Q4 2025 eToro Group Ltd Earnings Call Transcript
Key Points
- Etoro Group Ltd (ETOR) reported a strong fourth quarter with a net contribution increase of 6% sequentially to $227 million, demonstrating continued momentum.
- Adjusted EBITDA grew 11% quarter-over-quarter to $87 million, reflecting strong execution and disciplined cost management.
- The company expanded its crypto offering in the US to over 100 coins and plans to support over 100,000 tradable assets across equities and crypto by the end of 2026.
- Etoro Group Ltd (ETOR) is leveraging AI to accelerate product development and improve efficiency, positioning itself as an AI-first company.
- The company is expanding its global footprint, with significant growth in non-US stock activity and plans to introduce additional products in Asia and Europe.
- Net trading contribution from crypto declined 72% year-over-year due to lower investor demand and softer trading activity.
- The company faces challenges in the current crypto market environment, impacting the year-over-year adjusted EBITDA decline.
- Marketing expenses are expected to increase from 21% to 25% of net contribution, which could impact profitability if not managed carefully.
- The US market remains a small part of the overall marketing budget, indicating slower growth compared to more mature markets.
- There is a divergence between the underlying strength of the business and the stock price, raising concerns about unlocking shareholder value.
Hi. My name is Daniel Amir, Head of Investor Relations. This webcast is being recorded and will be available for replay in the Investors section of eToro's website. Our earnings press release, investor presentation and January monthly spreadsheet, is now available on our website at investors.etoro.com.
Today, I'm joined by Yoni Assia, our CEO; and by Meron Shani, our CFO. Following the prepared remarks, we will conduct a Q&A session and answer questions from both institutional research analysts and a selection of the most upvoted questions previously submitted by eToro's retail shareholders.
But before we begin, I want to note that today's discussion contains forward-looking statements, including statements about goals, business outlook, industry trends, market opportunities expectations for future financial performance and similar items, all of which are subject to risks, uncertainties and assumptions. And you can find more information about these risks and uncertainties in the press release that we issued today and
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