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]

Q3 2025 Key Performance Indicators - eToro's funded accounts reached 373 million, a 16% year-over-year increase[13] - Assets Under Administration (AUA) totaled $208 billion, marking a 76% year-over-year growth[13] - Net Contribution amounted to $215 million, reflecting a 28% year-over-year increase[13] - Adjusted EBITDA reached $78 million, a 43% year-over-year increase[13] Financial Performance - Net income increased to $57 million, a 48% year-over-year increase[119] - Total money transfers grew to $28 billion, a 58% year-over-year increase[115] - Interest-earning assets rose to $79 billion, a 53% year-over-year increase[111] User Engagement - The number of trades in capital markets/ECC increased to 135 million, a 15% year-over-year increase[106] - The number of cryptoasset trades increased to 16 million, a 73% year-over-year increase[106] - Invested amount per cryptoasset trade increased to $300, a 58% year-over-year increase[106] Strategic Initiatives - eToro announced a $150 million share repurchase program[156] - eToro Money accounts reached 175 million, with debit card issuance increasing 25 times compared to Q2[75]

Core Insights - eToro Group Ltd. reported a strong financial performance for Q3 2025, with significant year-over-year growth in key metrics, including a 28% increase in Net Contribution to $215 million and a 76% increase in Assets Under Administration to $20.8 billion [1][5][7] Financial Performance - Net Contribution increased by 28% year-over-year to $215 million, compared to $167 million in Q3 2024 [5] - Net income (GAAP) rose by 48% year-over-year to $57 million, up from $39 million in Q3 2024 [5] - Adjusted Net Income (Non-GAAP) increased by 35% to $60 million, compared to $45 million in Q3 2024 [5] - Adjusted EBITDA (Non-GAAP) grew by 43% year-over-year to $78 million, compared to $55 million in Q3 2024 [5] - Funded accounts increased by 16% year-over-year to 3.73 million, driven by user acquisition and retention efforts [5][7] Strategic Initiatives - eToro announced a $150 million share repurchase program, reflecting confidence in its long-term strategy and growth prospects [4] - The company is focused on executing its strategy across four key pillars: trading, investing, wealth management, and neo-banking, with ongoing product development and innovation [2][3] - eToro's commitment to product innovation includes the launch of AI-powered solutions and expansion of its crypto offerings, positioning the company to capture growth opportunities [2][12] Market Metrics - Assets Under Administration grew by 76% year-over-year to $20.8 billion, compared to $11.8 billion in Q3 2024 [5][7] - Cash, cash equivalents, and short-term investments totaled $1.2 billion as of September 30, 2025 [7] - The total number of trades for October was 62 million, up 53% year-over-year, with an invested amount per trade of $361, up 26% year-over-year [7] Product Highlights - eToro launched key products across its four strategic pillars, including continuous weekday trading (24/5) for S&P 500 and Nasdaq 100 stocks, and expanded its futures offering into Europe [7] - The company introduced the eToro Club Subscription, providing access to exclusive wealth tools and premium rewards, and localized its money management experience [7] - eToro's AI-powered analyst, Tori, has seen strong adoption, with over one-third of Club Members using it for personalized insights [7]

Financial Data and Key Metrics Changes - Net contribution for Q2 2025 increased 26% year over year to $210 million, and adjusted EBITDA grew 31% year over year to $72 million, with an adjusted EBITDA margin of 34%, expanding 140 basis points from a year ago [12][22][24] - Assets Under Administration (AUA) increased 54% year over year to $7.5 billion, while funded accounts grew 14% year over year to 3.63 million [23] Business Line Data and Key Metrics Changes - Net trading contribution from equities, commodities, and currencies grew 37% year over year to $114 million, driven by a 54% increase in invested amount per trade [23] - Net contribution from crypto grew 34% year over year to $27 million, largely driven by higher invested amounts per trade [24] - Interest earning assets contributed $46 million, up 1% year over year, while eToro Money contribution grew 17% year over year to $18 million [24] Market Data and Key Metrics Changes - The company activated its license in Singapore, expanding its global footprint to serve Asia's growing investor base [12] - Recent regulatory developments around crypto in the US represent a significant milestone, leading to an expansion of crypto offerings for US users [14] Company Strategy and Development Direction - eToro aims to be a leading trading investment platform by enhancing user engagement through product development across four strategic pillars: trading, investing, wealth management, and neo banking [12][20] - The company is focused on diversifying revenue streams, strategic investments, and disciplined cost management to support sustainable, profitable revenue growth [21][22] - eToro is committed to leveraging AI technology to enhance the investing experience and democratize quantitative trading [10][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the opportunities ahead, particularly in the US and Asia, and emphasized the importance of regulatory clarity for future growth [14][70] - The company is well-positioned to execute growth initiatives and drive sustainable long-term growth [20] Other Important Information - eToro launched a Toro MoneyCard across Europe, which offers a 4% stockbroker reward on everyday purchases [17] - The company is actively working on launching tokenized stocks and expanding its crypto offerings [13][14] Q&A Session Summary Question: When does eToro plan to provide calls and puts options to European investors? - eToro plans to expand options trading to Europe, UAE, Singapore, and Australia over the next twelve months, following initial launches in the US and UK [28] Question: Can you provide insights on the cadence throughout the quarter? - Elevated trading activity was observed in April, normalizing towards the end of the quarter, with a notable increase in crypto trading in July [30][32] Question: How do you quantify the revenue opportunity from tokenized stocks? - eToro expects a significant process of digitization and tokenization of assets, estimating $100 trillion of assets to move on-chain over the next twenty years [38] Question: What is the update on the CopyTrader opportunity in the US? - eToro plans to launch CopyTrader for US customers later this year, with significant scaling of crypto assets already achieved [68][70] Question: Can you provide an update on account growth dynamics? - Funded account growth was slower in the recent quarter, but the quality of customers improved, with a 34% year-over-year increase in average account size [54][56] Question: What is the percentage mix from CFDs in net trading income? - eToro does not break down net trading income by transaction type but aims to reach a 20% mark for CFDs in the next twelve to eighteen months [95] Question: How are users utilizing stablecoins? - eToro recently launched the ability for customers to deposit stablecoins, opening up new user audiences and enhancing the platform's crypto capabilities [84][85] Question: What are the future prospects for AI use in investing? - eToro is excited about the potential of AI to enhance product delivery and user engagement, with tools like Tori set to empower retail investors [88][91]

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 ...