Calls
Source: S&P Capital IQ transcripts via Xpressfeed · latest indexed call 2026-05-12 · generated 2026-08-01.
Latest call digest
eToro Group Ltd., Q1 2026 Earnings Call, May 12, 2026 · 2026-05-12T12:30:00
eToro's Q1 2026 call (May 12, 2026) was its fourth as a public company and, by the metrics management led with, its strongest: net contribution up 19% year-over-year to $258 million, adjusted EBITDA up 35% to $109 million at a 42% margin, funded accounts over 4 million (+12%) and AUA of $17 billion. Prepared remarks leaned on two threads — a company-wide AI/agentic push (Agent Portfolios, an App Store, and the Zengo self-custodial-wallet acquisition) and the continued rotation of trading from crypto into commodities, which management said made up 60% of trading commission in the quarter. The Q&A was less about the headline print and more about durability. Analysts pressed on whether the commodity-driven strength and elevated capture rates are sustainable while crypto stays soft, on the economics of agentic trading (management likened it to copy trading — lower take rate, higher velocity, smaller size), on how excess cash is split between buybacks and an active M&A pipeline, and on the timing of the U.S. CopyTrader and Smart Portfolio rollout. Guidance actually stated was limited: marketing scaling toward 25% of net contribution, revenue per trade slightly above the usual $0.60 to $0.75 range, and full U.S. rollout expected in H2.
Participant coverage from the latest call.
| Group | Participants | Count |
|---|---|---|
| Management | Daniel Amir — Head of Global Investor Relations, eToro Group Ltd.; Jonathan Assia — Co-Founder, Chairman of the Board & CEO, eToro Group Ltd.; Meron Shani — Chief Financial Officer, eToro Group Ltd.; Operator | 4 |
| Analysts | Daniel Fannon — Senior Equity Research Analyst, Jefferies LLC, Research Division; Devin Ryan — MD, Director of Financial Technology Research & Equity Research Analyst, Citizens JMP Securities, LLC, Research Division; Joseph Vafi — Analyst, Canaccord Genuity Corp., Research Division; Edward Engel — Research Analyst, Compass Point Research & Trading, LLC, Research Division; Divyam Harlalka — Research Analyst, Goldman Sachs Group, Inc., Research Division; James Friedman — Senior Analyst, Susquehanna Financial Group, LLLP, Research Division; Brian Bedell — Director in Equity Research, Deutsche Bank AG, Research Division; John Todaro — Senior Analyst, Needham & Company, LLC, Research Division; Dan Dolev — MD & Senior Equity Research Analyst, Mizuho Securities USA LLC, Research Division | 9 |
Curated latest-call exchanges; one row per analyst topic.
| Analyst | Firm | Topic | What changed in Q&A |
|---|---|---|---|
| Daniel Fannon | Jefferies | Sustainability of the crypto-to-commodities shift and capture rates | Asked whether the move toward commodities is structural or temporary; management framed it as market-driven volatility within its multi-asset model and said revenue per trade is running slightly above the usual $0.60 to $0.75 range. |
| Devin Ryan | Citizens JMP | Balance-sheet optionality — buybacks versus M&A | Pushed on deploying the large cash position; management pointed to two acquisitions announced in the prior two weeks, a strong M&A pipeline it says the crypto downturn makes more accretive, and continued buybacks. |
| Edward Engel | Compass Point | Agent Portfolio take rate and trading-volume impact | Management said agentic trading resembles copy trading — a lower take rate offset by higher velocity in smaller size — and cited north of 500,000 trades in roughly three weeks since launch. |
| James Friedman | Susquehanna | How much 24/5 and 24/7 trading adds to volume | Management said about 30% of stock volume shifted to after-market hours but explicitly could not say how much of that is additive versus substitute; a candid non-quantification. |
| Brian Bedell | Deutsche Bank | Zengo revenue contribution and converting its user base | Management called it early days and framed Zengo mainly as a way to expand crypto market share and product coverage rather than a near-term revenue driver. |
| Divyam Harlalka | Goldman Sachs | Status of CopyTrader in the U.S. | Management said CopyTrader is in limited rollout and in discussions with regulators, with the RIA-based Smart Portfolios also in process, and both expected in complete rollout in H2. |
Theme tracker
Themes are curator-classified across supplied calls.
| Theme | Status | Quarters mentioned | Read-through |
|---|---|---|---|
| Crypto-to-capital-markets rotation as multi-asset resilience | persisted | Q2 2025, Q3 2025, Q4 2025, Q1 2026 | The central recurring narrative every call: when one asset class cools, activity rotates. Crypto led in Q3 2025 (+229% YoY), then faded while commodities surged to 60% of trading commission by Q1 2026. Management consistently uses it to argue the model performs across market conditions. |
| AI and agentic trading | persisted | Q2 2025, Q3 2025, Q4 2025, Q1 2026 | Present from the first public call (Tori launch) and escalating each quarter — apps and AI studio in Q3, 'AI-first company' in Q4, and a company-wide AI mandate plus Agent Portfolios and an App Store in Q1 2026. The framing has moved from a tool to the core operating and product engine. |
| Share buybacks and capital return | emerged | Q3 2025, Q4 2025, Q1 2026 | Emerged in Q3 2025 with a $150M authorization and 'stock is undervalued' language, raised by $100M to $250M total in Q4, and executed in Q1 2026 ($103M repurchased). A new pillar tied explicitly to a perceived share-price gap. |
| M&A pipeline | persisted | Q2 2025, Q3 2025, Q4 2025, Q1 2026 | Discussed as an active-but-disciplined pipeline every call and finally materialized in Q1 2026 with the Zengo and B2C (Israel crypto exchange) acquisitions; management argues the crypto downturn improves deal accretion. |
| U.S. expansion and CopyTrader rollout | persisted | Q2 2025, Q3 2025, Q4 2025, Q1 2026 | A standing multi-quarter build: CopyTrader promised for the U.S. in Q2, launched in October (Q3 call), with the RIA-based Smart Portfolios and full CopyTrader rollout repeatedly pushed to H1/H2 2026. |
| Marketing step-up toward 25% of net contribution | emerged | Q4 2025, Q1 2026 | New guidance introduced in Q4 2025 to scale sales and marketing from about 21% toward 25% of net contribution during 2026; Q1 2026 ran at 22%, tracking the plan. |
| Prediction markets | emerged | Q3 2025, Q4 2025, Q1 2026 | Surfaced in Q3 2025 (futures rails, Kalshi/Polymarket talks) and recurred through Q1 2026 via the Zengo wallet and a U.S. NFA-regulated path; still described as early and largely partnership-driven. |
Guidance ledger
Quotes, calls, and speakers are source-verified; outcomes are curator-classified.
| Verbatim guidance | Call | Speaker | Curator outcome | Outcome note |
|---|---|---|---|---|
| “we plan to launch a CopyTrader for U.S. customers on crypto and stocks later this year” | eToro Group Ltd., Q2 2025 Earnings Call, Aug 12, 2025 · 2025-08-12T12:30:00 | Jonathan Assia | kept | eToro announced the launch of Copy Trading in the U.S. in October 2025, disclosed on the Q3 2025 call. |
| “we're aiming to keep our cost base the same quarter-on-quarter. And indeed, we came with a flat view. So we are roughly looking at staying within those lines also in Q4” | eToro Group Ltd., Q3 2025 Earnings Call, Nov 10, 2025 · 2025-11-10T13:30:00 | Jonathan Assia | kept | Q4 2025 adjusted OpEx was $140 million, roughly flat versus Q3's $137 million. |
| “we plan to increase our sales and marketing investment from 21%, scaling gradually to 25% of net contribution” | eToro Group Ltd., Q4 2025 Earnings Call, Feb 17, 2026 · 2026-02-17T13:30:00 | Meron Shani | pending | A 2026 target; Q1 2026 sales and marketing was 22% of net contribution, with the 25% goal reiterated. |
| “We are expecting double-digit account growth” | eToro Group Ltd., Q4 2025 Earnings Call, Feb 17, 2026 · 2026-02-17T13:30:00 | Jonathan Assia | pending | A 2026 target; Q1 2026 funded accounts grew 12% year-over-year to over 4 million, tracking the goal with the full year incomplete. |
| “we don't expect that to deviate much from the usual 1% that we have delivered so far” | eToro Group Ltd., Q4 2025 Earnings Call, Feb 17, 2026 · 2026-02-17T13:30:00 | Meron Shani | unknown | Refers to the crypto take rate after a Q4 dip to 0.7%; Q1 2026 did not disclose a crypto take rate, so the outcome is not verifiable from the call history. |
| “we do expect both to be in complete rollout in H2” | eToro Group Ltd., Q1 2026 Earnings Call, May 12, 2026 · 2026-05-12T12:30:00 | Jonathan Assia | pending | Refers to U.S. CopyTrader and Smart Portfolios; H2 2026 had not elapsed as of the last call in the supplied history. |
Q&A pressure map
Question counts and firms are curator tallies; analyst coverage shown above.
| Topic | Questions | Firms | Pressure / response |
|---|---|---|---|
| Crypto/commodities rotation and take-rate sustainability | 11 | Jefferies, Goldman Sachs, Cantor Fitzgerald, FT Partners, Mizuho, Compass Point, Canaccord, Needham | The most persistent line of questioning across all four calls: whether shifting activity between crypto and commodities is durable and what it does to take rates. Management repeatedly reframed it as multi-asset resilience rather than answering the sustainability question directly. |
| U.S. expansion, CopyTrader rollout and licensing | 9 | TD Cowen, Canaccord, Rothschild & Co Redburn, UBS, Deutsche Bank, Goldman Sachs, Citizens JMP | Analysts pressed each quarter on U.S. traction, CopyTrader mechanics and the RIA/fiduciary licensing timeline. Answers stayed qualitative — 'early days,' rollout targeted for H1/H2 2026 — with little quantification of U.S. uptake. |
| AI and agentic trading impact on volumes | 7 | Citizens JMP, Mizuho, Compass Point | Recurring questions on whether AI and agentic tools produce a step-change in trading. Management is consistently bullish on velocity but has offered mostly directional evidence (e.g., early Agent Portfolio trade counts) rather than sized volume or revenue effects. |
| Capital allocation — buybacks versus M&A | 4 | Citi, UBS, Compass Point, Citizens JMP | With the stock seen as undervalued, analysts probed how excess cash is prioritized. Management held to 'both' — disciplined, accretive M&A alongside ongoing buybacks — without a fixed allocation framework. |
Language shifts
Only language evidence verified against the referenced component is shown.
| Observation | Verbatim evidence | Call ID | Component |
|---|---|---|---|
| As crypto trading contribution fell sharply, management shifted from Q3's bullish 'strong crypto market' framing to a defensive build-through-the-downturn stance. | “crypto downtimes are the time to build” | 1994107075 | 1 |
| Management began directly addressing share-price weakness, introducing explicit undervaluation language alongside the first buyback authorization in Q3 2025. | “We believe that our stock is undervalued.” | 1964400789 | 1 |
| AI language intensified from Q2's 'inflection point' to a company-wide operating mandate by Q1 2026, now positioned as core to how the business runs, not just a feature. | “we made AI a company-wide mandate across every function in eToro” | 1994107075 | 1 |
| A new cost-discipline note surfaced in Q4 2025: the first disclosure of a headcount reduction, tied to AI-driven efficiency and scaling without adding to the cost base. | “We did do about a month ago an adjustment to headcount as well.” | 1979238227 | 21 |
Across its first year as a public company, eToro's call history tells a consistent story: commodities and capital-markets activity have offset a steep crypto downturn, keeping net contribution and margins growing while management leans harder on AI, buybacks and now M&A. The open debate is durability — whether commodity-led strength and the agentic roadmap are sustainable enough to carry through crypto's cyclicality and justify the marketing step-up, at a valuation management itself calls too low.