# EDGAR Filing Document

**Accession Number:** 0001493318
**File Stem:** 0001213900-25-107846
**Filing Date:** 2025-11
**Character Count:** 36552
**Document Hash:** 45bca18920628f9dc7c1e78784bd83d8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-107846.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001213900-25-107846

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251110

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** eToro Group Ltd.
- **CENTRAL INDEX KEY:** 0001493318
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42647
- **FILM NUMBER:** 251464328

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 30 SHESHET HAYAMIN STREET
- **CITY:** BNEI BRAK
- **PROVINCE COUNTRY:** L3
- **ZIP:** 5120261
- **BUSINESS PHONE:** 972 73-265-6600

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 30 SHESHET HAYAMIN STREET
- **CITY:** BNEI BRAK
- **PROVINCE COUNTRY:** L3
- **ZIP:** 5120261

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Tradonomi Ltd.
- **DATE OF NAME CHANGE:** 20100603

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**Report of Foreign Private Issuer**

**Pursuant to Rule 13a-16 or 15d-16**

**of the Securities Exchange Act of 1934**

For the month of **November 2025**

Commission File Number **001-42647**

---

| |
|:---|
| **ETORO GROUP LTD.** |
| (Translation of registrant's name into English) |
| **30 Sheshet Hayamim St.,**<br> **Bnei Brak, Israel 5120261** |
| (Address of principal executive offices) |

---

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

**Explanatory Note**

On November 10, 2025, eToro Group Ltd. (the "Company") issued a press release titled "eToro Reports Third Quarter 2025 Results." A copy of the press release is furnished as Exhibit 99.1 herewith.

**Incorporation By Reference**

The unaudited condensed consolidated balance sheets, unaudited condensed consolidated statements of profit or loss and other comprehensive income (loss), unaudited condensed consolidated statements of cash flows and unaudited reconciliation of non-GAAP metrics contained in the press release attached as Exhibit 99.1 to this report on Form 6-K are hereby incorporated by reference into the Company's registration statement on [Form S-8](http://www.sec.gov/Archives/edgar/data/1493318/000121390025045960/ea0242347-s8_etoro.htm) (Registration No. 333-287430) (including any prospectuses forming a part of such registration statement), to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished. Except for the foregoing information, the other information contained in Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Description of Exhibit** |
| 99.1 | [Press Release dated November 10, 2025, titled "eToro Reports Third Quarter 2025 Results"](ea026471601ex99-1_etoro.htm) |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **ETORO GROUP LTD.** | **ETORO GROUP LTD.** | **ETORO GROUP LTD.** |
|  |  | (Registrant) | (Registrant) | (Registrant) |
| Date: | November 10, 2025 | By: | /s/ Jonathan Alexander Assia | /s/ Jonathan Alexander Assia |
|  |  |  | Name: | Jonathan Alexander Assia |
|  |  |  | Title: | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**ETORO REPORTS THIRD QUARTER 2025 RESULTS**

*Net Contribution grew by 28% year-over-year to $215 million*

*Assets Under Administration grew by 76% year-over-year to $20.8 billion*

*Funded accounts grew by 16% year-over-year to 3.73 million*

*Announced a $150 million share repurchase program*

**New York - November 10th, 2025 -** eToro Group Ltd. ("eToro", or the "Company") (NASDAQ: ETOR), the trading and investing platform, today announced financial results for the third quarter ended September 30, 2025.

*"We remain focused on executing our strategy across our four key pillars of trading, investing, wealth management, and neo-banking, developing new products and services that deliver value to users across every step of their investing journey. This robust product offering, combined with our unique shared social experience for users worldwide, creates a powerful flywheel that drives increased engagement and activity platform while establishing a durable competitive moat. Looking ahead, we are committed to remaining at the forefront of product development and innovation, as demonstrated by our crypto and AI initiatives, while expanding our reach both globally and within the United States through Copy Trading. As eToro continues to scale, we believe we are well positioned to capture the significant growth opportunities presented by the inevitable macro tailwinds and deliver long-term shareholder value,"* said **Yoni Assia, eToro's Co-founder and CEO.**

 

*"We delivered another strong quarter of profitable growth, with Net Contribution and Adjusted EBITDA increasing year over year by 28% and 43% respectively. Our results reflect the strength of our diversified revenue streams across segments and geographies, robust user engagement, and disciplined cost management, a trend that has continued into October. We continue to see momentum across key performance metrics with funded accounts up 16% and assets under administration up 76% year over year, underscoring our laser focus on increasing our customer base and share of wallet,"* said **Meron Shani, eToro CFO**.

**Share Repurchase Program** 

eToro today announced that its Board of Directors has authorized a share repurchase program of up to $150 million. Such repurchases may be made through a variety of methods, including through open market transactions (including through Rule 10b5-1 plans), privately negotiated transactions, block trades and by way of an accelerated share repurchase program. Additionally, subject to market and other conditions, the Company intends to enter into an Accelerated Share Repurchase ("ASR") agreement to repurchase approximately $50 million of its common shares under the new authorization. This authorization reflects the Company's confidence in its long-term strategy and growth prospects, financial strength, and commitment to deliver shareholder value. eToro believes that its current share price does not fully reflect the Company's fundamental value, and that repurchasing shares represents a prudent allocation of capital. The program also provides additional flexibility to support potential future strategic initiatives, including mergers and acquisitions, where eToro shares could serve as an effective transaction currency. The actual timing, number, manner and value of any shares repurchased will depend on several factors, including the market price of our shares, general market and economic conditions, our liquidity requirements, applicable legal requirements and other business considerations.

**Third Quarter 2025 Financial and Product Highlights**<sup>1</sup>

● **Net contribution** increased by 28% year over year to $215 million, compared to $167 million in the third quarter of 2024.

● **Net income (GAAP)** increased 48% year over year to $57 million, compared to $39 million in the third quarter of 2024.

● **Adjusted Net Income (Non-GAAP)** increased 35% to $60 million, compared to $45 million in the third quarter of 2024.

● **Adjusted EBITDA (non-GAAP)** increased by 43% year over year to $78 million, compared to $55 million in the third quarter of 2024, largely due to increased net contribution and disciplined cost management.

● **Adjusted Diluted EPS (non-GAAP)** was $0.60, compared to $0.51 in the third quarter of 2024.

● **Funded accounts** increased 16% year over year to 3.73 million compared to 3.21 million in the third quarter of 2024. This was driven primarily by ongoing user acquisition and retention efforts, as well as the acquisition of Australian investing app Spaceship in Q4 2024.

● **Assets under Administration** grew by 76% year over year to $20.8 billion, compared to $11.8 billion in the third quarter of 2024.

● **Cash, cash equivalents and short term investments** were $1.2 billion as of September 30, 2025.

● **Launched key products** across our four pillars of trading, investing, wealth management, and neo-banking including AI-powered solutions, U.S. Copy Trading, 24/5 trading, futures, local savings, and eToro Money in key markets

**October KPI metrics<sup>2</sup>**

Consistent with its commitment to enhanced transparency and disclosure, eToro also reported the below selected monthly business metrics for October 2025

● **Assets under Administration (AUA)** were $20.5 billion up 73% year-over-year.

● **Funded accounts** were 3.76 million up 17% year-over-year.

● **Capital Markets/ECC Activity** 

○ Total number of trades for October was 62 million up 53% year-over-year;

○ Invested amount per trade for October was $361 up 26% year-over-year;

● **Crypto Activity** 

○ Total number of trades for October was 5 million up 84% year-over-year;

○ Invested amount per trade for October was $320 up 52% year-over-year;

● **Interest Earning Assets** for October was $8.7 billion up 55% year-over-year.

● **Total Money Transfers** for October was $1.4 billion up 116% year-over-year.

<sup>1</sup> See "Non-GAAP Financial Metrics and Key Performance Indicators" below for additional information and a reconciliation to GAAP for all Non-GAAP financial metrics. Adjusted EBITDA margin is based on net contribution.Numbers may not sum up due to rounding; percentage changes based on unrounded data.

<sup>2</sup> Numbers may not sum up due to rounding; percentage changes based on unrounded data.

**Business Highlights**

Highlights across the Company's four strategic pillars during the third quarter include:

● **Trading:** The Company is introducing continuous weekday trading (24/5) for all S&P 500 and Nasdaq 100 stocks, enabling its global user base to access U.S. markets more easily and respond to global market movements. eToro expanded its futures offering into Europe and provided broader access to Nordic-listed stocks across Stockholm, Helsinki, and Copenhagen through Nasdaq, strengthening its global market reach.

● **Investing:** Marking 15 years of social investing, eToro continued to grow its community with over 4,000 investors across 70 countries now enrolled in the Pro Investor Program <sup>3</sup> . The Company also launched a new suite of AI tools, enabling investors to create and customize their own strategies and dashboards, and plans to soon expand access to the eToro App Store, where users can publish and share their innovations with millions of eToro users globally. Tori, eToro's AI-powered analyst, has seen strong adoption, with more than one-third of Club Members using it to access personalized insights that enhance their investing decisions.

● **Wealth Management:** eToro strengthened its long-term investing and savings offering with new, localized products and subscription services. The Company introduced the eToro Club Subscription, which provides access to exclusive wealth tools, investing features, and premium rewards. As we continue expanding our savings offering to tap into a market opportunity exceeding $1 trillion, eToro is broadening access to long-term financial solutions. In the U.K., we introduced the Cash ISA, extending our range of tax-efficient savings products, while in Australia, we advanced the integration of Spaceship, enabling users to access superannuation products directly through the eToro platform.

● **Neo-Banking:** eToro accelerated the localization of its money management experience, driving adoption of eToro Money across regions. eToro continued to localize its product and launched eToro money in Australia. In Europe and the U.K., users can now earn up to 4% stock back on card purchases, rewarding daily spending with portfolio growth, as well as 1% stock back on crypto deposits. eToro closed the quarter with 1.75 million eToro Money accounts while experiencing a 2.4x increase in debit cards issued sequentially quarter-on-quarter, underscoring growing user engagement and retention.

eToro's commitment to product innovation and its efforts to expand its presence both globally and in the United States will fuel its continued growth.

● **Crypto Strategy:** eToro continued to execute on its long-term digital assets strategy, building an integrated, multi-layered crypto ecosystem that bridges traditional finance and Web3. The Company expanded its crypto offering with more utility, staking, and yield-generating tokens in the U.S., and advanced development of its crypto wallet. eToro's crypto wallet, which it expects to launch in the next few quarters, will enable users to participate in blockchain-based prediction markets, lending, and tokenization. These initiatives position eToro at the forefront of crypto innovation, empowering millions of users to build wealth on blockchain rails.

● **Global Expansion:** eToro sustained its momentum in key growth markets as the Company builds on its presence in 75 countries across the world. In the U.S., new funded accounts year to date surpassed full-year 2024 levels, fueled by a substantial expansion of cryptoassets (from 3 to 110) and the launch of staking for Cardano (ADA), Ethereum (ETH), and Solana (SOL). Moreover, the recent U.S. launch of CopyTrader extends eToro's patented technology to U.S.-based investors, enabling them to instantly copy the investment strategies of other investors.

<sup>3</sup> Formerly called the Popular Investor Program

**Conference Call and Livestream Information**

eToro will host a video call to discuss its results at 5:30 a.m. PT / 8:30 a.m. ET today, November 10, 2025. The video call can be accessed at investors.etoro.com, along with this earnings press release and accompanying slide presentation and certain monthly business metrics. The event will also be live streamed to eToro's YouTube and X.com official channels.

**Contact**

Media Relations - pr@etoro.com

Investor Relations - investors@etoro.com

**About eToro**

eToro is the trading and investing platform that empowers you to invest, share and learn. We were founded in 2007 with the vision of a world where everyone can trade and invest in a simple and transparent way. Today we have 40 million registered users from 75 countries. We believe there is power in shared knowledge and that we can become more successful by investing together. So we've created a collaborative investment community designed to provide you with the tools you need to grow your knowledge and wealth. On eToro, you can hold a range of traditional and innovative assets and choose how you invest: trade directly, invest in a portfolio, or copy other investors. You can visit our media center here for our latest news.

**Website and Social Media Channels**

eToro uses its website to distribute company information and makes available free of charge a variety of information for investors, including its filings with the U.S. Securities and Exchange Commission ("SEC"), in addition to disclosing information via press releases, filings with the SEC, public conference calls, webcasts, X feed (@eToro), Instagram page (@eToro_official) and LinkedIn page. The information disclosed through the foregoing channels could be deemed to be material information and we encourage investors, the media, and others to follow the channels listed above and to review the information disclosed through such channels. In addition, investors may opt in to automatically receive email alerts and other information about eToro when enrolling their email address under the "Stay Up to Date" option at the bottom of https://investors.etoro.com/. Information contained on or accessible through any of the foregoing channels is not incorporated by reference into this press release.

**ETORO GROUP LTD.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**U.S. dollars in thousands**

---

| | | |
|:---|:---|:---|
|  | **September 30**<br>**2025** | **December 31**<br>**2024** |
|  | **Unaudited** | **Unaudited** |
| **Assets** |  |  |
| **Current assets:** |  |  |
| Cash and cash equivalents | 1093467 | 575395 |
| Restricted cash | 329 | 314 |
| Short-term investment | 131000 | 65000 |
| Counterparties | 294716 | 224867 |
| Cryptoassets | 93775 | 113279 |
| Receivable from omnibus accounts | 6838 | 50466 |
| Other receivables and prepaid expenses | 67236 | 46005 |
|  | **1687361** | **1075326** |
| **Non-current assets:** |  |  |
| Restricted cash | 11586 | 11630 |
| Right of use assets | 40601 | 44406 |
| Property and equipment, net | 6299 | 5007 |
| Goodwill and other intangible assets, net | 44421 | 46346 |
| Deferred taxes | 10318 | 8647 |
|  | **113225** | **116036** |
| **Total Assets** | **1800586** | **1191362** |
| **Liabilities and equities** |  |  |
| **Current liabilities:** |  |  |
| Accounts payable | 5764 | 4201 |
| Current maturities of long-term lease liabilities | 5687 | 4758 |
| Payable to users | 143936 | 103493 |
| Accrued expenses and other payables | 209187 | 193115 |
|  | **364574** | **305567** |
| **Non-current liabilities:** |  |  |
| Employee benefit liabilities, net | 876 | 1253 |
| Other long-term liabilities | 9616 | 5653 |
| Long-term lease liabilities | 45327 | 43546 |
| Deferred taxes liabilities | 2185 | 2968 |
|  | **58004** | **53420** |
| **Equity attributable to equity holders of the company:** |  |  |
| Common share premium | 1263790 | 474469 |
| Preferred share premium | 0 | 397019 |
| Treasury shares | 0 | (2625) |
| Advanced Investment Agreement | 9091 | 9091 |
| Other capital reserve | 5620 | 1868 |
| Retained Earnings (Accumulated deficit) | 99507 | (47447) |
|  | **1378008** | **832375** |
| **Total liabilities and equity** | **1800586** | **1191362** |

---

**ETORO GROUP LTD.**

**CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS** 

**AND OTHER COMPREHENSIVE INCOME (LOSS)**

**U.S. dollars in thousands**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30** | **September 30** | **September 30** | **September 30** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** |
| **Revenue and income:** |  |  |  |  |
| Net trading income from equities, commodities and currencies | 72865 | 91691 | 283744 | 248023 |
| Revenue from cryptoassets | 3966518 | 1400244 | 9382110 | 6333518 |
| Net trading income (loss) from cryptoassets derivatives | (18395) | 2922 | 50249 | (231) |
| Net interest income from users | 58850 | 46036 | 155342 | 145568 |
| Currency conversion and other income | 24287 | 15451 | 70701 | 54549 |
| Other interest income | 9410 | 5001 | 21005 | 12288 |
| **Total revenue and income** | **4113535** | **1561345** | **9963151** | **6793715** |
| **Costs:** |  |  |  |  |
| Cost of revenue from cryptoassets | 3889146 | 1384596 | 9295088 | 6231088 |
| Margin interest expense | 9785 | 9440 | 26461 | 27456 |
| Research and development | 37906 | 31143 | 113380 | 99080 |
| Selling and marketing | 47901 | 41945 | 161701 | 119150 |
| General, administrative and operating costs | 57434 | 48770 | 183206 | 160434 |
| Finance and other expenses, net | 2559 | 961 | 8351 | 2151 |
| **Total costs** | **4044731** | **1516855** | **9788187** | **6639359** |
| Income before taxes on income | 68804 | 44490 | 174964 | 154356 |
| Taxes on income | 11987 | 5990 | 28010 | 21159 |
| **Net income** | **56817** | **38500** | **146954** | **133197** |
| **Other comprehensive income, net:** |  |  |  |  |
| Items that may be reclassified subsequently to profit or loss: |  |  |  |  |
| Cash flow hedges, net of tax | (1212) | 601 | 3752 | 601 |
| **Other comprehensive income (loss) for the year, net of tax** | **(1212)** | **601** | **3752** | **601** |
| **Total comprehensive income** | **55605** | **39101** | **150706** | **133798** |
| Basic net income per share | 0.66 | 0.50 | 1.78 | 1.72 |
| Diluted net income per share | 0.53 | 0.44 | 1.55 | 1.54 |
| **Weighted-average shares of common shares used to compute net income per share attributable to common shareholders:** |  |  |  |  |
| Basic | 86648439 | 77730860 | 82760081 | 77646136 |
| Diluted | 100396074 | 86707195 | 94580493 | 86635250 |

---

**ETORO GROUP LTD.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**U.S. dollars in thousands**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30** | **September 30** | **September 30** | **September 30** |
|  | **2025** | **2024** | **2025(\*)** | **2024** |
|  | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** |
| **Cash flows from operating activities:** |  |  |  |  |
| **Net income** | **56817** | **38500** | **146954** | **133197** |
| **Adjustments to reconcile net income (loss) to net cash provided by operating activities:** |  |  |  |  |
| Adjustments to profit or loss items: |  |  |  |  |
| Depreciation, amortization and impairment | 3153 | 2798 | 9152 | 8240 |
| Share-based payment | 4300 | 5901 | 12132 | 23837 |
| Evaluation of liabilities | (5351) |  | 3963 |  |
| Revaluation of fair value of cryptoassets and counterparties | (70661) | (37983) | (84795) | (31511) |
| Non-cash revenue from staking and blockchain rewards | (10336) | (5258) | (27090) | (11844) |
| Non-cash costs from staking and blockchain rewards | 7033 | 3268 | 18552 | 7369 |
| Finance and other expenses, net | 2559 | 961 | 8351 | 2151 |
| Taxes on income, net | 11987 | 5990 | 28010 | 21159 |
|  | **(57316)** | **(24323)** | **(31725)** | **19401** |
| **Changes in asset and liability items:** |  |  |  |  |
| Decrease (Increase) of counterparties | 48376 | 16549 | 8543 | (13457) |
| Decrease of cryptoassets | 11270 | 7324 | 28595 | 8085 |
| Increase of other receivables and prepaid expenses | (6342) | (2660) | (13953) | (7545) |
| Decrease (Increase) of restricted cash | (99) | (183) | 36 | (846) |
| Increase of user and omnibus accounts, net | 1983 | 32335 | 75588 | 62042 |
| Increase of accounts payable | 1196 | 13304 | 564 | 13283 |
| Increase (Decrease) of accrued expenses and other payables | (3422) | 4125 | (1406) | 3751 |
| Increase (Decrease) of employee benefit liabilities, net | (498) | (65) | (461) | (544) |
|  | **52464** | **70729** | **97506** | **64769** |
| Interest paid, net during the period | (4385) | (1056) | (6761) | (3164) |
| Taxes paid, net during the period | (5667) | (3801) | (13383) | (11320) |
| **Net cash provided by operating activities** | **41913** | **80049** | **192591** | **202883** |
| **Cash flows from investing activities:** |  |  |  |  |
| Increase of Short term deposits | (24000) |  | (245000) |  |
| Decrease of Short term deposits | 93000 |  | 179000 |  |
| Increase of long-term investments |  |  | (500) |  |
| Purchase of property and equipment | (1785) | (287) | (3066) | (2013) |
| Purchase of intangible assets | (230) | (95) | (623) | (343) |
| **Net cash (used in) investing activities** | **66985** | **(382)** | **(70189)** | **(2356)** |
| **Cash flows from financing activities:** |  |  |  |  |
| Exercise of options | 297 | 326 | 3730 | 687 |
| Repayment of lease liability | (1122) | (1030) | (3340) | (3003) |
| Issuance of class A common share upon initial public offering, net of underwriting discounts, commissions and other issuance costs | (875) | - | 377943 | - |
| **Net cash provided by (used in) financing activities** | **(1700)** | **(704)** | **378333** | **(2316)** |
| **Exchange differences on balances of cash and cash equivalents** | **(1591)** | **4247** | **17337** | **219** |
| **Increase in cash and cash equivalents** | **105607** | **83210** | **518072** | **198430** |
| Cash and cash equivalents at beginning of the period | 987860 | 503554 | 575395 | 388334 |
| **Cash and cash equivalents at end of the period** | **1093467** | **586764** | **1093467** | **586764** |

---

---

| | |
|:---|:---|
| (\*) | The Company reclassified certain items in the unaudited interim condensed consolidated statements of cash flows within the cash flows from operating activities section for the comparative period June 30, 2025 This reclassification had no impact on the total cash flows from operating activities. |

---

**Non-GAAP Financial Metrics and Key Performance Indicators**

This press release and the accompanying tables contain 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 and Adjusted Diluted EPS. The inclusion 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. eToro believes these non-GAAP financial measures provide important supplemental information to management regarding financial and business trends used in assessing its results of operations. eToro 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.

eToro urges its investors to review the reconciliations of Adjusted EBITDA, Adjusted Net Income and Adjusted Diluted EPS to their most directly comparable GAAP financial measure set forth herein, and not to rely on any single financial measure to evaluate its business.

This press release includes key performance indicators that eToro's management uses to help evaluate the business, measure its performance, identify trends, prepare financial projections and make business decisions. eToro's key performance indicators include Funded Accounts, Assets Under Administration and Net Contribution. Definitions of performance indicators can be found in this press release.

**ETORO GROUP LTD.**

**RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA**

**U.S. dollars in thousands**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30** | **September 30** | **September 30** | **September 30** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** |
| **Net income** | **56817** | **38500** | **146954** | **133197** |
| Finance expense, net | 2559 | 961 | 8351 | 2151 |
| Taxes on income | 11987 | 5990 | 28010 | 21159 |
| Share-base payment expense | 4300 | 5900 | 12132 | 23837 |
| Depreciation and amortization | 3153 | 2798 | 9151 | 8240 |
| Employee non-cash expense | 22 | (524) | 7063 | 5875 |
| Transaction costs | 421 | 0 | 10891 | 0 |
| Other expenses, net | (1351) | 968 | 7497 | 1810 |
| **Adjusted EBITDA** | **77908** | **54593** | **230049** | **196269** |

---

**ETORO GROUP LTD.**

**RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME**

**U.S. dollars in thousands (except per share amounts)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30** | **September 30** | **September 30** | **September 30** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** |
| **Net income** | **56817** | **38500** | **146954** | **133197** |
| Share-base payment expense | 4300 | 5900 | 12132 | 23837 |
| Amortization | 862 | 720 | 2547 | 2175 |
| Employee non-cash expense | 22 | (524) | 7063 | 5875 |
| Transaction related costs | 421 | 0 | 10891 | 0 |
| Other expenses, net | (1351) | 968 | 7497 | 1810 |
| **Adjusted net income before tax** | **61071** | **45564** | **187084** | **166894** |
| Effective tax rate | 17.4% | 13.5% | 16.0% | 13.7% |
| Tax impact | (741) | (951) | (6424) | (4619) |
| **Adjusted net income** | **60330** | **44613** | **180660** | **162275** |
| Basic Shares Outstanding | 86648439 | 77730860 | 82760081 | 77646136 |
| Diluted Shares Outstanding | 100396074 | 86707195 | 94580493 | 86635250 |
| Basic GAAP EPS | 0.66 | 0.50 | 1.78 | 1.72 |
| Diluted GAAP EPS | 0.53 | 0.44 | 1.55 | 1.54 |
| Basic Non - GAAP EPS | 0.70 | 0.57 | 2.18 | 2.09 |
| Diluted Non - GAAP EPS | 0.60 | 0.51 | 1.91 | 1.87 |

---

**Definitions of Certain Metrics**

**Adjusted EBITDA:** Adjusted EBITDA is a non-GAAP financial metric that we define as net income 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 a 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.

**Assets under administration (AUA):** 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 eToro 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.

**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 total commission.

**Net Contribution:** Net Contribution reflects Total revenue and income, less the Cost of revenue from cryptoassets and Margin interest expense. We 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. We evaluate the performance of our business and our success in both diversification and risk management across these five components:

● Net Trading Contribution (Equities, Commodities and Currencies) is equal to our Net trading income from equities, commodities and currencies.

● Net Trading 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.

● eToro 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 eToro Money plus the net contributions of blockchain rewards.

**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.

**Cautionary Note Regarding Forward-Looking Statements**

This press release 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, and market positioning and share repurchase authorization, including execution of the expected accelerated share repurchase program. 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. Words 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 eToro's control. eToro'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 to artificial intelligence ("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 eToro'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 press release represent eToro's views as of the date of this press release. eToro anticipates that subsequent events and developments will cause its views to change. eToro 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 eToro's views as of any date subsequent to the date of this press release.

Source: eToro Group Ltd.