Slides
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Shareholder Update Fourth Quarter & Full Year 2025 February 17 , 2026 eToro Group Ltd.
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Disclaimers This Presentation Relates to e T oro’ s Broader Earnings Announcement Disclosures This presentation accompanies the fourth quarter 2025 earnings announcement of e T oro Group Ltd. (including its consolidated subsidiaries, “e T oro,” “we,” “us,” “our” or the “Company”) and should be read together with e T oro’ s earnings announcement press release. A hyperlink to our press release can be found together with these slides on e T oro’ s investor relations website at investors.etoro.com. Non-GAAP Financial Metrics and Where to Find Reconciliation This presentation includes financial measures that are not calculated in accordance with International Financial Reporting Standards nor with Generally Accepted Accounting Principles (collectively “GAAP”) metrics, including Adjusted EBITDA , Adjusted Net Income, Adjusted Operating Expenses and Adjusted Diluted EPS. The presentation of the non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP . e T oro believes these non-GAAP financial measures provide important supplemental information to management regarding financial and business trends used in assessing its results of operations. e T oro believes excluding specified items provides a more meaningful comparison to the corresponding reporting periods and internal budgets and forecasts, assists investors in performing analysis that is consistent with financial models developed by investors and research analysts, provides management with a more relevant measure of operating performance and is more useful in assessing management performance. W e urge you to review the reconciliation of Adjusted EBITDA, Adjusted Net Income, Adjusted Operating Expenses and Adjusted Diluted EPS to its most directly comparable GAAP financial measure set forth in the Appendix to this presentation, and not to rely on any single financial measure to evaluate our business. Key Performance Indicators This presentation includes key performance indicators that e T oro’ s management uses to help evaluate the business, measure its performance, identify trends, prepare financial projections and make business decisions. e T oro’ s key performance indicators include Funded Accounts, Assets Under Administration and Net Contribution. Definitions of performance indicators can be found in the Appendix of this presentation. Cautionary Note Regarding Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook, market positioning, artificial intelligence (“ AI”), and the execution and results of an Accelerated Share Repurchase program arrangement. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. W ords such as “outlook,” “guidance,” “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “plan,” “goals,” “estimate,” “potential,” “predict,” “may ,” “will,” “might,” “could,” “intend,” “shall” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond e T oro’ s control. e T oro’ s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to market volatility and erratic market movements; failure to retain existing users or add new users; extreme competition; changes in the regulatory and legal framework under which we operate; regulatory inquiries and investigations; our estimates of our financial performance; interest rate fluctuations; the evolving cryptoasset market, including the regulations thereof; conditions related to our operations in Israel, including the ongoing war; risks related to data security and privacy and use of Open Source Software (“OSS”); risks related AI; changes in general economic or political conditions; changes to accounting principles and guidelines; unexpected costs or expenses; and other factors described in “Risk Factors” in our prospectus, dated May 13, 2025, filed with the Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in e T oro’ s filings with the SEC , which are, or will be, accessible on the SEC’ s website at www .sec.gov . Past performance is not necessarily indicative of future results. The forward-looking statements included in this presentation represent e T oro’ s views as of the date of this presentation. e T oro anticipates that subsequent events and developments will cause its views to change. e T oro undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. These forward-looking statements should not be relied upon as representing e T oro’ s views as of any date subsequent to the date of this presentation. T rademarks The e T oro word mark, “e T oro,” and our other registered or common law trademarks, service marks or trade names appearing in this presentation are the property of e T oro Group Ltd. Solely for convenience, our trademarks, trade names and service marks referred to in this presentation appear without the ®, TM, and SM symbols, but those references are not intended to indicate, in any way , that we will not assert, to the fullest extent under applicable law , our rights to these trademarks, trade names and service marks. This presentation contains additional trademarks, trade names and service marks of other companies that are the property of their respective owners. W e do not intend our use or display of other companies’ trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by , any other companies. 2
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Our Vision Opening the global markets for everyone to trade and invest in a simple and transparent way . Our Mission T o open the global markets, connect you to leading investors, and give you the tools you need to grow your knowledge and wealth. 33
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3.83.5 3.0 18.5 16.6 9.6 868 788 556 317304 117 Funded Accounts (M) Net Contribution ($M) Assets Under Administration ($,B) Adjusted EBITDA ($M) FY 2025 Delivered Growth Across All Core Metrics Funded Accounts , Assets Under Administration and Net Contribution are key performance indicators (KPI). For definitions, see Glossary slide. See “KPIs & Financials” for reconciliation of Adjusted EBITDA to Net Income, the most directly comparable comparable GAAP measure. 4 + 9% Y o Y + 10% Y o Y + 4% Y o Y+ 11% Y o Y 2023 2024 20252023 2024 20252023 2024 20252023 2024 2025
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23 % 3 % 12 % 62 % 11 % 15 % 12 % 62 % 38 % 4 % 20 % 38 % 44 % 6 % 30 % 20 % 44 % 8 % 33 % 15 % 34 % 16 % 31 % 19 % 27 % 17 % 17 % 39 % 45 % 8 % 30 % 17 % 46 % 4 % 21 % 29 % 2017 2018 2019 2020 2021 2022 2023 2024 2025 Equities Currencies Commodities Cryptoassets For definition, see Glossary slide. 5 Built to Win in Every Market Condition eT oro’ s diversified multi-asset offering meets shifting investor demand and capitalizes on market momentum, volatility and the changing macro environment. Commission from Trading Activity by Asset Class
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Q4 2025 Business Highlights Funded Accounts in: Europe and U.K. 71% Asia Pacific 15% 10% 4% Americas Middle East & Africa Funded Accounts Assets Under Administration Net Contribution Adjusted EBITDA 3.81M $ 18.5B $ 227M $ 87M Funded Accounts, Assets Under Administration and Net Contribution are key performance indicators (KPI). For definitions, see Glossary slide. See “KPIs & Financials” for reconciliation of Adjusted EBITDA to Net Income, the most directly comparable comparable GAAP measure. 6 + 9% Y o Y + 11% Y o Y -10% Y o Y -19% Y o Y
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Four Strategic Pillars Driving Growth Delivering on multi-year strategic plan to drive global expansion, product localization and establish eT oro as the broker of choice. Enrich user money management experience, bridging TradFi and DeFi, combining bank accounts, local currencies, debit cards, and a secure crypto wallet. Neo-Banking Redefine trading with AI- guided execution and institutional-grade access to global equities, digital assets and derivatives. Trading Provide a localized, always-on investing universe that uses AI to personalize insights, portfolios, and tools for every investor , in every market. Investing Support long-term financial needs by offering locally adapted saving and investing products in key markets. Wealth Management Global Expansion Share of Users’ Wallet 7
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2024 -- 2026 Accelerating Speed to Market Across Product Lines Options (U.K.) Abu Dhabi Securities ExchangeOptions (U.S.) Crypto Transfers (In/Out) Saving Products (U.K. ISA) Securities Lending (E.U.) Smart Portfolio with Wisdom Tree 150+ Cryptoassets Nordics Exchanges Crypto Staking (US) eT oro Money (Australia) eT oro Club Subscription Securities Lending (U.K.) CopyTrader in the U.S. Futures (E.U.) 24/5 Equities Saving products (France) eT oro Debit Card Smart Portfolios with Franklin T empleton Stock Margin Trading More Smart Portfolios Savings Products (ROW) Wealth Management Products Subscription 2.0 More Stakable Assets eT oro Crypto Wallet More Local Currencies Crypto Transfers More Local B ank Accounts eT oro Public APIs eT oro App Store Personali z ed Discovery Order T ypes 100 , 000 Tradable Assets B uying Power T okeni z ed Stocks Trading 24/ 7 Crypto Margin Trading Options Trading (ROW) More Stock Exchanges Prediction Markets Alpha Portfolios 100+ Cryptoassets (U.S.) H ong Kong Stoc k Exchange Singapore License & Asia Expansion 4 ,8 00+ Pro Investors T ori : eT oro ’ s AI Analyst Smart Portfolios with Ark Invest Smart Portfolios with B lackRock Recurring Investments Trading in Local Currencies Saving Products (Australia) Economic and Earnings Insights Capital G uarantee Program Dubai Financial Markets Crypto Staking (U.K./E.U.) Proxy V oting 8 2024 2025 202 6 Roadmap
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9 Accelerating Our Mission Factors supporting our growth and the democratization of investing IPO & Enhanced Product Innovation Innovation (AI, Moving On Chain) & Global Expansion The Financial Super App AI-First. On-Chain Ready Embedding AI across product and operations to accelerate development and deliver smarter , more personalized investing. Bridging crypto, tokenization, and traditional markets to create the seamless, always-on experience that the next generation of investors demands. Scale with Local Depth Deepening localization in core European markets where retail penetration lags the U.S., while building momentum in Asia and the Middle East from our Singapore and UAE hubs. Continuing to scale in the U.S. and approach new markets strategically . Innov ation Global Expansion 2025 2026 2030
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The Next Generation of Retail Investors: Leading the Wealth Transfer Capturing the Structural Shift: Leading the Transition from Legacy Custody to Digital Market Dominance. 10 of retail investors have moved away from "ancient" desktop portals, using mobile apps as their primary trading interface. $18.5B AUA SAM ~$50T T otal Assets of Online Brokerage Platforms T oday’ s TAM $350T T otal Investable Wealth Worldwide Future TAM (2035) $482T T otal Investable Wealth Worldwide 75 % Wealth Transfer Significant wealth transfer to younger generations represents a significant tailwind. $ 125T Source: PwC 2025 Global Asset & Wealth Management Report, Cerulli Associates: "The $124 Trillion Opportunity" (2025 Update), PwC research, FINRA: NFCS Investor Survey Report (November 2025), Vanda Research and Nasdaq Historical Reporting (H1 2025).
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Product
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TRADING Continuous, Borderless Access to Global Markets 12 Always On Trading Provided extended access to global markets by enabling 24/5 trading for U.S. equities and futures, alongside 24/7 trading for popular equities and select commodities. Futures & Options Broadened derivatives access by expanding futures across Europe, launching futures and options in the U.K. and E.U. 150+ Cryptoassets Expanded the cryptoasset universe to over 150 tokens, expanded staking program for more eligible cryptos, and increased crypto trading access to U.S. users*. 25 Stock Exchanges Broadened international market access with the addition of equities listed on the Abu Dhabi Securities Exchange, Hong Kong Stock Exchange, and across the Nordics. One seamless trading universe, open 24/7, across markets, assets, and geographies. (*) U . S . users can trade up to 110 cr y pto assets. Buy
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INVESTING Building a Bespoke Investing Experience 13 eToro Apps Launching apps ahead of the roll out of the eToro App Store. Through our public APIs and suite of AI-powered tools, users and partners can build, share, and scale strategies and tools, as part of a growing ecosystem. Tori, eToro AI Analyst Introduced Tori, eToro's AI Analyst, delivering tailored insights and a smarter, more personalized and intuitive investing and learning experience. eToro Club Subscription Launched the first tier of the eToro Club subscription providing access to premium investing tools, financial perks and dedicated support. Yield Generating Solutions Expanded passive, yield generating solutions with stock lending in the E.U., U.K. and U.A.E. and more stakable assets. Enabling users to personalize their investing experience through intelligent tools and subscriptions.
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99 INVESTING The eT oro App Store The eT oro App Store elevates personalization across the platform. Through public APIs and AI-powered tools, investors can design, launch, and integrate their own applications directly into the eT oro experience . By turning users and partners into builders, we accelerate innovation, deepen engagement, and organically expand our product offering, enabling new layers of automation, analytics, risk intelligence, customization, and AI-powered investing tools. 14
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INVESTING Portfolios Built to Outperform 9 Smart Portfolios 127 Built by eT oro’ s Investment Office, eT oro’ s Smart Portfolios have delivered solid returns and outperformed some of the global indices and market benchmarks.* Expanded Institutional-Grade Strategies Launched partner portfolios in collaboration with Franklin Templeton, WisdomTree, ARK Invest, and Amundi, providing access to institution-grade strategies. Launched Alpha Portfolios Introduced Alpha Portfolios, quantitative, data-driven strategies, leveraging eToro data and machine learning to bring hedge fund–style approaches to retail investors. 15 eT oro EmergingNations vs. MSCI Emerging Markets ex China Index eT oro BigT ech vs Nasdaq100 Index eT oro Founder-Led vs. Solactive Founder-run Companies Index 5 6.83% 2 3.3 1 % 3 5 .0 9 % 2 0. 17 % 4 9 . 7 6% 2 8. 71 % (*) Performance from January 1, 2025 to December 31, 2025. Past performance is not an indicator of future results. Select e T oro Smart P ort f olios vs. Benchmark
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Celebrating 15 Y ears of Social Investing INVESTING eT oro’ s global community of investors continues to redefine how people learn, share, and invest together . Investors are now enrolled in the eT oro Pro Investor Program**, expanding the choice of people to copy . 5,000 More than* (*) T otal number of Pro Investors as of February 11, 2026. (**) Formerly known as “Popular Investor Program” (***) Assets Under Copy All other figures as of December 31, 2025 65 % 5Y+ T enure 70+ Countries 17 $10M+ in AUC***11+ Strategies 69 PhDs 125 $1M+ in AUC 16
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(*) Number of copiers as of February 12, 2026 (**) T otal Return since joining eT oro Past performance is not an indicator of future results 17 Copiers* 2025 5- Y ear T otal** 35, 129 24,646 11,864 9,956 9,802 7,489 5,584 5,455 4,782 3,781 3,299 2,610 1,653 1,612 1,394 1, 151 1, 118 Thomas Parry Jones Pietari Laurila Zechariah Bin Zheng Stewart Fitzell Dan Hamernik Michal Hlavacka Amit Kupfer Miska Repo Ingvar Rueckemann Shao Feng Li Mike Moest Rhys Adams Keshav Lohiya Celestino Brunetti Cristian Borelli Sergiu Niga Dario Martiskovic 51% 46% 20% 33% 80% 46% -9% 53% 34% 30% 32% 38% 34% 15% 25% 47% 32% 18. 11% 286% 228% 168% 116% 193% 399% 226% 139% 117% 459% 138% 149% 238% 120% 131% 295% 222% 275% 243% 147% 123% 213% 346% 231% 152% 113% 396% 136% 167% 286% 124% 125% 288% 238% eT oro Pro Investors INVESTING Pro Investors Leading Pro Investors outperformed the S&P500 over a 5-year horizon.
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WEAL TH MANAGEMENT Building the Wealth Layer of the eT oro Ecosystem 18 Superannuation (Australia) Assets under administration in our Australian savings products grew 44% between 2023 and 2025, supported by strong momentum following the launch of our superannuation offering. eT oro ISA (U.K.) Expanded ISA offering from fully managed solution to self-directed stocks & shares ISA and cash ISA to support UK users in investing tax-efficiently . Recurring Investments in the U.K., E.U., U.A.E and Australia Expanded the rollout of automated contributions into stocks, ETFs, and crypto, making it easier for users in more markets to invest consistently over time. Capturing the trillion-dollar global savings opportunity through long-term, local products. Savings Products (France) L aunched retirement (P E R) and life insurance products in France, enabling long-term, tax-advantaged investing directly on eT oro. 7 x Increase in AUA in Q 4 - 25 vs. Q 4 - 24.
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Local, Everyday Money Management Launched local bank accounts in Australia and Denmark, expanding users’ ability to trade and invest directly in local currency. Everyday Spending & Rewards Rolled out debit cards across the E.U. and U.K. offering up to 4% stock-back and travel perks on everyday spending. Self-Custody Money Layer Seamless Crypto Transfers Enabled seamless crypto transfers in and out of eToro, with 1% stock-back rewards on eligible transfers. Launched crypto wallet for self- custody, token swaps, and future Web3 integrations beyond the core eToro trading platform. NEO BANKING Bridging Traditional and Decentralized Finance Scaling local money management, crypto services, and non-custodial Web3 functionality within eT oro — creating a seamless financial layer that connects everyday banking with digital asset access. 19 6.5x I ncrease in debit cards transaction volum e (Q 4 -25 vs. Q 4 -2 4 ) 1 . 87M eToro M oney accounts * (*) All fi gures as of December 31, 2025
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All figures as of December 31, 2024. GLOBAL EXPANSION One Platform, Unlimited Growth Driving international growth through a unified infrastructure and proven playbook. Expansion into Asia Activated Capital Markets Services license from the Monetary Authority of Singapore and now enables retail investors to trade global stocks, ETFs, and derivatives. Momentum in the U.S. Strengthened engagement in the U.S. and differentiation through the launch of CopyTrader and the gradual roll-out of eToro’s global product suite. Scaling in the U.A.E. Expanded eToro’s footprint in the UAE through product localization and by partnering with local stock exchanges and educators. 20
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Sports sponsorships allow eToro to build brand awareness at scale by engaging large, trusted communities that align closely with eToro’s social investing model. eToro’s sponsorship strategy includes partnerships with leading European football clubs, elite athletes, and global sports organizations. The recent partnership with the BWT Alpine Formula One Team significantly increases eToro’s global exposure across Europe, APAC, the Middle East, and the U.S., reinforcing brand awareness in key growth markets. Scaling eT oro’ s Global Brand Through Sports Sponsorships Leveraging community-led partnerships to build brand awareness and long-term engagement at scale. 21
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Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Q9 Q10 Q11 Q12 173 21 1000 750 500 250 Cohort Q3 2025 Cohort Q2 2025 Cohort Q1 2025 Cohort Q4 2024 Cohort Q3 2024 Cohort Q2 2024 Cohort Q1 2024 Cohort Q4 2023 Cohort Q3 2023 Cohort Q2 2023 Cohort Q1 2023 Fast Marketing Payback and Strengthening Cohorts Cumulative ARPU by Quarterly Cohort. Marketing spend (CAC) is typically repaid within 2–3 quarters, with newer cohorts outperforming prior vintages. 22 Return 0.7x 1.8x 2.7x Cohort* 2025 (1Y) 2024 (2Y) 2023 (3Y) (*) Return multiples reflect cohort maturity (1-, 2- and 3-year performance) and are not directly comparable across years.
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KPIs & Financials Fourth Quarter & Full Year 2025
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Q3 2025 Q4 2025 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 3.58 3.63 3.48 3.213. 173. 133.04 3.813.73 Funded Accounts (M) Funded Accounts A 9% Y o Y rise in funded accounts reflects the impact of customer acquisition efforts and consistently high retention. In Q4 2024, 180,000 new funded accounts were contributed by Spaceship. Funded Accounts is a key performance indicator (KPI). For definition, see Glossary slide. Numbers may not sum up due to rounding; percentage changes based on unrounded data. 24 +9% Y o Y
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38 % 8 % 28 % 26 % 48 % 4 % 15 % 33 % 44 % 2 % 30 % 24 % 33 % 4 % 20 % 43 % 31 % 4 % 15 % 50 % 45 % 4 % 26 % 25 % 52 % 6 % 23 % 19 % 43 % 4 % 16 % 37 % 50 % 6 % 24 % 20 % Commission From Trading Activity by Asset Class Equities and commodities led Q4 commissions, reflecting active trading conditions. For definition, see Glossary slide. 25 Equities Currencies Commodities Cryptoassets 45 % 8 % 30 % 17 % 38 % 4 % 20 % 38 % 46 % 4 % 21 % 29 % Q3 2025 Q4 2025 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 2023 2024 2025
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Q3 2025 Q4 2025 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 73 56 62 21 116 26 59 23 84 22 35 12 73 61 45 20 83 20 46 15 80 95 50 25 92 17 43 14 215 227 155 201 167 167 252 3 3 2 2 3 1 2 Net Contribution Breakdown Capital markets activity reached an all-time high in 2025. Net Trading Contribution (Cryptoassets) 97 46 50 22 217 2 Q2 2025 114 27 46 18 210 4 329 193 184 74 399 155 217 84 788 868 8 12 306 56 144 39 556 11 Net Trading Contribution (ECC) Net Interest Contribution eT oro Money Subscriptions & Other All figures ($M) See Slide 33 for reconciliation of Net Contribution. Net Contribution is a key performance indicator (KPI). For definition, see Glossary slide. Numbers may not sum up due to rounding. 26 2023 2024 2025
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Trading Activity A clear multi-asset strategy supports continued growth in capital markets trading and investment flows, providing resilience against crypto market volatility . Q3 2025 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Number of trades (Capital markets/ECC*) Invested amount per trade (Capital markets/ECC*) Number of trades (Cryptoassets) Invested amount per trade (Cryptoassets) 135 $286 16 $300 101 $235 10 $204 135 $216 20 $258 135 $219 12 $200 117 $271 9 $190 120 $287 23 $347 128 $262 20 $239 Q2 2025 121 $338 9 $267 Number of Trades (M) (*) Equities, currencies, commodities. For definition, see Glossary slide. Numbers may not sum up due to rounding; percentage changes based on unrounded data. 27 +27% +6% -46% -17% +6% +21% -11% +1% Q4 2025 Q4-25 vs Q4-24 2025 vs 2024 153 $304 13 $287 2024 507 $247 64 $269 2023 415 $254 31 $172 2025 537 $297 57 $271
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Q3 2025 Q4 2025 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 6.46.2 5.25.25.04.5 8. 17.9 6.3 Interest Earning Assets ($B) Interest Earnings Assets Interest-earning assets rose 29% Y o Y in Q4-25 (vs. Q4-24) and 33% in 2025 (vs. 2024). For definition, see Glossary slide. Numbers may not sum up due to rounding; percentage changes based on unrounded data. 28 2023 2024 2025 7.2 5.4 4.3
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Q3 2025 Q4 2025 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 2.7 2.4 2.9 1.81.9 2.2 1.5 3.7 2.8 Total Money Transfers ($B) T otal Money Transfers T otal money transfers grew 29% Y o Y in Q4-25 (vs. Q4-24) and 32% in 2025 (vs. 2024). For definition, see Glossary slide. Numbers may not sum up due to rounding; percentage changes based on unrounded data. 29 2023 2024 2025 11.6 8.7 5.5
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59 39 31 64 60 30 16 57 Net Income ($M) Net Income Net income increased 16% Y o Y in Q4-25 (vs. Q4-24) and 12% in 2025 (vs. 2024). Net income for Q2 2025 includes expenses of $8.4 million related to the Company' s initial public offering (IPO ). For definition, see Glossary slide. Numbers may not sum up due to rounding; percentage changes based on unrounded data. 30 Q2 2025 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q3 2025 69 Q4 2025 15 192 216 2023 2024 2025
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108 5555 87 80 72 41 8778 Adjusted EBITDA($M) Adjusted EBITDA Adjusted EBITDA grew 4% Y o Y in 2025 (vs. 2024), despite a 19% decline in Q4-25 (vs. Q4-24), which had benefited from peak crypto and equity market activity during the presidential election. For definition, see Glossary slide. Numbers may not sum up due to rounding; percentage changes based on unrounded data. See ‘Financials’ section for reconciliation of Adjusted EBITDA to Net Income, the most directly comparable GAAP financial metric. 31 117 304 317 Q3 2025 Q4 2025 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 2023 2024 2025
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AUA Breakdown ($B) 14.8 5.6 6.4 2.8 17.5 6.5 7.9 3. 1 16.6 7.0 6.6 3.0 11.8 4.2 5.0 2.6 11.3 4.4 4.5 2.4 12.2 5.5 4.2 2.5 9.7 3.8 3.7 2.2 18.5 5.3 9.6 3.6 20.8 7.8 9.3 3.7 Equities Cash Cryptoassets AUA grew 11% Y o Y , driven by market gains in equities and cash inflows. Cash is customers uninvested cash as well as cash used for margin/collateral for leveraged positions. For definition, see Glossary slide. Numbers may not sum up due to rounding; percentage changes based on unrounded data. 32 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 September 30, 2025 December 31, 2025 December 31, 2023 March 31, 2025 June 30, 2025
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Net Contribution Net Contribution is a key performance indicator (KPI). For definition, see Glossary slide. Numbers may not sum up due to rounding; percentage changes based on unrounded data. 33 -10% Y o Y +10% Y o Y U.S. dollars in thousands (Unaudited) Net trading income from equities, commodities and currencies Revenue from cryptoassets Net trading income (loss) from cryptoassets derivatives Net interest income from users Currency conversion and other income Other interest income Cost of Revenue from Cryptoassets Margin Interest Expense T otal revenue and income Net Contribution 2025 2024 2025 2024 Three months ended December 31, Twelve months ended December 31, 115,618 3,592,968 73,783 58,073 25,277 9,062 3,636,921 11,075 3,874,781 226,785 80,683 5,813,811 (130,498) 51,610 26,866 4,366 5,585, 104 9,204 5,846,838 252,530 399,362 12,975,078 124,032 213,415 95,978 30,067 12,932,009 37,536 1 3,837, 9 3 2 868,387 328,706 12, 147,329 (130,729) 197, 178 81,415 16,654 11,816, 192 36,66 0 1 2,640,55 3 787,70 1
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Net Contribution to Adjusted EBITDA U.S. dollars in thousands Net Contribution Adjusted OpEx Adjusted EBITDA Research & Development Selling & Marketing G&A and Operations Net Contribution is a key performance indicator (KPI). Adjusted EBITDA is a non-GAAP metric. For definition , see Glossary slide. See Slide 35 for reconciliation of Adjusted EBITDA to Net Income, the most directly comparable financial metric. See ‘Appendix’ section for reconciliation of Adjusted OpEx. Numbers may not sum up due to rounding; percentage changes based on unrounded data. 34 2025 2024 2025 2024 Three months ended December 31, Twelve months ended December 31, 226,785 (139,862) 86,923 (36,822) (46,253) (56,787) 252,530 (144,928) 107,602 (30,250) (58,299) (56,379) 868,38 7 (551,415) 316,972 ( 1 44,266) (204,362) (202,787) 787,70 1 (483,830) 303,871 ( 1 23,048) ( 1 74, 1 30) ( 1 86,652) -19% Y o Y +4% Y o Y
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Net Income to Adjusted EBITDA (Non-GAAP) Adjusted EBITDA is a non-GAAP metric. For definition, see Glossary slide. Numbers may not sum up due to rounding. Employee non-cash expense is related to payroll expenses recorded in respect of the non-withdrawable amount (“NW A ”) over the employee’ s vesting period. T ransaction costs include transaction cost and expenses associated with the initial public offering. Other expenses include the revaluation of a contingent liability related to the acquisition of Spaceship and certain non-recurring provisions. Revaluation of contingent liability is related to the commitment to issue shares as part of the Spaceship acquisition. Revaluation changes based on share price. . 35 U.S. dollars in thousands (Unaudited) Net income Adjusted EBITDA Finance expense, net T axes on income Share-based payment expense Depreciation and amortization Employee non-cash expense Transaction costs Other expenses, net 2025 2024 2025 2024 Three months ended December 31, Twelve months ended December 31, 68,742 86,923 3,081 9,695 4,028 3,822 (1,824) - (621) 59, 184 107,602 2,491 32,079 3,313 3,097 682 1,283 5,473 215,696 316,972 11,432 37,705 16, 160 12,973 5,239 10,891 6,876 192,38 1 303,871 4,642 53,238 27, 150 11,337 6,557 1,281 7,28 5 2023 15,25 9 117, 146 3,889 12,473 66, 143 12,255 6,438 - 68 9
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Net Income to Adjusted EBITDA (Non-GAAP) (Cont.) Adjusted EBITDA is a non-GAAP metric. For definition, see Glossary slide. Numbers may not sum up due to rounding. Employee non-cash expense is related to payroll expenses recorded in respect of the non-withdrawable amount (“NW A ”) over the employee’ s vesting period. T ransaction costs include transaction cost and expenses associated with the initial public offering. Other expenses include the revaluation of a contingent liability related to the acquisition of Spaceship and certain non-recurring provisions. Revaluation of contingent liability is related to the commitment to issue shares as part of the Spaceship acquisition. Revaluation changes based on share price. . 36 U.S. dollars in thousands (Unaudited) Net income Adjusted EBITDA Finance expense, net T axes on income Share-based payment expense Depreciation and amortization Employee non-cash expense Transaction costs Other expenses, net Q2 2025 Q3 2025 30, 185 71,947 6,309 5,434 3,545 2,988 8,090 8,379 7,017 56,817 77,908 2,559 11,987 4,300 3, 153 22 421 (1,351) Q4 2025 68,742 86,923 3,081 9,695 4,028 3,822 (1,824) - (621) Q3 2024 Q4 2024 38,50 0 54,593 961 5,990 5,900 2,798 (524) - 96 8 59, 18 4 107,602 2,491 32,079 3,313 3,097 682 1,283 5,47 3 Q 1 2025 59,952 80, 194 (517) 10,589 4,287 3,010 (1,049) 2,091 1,83 1 Q 4 202 3 Q 1 2024 16,002 41, 130 2,202 4,212 12, 188 3,983 2,543 - - 64, 11 0 86,877 928 9,51 6 8,891 2,590 595 247 - Q 2 2024 30,587 54,799 262 5,653 9,04 6 2,852 5,804 (249) 84 4
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U.S. dollars in thousands, except for share amounts (Unaudited) 37 Net Income Adjusted Net Income Before T ax Adjusted Net Income Basic GAAP EPS Diluted GAAP EPS Basic Non-GAAP EPS Diluted Non-GAAP EPS Share-based payment expense Transaction related costs Other expenses, net Amortization Employee non-cash expense T ax impact Basic Shares Outstanding Diluted Shares Outstanding 68,742 70,665 70,427 $0.79 $0.69 $0.81 $0.71 4,028 1,221 (1,824) - (1,502) (238) 86,740,531 99,635,590 59, 184 70,841 66,744 $0.78 $0.70 $0.88 $0.79 3,313 906 682 1,283 5,473 (4,098) 75,676,247 84,969,521 For definition, see Glossary slide. Adjusted Net Income is a non-GAAP metric. 2025 2024 215,69 6 257,749 251,492 $2.58 $2.2 7 $3.01 $2.64 16, 160 3,768 5,23 9 10,891 5,99 5 (6,257) 83,503,59 2 95, 129,72 9 192,381 237,739 227,908 $2.55 $2.2 6 $3.02 $2.67 27 , 15 0 3,08 5 6,557 1,281 7 ,28 5 (9,831) 75,595,967 85,297 ,91 0 2025 2024 T hree months ended D ecem b er 31 , Tw el v e months ended D ecem b er 31 , Adjusted Diluted EPS (Non-GAAP)
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Statement of Financial Position U.S. dollars in thousands As of December 31, 2025 As of December 31, 2024 Unaudited Unaudited Cash and cash equivalents Restricted cash Short term investment Counterparties Cryptoassets Receivable from omnibus accounts Other receivables and prepaid expenses Restricted cash Right of use assets Property and equipment, net Goodwill and other intangible assets Deferred taxes assets Current Assets Non Current Assets T otal Assets 1,072,641 329 202,688 249,055 62,606 26,820 61,299 11,688 41,873 7 ,361 43,211 11,776 1,675,438 115,909 1,791,347 575,395 314 65,000 224,867 113,279 50,466 46,005 11,630 44,406 5,007 46,346 8,647 1,075,326 116,036 1, 191,362 As of December 31, 2025 As of December 31, 2024 Unaudited Unaudited Accounts payable Current maturities of long-term lease liabilities O ther short term liabilities Payable to users Accrued expenses and other payables Employee benefit liabilities, net O ther lon g term liabilities L on g term lease liabilities Deferred ta x es liabilities Common share premium Preferred share premium Treasury Shares Advanced Investment Agreement O ther c apital reserve Retained earnings ( Accumulated de fi cit ) Current Liabilities Non Current Liabilities T otal Equity T otal Liabilities and Equity 4,435 5,978 8,994 107 ,830 215,414 96 2 - 48,485 4,659 1,273,894 - ( 62,085 ) 9,091 5,441 168,249 342,651 54, 106 1,394,590 1,791,347 4,201 4,75 8 103,493 193, 115 1,253 5,653 43,546 2,968 474,469 397 ,019 ( 2,625 ) 9,091 1,868 ( 47 ,447 ) 305,567 53,420 832,375 1, 191,362 38
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Monthly Metrics & Capital Allocation
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Business Highlights Trading Activity Funded Accounts (M) Assets Under Administration ($B) 26 Number of trades (Capital markets/ECC*) Invested amount per trade (Capital markets/ECC*) Number of trades (Cryptoassets) Invested amount per trade (Cryptoassets) Jan 2025 Jan 2026 Y o Y change 48 $234 8 $276 74 $252 4 $182 55% 8% -50% -34% 9% 2% Y o Y change Number of Trades (M) 2025 2026 January 31, 3.54 18. 1 3.85 18.4 Interest Earning Assets ($B) T otal Money Transfers ($B) 17% 68% 6.5 1.0 7.7 1.8 F or d e fi n iti on s , s ee Gl o ss ary slid e . N u mb er s m ay no t s u m u p d ue t o roun di ng ; p ercen t age change s b a s e d on unroun d e d d a t a . T he s e l ec t e d d a t a a b o v e ha s no t b een au dit e d or re vi e w e d an d s hou ld no t b e e xt ra p o l a t e d f or f u t ure p er i o ds. January 2026 m e t r i c s are b a s e d on curren tl y a v a il a bl e i n f or m a ti on an d are s u bj ec t t o u pd a t e . Fi na l re s u lts an d o t her b u si ne ss m e t r i c s f or t he f u ll fis ca l q uar t er will b e a v a il a bl e i n our fili ng s wit h t he U.S. S ecur iti e s an d Ex change C o mmissi on (“SEC”) or o t her wis e p u bli c l y dis c l o s e d an d mi gh t v ary f ro m t he i n f or m a ti on p re s en t e d a b o v e . e T oro ’ s m anage m en t u s e s t he f orego i ng k ey p er f or m ance i n di ca t or s t o he lp e v a l ua t e t he b u si ne ss , m ea s ure its p er f or m ance, id en tif y t ren ds , p re p are fi nanc i a l p ro j ec ti on s an d m a k e b u si ne ss d ec isi on s. D e fi n iti on s o f p er f or m ance i n di ca t or s can b e f oun d i n t he App en dix o f t h is p re s en t a ti on . 40
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2.5x1.75M eToro Money accounts. More debit cards issued in Q3 vs. Q2. eT oro Money continues to see accelerating adoption and engagement, following the launch of the debit card in Europe and the U.K. Share Repurchase Program eT oro announced an additional $100 million share repurchase program incremental to its remaining $50 million authorization. The share repurchase underscores the Company’ s confidence in its long-term growth prospects and commitment to delivering value for shareholders. 41 The actual timing, number , manner and value of any shares repurchased will depend on several factors, including the market price of the Company' s shares, general market and economic conditions, the Company' s liquidity requirements, applicable legal requirements and other business considerations. The repurchase authorization does not have an expiration date.
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Appendix
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Consolidated Statements of Profit or Loss and Other Comprehensive Income 43 U.S. dollars in thousands (Unaudited) Revenue and income: T otal revenue and income Costs: T otal costs Net income Net trading income from equities, commodities and currencies Revenue from cryptoassets Net trading income (loss) from cryptoassets derivatives Net interest income from users Currency conversion and other income Other interest income Cost of revenue from cryptoassets Margin interest expense Research and development Selling and marketing General, administrative and operating costs Finance and other expenses, net Income before taxes on income T axes on income 115,618 3,592,968 73,783 58,073 25,277 9,062 3,636,921 11,075 37 ,867 46,970 60,430 3,081 78,437 9,695 3,874,781 3,796,344 68,742 80,683 5,813,811 (130,498) 51,610 26,866 4,366 5,585, 104 9,204 31,991 59,215 67 ,570 2,491 91,263 32,079 5,846,838 5,755,575 59, 184 399,362 12,975,078 124,032 213,415 95,978 30,067 12,932,009 37 ,536 151,247 208,671 243,636 11,432 253,401 37 ,705 13,837,932 13,584,531 215,696 2025 328,706 12, 147 ,329 (130,729) 197 , 178 81,415 16,654 11,816, 192 36,660 131,071 178,365 228,004 4,642 245,619 53,238 12,640,553 12,394,934 192,381 2024 2025 2024 Three months ended December 31, Twelve months ended December 31,
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Consolidated Statements of Profit or Loss and Other Comprehensive Income (Cont.) 44 U.S. dollars in thousands, except for share amounts (Unaudited) Other comprehensive income, net: Other comprehensive income (loss) for the year , net of tax T otal comprehensive income Weighted-average shares of common shares used to compute net income per share attributable to common shareholders: Items that may be reclassified subsequently to profit or loss: Cash flow hedges, net of tax Basic net income per share Diluted net income per share Basic Diluted (179) 0.79 0.69 86,740,531 99,653,590 (179) 68,563 1,267 0.78 0.70 75,676,247 84,969,521 1,267 60,451 3,573 2.58 2.27 83,503,592 95, 129,729 3,573 219,269 2025 1,868 2.55 2.26 75,595,967 85,297 ,910 1,868 194,249 2024 2025 2024 Three months ended December 31, T w el v e months ended December 31,
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Consolidated Statements of Cash Flows 45 U.S. dollars in thousands (Unaudited) Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Changes in asset and liability items: Adjustments to profit or loss items: Depreciation, amortization and impairment Share-based payment Evaluation of contingent liabilities Revaluation of fair value of cryptoassets and counterparties Non-cash revenue from staking and blockchain rewards Non-cash costs from staking and blockchain rewards Finance and other expenses, net T axes on income, net Increase of counterparties Decrease of cryptoassets Decrease (Increase) of other receivables and prepaid expenses Decrease (Increase) of restricted cash Increase (Decrease) of user and omnibus accounts, net Increase (Decrease) of accounts payable Increase of accrued expenses and other payables Increase (Decrease) of employee benefit liabilities, net 68,742 130,896 (68,602) 3,821 4,013 (622) 114,355 (10,290) 6,843 3,081 9,695 (61,070) 27 ,097 6,856 (6) (41,860) (2,964) 3,343 2 2025 59, 184 33,394 (23,606) 3,097 3,313 - (4,456) (9, 178) 6,048 2,491 32,079 (21,035) 508 3,598 (11) (31,506) (11,065) 35,916 (11) 215,696 99, 171 28,904 12,973 16, 145 3,341 29,560 (37 ,380) 25,395 11,432 37 ,705 (52,527) 55,692 (7 ,097) 30 33,728 (2,400) 1,937 (459) 192,381 52,795 41, 163 11,337 27 , 150 - (35,967) (21,022) 13,417 4,642 53,238 (34,492) 8,593 (3,947) (857) 30,536 2,218 39,667 (555) 2024 2025 2024 Three months ended December 31, Twelve months ended December 31,
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Consolidated Statements of Cash Flows (Cont.) 46 U.S. dollars in thousands (Unaudited) Interest (paid), net during the period T axes paid, net during the period (Increase) of Short term deposits Decrease of Short term deposits Increase of long-term investments Purchase of property and equipment Purchase of intangible assets Exercise of options Repayment of lease liabilities Issuance of class A common share upon initial public offering, net of underwriting discounts, commissions and other issuance costs Purchase of treasury shares Cash and cash equivalents at beginning of period Net cash provided by operating activities Cash flows from investing activities: Net cash used in investing activities Cash flows from financing activities: Net cash provided by (used in) financing activities Exchange differences on balances of cash and cash equivalents Increase in cash and cash equivalents Cash and cash equivalents at end of period (335) (5,047) (182,264) 110,701 - (1,775) (12) 2,396 (1,233) - (59,547) 1,093,467 125,654 (73,350) (58,384) (14,746) (20,826) 1,072,641 (24) (3,252) (65,000) - (609) (359) (203) 242 (1, 116) - - 586,764 65,696 (66, 171) (874) (10,020) (11,369) 575,395 (7 ,096 ) (18,430) (427 ,264) 289,701 (500) (4,841) (635) 6, 126 (4,573) 377 ,94 3 (59,547) 575,39 5 318,24 5 (143,539) 319,94 9 2,59 1 497,24 6 1,0 72 , 641 2025 2024 (3, 188) (14,572) (65,000) - (609) (2,372) (546) 92 9 (4, 119) - - 388,334 268,57 9 (68,527) (3, 190) (9,801) 1 87,06 1 5 75,395 2025 2024 T hree m onths ended D ece m ber 31, Tw el v e m onths ended D ece m ber 31,
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Adjusted Operating Expenses (OpEx) (Non-GAAP) Reconciliation 47 U.S. dollars in thousands (Unaudited) Research & Development Adjusted Research & Development Selling & Marketing Adjusted Selling & Marketing G&A and Operations Adjusted G&A and Operations Share-based payment expense Depreciation and amortization Employee non-cash expense Share-based payment expense Depreciation and amortization Employee non-cash expense Share-based payment expense Depreciation and amortization Employee non-cash expense Transaction related costs Other expenses, net 37,867 36,822 46,970 46,253 60,430 56,787 (1,672) (533) 1, 160 (381) (605) 269 (1,975) (2,684) (395) - 621 31,991 30,250 59,215 58,299 67,570 56,379 (633) (560) (548) (275) (592) (49) (2,405) (1,944) (86) - (6,756) 2025 2024 Three months ended December 31,
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Glossary (A-Z) Adjusted EBITDA: Adjusted EBITDA is a non-GAAP financial metric that we define as net income (loss) adjusted to exclude finance and other expenses, net, taxes on income, share-based payment expense, depreciation and amortization, employee non-cash expense, one-time transaction costs and other expense. Adjusted Diluted Earnings Per Share (Adjusted Diluted EPS ): Adjusted diluted EPS is a non-GAAP financial metric and is calculated by dividing the Adjusted Net Income attributable to common shareholders by the diluted shares outstanding during the period. Adjusted diluted EPS excludes the impact of the same non- recurring or non-operational items to provide investors with a normalized measure of profitability on a per- share basis. Adjusted Net Income: Adjusted Net Income refers to the company’ s net income after making adjustments for non-recurring, one-time, or non-cash items such as restructuring charges, asset impairments, acquisition-related expenses, or gains/losses from discontinued operations. Adjusted Operating Expenses ( OpEx) (Non-GAAP ): Adjusted Operating Expenses refer to the operating expenses as reported in the GAAP financial statements, but excluding share-based compensation expenses, depreciation and amortization, employee non-cash expense and one-time transaction costs. Adjusted Operating Expenses are composed of: Research and Development (“R&D”) includes costs incurred in developing, maintaining, and enhancing the e T oro platform. These costs primarily include R&D personnel-related expenses and information technology and cloud services. R&D expenses also include allocated overhead costs for facilities, welfare, travel, and depreciation. Selling and Marketing (“S&M”) primarily includes costs related to user acquisition, advertising and marketing programs, and sales and marketing personnel-related expenses. Selling and marketing expenses also include allocated overhead costs for facilities, welfare, travel, and depreciation. General Administrative and Operating (“G&A ”) costs include costs incurred to support our business and operate the e T oro platform. These costs primarily include operating costs incurred to payment processing and account verification fees, user support, software subscriptions, as well as personnel- related expenses, professional services, and other general overhead costs. Assets Under Administration: Assets Under Administration (AUA) reflects the aggregate fair value of assets held by users within the platform, including those held by third-party partners for execution or custody services, categorized as follows: Crypto includes all cryptocurrencies and users’ crypto assets held in e T oro digital wallets. Equities: includes stocks, ETFs, and assets managed under the Spaceship program. Cash: Includes customers’ uninvested cash (e.g., cash balances, eMoney balances, in-process cashouts), as well as cash used for margin or posted as collateral for leveraged positions. Commission from T rading Activity by Asset Class: Commission from T rading Activity by Asset Class refers to the gross commissions, fees, and other forms of income collected from users engaging in trading activities on the e T oro platform, broken down by the specific asset class involved in each trade. Funded accounts: Funded Accounts are users who have completed KYC , AML and other onboarding processes, activated their account, deposited funds, executed at least one trade at any time and have a positive account balance (invested or uninvested). Funded Accounts represent the deepest level of our user acquisition funnel and are the users from whom we generate T otal Commission. Interest Earning Assets: Interest Earning Assets are the average monthly balances of users’ cash balances, corporate cash, users’ total leveraged positions and stakeable cryptoassets. 48
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Glossary (A-Z) Net Income Net income represents the company’ s total earnings or profit for a given period, calculated as total revenue minus all expenses, including operating costs, depreciation, interest, taxes, and other income or expenses. It reflects the company’ s overall profitability according to GAAP standards. T otal Money T ransfers: T otal money transfers are the cumulative value across the respective period of user deposits, withdrawals, and cross-currency trade funding via e T oro Money IBAN. T rades & Net T rading Contribution Per T rade T rades represent the total number of orders that were placed by users and executed by us during the applicable period. T rades include self-directed and copy trades, and each trade reflects either the opening or closing of a position by a user . Net T rading Contribution per T rade consists of Net T rading Contribution (equities, commodities and currencies) and Net T rading Contribution ( Cryptoassets) divided by their respective number of trades. W e separate trades and Net T rading Contribution per T rade between cryptoassets and traditional assets to help isolate trends, due to the distinct characteristics that drive trading activity between the two types of assets. Cryptoassets exhibit highly varying spreads based on the relative liquidity of the asset traded, and depending on investor preferences, our Net T rading Contribution per T rade ( Cryptoassets) can also vary significantly . 49 Net Contribution Net Contribution reflects T otal revenue and income, less the Cost of revenue from cryptoassets and Margin interest expense. W e use Net Contribution to evaluate the net contributions of our users’ activity on our platform before considering the overhead costs associated with our operations. Net Contribution consists of the following five components, each representing revenue or income divided across our products based on the distinct patterns upon which we monetize users’ activity on the platform. W e evaluate the performance of our business and our success in both diversification and risk management across these five components: Net T rading Contribution (Equities, Commodities and Currencies) is equal to our Net trading income from equities, commodities and currencies. Net T rading Contribution (Cryptoassets) is equal to Revenue from cryptoassets plus Net trading income (loss) from cryptoasset derivatives less Cost of revenue from cryptoassets, excluding the net contributions from blockchain rewards and staking activity . Net Interest Contribution represents Net interest contribution from users plus Other interest income plus the net contributions of staking activity , less Margin interest expense. e T oro Money comprises the vast majority of our Currency conversion and other income. It represents the income earned from our money management services, including currency conversions, withdrawals, interchange on our debit card, transfers of cryptoassets, and fees relating to our cryptoasset wallet services. Subscriptions and Other is the remainder of Currency conversion and other income not attributable to e T oro Money plus the net contributions of blockchain rewards.
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Investor Contacts investors@etoro.com