Etoro Group Ltd (NAS:ETOR)

Q1 2026 eToro Group Ltd Earnings Call Transcript

May 12, 2026 / 12:30 PM GMT

Release Date Price: $37.61 (-2.94%)

Transcript

Key Points

Positve

Etoro Group Ltd (ETOR) reported a strong start to 2026 with record net contribution and adjusted EBITDA, marking the fourth consecutive strong quarter since going public.
Funded accounts grew 12% year-over-year to over 4 million, driven by strategic marketing investments and improved retention efforts.
Assets under administration reached $17 billion, up 15% year-over-year, indicating strong customer inflows.
The company has successfully diversified its offerings, with commodities accounting for 60% of trading commissions in Q1, showcasing the strength of its multi-asset model.
Etoro Group Ltd (ETOR) is leveraging AI across its operations, leading to significant productivity gains and faster product development, positioning it as an early adopter in the industry.

Negative

Net interest income decreased by 5% year-over-year due to a lower interest rate environment and user deleveraging amid market volatility.
Crypto trading activity declined, with net trading contribution from crypto at $13 million, reflecting a shift towards commodities.
The company experienced a $5 million negative valuation impact on its corporate crypto holdings.
Adjusted operating expenses increased by 7% quarter-on-quarter, driven by higher customer acquisition costs.
The take rate on agentic trading is similar to copy trading, which is typically lower than standalone trading, potentially impacting revenue per trade.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

ETOR.OQ - eToro Group Ltd
Q1 2026 eToro Group Ltd Earnings Call
May 12, 2026 / 12:30PM GMT

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Presentation
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Unidentified_1 [1]
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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 April monthly spreadsheet is now available on our website at investors.etoro.com.

Today, I'm joined by Yoni Assia, our CEO, and by Miron 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 question previously submitted by Etoro's retail shareholders.

But before we begin, I want to note that today's discussion contains forward-looking statements. Including

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