE REGULATORY & RISK COMMITTEE
Monitoring principal
and emerging risks
Dear Shareholder
I am pleased to take this opportunity to give you an overview
of the work of the Regulatory & Risk Committee during 2025,
having completed my third year as the Chair of the Committee.
Regulatory compliance and risk management continues to
underpin the integrity of our business model and the delivery
of Plus500’s strategy, as it continues to evolve and develop its
position as a global multi-asset fintech group, by launching new
products and extending its geographic footprint. During 2025,
the Regulatory & Risk Committee continued to monitor the main
trading-related risks of our Group, together with undertaking a
robust assessment of the principal risks the Group is facing and
updating our internal risk matrix accordingly. Also during the
year, the Committee has monitored new areas of regulatory
compliance such as emerging risks and developments in
securities markets regulation.
In 2025, the Committee continued its discussions in relation to
the risks associated with the Group’s US and other operations,
monitoring the regulatory changes that arose during the year.
Our portfolio of regulatory licences was further strengthened
during 2025 and the beginning of 2026, taking the Group’s total to
17 regulatory licences globally, including the acquisition of Mehta
in India which was completed in February 2026, and further
establishing its position as a global fintech group.
The Group’s global portfolio of regulatory licences constitutes
a source of significant value to Plus500 as they are scarce,
difficult to obtain and require substantial time and effort.
In addition, they raise the barriers to entry for the industry as
a whole. Furthermore, the Group’s experience and expertise in
obtaining regulatory licences leaves it ideally positioned, as it
looks to secure additional licences in new territories.
In January 2025, the Group obtained a new regulatory licence
in the UAE from the SCA, enabling further expansion in the local
market through an enhanced product offering from OTC to also
include share dealing, futures and options on futures over time.
Regulatory compliance and risk
management continues to underpin
the integrity of our business model
and the delivery of Plus500’s strategy.”
Prof. Varda Liberman
Chair of the Regulatory & Risk Committee
Committee attendance in FY 2025
Details of the number of scheduled Committee meetings
and individual attendance at these meetings are set out
in the Committee attendance table below.
SCHEDULED
MEETINGS ELIGIBLE
TO ATTEND
SCHEDULED
MEETINGS
ATTENDED
Prof. Varda Liberman (Chair)
3 3 (100%)
Elad Even-Chen
3 3 (100%)
Tami Gottlieb
3 3 (100%)
Prof. Jacob A. Frenkel
3 3 (100%)
* On 7 January 2025, and prior to any scheduled meeting of the
Committee for the financial year ended 31 December 2025, Anne
Grim stepped down from the Board and the Committee after
completing her term as an Independent Non-Executive Director.
79
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Committee responsibilities and activities
The Regulatory & Risk Committee meets not less than twice
a year and otherwise as required. The Regulatory & Risk
Committee receives monthly updates from management on
risk, compliance, AML and regulatory issues and reviews the
related internal reports. The Committee has responsibility for
providing oversight with respect to current and potential future
risk exposures of the Group and for overseeing and monitoring
the Group’s compliance with applicable laws, regulations and
orders as required. Its activities include reviewing relationships
with regulatory authorities such as the Financial Conduct
Authority (“FCA”) in the UK, the Australian Securities and
Investments Commission (“ASIC”) in Australia, the Cyprus
Securities and Exchange Commission (“CySEC”) in Cyprus, the
Israel Securities Authority (“ISA”) in Israel, the Financial Markets
Authority (“FMA”) in New Zealand, the Financial Sector Conduct
Authority (“FSCA”) in South Africa, the Monetary Authority of
Singapore (“MAS”) in Singapore, the Financial Services Authority
(“FSA”) in the Seychelles, the Commodities Futures Trading
Commission (“CFTC”) and National Futures Association (“NFA”)
in the US, the Estonian Financial Supervision Authority (“EFSA”)
in Estonia, the Financial Services Agency (“FSA”) in Japan,
the Dubai Financial Services Authority (“DFSA”) in the UAE, the
Securities Commission of the Bahamas (“SCB”) in the Bahamas,
the Securities and Commodities Authority (“SCA”) in the UAE,
the Canadian Investment Regulatory Organization (“CIRO”) in
Canada, the Colombian Financial Superintendence (“SFC”) in
Colombia, the Securities and Exchange Board of India (“SEBI”)
in India, and other regulatory authorities, as appropriate, in
jurisdictions where the Group has a significant operation. The
Committee is also responsible for reviewing risk assessment
programmes and internal controls.
The Regulatory & Risk Committee is responsible for reviewing the
Group’s most significant risks to achieve its strategic objectives
and address any emerging risks, reviewing the Group’s Risk
Management Policy and ensuring that the Company’s ethics
are being adhered to. The other key governance mandates,
pursuant to the written terms of reference of the Regulatory
& Risk Committee (which are available on the Company’s
website), are as follows:
+ To oversee and advise the Board on current and emerging
risk exposures of the Company and future risk strategy;
+ To keep under review the adequacy and effectiveness of the
Company’s internal financial controls and internal control
and risk management strategy and systems;
+ To review the Group’s capability to identify and manage
new risk types;
+ To review the most significant risks to the achievement of
strategic objectives;
+ To review incident reports which monitor incidents and
remedial activities; and
+ To consider and approve the remit of the risk management
function and ensure that it has adequate resources and
appropriate access to information to enable it to perform
its function effectively and in accordance with the relevant
professional standards.
In June 2025, the Group secured a new regulatory licence in
Canada, marking further expansion into North America and the
extension of its services into the well-established Canadian
market.
During the year, the Group received authorisation in Colombia
to establish a local representative office, representing its
first expansion into Latin America. This provides a foundation
for deeper engagement with customers in the region and
enhances the Group’s long-term growth prospects.
The Group also obtained a new commodities licence in Japan,
further expanding its localised, multi-asset OTC offering
following the earlier launch of Equity, Index and ETF products.
The Committee members receive updates on various risk and
regulatory aspects on an ongoing basis. Moreover, on a monthly
basis, the Committee is provided with detailed risk reports
covering, inter alia, system exposures, performance analysis,
risk mitigation and Value at Risk (“VaR”) analysis. In addition, the
Committee receives regular reports on both compliance and
risk matters, and challenges the performance in these areas.
It also receives Anti-Money Laundering (“AML”) reports and
internal audit reports relating to the Group’s regulated entities,
and other reports on specific areas where more detailed
testing is considered appropriate. These are described more
fully in the following report.
As part of the Board’s independent third-party performance
review facilitated by Nasdaq, we also invested time into
reviewing the performance of the work of the Regulatory & Risk
Committee. The performance review covered various aspects
of the Committee’s performance (e.g. the Committee’s
monitoring of the most significant changes to the regulatory
environment in which Plus500 operates, its consideration of
the risk management function and overall effectiveness of
the Committee’s meetings as well as the Committee Chair’s
leadership). The findings of the review were positive overall
and any constructive recommendations will be considered
and implemented by the Committee, as applicable, during the
course of 2026.
Our priorities for the coming year will be to continue to assess,
and seek to enhance, our approach to risk management, which
is based on ensuring our risk exposures are aligned with our risk
appetite across our product portfolio. With a global regulatory
network already well established, the Committee believes that
the Group remains well positioned for potential future changes
to the regulatory environment across the markets in which
it operates.
I look forward to reporting on the Regulatory & Risk Committee’s
further progress in next year’s Annual Report.
Prof. Varda Liberman
Chair of the Regulatory & Risk Committee
19 March 2026
REPORT OF THE REGULATORY & RISK COMMITTEE CONTINUED
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Plus500 Ltd. 2025 Annual Report

A summary of the major activities and decisions of the
Committee in 2025 is set out below.
Regulatory
and
compliance
review
+ Periodically reviewed regulatory, compliance
and AML reports.
+ Oversaw the implementation of new
regulatory requirements.
+ Monitored and assessed the Group’s
relationships with regulatory authorities.
Licence
application
review
+ Reviewed the licence applications prepared
during the period.
Risk
review and
assessment
+ Reviewed periodic risk reports, including VaR
reports and performance analysis reports.
+ Reviewed risk assessment programmes and
internal risk management controls.
+ Reviewed emerging and principal risks for
the period and the Company’s risk register.
+ Reviewed and assessed our current
approach to hedging as well as possible
options for future approaches in this area.
+ Reviewed risks associated with the
Group’s operations, including the US futures
businesses.
Regulatory
training
+ Participated in regulatory training sessions.
Governance + Reviewed the Committee’s terms of reference.
+ Reviewed the 2025 Regulatory & Risk
Committee Report, which is included within
this Annual Report.
+ Reviewed the 2025 Risk Management
Framework, which is included within this
Annual Report.
Independent
third-party
Committee
performance
review
+ Discussed and assessed the findings of the
2025 independent third-party performance
review of the Regulatory & Risk Committee.
Climate
change
+ Reviewed the 2025 TCFD Report, which is
included within this Annual Report, on pages
37 to 41.
Committee composition
The Regulatory & Risk Committee is chaired by Prof.
Varda Liberman. The other members are Elad Even-Chen,
Tami Gottlieb and Prof. Jacob A. Frenkel. According to the
Committee’s terms of reference (which are available on
the Company’s website), the Committee shall comprise
at least three members, the activities of the Committee
should involve participation by the Chair of the Audit
Committee (Tami Gottlieb), and the Group Chief Financial
Officer (Elad Even-Chen) should also be a member of
the Committee. Details of the skills and experience of the
Regulatory & Risk Committee members can be found on
pages 56 to 59.
Committee
independence
l Independent
(including Committee Chair)
l Non-Independent
Committee gender
diversity
l Female
(including Committee Chair)
l Male
50%50%
25%
75%
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Strategic report
Governance
Financial statements

REPORT OF THE ESG COMMITTEE
Continued development
of our ESG strategy
Dear Shareholder
As the Chair of the ESG Committee for the past four years, I
am pleased to provide an overview of the work carried out by
the ESG Committee during 2025, as well as its objectives and
priorities for the year ahead.
ESG continues to be a critical element of our organisational
culture, operations and reporting and we believe has a direct
impact on our competitive advantage and operational
performance. Our ESG Committee was established five years
ago and, together with the Board and the entire Group, remains
fully committed to the continuation of the development of our
ESG strategy. We believe ESG disclosure should continue to
be a highly relevant theme across global capital markets, as
investors continue to seek a greater level of understanding and
detail about how companies are managed in this regard.
Our strategic ESG focus is guided by the comprehensive
materiality assessment conducted a few years ago, which
identified our key priorities as Customer Care and Protection,
Organisational Culture, Cyber Security, Systems Infrastructure,
and Leadership and Governance. Details of our commercial
and operational progress in each of these areas during 2025
are presented throughout this Annual Report, specifically
within the ESG section on pages 30 to 36. With the assessment
laying the foundations of the Group’s approach in this area,
the Committee made strong progress during the year to
further develop Plus500’s position in ESG, by refreshing our
reporting and disclosure, in‑line with the latest regulatory and
disclosure requirements, as exemplified in various sections of
this Annual Report.
The Group remains committed to managing its environmental
impact, consistently aiming to ensure that it conducts
appropriate and necessary actions to minimise the impact of
its operations on the environment.
Our strategic ESG focus is guided by the
comprehensive materiality assessment
conducted a few years ago, which
identified our key priorities as Customer
Care and Protection, Organisational
Culture, Cyber Security, Systems
Infrastructure, and Leadership
and Governance.”
Steve Baldwin
Chair of the ESG Committee
Committee attendance in FY 2025
Details of the number of scheduled Committee meetings
and individual attendance at these meetings are set out
in the Committee attendance table below.
SCHEDULED
MEETINGS ELIGIBLE
TO ATTEND
SCHEDULED
MEETINGS
ATTENDED
Steve Baldwin (Chair)
3 3 (100%)
David Zruia
3 3 (100%)
Tami Gottlieb
1
3 3 (100%)
1 Tami Gottlieb was appointed as a member of the Committee on
18 February 2025, replacing Anne Grim.
On 7 January 2025, and prior to any scheduled meeting of the
Committee for the financial year ended 31 December 2025, Anne
Grim stepped down from the Board and the Committee after
completing her term as an Independent Non‑Executive Director.
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Plus500 Ltd. 2025 Annual Report

Committee
independence
l Independent
(including Committee Chair)
l Non‑Independent
Committee composition
The ESG Committee is chaired by Steve Baldwin. The
other members are David Zruia and Tami Gottlieb (as
of February 2025). According to the Committee’s written
terms of reference (which are available on the Company’s
website), the Committee shall be comprised of at least
three members, and the majority of the members of
the Committee should be Independent Non‑Executive
Directors (Steve Baldwin and Tami Gottlieb). Details of
the skills and experience of the ESG Committee members
can be found on pages 56 to 59.
The Group has made various commitments, including: to
protect the environment, to reduce waste, as well as water,
energy and resource use, to monitor the Group’s environmental
performance and to ensure that office services are sourced
from providers that share these commitments. Also, during
the year, the Committee and the Board continued to review
Plus500’s Environmental Policy, which is available on the
Company’s website.
As the Company supports the recommendations published by
the TCFD, during 2025 the Committee continued its work with
a specialist ESG consultant which provided support for the
Group’s ongoing approach to ESG reporting and disclosure
going forward. Detailed reporting and disclosure against the
TCFD recommendations, which includes the reporting of our
Scope 1 and Scope 2 emissions data, including the Group’s future
plans to continue to align itself to the TCFD recommendations,
is outlined in the TCFD Report on pages 37 to 41.
As part of our continued ESG efforts, the Committee reviewed
the Donations and Volunteering Procedure and received
a report from the Company’s Donations Committee and
the Chief People Officer detailing the type and amounts of
donations made during 2025, including both monetary and in‑
kind donations, as well as the profile of charitable and future
charitable initiatives. As part of this report, the Committee also
received updates on employee volunteering days which took
place during the year.
In‑depth discussions were held by the Committee
during the course of 2025, with key focus on social aspects,
such as employee satisfaction, welfare, well‑being and
career development.
The Committee remained mindful of the various diversity
aspects, and ensured, in conjunction with the Nomination
Committee, that our Board is sufficiently diverse from both
gender and ethnic perspectives, and also reviewed gender
diversity as part of the Group’s succession planning.
During the year, and as part of the Board’s independent third‑
party performance review facilitated by Nasdaq, we invested
time into also reviewing the performance of the work of the
ESG Committee. The performance review covered various
aspects of the Committee’s performance, including its review
and monitoring of all aspects of employee satisfaction,
welfare and well‑being, the challenges facing the Group from
an ESG perspective, suitability and overall effectiveness of
the Committee’s meetings as well as the Committee Chair’s
leadership. The findings of the review were positive overall and
any constructive recommendations will be considered and
implemented by the Committee, as applicable, during the
course of 2026.
I look forward to reporting on the ESG Committee’s further
progress in next year’s Annual Report.
Steve Baldwin
Chair of the ESG Committee
19 March 2026
67%
33%
Committee gender
diversity
l Female
l Male
33%
67%
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Strategic report
Governance
Financial statements

Committee responsibilities and activities
The overall responsibilities of the ESG Committee are to assess
the following pillars:
+ Environmental: the Group’s impact on the natural
environment and its adaptation to climate change,
including greenhouse gas emissions, energy consumption,
generation and use of renewable energy, biodiversity and
habitat, impact on water resources and the status of water
bodies, pollution, resource efficiency, the reduction and
management of waste, and the environmental impact of
the Group’s supply chain;
+ Social: the Group’s interactions with employees, commercial
counterparties, stakeholders and the communities in which
it operates and the role of the Group in society, workplace
policies (for example, employee relations and engagement,
diversity, non‑discrimination and equality of treatment,
health, safety and well‑being), ethical procurement, any
social or community projects undertaken by the Group,
social aspects of the supply chain, community and
stakeholder engagement or partnerships; and
+ Governance: the ethical conduct of the Group’s business,
including its business ethics policies, Code of Ethics and
counterparty due diligence.
A summary of the major activities and decisions of the Committee in 2025 is set out below.
Reports and
policies review
+ Periodic review of ESG reports.
+ Reviewed succession planning (with a focus on gender diversity).
+ Reviewed and approved the Donations and Volunteering Procedure.
+ Reviewed and approved the Company’s Environmental Policy, the Equality, Diversity and Inclusion Policy
and the Code of Ethics.
Diversity review + Reviewed gender diversity on the Board and its Committees.
+ Reviewed ethnic diversity on the Board.
+ Reviewed gender diversity in respect of succession plans.
Donations and
community initiatives
review
+ Reviewed the type and amounts of donations made globally during 2025 (both monetary and in‑kind
donations), the profile of charitable and/or non‑profit organisations which received the donations and
future charitable initiatives.
+ Reviewed employee volunteering days which took place during the year.
+ Reviewed development programmes for students (the second Bootcamp training programme).
Customer care
and protection
+ Reviewed customer care and protection activities in 2025.
Employee
satisfaction, welfare
and well-being
+ Review of employee welfare, well‑being and development, presented by the Chief People Officer.
+ In‑depth review and discussion on employee feedback, as part of round table sessions held with the
Chair of the ESG Committee, who also serves as the Designated Non‑Executive Director dedicated to
workforce engagement.
Gap analysis + Worked with a specialist ESG consultant to conduct a gap analysis of the Group’s ESG reporting and
disclosure, compared to our UK‑listed peer companies and US‑listed fintech companies.
+ Discussed and agreed an approach for the Group’s ESG reporting and disclosure, based on the findings
of this analysis.
TCFD reporting + Worked with a specialist ESG consultant to prepare detailed reporting and disclosure against the TCFD
recommendations, which includes the reporting of our Scope 1 and Scope 2 emissions data (see page
41 of this Annual Report).
Governance + Reviewed the Committee’s terms of reference.
+ Reviewed the 2025 ESG Report, which is included within this Annual Report.
+ Reviewed the 2025 ESG Committee Report, which is included within this Annual Report.
Independent third-
party Committee
performance review
+ Discussed and assessed the findings of the 2025 independent third‑party performance review of the
ESG Committee.
The other key governance mandates, pursuant to the written
terms of reference of the ESG Committee (which are available
on the Company’s website), are as follows:
+ To ensure that sufficient focus and resources are given to
implementing, monitoring and managing the Company’s
ESG policies and processes and that these remain effective;
+ To ensure that the Board’s ethics are being adhered to
and the Company continues its commitment to issues
concerning social responsibility;
+ To consider any key learnings from internal or external
reviews and investigations of any marketing, advertising
campaigns and promotional activities which have had a
significant negative impact on the brand or image of the
Group; and
+ To consider the adequacy of the Group’s ESG policies and
processes by reviewing reports prepared by management
in relation to:
– Diversity in the workplace;
– Security and health and safety in respect of the Group’s
employees and premises;
– Charitable donations and pro bono programmes; and
– The Group’s impact on the environment.
REPORT OF THE ESG COMMITTEE CONTINUED
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Plus500 Ltd. 2025 Annual Report

REPORT OF THE REMUNERATION COMMITTEE
Aligning remuneration with
best practice
Dear Shareholder
I am pleased to present the Remuneration Committee Report
for FY 2025, having served as Chair of the Committee for the
past two years.
Since Plus500’s listing on the LSE in 2013, through its transition
from AIM to the Main Market in 2018, our ongoing commitment
to adhering to the highest standards of corporate governance
has not wavered. The Company’s alignment with UK
standards, demonstrates its commitment to transparency,
shareholder engagement and best practices in corporate
governance, thereby reinforcing trust and confidence
among its stakeholders. As an Israeli incorporated company
listed outside of Israel, certain remuneration‑related aspects
remain influenced by legal requirements under the Israeli
legal framework, which in part differ from the UK standards,
and which are generally more closely aligned with those in the
United States.
In order to ensure that the Company’s approach to
compensation is consistent with both the expectations of
UK investors and regulatory requirements under Israeli law,
the Company’s Remuneration Policy and annual report on
remuneration were drafted taking into consideration both UK
standards and the requirements for an Israeli incorporated
public company, which operates in a highly competitive global
technology sector.
In accordance with the provisions of the Companies Law,
shareholders’ approval will generally be sought for the adoption
of a Remuneration Policy, once every three years. Accordingly,
the Company sought shareholders’ approval in adopting its
Remuneration Policy for the years 2024, 2025 and 2026, which
was approved at the 2023 AGM and took effect as of 1 January
2024. A copy of this Remuneration Policy is available on the
Company’s IR website, in Annex A to the Notice of the 2023 AGM,
and is further described within the Notice itself.
The Company’s alignment with UK
standards demonstrates its commitment
to transparency, shareholder engagement
and best practices in corporate governance,
thereby reinforcing trust and confidence
among its stakeholders.”
Daniel King
Chair of the Remuneration Committee
Committee attendance in FY 2025
Details of the number of scheduled Committee meetings
and individual attendance at these meetings are set out
in the Committee attendance table below.
SCHEDULED
MEETINGS ELIGIBLE
TO ATTEND
SCHEDULED
MEETINGS
ATTENDED
Daniel King (Chair)
2 2 (100%)
Tami Gottlieb
2 2 (100%)
Varda Liberman
2 2 (100%)
Prior to bringing this policy for shareholders’ approval, the
Remuneration Committee retained and sought advice from
leading compensation consultants and, following ongoing
engagement with shareholders, the Remuneration Committee
and the Board reviewed the Remuneration Policy for the years
2021‑2023, and proposed changes to align this policy even
more closely with UK norms and best practice.
The Company’s Remuneration Policy for the years 2024, 2025
and 2026 introduced several changes to accommodate this
alignment with UK best practice, including: (1) the LTIP scheme
for Executive Management is now 100% subject to a post‑vesting
holding period of two years, which reflects a significant positive
change from the previous post‑vesting holding period (30% on
the first year of the LTIP award, 40% on the second year of the
LTIP award and 50% on the third year of the LTIP award). This
scheme positions the Company in‑line with UK best practice;
(2) the LTIP scheme now continues with a newly implemented
post‑contractual agreement with a period of two years; and
(3) increasing the short‑term incentive award deferral to 67% in
shares and 33% in cash, instead of 33% in shares and 67% in cash.
85
Plus500 Ltd. 2025 Annual Report
Strategic report
Governance
Financial statements

In summary, the Company’s Remuneration Policy for the years
2024, 2025 and 2026, including the structure of the annual
bonus and Long‑Term Incentive Plan awards, remains well‑
aligned with shareholder expectations, shareholder advisory
bodies’ guidelines and UK norms. The policy continues to reflect
the same principles as in previous years, ensuring consistency
and stability in the approach to executive compensation.
As detailed on page 89, a resolution to approve an extension
of the Company’s Remuneration Policy for FY 2027, without any
modifications, will be proposed at the Company’s 2026 AGM.
Subject to the approval of the Remuneration Policy extension,
the Remuneration Committee and the Board intend to conduct
a comprehensive assessment and re‑evaluation of the
Remuneration Policy with a view to determining the terms and KPI
structure of a new Remuneration Policy which will be proposed for
approval at the Company’s 2027 AGM. The requirement for this full
assessment and re‑evaluation reflects the Group’s evolution and
status as a leading, global, diversified fintech business providing
mission‑critical market infrastructure to a global customer base,
built on its proprietary technology and regulatory expertise. The
Remuneration Committee and the Board will continue to consider
shareholder feedback in determining future remuneration policies.
The Remuneration Committee and the Board take governance
matters very seriously and therefore acknowledged that, in
recent years, certain shareholders have sought a greater level
of disclosures as to the Remuneration Committee’s decision‑
making process. This has been a key consideration throughout
the Remuneration Committee’s review process.
Our 2025 Directors’ Remuneration Report, which will be put to
shareholders’ vote (as a non‑binding advisory vote given that,
as an Israeli incorporated company, Plus500 is not subject to
these requirements) at our 2026 AGM, provides an overview of
remuneration paid in respect of performance in 2025. This report
has evolved further, as Plus500 continues to provide clearer and
transparent disclosures aligned to UK best practice, and has
been prepared once again with the view of considering both
the Israeli mandatory requirements and the standards for a
UK‑listed company.
Business and financial performance
Since Plus500’s IPO in 2013 to the end of 2025, the Company
has returned a total of approximately $2.9bn to shareholders,
through dividends and share buybacks, including those
announced in February 2026, contributing to more than 8,700%
total return over that period. As a result, the Company was the
best performing share on the FTSE All‑Share Index on a total
return basis (based on Bloomberg TSR of FTSE All‑Share Index
between FY 2013 to FY 2025). The Company has also remained
debt‑free since inception and continues to maintain a robust
balance sheet, even after such substantial distributions.
Consistent with its shareholder returns policy, and demonstrating
the enduring strength of its balance sheet, the Company
prioritises the execution of share buyback programmes, which
are designed to create and enhance value for shareholders. The
Company began implementing share buyback programmes
in 2017. Through open communication with shareholders, these
programmes have been progressively scaled up and are now a
key component of the shareholder returns policy, representing
at least 50% of total shareholder returns in a given period.
Since presenting its new strategic plan several years ago, and
under the leadership of the current management team, the
Company has expanded into new lines of business, positioning
itself for growth in untapped markets. These strategic moves
not only bolster Plus500’s competitive edge, but also ensure
long‑term sustainability, diversification and strength. As such,
it is important to recognise the collective efforts of the CEO
and CFO which have contributed to the continued success
and growth of Plus500. Their leadership and commitment have
been integral to achieving these results, and the Committee
is confident that their continued guidance will propel the
Company towards even greater success.
During the course of 2025, there were several upgrades of
external market consensus, reflecting the continued successful
execution of the Company’s strategic plan. Furthermore,
such increases underscore the critical role that the Executive
Directors have played in driving the business forward.
In summary, 2025 marked a year of accelerated strategic
progress for Plus500, reinforcing the Group’s financial position,
delivering further outstanding revenue and EBITDA performance.
2025 operation of policy
2025 was another year of excellent strategic, financial
and operational performance, and the annual bonus targets were
met in full with bonus payable to David Zruia of $2,308,000 and
Elad Even‑Chen of $2,308,000, as a result of their leadership, hard
work and commitment. Plus500 outperformed against a number
of strategic objectives, including the delivery of the following
milestones:
Operational milestones:
+ Continued strong operating results in the US futures market.
In FY 2025, the non‑OTC business represented c.17% of New
Customers and c.67% of total customer deposits, highlighting
its growing importance to the Group.
+ In January 2025, the Group obtained a new regulatory
licence in the UAE from the SCA, enabling further expansion
in the local market through an enhanced product offering
from OTC to also include share dealing, futures and options
on futures over time.
+ In March 2025, the Company announced a strategic step
of expanding the Group’s non‑OTC footprint into the Indian
market through the acquisition of Mehta, a regulated Indian
brokerage firm, which completed in February 2026.
+ In June 2025, the Group secured a new regulatory licence
in Canada, marking further expansion into North America
and the extension of its services into the well‑established
Canadian market.
+ In 2025, the Group received authorisation in Colombia to
establish a local representative office, representing its first
expansion into Latin America and demonstrating its ongoing
success in laying the foundations for structural growth over
the medium‑term.
+ In 2025, the Group obtained a new commodities licence in
Japan, further expanding its localised, multi‑asset OTC offering
following the earlier launch of Equity, Index and ETF products.
+ During the year, the Group secured three new clearing
memberships, with ICE Clear US, ICE Clear Europe and
Kalshi Klear, enhancing its ability to provide holistic clearing
services across multiple venues and geographies.
+ The Group was appointed as the clearing partner for ‘FanDuel
Prediction Markets’, a groundbreaking new event‑based
contracts platform established as a joint venture between the
CME Group and FanDuel, that went live in December 2025.
+ In October 2025, the Group entered into a strategic partnership
with Topstep, under which it will be the exclusive provider of
clearing and technology infrastructure to support Topstep’s
brokerage expansion.
Financial milestones:
+ Excellent financial results with Group revenue of $792.4m
and EBITDA of $348.1m in FY 2025, both of which were ahead
of market expectations.
+ In FY 2025, the non‑OTC business generated record revenue
of more than $100m, marking a step‑change in scale as
this business line becomes a meaningful and increasingly
important contributor to Group revenue, new customer
numbers and total customer deposits.
REPORT OF THE REMUNERATION COMMITTEE CONTINUED
86
Plus500 Ltd. 2025 Annual Report

+ The Group’s financial position remained extremely strong
with cash balances of $801.6m as of 31 December 2025.
+ During FY 2025, the Company returned $379.4m to
shareholders, comprising share buybacks of $215.0m and
dividends of $164.4m.
+ Additional shareholder returns of $187.5m were announced
in February 2026, comprising a share buyback programme
of $100.0m and dividends of $87.5m.
+ Basic EPS increased by 10% to $3.93, reflecting the Group’s
strong financial performance and the ongoing impact of
share buyback programmes executed during the year.
Full details of the remuneration payable for FY 2025 performance
are set out in the Directors’ Remuneration Report.
The Remuneration Committee and the Board comprehensively
assessed Executive Management’s performance against
these targets and, given Executive Management’s substantial
commitment in leading and delivering Plus500’s outstanding
strategic, operational and financial performance during FY 2025,
determined that these targets were met in full. Furthermore, the
Committee and the Board are comfortable that the remuneration
paid for 2025 is aligned to the strong performance in the year and
investor returns, particularly in the context of a challenging macro‑
economic environment and the impact of ongoing uncertainty
within the international capital markets, bringing an additional
layer of complexity which management handled extremely well.
Concluding remarks
Since the results of our 2025 AGM, the Chair and Executive
Management team engaged with various shareholder advisory
bodies and a number of shareholders, taking into account
their feedback.
All the resolutions put to the 2025 AGM were approved by the
requisite majority with the exception of the non‑binding advisory
resolution to approve the 2024 Directors’ Remuneration Report.
Since the 2025 AGM, consistent with the Company’s
commitment to maintaining ongoing, transparent dialogue
with all stakeholders, the Board put in place a detailed plan to
engage with its key shareholders and the shareholder advisory
bodies to which the majority of the Company’s shareholders
are subscribed, namely ISS and Glass Lewis. Further details can
be found on page 101.
The Board remains fully committed to achieving the highest
governance standards and will continue to engage regularly with
shareholders and to consider their views in its decision‑making.
During 2025, and as part of the Board’s independent third‑party
performance review facilitated by Nasdaq, we invested time into
also reviewing the performance of the work of the Remuneration
Committee. The performance review covered various aspects
of the Committee’s performance (e.g. the Committee’s review
and monitoring of all aspects of remuneration, including
workforce remuneration and alignment of incentives and
rewards with culture, performance of executives compared
with previously set targets, as well as the effectiveness of the
leadership of the Committee Chair). The findings of the review
were positive overall and any constructive recommendations
will be considered and implemented by the Committee, as
applicable, during the course of 2026.
I look forward to reporting on the Remuneration Committee’s
further progress in next year’s Annual Report.
Daniel King
Chair of the Remuneration Committee
19 March 2026
Committee composition
The Code recommends a remuneration committee
to consist of at least three members and that all of its
members be Non‑Executive Directors, independent in
character and judgement and free from any relationship
or circumstance which may, could or would be likely to, or
appear to, affect their judgement.
The Companies Law requires that a remuneration
committee consist of at least three members. All External
Directors must serve on the committee and constitute
the majority thereof. The remaining members must be
eligible to serve as members of the Audit Committee, as
defined in the Companies Law, and their compensation
must comply with the compensation requirements
applicable to the External Directors. The Chair of the
Remuneration Committee must be an External Director.
The Remuneration Committee comprises three Independent
Non‑Executive Directors: Daniel King, Tami Gottlieb and Prof.
Varda Liberman and is chaired by Daniel King. Tami Gottlieb
and Daniel King are External Directors under the Companies
Law. Details of the skills and experience of the Remuneration
Committee members can be found on pages 56 to 59.
Committee
independence
l Independent
(including Committee Chair)
l Non‑Independent
Committee gender
diversity
l Female
l Male
(including Committee Chair)
33%
67%
100%
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Plus500 Ltd. 2025 Annual Report
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Governance
Financial statements

A summary of the major activities and decisions of the
Committee in 2025 is set out below:
Base salary/
service fees
+ Reviewed the Executive Directors’
remuneration.
+ Reviewed and approved the Chair’s
and Non‑Executive Directors’ fees and
recommended them to the Board and the
Company’s shareholders.
Bonus + Reviewed the performance of the Chief
Executive Officer and the Executive Directors
compared to the targets previously set and
approved.
Long-Term
Incentive Plans
(“LTIPs”)/
Restricted
Share Units
(“RSUs”)
+ Reviewed the Executive Directors’ 2026 LTIP
plans.
+ Reviewed and approved the 2026 RSU
grants to Executive employees.
Remuneration
Policy for
Directors and
Executives
+ Reviewed alignment with the Remuneration
Policy for Directors and Executives for the
years 2024‑2026, which was approved at
the 2023 AGM held in May 2023.
Governance + Engaged with shareholders and
shareholder advisory bodies.
+ Reviewed corporate governance and
determined the appropriate levels
of disclosure for the 2025 Directors’
Remuneration Report.
+ Reviewed the 2025 AGM remuneration
report results and investor and shareholder
advisory bodies’ views on remuneration.
+ Reviewed the Committee’s terms of
reference in light of the Code and the
Companies Law.
+ Reviewed the 2025 Remuneration
Committee Report, which is included within
this Annual Report.
+ Reviewed the 2025 Directors’ Remuneration
Report, which is included within this
Annual Report.
Independent
third-party
Committee
performance
review
+ Discussed and assessed the findings of the
2025 independent third‑party performance
review of the Remuneration Committee.
The Company Secretary ensures that the Remuneration
Committee fulfils its duties under the Companies Law
and its terms of reference and provides regular updates
to the Remuneration Committee on relevant regulatory
developments in the UK, information on Israeli market trends
and compensation structures on a broader group level.
Annual report on remuneration 2025
This section of the Annual Report describes the
implementation of the terms of reference, Israeli law
requirements and the provisions of the Code.
Committee responsibilities
and activities
The Remuneration Committee meets not less than
twice a year and at such other times as required.
The Remuneration Committee has responsibility for
determining, within the agreed terms of reference,
the Companies Law provisions and subject to the
Remuneration Policy, the Group’s policy on the
remuneration packages of the Company’s Chief
Executive Officer, Chief Financial Officer, the Chair
of the Board and the other Non‑Executive Directors,
the Company Secretary and other senior executives
determined by the Committee.
The other key governance mandates of the Committee
pursuant to the Companies Law and the written terms
of reference of the Remuneration Committee (which are
available on the Company’s website) are as follows:
+ Reviewing the Remuneration Policy and making
recommendations to the Board with respect to the
approval of the Remuneration Policy at least once
every three years;
+ Reviewing the implementation of the Remuneration
Policy and periodically making recommendations
to the Board with respect to any amendments or
updates of the Remuneration Policy;
+ In determining remuneration policies for the
Company’s senior management and/or individual
remuneration packages of each Executive Director,
the Chair of the Board and other designated senior
executives, the Remuneration Committee is required
to give regard to the relevant legal and regulatory
requirements, the provisions of the Companies Law,
the provisions and recommendations of the Code
and associated guidance;
+ Approving and determining the targets for any
performance‑related pay schemes; and
+ Reviewing the design of all share incentive plans to be
brought for approval by the Board and (if required or
deemed appropriate) the shareholders.
REPORT OF THE REMUNERATION COMMITTEE CONTINUED
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Remuneration policy
Pursuant to the Companies Law, all public Israeli companies,
including companies whose shares are only publicly listed
outside of Israel, such as Plus500, are required to adopt a
written remuneration policy for their Directors and Executives,
which addresses certain items prescribed by the Companies
Law. The adoption, amendment and restatement of the policy
is to be recommended by the Remuneration Committee and
approved by the Board and the Company’s shareholders.
Objectives of the Remuneration Policy
The Remuneration Policy is set to ensure that remuneration is
sufficiently competitive in order to attract and retain talented
and experienced Executive Directors, who are appropriately
incentivised to drive excellent business and operational
performance, while considering the approach to remuneration
throughout the Group.
Remuneration Policy for the years 2024, 2025 and 2026
The Company’s Remuneration Policy for Directors and
Executives has evolved significantly in recent years, based on
the feedback received from the Company’s shareholders and
shareholder advisory bodies.
The Company has enhanced its Remuneration Policy
thoroughly, structuring it with both short‑ and long‑term
components, satisfying shareholder views and UK standards. In
addition, the Remuneration Policy was crafted with the support
of external advisors and certain shareholder feedback.
In 2023, the Remuneration Committee introduced a three‑year
Remuneration Policy for Directors and Executives, covering FY
2024 – FY 2026, which was built upon the framework established
in the previous policy (covering FY 2021 – FY 2023). Both
Remuneration Policies were carefully drafted with guidance
from advisory firms such as Korn Ferry.
The Remuneration Policy covers a period of three years,
bringing stability, clarity and transparency to shareholders
as well as further updating the policy to fit UK standards, for
example, by shifting the structure of the awards to have a
higher percentage settled in shares instead of cash.
The policy emphasises transparency and fairness, ensuring
alignment with market practices and Plus500’s strategic goals.
Regular reviews are conducted to maintain its relevance,
with any material changes subject to additional shareholder
approval. This framework reflects the Company’s commitment
to fostering sustainable growth and creating value for
shareholders over the years 2024‑2026 and beyond.
The Remuneration Policy, covering the years FY 2024, FY 2025
and FY 2026, includes several changes to accommodate this
closer alignment with UK best practice. In particular:
+ The LTIP scheme for Executive Management is 100% subject
to a post‑vesting holding period of two years, which reflects
a significant improvement from the previous post‑vesting
holding period (30% on the first year of the LTIP award, 40%
on the second year of the LTIP award and 50% on the third
year of the LTIP award). This scheme positions the Company
in‑line with UK best practice;
+ The LTIP scheme continued with a newly implemented post‑
contractual agreement with a period of two years;
+ Annual bonus award deferral to 67% in shares and 33% in
cash, instead of 33% in shares and 67% in cash; and
+ The Remuneration Committee and the Board confirmed
that the targeted KPIs included within the Remuneration
Policy are sufficiently stretched and additional disclosures
have been included in order to provide a greater level of
visibility for shareholders.
In accordance with the provisions of the Companies Law,
shareholders’ approval will continue to be sought for our
Remuneration Policy at least once every three years. The
Company’s shareholders approved the current policy at our
2023 AGM, held in May 2023, and we remain committed to
reviewing the policy once its term concludes.
Extension of the Remuneration Policy for FY 2027
In light of ongoing Group‑wide strategic progress, specifically
related to the expansion in the US futures market, and
notwithstanding the increased responsibilities of the
Executives and the growth of the Group’s business and
operations, the Remuneration Committee and the Board have
decided to propose an extension of the term of the Company’s
Remuneration Policy for 2024, 2025 and 2026, without any
modification, by an additional year. This is in order to support
continuity and long‑term value creation during 2026 while
allowing more time for the Board to undertake a thorough and
comprehensive re‑evaluation of the terms and KPI structure
of the Remuneration Policy. Such a re‑evaluation cannot yet
be undertaken given the significant momentum currently
developing within the Group’s B2B ecosystem in the US. This
momentum is evidenced by the Group surpassing the $100m
annual revenue threshold in the non‑OTC business and by
its recently signed strategic partnerships in the US futures
business. Many of the strategic developments described
above have accelerated during 2025 and early 2026, including
the expansion of the Group’s non‑OTC business and the launch
of new significant initiatives. The Board therefore believes it
is appropriate and in the best interests of all stakeholders
to conduct a comprehensive review of the remuneration
framework during 2026, for the years to come, once these
developments have been fully assessed on a more stable
and forward‑looking basis. This will also enable the applicable
objectives for the Executive Directors to be properly and fully
identified and set as part of the next Remuneration Policy.
Subject to the approval of the Remuneration Policy extension,
the Remuneration Committee and the Board intend to conduct
a comprehensive assessment and re‑evaluation of the
Remuneration Policy with a view to determining the terms and KPI
structure of a new Remuneration Policy which will be proposed for
approval at the Company’s 2027 AGM. The requirement for this full
assessment and re‑evaluation reflects the Group’s evolution and
status as a leading, global, diversified fintech business providing
mission‑critical market infrastructure to a global customer base,
built on its proprietary technology and regulatory expertise. The
Remuneration Committee and the Board will continue to consider
shareholder feedback in determining future remuneration policies.
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Stakeholder engagement
Employees, customers and service providers
The Board regularly communicates with and receives feedback
from the Group’s employees through a variety of channels.
Steve Baldwin, as the designated Non‑Executive Director
dedicated to workforce engagement, meets on a yearly basis
with the Group’s workforce and, at such meetings, employees
have the opportunity to share their views, including on executive
and employee remuneration.
In addition, employees can contact Mr. Baldwin directly on
matters they wish to discuss with him or with the Board.
Mr. Baldwin also regularly communicates with senior
management, who have connections with other stakeholders
of the Company, such as customers and suppliers. Mr. Baldwin
reports any key messages from these meetings to the Board
and ensures that they are considered as part of the Board’s
decision‑making process. Plus500 holds regular employee
workshops and briefings on a variety of topics and conducts
round table discussions with its employees worldwide.
The Company seeks to consider and act on employee
feedback and is committed to ensuring that its remuneration
structures are supported by its employees. The Company
is also continually working to develop best practice in‑
line with the Code and is considering whether additional
channels of employee communication are required in order
to better develop employee engagement and foster stronger
connections with its workforce.
Shareholders and shareholder advisory bodies
The Chair of the Board, as well as the Chair of the Remuneration
Committee, are in communication with shareholders of
the Company on a variety of matters and are grateful for
shareholders’ engagement and feedback during FY 2025.
As mentioned, in developing the Company’s Remuneration
Policy for the years 2024, 2025 and 2026, which was approved
by shareholders at the 2023 AGM, the Committee consulted
with major shareholders and engaged with other shareholder
advisory bodies. Shareholders are also aware that, as the
Company is subject to Israeli law, there are local laws that the
Company must comply with that may not be fully aligned with
UK standards.
The Board always takes the outcome of shareholder votes
seriously and, going forward, will continue its engagement and
dialogue with shareholders and their representatives and will
continue to consider related shareholder feedback, with a view
to implementing this feedback, as appropriate.
Further details on shareholders and shareholder advisory
bodies’ engagement made during 2025, can be found in our
Directors’ Remuneration Report on page 101.
Approach to recruitment and remuneration
of Executive Directors
Plus500 believes that strong, effective leadership is fundamental
to its continued growth and future success. This requires the
ability to attract, retain, reward and motivate highly‑skilled
Executive Directors, with the competencies needed to excel in
a rapidly changing marketplace and to continually motivate
their employees.
When setting remuneration packages for new Executive
Directors, compensation will be set in‑line with the
Remuneration Policy of the Company. Several factors will
be considered, including: the geography in which the role
competes or is recruited from; the candidate’s experience and
skills; the remuneration levels of other Executive Directors and
colleagues in peer companies in Israel and in the international
market; and market standards and norms in the UK and the
international markets.
Relocation expenses
If necessary, and subject to the Executive Directors being
asked according to the Company’s needs, to relocate to
another location, either on a stand‑alone basis or together
with their families, they will be provided with a contribution
towards relocation expenses, all housing and related expenses,
all school fees, travel costs and all other related fees, all in
accordance with the Company’s Remuneration Policy in force
at the relevant time and in‑line with the related countries and
the level of executive seniority applicable to the executives and
their families.
Ongoing evolution of Remuneration Policy
The Company’s Remuneration Policy has evolved significantly
in recent years and now has a fundamental new structure
and perspective to accommodate best practice, based on
the feedback received from the Group’s shareholders and
shareholder advisory bodies. A new structure of Remuneration
Policy, covering a period of three years, was first introduced
for FY 2021 – FY 2023. In 2023, the Remuneration Committee
introduced a new three‑year Remuneration Policy, covering
FY 2024 – FY 2026, which was built upon the framework previously
established. Both Remuneration Policies were carefully drafted
with guidance from advisory firms such as Korn Ferry.
The current Remuneration Policy for the years FY 2024 –
FY 2026 was enhanced to reflect the best UK standards. The
policy emphasises transparency and fairness, ensuring
alignment with market practices and Plus500’s strategic goals.
Regular reviews are conducted to maintain its relevance,
with any material changes subject to additional shareholder
approval. This framework reflects the Company’s commitment
to fostering sustainable growth and creating value for
shareholders over the years 2024, 2025, 2026 and beyond.
Plus500 remains committed to reviewing any necessary
adjustments to the policy once its term concludes. A resolution
to extend the Remuneration Policy for FY 2027 will be proposed
at the Company’s 2026 AGM.
REPORT OF THE REMUNERATION COMMITTEE CONTINUED
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The current plan underscores management’s long‑term
commitment. For example, 84% of the variable compensation
prioritises equity‑based grants over cash allocations. This
approach reflects an even higher proportion than the UK
standards, further emphasising the focus on sustained growth
and value creation. The Remuneration Committee, and the
Board as a whole are confident that these remuneration terms
align the individual contributions of the Executive Directors with
the overall success of the Group.
In‑line with the Company’s objectives, we have maintained
a responsible and balanced approach to remuneration.
The annual review of remuneration packages takes into
consideration the broader market conditions, Plus500’s
financial health and the achievement of specific milestones
outlined in the Company’s strategic plan. The remuneration
terms for the Executive Directors reflect a commitment to align
executive remuneration with the long‑term interests of the
Company and its shareholders.
Accordingly, the remuneration structure includes a combination
of fixed salaries, performance‑based incentives and equity‑
based awards, designed to incentivise the successful delivery
of our strategic goals and create shareholder value.
Plus500’s Executive Directors, the Group CEO and CFO, have
both been with the Company for over 15 years, and they have
been instrumental in crafting the Group’s long‑term vision.
They are fully committed to the Company’s sustained success
and to its stakeholders.
Non-Executive Directors
Non‑Executive Directors are appointed for a one‑year term
and are subject to re‑election at each AGM. External Directors
are appointed by shareholders at an EGM or AGM for a three‑
year term commencing on the date of their appointment
by the shareholders. This term may be extended for up to
two additional three‑year terms subject to re‑election by
shareholders at an EGM or AGM. The term of office can be
terminated by the Non‑Executive Director with two months’
written notice, or by the Company with immediate effect if the
Non‑Executive Director is not re‑elected or is otherwise removed
from office in accordance with the Articles. Notwithstanding
this, External Directors’ service may be terminated by the
Company also in such circumstances and manner provided
under the Companies Law. Upon termination no additional
payments are due.
The table below details the date and period of appointment of each presiding
Non-Executive Director
NAME POSITION
DATE OF INITIAL
APPOINTMENT TO THE
BOARD OF DIRECTORS
DATE OF MOST RECENT
APPOINTMENT TO THE
BOARD OF DIRECTORS
PERIOD OF
APPOINTMENT
Prof. Jacob A. Frenkel Independent Non‑Executive Director
and Chair
May 2021 May 2025 1 year
Prof. Varda Liberman Senior Independent
Non‑Executive Director
March 2022 May 2025 1 year
Tami Gottlieb Independent Non‑Executive Director
and External Director
March 2021 March 2024 3 years
Daniel King Independent Non‑Executive Director
and External Director
June 2024 N/A 3 years
Steve Baldwin Independent Non‑Executive Director June 2017 May 2025 1 year
The table below details the date and period of appointment of each presiding
Executive Director
NAME POSITION
DATE OF INITIAL
APPOINTMENT TO THE
BOARD OF DIRECTORS
DATE OF MOST RECENT
APPOINTMENT TO THE
BOARD OF DIRECTORS
PERIOD OF
APPOINTMENT
David Zruia Executive Director April 2020 May 2025 1 year
Elad Even‑Chen Executive Director June 2016 May 2025 1 year
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Introduction
This report sets out information about the remuneration of the Board members of the Company, for the year ended 31 December 2025.
Audited information – Directors’ remuneration – 1 January 2025 to 31 December 2025
Single figure of remuneration
The detailed emoluments received by the Executive and Non‑Executive Directors during the year ended 31 December 2025 are
detailed below.
The information provided in this section and accompanying notes has been audited by Kesselman & Kesselman, a member firm
of PricewaterhouseCoopers International Limited.
BASE SALARY/
SERVICE FEES
1
OTHER
EXPENSES
2
TOTAL
FIXED PAY
ANNUAL
BONUS LTIPs
TOTAL
VARIABLE PAY TOTAL
(US$000) 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Executive Directors
David Zruia 923 890 206 199 1,129 1,089 2,308 2,226 1,917 1,654 4,225 3,880 5,354 4,969
Elad Even‑Chen 923 890 206 199 1,129 1,089 2,308 2,226 1,917 1,654 4,225 3,880 5,354 4,969
Non-Executive Directors
Jacob A. Frenkel (Chair) 740 740 – – 740 740 – – – – – – 740 740
Varda Liberman 130 130 – – 130 130 – – – – – – 130 130
Tami Gottlieb 130 130 – – 130 130 – – – – – – 130 130
Steve Baldwin 130 130 – – 130 130 – – – – – – 130 130
Daniel King
3
130 69 – – 130 69 – – – – – – 130 69
Past Non-Executive Director
Anne Grim
4
3 130 – – 3 130 – – – – – – 3 130
1 The remuneration terms comprised a salary for David Zruia and service contract fees for Elad Even‑Chen (the “base service fees”) according to the FX rate
approved at the AGM.
2 Includes social and other contractual‑related expenses.
3 Daniel King commenced his three‑year term as an Independent Non‑Executive Director and External Director in June 2024, following shareholders’ approval
at the Company’s 2024 EGM held on 8 January 2024.
4 Anne Grim completed a one‑year term as an Independent Non‑Executive Director on 7 January 2025, and accordingly stepped down from the Board as of
this date.
General note: In‑line with the UK reporting regulations, LTIP and RSU awards shall be reported within the Remuneration Report in the
year that the performance period ends, with the value of the award on grant date.
DIRECTORS’ REMUNERATION REPORT
Annual report on
remuneration 2025
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Commentary on the single figure table
Base salary, base service fees and social and other contractual-related expenses
David Zruia’s base salary in 2025 was ILS 3,416,160 as approved at the AGM on 2 May 2023. Elad Even‑Chen’s base service fee in 2025
was ILS 3,416,160 as approved at the AGM on 2 May 2023.
Annual Bonus
The 2025 annual bonus for the Executive Directors was determined based on the achievement of the performance measures and
targets set out below:
FINANCIAL
METRICS WEIGHTING OBJECTIVES PERFORMANCE
ACHIEVEMENT
(% OF MAXIMUM)
EPS 40% EPS target to be set according to stretched external independent
consensus to be set by third‑party analysts. Achievement of an EPS
growth rate. Target EPS threshold of $2.64. Minimum threshold is 15%
lower EPS from the target threshold EPS and the maximum payout
is made for reaching a 15% increase from the target threshold,
calculated on a linear basis.
Actual basic
EPS for
FY 2025 is
$3.93
100%
Revenue 20% Revenue target to be set according to stretched external
independent consensus. Achievement of revenue growth rate.
Target revenue threshold of $635.3m. Minimum threshold is 15%
lower revenue from the target threshold revenue and the maximum
payout is made for reaching a 15% increase from the target
threshold, calculated on a linear basis.
Actual
Revenue for
FY 2025 is
$792.4m
100%
Total 60% 100%
NON-FINANCIAL
METRICS WEIGHTING OBJECTIVES PERFORMANCE
ACHIEVEMENT
(% OF MAXIMUM)
Operational 40% Achievement of operational targets comprise three equally
weighted elements (13.3% each): Customer Satisfaction and Systems
Availability; Operational Processing; and Risk and Regulation.
Parameters
achieved for
FY 2025
100%
Total 40% 100%
The Remuneration Committee and the Board comprehensively assessed Executive Management’s performance against these
stretched targets, which were set before the start of FY 2025. Given the Executive Management’s substantial commitment in
leading and delivering Plus500’s excellent strategic, operational and financial performance during FY 2025, the Remuneration
Committee and the Board determined that these targets were met in full. Further details of the financial and non‑financial KPIs
are as follows:
Financial KPIs: the EPS and revenue targets applying to the performance‑related Annual Bonus are reviewed annually, and the
Remuneration Committee uses external market consensus as a basis for the threshold targets. This is the external market consensus
of various analysts which cover the Company in their views towards the Company’s performance. The Remuneration Committee
believes that using the external market consensus as a basis for the threshold target allows for alignment between remuneration
paid to Executive Directors and the market expectations. Thus, the Committee feels comfortable that such independent measures
are sufficiently stretched.
The financial target performance related to the Annual Bonus are typically in‑line with the top end of external market expectations.
Plus500 FY 2025 EPS target of $2.64, which was based on external market expectations, took into consideration a stretched growth
element, compared to the FY 2024 target EPS of $2.48 and the FY 2023 target EPS of $2.35 which also were based on external market
expectations. Therefore, the FY 2025 EPS target of $2.64, was stretched and higher than that of the two previous years. Additionally,
the actual outcome of FY 2025 EPS was meaningfully higher than the targeted external market expectations, as a result of the
Executive Management’s successful deployment against the Group’s strategic roadmap.
EPS is a primary KPI and important underlying measure for Plus500, which helps investors compare the Group’s performance to
its peer group and the wider market. It takes into account the underlying performance, including revenue and profitability of the
business. Therefore, the Remuneration Committee believes EPS should remain an important element in both the Annual Bonus and
LTIP awards for Executive Management.
FY 2025 performance reflects both current achievements and the ongoing impact of projects from previous years. The strategic
shift from a single‑product OTC model to a global multi‑asset operation is evident with the non‑OTC business as a whole,
representing in FY 2025 c.14 % of total Group revenue, c.17% of New Customers and c.67% of total customer deposits. This evolution
marks a significant step in the Group’s growth, with projects underway that are expected to contribute to long‑term performance
and continued value creation in the years ahead.
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Non-financial KPIs: the operational KPIs outlined in the table above comprise three equally weighted elements, as follows:
OPERATIONAL
OBJECTIVES WEIGHTING DESCRIPTION OF OBJECTIVES PERFORMANCE
Customer
Satisfaction
and Systems
Availability
13.34% Measured by applicable KPIs. The Group places a strong emphasis on customer care
and protection, with a clear aspiration to maximise the customer experience. The Board
firmly believes that continued future growth for Plus500 depends on an ongoing focus on
customer satisfaction levels, measured quantitatively. In FY 2025, customer satisfaction was
maintained at approximately 85%, reflecting the strength of the Group’s customer‑centric
approach and service quality. Customer satisfaction is driven by Plus500’s customer‑centric
approach and a heightened focus on retention and service enhancements. This progress
is evident in the strong client tenure, with 87% of FY 2025 OTC revenue being generated by
customers trading with Plus500 for more than a year, 67% from customers trading for more
than three years, and 50% for more than five years, highlighting the Group’s commitment to
fostering long‑term relationships with its customers.
The Company adheres to the highest standards of technology, ensuring robust and
reliable systems. In FY 2025, system availability exceeded 99%, demonstrating Plus500’s
commitment to providing seamless, uninterrupted service. This level of performance
is consistent with the expectations of a leading technology company, reaffirming the
Group’s dedication to maintaining an optimal user experience.
Parameters
achieved for
FY 2025
Operational
Processing
13.33% Development and implementation of new technologies to enable the expansion of localised
payment abilities, measured by the level of functionality of various technology‑based
operational systems. Plus500 is strategically positioned to integrate innovative payment
methods, particularly for its US operations, introducing advanced technological solutions
that benefit end‑users. In parallel, the Company continued to expand and enhance its
payment solutions for the OTC product offering across key markets.
In FY 2025, more than three new payment methods were successfully implemented and
other technological solutions were developed internally to enable such new capabilities.
During the year, the Group continued the evolution and enhancement of the ‘Plus500
Cosmos’ customer portal, further expanding its capabilities for IBs and institutional
clients through increased automation and advanced functionality. This included
the introduction of treasury capabilities and API‑based payment channels, enabling
more efficient financial operations and seamless partner integration. In parallel, CFTC
certification was achieved for debit cards, launching an innovative payment solution
integrated with Apple Pay and Google Pay. These developments reinforce Plus500’s
position as a technological leader in the sector, delivering advanced infrastructure and
innovative financial solutions for institutional customers.
Parameters
achieved for
FY 2025
Risk and
Regulation
13.33% Measured by KPIs related to the regulatory framework. As a Group which has various
highly regulated wholly‑owned subsidiaries, there are thresholds to be met in order to
confirm there are appropriate and clear outcomes to the risk and regulatory framework.
In FY 2025, such thresholds were fully met.
Parameters
achieved for
FY 2025
Operational objectives remain a key driver of the Group’s performance, directly supporting the growth and scalability of the
business. During the year, strong operational execution contributed to the continued expansion of the Group’s US operations, with
record revenue exceeding $100 million for the first time in FY 2025. Overall, Group revenue increased by 3% and EBITDA by 2% in FY
2025, which were both ahead of market expectations. This performance reflects the consistent delivery of operational priorities
while maintaining disciplined cost management, supporting improvements in basic EPS and the achievement of the Group’s non‑
financial operational KPIs.
Additional details of these targets and performance against them are not disclosed, as the Board believes they are commercially
sensitive. These specific targets remain market sensitive, as they constitute an integral part of Plus500’s ongoing business
operations. The Remuneration Committee has made substantial improvements in the level of disclosure compared to previous
years, reflecting its continued commitment to transparency and in response to shareholder feedback. As a result, this report
includes a comprehensive range of information, to the fullest extent possible, considering the nature of the objectives. This ensures
that investors can be confident that the Remuneration Committee and the Board have applied a diligent and thorough approach
in setting objectives, defining targets, and accurately measuring their outcomes.
Based on the performance against these targets described above, the Remuneration Committee and the Board agreed the
following 2025 bonus awards based on 100% of the maximum opportunity to present achievements and meeting targets.
DIRECTORS’ REMUNERATION REPORT CONTINUED
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2025 bonus awards (US$000)
CASH BONUS
BONUS
ALLOCATED
IN SHARES
TOTAL ANNUAL
BONUS
MAXIMUM OPPORTUNITY AS
PERCENTAGE OF ANNUAL
SALARY/BASE SERVICE FEES *
David Zruia 769 1,539 2,308 250%
Elad Even‑Chen 769 1,539 2,308 250%
* Percentage calculation based on annual employment/contractual agreements in ILS.
According to the Executive Directors’ remuneration scheme, an amount equal to 66.67% of the Annual Bonus achieved was paid by
way of allotment of ordinary shares of the Company on 31 December 2025. The number of ordinary shares allotted on the payment
date was calculated based on the ordinary share price of GBP 14.67 (which constitutes the fixed share price for the entire three‑
year remuneration plan, approved at the 2023 AGM, covering the years 2024, 2025 and 2026), as adjusted for total shareholder
returns. The allotted ordinary shares are subject to a post‑vesting holding period.
2026 LTIP Awards
Scheme interests awarded during the year ending 31 December 2025
Executive Directors were granted LTIP grants in respect of 2026 which will vest after three years to the extent performance targets
and KPIs have been achieved, as summarised in the table below.
TARGETS
PERFORMANCE MEASURE WEIGHTING THRESHOLD (25% OF MAX) MAXIMUM (100% OF MAX)
Relative TSR vs bespoke group* 20% Median Median plus 10% p.a.
Relative TSR vs FTSE 250 10% Median Upper Quartile
EPS 30% Subject to achieving EPS target to be set according
to stretched external independent consensus
Strategic 20% Subject to achieving strategic objectives, as set by
the Board and related to growth through M&A, new
products and new markets
Operational 20% Subject to achieving operational objectives, as set
by the Board and related to customer growth and
people objectives
* For this bespoke group, Plus500 uses a group of companies that have similar characteristics and which operate in similar markets.
The details for the LTIP awards granted to each Executive Director are shown below.
GRANT DATE
NUMBER OF
SHARES GRANTED
FACE VALUE OF THE
AWARD (USD) VESTING DATE
MAXIMUM OPPORTUNITY AS
PERCENTAGE OF ANNUAL
SALARY/BASE SERVICE FEES *
David Zruia 31 December 2025 138,797 2,742,000 31 December 2028 250%
Elad Even‑Chen 31 December 2025 138,797 2,742,000 31 December 2028 250%
* Percentage calculation based on annual amounts of the contractual agreements in ILS.
General note: Face value of the award and the number of shares granted on grant date are calculated with reference to share
price of GBP 14.67 (which constitutes the fixed share price for the entire three‑year remuneration plan, approved at the 2023 AGM,
covering the years 2024, 2025 and 2026) and FX rate USD/ILS of 3.1885.
The ordinary shares allotted on the vesting date, which are subject to a lock‑up period, shall be subject to a two‑year lock‑up
beginning on the vesting date.
On the vesting date the Company shall allot to the employee or service contractor, ordinary shares, subject to the service condition
and achieving specific KPIs as described in the table above for each grant.
Further details of a number of the performance measures outlined above in relation to the 2026 LTIP awards are as follows:
EPS: the EPS target uses market consensus as a basis for the threshold targets. This is the external market consensus of various
analysts which cover the Company in their views towards the Company’s performance. The Remuneration Committee believes
that using the external market consensus as a basis for the EPS target allows for alignment between remuneration paid to Executive
Directors and the external market expectations. Thus, the Committee feels comfortable that such independent measures are
sufficiently stretching. The target performance requires meaningful improvement, and financial targets are typically in‑line with
the top end of external market expectations.
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Operational: the operational objectives consist of integration of new business, regulation of new products, customer service and
people. These objectives are measured by such factors as:
+ ESG targets, such as gender diversity, aligned to the Group’s Equality, Diversity and Inclusion Policy. Measurable elements are in
place in relation to gender diversity; and
+ A clear approach to recruitment, aligned to the Group’s strategy in this area.
Strategic: the strategic objectives are based on development of the business as a global multi‑asset fintech group and consist of
launching new products and entering new geographic markets, which was achieved in a number of ways, including:
+ In January 2025, the Group obtained a clearing membership of ICE Clear US.
+ In January 2025, the Group obtained a new regulatory licence in the UAE from the Securities and Commodities Authority (“SCA”).
+ In June 2025, the Group obtained a new regulatory licence in Canada from the Canadian Investment Regulatory Organization (“CIRO”).
+ As announced in August 2025, the Group obtained an approval to establish a representative office in Colombia from the
Colombian Financial Superintendence (“SFC”).
+ In September 2025, the Group obtained a clearing membership of ICE Clear Europe.
During FY 2025, the Group successfully expanded its operations in the US via landmark strategic partnerships with blue chip third‑
party partners. The Group was appointed as the clearing partner for ‘FanDuel Prediction Markets’, a groundbreaking new event‑
based contracts platform established as a joint venture between the CME Group and FanDuel, that went live in December 2025.
In addition, the Group entered into a strategic partnership with Topstep, under which it will be the exclusive provider of clearing
and technology infrastructure to support Topstep’s brokerage expansion, which was announced in October 2025. These important
partnerships and technological expansions demonstrate Plus500’s market‑leading operational strengths, underscoring its role as
a critical market infrastructure provider, ensuring robust execution, settlement and risk management.
The exact KPIs for the LTIP strategic and operational metrics remain commercially sensitive at this time and/or contain or are based
upon data that is not otherwise included in the Company’s market guidance (such as the Group’s expected profitability), and
therefore will be retrospectively disclosed within the Annual Report in the Remuneration Report with performance against them.
The 2023 LTIP Grants were subject to service conditions as well as additional performance targets and KPIs. The 2023 LTIP Grants
vested on 31 December 2025 and the Company issued 678,866 of its treasury shares.
FINANCIAL
METRICS WEIGHTING OBJECTIVES PERFORMANCE
ACHIEVEMENT
(% OF MAXIMUM)
EPS 30% Subject to achieving EPS growth based on a targeted EPS to be set
according to stretched external independent consensus and calculated
on a linear basis, with 25 per cent. payable upon achievement of 15%
lower EPS from the target threshold EPS and 100 per cent. payable upon
achievement of a 15% increase from the target threshold, calculated on a
linear basis.
Parameters
were fully
achieved for
the period
100%
TSR 10% Subject to achieving the median FTSE 250 TSR target and calculated on
a linear basis, with 25 per cent. payable upon achievement of median
TSR for FTSE 250 and 100 per cent. payable upon achievement of upper
quartile for TSR for FTSE 250.
Parameters
were fully
achieved for
the period
100%
TSR* 20% Subject to achieving the median of bespoke group TSR target and
calculated on a linear basis, with 25 per cent. payable upon achievement
of median TSR for bespoke group and 100 per cent. payable upon
achievement of median TSR for bespoke group plus 10 per cent. p.a.
Parameters
were fully
achieved for
the period
100%
Total 60% 100%
* For this bespoke group, Plus500 used a group of companies that have similar characteristics and which operate in similar markets.
NON-FINANCIAL
METRICS WEIGHTING OBJECTIVES PERFORMANCE
ACHIEVEMENT
(% OF MAXIMUM)
Strategic 20% Achievement against Board approved strategic objectives, covering
the following areas:
+ Growth through M&A; and
+ New products and new markets.
Parameters
were fully
achieved for
the period
100%
Operational 20% Achievement against Board approved operational objectives, covering
the following areas:
+ Customer growth; and
+ People objectives.
Parameters
were fully
achieved for
the period
100%
Total 40% 100%
DIRECTORS’ REMUNERATION REPORT CONTINUED
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The Committee and the Board carefully assessed performance against objectives set for the 2023 LTIP awards and noting
exceptionally strong performance against all the objectives set, determined the achievement of the objectives at a level of 100%
of the maximum opportunity.
The strategic objectives are based on development of the business as a global multi‑asset fintech group and consist of launching
new products and entering new geographic markets, both organically and through bolt‑on acquisitions, which were achieved in
a number of dimensions during the period, including obtaining regulatory licences and clearing memberships in several territories
and launching new products.
STRATEGIC OBJECTIVES DESCRIPTION OF OBJECTIVES PERFORMANCE
New regulatory licence
in Canada (CIRO)
Business expansion through memberships and licences.
Enables entry into the regulated Canadian market, strengthening the
Group’s North American footprint and providing access to a large,
active customer base. This licence provides the regulatory foundation
required to launch and scale local operations, creating new revenue
opportunities and supporting the long‑term international growth
strategy.
Parameters were fully
achieved for the period
New clearing membership
with ICE Clear US
Business expansion through memberships and licences.
Expands direct access to US derivatives markets and strengthens
the Group’s execution and clearing infrastructure with direct
market access, supporting the accelerated growth of the US futures
operation and enabling the onboarding of additional IBs and
institutional clients to drive new business expansion.
Parameters were fully
achieved for the period
New clearing membership
with ICE Clear Europe
Business expansion through memberships and licences.
Expands the Group’s connectivity to key European derivatives
markets, enhancing global execution capabilities and strengthening
the Group’s international trading infrastructure. This also supports
the development of cross‑market opportunities and the continued
expansion of the Group’s global futures offering.
Parameters were fully
achieved for the period
New commodities licence
obtained in Japan
Expands the Group’s regulated presence in Japan and supports
further growth of its localised multi‑asset OTC offering.
Parameters were fully
achieved for the period
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The operational objectives consist of integration of new businesses, regulation of new products, customer service and people.
These objectives are measured by defined recruitment targets, as well as by ESG targets, such as gender diversity, aligned to
the Group’s Equality, Diversity and Inclusion Policy. Measurable elements are in place in relation to gender diversity and a clear
approach to recruitment, aligned to the Group’s strategy in this area. The Group had a great success to retain its employees and
to recruit new employees in order to support its strategic roadmap and as employee welfare and development is a key priority
for the Group.
OPERATIONAL OBJECTIVES DESCRIPTION OF OBJECTIVES PERFORMANCE
Operational geographical
expansion – Expansion into
the Canadian market
Advances international growth strategy and diversifies geographic
revenue streams.
Positions the Group to capture growth opportunities in a new
jurisdiction while diversifying revenue streams geographically. The
market entry strengthens the Group’s global reach and supports the
development of new client relationships, distribution channels and
institutional partnerships.
Parameters were fully
achieved for the period
Technological Innovation
– Launch and continued
enhancement of ‘Plus500
Cosmos’ – customer portal
for IBs and institutional
clients in the US market
Enhances institutional client infrastructure, providing transparent
access to trading information and operational tools.
Integration of risk management capabilities within the ‘Plus500
Cosmos’ platform, which strengthens monitoring and risk oversight for
IB and institutional trading activity.
Integration of treasury functionality within the ‘Plus500 Cosmos’
platform, improves financial operations, liquidity management and
internal operational efficiency.
Establishes a dedicated infrastructure for IBs and institutional clients,
enhancing transparency, operational efficiency and risk oversight while
supporting the scalable onboarding and management of a growing US
B2B futures business.
Parameters were fully
achieved for the period
Expansion of ‘Plus500 Futures’
and ‘T4‑Pro’ offering for retail
and more advanced traders
Enhancements to the Group’s ‘Plus500 Futures’ platform, supported
by its proprietary technology and omni‑set solution, enable seamless
onboarding, funding and trading within a single integrated, secure
environment, improving the overall customer experience. Product
breadth and functionality continue to expand, including enhancements
to ‘T4‑Pro’, strengthening the offering for advanced and professional
traders while supporting increased customer acquisition, engagement
and activity.
Parameters were fully
achieved for the period
People and integration,
strong execution across
recruitment, retention and
D&I objectives
The Group fully delivered on its strategic objectives relating to
the integration of new business activities, regulatory alignment of
products and systems, and the effective management of its workforce.
Recruitment was executed in line with the strategy approved by the
Remuneration Committee, supporting the Company’s growth and
operational needs. Employee retention remained robust, and the Group
maintained strong adherence to its commitment to diversity and
inclusion and achieving the objectives set out within it. These outcomes
demonstrate disciplined execution and effective alignment of people
and organisational priorities.
Parameters were fully
achieved for the period
In addition to the key milestones outlined above, many other strategic and operational achievements were delivered during the
year, reflecting a strong level of execution across the business. The Board considered that the breadth and consistency of these
initiatives represent a clear outperformance. These achievements have translated directly into the Group’s financial performance,
with the US operations exceeding $100 million in revenue for the first time in FY 2025, demonstrating the continued growth and
scalability of the business. At the same time, the Group maintains a lean operating model with a predominantly variable cost
structure, enabling disciplined cost management as the business expands. The combination of revenue growth and cost efficiency
supports improvements in key financial metrics, including basic EPS. Overall, the continued delivery of strategic and operational
milestones supports the Group’s financial KPIs and drives the sustainable long‑term creation of value for shareholders.
Further specific details of these targets and performance against them are not disclosed, as the Remuneration Committee and
the Board believe they are commercially sensitive. They will remain market sensitive because they are an integral part of our
ongoing business operations. The Remuneration Committee has provided as much information as it is able to, given the nature of
the objectives, so that investors can be comfortable that the Remuneration Committee has used a thorough approach in setting
the objectives and targets and measuring the outcome.
DIRECTORS’ REMUNERATION REPORT CONTINUED
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Plus500 Ltd. 2025 Annual Report

Further information on 2025 remuneration
Directors’ shareholdings and share plan interests
Summary of Directors’ shareholdings and share plan interests as at 31 December 2025
1
.
OUTSTANDING SCHEME
INTERESTS AS AT 31/12/2025
BENEFICIAL OWNERSHIP
IN SHARES
SUBJECT TO
PERFORMANCE
CONDITIONS
WITHOUT
PERFORMANCE
CONDITIONS
AS AT
1 JANUARY
2025
AS AT
31 DECEMBER
2025
2
Executive Directors
David Zruia 605,061 – 638,719 1,144,199
Elad Even‑Chen
3
605,061 – 1,127,927 1,633,407
Non-Executive Directors
Jacob A. Frenkel – – 45,684 53,738
Varda Liberman – – – –
Tami Gottlieb – – 1,003 1,003
Steve Baldwin – – – –
Daniel King – – 37,582 37,582
Anne Grim
4
– – – –
As of 31 December 2025, none of the presiding Board members held more than 2.3% in the Company’s issued share capital.
1 Save as disclosed above, none of the Directors has any interest in the share capital of the Company or of any of its subsidiaries, nor persons connected to the
Directors (within the meaning of s.252 of the Companies Act 2006) have any such interest, whether beneficial or non‑beneficial.
2 As of the date of this Annual Report David Zruia and Elad Even‑Chen beneficial ownership in shares is 693,407 and 693,407, respectively.
3 The shares are registered in the name of Elad Even‑Chen Consulting Services Ltd. or Elad Even‑Chen.
4 Anne Grim stepped down from the Board on 7 January 2025, after completing her one‑year term as an Independent Non‑Executive Director. She did not at
any time hold any shares in the Company.
General notes:
(a) Outstanding scheme interests as at 31 December 2025 include 2024, 2025 and 2026 LTIP awards that have not vested and the 2026 annual bonus awards
settled in shares that have not vested.
(b) Beneficial ownership in shares include all share plan interests together with any holdings of ordinary shares.
(c) Total allotment of shares on 31 December 2025 included equity amounts associated with equity bonus schemes and LTIP grants to be vested on 31 December
2025, subject to total shareholder returns up to the allotment date.
(d) The number of ordinary shares allotted on the vesting date was calculated based on the ordinary share price at grant date per each plan, as adjusted for
total shareholder returns, up to the allotment date. An amount equal to the applicable tax liability connected to the LTIPs and annual bonus plans deferred
in shares, shall be added by way of gross‑up and be paid in cash to fund the tax liability, as approved in the 2023 AGM and applicable for the policy period.
The allotted ordinary shares will be transferred out of the treasury shares of the Company.
(e) Shareholder Returns includes dividends and share buybacks.
(f) Shareholding requirement as a percentage of annual salary/base service fee is 200%. As at 31 December 2025, the Executive Directors meet the requirement.
Malus and clawback
The Executives remuneration packages are subject to clawback and malus provisions, as detailed in the 2023 AGM Notice. None of
the malus and clawback provisions were used during the financial year ended 31 December 2025.
Executive Director’s service contract
Elad Even-Chen – Chief Financial Officer
The consulting services of Elad Even‑Chen are provided to the Company through Elad Even‑Chen Consulting Services Ltd., pursuant
to the service contract entered into by the parties. Elad Even‑Chen Consulting Services Ltd. is also entitled to participate in a bonus,
LTIP schemes and other contractual‑related expenses on terms decided by the Remuneration Committee for specific projects
provided by the consultant.
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Governance
Financial statements

Performance graph and table
Plus500 was admitted to the Alternative Investment Market of the LSE on 24 July 2013. Following a period of sustained growth, the
Company applied for admission to the Main Market which became effective on 26 June 2018.
The chart below shows the TSR performance of £100 invested in Plus500 at IPO vs performance of the FTSE All‑Share Index. As part
of the Company’s continued commitment to strengthen corporate governance, the reporting of Directors’ remuneration in 2025
is being aligned to a greater extent with the regulations applicable to a UK incorporated company. This disclosure will be built up
over the coming years in‑line with these requirements.
Plus500 was the best performing share in the FTSE All-Share Index on a total return basis (based on Bloomberg TSR of the FTSE
All-Share Index between FY 2013 to FY 2025).
TSR performance of £100 invested in Plus500 at IPO vs performance of the FTSE All-Share Index
CEO single figure remuneration
2025
CEO single figure total remuneration ($000s) 5,354
Annual bonus achieved for 2025 (as % of maximum opportunity) 100%
Payments to past Directors and payments for Loss of Office
Non‑Executive Director Anne Grim stepped down from the Board in January 2025 after completing a one‑year term as
an Independent Non‑Executive Director. She was not entitled to, and subsequently did not receive, any payment for Loss of Office.
All amounts paid are set out in the Single figure of remuneration table on page 92.
Relative importance of the spend on pay
The following table sets out the change in shareholder returns and overall spend on pay in the years ended 31 December 2025
and 2024.
US$ IN MILLIONS 2025 2024
PERCENTAGE
CHANGE
Total remuneration and other related expenses pay 152.0 123.9 23%
Dividends 164.4 150.2 9%
Share buybacks 215.0 195.0 10%
DIRECTORS’ REMUNERATION REPORT CONTINUED
24 July
2013
2014 2015 2016 2017 2018
2019 2020 2021 2022 2023 2024 2025
Plus500 FTSE All‑Share Index
10,000
8,000
6,000
4,000
2,000
0
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Plus500 Ltd. 2025 Annual Report

Engagement with shareholders and shareholder advisory bodies in FY 2025
Engagement with shareholder advisory bodies
During FY 2025, Plus500 continued to proactively engage extensively with key shareholders and various shareholder advisory
bodies, including ISS and Glass Lewis, to discuss the development of the Group’s corporate governance framework, remuneration
disclosures and strategic developments.
Engagement following the 2025 AGM voting outcome
Following the outcome of the non‑binding, advisory vote on the Directors’ Remuneration Report at the Company’s 2025 Annual
General Meeting, the Board undertook additional engagement with shareholder advisory bodies and shareholders in order to better
understand the factors that contributed to the voting outcome. Feedback received through these discussions has been carefully
considered by the Remuneration Committee and has informed further enhancements to the disclosure included in the Directors’
Remuneration Report.
Ahead of Plus500’s 2025 AGM, Glass Lewis recommended that shareholders vote against the re‑election of Mr. Steve Baldwin
as a Non‑Executive Director. It is the Company’s understanding that, while Glass Lewis had no specific issues or concerns with
Mr. Baldwin, this recommendation was related to his role as Chair of the Nomination Committee and to the level of shareholder
dissent in relation to the re‑election of the Chair of the Board at the Company’s 2024 AGM. The Company reiterated to Glass Lewis
that no specific concerns were raised with regards to Prof. Frenkel and that the number of votes cast against his re‑election as
Chair at the 2024 AGM was likely a direct result of ISS’s recommendation at the time.
The Board notes that Mr. Baldwin continues to bring significant experience, insight and expertise to his role as Chair of the
Nomination Committee.
In addition, ahead of Plus500’s 2025 AGM, ISS recommended that shareholders vote against the non‑binding Directors’ Remuneration
Report. During discussions with ISS, the improved remuneration‑related disclosures made by Plus500 as part of its most recent
Directors’ Remuneration Report were acknowledged. The Company reiterated to ISS that its most recent Remuneration Policy for
Directors and Executives had been significantly restructured to ensure closer alignment with UK best practice, while taking into
account the unique characteristics of the Company as an Israeli‑incorporated, global fintech company, and that the policy was
constructed using the guidance and assistance of leading remuneration advisory firms. This Remuneration Policy was approved at
the Company’s 2023 AGM held in May 2023, and was subsequently outlined again in the Company’s 2025 Directors’ Remuneration
Report.
Engagement with shareholders during FY 2025
During FY 2025, Plus500 continued to proactively engage with its shareholders on matters relating to both strategy and corporate
governance. In particular, during 2025, David Zruia (CEO), Elad Even‑Chen (CFO) and Owen Jones (Head of Investor Relations) held
a series of in‑person meetings in London, New York and Chicago with key shareholders and prospective investors, who together
represented approximately 25% of the Company’s shareholder register. Overall, the Company received positive feedback from
shareholders who recognised the success of Plus500’s strategic decisions in recent years to pursue attractive and diversified
growth opportunities that have strengthened the Group’s global multi‑asset offering, such as in the compelling US futures space
and the ongoing success in attracting and retaining higher value customers within the Group’s OTC business.
Ongoing shareholder engagement and governance dialogue
Further meetings have already taken place in 2026 as part of the Group’s ongoing and proactive engagement with shareholders.
Engagement with shareholders remains a high priority for the Board and Executive Management, both of which carefully consider
all feedback received from shareholders as part of Plus500’s approach to achieving high governance standards and delivering
long‑term growth and value for all stakeholders.
The Board will continue engaging with major shareholders and proxy advisory bodies during the course of 2026 as part of the
ongoing review of the Company’s remuneration framework.
The Board also remains committed to maintaining an open and constructive dialogue with shareholders regarding remuneration matters.
With regard to the level of disclosure in the Directors’ Remuneration Report, the Company explained that some of the KPIs on
which its Remuneration Policy is based are either commercially sensitive or benchmarked against competitors. The Company
has optimised the structure of its Directors’ Remuneration Report in recent years and will continue to carefully consider potential
enhancements to this Remuneration Report, as applicable. However, disclosing certain commercially sensitive KPIs, even
retrospectively, could potentially compromise the Company’s competitive position and would therefore not be in the best interests
of the Company and its shareholders.
The Board takes matters of corporate governance very seriously and will continue to actively engage with shareholder advisory
bodies and shareholders in order to understand stakeholder perspectives and to ensure that shareholder feedback continues to
inform the Company’s governance and remuneration practices.
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Governance
Financial statements

DIRECTORS’ REMUNERATION REPORT CONTINUED
Non-Executive Directors’ letters of appointment
On their initial appointment, each of the Non‑Executive Directors (who are not External Directors) signed a letter of appointment
with the Company, for an initial period commencing upon the date of their appointment by the Board and ending on the date of
the next AGM (and with respect to External Directors – ending on the date which is three years from the date of their appointment’s
approval by the Company’s shareholders at an AGM/EGM).
The letters of appointment of Prof. Jacob A. Frenkel, Steve Baldwin and Prof. Varda Liberman as Non‑Executive Directors require
them to retire and be subject to re‑election at each AGM in accordance with Provision 18 of the Code. The letters have been drafted
such that renewed appointment will not necessitate a new letter of appointment. The appointments of Prof. Jacob A. Frenkel, Steve
Baldwin and Prof. Varda Liberman can be terminated by the Non‑Executive Director with two months’ written notice, or by the
Company with immediate effect if the Non‑Executive Director is not re‑elected or is otherwise removed from office in accordance
with the Company’s Articles of Association.
As required under, and subject to the Companies Law, the appointments of Tami Gottlieb and Daniel King as External Directors are
for a period of three years from the date of appointment (which may be extended for up to two additional three‑year terms). Tami
Gottlieb was elected for her first three‑year term effective from the 2021 EGM held in March 2021 and for her second three‑year term
effective from March 2024, following shareholders’ approval at the 2024 EGM held in January 2024. Daniel King was elected for a
three‑year term effective from June 2024 following approval of his appointment at the 2024 EGM held in January 2024.
Each Non‑Executive Director is expected to commit to a minimum of 24 days per year in fulfilling their duties as a Director of
the Company.
Other than the External Directors, there are no existing or proposed service contracts or consultancy agreements between any of
the Directors and the Company which cannot be terminated by the Company within 12 months without payment of compensation.
Copies of the letters of appointment of the Chair and the other Non‑Executive Directors of the Company are available for inspection
at the Company’s registered office during normal business hours.
The Chair and the Non‑Executive Directors do not participate in any long‑term incentive or annual bonus schemes, nor do they
accrue any pension entitlement. The Chair’s and the Non‑Executive Directors’ current remuneration is as detailed in: (a) the 2025
AGM Notice as published on 24 March 2025 and as approved by shareholders at the 2025 AGM held on 6 May 2025; and (b) the
2024 EGM Notice as published on 4 December 2023 (and updated on 22 December 2023) and as approved by shareholders at
the 2024 EGM held on 8 January 2024.
In addition, there are more stringent regulations around the exact roles of Non‑Executive Directors. The Audit and Remuneration
Committees’ Chair must be External Directors who, once appointed as External Directors, serve for three years (which may be
extended for up to two additional three‑year terms). However, they are then restricted from becoming the Chair of the Board or
holding any paid role at the Company for two years after they step down from the Board.
External Board appointments
Where Board approval is given for a Director to accept an outside Non‑Executive Directorship, the individual is entitled to retain any
fees received. The Board assesses and confirms that such appointment will not have any material impact on the performance of
the Director, and will not affect the Director’s commitments and duties as a Director of the Company.
Below are the details of external Board memberships of the Company’s Non‑Executive Directors in publicly listed companies, as of
the date of this Annual Report:
Prof. Jacob A. Frenkel is currently the Chair of BrainStorm Cell Therapeutics Inc.
Prof. Varda Liberman is currently an External Director of Cellcom Israel Ltd.
Tami Gottlieb is currently an Independent Director of Novolog (Pharm‑Up 1966) Ltd., an External Director at Extell Limited and an
External Director at Malam‑Team Holdings Ltd.
Steve Baldwin is currently Chair of TruFin plc and a Non‑Executive Director of The Edinburgh Investment Trust PLC.
102
Plus500 Ltd. 2025 Annual Report

Non-Executive Director fees
The current annual fees for our presiding Non‑Executive Directors are as follows:
NAME ROLE FEE
Jacob A. Frenkel Chair $740,000
Varda Liberman NED and SID $130,000
Tami Gottlieb NED, External Director $130,000
Daniel King NED, External Director $130,000
Steve Baldwin NED $130,000
For further details with respect to the structure of the remuneration paid to our Chair, please refer to our 2025 AGM Notice published
on 24 March 2025.
Statement of voting on remuneration at 2025 Annual General Meeting
The table below shows votes cast by proxy at the AGM held on 6 May 2025 in respect of the Directors’ remuneration.
AGM RESOLUTION FOR % VOTES CAST AGAINST % VOTES CAST VOTE WITHHELD
Advisory vote – Approve the 2024 Directors’
Remuneration Report 21,986,725 48.64 23,220,100 51.36 1,767
The following list shows the remuneration of the five most highly compensated Executives in 2025 (including two Executive
Directors): David Zruia* US$ 5,354,355; Elad Even‑Chen* US$ 5,354,355; Nir Zatz US$ 2,993,920; Al Yaros US$ 2,133,111; Dani Magner US$
1,877,348. (* For further disclosure refer to the single figure table on the Remuneration Report).
Implementation of policy in 2026
2026 Executive Directors’ remuneration
In recent years, the Remuneration Committee has continued its efforts to modify the remuneration arrangements of the Executive
Directors to further align executive compensation with UK governance standards followed by Main Market‑listed companies, and
move further towards a structure in‑line with investor expectations and developments in best practice.
The Company’s Remuneration Policy was approved by the shareholders for the years 2024, 2025 and 2026 at the 2023 AGM. This
Remuneration Policy has been designed to ensure a progressive change in the Group’s approach to Executive remuneration.
As detailed in the 2023 AGM Notice, published on 23 March 2023, the structure of the Remuneration Policy is broadly unchanged
from the Company’s previous Remuneration Policy (for FY 2021, FY 2022 and FY 2023). To this end, the Remuneration Policy largely
replicates the Company’s previous Remuneration Policy, given the previous policy was already developed in broad alignment with
best practice across UK‑listed entities.
For further information please refer to the 2023 AGM notice.
This report has been approved by the Board of Directors of Plus500 Ltd.
Signed on behalf of the Board
Daniel King
Chair of the Remuneration Committee
19 March 2026
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Governance
Financial statements

The Directors of Plus500 present their report for the year ended 31 December 2025. The Directors believe that the requisite
components of this report are set out elsewhere in this Annual Report and/or on the Company’s website (www.plus500.com).
The table below sets out where the necessary disclosure can be found.
Directors
Directors that have served during the year and summaries of the current Directors’ key skills and experience
are set out on pages 56 to 59 and on page 71.
Details of the rules regarding Directors’ powers, are set out on page 108.
Results and
shareholder returns
Results for the year ended 31 December 2025 are set out in the Group Chief Financial Officer Review on
pages 42 to 44 and the Consolidated Statement of Comprehensive Income on page 115. Information
regarding the announced shareholder returns can be found in the Group Chief Financial Officer Review on
page 44. Dividend payments made during the year ended 31 December 2025 can be found in note 13 to
the Consolidated Financial Statements on page 129. During FY 2025, the Company executed share buyback
programmes, with 5,344,366 ordinary shares purchased during the year, amounting to a total of $215.0m,
at an average share price of £30.49.
Articles of Association
The Company’s full Articles of Association can be found on the Company’s website.
https://cdn.plus500.com/media/Investors/ConstitutionalDocuments/ArticlesOfAssociation.pdf
Share capital
Details of the Company’s share capital are set out in note 22 to the Consolidated Financial Statements on
page 132. At the close of business on 18 March 2026, the Company had 69,950,904 ordinary shares in issue,
and an additional 44,937,473 ordinary shares are held in treasury by the Company.
No person holds any securities carrying special rights with regard to control of the Company.
Details of the Directors’ powers to issue shares in the Company are set out on page 108.
Authority to purchase
own shares
The Company has authority to purchase its own shares subject to the provisions of the applicable laws.
A summary of the Company’s powers to purchase its own shares can be found on page 108.
Directors’ interests
Details of the Directors’ beneficial interests are set out in the Directors’ Remuneration Report on page 99.
Directors’ indemnities
The Company has given indemnities to each of the Directors in respect of any liability arising against them
in connection with the Company’s (and any associated company’s) activities in the conduct of their duties.
These indemnities are subject to the conditions set out in their indemnification agreements and remain in
place at the date of this report.
Directors’ and Officers’
Liability Insurance
Directors’ and Officers’ Liability Insurance cover is in place at the date of this report.
Major interests in shares
Notifiable major shares interests of which the Company has been made aware are set out on page 66.
Political contributions
The Company did not make any donations to political organisations during the year.
Greenhouse gas emissions,
energy consumption and
energy efficiency actions
Details of the greenhouse gas emissions, energy consumption and energy efficiency actions are set out in
the TCFD Report on pages 37 to 41.
Equality, Diversity and
Inclusion Policy
In December 2025, the Company reapproved and published its Equality, Diversity and Inclusion Policy.
https://cdn.plus500.com/media/Investors/Docs/EqualityDiversityInclusionPolicy.pdf
Employee engagement
Details of the Company’s efforts with employee engagement are set out in the ESG Report on pages 30 to 36.
Financial risk
Details of the Company’s policies on financial risk management and the Company’s exposure to market
price risk, credit risk, liquidity risk and foreign currency risk are outlined in note 25 to the Consolidated
Financial Statements.
Research and
Development
Details about the Company’s future developments can be found in the Strategic Report on pages 5 to 11.
Auditors
A resolution to reappoint Kesselman & Kesselman, a member firm of PricewaterhouseCoopers International
Limited as external auditors will be proposed at the 2026 Annual General Meeting.
Post balance sheet events
There have been no post balance sheet events.
Audit information
Each of the Directors at the date of the approval of this report confirms that:
+ So far as he/she is aware, there is no relevant audit information of which the Company’s auditors are
unaware; and
+ He/she has taken all the reasonable steps that he/she ought to have taken as a Director to make
himself/herself aware of any relevant audit information and to establish that the Company’s auditors
are aware of the information.
DIRECTORS’ REPORT
Directors’ report
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UK Listing Rule 6.6.1R disclosures
The table below sets out where disclosures required in compliance with UK Listing Rule 6.6.1R are located.
Interest capitalised and tax relief n/a
Publication of unaudited financial information n/a
Details of long‑term incentive schemes Pages 92 to 98
Waiver of emoluments by a Director n/a
Waiver of future emoluments by a Director n/a
Non pre‑emptive issues of equity for cash n/a
Non pre‑emptive issues of equity for cash by major subsidiary undertakings n/a
Parent company participation in a placing by a listed subsidiary n/a
Contracts of significance n/a
Provision of services by a controlling shareholder n/a
Agreements with controlling shareholders n/a
Shareholder waivers of dividends n/a
Shareholder waivers of future dividends n/a
Statements of compliance where there is a controlling shareholder n/a
The Directors’ Report has been approved by the Board of Directors of Plus500 Ltd.
Signed on behalf of the Board
Elad Even-Chen
Group Chief Financial Officer
19 March 2026
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Mandatory bids, squeeze out and sell out rules
relating to the Company’s ordinary shares
As the Company is incorporated in Israel, it is subject to Israeli law
and the City Code on Takeovers and Mergers (the “Takeover Code”)
will not apply to the Company. It shall be noted that the Company
has incorporated in its Articles of Association provisions analogous
to Rules 4, 5, 6, 8 and 9 of the Takeover Code, as described below.
Mergers
The Companies Law permits merger transactions, provided
that each party to the transaction obtains the approval of
its board of directors and shareholders (excluding certain
merger transactions which do not require the approval of the
shareholders, as set forth in the Companies Law).
Pursuant to the Company’s Articles of Association, the
shareholders of the Company are required to approve the
merger by the affirmative vote of a majority of the voting power
of the Company represented at the relevant General Meeting.
In addition, pursuant to the Companies Law, for purposes of the
shareholder vote of each party, the merger will not be deemed
approved if a majority of the shares not held by the other party,
or by any person who holds 25% or more of the shares or the
right to appoint 25% or more of the directors of the other party,
has voted against the merger.
The Companies Law requires the parties to a proposed merger
to file a merger proposal with the Israeli Registrar of Companies,
specifying certain terms of the transaction. Shares in one of the
merging companies held by the other merging company or
certain of its affiliates are disenfranchised for purposes of voting
on the merger. A merging company must inform its creditors of
the proposed merger. Any creditor may submit any request to
the court in relation to the merger, and the court may: (1) order
to delay or prevent the merger, if the court finds a reasonable
concern that the surviving party will not be able to satisfy all its
obligations; and (2) instruct orders to guarantee the creditors’
rights. Moreover, a merger may not be completed until at least
50 days have passed from the time that the merger proposal
was filed with the Israeli Registrar of Companies and at least
30 days have passed from the approval of the shareholders of
each of the merging companies.
Companies Law – arrangements
Under certain circumstances, the provisions of the Companies
Law that deal with “arrangements” between a company and its
shareholders may be used to effect squeeze‑out transactions in
which the target company becomes a wholly‑owned subsidiary
of the acquirer. These provisions generally require that the merger
be approved by a majority of the participating shareholders
holding at least 75% of the shares voted on the matter, as well
as 75% of each class of creditors. In addition to shareholder
approval, court approval of the transaction is required.
Companies Law – special tender offer
The Companies Law provides that an acquisition of shares of
a public Israeli company must be made by means of a special
tender offer if, as a result of the acquisition, the purchaser shall
become a holder of 25% or more of the voting rights in the
company. This rule does not apply if there is already another
holder of at least 25% of the voting rights in the company.
Similarly, the Companies Law provides that an acquisition
of shares in a public company must be made by means of a
special tender offer if, as a result of the acquisition, the purchaser
could become a holder of more than 45% of the voting rights in
the company, if there is no other shareholder of the company
who holds more than 45% of the voting rights in the company.
In addition, under the Companies Law, the entry by two or
more shareholders into a shareholders’ agreement, where
such shareholders’ agreement will result in such shareholders
holding concert shares in a company in an amount exceeding
the thresholds set out above, the company may also be subject
to the requirement to publish a special tender offer.
A special tender offer must be extended to all shareholders of
a company but the offeror is not required to purchase shares
representing more than 5% of the voting power attached to the
company’s outstanding shares, regardless of how many shares
are tendered by shareholders. A special tender offer may be
consummated only if at least 5% of the voting power attached
to the company’s outstanding shares will be acquired by the
offeror and the number of shares tendered in the offer exceeds
the number of shares whose holders objected to the offer.
If a special tender offer is accepted, then the purchaser or any
person or entity controlling it or under common control with
the purchaser or such controlling person or entity may not
make a subsequent tender offer for the purchase of shares of
the target company and may not enter into a merger with the
target company for a period of one year from the date of the
offer, unless the purchaser or such person or entity undertook
to effect such an offer or merger in the initial special tender
offer. Shares that are acquired in violation of this requirement
to make a tender offer will be deemed Dormant Shares
(as defined in the Companies Law) and will have no rights
whatsoever for so long as they are held by the acquirer.
It should be noted that the aforementioned provisions of the
Companies Law regarding special tender offers are subject
to a relief for companies whose shares are traded in the UK.
This relief applies if, under UK law, there is a restriction on the
acquisition of control of the company in any proportion, or if
acquiring control, in any proportion, requires the purchaser to
make a tender offer to the public shareholders.
Companies Law – full tender offer
Under the Companies Law, a person may not purchase shares of
a public company if, following the purchase, the purchaser would
hold more than 90% of the company’s shares or of any class of
shares, unless the purchaser makes a tender offer to purchase all
of the target company’s shares or all the shares of the particular
class, as applicable. If, as a result of the tender offer, either:
+ The purchaser acquires more than 95% of the company’s shares
or a particular class of shares and a majority of the shareholders
that did not have a Personal Interest accepted the offer; or
+ The purchaser acquires more than 98% of the company’s
shares or a particular class of shares.
Then, the Companies Law provides that the purchaser
automatically acquires ownership of the remaining shares.
However, if the purchaser is unable to purchase more than
95% or 98%, as applicable, of the company’s shares or class
of shares, the purchaser may not own more than 90% of the
shares or class of shares of the target company.
CORPORATE LAW
Corporate law
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Articles of Association – anti-takeover and
prohibited acquisitions provisions
In addition to the tender offer rules applied by the Companies
Law (as described above), offers are also subject to the takeover
provisions incorporated in the Company’s Articles of Association,
namely Articles 75 and 76, which provisions refer to compliance
with Rules 4, 5, 6, 8 and 9 of the UK City Code on Takeovers.
These provisions in the Articles referring to the UK City Code
on Takeovers shall not, however, apply to a Merger (as defined
in Section 1 of the Companies Law) of the Company with any
other company or entity, and nothing in those provisions shall
prohibit or restrict the Company’s ability to enter into and/or
consummate such a Merger subject to, and in accordance
with, the terms of the Companies Law and the regulation
promulgated thereunder and the shareholder approval
requirement for Mergers under the Articles of Association.
Furthermore, nothing in those provisions shall relieve any
person or shareholder from any requirement to commence
a special tender offer or full tender offer in accordance with
the Companies Law, if and to the extent such a tender offer
is required pursuant to the Companies Law in connection with
the purchase of any shares of the Company.
Convening General Meetings by Directors and
Shareholders and adding items to the agenda
According to the Companies Law and the regulations
promulgated thereunder, the board of directors of a public
company shall convene an extraordinary general meeting at its
own decision, and also on the demand of each of the following:
+ Two directors or a quarter of the serving directors; or
+ One or more shareholders holding, in the aggregate, either
(a) 10% or more of the outstanding issued shares and
1% or more of the outstanding voting power; or (b) 10% or
more of the outstanding voting power (except that the 10%
thresholds in (a) and (b) above would be 5% in each case if
UK law allows a shareholder of a UK corporation who holds
less than 10% to convene a special meeting of shareholders).
In addition, one or more shareholders with at least 1% of the
voting rights in the Company may request that the Board of
Directors include a subject on the agenda of a general meeting
that will be convened in the future, on condition that the subject
is suitable for discussion at a general meeting (except that with
respect to the election or removal of a director, at least 5% of
the voting rights is required to permit a shareholder to request
that the Board of Directors include such matter on the agenda).
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Directors’ powers
The Directors are responsible for the management of the
business, and the Board may exercise all such powers and
do all such acts and things as the Company is authorised to
exercise and do, and which are not required by the Articles
of Association or by law required to be exercised or done
by the Company by action of its shareholders at a General
Meeting. The Board’s authority is subject to the provisions
of the Companies Law, the other provisions of the Articles of
Association, and any regulation or resolution consistent with
the Articles of Association adopted from time to time by the
Company by action of its shareholders at a General Meeting.
The Articles of Association also contain specific provisions
regarding the Board’s power to cause the Company to borrow
or secure the payment of sums of money, and to set aside
amounts of the Company’s profits as reserves and to use and
deal with these.
Authority to issue and repurchase shares
The Company may, by shareholder resolution, increase its
authorised share capital by the creation of new shares. The
Board has sole control of the Company’s unissued shares and
has the power to allot and issue shares, subject to the pre‑
emption rights set out in the Articles of Association, which can
be disapplied by a shareholder resolution passed by a majority
of at least 75% at a General Meeting. There are also several
exemptions from the pre‑emption rights under the Articles of
Association, including (amongst others) for allotments of bonus
shares, certain allotments which are for (wholly or partly) non‑
cash consideration, and shares allotted in pursuance of certain
employees’ share schemes.
The Company may, subject to and in accordance with the
provisions of the Companies Law and any other applicable laws
and/or regulations, purchase or undertake to purchase, provide
finance and/or assistance or undertake to provide finance and/
or assistance directly or indirectly with respect to the purchase
of its own shares or securities which may be converted into
shares of the Company or which confer rights upon the holders
thereof to purchase shares of the Company. Share buyback
programmes are approved by the Board. Although the
Company is not required under the Companies Law nor under
the Company’s Articles of Association to seek shareholder
approval in order to carry out share buyback programmes, the
Company voluntarily does seek such an authority at its Annual
General Meeting each year, in accordance with best practice,
including the requirements of the Investment Association’s
share capital management guidelines.
Restrictions on voting
The Articles of Association provide a deadline for submission of
proxy forms of not less than 48 hours (excluding non‑business
days (as defined in the Articles of Association)) before the
time fixed for the relevant general meeting of the Company.
However, the Chair of the Board can decide to waive this time
requirement and accept any and all proxy forms received prior
to the beginning of the relevant general meeting.
No shareholder shall be entitled to vote at any general meeting
of the Company (or be counted as a part of the quorum
thereat), unless all calls and other sums then payable by that
shareholder in respect of their shares in the Company have
been paid (however, this restriction shall not apply to separate
general meetings of the holders of a particular class of shares).
A shareholder who has been served with a Disclosure Notice (as
defined in the Articles of Association) by the Board and who fails
to provide the Company with the information required under
that notice concerning interests in shares of the Company
required will, if such shares represent at least 1% of the issued and
outstanding shares of the Company, be subject to restrictions on
the transfer of any such shares they hold or any rights in them.
Where the Independent Directors of the Company have reason
to believe that any acquisition of shares in the Company has
taken place in contravention of the restrictions on acquisitions
set out in article 75 of the Articles of Association, the Independent
Directors may, amongst other things (except in the case of a
Merger (as defined in Section 1 of the Companies Law) of the
Company with any other entity): (i) determine that some or all
of the shares held by such members which carry more than 30%
of the voting rights attributable to the shares in the Company
(“Excess Shares”) must be sold; and/or (ii) determine that some
or all of the Excess Shares will not carry any voting right or right
to any dividends or other distributions from a particular time for
a definite or indefinite period.
If two or more persons are registered as joint holders of a share,
the vote of the senior who tenders a vote shall be accepted to
the exclusion of the vote(s) of the other joint holder(s) (seniority
for these purposes being determined by the order of registration
of the joint holders in the Company’s shareholder register).
For more details, please refer to the Articles of Association,
which can be found on the Company’s website.
CORPORATE LAW CONTINUED
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The Directors are responsible for preparing the Annual Report
and the Consolidated Financial Statements in accordance with
applicable law and regulations. The Companies Law requires
the Directors to prepare Consolidated Financial Statements
for each financial year. The Directors have elected to prepare
the Consolidated Financial Statements in accordance with IFRS
Accounting Standards (“IFRS”) as issued by the International
Accounting Standards Board (“IASB”). The Directors must not
approve the Consolidated Financial Statements unless they are
satisfied that they give a true and fair view of the state of affairs of
the Group and the Comprehensive Income of the Group for that
period. The Directors considered the information provided in the
Annual Report and how it assists the Company’s shareholders
in understanding the Group’s position, performance, business
model and strategy.
In preparing these Consolidated Financial Statements, the
Directors are required to:
+ Present fairly the financial position, financial performance
and cash flows of the Group;
+ Present information, including accounting policies, in a
manner that provides relevant, reliable, consistent and
understandable information;
+ Make judgements and accounting estimates that are
reasonable;
+ State whether applicable IFRS have been followed, subject
to any material departures disclosed and explained in the
Consolidated Financial Statements;
+ Provide additional disclosures when compliance with the
specific requirements in IFRS is insufficient to enable users
to understand the impact of transactions, other events and
conditions on the Group’s financial position and financial
performance; and
+ Prepare the Consolidated Financial Statements on the going
concern basis unless it is inappropriate to presume the
Group will continue in business.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Group’s
transactions and to disclose with reasonable accuracy at any time
the financial position of the Group and enable them to ensure that
the Consolidated Financial Statements comply with applicable law.
They are also responsible for safeguarding the assets of the
Group and hence for taking reasonable steps in the prevention
and detection of fraud and other irregularities.
Each of the Directors, whose names and functions are listed
on pages 56 to 59, confirms that, to the best of each person’s
knowledge and belief:
+ The Group’s Consolidated Financial Statements, which have
been prepared in accordance with IFRS, give a true and fair
view of the assets, liabilities, financial position and profit of
the Group; and
+ The Directors’ Report includes a fair review of the
development and performance of the business and the
position of the Group, together with a description of the
principal risks and uncertainties that it faces.
The Directors consider that the Annual Report, taken as a
whole, is fair, balanced and understandable, and provides the
information necessary for shareholders to assess the Group’s
position, performance, business model and strategy.
The Directors are also responsible for preparing the Directors’
Report, Strategic Report, Corporate Governance Report and the
Directors’ Remuneration Report.
This report has been approved by the Board.
Signed on behalf of the Board
David Zruia
Chief Executive Officer
19 March 2026
DIRECTORS’ RESPONSIBILITY STATEMENT
Directors’ responsibility
statement
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CONTENTS
Independent Report of the Auditors 111
Consolidated Financial Statements:
Consolidated Statement of Comprehensive Income 115
Consolidated Statement of Financial Position 116
Consolidated Statement of Changes in Equity 117
Consolidated Statement of Cash Flows 118
Notes to the Consolidated Financial Statements 119
Financial statements
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INDEPENDENT REPORT OF THE AUDITORS
Report on the audit of the
consolidated financial statements
Opinion
In our opinion, the consolidated financial statements present
fairly, in all material respects, the consolidated financial position
of Plus500 Ltd. (the “Company”) and its subsidiaries (the
“Group”) as at 31 December 2025 and its consolidated results
of operations and its consolidated cash flows for the year then
ended in accordance with IFRS Accounting Standards (“IFRS“)
as issued by the International Accounting Standards Board.
What we have audited
The Group’s consolidated financial statements comprise:
+ The consolidated statement of financial position as at
31 December 2025;
+ The consolidated statement of comprehensive income for
the year then ended;
+ The consolidated statement of changes in equity for the
year then ended;
+ The consolidated statement of cash flows for the year then
ended; and
+ The notes to the consolidated financial statements, which
include a summary of material accounting policies and
other explanatory information.
Basis for opinion
We conducted our audit in accordance with International
Standards on Auditing (“ISAs”). Our responsibilities under those
standards are further described in the Auditor’s responsibilities
for the audit of the consolidated financial statements section
of our report.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of the Group in accordance with the
International Ethics Standards Board for Accountants’ Code
of Ethics for Professional Accountants including International
Independence Standards issued by the International Ethics
Standards Board for Accountants (“IESBA Code”). We have
fulfilled our other ethical responsibilities in accordance with the
IESBA Code.
Key audit matters
Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the
consolidated financial statements of the current period. These
matters were addressed in the context of our audit of the
consolidated financial statements as a whole, and in forming
our opinion thereon, and we do not provide a separate opinion
on these matters.
To the shareholders
of Plus500 Ltd.
Kesselman & Kesselman, PwC Israel, 146 Derech Menachem Begin St. Tel-Aviv 6492103,
P.O. Box 7187 Tel-Aviv 6107120 Telephone: +972-3-7954555, Fax: +972-3-7954556, www.pwc.com/il
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Kesselman & Kesselman, PwC Israel, 146 Derech Menachem Begin St. Tel-Aviv 6492103,
P.O. Box 7187 Tel-Aviv 6107120 Telephone: +972-3-7954555, Fax: +972-3-7954556, www.pwc.com/il
KEY AUDIT MATTER HOW OUR AUDIT ADDRESSED THE KEY AUDIT MATTER
REVENUE RECOGNITION
Plus500 offers customers a range of trading products, including
OTC (“Over-the-Counter” products, namely Contracts for
Difference (“CFDs”)), share dealing, as well as futures and
options on futures.
The Group has developed and operates online trading platforms.
Revenue comprises trading income and interest income.
Trading income represents Customer Income, which mainly
includes revenue from OTC Customer Income (customer
spreads and overnight charges) and Non-OTC Customer
Income (commissions from the Group’s futures and options on
futures operation and from ‘Plus500 Invest’, the Group’s share
dealing platform), and Customer Trading Performance, which
includes gains/losses on customers’ trading positions, arising
on client trading activity.
In respect of trading income generated from OTC offering:
The Group has developed and operates an online trading
platform for trading OTCs. The computation of the trading
income is carried out by using its own developed platform
which is an internal IT system (the “Platform”).
The trading income is calculated based on several parameters.
Part of the parameters that feed into that calculation are
received from external quotation suppliers.
The trading income depends on a combination of the effective
operation and accuracy of controls over, and access rights to,
the Platform.
Our audit predominantly focused on the Group’s control
environment, including the IT environment. We tested key
controls over the revenue process, from the acceptance of a
new customer, through the trading activity to the revenue that
is recorded in the Company’s general ledger.
We tested the operating effectiveness of IT general controls,
including: access to programs and supporting data, program
changes and computer operations for the Platform and for
the ERP system. In addition, we tested program development
controls over the ERP system.
We also tested the Platform, through a combination of controls
and substantive testing techniques, the following:
+ Profit/loss calculations in respect of closed positions;
+ Calculation of the fair value adjustment of year-end
positions held by clients and the calculation of the “open
positions” report produced by the Platform;
+ Appropriate use of feeds the Group receives from its data
suppliers to confirm the integrity of the feeds used to
calculate the open/close position; and
+ Controls associated with cash reconciliations and
reconciliations with external counterparties throughout the
year including client deposits/withdrawals.
We agreed cash amounts of client deposits to external third-
party evidence at the year-end by receiving independent
confirmations from banks and other third-party providers. In
addition, we tested the interface between the data of client
money as presented in the Platform to the general ledger to
ensure completeness and accuracy.
Finally, to address the risk that fraudulent adjustments or
transactions had been entered into the trading Platform,
we read client activity reports and read a sample of client
complaints.
No material issues noted.
UNCERTAIN TAX PROVISIONS
As discussed in Note 3 and Note 10 to the consolidated financial
statements, the Group is subject to income tax in multiple
jurisdictions, as it has various international wholly owned
operations. Furthermore, under the Law of the Encouragement
of Capital Investments in Israel (“the Law“), a technology
company satisfying certain conditions will qualify as a Preferred
Technological Enterprise (“PTE”) and will thereby enjoy a
reduced corporate tax rate on income that qualifies as Preferred
Technology Income, as defined in the Law.
Management periodically evaluates whether there are
uncertainties over income tax treatments taken in tax returns
with respect to situations in which applicable tax law and
regulation is subject to interpretation. The Group recognises tax
provisions from uncertain tax positions when it is not probable
that the taxation authority will accept the tax position.
Among the audit procedures we performed, our tax specialists
assisted us in assessing the technical merits of the Group’s tax
positions. This included assessing the Group’s correspondence
with the relevant tax authorities and evaluating income tax
opinions or other third-party advice obtained by the Group.
In addition, we evaluated the appropriateness of the Group’s
accounting for its uncertain tax positions. We tested the Group’s
assumptions and data used to determine the amount of tax
provision. We also evaluated whether the Group’s disclosures
complied with the accounting framework.
No material issues noted.
INDEPENDENT REPORT OF THE AUDITORS CONTINUED
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Other information
The Directors are responsible for the other information. The
other information comprises all of the information in the
Annual Report (but does not include the consolidated financial
statements and our auditor’s report thereon).
Our opinion on the consolidated financial statements does not
cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the consolidated financial
statements, our responsibility is to read the other information
identified above and, in doing so, consider whether the other
information is materially inconsistent with the consolidated
financial statements or our knowledge obtained in the audit, or
otherwise appears to be materially misstated. If, based on the
work we have performed, we conclude that there is a material
misstatement of this other information, we are required to
report that fact. We have nothing to report in this regard.
Based on the responsibilities described above and our work
undertaken in the course of the audit, we have also agreed to
report on certain matters as described below in accordance
with the Listing Rules of the United Kingdom Financial Conduct
Authority (“FCA”) as if the Company were a UK incorporated
listed company.
Corporate governance statement
In accordance with the Listing Rules of the United Kingdom
Financial Conduct Authority, we have reviewed the Directors’
statements in relation to the going concern, longer-term
viability and that part of the corporate governance statement
relating to the company’s compliance with the provisions
of the UK Corporate Governance Code, specified for review.
Our additional responsibilities with respect to the corporate
governance statement as other information are described in
the Other information section of this report.
Based on the work undertaken as part of our audit, we have
concluded that each of the following elements of the corporate
governance statement, included within the Statement on
Corporate Governance is materially consistent with the financial
statements and our knowledge obtained during the audit:
+ The Directors’ confirmation that they have carried out a
robust assessment of the emerging and principal risks;
+ The disclosures in the Annual Report that describe those
principal risks, what procedures are in place to identify
emerging risks and an explanation of how these are being
managed or mitigated;
+ The Directors’ statement in the financial statements about
whether they considered it appropriate to adopt the
going concern basis of accounting in preparing them,
and their identification of any material uncertainties to
the Company’s ability to continue to do so over a period
of at least twelve months from the date of approval of the
financial statements;
+ The Directors’ explanation as to their assessment of the
Company’s prospects, the period this assessment covers
and why the period is appropriate; and
+ The Directors’ statement as to whether they have a
reasonable expectation that the Company will be able
to continue in operation and meet its liabilities as they
fall due over the period of its assessment, including any
related disclosures drawing attention to any necessary
qualifications or assumptions.
In addition, based on the work undertaken as part of our audit,
we have concluded that each of the following elements of
the corporate governance statement is materially consistent
with the consolidated financial statements and our knowledge
obtained during the audit:
+ The Directors’ statement that they consider the Annual Report,
taken as a whole, is fair, balanced and understandable,
and provides the information necessary for the members
to assess the Company’s position, performance, business
model and strategy;
+ The section of the Annual Report that describes the review
of effectiveness of risk management and internal control
systems; and
+ The section of the Annual Report describing the work of the
audit committee.
Responsibilities of management and those
charged with governance for the
consolidated financial statements
Management is responsible for the preparation and fair
presentation of the consolidated financial statements
in accordance with IFRSs as issued by the International
Accounting Standards Board, and for such internal control
as management determines is necessary to enable the
preparation of consolidated financial statements that are free
from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements,
management is responsible for assessing the Group’s ability to
continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis
of accounting unless management either intends to liquidate
the Group or to cease operations, or has no realistic alternative
but to do so.
Those charged with governance are responsible for overseeing
the Group’s financial reporting process.
Kesselman & Kesselman, PwC Israel, 146 Derech Menachem Begin St. Tel-Aviv 6492103,
P.O. Box 7187 Tel-Aviv 6107120 Telephone: +972-3-7954555, Fax: +972-3-7954556, www.pwc.com/il
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Auditor’s responsibilities for the audit of the
consolidated financial statements
Our objectives are to obtain reasonable assurance about
whether the consolidated financial statements as a whole
are free from material misstatement, whether due to fraud
or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance
with ISAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic
decisions of users taken on the basis of these consolidated
financial statements.
As part of an audit in accordance with ISAs, we exercise
professional judgement and maintain professional scepticism
throughout the audit. We also:
+ Identify and assess the risks of material misstatement of the
consolidated financial statements, whether due to fraud or
error, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations,
or the override of internal control;
+ Obtain an understanding of internal control relevant to
the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the Group’s
internal control;
+ Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and
related disclosures made by management;
+ Conclude on the appropriateness of management’s use of
the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant
doubt on the Group’s ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to the
related disclosures in the consolidated financial statements
or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained
up to the date of our auditor’s report. However, future events
or conditions may cause the Group to cease to continue as
a going concern;
+ Evaluate the overall presentation, structure and content
of the consolidated financial statements, including the
disclosures, and whether the consolidated financial
statements represent the underlying transactions and
events in a manner that achieves fair presentation; and
+ Obtain sufficient appropriate audit evidence regarding the
financial information of the entities or business activities
within the Group to express an opinion on the consolidated
financial statements. We are responsible for the direction,
supervision and performance of the Group audit. We remain
solely responsible for our audit opinion.
We communicate with those charged with governance
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we identify
during our audit.
We also provide those charged with governance with a
statement that we have complied with relevant ethical
requirements regarding independence, and to communicate
with them all relationships and other matters that may
reasonably be thought to bear on our independence, and
where applicable, related safeguards.
From the matters communicated with those charged with
governance, we determine those matters that were of
most significance in the audit of the consolidated financial
statements of the current period and are therefore the key
audit matters. We describe these matters in our auditor’s
report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances,
we determine that a matter should not be communicated in
our report because the adverse consequences of doing so
would reasonably be expected to outweigh the public interest
benefits of such communication.
The engagement partner on the audit resulting in this
independent auditor’s report is Gil Barak.
Tel Aviv, Israel
Kesselman & Kesselman
Certified Public Accountants (lsr.)
A member firm of PricewaterhouseCoopers
International Limited
Gil Barak
Partner
Tel Aviv, Israel
19 March 2026
INDEPENDENT REPORT OF THE AUDITORS CONTINUED
Kesselman & Kesselman, PwC Israel, 146 Derech Menachem Begin St. Tel-Aviv 6492103,
P.O. Box 7187 Tel-Aviv 6107120 Telephone: +972-3-7954555, Fax: +972-3-7954556, www.pwc.com/il
114
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US DOLLARS IN MILLIONS
NOTE
2025
2024
Trading income
729.6
711.6
Interest income
62.8
56.7
REVENUE
4
792.4
768.3
Selling and marketing expenses
5
323.8
329.0
Administrative and general expenses
6
126.0
103.2
OPERATING PROFIT
342.6
336.1
Financial income
6.8
6.7
Financial expenses
10.5
5.6
FINANCIAL EXPENSES (INCOME), NET
3.7
(1.1)
PROFIT BEFORE INCOME TAX
338.9
337.2
Income tax expense
10
57.6
64.1
PROFIT AND COMPREHENSIVE INCOME FOR THE YEAR
281.3
273.1
Basic earnings per share (In US dollars)
11
3.93
3.57
Diluted earnings per share (In US dollars)
11
3.79
3.45
The accompanying notes are an integral part of the consolidated financial statements.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
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Financial statements

US DOLLARS IN MILLIONS
NOTE
2025
2024
Property, plant and equipment
15
14.3
11.8
Goodwill and other intangible assets, net
23
37.5
37.9
Right of use assets
20
18.4
14.1
Long-term other receivables
13.4
7.8
Total non-current assets
83.6
71.6
Income tax receivable
0.4
0.1
Other receivables and others
14
58.5
30.1
Cash and cash equivalents
16
801.6
890.0
Total current assets
860.5
920.2
TOTAL ASSETS
944.1
991.8
Lease liabilities (net of current maturities)
20
19.5
13.2
Deferred tax liability
6.9
6.9
Total non-current liabilities
26.4
20.1
Income tax payable
169.2
163.4
Other payables
17
130.1
118.7
Service suppliers
18
12.2
17.4
Current maturities of lease liabilities
20
2.9
2.6
Trade payables – due to clients
19
35.3
25.3
Total current liabilities
349.7
327.4
TOTAL LIABILITIES
376.1
347.5
Ordinary shares
22
0.3
0.3
Share premium
22.2
22.2
Company’s shares held by the Company
12
(981.6)
(785.8)
Retained earnings
1,527.1
1,407.6
Total equity
568.0
644.3
TOTAL LIABILITIES AND EQUITY
944.1
991.8
David Zruia Elad Even-Chen Prof. Jacob A. Frenkel
Chief Executive Officer Group Chief Financial Officer Non-Executive Director and Chairman
Date of approval of the consolidated financial statements by the Company’s Board of Directors: 19 March 2026.
The accompanying notes are an integral part of the consolidated financial statements.
Registered Company number (Israel): 514142140
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
116
Plus500 Ltd. 2025 Annual Report

ORDINARY
SHARE
SHARES HELD BY
RETAINED
US DOLLARS IN MILLIONS
SHARES
PREMIUM
THE COMPANY
EARNINGS
TOTAL
BALANCE AT 1 JANUARY 2024
0.3
22.2
(606.5)
1,283.8
699.8
Profit and comprehensive income for the year
-
-
-
273.1
273.1
Share based compensation
-
-
-
16.6
16.6
Dividend
-
-
-
(150.2)
(150.2)
-
-
15.7
(15.7)
-
Acquisition of treasury shares
-
-
(195.0)
-
(195.0)
BALANCE AT 31 DECEMBER 2024
0.3
22.2
(785.8)
1,407.6
644.3
Profit and comprehensive income for the year
-
-
-
281.3
281.3
Share based compensation
-
-
-
21.8
21.8
Dividend
-
-
-
(164.4)
(164.4)
-
-
19.2
(19.2)
-
Acquisition of treasury shares
-
-
(215.0)
-
(215.0)
BALANCE AT 31 DECEMBER 2025
0.3
22.2
(981.6)
1,527.1
568.0
The accompanying notes are an integral part of the consolidated financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
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Financial statements

US DOLLARS IN MILLIONS
2025
2024
Cash generated from operations (see Note 26)
266.2
321.9
Income tax paid, net
(44.3)
(37.1)
Interest received
62.8
56.7
Net cash flows provided by operating activities
284.7
341.5
Purchase of property, plant and equipment
(4.6)
(4.8)
Net cash flows used in investing activities
(4.6)
(4.8)
Dividend paid to equity holders of the Company
(164.4)
(150.2)
Payment in respect of lease liabilities
(3.7)
(3.3)
Acquisition of treasury shares
(215.0)
(195.0)
Net cash flows used in financing activities
(383.1)
(348.5)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(103.0)
(11.8)
BALANCE OF CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR
890.0
906.7
Gains (losses) from effects of exchange rate changes on cash and cash equivalents
14.6
(4.9)
BALANCE OF CASH AND CASH EQUIVALENTS AT END OF THE YEAR
801.6
890.0
The accompanying notes are an integral part of the consolidated financial statements.
CONSOLIDATED STATEMENT OF CASH FLOWS
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Plus500 Ltd. 2025 Annual Report

NOTE 1 - GENERAL INFORMATION
Information on activities
Plus500 Ltd. (the “Company” and together with its subsidiaries,
the “Group”) is a global multi-asset fintech group operating
proprietary technology-based trading platforms. Plus500
offers customers a range of trading products, including OTC
(“Over-the-Counter” products, namely Contracts for Difference
(“CFDs“)), share dealing, as well as futures and options on
futures. The Company has developed and operates online
trading platforms, enabling its international customer base to
trade internationally.
The Group’s offering is available internationally with main
market presence in the UK, the European Economic Area (“EEA”),
Australia, the US, and the Middle East and has customers
located in more than 60 countries worldwide. The Group
operates through operating subsidiaries regulated by the
Financial Conduct Authority (“FCA”) in the UK, the Australian
Securities and Investments Commission (“ASIC”) in Australia,
the Cyprus Securities and Exchange Commission (“CySEC”)
in Cyprus, the Israel Securities Authority (“ISA”) in Israel, the
Financial Markets Authority (“FMA”) in New Zealand, the Financial
Sector Conduct Authority (“FSCA”) in South Africa, the Monetary
Authority of Singapore (“MAS”) in Singapore, the Financial
Services Authority (“FSA”) in the Seychelles, the Commodities
Futures Trading Commission (“CFTC”) in the US, the Estonian
Financial Supervision Authority (“EFSA”) in Estonia, the Financial
Services Agency (“FSA”) in Japan, the Dubai Financial Services
Authority (“DFSA”) in the UAE, the Securities Commission of
the Bahamas (“SCB”) in the Bahamas, the Securities and
Commodities Authority (“SCA”) in the UAE, the Canadian
Investment Regulatory Organization (“CIRO“) in Canada and
the Colombian Financial Superintendence (“SFC”) in Colombia.
The Company also has a subsidiary in Bulgaria which provides
operational services to the Group.
The Company was admitted to trading on the London Stock
Exchange on 24 July 2013. It was admitted to the Equity Shares
in Commercial Companies (“ESCC”) Category of the Official List
and is a constituent of the FTSE 250 Index and the STOXX Europe
600 Index.
The Group offers trading products: OTC trading; share dealing;
and futures and options on futures. The Group presents its
operation as one operating segment.
The address of the Company’s principal offices is Building 10.2,
Matam, Haifa 3115001, Israel.
NOTE 2 - SUMMARY OF MATERIAL
ACCOUNTING POLICIES
a. Basis of accounting and accounting policies
The Group’s consolidated financial information as at
31 December 2025 and 2024 and for each of the two years
in the period ended on 31 December 2025 is in compliance
with IFRS Accounting Standards that consist of standards and
interpretations issued by the International Accounting Standard
Board (“IFRSs”).
The material accounting policies described below have been
applied consistently in relation to all the reporting periods,
unless otherwise stated.
The financial information has been prepared under the
historical cost convention subject to adjustments in respect of
revaluation of financial assets at fair value through profit or loss
presented at fair value.
b. Going concern
The Group has considerable financial resources, a broad range
of financial instruments and a substantial active customer
base which is geographically diversified. As a consequence,
the Company’s Board of Directors (the “Board”) believes
that the Group is well placed to manage its business risks in
the context of the current economic outlook. Accordingly,
the Board has a reasonable expectation that the Group has
adequate resources to continue in operational existence for
the foreseeable future. The Board therefore continues to adopt
the going concern basis in preparing these consolidated
financial statements.
c. Earnings per share
Basic earnings per share is calculated by dividing the profit
attributable to equity holders of the Company by the weighted
average number of the Company’s ordinary shares in issue
during the year, excluding ordinary shares purchased by the
Company and held as treasury shares.
Diluted earnings per share is calculated by adjusting the
weighted average number of ordinary shares outstanding
to assume exercise of all potential dilutive ordinary shares.
The instruments that are potentially dilutive ordinary shares
are equity instruments granted to employees and service
contractors (see Note 9). A calculation is done to determine
the number of shares that could have been acquired at fair
value (determined as the average annual market share price
of the Company’s shares) based on the monetary value of the
subscription rights attached to outstanding equity instruments.
The number of ordinary shares calculated as above is
compared with the number of ordinary shares that would have
been issued assuming the exercise of the equity instruments
(see also Note 11).
d. Foreign currency translation
1) Functional and presentation currency
Items included in the financial information of each of the
Group’s entities are measured using the currency of the primary
economic environment in which that entity operates (the
“functional currency”). The consolidated financial statements
are presented in US dollars (“USD”), which is the Group’s
functional and presentation currency.
2) Transactions and balances
Foreign currency transactions in currencies different from the
functional currency (“foreign currency”) are translated into
the functional currency using the exchange rates prevailing
at the dates of the transactions or valuation where items are
remeasured.
Gains and losses arising from translations in exchange rates
are presented in the consolidated statement of comprehensive
income among “financial expenses (income)”.
e. Trading income
Trading income represents Customer Income, which includes
revenue from OTC Customer Income (customer spreads and
overnight charges), non-OTC Customer Income (commissions
from the Group’s futures and options on futures operation
and from the Group’s share dealing platform) and Customer
Trading Performance, which includes gains/losses on
customers’ trading positions, arising on client trading activity,
primarily in OTCs on shares, indices, ETFs, options, commodities,
cryptocurrencies and foreign exchange. Open client positions
are carried at fair value and gains and losses arising on this
valuation are recognised as trading income, as well as gains
and losses realised on positions that have closed.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
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Financial statements

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
CONTINUED
NOTE 2 - SUMMARY OF MATERIAL
ACCOUNTING POLICIES continued
f. Interest income
Interest income is accrued based on the effective interest rate
method, and is presented as part of the Group’s revenue in the
statement of comprehensive income.
g. Share based compensation
1) Cash settled
The Group operates a cash settled share based compensation
plan, under which it receives services from employees and
service contractors as consideration for Share Appreciation
Rights (“SARs”). The fair value of the employees and service
contractors received in exchange for the grant of the rights are
recognised as an expense in the consolidated statement of
comprehensive income. At the end of each reporting period, the
Group evaluates the SARs based on their fair value as prorated
over the period and the change in the prorated fair value is
recognised in the consolidated statement of comprehensive
income.
2) Equity settled
The Group operates equity settled share based compensation
plans, under which it receives services from employees and
service contractors as consideration for ordinary shares. The
fair value of the services received by employees and service
contractors in exchange for the grant of ordinary shares is
recognised as an expense in the consolidated statement of
comprehensive income.
The fair value of equity settled share based compensation
arrangements granted to employees and service contractors
is recognised as employee benefit expenses and other
related expenses applicable for the service contractors, with
a corresponding increase in equity. The total amount to be
expensed is determined by reference to the fair value of the
equity instruments granted:
+ including any market performance conditions (e.g. the
Company’s share price);
+ excluding the impact of any service and non-market
performance vesting conditions (e.g. profitability, sales
growth targets and continuing to be employed or rendering
services to the entity over a specified time period); and
+ including the impact of any non-vesting conditions (e.g. the
requirement for employees and service contractors to hold
shares for a specific period of time).
The total expenses are recognised over the vesting period,
which is the period over which all of the specified vesting
conditions are to be satisfied. At the end of each period, the
Group revises its estimates of the number of ordinary shares that
are expected to vest based on the non-market performance
vesting and service conditions. The impact of the revision to
original estimates, if any, in the consolidated statement of
comprehensive income, is recognised with a corresponding
adjustment to equity. As may be applicable, an amount equal
to the applicable tax liability connected to the LTIPs, RSUs and
annual bonus plans settled in shares, shall be added by way of
gross-up and be paid in cash to fund the tax liability.
h. Treasury shares
Treasury shares are ordinary shares of the Company held by
the Company and presented as a reduction of equity, at the
consideration paid, including any incremental attributable
costs, net of tax. Treasury shares do not have a right to receive
dividends or to vote. The Board approves share buyback
programmes. The share buyback programmes are funded
from the Company’s net cash balances. The ordinary shares
are purchased at market value (see Note 12).
i. Current income tax
Tax is recognised in the consolidated statement of
comprehensive income.
The current income tax charge is calculated on the basis of the
tax laws enacted at the statement of financial position date in
countries where the Company and its subsidiaries operate and
generate taxable income.
Management periodically evaluates positions taken in tax
returns with respect to situations in which applicable tax
regulation is subject to interpretation and considers whether
it is probable that a taxation authority will accept an uncertain
tax treatment. It establishes provisions where appropriate on
the basis of amounts expected to be paid to the tax authorities.
The Group measures its tax balances either based on the
most likely amount or the expected value, depending on which
method provides a better prediction of the resolution of the
uncertainty.
j. Deferred income tax
Deferred income tax is recognised using the liability method, on
temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the consolidated
financial statements.
Deferred income tax is determined using tax rates (and laws)
that have been enacted or substantially enacted by the
statement of financial position date and are expected to apply
when the related deferred income tax asset is realised or the
deferred income tax liability is settled.
The Group recognises deferred taxes on temporary differences
arising on investments in subsidiaries, except where the timing
of the reversal of the temporary difference is controlled by the
Group and it is probable that the temporary difference will not
reverse in the foreseeable future.
Deferred income tax assets are recognised only to the extent
that it is probable that future taxable profit will be available
against which the temporary differences can be utilised.
k. Property, plant and equipment
Property, plant and equipment are stated at historical cost less
accumulated depreciation.
Depreciation is calculated using the straight-line method to
allocate the cost of property, plant and equipment less their
residual values over their estimated useful lives, as follows:
Computers and office equipment are depreciated by the
straight-line method over their useful life period with annual
depreciation percentages of 6% to 33%.
Leasehold improvements are depreciated by the straight-
line method over the terms of the lease (including reasonably
assured options periods), or the estimated useful life (10 years)
of the improvements, whichever is shorter.
An asset’s carrying amount is written down immediately to its
recoverable amount if the asset’s carrying amount is greater
than its estimated recoverable amount.
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Plus500 Ltd. 2025 Annual Report

l. Financial instruments
1) Classification
The Group classifies its financial assets in the following
measurement categories according to IFRS 9:
+ Those to be measured subsequently at fair value through
profit and loss; and
+ Those to be measured at amortised cost.
The classification depends on the entity’s business model for
managing the financial assets and the contractual terms of
the cash flows.
For assets measured at fair value, gains and losses will be
recorded in the consolidated statement of comprehensive
income.
Financial assets are classified as current if they are expected to
mature within 12 months after the end of the reporting period,
otherwise, they are classified as non-current.
2) Recognition and derecognition
Regular way purchases and sales of financial assets are
recognised on trade date, the date on which the Group
commits to purchase or sell the assets. Financial assets are
derecognised when the rights to receive cash flows from the
financial assets have expired or have been transferred and the
Group has transferred substantially all the risks and rewards of
ownership.
3) Measurement
At initial recognition, the Group measures a financial asset
at its fair value and in the case of a financial asset not at fair
value through profit or loss (“FVTPL”), plus transaction costs
that are directly attributable to the acquisition of the financial
asset. Transaction costs of financial assets carried at FVTPL are
expensed in the consolidated statement of comprehensive
income.
Financial assets with embedded derivatives are considered in
their entirety when determining whether their cash flows are
solely payment of principal and interest.
Details on how the fair value of financial instruments is
determined are disclosed in Note 25.
m. Cash and cash equivalents
Cash and cash equivalents include cash on hand, short-term
bank deposits and other highly liquid short-term investments,
the original maturity of which does not exceed three months.
All of the regulated subsidiaries hold money on behalf of their
clients in accordance with the client money rules required by
the relevant regulatory framework. Such monies are classified
as “segregated client funds” in accordance with the regulatory
requirements.
Segregated client funds comprise client funds held in
segregated client money accounts. Segregated client money
accounts hold statutory trust status restricting the Group’s
ability to control the monies and accordingly such amounts are
not reflected as Group assets in the consolidated statement of
financial position.
n. Employee benefits
The Group recognises an accrual and an expense for bonuses
for senior management based on formulae that take into
consideration specific financial and non-financial measures
and for other employees based on management decisions.
o. Trade payables – due to clients
As part of its business, the Group receives from its customers
deposits to secure their trading positions, held in segregated
client money accounts.
Assets or liabilities resulting from profits or losses on open
positions are carried at fair value. Amounts due from or to
clients are netted against, or presented with, the deposit with
the same counterparty where a legally enforceable netting
agreement is in place and where it is anticipated that assets
and liabilities will be netted on settlement.
“Trade payables – due to clients” represent balances with
clients where the combination of customers’ deposits and
the valuation of financial derivative open positions result in an
amount payable by the Group.
“Trade payables – due to clients” are reported in the
consolidated statement of financial position and classified as
current liabilities as the demand is due within one year or less.
p. IFRS 16 - “Leases“
The Group’s leases include real estate lease agreements. At
inception of a contract, the Group assesses whether a contract
is, or contains, a lease. A contract is, or contains, a lease if the
contract conveys the right to control the use of an identified
asset for a period of time in exchange for a consideration. The
Group reassesses whether a contract is, or contains, a lease
only if the terms and conditions of the contract are changed.
At the commencement date, the Group measures the lease
liability at the present value of the lease payments that are not
paid at that date, including, inter alia, the exercise price of the
exercise option if the Group is reasonably certain to exercise
that option. Simultaneously, the Group recognises a right of use
asset in the amount of the lease liability.
The lease term is the non-cancellable period for which the
Group has the right to use an underlying asset, together with
both the periods covered by an option to extend the lease if the
Group is reasonably certain to exercise that option and periods
covered by an option to terminate the lease if the Group is
reasonably certain to exercise that option.
After the commencement date, the Group measures the right
of use asset applying the cost model, less any accumulated
depreciation and any accumulated impairment losses and
adjusted for any remeasurement of the lease liability.
Assets are depreciated by the straight-line method over the
estimated useful lives of the right of use assets or the lease
period, whichever is shorter. The depreciation periods for the
real estate leases by the Group is between one to ten years.
Under IFRS 16 all leases are recognised as a right of use asset
and a corresponding liability at the date at which the leased
asset is available for use by the Group. Each lease payment
is allocated between the liability and finance cost. The
finance cost is charged to the consolidated statement of
comprehensive income over the lease period so as to produce
a constant periodic rate of interest on the remaining balance
of the liability for each period.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
CONTINUED
NOTE 2 - SUMMARY OF MATERIAL
ACCOUNTING POLICIES continued
q. Intangible assets
1) Goodwill
Goodwill represents the surplus of the consideration that has
been transferred for the acquisition of a subsidiary company,
over the net amount of the identifiable assets and liabilities that
have been acquired as at the time of the acquisition. Goodwill
on acquisitions of subsidiaries is included in intangible assets
and is not amortised.
Goodwill is allocated to cash-generating units for the purpose of
impairment testing. The allocation is made to those cash-generating
units or groups of cash-generating units that are expected to benefit
from the business combination in which the goodwill arose. The units
or groups of units are identified at the lowest level at which goodwill
is monitored for internal management purposes.
2) Licence
A licence acquired in a business combination is recognised at fair
value at the acquisition date. It has an indefinite useful life, is not
subject to amortisation and is tested annually for impairment.
r. Impairment of assets
Goodwill and intangible assets that have an indefinite useful
life are not subject to amortisation and are tested annually
for impairment, or more frequently if events or changes in
circumstances indicate that they might be impaired. Other
assets are tested for impairment whenever events or changes
in circumstances indicate that the carrying amount may not be
recoverable. An impairment loss is recognised for the amount
by which the asset’s carrying amount exceeds its recoverable
amount. The recoverable amount is the higher of an asset’s fair
value less costs of disposal and value in use. For the purposes of
assessing impairment, assets are grouped at the lowest levels
for which there are separately identifiable cash inflows which
are largely independent of the cash inflows from other assets
or groups of assets (cash-generating units). Non-financial
assets other than goodwill that suffered an impairment are
reviewed for possible reversal of the impairment at the end of
each reporting period.
s. New IFRS Accounting Standards, Amendments to
Standards and New Interpretations
New and amended standards:
IFRS 18 replaces IAS 1 “Presentation of financial statements”, with
many requirements of IAS 1 being transferred to IFRS 18, including
to a number of additional standards (without change, or with
some changes). IFRS 18 is intended to improve disclosure of
information in financial statements by entities to investors, and
particularly increase transparency and comparability between
companies, with focus on financial performance presented in
the income statement.
The main new principles introduced by IFRS 18 relate to the
following:
a) Structure of the income statement
According to IFRS 18, all items of income and expenses are
classified into main categories of operating, investing, financing
and income taxes.
The following is additional information about the main three
categories:
1. Operating – This category is not defined by IFRS 18 and
is a “residual“ category for income and expenses not classified
into one of the other categories. Generally, this category
will include the results of the Group from its main business
activity.
2. Investing – This category includes: income and expenses
from cash and cash equivalents; income and expenses
from assets that generate a return individually and largely
independently of the entity’s other resources.
3. Financing – This category includes: interest expense and the
effect of changes in interest rates on other liabilities (such as
an actuary liability to employees).
In addition, according to IFRS 18, companies are required to
present two new subtotals in their income statement:
1. Operating income
2. Income before financing and tax
b) Disclosure in the financial statements of management-
defined performance measures (“MPMs”)
Many companies report alternative performance measures
(non-GAAP) in their public reporting. When those meet the
definition of management-defined performance measures
(MPMs), IFRS 18 requires entities to disclose them in a note to the
financial statements, along with a requirement to reconcile the
metric and other information in the financial statements.
MPMs are subtotals of income and expenses used in public
communications to communicate management’s view of an
aspect of the financial performance for the company as a whole.
c) Principles for aggregation and disaggregation of
information in the primary financial statements and notes
IFRS 18 sets principles to help companies determine whether
items need to be presented in the primary financial statements
(statement of financial position, income statement, statement
of comprehensive income, statement of changes in equity
and statement of cash flows) or notes, and provides principles
for determining the level of detail needed. Additionally, IFRS 18
contains requirements for disclosing operating expenses in the
income statement, disclosure of certain expenses by nature,
and additional information about items aggregated together.
In its first year of application, IFRS 18 is required to present a
reconciliation of comparative information between presentation
under IAS 1 and IFRS 18.
According to the provisions of IFRS 18, the standard will be
applied by the Group for annual periods beginning on or after
1 January 2027, retrospectively. The Group began assessing
the impact of applying IFRS 18 on its consolidated financial
statements. However, at this stage, the impact of first-time
adoption cannot be reasonably estimated.
NOTE 3 - SIGNIFICANT ACCOUNTING ESTIMATES
Considering uncertain tax positions
The assessment of amounts of current and deferred taxes
requires the Group’s management to take into consideration
whether there are uncertainties over income tax treatments
taken in tax returns with respect to situations in which
applicable tax law and regulation is subject to interpretation.
The Group recognises tax provisions from uncertain tax
positions when it is not probable that the taxation authority will
accept the tax position. This assessment is based on estimates
and assumptions based on interpretation of tax laws and
regulations, and the Group’s past experience. It is possible that
new information will become known in future periods that will
cause the final tax outcome to be different from the amounts
that were initially recorded. Such differences will impact the
current and deferred income tax assets and liabilities in the
period in which such determination is made. See also Note 2i
and Note 10.
122
Plus500 Ltd. 2025 Annual Report

NOTE 4 - REVENUE
The revenue attributed to geographical areas is as follows:
US DOLLARS IN MILLIONS
2025
2024
European Economic Area (“EEA”)
303.7
309.0
United Kingdom
51.3
60.8
Australia
50.9
51.4
Rest of the World
386.5
347.1
792.4
768.3
NOTE 5 - SELLING AND MARKETING EXPENSES
US DOLLARS IN MILLIONS
2025
2024
Advertising and technology costs
120.1
160.0
Commissions to media buying
12.8
11.8
Payment processing costs
40.2
39.4
Commissions and fees
69.4
47.0
Data processing costs
16.6
16.2
Payroll and related expenses
38.3
29.5
Variable bonuses
8.9
8.0
Share based compensation
10.3
10.0
Other
7.2
7.1
323.8
329.0
NOTE 6 - ADMINISTRATIVE AND GENERAL EXPENSES
US DOLLARS IN MILLIONS
2025
2024
Payroll and related expenses
27.5
24.3
Variable bonuses
9.3
11.2
Share based compensation
57.7
40.9
Professional and regulatory fees
10.7
10.5
Depreciation and amortisation
5.5
6.2
Other
15.3
10.1
126.0
103.2
123
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Financial statements

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
CONTINUED
NOTE 7 - OPERATING EXPENSES
The presentation below reflects the breakdown of operating expenses by nature of expense:
US DOLLARS IN MILLIONS
2025
2024
Advertising, marketing and commissions to media buying
89.8
111.1
Employee benefit and other related expenses
152.0
123.9
IT and technology costs
59.7
76.9
Payment processing costs
40.2
39.4
Commissions and fees
69.4
47.0
Professional and regulatory fees
10.7
10.5
Depreciation and amortisation
5.5
6.2
Other
22.5
17.2
449.8
432.2
In the years ended 31 December 2025 and 2024, IT and technology costs together with additional allocated other technological
related costs were $89.2 million and $104.2 million, respectively.
NOTE 8 - AUDITORS’ REMUNERATION
US DOLLARS IN MILLIONS
2025
2024
Audit of Plus500 Ltd.’s consolidated financial statements
0.4
0.3
Audit of Plus500 Ltd.’s subsidiaries
1.0
0.7
Total audit fees
1.4
1.0
Other assurance related services
0.2
0.3
Tax compliance services
0.1
0.1
Total non-audit fees
0.3
0.4
Total fees
1.7
1.4
124
Plus500 Ltd. 2025 Annual Report

NOTE 9 - SHARE BASED COMPENSATION
Equity settled share based compensation programmes
The Group grants long-term incentive plans (“LTIPs”) to selected employees and service contractors (the “LTIP Grants”). In addition,
the Group grants Restricted Stock Units (“RSUs”) to selected employees located in Israel (the “RSUs Grants”). The Group also grants
an annual bonus settled in ordinary shares of the Company.
Each RSU represents the right to receive one ordinary share, par value of NIS 0.01 per share, subject to the terms and conditions of
the grant as approved by the Board of Directors and in accordance with the provisions of the Capital Gain route under section 102
of the Israeli Tax Ordinance and regulations (the “102 Capital Gain route”).
In respect of the RSUs granted, the employees are entitled to the ordinary shares upon completing the service period. Part of the
RSUs granted include also KPIs with market and performance conditions.
During 2025 and 2024, the Group recognised $60.2 million and $44.7 million, respectively, as expenses in respect to the equity share
based compensation plans in the consolidated statement of comprehensive income with a credit to equity of $21.8 million and
$16.6 million, respectively.
As at 31 December 2025 and 2024, retained earnings included an amount of $12.4 million and $9.8 million, respectively, in respect
of the equity share based compensation plans.
The LTIP Grants are subject to service conditions and additional Key Performance Indicators (“KPIs”) measurements, including
market and performance conditions.
The allotted ordinary shares will be issued out of the treasury shares of the Company. In respect of RSUs, on the vesting date, the
shares will be transferred to a trustee by the Company. The ordinary shares allotted on the vesting date, which are subject to a
lock-up period, shall be subject to a two-year lock-up beginning on the vesting date.
The fair value at grant date of the LTIP and RSU Grants is measured according to the value of the grant amount and expensed over
the vesting period with a corresponding increase in equity, taking into account the best available estimate of the number of shares
or RSUs expected to vest under the service and performance conditions.
Additionally, employees and service contractors are entitled to annual bonuses, settled in shares, upon completing a service
period of one year and subject to achieving additional KPIs. The fair value at grant date of the bonuses settled in shares grants is
measured according to the value of the grant amount on grant date and expensed over the vesting period.
The 2025 and 2024 annual bonuses settled in shares were paid in one instalment on 31 December of the bonus year, by way of
allotment of ordinary shares of the Company. The number of ordinary shares allotted at the end of the applicable bonus year, was
calculated based on the ordinary share price on grant date, as adjusted for total shareholder returns.
Any estimates applicable with the allotted number of equity settled share based compensation plans takes into consideration
the most probable value of the shares at the grant date which include the expected value of total shareholder returns during the
vesting period. Accordingly, total shareholder returns distributed within the vesting period which affects the final number of ordinary
shares to be allotted on the vesting date and be determined according to the share price at the grant date, less the accumulated
amount of total shareholder returns paid during the vesting period, shall not be added as an expense in the consolidated statement
of comprehensive income. As may be applicable, an amount equal to the applicable tax liability connected to the LTIPs, RSUs and
annual bonus plans settled in shares, shall be added by way of gross-up and be paid in cash to fund the tax liability.
On the vesting date the Company shall allot to the employee or service contractor, ordinary shares, subject to the service condition
and achieving specific KPIs for each grant.
125
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Financial statements

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
CONTINUED
The following table specifies the dates of LTIP, RSU and annual bonus settled in shares grants and the number of ordinary shares
or units as of each grant date, as granted for employees and service contractors.
GRANT DATE
VESTING DATE
2 January 2022
31 December 2024
12.91
153,134
7
2 January 2022
31 December 2024
12.91
346,999
137
1 July 2022
30 June 2024
15.96
3,702
10
1 July 2022
30 June 2025
15.96
3,702
10
15 February 2023
31 December 2024
18.56
88,239
195
15 February 2023
31 December 2025
18.56
204,610
199
15 February 2023
31 December 2025
14.50
168,540
2
15 February 2023
31 December 2025
18.56
59,861
5
3 July 2023
30 June 2024
14.74
5,353
6
3 July 2023
30 June 2025
14.74
5,353
6
3 July 2023
30 June 2026
14.74
5,355
6
31 December 2023
31 December 2024
14.67
162,918
2
31 December 2023
31 December 2024
14.67
122,754
206
31 December 2023
31 December 2025
14.67
122,754
206
31 December 2023
31 December 2026
14.67
282,727
210
31 December 2023
31 December 2026
14.67
316,076
7
1 July 2024
30 June 2025
21.63
2,824
11
1 July 2024
30 June 2026
21.63
2,824
11
1 July 2024
30 June 2027
21.63
2,828
11
1 July 2024
31 December 2024
21.63
1,776
1
1 July 2024
31 December 2025
21.63
1,776
1
1 July 2024
31 December 2026
21.63
1,775
1
31 December 2024
31 December 2025
24.97
95,386
249
31 December 2024
31 December 2026
24.97
95,386
249
31 December 2024
31 December 2027
24.97
197,133
253
31 December 2024
31 December 2025
14.67
169,308
2
31 December 2024
31 December 2027
14.67
253,962
2
31 December 2024
31 December 2027
24.97
12,015
3
1 July 2025 30 June 2026 32.24 1,277
6
1 July 2025
30 June 2027
32.24
1,277
6
1 July 2025
30 June 2028
32.24
1,277
6
31 December 2025
31 December 2026
14.67
185,062
2
31 December 2025
31 December 2028
14.67
277,594
2
31 December 2025
31 December 2026
32.56
88,344
267
31 December 2025
31 December 2027
32.56
88,344
267
31 December 2025
31 December 2028
32.56
156,650
270
In respect of the equity share based compensation plans, during 2025 and 2024 the Company issued 1,447,385 and 1,427,626,
respectively, of its treasury shares.
During 2025 and 2024, 60,742 and 87,708 ordinary shares and RSUs in respect of equity share based compensation plans were
forfeited, respectively.
NOTE 9 - SHARE BASED COMPENSATION continued
Equity settled share based compensation programmes continued
126
Plus500 Ltd. 2025 Annual Report

NOTE 10 - INCOME TAX EXPENSE
Law for the Encouragement of Capital Investments, 5719-1959
The Law for the Encouragement of Capital Investments, 5719-1959, generally referred to as the “Investment Law”, provides certain
incentives for capital investments in production facilities (or other eligible assets) by “Industrial Enterprises” (as defined under the
Investment Law).
New tax benefits under the 2017 Amendment that became effective on 1 January 2017 (“2017 Amendment”)
The 2017 Amendment was enacted as part of the Economic Efficiency Law that was published on 29 December 2016, and is
effective as of 1 January 2017. The 2017 Amendment provides new tax benefits, as described below, and is in addition to the other
existing tax beneficial programmes under the Investment Law.
The 2017 Amendment provides that a technology company satisfying certain conditions will qualify as a Preferred Technological
Enterprise (“PTE”) and will thereby enjoy a reduced corporate tax rate of 12% on income that qualifies as Preferred Technology
Income, as defined in the Investment Law.
Dividends distributed by a PTE, paid out of Preferred Technology Income, are generally subject to withholding tax at source at the
rate of 20% or such lower rate as may be provided in an applicable tax treaty.
a. Group taxation
The Group is subject to income tax in multiple jurisdictions, as it has various international wholly owned operations. The Group’s
income tax expense is based on the aggregation of the income taxes derived from its global jurisdictions. The applicable tax rate
in each jurisdiction is based on the applicable local tax framework. Accordingly, the effective tax rate of the Group reflects local
jurisdictions and the Israeli tax legislation.
b. Company taxation in Israel
The full corporate tax rate in Israel for the years 2025 and 2024 is 23%. The Company has final tax assessments up to the year 2024.
Under the 2017 Amendment, provided the conditions stipulated therein are met, technological income derived by Preferred
Companies from “Preferred Technological Enterprise” (as defined in the 2017 Amendment), would be subject to reduced corporate
tax rates of 12%.
A Preferred Company distributing dividends from technological income derived from its PTE would generally subject the recipient
to a 20% withholding tax (or lower, if so provided under an applicable tax treaty).
In January 2022, the Company’s status as a PTE, as accredited by the ITA under the tax regime in Israel, has been extended for the
years 2022, 2023, 2024, 2025 and 2026, subject to the Company complying with the conditions of the Investment Law. Consequently,
the Company’s corporate tax rate for each of these years will be reduced from 23% to 12% and the withholding tax rate applicable
for dividends will be reduced from 25% to 20%.
c. Tax assessments
The assessments of amounts of current and deferred taxes require the Group’s management to take into consideration
uncertainties that its tax position will be accepted and of incurring any additional tax expenses. This assessment is based on
estimates and assumptions based on interpretation of tax laws and regulations, and the Group’s past experience. It is possible
that new information will become known in future periods that will cause the final tax outcome to be different from the amounts
that were initially recorded, such differences will impact the current and deferred income tax assets and liabilities in the period in
which such determination is made.
d. Corporate taxation in subsidiaries
SUBSIDIARY
2025
2024
TAX REGULATION
UK
25%
25%
Tax laws in United Kingdom
CY
12.5%
12.5%
Tax laws in Cyprus
AU
30%
30%
Tax laws in Australia
Other Group subsidiaries do not have significant taxable income and the overall effect of the income of those subsidiaries on the
Group’s tax expenses is immaterial.
e. Deferred income taxes
Deferred tax assets:
The deferred income tax assets relate mainly to payroll and related expenses of the share based compensation plans (see Note 9).
The deferred tax assets were computed in 2025 and 2024 at a tax rate of 12%.
Deferred tax liability:
The deferred tax liabilities are related to intangible assets recognised through business combination.
127
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Financial statements

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
CONTINUED
NOTE 10 - INCOME TAX EXPENSE continued
f. Taxes on income included in the consolidated income statements for the reported years
US DOLLARS IN MILLIONS
2025
2024
Current taxes in respect of current year’s profits
60.1
64.4
60.1
64.4
Change of deferred tax assets (see Note 10e)
(2.5)
(0.3)
Taxes on income expenses
57.6
64.1
g. Reconciliation of the theoretical tax expense
Following is a reconciliation of the theoretical tax expense, assuming all income is taxed at the regular corporate tax rate applicable
to a company in Israel (see Note 10b) and the actual tax expense:
US DOLLARS IN MILLIONS
2025
2024
Income before taxes on income, as reported in the consolidated income statement
338.9
337.2
Theoretical tax expense in respect of this year’s income – at 23%
77.9
77.6
Less tax benefits arising from preferred technological income in respect of the current year
(15.9)
(11.9)
Decrease in taxes resulting from different tax rates applicable to foreign subsidiaries
(2.5)
(2.1)
Impact of change in tax rates on deferred tax balances and temporary differences
2.4
(0.4)
Increase (decrease) in taxes in respect of currency differences and expenses not deductible for tax purposes
(4.3)
0.9
Taxes on income for the reported year
57.6
64.1
h. Pillar Two – Background
The Pillar Two model rules, released on 20 December 2021, are part of the two-pillar solution to address the tax challenges of the
digitalisation of the economy that was agreed by 142 member jurisdictions of the OECD/G20 Inclusive Framework on BEPS and
endorsed by the G20 Finance Ministers and Leaders in October 2021.
The Pillar Two model rules are designed to ensure large multinational enterprises (“MNEs”) pay a minimum level of tax on the
income arising in each jurisdiction where they operate.
Taxpayers in scope (MNEs with global revenue of at least EUR 750 million in at least two years out of the four previous years)
calculate their effective tax rate according to the model rules provisions for each jurisdiction where they operate, and should pay
top-up tax on the difference between their effective tax rate per jurisdiction and the 15% minimum rate. Any resulting top-up tax will
be charged according to the coordinated system of interlocking rules that was introduced in the model rules (Qualified Domestic
Minimum Top-Up Tax – QDMTT, Income Inclusion Rule – IIR, Under Tax Payment Rule – UTPR). A de minimis exclusion applies where
there is a relatively small amount of revenue and income in a jurisdiction or when several other conditions are met.
The Multinational enterprises top-up tax exposure:
Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates. However, this
legislation does not apply to the Group as its consolidated revenue is lower than EUR 750 million.
NOTE 11 - EARNINGS PER SHARE
Earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average
number of ordinary shares in issue during the year.
2025
2024
Profit attributable to equity holders of the Company (US dollars in millions)
281.3
273.1
Basic
71,491,575
76,459,266
Dilutive effect of equity share based compensation
2,795,370
2,733,527
Diluted
74,286,945
79,192,793
Basic earnings per share (In US dollars)
3.93
3.57
Diluted earnings per share (In US dollars)
3.79
3.45
* After weighting the effect of the Company’s share buyback programmes. See Note 12.
128
Plus500 Ltd. 2025 Annual Report

NOTE 12 - COMPANY’S SHARES HELD BY THE COMPANY
The Board approves share buyback programmes. The share buyback programmes are funded from the Company’s net cash
balances.
2024
6,840,104
195.0
£22.23
2025
5,344,366
215.0
£30.49
During the years ended 31 December 2025 and 2024, the Company issued 1,455,439 and 1,440,691 of its treasury shares, respectively,
in accordance with the various share based equity settled compensation grants.
During the period starting 1 January 2026 and up to 18 March 2026, as the latest practicable date before the signing date of the
consolidated financial statements, the Company purchased an additional 478,796 ordinary shares (or 0.42%) in the capital of the
Company for an aggregate purchase amount of $27.0 million pursuant to these share buyback programmes. The ordinary shares
were bought back at an average price of £41.72.
NOTE 13 - DIVIDEND
The amounts of dividends and the amounts of dividends per share for the years 2025 and 2024 declared and distributed by the
Company are as follows:
PER SHARE (US $)
DATE OF PAYMENT TO SHAREHOLDERS
29 February 2024
74.8
0.9462
11 July 2024
29 August 2024
75.4
1.0000
11 November 2024
27 February 2025
89.7
1.2238
9 July 2025
21 August 2025
74.7
1.0553
11 November 2025
On 9 February 2026, the Company declared a final dividend and a special dividend in the amounts of $30.3 million and $57.2 million,
respectively (see Note 27).
* Between the dividend announcement date and the record date of the dividend, the number of issued and outstanding ordinary shares of the Company
decreased as a result of the repurchase by the Company of ordinary shares during such period and the classification of such repurchased ordinary shares
as treasury shares that are not entitled to dividends. However, this did not affect the dividend per share as announced on the dividend announcement date.
NOTE 14 - OTHER RECEIVABLES AND OTHERS
US DOLLARS IN MILLIONS
2025
2024
Securities at fair value
–
1.5
Prepaid expenses
5.1
6.0
Excess funds in segregation, net*
12.9
5.0
Other
40.5
17.6
58.5
30.1
Amount required to be segregated
(905.3)
(348.8)
Amount in segregation
918.2
353.8
12.9
5.0
All the financial assets included among other receivables and others are for relatively short periods. Therefore, their fair values
approximate or are similar to their carrying amounts.
129
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Financial statements

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
CONTINUED
NOTE 15 - PROPERTY, PLANT AND EQUIPMENT
Composition of assets, grouped by major classifications and changes therein in 2025 is as follows:
IMPROVEMENTS
TOTAL
Balance at beginning of year
6.2
14.5
20.7
Additions
3.5
1.1
4.6
Balance at end of year
9.7
15.6
25.3
Balance at beginning of year
3.5
5.4
8.9
Additions
1.0
1.1
2.1
Balance at end of year
4.5
6.5
11.0
Depreciated balance as of 31 December 2025
5.2
9.1
14.3
Depreciated balance as of 31 December 2024
2.7
9.1
11.8
NOTE 16 - CASH AND CASH EQUIVALENTS
Cash and cash equivalents by currency of denomination:
US DOLLARS IN MILLIONS
2025
2024
USD
640.6
688.7
EUR
67.1
78.5
GBP
16.7
17.3
AUD
17.0
20.2
NIS
25.1
57.8
Other
35.1
27.5
Own cash and cash equivalents
801.6
890.0
NOTE 17 - OTHER PAYABLES
US DOLLARS IN MILLIONS
2025
2024
Payroll, tax and related liabilities
66.5
50.6
Share based compensation
11.2
7.2
Other
52.4
60.9
130.1
118.7
The financial liabilities included among other payables are for relatively short periods. Therefore, their fair values approximate or
are similar to their carrying amounts.
Cash settled share based compensation programmes - The Group grants Share Appreciation Rights to selected employees.
The rights are settled in cash at the end of the vesting period for those who remain employed by the Group. For the years ended
31 December 2025 and 2024, $7.8 million and $6.2 million were recognised as expenses, respectively.
NOTE 18 - SERVICE SUPPLIERS
Service suppliers are comprised mainly of amounts due to advertising service suppliers, their fair values approximate or are similar
to their carrying amounts.
130
Plus500 Ltd. 2025 Annual Report

NOTE 19 - TRADE PAYABLES - DUE TO CLIENTS
US DOLLARS IN MILLIONS
2025
2024
Customers’ deposits, net*
292.8
260.3
Segregated client funds
(257.5)
(235.0)
35.3
25.3
Customers’ deposits
395.2
373.6
Gross amount of assets
(129.3)
(132.1)
Gross amount of liabilities
26.9
18.8
292.8
260.3
* The total amount of ’Trade payables - due to clients’ includes bonuses to clients.
NOTE 20 - LEASES
The Group has real estate lease agreements.
a) Right of use assets:
REAL ESTATE LEASES
2025
2024
At 1 January
14.1
17.1
Additions
7.3
0.1
Amortisation
(3.0)
(3.1)
At 31 December
18.4
14.1
b) Lease liabilities:
REAL ESTATE LEASES
2025
2024
At 1 January
15.8
18.4
Additions
7.3
0.1
Interest expense
1.4
1.0
Lease payments
(3.7)
(3.3)
Exchange differences
1.6
(0.4)
At 31 December
22.4
15.8
NOTE 21 - COMMITMENTS
a. The Company and Club BSC Young Boys Betriebs AG (“BSC Young Boys”) entered into a sponsorship agreement on 2 June 2020
under which the Company is entitled to advertise and promote itself as the main sponsor of BSC Young Boys for the 2020/21,
2021/22 and 2022/23 seasons. The Company and BSC Young Boys agreed to extend the agreement term until 30 June 2026.
b. The Company and Club Legia Warszawa S.A (“Legia”) entered into a sponsorship agreement on 9 August 2020 under which the
Company is entitled to advertise and promote itself as the main sponsor of Legia for the 2020/21, 2021/22 and 2022/23 seasons.
The Company and Legia agreed to extend the agreement term until 30 June 2026.
c. The Company and the NBA’s Chicago Bulls entered into a multi-year sponsorship agreement on October 2022 to become an
official global partner of the Chicago Bulls under which the Company is entitled to advertise and promote itself.
131
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Financial statements

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
CONTINUED
NOTE 22 - SHARE CAPITAL
Composed of ordinary shares of NIS 0.01 par value, as follows:
2025
2024
Authorised
300,000,000
300,000,000
Issued and fully paid
114,888,377
114,888,377
Less treasury shares*
(44,458,677)
(40,569,750)
Outstanding shares
70,429,700
74,318,627
* Number of accumulated ordinary shares that were purchased by the Company as part of the share buyback programmes, less issue of treasury shares.
NOTE 23 - GOODWILL AND OTHER INTANGIBLE ASSETS, NET
Goodwill and other intangible assets, net are related to business combination transactions completed in previous years and
comprises Regulatory licences, Goodwill, Technology and Customer relationships, net. As at 31 December 2025, Goodwill and other
intangible assets, net, comprises of Regulatory licences of $28.6 million, Goodwill of $8.6 million and Technology and Customer
relationships, net, of $0.3 million (31 December 2024: Regulatory licences of $28.6 million, Goodwill of $8.6 million and Technology
and Customer relationships, net, of $0.7 million).
The recoverable amount of a cash generating unit is based on the calculation of the value in use. As part of these calculations,
the Company used the pre-tax expected cash flows based on the USA business combination cash generating unit’s past results,
its budget for the next year and the forecast for the following years. The recoverable amount of the cash generating unit was
calculated by Company’s management and the pre-tax discount rate was calculated by an external party and reviewed by
Company’s management. The valuation as of 31 December 2025 and 2024, used a pre-tax discount rate of 16.5% and 17.0%,
respectively and a terminal growth rate of 2%.
As at 31 December 2025 and 2024, the recoverable amounts of the cash generating unit are higher than their carrying amounts,
and it was not required to record impairment.
NOTE 24 - RELATED PARTIES AND KEY MANAGEMENT
a. Key management personnel definition:
The Directors and other members of management are classified as Persons Discharging Management Responsibility (“PDMR”) in
accordance with IAS 24 and the Market Abuse Regulation.
The Directors’ Remuneration Report discusses all the benefits and share based compensation earned during the year and the
preceding year by the Directors.
b. Company’s liabilities in respect of related parties and key management services (part of other payable):
US DOLLARS IN MILLIONS
2025
2024
Related party and key management liabilities
10.9
7.3
c. Expenses to related parties and key management:
US DOLLARS IN MILLIONS
2025
2024
Payroll and related expenses and service fees (selling and marketing expenses)
8.0
7.7
Payroll and related expenses and service fees (administrative and general expenses)
20.1
20.5
Non-Executive Directors’ fees (administrative and general expenses)
1.3
1.3
The average number of key management personnel during FY 2025 was 20 (FY 2024: 21).
132
Plus500 Ltd. 2025 Annual Report

NOTE 25 - FINANCIAL RISK MANAGEMENT
The Group operates in the fields of OTC and share dealing, as well as futures and options on futures. In the field of OTC, the Group
engages only with individual clients and offers OTC referenced to shares, indices, commodities, options, ETFs, cryptocurrencies
and foreign exchange pairs. In the field of share dealing, the Group engages only with individual clients and offers a wide range of
financial instruments comprised of the world’s most popular equities, listed on major exchanges worldwide. In the field of futures
and options on futures, the Group engages through its subsidiary in the US which is an FCM that clears and executes futures
contracts and options on futures contracts for both B2B (Institutional) and B2C (Retail) customers.
The Group’s activities expose it to a variety of financial risks: market risk (including currency risk and price risk), credit risk and
liquidity risk. The Group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to
minimise potential adverse effects on the Group’s financial performance.
a. Market risk
Market risk is the risk that changes in market prices will affect the Group’s income or the value of its holdings of financial instruments.
This risk can be divided into market price risk and foreign currency risk, as described below.
The Group’s market risk is managed on a Group-wide basis and exposure to market risk at any point in time depends primarily on
short-term market conditions and the levels of client activity. The Group utilises market position limits for operational efficiency. Not
all net OTC client exposures are hedged and the Group may have a substantial net OTC position in any of the financial markets in
which it offers products. The Group implemented targeted hedging, with a view to reducing market risk. This focused approach is
deployed in certain circumstances, as and when appropriate.
The Group’s OTC market risk policy incorporates a methodology for setting market position limits, consistent with the Group risk
appetite, for each financial instrument in which the Group OTC clients can trade.
These limits are determined based on the Group OTC clients’ trading levels, volatilities and the market liquidity of the underlying
financial product or asset class. The limits represent the maximum long and short client exposure that the Group will hold without
hedging the net OTC client exposure.
The Group’s real-time OTC market position monitoring system is intended to allow it to continually monitor its OTC market exposure
against these limits. If exposures exceed these limits, the Group either hedges or new OTC client positions are being offered in a
smaller size and partially could be rejected under the Group’s policy.
It is the approach of the Group to observe during the year the “natural” hedge arising from the Group’s global OTC clients in order
to reduce the Group’s net market exposure.
The Group’s exposure to market risk at any point in time depends primarily on short-term market conditions and client activities
during the trading day. The exposure at each statement of financial position date may therefore not be representative of the
market risk exposure faced by the Group over the year. The Group’s exposure to market risk is determined by the exposure limits
described above which change from time to time.
1. Market price risk
This is the risk that the fair value of a financial instrument fluctuates as a result of changes in market prices other than due to the
effect of transactional foreign currency exposures risk.
The Group has market price risk as a result of its OTC trading activities on shares, indices, commodities, options, ETFs, cryptocurrencies
and foreign exchange pairs, part of which is naturally hedged as part of the overall market risk management. The exposure is
monitored on a Group-wide basis.
OTC exposure limits are set by the risk department and management for each financial instrument, and also for groups of financial
instruments where it is considered that their price movements are likely to be positively correlated. The exposures are reviewed by
the Regulatory & Risk Committee.
Daily profit on OTC closed positions:
US DOLLARS IN MILLIONS
2025
2024
Highest profit
36.9
27.6
Highest loss
(2.5)
(5.6)
Average
1.8
1.8
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Strategic report Governance
Financial statements

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
CONTINUED
NOTE 25 - FINANCIAL RISK MANAGEMENT continued
a. Market risk continued
2. Foreign currency risk
Transactional foreign currency exposures represent financial assets or liabilities denominated in currencies other than the
functional currency of the Group. Transaction exposures arise in the normal course of business.
Foreign currency risk is managed on a Group-wide basis, while the Group exposure to foreign currency risk is not considered by the
Board to be significant. The Group monitors transactional foreign currency risks, including currency statement of financial position
exposures, equity, commodity, interest and other positions denominated in foreign currencies and trades on foreign currencies.
If the US dollar had strengthened by 3% as at 31 December 2025, in respect of balances denominated in other currencies, with all
other variables unchanged, the exposure on income after taxes in respect of those balances would be a gain (loss) of ($0.3) million
in respect of EUR, $1.4 million in respect of ILS, ($0.1) million in respect of GBP and ($0.2) million in respect of AUD. The exposure in
respect of balances denominated in other currencies is immaterial.
b. Credit risk
The Group operates a real-time mark-to-market OTC trading platform with customers’ profits and losses being credited and
debited automatically to their accounts.
Under the Group’s policy, OTC customers cannot owe the Group funds when losing more than they have in their accounts, all OTC
customer accounts are pre-funded.
OTC Client credit risk – Client credit risk principally arises when a customer’s total funds deposited (margin and free equity) are
insufficient to cover any trading losses incurred. In particular, customer credit risk can arise where there are significant, sudden
movements in the market (e.g. due to high general market volatility or specific volatility relating to an individual financial instrument
in which a customer has an open position).
The principal types of OTC customer credit risk exposures are managed by monitoring all customer positions on a real-time basis.
If customers’ funds are below the required margin level, customers’ positions are liquidated (margin call).
Institutional credit risk – The risk that financial counterparties will not meet their obligation, risking both client and the Group’s
assets.
The carrying amount of the Group’s financial assets represents their maximum exposure to credit risk.
The Group has no material financial assets that are past due or impaired as at the reporting dates.
As at 31 December 2025 and 2024, counterparties holding the Group’s cash and cash equivalents, credit cards, client funds and
deposits, have credit ratings as follows:
CREDIT RATING*
2025
2024
AAA to A-
94%
97%
BBB+ to B-
5%
0%
Remaining counterparties
1%
3%
* The financial institutions were rated by the same third party.
As at 31 December 2025, the amounts held by the remaining counterparties are held in several counterparties worldwide. The
balance in each of those counterparties does not exceed 1% (2024: 1%) of total cash and cash equivalents, credit cards, client funds
and deposits.
The Group’s largest credit exposure to any single bank as at 31 December 2025 was $541.5 million or 27% of the exposure to all banks
(2024: $293.8 million or 20%).
134
Plus500 Ltd. 2025 Annual Report

c. Concentration risk
Concentration risk is defined as all risk exposures with a loss potential which is large enough to threaten the solvency or the
financial position of the Group. In respect of financial risk, such exposures may be caused by credit risk, market risk, liquidity risk or
a combination or interaction of those risks.
d. Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations arising from its financial liabilities that are
settled by delivering cash or other financial assets.
Liquidity risk is managed centrally and on a Group-wide basis. The Group’s approach to managing liquidity is to ensure it will have
sufficient liquidity to meet its financial liabilities when due, under both normal circumstances and stressed conditions.
The Group’s approach is to ensure that there will be no material liquidity mismatches with regard to liquidity maturity profiles due
to the very short-term nature of its financial assets and liabilities.
A result of this policy is that short-term liquidity “gaps” can potentially arise in periods of very high client activity or significant
increases in global financial market levels.
The contractual maturity of the financial liabilities to service suppliers is generally up to two months.
e. Capital Management
1) Plus500UK
The UK Subsidiary is regulated by the FCA.
The UK Subsidiary manages its capital resources on the basis of regulatory capital requirements under the Investment Firms
Prudential Regime (IFPR) and its own assessment of capital required to support all material risks throughout the business. The
UK Subsidiary manages its regulatory capital through an Internal Capital Adequacy and Risk Assessment process (known as the
ICARA) in accordance with guidelines and rules implemented by the FCA. The assessment is compared to regulatory eligible
capital on a daily basis which is monitored by the management.
As at 31 December 2025 and 2024, the UK Subsidiary had GBP 54.4 million and GBP 54.3 million, respectively, of eligible capital, which
is in excess of its regulatory capital requirement.
2) Plus500CY
The CY Subsidiary is regulated by the CySEC.
The CY Subsidiary manages its capital resources on the basis of regulatory capital requirements (“Pillar 1”) and its own assessment
of capital required to support all material risks throughout the business (“Pillar 2”). The CY Subsidiary manages its capital through
an Internal Capital Adequacy and Risk Assessment (“ICARA”) process in accordance with guidelines and rules implemented by
CySEC.
The CY Subsidiary monitors on a frequent basis its Pillar 1 capital requirements and ensures that its capital and liquidity position
remains always above the minimum regulatory thresholds. As at 31 December 2025 and 2024, the CY Subsidiary held EUR 125.1 million
and EUR 124.9 million, respectively, of eligible capital which is in excess of both its regulatory capital requirement (Pillar 1) and the
internally measured capital requirement (Pillar 2).
As at 31 December 2025 and 2024, the CY Subsidiary’s Pillar 1 Capital Adequacy ratio on a fully-phased-in basis was 554.2% and
571.7%, respectively.
135
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Financial statements

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
CONTINUED
NOTE 25 - FINANCIAL RISK MANAGEMENT continued
e. Capital Management continued
3) Plus500AU
The AU Subsidiary is regulated by the ASIC, FMA and FSCA.
The AU Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital
required to support all material risks. The AU Subsidiary manages its capital through its Net Tangible Assets (“NTA”) assessment in
accordance with rules and guidelines implemented by ASIC and FMA and Capital Liquidity assessment in accordance with rules
and guidelines implemented by FSCA.
As at 31 December 2025 and 2024, the AU Subsidiary held AUD 22.3 million and AUD 20.6 million, respectively, of eligible capital,
which is in excess of its NTA requirements from the ASIC, FMA and FSCA.
4) Plus500SG
The SG Subsidiary is regulated by the MAS.
The SG Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of
capital required to support all material risks. The SG Subsidiary manages its capital in accordance with rules and guidelines
implemented by the MAS.
As at 31 December 2025 and 2024, the SG Subsidiary held SGD 9.6 million and SGD 9.5 million, respectively, of eligible capital, which
is in excess of its MAS requirements.
5) Plus500IL
The IL Subsidiary is regulated by the ISA.
The IL Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital
required to support all material risks. The IL Subsidiary manages its capital in accordance with rules and guidelines implemented
by the ISA.
As at 31 December 2025 and 2024, the IL Subsidiary held NIS 67.0 million and NIS 55.8 million, respectively, of eligible capital, which
is in excess of its ISA requirements.
6) Plus500SEY
The SEY Subsidiary is regulated by the FSA.
The SEY Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of
capital required to support all material risks. The SEY Subsidiary manages its capital in accordance with rules and guidelines
implemented by the FSA.
As at 31 December 2025 and 2024, the SEY Subsidiary held sufficient levels of eligible capital, which is in excess of its FSA requirements.
7) Plus500US Financial Services
Plus500US Financial Services is a Futures Commission Merchant (“FCM”) registered with the CFTC and is a member of the National
Futures Association (“NFA”).
As at 31 December 2025 and 2024, the Plus500US Financial Services Subsidiary had a net capital of USD 116.8 million and USD
115.5 million, respectively, which is in excess of CFTC Regulation 1.17 and the minimum capital requirements of the CME Group Inc.
8) Plus500EE
The EE Subsidiary is regulated by the EFSA.
The EE Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital
required to support all material risks. The EE Subsidiary manages its capital in accordance with rules and guidelines implemented
by the EFSA.
As at 31 December 2025 and 2024, the EE Subsidiary held EUR 5.8 million and EUR 5.6 million, respectively, of eligible capital, which
is in excess of its EFSA requirements.
9) Plus500JP
The JP Subsidiary is regulated by the FSA.
The JP Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital
required to support all material risks. The JP Subsidiary manages its capital in accordance with rules and guidelines implemented
by the FSA.
As at 31 December 2025 and 2024, the JP Subsidiary held JPY 692.3 million and JPY 663.4 million, respectively, of eligible capital,
which is in excess of its FSA requirements.
136
Plus500 Ltd. 2025 Annual Report

10) Plus500AE
The AE Subsidiary is regulated by the DFSA.
The AE Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital
required to support all material risks. The AE Subsidiary manages its capital in accordance with rules and guidelines implemented
by the DFSA.
As at 31 December 2025 and 2024, the AE Subsidiary held USD 2.7 million and USD 2.6 million, respectively, of eligible capital, which
is in excess of its DFSA requirements.
11) Plus500BHS
The BHS Subsidiary is regulated by the SCB.
The BHS Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of
capital required to support all material risks. The BHS Subsidiary manages its capital in accordance with rules and guidelines
implemented by the SCB.
As at 31 December 2025 and 2024, the BHS Subsidiary held USD 0.7 million and USD 1.2 million, respectively, of eligible capital, which
is in excess of its SCB requirements.
12) Plus500Gulf
The Gulf Subsidiary is regulated by the SCA.
The Gulf Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of
capital required to support all material risks. The Gulf Subsidiary manages its capital in accordance with rules and guidelines
implemented by the SCA.
As at 31 December 2025, the Gulf Subsidiary held AED 31.1 million of eligible capital, which is in excess of its SCA requirements.
13) Plus500CA
The CA Subsidiary is regulated by the CIRO.
The CA Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of
capital required to support all material risks. The CA Subsidiary manages its capital in accordance with rules and guidelines
implemented by the CIRO.
As at 31 December 2025, the CA Subsidiary held CAD 1.4 million of eligible capital, which is in excess of its CIRO requirements.
f. Other business risks
The Group’s business is subject to various laws and regulations in different countries according to its activity and other countries
from where the Group operates. Any regulatory actions, tax or legal challenges against the Group for non-compliance with any
regulatory or legal requirement could result in significant fines, penalties, or other enforcement actions, increased costs of doing
business through adverse judgement or settlement, reputational harm, the diversion of significant amounts of management time
and operational resources, and could require changes in compliance requirements or limits on the Group’s ability to expand its
product offerings, or otherwise harm or have a material adverse effect on the Group’s business.
g. Fair value estimation
Financial derivative open positions (offset from, or presented with, deposits from clients within “Trade payable – due to clients”)
(see also Note 19) are measured at fair value through profit or loss using valuation techniques. These valuation techniques are
based on inputs other than quoted prices in active markets that are observable for the asset or liability, either directly (that is, as
prices) or indirectly (that is, derived from prices).
These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity
specific estimates. All significant inputs required for the fair value estimations of these instruments are observable.
Specific valuation techniques used to value financial instruments are based on quoted market prices at the consolidated
statement of financial position date and an additional predetermined amount (trading spread).
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Strategic report Governance
Financial statements

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
CONTINUED
NOTE 26 - CASH GENERATED FROM OPERATIONS
US DOLLARS IN MILLIONS
2025
2024
Net income for the year
281.3
273.1
Depreciation and amortisation
2.5
3.1
Amortisation of right of use assets
3.0
3.1
Changes of equity and cash share based compensation
25.8
19.9
Taxes on income
57.6
64.1
Interest expenses in respect of leases
1.4
1.0
Exchange differences in respect of leases
1.6
(0.4)
Interest income
(62.8)
(56.7)
Foreign exchange losses (gains) on operating activities
(24.9)
(0.3)
4.2
33.8
Decrease (increase) in other receivables
(31.5)
(5.7)
Increase (decrease) in trade payables due to clients
10.0
(4.9)
Increase (decrease) in other payables
7.4
20.8
Increase (decrease) in service suppliers
(5.2)
4.8
(19.3)
15.0
Cash generated from operations
266.2
321.9
Non-cash transactions
During the years ended 31 December 2025 and 2024, $7.3 million and $0.1 million in right of use assets and lease liabilities were
recognised, respectively.
NOTE 27 - SUBSEQUENT EVENTS
In February 2026, the Company completed the acquisition of 100% of the share capital of Mehta Equities Private Limited. The total
cash consideration was approximately $20 million and was funded from the Company’s existing cash balances. The acquisition is
not expected to have a material impact on the Group’s financial position.
On 9 February 2026, the Company declared a final dividend in an amount of $30.3 million ($0.4314 per share). The dividend record
date is 20 February 2026 and it will be paid to the shareholders on 9 July 2026.
On 9 February 2026, the Company declared a special dividend in an amount of $57.2 million ($0.8143 per share). The dividend
record date is 20 February 2026 and it will be paid to the shareholders on 9 July 2026.
On 9 February 2026, the Company declared the adoption of a share buyback programme to buy back up to $100.0 million of the
Company’s ordinary shares, comprised of a final share buyback programme in the amount of $30.3 million and a special share
buyback programme in the amount of $69.7 million.
138
Plus500 Ltd. 2025 Annual Report

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Plus500 Ltd. 2025 Annual Report