Etoro Group Ltd. · NASDAQ:ETOR
Etoro — Q3 2025 Earnings Presentation
42 slides from Etoro's earnings presentation, Nov 10, 2025
Slide 1: Shareholder Update Third Quarter 2025
eToro Group Ltd. Shareholder Update Third Quarter 2025 November 10, 2025
Slide 2: Disclaimers
Disclaimers This Presentation Relates to eToro’s Broader Earnings Announcement Disclosures This presentation accompanies the third 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 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: Business Highlights
Q3 2025 Business Highlights + 16% YoY + 76% YoY + 28% YoY +43% YoY 3.73M $ 20.8B $ 215M 78M $ 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 Contributio
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 Nordics Expansion Futures in Europe eToro Club Subscription Expanded offering of locally listed Buy Expanded futures across Monthly or annual subscription plans unlock assets in the Nordics with Nasdaq Europe and launched SQFs Platinum tier benefits including more
Slide 7: Product
‘eToro Third Quarter 2025 Product
Slide 8: Empowering Trades with 24/5 Global Market Access
TRADING Empowering Trades with 24/5 Global Market Access Broadening market access with more tradable assets, stock exchanges, and smarter trading tools. More Assets, 24/5 Nordics Expansion Introducing continuous weekday trading Introduced access to Nordic stocks for all S&P 500 and Nasdaq 100 stocks
Slide 9: Celebrating 15 Years of Social Investing
INVESTING Celebrating 15 Years 18 $10M+ of Social Investing 11+ Strategies in AUC 70+ Countries eToro’s global community of investors continues to redefine how people learn, share, and invest together. 135 $1M+ 50 % More than 54 4,000 5Y+ Tenure in AUC PhDs Investors are now enrolled in the eToro Pr
Slide 10: Building an Ecosystem for Investing Innovation
ARTIFICIAL INTELLIGENCE Building an Ecosystem for Investing Innovation Transforming eToro into an investing ecosystem where the community builds, innovates, and shares tools that power smarter investing. Tori Powered by OpenAI Which healthcare stocks are undervalued? The eToro App Store transforms i
Slide 11: Capturing the $1 Trillion Savings Markets
WEALTH MANAGEMENT Capturing the $1 Trillion Savings Markets Expanding wealth management offering through localized products , and the new eToro Club subscription model. eToro UK Cash ISA Spaceship Integration Expanded eToro’s long-term savings offering for Advanced integration of Spaceship into eTor
Slide 12: Global Platform, Localized Experience
NEO-BANKING Global Platform, Localized Experience Delivering localized experiences that strengthen trust, drive adoption, and support growth in key regions. Localized Offering in Key Markets Continued to localize our product offering in the UAE, launched eToro Money in Australia, and expanded the ra
Slide 13: Introducing the eToro Club Subscription
eToro CLUB Introducing the eToro Club Subscription: Premium Access for Every Investor A new subscription model unlocking Platinum tier benefits, giving all users access to smarter tools, personalized support, and financial perks under one monthly or annual plan. Members can now enjoy premium feature
Slide 14: Building Momentum in the U.S.
GLOBAL EXPANSION Building Momentum in the U.S. CopyTrader Allowing U.S. investors to automatically replicate the strategies of others on eToro, strengthening engagement and differentiation in a core market. Strong Engagement Crypto Staking U.S. crypto purchase volume rose 3x Launch of new yield oppo
Slide 15: Building a Holistic, Digital Assets Ecosystem
CRYPTO Building a Holistic, Digital Assets Ecosystem Linking eToro’s platform and upcoming eToro crypto wallet to expand user choice, control, and access across crypto and DeFi, empowering millions to build wealth on blockchain rails. eToro’s Crypto Stack More Cryptoassets Expansion of cryptoassets
Slide 16: KPIs & Financials
Third Quarter 2025 KPIs & Financials
Slide 17: Funded Accounts
Funded Accounts A 16% YoY rise in funded accounts reflects the impact of acquisition efforts and consistently high retention. +16% YoY Funded Accounts (M) 3.73 3.58 3.63 3.48 3.13 3.17 3.21 2.99 3.04 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2023 2024 2024 2024 2024 2025 2025 2025 In Q4 2024, 180,000 new fund
Slide 18: Commission From Trading Activity by Asset Class
Commission From Trading Activity by Asset Class Equities and crypto led Q3 commission growth, reflecting active trading conditions. Equities Currencies Commodities Cryptoassets 33% 31% 38% 4% 4% 43% 8% 45% 15% 4% 48% 51% 4% 52% 50% 20% 6% 16% 6% 4% 9% 28% 15% 26% 24% 23% 27% 13% 26% 43% 25% 19% 50%
Slide 19: Net Contribution Breakdown
Net Contribution Breakdown Net contribution grew 28% YoY, driven by growth in crypto, up 237% YoY. 252 217 210 215 201 27 167 167 46 155 17 95 56 20 127 22 61 8 Net Trading Contribution (Cryptoassets) Net Trading Contribution (Equities, Commodities, Currencies) 73 73 80 97 114 83 92 Net Interest Con
Slide 20: Trading Activity
Trading Activity Users executing more trades and higher overall investment amounts demonstrate a rise in platform engagement YoY. Number of Trades (M) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Number of trades (Capital 100 101 135 135 117 120 128 121 135 +15% YoY market
Slide 21: Interest Earnings Assets
Interest Earnings Assets Interest-earning assets rose 53% YoY. 7.9 Interest Earning Assets ($B) 6.2 6.4 6.3 5.0 5.2 5.2 4.5 4.5 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2023 2024 2024 2024 2024 2025 2025 2025 For definition, see Glossary slide. Numbers may not sum up due to rounding. 21
Slide 22: Total Money Transfers
Total Money Transfers Total money transfers grew 58% YoY 2.9 2.7 2.8 Total Money Transfers ($B) 2.2 2.4 1.9 1.8 1.5 1.3 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2023 2024 2024 2024 2024 2025 2025 2025 For definition, see Glossary slide. Numbers may not sum up due to rounding. 22
Slide 23: Net Income
Net Income Net income increased 48% YoY and 88% QoQ, reflecting continued strong performance in recent quarters. 64 60 59 57 Net Income ($M) 39 31 30 16 -6 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2023 2024 2024 2024 2024 2025 2025 2025 Net income for Q2 2025 includes expenses of $8.4 million related to the
Slide 24: Adjusted EBITDA
Adjusted EBITDA Higher net contribution base and cost discipline drove 43% adjusted EBITDA growth YoY. 108 87 Adjusted EBITDA($M) 80 78 72 55 55 41 18 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2023 2024 2024 2024 2024 2025 2025 2025 For definition, see Glossary slide. Numbers may not sum up due to rounding; p
Slide 25: AUA Breakdown ($B)
AUA Breakdown ($B) AUA 76% growth YoY was driven by market gains in equities and crypto, alongside strong customer inflows. 20.8 Cryptoassets 17.5 16.6 Equities 14.8 Cash 7.8 12.2 11.8 11.3 6.5 9.7 7.0 5.6 7.6 4.4 4.2 5.5 3.8 2.5 9.3 7.9 5.0 6.6 6.4 4.2 4.5 3.3 3.7 1.8 2.2 2.5 2.4 2.6 3.0 2.8 3.1 3.
Slide 26: Net Contribution
Net Contribution U.S. dollars in thousands (Unaudited) Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Net trading income from equities, commodities and currencies 72,865 91,691 283,744 248,023 Revenue from cryptoassets 3,966,518 1,400,244 9,382,110 6,333,518 Net
Slide 27: Net Contribution to Adjusted EBITDA
Net Contribution to Adjusted EBITDA U.S. dollars in thousands Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Net Contribution 214,604 167,309 641,602 535,171 Adjusted OpEx Research & Development (36,008) (29,773) (107,444) (92,798) Selling & Marketing (47,158) (
Slide 28: Net Income to Adjusted EBITDA (Non-GAAP)
Net Income to Adjusted EBITDA (Non-GAAP) U.S. dollars in thousands (Unaudited) Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Net income 56,817 38,500 146,954 133,197 Finance expense, net 2,559 961 8,351 2,151 Taxes on income 11,987 5,990 28,010 21,159 Share-bas
Slide 29: Adjusted Diluted EPS (Non-GAAP)
Adjusted Diluted EPS (Non-GAAP) U.S. dollars in thousands, except for share amounts Three months ended September 30, Nine months ended September 30, (Unaudited) 2025 2024 2025 2024 Net Income 56,817 38,500 146,954 133,197 Share-base payment expense 4,300 5,900 12,132 23,837 Amortization 862 720 2,54
Slide 30: Statement of Financial Position
Statement of Financial Position U.S. dollars in thousands As of September 30, 2025 As of December 31, 2024 As of September 30 2025 As of December 31, 2024 Unaudited Unaudited Unaudited Unaudited Cash and cash equivalents 1,093,467 575,395 Accounts payable 5,764 4,201 Restricted cash 329 314 Current
Slide 31: Monthly Metrics & Capital Allocation
Monthly Metrics & Capital Allocation
Slide 32: Business Highlights Trading Activity
Business Highlights Trading Activity October 31, 2024 2025 YoY change Number of Trades (M) Oct Oct YoY change 2024 2025 Funded Accounts (M) 3.22 3.76 17% Assets Under Administration ($B) 11.9 20.5 73% Number of trades 40 62 53% (Capital markets/ECC*) Interest Earning Assets ($B) 5.6 8.7 55% Invested
Slide 33: Share Repurchase Program
Share Repurchase Program eToro Money continues to see accelerating adoption eToro announced a $150 million share repurchase program and engagement, following the launch of the debit underscoring the Company’s confidence in its long-term card in Europe and the U.K. growth prospects and commitment to
Slide 34: Appendix
Appendix
Slide 35: Consolidated Statements of Profit or Loss and Other Comprehensive Income
Consolidated Statements of Profit or Loss and Other Comprehensive Income Three months ended September 30, Nine months ended September 30, U.S. dollars in thousands (Unaudited) 2025 2024 2025 2024 Revenue and income: Net trading income from equities, commodities and currencies 72,865 91,691 283,744 2
Slide 36: 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 September 30, Nine months ended September 30, (Unaudited) 2025 2024 2025 2024 Other comprehensive income, net: Items that may be reclassified subseq
Slide 37: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows Three months ended September 30, Nine months ended September 30, U.S. dollars in thousands (Unaudited) 2025 2024 2025 2024 Cash flows from operating activities: Net income 56,817 38,500 146,954 133,197 Adjustments to reconcile net income to net cash provided by
Slide 38: Consolidated Statements of Cash Flows (Cont.)
Consolidated Statements of Cash Flows (Cont.) Three months ended September 30, Nine months ended September 30, U.S. dollars in thousands (Unaudited) 2025 2024 2025* 2024 Interest paid, net during the period (4,385) (1,056) (6,761) (3,164) Taxes paid, net during the period (5,667) (3,801) (13,383) (1
Slide 39: Adjusted Operating Expenses (OpEx) (Non-GAAP) Reconciliation
Adjusted Operating Expenses (OpEx) (Non-GAAP) Reconciliation Three months ended September 30, U.S. dollars in thousands (Unaudited) 2025 2024 Research & Development 37,906 31,143 Share-based payment expense (1,639) (889) Depreciation and amortization (522) (579) Employee non-cash expense 263 98 Adju
Slide 40: 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 41: 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 42: Investor Contacts
Investor Contacts investors@etoro.com