eToro: Solid 1Q, Good Product Roadmap Supportive for Earnings Growth

研报英文原文证据摘录

eToro: Solid 1Q, Good Product Roadmap Supportive for Earnings Growth

Deutsche Bank

Research

Rating Company Date

Buy eToro 12 May 2026

North America Reuters Bloomberg Rating Buy

United States ETOR.OQ ETOR US Price target (USD) 45.00 Price at 11 May 26 38.75

51-week range 75.97 – 24.76

Financial

Brokers, Asset Managers & Valuation & Risks

Exchanges

Solid 1Q, Good Product Roadmap Supportive

for Earnings Growth BrianResearchBedell,AnalystCFA

+1-212-250-6600

Key takeaway: Solid 1Q, product roadmap potentially accelerating earnings

Erika Nelson growth Research Associate

We view ETOR's 1Q results as being very good overall, with reported GAAP EPS +1-212-250-9986

of $0.86 (“core” EPS of $0.88 after adjusting for a higher tax rate) beating our

EPS estimate of $0.63 and Consensus of $0.66. Adjusted EPS was $0.91, which Son Nguyen

Research Associate excludes share-based compensation. The EPS beat was driven by much higher-

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than-expected net contribution (revenue) of $258mn vs. our estimate of $224m

(Consensus of $233mn), primarily due to higher net trading revenue in equities,

commodities & currencies (ECC) vs. expectations. Adjusted EBITDA of $109mn

was ahead of Consensus of $88mn and our $81mn forecast, and adjusted Key changes

EBITDA margin of 42.0% was also above our 36.0% forecast and Consensus of Price target (USD) 40 45 13%

37.9% (see our 1Q26 Initial Thoughts for more detail). Source: Deutsche Bank

With 1Q results demonstrating the resilience of eToro’s multi-asset business

model, management highlighted on the call strong user engagement across

different market periods. Very encouragingly, mgmt. said the ECC take rate in

April was trending above the target range of 60-75 cents per trade, partially