eToro Group (ETOR) Q2 2025 earnings summary

Executive summary

• Q2 2025 marked the first earnings call as a public company, with strong financial and operational performance and continued global expansion, including APAC operations and regulatory milestones in Singapore.

• Assets under administration surged 54% year-over-year to $17.5 billion, with funded accounts up 14% to 3.63 million, driven by user acquisition, market gains, and the Spaceship app acquisition.

• Net contribution rose 26% year-over-year to $210 million, supported by growth in capital markets and crypto segments.

• Adjusted EBITDA increased 31% year-over-year to $72 million, reflecting higher revenue and disciplined cost management.

• Product innovation included launches in tokenized U.S.-listed stocks, AI-powered tools, 24/5 U.S. equities trading, and new savings products in France.

Financial highlights

• Net income for Q2 2025 was $30.2 million, including $15 million in IPO and related costs.

• Adjusted EBITDA reached $72 million, up from $54.8 million in Q2 2024, with a margin of 34%.

• Adjusted diluted EPS (Non-GAAP) was $0.56, up from $0.51 in Q2 2024.

• Cash, cash equivalents, and short-term investments totaled $1.2 billion as of June 30, 2025.

• Total money transfers increased 27% year-over-year, reaching $2.4 billion for the quarter.

Outlook and guidance

• Early Q3 trends show higher crypto activity than Q2, while capital markets activity has normalized.

• Management highlights significant growth opportunities in Asia, especially Singapore, and plans to expand product offerings, including options and futures, to more regions over the next 12 months.

• Aggressive U.S. expansion expected, with increased marketing and potential M&A.

• Focus on technology innovation in tokenization and AI for sustainable value creation.