Etoro Group Ltd. · NASDAQ:ETOR
Etoro — Q2 2025 Earnings Presentation
38 slides from Etoro's earnings presentation, Aug 12, 2025
Slide 1: Shareholder Update Second Quarter 2025
eToro Group Ltd. Shareholder Update Second Quarter 2025 August 12, 2025
Slide 2: Disclaimers
Disclaimers This Presentation Relates to eToro’s Broader Earnings Announcement Disclosures This presentation accompanies the first quarter 2025 earnings announcement of eToro Group Ltd. (including its consolidated subsidiaries, “eToro,” “we,” “us,” “our” or the “Company”) and should be read together
Slide 3: Our vision and mission
Our vision Our mission Opening the global markets for everyone To open the global markets, connect you to to trade and invest in a simple and leading investors, and give you the tools you transparent way. need to grow your knowledge and wealth. 3
Slide 4: Business Highlights
Q2 2025 Business Highlights + 14% YoY + 54% YoY + 26% YoY + 31% YoY 3.63M $ 17.5B $ 210M 72M $ Funded Accounts Assets Under Administration Net Contribution Adjusted EBITDA Funded Accounts in: 70% Americas 10% Europe and U.K. 16% Middle East & Africa 4% Asia Pacific Funded Accounts and Net Contributi
Slide 5: 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 Enhance the trading Personalize users’ Offer local saving
Slide 6: Product Update
NEW LAUNCHES Product Update Trading More Instruments 24/5 Crypto in the U.S. Trade U.S. equities and Futures Access to over 100 tokens around the clock, Monday to including Solana, Polkadot, and Friday. Cosmos. Trading without Boundaries Investing Smart Portfolios Tori: eToro AI Analyst An integrate
Slide 7: Product
‘eToro Second Quarter 2025 Product
Slide 8: Delivering a Sophisticated, Accessible Trading Experience
TRADING Delivering a Sophisticated, Accessible Trading Experience Enabling Expanding Launching 24/5 Trading U.S. Crypto Offering Futures & Spot-Quote Futures 100 US equities can now be traded Expanded our U.S. crypto offering to Futures and Spot-Quote Futures now around the clock, unlocking new over
Slide 9: Introducing Innovative Investment Strategies
INVESTING Introducing Innovative Investment Strategies AI-Powered Alpha Portfolios Quantitative strategies leveraging eToro data and machine learning to bring hedge fund–style Expanded Partner Portfolio investing to retail investors. Offering with Franklin Templeton Introduced six new long-term port
Slide 10: Localizing Long-Term Wealth Building
WEALTH MANAGEMENT Localizing Long-Term Wealth Building Recurring Investments in the U.K., E.U. and U.A.E Expanded the rollout of automated contributions into Launch of Savings stocks, ETFs, and crypto, making it Products in France easier for users in more markets Launched retirement (PER) to invest
Slide 11: Spend, Earn, Invest -- All With One Card
NEO-BANKING Spend, Earn, Invest -- money All With One Card £ 36,524.82 ACCOUNT BALANCE The eToro Money card turns everyday spending into Your Monthly Statement portfolio-building, offering a seamless bridge between daily life and long-term investing. Recurring Payment December Water Bill $27.82 Euro
Slide 12: Bringing Equities On Chain: Launch of Tokenized Stocks
TOKENISATION Bringing Equities On Chain: Launch of Tokenized Stocks Pioneering Tokenization In 2019, eToro launched ERC-20 tokens for 10 major currencies and became the first company to issue ERC-20 gold and silver tokens, known as GOLDX and SLVX. Equities Reinvented On-Chain In 2025, eToro is launc
Slide 13: A New Era of Investing Intelligence
ARTIFICIAL INTELLIGENCE A New Era of Tori Tori Investing Intelligence Powered by OpenAI Powered by OpenAI 7 Which healthcare stocks Account Overview are undervalued? $ 115,487.25 Here are some healthcare stocks that could be considered undervalued according to 1,287.33 (28.93%) This Week some popula
Slide 14: Continuing Global Expansion into Asia
GLOBAL EXPANSION Continuing Global Expansion into Asia Providing Access to Global Markets Activated the Capital Markets Services license from the Monetary Authority of Singapore, enabling retail investors in Singapore to trade global stocks, exchange-traded funds, and derivatives. Untapped Potential
Slide 15: KPIs & Financials
Second Quarter 2025 KPIs & Financials
Slide 16: Funded Accounts
Funded Accounts Customer acquisition efforts led to a 14% YoY growth in our funded account base, supported by strong retention. 3.63 Funded Accounts (M) 3.58 3.48 3.13 3.17 3.21 2.94 2.99 3.04 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2023 2023 2024 2024 2024 2024 2025 2025 In Q4 2024, 180,000 new funded acco
Slide 17: Commission From Trading Activity by Asset Class
Commission From Trading Activity by Asset Class Equities and commodities fueled commission growth in Q2 as market volatility surged. Equities Currencies Commodities Cryptoassets 33% 31% 38% 4% 4% 43% 47% 8% 45% 15% 4% 51% 4% 52% 50% 9% 20% 6% 16% 6% 9% 28% 26% 23% 24% 31% 27% 13% 13% 26% 43% 25% 19%
Slide 18: Net Contribution Breakdown
Net Contribution Breakdown Net contribution was driven by growth in capital markets (ECC) and crypto, up 37% and 34% YoY respectively. 252 217 201 210 27 155 167 167 46 95 20 17 61 121 127 22 8 Net Trading Contribution (Cryptoassets) 8 Net Trading Contribution (Equities, Commodities, Currencies) 73
Slide 19: Trading Activity
Trading Activity Higher total investment amount offset the decline in total number of trades. Capital markets (ECC*) investment and Crypto investment amount per trade increased 54% and 34% YoY respectively. (Number of Trades in Q1 2024 Q2 2023 Q3 2023 Q4 2023 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Slide 20: Interest Earnings Assets
Interest Earnings Assets Interest-earnings assets increased 21% YoY and benefited from increased cash flow following the IPO which was offset by investors deleveraging earlier in the quarter, which returned to normal levels by quarter end. 6.2 6.4 6.3 Interest Earning Assets ($B) 5.0 5.2 5.2 4.3 4.5
Slide 21: Total Money Transfers
Total Money Transfers Total money transfers grew 27% YoY. Total Money Transfers ($B) 2.9 2.7 2.2 2.4 1.9 1.8 1.5 1.2 1.3 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2023 2023 2024 2024 2024 2024 2025 2025 For definition, see Glossary slide. 21
Slide 22: Net Income
Net Income Net income for Q2 2025 includes $15M of IPO and other related costs. 64 60 59 Net Income ($M) 38 31 30 16 -6 -14 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2023 2023 2024 2024 2024 2024 2025 2025 Net income for Q2 2025 includes expenses related to the Company's initial public offering (IPO). For def
Slide 23: Adjusted EBITDA
Adjusted EBITDA Higher revenue base and cost discipline drove 31% adjusted EBITDA growth YoY. 108 87 Adjusted EBITDA($M) 80 72 55 54 41 18 12 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2023 2023 2024 2024 2024 2024 2025 2025 For definition, see Glossary slide. See ‘Financials’ section for reconciliation of Adj
Slide 24: AUA Breakdown ($B)
AUA Breakdown ($B) AUA growth driven by market gains in equities and crypto, alongside strong customer inflows. 17.5 Cryptoassets 16.6 Equities 14.8 Cash 12.2 11.8 11.3 6.5 9.7 7.0 5.6 8.0 7.6 4.2 4.4 5.5 3.8 2.7 2.5 7.9 6.6 6.4 4.2 4.5 5.0 3.4 3.7 3.3 1.9 1.8 2.2 2.5 2.4 2.6 3.0 2.8 3.1 June 30, Se
Slide 25: Net Contribution
Net Contribution U.S. dollars in thousands (Unaudited) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Net trading income from equities, commodities and currencies 114,042 83,234 210,879 156,332 Revenue from cryptoassets 1,914,792 1,640,154 5,415,592 4,933,274 Net trading i
Slide 26: Net Contribution to Adjusted EBITDA
Net Contribution to Adjusted EBITDA U.S. dollars in thousands Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Net Contribution 209,629 30,587 426,998 367,862 Adjusted OpEx Research & Development (36,200) (31,412) (71,438) (63,025) Selling & Marketing (50,612) (38,072) (110,
Slide 27: Net Income to Adjusted EBITDA
Net Income to Adjusted EBITDA U.S. dollars in thousands (Unaudited) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Net income 30,185 30,587 90,137 94,697 Finance expense, net 6,309 262 5,792 1,190 Taxes on income 5,434 5,653 16,023 15,169 Share-base payment expense 3,545 9
Slide 28: Adjusted Diluted EPS (Non-GAAP)
Adjusted Diluted EPS (Non-GAAP) Three months ended June 30, Six months ended June 30, U.S. dollars in thousands (Unaudited) 2025 2024 2025 2024 Net Income 30,185 30,587 90,137 94,697 Share-base payment expense 3,545 9,045 7,832 17,936 Depreciation intangible assets 847 721 1,685 1,455 Employee non-c
Slide 29: Appendix
Appendix
Slide 30: Statement of Financial Position
Statement of Financial Position U.S. dollars in thousands As of June 30, 2025 As of December 31, 2024 As of June 30 2025 As of December 31, 2024 Unaudited Unaudited Unaudited Unaudited Cash and cash equivalents 987,860 575,395 Accounts payable 3,574 4,201 Restricted cash 330 314 Current maturities o
Slide 31: Consolidated Statements of Profit or Loss and Other Comprehensive Income
Consolidated Statements of Profit or Loss and Other Comprehensive Income Three months ended June 30, Six months ended June 30, U.S. dollars in thousands (Unaudited) 2025 2024 2025 2024 Revenue and income: Net trading income from equities, commodities and currencies 114,042 83,234 210,879 156,332 Rev
Slide 32: Consolidated Statements of Profit or Loss and Other Comprehensive Income (Cont.)
Consolidated Statements of Profit or Loss and Other Comprehensive Income (Cont.) Three months ended June 30, Six months ended June 30, U.S. dollars in thousands (Unaudited) 2025 2024 2025 2024 Other comprehensive income, net: Items that may be reclassified subsequently to profit or loss: Cash flow h
Slide 33: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows Three months ended June 30, Six months ended June 30, U.S. dollars in thousands (Unaudited) 2025 2024 2025 2024 Cash flows from operating activities: Net income 30,185 30,587 90,137 94,697 Adjustments to reconcile net income (loss) to net cash provided by operat
Slide 34: Consolidated Statements of Cash Flows (Cont.)
Consolidated Statements of Cash Flows (Cont.) Three months ended June 30, Six months ended June 30, U.S. dollars in thousands (Unaudited) 2025 2024 2025 2024 Interest received (paid), net during the period 7,127 (873) 8,094 (2,108) Taxes paid, net during the period (2,159) (4,919) (7,716) (7,519) Ne
Slide 35: Adjusted Operating Expenses (OpEx) Reconciliation
Adjusted Operating Expenses (OpEx) Reconciliation Three months ended June 30, U.S. dollars in thousands (Unaudited) 2025 2024 Research & Development 38,853 34,771 Share-based payment expense (970) (1,499) Depreciation and amortization (476) (604) Employee non-cash expense (1,207) (1,256) Adjusted Re
Slide 36: 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 37: 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 38: Investor Contacts
Investor Contacts investors@etoro.com