eToro Group (ETOR) Q1 2025 earnings summary

Executive summary

• Funded accounts reached 3.58 million, up 14% year-over-year, driven by user acquisition and the Spaceship acquisition.

• Assets under administration grew 21% year-over-year to $14.8 billion, led by equities growth.

• Net income for Q1 2025 was $60 million, reflecting improved operational efficiency, though down from $64 million in Q1 2024 due to increased marketing and growth investments.

• Adjusted EBITDA was $80 million with a 37% margin, down from $87 million (43% margin) in Q1 2024 due to higher growth investments.

• Achieved strong Q1 2025 results, highlighted by successful initial public listing and robust trading activity.

Financial highlights

• Net contribution rose 8% year-over-year to $217 million, supported by strong trading in equities, commodities, and currencies.

• Trading activity in equities, commodities, and currencies increased from Q4 2024, while crypto trading remained solid but below Q4 highs.

• Interest earning assets reached $6.4 billion, continuing an upward trend.

• Total money transfers for Q1 2025 were $2.7 billion, reflecting robust platform activity.

• Cash, cash equivalents, and short-term investments totaled $736 million as of March 31, 2025.

Outlook and guidance

• As of May 31, 2025, funded accounts increased to 3.61 million and AUA to $16.9 billion, indicating continued growth into Q2.

• Management continues to focus on global expansion, product localization, and broadening the asset universe.

• Continued progress and strong retail investor interest expected in Q2 2025.