Etoro Group Ltd. · NASDAQ:ETOR
Etoro — Q4 2025 Earnings Presentation
50 slides from Etoro's earnings presentation, Feb 17, 2026
Slide 1: Shareholder Update Fourth Quarter & Full Year 2025
eToro Group Ltd. Shareholder Update Fourth Quarter & Full Year 2025 February 17, 2026
Slide 2: Disclaimers
Disclaimers This Presentation Relates to eToro’s Broader Earnings Announcement Disclosures This presentation accompanies the fourth quarter 2025 earnings announcement of eToro Group Ltd. (including its consolidated subsidiaries, “eToro,” “we,” “us,” “our” or the “Company”) and should be read togethe
Slide 3: Our Vision and Our Mission
Our Vision Our Mission Opening the global markets for everyone to trade To open the global markets, connect you to leading and invest in a simple and transparent way. investors, and give you the tools you need to grow your knowledge and wealth. 3
Slide 4: Delivered Growth Across All Core Metrics
FY 2025 Delivered Growth Across All Core Metrics Funded Assets Under Net Adjusted Accounts (M) Administration ($,B) Contribution ($M) EBITDA ($M) + 9% YoY + 11% YoY + 10% YoY + 4% YoY 3.8 18.5 16.6 868 3.5 788 3.0 304 317 9.6 556 117 2023 2024 2025 2023 2024 2025 2023 2024 2025 2023 2024 2025 Funded
Slide 5: Built to Win in Every Market Condition
Built to Win in Every Market Condition eToro’s diversified multi-asset offering meets shifting investor demand and capitalizes on market momentum, volatility and the changing macro environment. Commission from Trading Activity by Asset Class 11% 23% 15% 27% 3% 34% 12% 12% 38% 17% 44% 44% 45% 4% 16%
Slide 6: Business Highlights
Q4 2025 Business Highlights + 9% YoY + 11% YoY -10% YoY -19% YoY 3.81M Funded Accounts $ 18.5B Assets Under Administration $ 227MNet Contribution $ 87M Adjusted EBITDA Funded Accounts in: Europe and U.K. 71% Americas 10% Asia Pacific 15% Middle East & Africa 4% Funded Accounts, Assets Under Administ
Slide 7: Four Strategic Pillars Driving Growth
Four Strategic Pillars Driving Growth Delivering on multi-year strategic plan to drive global expansion, product localization and establish eToro as the broker of choice. Share of Users’ Wallet Trading Investing Wealth Management Neo-Banking Redefine trading with AI- Provide a localized, always-on S
Slide 8: Accelerating Speed to Market Across Product Lines
Trading 24/ 7 Tokeni zed Stocks Buying Power 2024 -- 2026 Order Types Stock Margin Trading Accelerating Speed to Market Crypto Margin Trading Options Trading (ROW) Across Product Lines Prediction Markets More Stock Exchanges , 100 000 Tradable Assets Smart Portfolios eToro App Store with Franklin Te
Slide 9: Accelerating Our Mission
Accelerating Our Mission 2030 The Financial Factors supporting our growth and the democratization of investing Super App Innovation AI-First. On-Chain Ready Embedding AI across product and operations to accelerate development and 2026 deliver smarter, more personalized investing. Bridging crypto, to
Slide 10: The Next Generation of Retail Investors
Future TAM (2035) $482T The Next Generation of Retail Total Investable Wealth Worldwide Investors: Leading the Wealth Transfer Capturing the Structural Shift: Leading the Today’s TAM Transition from Legacy Custody to Digital $350T 75% Market Dominance. Total Investable Wealth Worldwide of retail inv
Slide 11: Product
Product
Slide 12: Continuous, Borderless Access to Global Markets
TRADING Continuous, Borderless Access to Global Markets One seamless trading universe, open 24/7, across markets, assets, and geographies. Buy Always On Trading Futures & Options 150+ Cryptoassets 25 Stock Exchanges Provided extended access to global Broadened derivatives access by Expanded the cryp
Slide 13: Building a Bespoke Investing Experience
INVESTING Building a Bespoke Investing Experience Enabling users to personalize their investing experience through intelligent tools and subscriptions. eToro Apps Tori, eToro AI Analyst eToro Club Subscription Yield Generating Solutions Launching apps ahead of the roll out Introduced Tori, eToro's A
Slide 14: The eToro App Store
INVESTING The eToro App Store The eToro App Store elevates personalization across the platform. Through public APIs and AI-powered tools, investors can design, launch, and integrate their own applications directly into the eToro experience . By turning users and partners into builders, we accelerate
Slide 15: Portfolios Built to Outperform
INVESTING Portfolios Built to Outperform Select eToro Smart Portfolios vs. Benchmark Built by eToro’s Investment Office, eToro’s Smart Portfolios eToro EmergingNations vs. have delivered solid returns and outperformed some of the MSCI Emerging Markets ex China Index global indices and market benchma
Slide 16: Celebrating 15 Years of Social Investing
INVESTING 17 Celebrating 15 Years $10M+ in 11+ AUC*** of Social Investing Strategies 70+ Countries eToro’s global community of investors 125 $1M+ 65% continues to redefine how people learn, 5Y+ Tenure share, and invest together. 69 in AUC PhDs More than* 5,000 Investors are now enrolled in the eToro
Slide 17: Pro Investors
eToro Pro Investors Copiers* 2025 5-Year Total** Thomas Parry Jones 35,129 51% 286% 275% Pietari Laurila 24,646 46% 228% 243% Zechariah Bin Zheng 11,864 20% 168% 147% Stewart Fitzell 9,956 33% 116% 123% Dan Hamernik 9,802 80% 193% 213% Michal Hlavacka 7,489 46% 399% 346% Amit Kupfer 5,584 -9% 226% 2
Slide 18: Building the Wealth Layer of the eToro Ecosystem
WEALTH MANAGEMENT Building the Wealth Layer of the eToro Ecosystem Capturing the trillion-dollar global savings opportunity through long-term, local products. Recurring Investments in the Superannuation (Australia) U.K., E.U., U.A.E and Australia Assets under administration in our Expanded the rollo
Slide 19: Bridging Traditional and Decentralized Finance
NEO BANKING Bridging Traditional and Decentralized Finance Scaling local money management, crypto services, and non-custodial Web3 functionality within eToro — creating a seamless financial layer that connects everyday banking with digital asset access. . 1 87M 6.5x Increase in debit cards eToro Mon
Slide 20: One Platform, Unlimited Growth
GLOBAL EXPANSION One Platform, Unlimited Growth Driving international growth through a unified infrastructure and proven playbook. Expansion into Asia Momentum in the U.S. Scaling in the U.A.E. Activated Capital Markets Services license Strengthened engagement in the U.S. and Expanded eToro’s footpr
Slide 21: Scaling eToro's Global Brand Through Sports Sponsorships
Scaling eToro’s Global Brand Through Sports Sponsorships Leveraging community-led partnerships to build brand awareness and long-term engagement at scale. Sports sponsorships allow eToro to build brand awareness at scale by engaging large, trusted communities that align closely with eToro’s social i
Slide 22: Fast Marketing Payback and Strengthening Cohorts
Fast Marketing Payback and Strengthening Cohorts Cumulative ARPU by Quarterly Cohort. Marketing spend (CAC) is typically repaid within 2–3 quarters, with newer cohorts outperforming prior vintages. 1000 Cohort Q3 2025 Cohort Q2 2025 Cohort Q1 2025 Cohort Q4 2024 Cohort Q3 2024 750 Cohort Q2 2024 Coh
Slide 23: KPIs & Financials
Fourth Quarter & Full Year 2025 KPIs & Financials
Slide 24: Funded Accounts
Funded Accounts A 9% YoY rise in funded accounts reflects the impact of customer acquisition efforts and consistently high retention. +9% YoY 3.81 Funded Accounts (M) 3.73 3.58 3.63 3.48 3.04 3.13 3.17 3.21 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2024 2024 2024 2025 2025 2025 2025 In Q4 2024, 180,000 n
Slide 25: Commission From Trading Activity by Asset Class
Commission From Trading Activity by Asset Class Equities and commodities led Q4 commissions, reflecting active trading conditions. 33% 31% 38% 4% 4% 38% 43% 44% 4% 8% 45% 15% 4% 48% 2% 45% 46% 4% 52% 50% 8% 4% 20% 6% 16% 6% 4% 20% 28% 15% 21% 26% 24% 30% 23% 30% 26% 43% 25% 19% 50% 37% 20% 33% 24% 1
Slide 26: Net Contribution Breakdown
Net Contribution Breakdown Capital markets activity reached an all-time high in 2025. 868 All figures ($M) 788 155 252 227 193 217 210 215 556 201 26 27 56 167 167 46 155 17 95 56 20 61 22 399 329 73 116 306 73 83 80 97 114 92 84 184 217 45 50 50 46 62 59 144 35 46 43 12 20 15 25 22 18 21 23 39 74 8
Slide 27: Trading Activity
Trading Activity A clear multi-asset strategy supports continued growth in capital markets trading and investment flows, providing resilience against crypto market volatility. Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q4-25 vs 2025 vs Number of Trades (M) 2024 2023 2024 2025 Q4-24 2024 2023 2024 2024 2024 2025 202
Slide 28: Interest Earnings Assets
Interest Earnings Assets Interest-earning assets rose 29% YoY in Q4-25 (vs. Q4-24) and 33% in 2025 (vs. 2024). Interest Earning Assets ($B) 7.9 8.1 7.2 6.2 6.4 6.3 5.4 5.0 5.2 5.2 4.5 4.3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 2023 2024 2024 2024 2024 2025 2025 2025 2025 For definition, see Gloss
Slide 29: Total Money Transfers
Total Money Transfers Total money transfers grew 29% YoY in Q4-25 (vs. Q4-24) and 32% in 2025 (vs. 2024). 11.6 Total Money Transfers ($B) 8.7 3.7 2.9 2.7 2.8 5.5 2.2 2.4 1.9 1.8 1.5 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2024 2024 2024 2025 2025 2025 2025 2023 2024 2025 For definition, see Glossary sl
Slide 30: Net Income
Net Income Net income increased 16% YoY in Q4-25 (vs. Q4-24) and 12% in 2025 (vs. 2024). Net Income ($M) 216 192 69 64 60 59 57 39 31 30 16 15 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 2023 2024 2024 2024 2024 2025 2025 2025 2025 Net income for Q2 2025 includes expenses of $8.4 million related to th
Slide 31: Adjusted EBITDA
Adjusted EBITDA Adjusted EBITDA grew 4% YoY in 2025 (vs. 2024), despite a 19% decline in Q4-25 (vs. Q4-24), which had benefited from peak crypto and equity market activity during the presidential election. 304 317 Adjusted EBITDA($M) 108 87 80 87 78 72 55 55 117 41 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 20
Slide 32: AUA Breakdown ($B)
AUA Breakdown ($B) AUA grew 11% YoY, driven by market gains in equities and cash inflows. 20.8 18.5 Cryptoassets 17.5 16.6 Equities 14.8 5.3 Cash 7.8 12.2 11.8 11.3 6.5 9.7 7.0 5.6 4.2 5.5 4.4 3.8 9.3 9.6 7.9 5.0 6.6 6.4 4.2 4.5 3.7 2.2 2.5 2.4 2.6 3.0 2.8 3.1 3.7 3.6 December 31, March 31, June 30,
Slide 33: Net Contribution
Net Contribution U.S. dollars in thousands (Unaudited) Three months ended December 31, Twelve months ended December 31, 2025 2024 2025 2024 Net trading income from equities, commodities and currencies 115,618 80,683 399,362 328,706 Revenue from cryptoassets 3,592,968 5,813,811 12,975,078 12,147,329
Slide 34: Net Contribution to Adjusted EBITDA
Net Contribution to Adjusted EBITDA U.S. dollars in thousands Three months ended December 31, Twelve months ended December 31, 2025 2024 2025 2024 Net Contribution 226,785 252,530 868,38 7 787,70 1 Research & Development (36,822) (30,250) 1 ( 44,266) 1 ( 23,048) Selling & Marketing (46,253) (58,299)
Slide 35: Net Income to Adjusted EBITDA (Non-GAAP)
Net Income to Adjusted EBITDA (Non-GAAP) U.S. dollars in thousands (Unaudited) Three months ended December 31, Twelve months ended December 31, 2025 2024 2025 2024 2023 Net income 68,742 59,184 215,696 192,381 15,259 Finance expense, net 3,081 2,491 11,432 4,642 3,889 Taxes on income 9,695 32,079 37
Slide 36: Net Income to Adjusted EBITDA (Non-GAAP) (Cont.)
Net Income to Adjusted EBITDA (Non-GAAP) (Cont.) U.S. dollars in thousands Q 4 Q 1 Q 2 Q3 Q4 Q 1 Q2 Q3 Q4 (Unaudited) 202 3 2024 2024 2024 2024 2025 2025 2025 2025 Net income 16,002 64,11 0 30,587 38,50 0 59,18 4 59,952 30,185 56,817 68,742 Finance expense, net 2,202 928 262 961 2,491 (517) 6,309 2,
Slide 37: Adjusted Diluted EPS (Non-GAAP)
Adjusted Diluted EPS (Non-GAAP) U.S. dollars in thousands, except for share amounts Three months ended December 31, Twelve months ended December 31, (Unaudited) 2025 2024 2025 2024 Net Income 68,742 59,184 215,696 192,381 Share-based payment expense 4,028 3,313 16,160 27,150 Amortization 1,221 906 3
Slide 38: Statement of Financial Position
Statement of Financial Position U.S. dollars in thousands As of December 31, 2025 As of December 31, 2024 As of December 31, 2025 As of December 31, 2024 Unaudited Unaudited Unaudited Unaudited Cash and cash equivalents 1,072,641 575,395 Accounts payable 4,435 4,201 Restricted cash 329 314 Current m
Slide 39: Monthly Metrics & Capital Allocation
Monthly Metrics & Capital Allocation
Slide 40: Business Highlights Trading Activity
Business Highlights Trading Activity January 31, 2025 2026 YoY change Jan Jan YoY Number of Trades (M) 2025 2026 change Funded Accounts (M) 3.54 3.85 9% Assets Under Administration ($B) 18.1 18.4 2% Number of trades 48 74 55% (Capital markets/ECC*) Interest Earning 6.5 7.7 17% Invested amount per tr
Slide 41: Share Repurchase Program
Share Repurchase Program eToro announced an additional $100 million share repurchase eToro Money continues to see accelerating adoption program incremental to its remaining $50 million and engagement, following the launch of the debit authorization. The share repurchase underscores the card in Europ
Slide 42: Appendix
Appendix
Slide 43: Consolidated Statements of Profit or Loss and Other Comprehensive Income
Consolidated Statements of Profit or Loss and Other Comprehensive Income Three months ended December 31, Twelve months ended December 31, U.S. dollars in thousands (Unaudited) 2025 2024 2025 2024 Revenue and income: Net trading income from equities, commodities and currencies 115,618 80,683 399,362
Slide 44: Consolidated Statements of Profit or Loss and Other Comprehensive Income (Cont.)
Consolidated Statements of Profit or Loss and Other Comprehensive Income (Cont.) U.S. dollars in thousands, except for share amounts Three months ended December 31, Twelve months ended December 31, (Unaudited) 2025 2024 2025 2024 Other comprehensive income, net: Items that may be reclassified subseq
Slide 45: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows Three months ended December 31, Twelve months ended December 31, U.S. dollars in thousands (Unaudited) 2025 2024 2025 2024 Cash flows from operating activities: Net income 68,742 59,184 215,696 192,381 Adjustments to reconcile net income to net cash provided by
Slide 46: Consolidated Statements of Cash Flows (Cont.)
Consolidated Statements of Cash Flows (Cont.) Three months ended December 31, Twelve months ended December 31, U.S. dollars in thousands (Unaudited) 2025 2024 2025 2024 Interest (paid), net during the period (335) (24) (7,096 ) (3,188) Taxes paid, net during the period (5,047) (3,252) (18,430) (14,5
Slide 47: Adjusted Operating Expenses (OpEx) (Non-GAAP) Reconciliation
Adjusted Operating Expenses (OpEx) (Non-GAAP) Reconciliation Three months ended December 31, U.S. dollars in thousands (Unaudited) 2025 2024 Research & Development 37,867 31,991 Share-based payment expense (1,672) (633) Depreciation and amortization (533) (560) Employee non-cash expense 1,160 (548)
Slide 48: Glossary (A-Z)
Glossary (A-Z) Adjusted EBITDA: Adjusted EBITDA is a non-GAAP financial metric that we define as net income (loss) Assets Under Administration: Assets Under Administration (AUA) reflects the aggregate fair value of assets held adjusted to exclude finance and other expenses, net, taxes on income, sha
Slide 49: Glossary (A-Z)
Glossary (A-Z) Net Contribution Net Income Net Contribution reflects Total revenue and income, less the Cost of revenue from cryptoassets and Margin Net income represents the company’s total earnings or profit for a given period, calculated as total revenue interest expense. We use Net Contribution
Slide 50: Investor Contacts
Investor Contacts investors@etoro.com