1Q26 Follow-Up: The Year of AI Agents

Research evidence excerpt

1Q26 Follow-Up: The Year of AI Agents

USA | Brokers, Asset Mgrs & Exchanges

eToro EquityMayResearch14, 2026

TARGET | ESTIMATE CHANGE1Q26 Follow-Up: The Year of AI Agents

Following 1Q26 results, we are increasing our Adj. EBITDA 2026 and 2027 RATING BUY

estimates by +0.6% and +2.7%, respectively, to $352M and $387M (from $350M PRICE $41.29^

and $377M). The changes primarily reflect the flow-through of 1Q's results and PRICE TARGET | % TO PT $53.00 ($51.00) | +28%

higher spend levels on selling & marketing. The mix of activity continues to be 52W HIGH-LOW $79.96 - $24.74

skewed towards ECC vs crypto in the current market backdrop. FLOAT (%) | ADV MM (USD) 31.5% | 55.16

MARKET CAP $3.3B

Activity in April - QTD has been a continuation of strong y/y momentum but with some softening vs TICKER ETOR

the elevated 1Q levels, driven primarily by asset-mix rotation rather than user pullback. While total ^Prior trading day's closing price unless otherwise

noted.

trades decelerated m/m, Mgmt highlighted that commodities remained the dominant driver, with

Apr activity again skewed toward commodities and equities (and higher-than-avg rev/trade). More

than ~40% of customers trading commodities in 1Q also traded stocks or crypto in Apr, reinforcing FY (Dec) CHANGE TO JEFe JEF vs CONS

cross-asset engagement despite lower trade counts. Notably, rev/trade is tracking slightly above 2026 2027 2026 2027

the long-term $0.60-0.75 range, suggesting that Apr trade slowdown should be partially offset by REV +1% +3% NA NA

a more favorable mix and RPCs. Account growth and asset inflows remained strong into Apr, with EPS +6% +7% NA NA

funded accounts reaching 4.07M (+13% y/y) and AUA climbing to $18.7B (+90% y/y), supporting

monetization even as trading normalized m/m.

2026 ($) Q1A Q2 Q3 Q4 FY