Brokers, Asset Managers & Exchanges: 1Q26E: Profit beats & good organic growth at ETOR & FIGR

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Brokers, Asset Managers & Exchanges: 1Q26E: Profit beats & good organic growth at ETOR & FIGR

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Brokers, Asset Managers & Exchanges

1Q26E: Profit beats & good organic growth

at ETOR & FIGR

Price Objective Change

ETOR (Neutral): ECC and buybacks drove EPS beat 12 May 2026

On Tuesday, eToro group (ETOR) reported an adj. EPS beat ($0.91 vs. $0.64/$0.69 Equity

BofAe/consensus) driven primarily by robust ECC net trading contribution and share United States

repurchases. In 1Q26, funded accounts grew 22% q/q (annualized) to 4.02M aided by Brokers, Asset Managers and

Exchangeshigher marketing spend. ECC net trading contribution grew 43% q/q, supported by

heightened volatility from the Iran war, and accounted for 64% of net revenues. In April, Craig Siegenthaler, CFA

ETOR acquired Zengo, a self-custodial wallet platform, as the firm continues to broaden Research Analyst

BofAS

its crypto offering. ETOR also launched Agentic portfolios with 500K+ trades executed +1 646 855 5004

to date. That said, April ECC trends appear to be moderating, with number of ECC trades craig.siegenthaler@bofa.com

runrating at $189M in 2Q26 (vs. $243M in 1Q26). Therefore, we remain cautious on the Kareem Seif

Research Analyst

sustainability of ECC net trading contribution and see potential downside risk should BofAS

market volatility eases. Following results, we raise our 2026/2027/2028 EPS estimates +1 646 855 5759 kareem.seif@bofa.com

to $2.83/$3.05/$3.63 from $2.57/$2.83/$3.42, reflecting higher funded accounts and Eli Abboud

modestly lower G&A. Our $45 PO (previously $43) is based on a 12.5x multiple Research Analyst

(unchanged) on our 2028E EPS. BofAS+1 646 855 5791

eli.abboud@bofa.com

Reiterate Neutral on ETOR: Tough comps Ivory Gao