Financial Data and Key Metrics Changes - For the year, net contribution increased 10% to $868 million and rose 6% sequentially in the fourth quarter to $227 million [7] - Adjusted EBITDA grew 4% year-over-year to $317 million, and 11% quarter-over-quarter to $87 million, delivering a 38% adjusted EBITDA margin in the quarter [8][24] - AUA for the quarter increased 11% year-over-year to $18.5 billion, driven by record net deposits and improving customer retention metrics [24] Business Line Data and Key Metrics Changes - Net trading contribution from capital markets increased 43% year-over-year to $116 million, driven by investor rotation between crypto and traditional asset classes, particularly strong performance in commodities [25] - Net trading contribution from crypto declined 72% year-over-year to $26 million due to lower invested amounts per trade and softer trading activity [25] - Net interest income contributed $59 million, up 18% year-over-year, largely driven by a 29% increase in higher interest earning assets [26] Market Data and Key Metrics Changes - In 2025, trading volume in non-U.S. stocks activity increased by 80% year-over-year [18] - The U.S. market remains a focus, with plans to bring the full eToro experience to the U.S. and expand product offerings [20][21] - Significant growth in commodities trading was noted, with high engagement levels during periods of volatility [32] Company Strategy and Development Direction - The company aims to build a financial super app, focusing on expanding access to global markets and enhancing its product offerings [4][6] - eToro is committed to being an AI-first company, embedding AI across its business to accelerate product development and improve efficiency [15] - The strategy includes global expansion while deepening relationships in existing markets, particularly in Europe and the U.S. [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in capturing significant opportunities in 2026, driven by technology innovation and alignment with macro trends [23] - The company is optimistic about the long-term outlook, emphasizing the importance of AI and the transition to on-chain market infrastructure [17][23] - Management noted that the current volatility in crypto markets is expected and that the diversified business model demonstrates resilience [25][36] Other Important Information - The company plans to increase sales and marketing investment from 21% to 25% of net contribution to drive growth [28] - eToro has repurchased 1.5 million shares for $59.5 million and announced an additional $100 million authorization under its share repurchase program [30] - The company is actively exploring M&A opportunities to support disciplined inorganic growth [53] Q&A Session Summary Question: How has eToro managed the current volatility in commodities? - Management noted high engagement and trading volumes in commodities during periods of volatility, particularly in October and January [32] Question: Can you provide context on the current crypto market backdrop? - Management remains bullish on crypto and is focusing on product development and marketing shifts to adapt to market conditions [35][36] Question: What is the expected timeline for increasing marketing expenses? - Management indicated gradual growth towards 25% throughout the year, with flexibility to adjust based on market conditions [37][39] Question: What is the outlook for AI integration and its impact on trading? - Management believes advancements in AI will lead to significant increases in algorithmic trading activity over time [43] Question: What is the current status of customer traction in the U.S.? - Management reported significant uptake in U.S. product launches and plans to continue scaling marketing activities [71][72]

Financial Data and Key Metrics Changes - In 2025, net contribution increased by 10% to $868 million, with a sequential rise of 6% to $227 million in Q4 [7][24] - Adjusted EBITDA grew 4% year-over-year to $317 million, with an 11% quarter-over-quarter increase to $87 million, resulting in a 38% adjusted EBITDA margin for the quarter [8][24] - Assets Under Administration (AUA) rose 11% year-over-year to $18.5 billion, driven by record net deposits and improved customer retention [24] Business Line Data and Key Metrics Changes - Net trading contribution from capital markets (equities, commodities, currencies) increased 43% year-over-year to $116 million, while net trading contribution from crypto declined 72% year-over-year to $26 million [25] - Net interest income rose 18% year-over-year to $59 million, attributed to a 29% increase in higher interest-earning assets [26] - eToro Money's contribution decreased 6% year-over-year to $23 million due to higher cash redemptions in crypto [26] Market Data and Key Metrics Changes - In 2025, trading volume in non-U.S. stocks increased by 80% year-over-year, indicating strong engagement in international markets [18] - The U.S. market remains a focus, with plans to enhance product offerings and marketing efforts to capture a larger share [20][21] Company Strategy and Development Direction - eToro aims to build a financial super app, leveraging AI to enhance user experience and product offerings [4][6] - The company is focused on expanding access to global markets, moving towards 24/7 trading, and broadening its crypto and decentralized finance offerings [6][10] - eToro plans to support over 100,000 tradable assets across equities and crypto by the end of 2026 [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in capturing significant opportunities driven by technological advancements and the ongoing generational transfer of wealth [21][23] - The company anticipates continued growth in 2026, supported by a strong balance sheet and cash generation capabilities [30][31] Other Important Information - eToro has authorized an additional $100 million under its share repurchase program, increasing total authorization to $250 million [30] - The company plans to increase sales and marketing investment from 21% to 25% of net contribution to drive growth [28][29] Q&A Session Summary Question: How has eToro managed the current volatility in commodities? - eToro has seen high trading volumes in commodities, particularly in October and January, as customer engagement remains strong [32] Question: Can you provide context on the current crypto market backdrop? - Management remains bullish on crypto and is focusing marketing efforts on equities and commodities during periods of lower crypto interest [35][36] Question: What is the expected timeline for increased marketing spending? - The increase to 25% in marketing spending is expected to occur gradually throughout the year, not immediately in Q1 [37][39] Question: What does the integration of AI mean for trading outlook? - The integration of AI is expected to significantly enhance automated trading activity, leading to increased trading volumes over time [43] Question: What is the current status of the U.S. strategy and customer traction? - eToro has seen significant uptake in the U.S. market, with plans to launch additional products and scale marketing efforts [67][71]

Financial Data and Key Metrics Changes - In Q4 2025, net contribution increased 6% sequentially to $227 million, with a 10% increase year-over-year to $868 million for the full year [5][22] - Adjusted EBITDA grew 11% quarter-over-quarter to $87 million, achieving a 38% adjusted EBITDA margin in Q4 [6][22] - Assets Under Administration (AUA) increased 11% year-over-year to $18.5 billion, driven by record net deposits [22] Business Line Data and Key Metrics Changes - Net trading contribution from capital markets (equities, commodities, currencies) rose 43% year-over-year to $116 million, while net trading contribution from crypto declined 72% year-over-year to $26 million [23] - Net interest income increased 18% year-over-year to $59 million, attributed to a 29% rise in higher interest-earning assets [24] - eToro Money's contribution decreased 6% year-over-year to $23 million due to higher cash redemptions in crypto [24] Market Data and Key Metrics Changes - The company expanded its trading capabilities to 24/5 for all S&P 500 and NASDAQ 100 stocks, contributing to a doubling of total stock trading volume over the past two years [7] - In the U.S., the crypto offering was broadened to over 100 coins, enhancing staking capabilities [8] - The company plans to support over 100,000 tradable assets across equities and crypto by the end of 2026 [8] Company Strategy and Development Direction - eToro aims to build a financial super app, focusing on AI adoption, expanding access to global markets, and enhancing its product offerings [3][4] - The company is committed to democratizing investing and providing tools for users to grow their knowledge and wealth [5] - eToro is positioned to lead the shift to on-chain market infrastructure, with plans to introduce tokenized real-world assets in 2026 [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in capturing significant opportunities in 2026, driven by technology innovation and global expansion [21] - The company highlighted the ongoing structural increase in retail participation in markets and the largest generational transfer of wealth in history [4][19] - Management noted that the current crypto market environment is expected to stabilize, with a focus on diversifying product offerings [33] Other Important Information - The company repurchased 1.5 million shares for $59.5 million and announced an additional $100 million authorization under its share repurchase program [26][27] - eToro plans to increase sales and marketing investment from 21% to 25% of net contribution to drive growth [25] Q&A Session Summary Question: How has eToro managed the current volatility in commodities? - eToro has seen high trading volumes in commodities, particularly in October and January, as customers engage actively during periods of volatility [30] Question: Can you provide context on the current crypto market backdrop? - Management remains bullish on crypto and is focusing on product development and marketing shifts to adapt to market conditions [33] Question: What is the expected timeline for increased marketing spending? - The increase to 25% is expected to occur gradually throughout the year, with flexibility to adjust based on market conditions [36][38] Question: What is the outlook for AI integration and its impact on trading? - Significant advancements in AI are expected to lead to increased automated trading activity, enhancing trading volumes over time [41] Question: What is the current customer traction in the U.S.? - eToro has seen significant uptake in the U.S. since launching CopyTrader and plans to introduce Smart Portfolios in H1 2026 [67] Question: What is the appetite for M&A in 2026? - eToro has a high appetite for M&A and is in discussions with several target companies, focusing on selective and accretive opportunities [51][52]

Q2 2025 Key Performance Highlights - Funded Accounts reached 363 million, a 14% year-over-year increase[12] - Assets Under Administration (AUA) totaled $175 billion, up 54% year-over-year[12] - Net Contribution amounted to $210 million, reflecting a 26% year-over-year growth[12] - Adjusted EBITDA was $72 million, a 31% increase compared to the previous year[12] Business Strategy and Product Updates - The company is focused on four strategic pillars: Trading, Investing, Wealth Management, and Neo-Banking, to drive global expansion and product localization[15, 16, 17, 18, 19] - New product launches include 24/5 trading for U S equities and futures, new Smart Portfolios with Franklin Templeton, French savings products, and the eToro Card now available in multiple E U markets[22, 23, 26, 27] - The company is expanding its crypto offering in the U S, providing access to over 100 tokens[28] - The company launched Tori, an AI analyst providing personalized investment insights[29] Financial Performance Details - Net Trading Contribution from Equities, Commodities, and Currencies was $114042 thousand for the three months ended June 30, 2025[123] - Revenue from Cryptoassets was $1914792 thousand for the three months ended June 30, 2025[123] - Net income for Q2 2025 was $30185 thousand, which includes $15 million of IPO and other related costs[110, 130]

Core Insights - eToro Group Ltd. reported strong financial results for Q1 2025, highlighting an increase in net contribution and a focus on sustainable growth [1][3][4] Financial Highlights - Net contribution rose by 8% year-on-year to $217 million, up from $201 million in Q1 2024, primarily due to increased trading activity [6] - Net income (GAAP) was $60 million, a decrease from $64 million in Q1 2024, attributed to higher marketing and growth investments [6] - Adjusted EBITDA (non-GAAP) was $80 million, down from $87 million in the prior year, with an adjusted EBITDA margin of 37%, compared to 43% in the previous year [6] - Funded accounts increased by 14% year-on-year to 3.58 million, driven by user acquisition and retention efforts [6] - Assets under Administration grew by 21% year-on-year to $14.8 billion, compared to $12.2 billion [6] Business Developments - eToro launched new products and services, including futures in Europe and options in the UK, expanding its range of over 130 cryptoassets [7] - The company introduced a commodities portfolio in partnership with WisdomTree and launched securities lending in Europe [7] - eToro began rolling out crypto to fiat services and partnered with local financial institutions to offer virtual bank accounts [7] - The company achieved a MiCA permit from CySec, allowing it to provide crypto services across the EU, marking a significant regulatory milestone [8] Market Positioning - eToro's CEO emphasized the importance of AI in transforming the investing landscape and the company's commitment to empowering retail investors [2] - The company aims to drive sustainable growth and profitability, creating value for shareholders [2]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 2 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ___________________________ ETORO GROUP LTD. (Exact name of Registrant as specified in its charter) As filed with the U.S. Securities and Exchange Commission on May 5, 2025. Registration No. 333-286050 Not Applicable (Translation of Registrant's name into English) ___________________________ British Virgin Islands 6211 Not Applicable (State or other juri ...

As filed with the U.S. Securities and Exchange Commission on March 24, 2025. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ___________________________ ETORO GROUP LTD. (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) ___________________________ (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identificat ...