eToro Group (ETOR) investor relations material

Executive summary

• Funded accounts grew 18% YoY to 4.39M; AUA was $20.8B, flat YoY and up 8% QoQ, while equity AUA reached a record $11.5B, up 24% YoY.

• Q3 net contribution was $186.3M, down 13% YoY, and adjusted EBITDA was $34.2M, down 56%, as softer trading activity and lower crypto contribution weighed on results.

• Product expansion advanced across AI-enabled investing, active trading, 24/7 markets and U.S. Smart Portfolios; acquisitions and a $250M share repurchase program were also announced.

Financial highlights

• Q3 GAAP net income was $15.0M vs. $56.8M; adjusted net income was $23.9M vs. $60.3M YoY.

• Adjusted EBITDA was $34.2M vs. $77.9M; adjusted OpEx was $152.1M vs. $136.7M in Q3 2025.

• GAAP diluted EPS was $0.14 vs. $0.53; adjusted diluted EPS was $0.26 vs. $0.60.

• 9M net income was $150.9M vs. $147.0M; 9M net contribution was $673.9M vs. $641.6M and adjusted EBITDA was $220.8M vs. $230.0M.

• Cash, cash equivalents and short-term investments totaled $1.2B; cash and cash equivalents alone were $881.3M at September 30, 2026.

Outlook and guidance

• Q4 adjusted OPEX is expected to be at least 5% below Q3; marketing costs tied to the app launch and refreshed brand are expected to decline.

• Selling and marketing spend is expected near 25% of net contribution in 2027, within the previously discussed 20%–25% strategic range.

• TradeZero is expected to close in H1 2027, subject to regulatory approvals and customary conditions; it is expected to be adjusted EPS-accretive in its first full year post-close, before synergies.

• LB Finanzas is expected to support a $100M Latin America revenue target within 2–3 years; the acquisition remains subject to customary closing conditions.

• Management expects agentic trading adoption to accelerate over the next 6–12 months and forecast more agentic trades than platform clicks by end-2027.