eToro Group Ltd. Q4 2025 Earnings Call Summary

Core Insights - The company attributes its resilient performance to a multi-asset model that facilitated investor rotation into commodities and equities as demand for crypto softened in late 2025 [1] - The transition to an 'AI-first' operating model is underway, with AI now managing 100% of app development, allowing the firm to operate 10 times faster without increasing headcount [1] - Strategic positioning is shifting towards 'on-chain' market infrastructure, with management perceiving crypto as a foundational element for tokenized real-world assets like real estate [1] Financial Performance - Growth in the fourth quarter was driven by record net deposits and improved customer retention, despite a 72% year-over-year decline in crypto trading contribution [1] - The 'Wealth Management' pillar experienced significant acceleration in the U.K., with assets under administration increasing sevenfold year-over-year due to tax-advantaged savings products [1] Operational Focus - The operational focus has expanded to '24/5' and '24/7' trading models, responding to retail demand for constant market access, a trend pioneered by the crypto sector [1]