Etoro Group Ltd. · NASDAQ:ETOR
Etoro — Q1 2025 Earnings Presentation
35 slides from Etoro's earnings presentation, Jun 10, 2025
Slide 1: Shareholder Update First Quarter 2025
eToro Group Ltd. Shareholder Update First Quarter 2025 June 10, 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 Q1 2025
Q1 2025 Business Highlights Funded Accounts Assets Under Administration Net Contribution Adjusted EBITDA 3.58M $ 14.8B $ 217M $ 80M Funded Accounts from 75 countries Americas 10% Europe and U.K. 70% Middle East & Africa 4% Asia Pacific 16% Funded Accounts and Net Contribution are key performance ind
Slide 5: Product Update
Q1 2025 Product Update Trading CALL New Instruments Crypto Offering 24/5 Trading PUT Futures & options in Now offering over Introduction of more stocks available for the UK and EU. 130 cryptoassets. 24/5 trading. Investing New Stock Exchanges 15.0% Smart Portfolios Securities Lending Stocks from ADX
Slide 6: Product
‘eToro First Quarter 2025 Product
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 Enhance the trading Personalize users’ Offer local saving
Slide 8: Broadened Tradable Assets Offering
TRADING Broadened Tradable Assets Offering Empowering active traders through new asset classes and advanced tools. Access to New Trading Instruments Launched futures and options in select markets, meeting user Enhanced demand for more trading Cryptoassets Offering products. Now offering over 130 cry
Slide 9: One-Stop-Shop for Users' Investing Needs
INVESTING One-Stop-Shop for Users’ Investing Needs Broadening asset coverage, curated portfolio offerings and portfolio analytics to support diverse investment goals. Expanded Access to Global Stock Markets Added HKEX and Abu Dhabi-listed stocks, expanding diversification opportunities and exposure
Slide 10: Expanding Long-Term Wealth Solutions
WEALTH MANAGEMENT Expanding Long-Term Wealth Solutions Supporting wealth creation with localized long-term products. $250 BUY Expanded eToro ISA Offering Investment Plans Roll-Out Integration of Spaceship Launched a self-directed Stocks & Introduced automated stock, crypto Initiated integration of S
Slide 11: Enhancing Wallet to Support Multi-Asset Investing
NEO-BANKING Enhancing Wallet to Support U D S Multi-Asset Investing UR E How much would Making it easier for users to move funds and reinvest you like to Transfer? seamlessly on the eToro’s platform. From Available 2.00 UK and EU users can now deposit crypto from external BTC 0.12 wallets into eToro
Slide 12: Regulatory Developments: Crypto Compliance
Regulatory Developments: Crypto Compliance Reinforcing position as a secure, compliant, and global platform. Obtained European Crypto Authorization MiCA Secured Markets in Crypto-Assets Regulation (MiCA) permit from CySEC enabling passporting of cryptoasset services across the European Union member
Slide 13: KPIs & Financials
First Quarter 2025 KPIs & Financials
Slide 14: Funded Accounts
Funded Accounts Funded accounts grew 14% year-on-year, driven by ongoing user acquisition and retention efforts, as well as the acquisition of Australian investing app Spaceship in 2024. Funded Accounts (M) 3.58 3.48 3.13 3.17 3.21 2.99 3.04 2.89 2.94 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2023 2023 2023 2023 2
Slide 15: Commission From Trading Activity by Asset Class
Commission From Trading Activity by Asset Class Equities gained momentum, while crypto commissions remained solid, though below Q4 2024 highs. Equities Currencies Commodities Cryptoassets 33% 31% 38% 4% 4% 43% 46% 47% 8% 45% 4% 51% 4% 15% 7% 52% 9% 20% 6% 9% 16% 28% 26% 23% 33% 31% 27% 14% 13% 13% 2
Slide 16: Net Contribution Breakdown
Net Contribution Breakdown Net Contribution rose 8% year-on-year, supported by strong trading activity in equities, commodities, and currencies, while crypto activity 252 normalized. 217 201 155 167 167 46 154 95 20 17 61 18 121 127 22 8 Net Trading Contribution (Cryptoassets) 8 Net Trading Contribu
Slide 17: Trading Activity
Trading Activity Q1 2025 trading activity grew from Q4 2024 across ECC, while crypto trading remained solid. (Number of Trades in Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Millions) Number of trades (ECC*) 120 94 100 101 135 135 117 120 128 Invested amount per trade (EC
Slide 18: Interest Earnings Assets
Interest Earnings Assets Interest earning assets continue to grow amid favorable market momentum and product development. 6.2 6.4 Interest Earning Assets ($B) 5.0 5.2 5.2 4.3 4.5 4.5 3.9 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2023 2023 2023 2023 2024 2024 2024 2024 2025 For definition see Glossary slide. 18
Slide 19: Total Money Transfers
Total Money Transfers Total Money Transfers were supported by strong overall platform activity across products and services. 2.9 2.7 Total Money Transfers ($B) 2.2 1.9 1.8 1.3 1.3 1.5 1.2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2023 2023 2023 2023 2024 2024 2024 2024 2025 For definition see Glossary slide. 19
Slide 20: Net Income
Net Income Net Income continues to improve reflecting growth in Net Contribution and ongoing operational efficiencies. 64 60 Net Income ($M) 59 38 31 19 16 -6 -14 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2023 2023 2023 2023 2024 2024 2024 2024 2025 For definition see Glossary slide. 20
Slide 21: Adjusted EBITDA
Adjusted EBITDA Adjusted EBITDA remained strong at $80 million, with a 37% margin, down 8% year-on-year due to increased investment 108 in marketing and growth. 87 Adjusted EBITDA($M) 80 55 54 46 41 12 18 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2023 2023 2023 2023 2024 2024 2024 2024 2025 For definition see Glos
Slide 22: AUA Breakdown ($B)
AUA Breakdown ($B) Assets-Under-Administration grew 21% year-on-year driven by growth in equities. Cryptoassets 16.6 Equities 14.8 Cash 12.2 11.3 11.8 9.7 7.0 5.6 7.6 8.0 7.6 4.2 5.5 4.4 3.8 2.7 2.5 2.7 5.0 6.6 6.4 4.2 4.5 3.4 3.3 3.7 3.1 1.8 1.9 1.8 2.2 2.5 2.4 2.6 3.0 2.8 March 31, June 30, Septem
Slide 23: Net Contribution
Net Contribution U.S. dollars in thousands Q1 2025 Q1 2024 Net Trading Income From Equities, Commodities And Currencies 96,837 73,098 Revenue From Cryptoassets 3,500,800 3,293,120 Net Trading Income (Loss) From Cryptoasset Derivatives 77,051 (56,767) Net Interest Income From Users 52,618 49,318 Curr
Slide 24: Net Contribution to Adjusted EBITDA
Net Contribution to Adjusted EBITDA U.S. dollars in thousands Q1 2025 Q1 2024 Net Contribution 217,369 201,104 Adjusted OpEx Research & Development (35,236) (31,613) Selling & Marketing (60,339) (36,668) G&A and Operations (41,600) (45,946) Adjusted EBITDA 80,194 86,877 Net Contribution is a key per
Slide 25: Net Income to Adjusted EBITDA
Net Income to Adjusted EBITDA U.S. dollars in thousands Q1 2025 Q1 2024 Net Income 59,952 64,110 Finance Expense, Net (517) 928 Taxes on Income 10,589 9,516 Share-base Payment Expense 4,287 8,891 Depreciation, Amortization and Impairment 3,010 2,590 Employee Non-cash Expense (1,049) 595 Transaction
Slide 26: Second Quarter 2025 Update
Second Quarter 2025 Update May 31, 2025 Funded Accounts (M) 3.61 Assets Under Administration ($B) 16.9 For definition see Glossary slide. 26
Slide 27: Appendix
Appendix
Slide 28: Statement of Financial Position
Statement of Financial Position U.S. dollars in thousands As of March 31, 2025 As of December 31, 2024 As of March 31, 2025 As of December 31, 2024 Unaudited Audited Unaudited Audited Cash and cash equivalents 660,060 575,395 Accounts payable 5,768 1 4,20 Restricted cash 319 314 Current maturities o
Slide 29: Consolidated Statements of Profit or Loss and Other Comprehensive Income
Consolidated Statements of Profit or Loss and Other Comprehensive Income T hree months ended March 31, U.S. dollars in thousands (Unaudited) 2025 2024 Net Trading Income From Equities, Commodities And Currencies 96,837 73,098 Revenue From Cryptoassets 3,500,800 3,293,120 Net Trading Income (Loss) Fr
Slide 30: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows U.S. dollars in thousands (Unaudited) Three months ended March 31, 2025 2024 Cash flows from operating activities: Net income 59,952 64,110 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation, amortization and im
Slide 31: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows Three months ended March 31, U.S. dollars in thousands (Unaudited) 2025 2024 Interest received (paid), net during the period 967 (1,235) Taxes paid, net during the period (5,557) (2,600) Net cash provided by operating activities 89,732 50,883 Cash flow from inve
Slide 32: Adjusted Operating Expenses (OpEx) Reconciliation
Adjusted Operating Expenses (OpEx) Reconciliation Three months ended March 31, U.S. dollars in thousands (Unaudited) 2025 2024 Research & Development 36,621 33,166 Share-based payment expense (1,220) (996) Depreciation and amortization (499) (487) Employee non-cash expense 334 (70) Adjusted Research
Slide 33: Glossary (A-Z)
Glossary (A-Z) Adjusted EBITDA: Adjusted EBITDA is a non-GAAP financial metric that we define as net income (loss) Funded accounts: Funded Accounts are users who have completed KYC, AML and other onboarding processes, adjusted to exclude finance and other expenses, net, taxes on income, share-based
Slide 34: Glossary (A-Z)
Glossary (A-Z) Net Income Net income represents the company’s total earnings or profit for a given period, calculated as total revenue minus all expenses, including operating costs, depreciation, interest, taxes, and other income or expenses. It reflects the company’s overall profitability according
Slide 35: Investor Contacts
Investor Contacts investors@etoro.com