eToro Group Ltd (ETOR) 2025 Q3 法說會逐字稿

My name is Daniel Amir, Head of Investor Relations. This webcast is being recorded and will be available for replay in the Investors section of eToro's website. Our earnings press release, investor presentation and October monthly spreadsheet is now available on our website at investors.etoro.com.

我是投資者關係主管丹尼爾·阿米爾。本次網路直播正在錄製，並將在eToro網站的投資者關係版塊提供回放。我們的獲利新聞稿、投資者簡報和10月份的月度電子表格現已發佈在我們的網站 investors.etoro.com 上。

Today, I'm joined by Yoni Assia, our CEO; and by Meron Shani, our CFO. Following the prepared remarks, we will conduct a Q&A session and answer questions from both institutional research analysts and a selection of the most upvoted questions previously submitted by eToro's retail shareholders.

今天，我的來賓是我們的執行長 Yoni Assia 和我們的財務長 Meron Shani。在準備好的發言之後，我們將進行問答環節，回答機構研究分析師提出的問題，以及eToro零售股東先前提交的、獲得最高票數的部分問題。

But before we begin, I want to note that today's discussion contains forward-looking statements including statements about goals, business outlook, industry trends, market opportunities, expectations for future financial performance and similar items, all of which are subject to risks, uncertainties and assumptions. And you can find more information about these risks and uncertainties in the press release that we issued today and in the Risk Factors section of our filings at sec.gov. Actual results may differ, and we take no obligation to revise or update any forward-looking statements.

但在我們開始之前，我想指出，今天的討論包含前瞻性陳述，包括關於目標、業務前景、行業趨勢、市場機會、對未來財務業績的預期以及類似事項的陳述，所有這些都受到風險、不確定性和假設的影響。您可以在我們今天發布的新聞稿以及我們在sec.gov網站上提交的文件的「風險因素」部分找到更多關於這些風險和不確定性的信息。實際結果可能有所不同，我們不承擔任何修訂或更新前瞻性聲明的義務。

Finally, during today's meeting, we will discuss non-GAAP financial measures. These non-GAAP financial measures are in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. Definitions and reconciliation of GAAP to non-GAAP measures is available in our press release, investor presentation and on the sec.gov website as applicable.

最後，在今天的會議上，我們將討論非GAAP財務指標。這些非公認會計準則財務指標是依照公認會計準則編製的財務績效指標的補充，而不是替代或優於後者。有關 GAAP 與非 GAAP 指標的定義和調整表，請參閱我們的新聞稿、投資者簡報以及 sec.gov 網站（如適用）。

With that, I will pass the call to Yoni.

就這樣，我將把電話轉給約尼。

Thank you, Daniel, and thank you, everyone, for joining us today. Welcome to our third quarter's 2025 earnings call. After Meron and I conclude our prepared remarks, we'll open it up for questions. We're proud to share another strong quarter that reflects eToro's continued momentum and growing strength as a global leader in trading and investing. This performance with net contribution up 28% year-over-year to $215 million and adjusted EBITDA rising 43% to $78 million, delivering solid operating margins of 36% is a testament to the vision, resilience and scalability of our diversified business.

謝謝你，丹尼爾，也謝謝各位今天能來參加我們的節目。歡迎參加我們2025年第三季財報電話會議。我和梅隆結束事先準備好的發言後，將開放提問環節。我們很自豪地宣布又一個強勁的季度業績，這反映了 eToro 作為全球交易和投資領導者的持續發展勢頭和不斷增強的實力。這項業績體現在淨貢獻年增 28% 至 2.15 億美元，調整後 EBITDA 成長 43% 至 7,800 萬美元，以及 36% 的穩健營業利潤率，證​​明了我們多元化業務的遠見、韌性和可擴展性。

What excites us most is the remarkable pace of innovation unfolding across eToro, with AI accelerating our product development. We're not only enhancing the platform that our users know today, we're reshaping the future of investing. We're expanding into new frontiers in crypto, tokenization and AI, while also broadening our global reach to serve an ever-growing community of smart investors.

最令我們興奮的是 eToro 正在以驚人的速度進行創新，人工智慧正在加速我們的產品開發。我們不僅在改進用戶目前熟悉的平台，而且還在重塑投資的未來。我們正在拓展加密貨幣、代幣化和人工智慧等新領域，同時也擴大我們的全球影響力，以服務不斷成長的精明投資者群體。

This wave of innovation is delivering tangible results, record assets under administration, robust growth across all segments and unprecedented engagement in Copy Trading. Together, these achievements underscore how our investment in technology is fueling growth, deepening client engagement and bringing us ever closer to our mission, which is to empower everyone to trade and invest in a simple and transparent way.

這波創新浪潮帶來了切實可見的成果，管理資產規模創歷史新高，所有業務板塊均實現強勁增長，跟單交易的參與度也達到了前所未有的高度。這些成就共同凸顯了我們對科技的投資如何推動成長、加深客戶參與度，並使我們離我們的使命越來越近，那就是讓每個人都能以簡單透明的方式進行交易和投資。

Our key performance indicators accelerated meaningfully this quarter. Funded accounts grew 16% year-over-year to $3.73 billion with organic funded accounts expanding at a double-digit rate. This growth demonstrates the growing appeal of eToro's differentiated platform, the trust we've built with our global community of investors and the success of our disciplined and data-driven marketing approach.

本季我們的關鍵績效指標顯著加速成長。已註資帳戶年增 16% 至 37.3 億美元，其中自然注資帳戶以兩位數的速度成長。這一成長表明 eToro 差異化平台的吸引力日益增強，我們與全球投資者社群建立了信任，以及我們嚴謹且數據驅動的行銷方法取得了成功。

Assets under administration reached an all-time high of $20.8 billion, up 76% year-over-year, fueled by growth in new deposits and strong user investment returns in both crypto and equities this year. The positive momentum in our KPIs has continued into Q4 as shown in the October results released today.

受今年新增存款成長以及用戶在加密貨幣和股票領域強勁投資回報的推動，管理資產規模達到歷史新高 208 億美元，較去年同期成長 76%。如同今天發布的10月業績報告所示，我們各項關鍵績效指標的正面動能延續到了第四季。

These results show our strategy in action. We're democratizing investing by making it simple, accessible and social while combining multi-asset trading with smarter products like Copy Trading and smart portfolios to empower investors everywhere. As we execute on this vision, we're confident in our ability to deliver lasting value for our users and shareholders.

這些結果證明了我們的策略是有效的。我們正在透過簡化投資流程、使其更易於參與和更具社交性，同時將多資產交易與跟單交易和智慧投資組合等更智慧的產品結合，來實現投資民主化，從而賦能世界各地的投資者。在實現這個願景的過程中，我們有信心為使用者和股東創造持久價值。

To achieve the strong performance we delivered in Q3, we've remained focused on executing across our 4 strategic pillars of trading, investing, wealth management and neo-banking while accelerating product innovation across the platform. Let me share a few highlights across each of these areas.

為了在第三季取得強勁的業績，我們始終專注於在交易、投資、財富管理和新銀行這四大戰略支柱領域執行策略，同時加速平台的產品創新。讓我來介紹一下這些領域中的一些亮點。

In trading, we're continuing to expand market access globally. We continue to expect our 24/5 trading. We began offering retail investors access to stocks listed on NASDAQ Nordic Exchanges throughout our partnership with NASDAQ. This expansion comes amid rising retail investor interest in the global markets. Today, we offer access to 22 different exchanges worldwide and plan to increase to over 30 in 2026.

在貿易方面，我們正在持續擴大全球市場准入。我們將繼續維持每週5天、每天24小時的交易模式。在與納斯達克合作期間，我們開始向散戶提供在納斯達克北歐交易所上市的股票。此次擴張正值散戶對全球市場興趣日益濃厚之際。目前，我們提供對全球 22 個不同交易所的訪問，並計劃在 2026 年增加到 30 多個交易所。

We've expanded futures across Europe and launched spot-quoted futures and partnership with the CME Group. Retail participation continues to grow in these markets, and we are pleased to give local traders the ability to execute in a more advanced and diversified strategies. Our expansion to futures also establishes the infrastructure to support prediction markets in the future.

我們已將期貨業務拓展至整個歐洲，並推出了現貨報價期貨以及與芝加哥商品交易所集團的合作關係。零售參與度在這些市場持續成長，我們很高興能夠讓本地交易者採用更先進、更多元化的策略。我們為期貨領域的拓展也為未來預測市場奠定了基礎。

In investing, we're bringing together the power of community and AI to drive deeper user engagement on eToro's platform and help investors make smarter decisions with AI. Our Pro Investor community has grown to over 4,000 investors globally, supported by our new Pro Investor Program. This program is designed to support users on their journey to certify themselves as professional investors.

在投資領域，我們將社群的力量與人工智慧結合起來，以推動用戶在 eToro 平台上更深入參與，並幫助投資者利用人工智慧做出更明智的決策。在我們的全新專業投資者計畫的支持下，我們的專業投資者社群已發展到全球 4000 多名投資者。該計劃旨在幫助用戶獲得專業投資者資格認證。

Our Pro Investors gain exposure and grow their profile by sharing their expertise with eToro's global user base. In addition, over 130 pro investors now have north of $1 million assets under management with our top Pro Investor growing from $50 million to over $250 million in 2025 alone, a milestone that reflects the growth and influence of our Pro Investor Program.

我們的專業投資者透過與 eToro 的全球用戶群分享他們的專業知識來獲得曝光並提升他們的知名度。此外，目前已有超過 130 位專業投資者管理超過 100 萬美元的資產，其中我們最優秀的專業投資者管理的資產僅在 2025 年就從 5000 萬美元增長到超過 2.5 億美元，這一里程碑反映了我們專業投資者計劃的增長和影響力。

Last month, we launched Copy Trading in the US. We're excited to bring our flagship product to the world's largest capital market. Copy Trading today is experienced across approximately one-third of our users. With the launch of Copy Trading in the US, we anticipate increased user engagement and platform traction.

上個月，我們在美國推出了跟單交易服務。我們很高興能將我們的旗艦產品帶到全球最大的資本市場。目前，約有三分之一的用戶使用跟單交易。隨著跟單交易在美國的推出，我們預期用戶參與度和平台流量將會增加。

In AI, we're entering the next great leap in trading and investing, one that puts the power of professional grade technology directly in the hands of every investor. With our newly launched eToro apps, users can build, share and scale their own investment tools across our global community. What was once the privilege of sophisticated institutions is now being democratized.

在人工智慧領域，我們正進入交易和投資的下一個偉大飛躍，它將專業級技術的力量直接交到每位投資者手中。透過我們新推出的 eToro 應用程序，用戶可以在我們的全球社區中建立、分享和擴展自己的投資工具。曾經只有成熟機構才能享有的特權，如今正逐漸普及。

Our AI-driven insights from sentiment to decision analysis enable investors to think and act as institutional investors by creating their own strategies, dashboards and innovations that shape the future of investing. In wealth management, we launched a new subscription model for the eToro Club, our loyalty and rewards program, offering members premium benefits and exclusive features. The subscription offers members smarter tools, monetary benefits and more personalized support while driving incremental engagement.

我們利用人工智慧驅動的洞察力，從情緒分析到決策分析，使投資者能夠像機構投資者一樣思考和行動，創建自己的策略、儀表板和創新，從而塑造投資的未來。在財富管理方面，我們為 eToro Club（我們的忠誠度和獎勵計劃）推出了新的訂閱模式，為會員提供高級福利和專屬功能。訂閱服務為會員提供更智慧的工具、經濟效益和更個人化的支持，同時也能促進用戶參與度的提升。

Furthermore, we've expanded the eToro long-term savings offering for our UK users with the new eToro Cash ISA and cashback rewards on management and do-it-yourself ISAs. And in Australia, we advanced the integration of Spaceship, giving users direct access to superannuation products through the eToro platform. These developments demonstrate our commitment to continuously enhancing wealth management offering, which is a multitrillion-dollar opportunity. With the Australian superannuation market valued at over $2.5 trillion and the UK individual savings account market exceeding $1.3 trillion.

此外，我們也為英國用戶擴展了 eToro 長期儲蓄產品，推出了新的 eToro 現金 ISA，並為管理型和自助型 ISA 提供現金回饋獎勵。在澳大利亞，我們推進了 Spaceship 的整合，使用戶能夠透過 eToro 平台直接存取退休金產品。這些進展顯示我們致力於不斷提升財富管理服務，這是一個價值數兆美元的機會。澳洲退休金市場價值超過 2.5 兆美元，英國個人儲蓄帳戶市場價值超過 1.3 兆美元。

In neo-banking, we continue to enhance our global platform by delivering localized experiences that strengthen user trust, drive adoption and support sustainable growth across our key regions. This quarter, we expanded our localization offering in the UAE, Singapore and Australia.

在新銀行領域，我們不斷提升全球平台，提供在地化體驗，從而增強用戶信任，推動用戶採納，並支持我們在主要地區的持續成長。本季度，我們在阿聯酋、新加坡和澳洲擴大了在地化服務範圍。

Furthermore, across the UK and Europe, on top of the 4% cash back in stocks, we now offer also a 1% cash back in stocks for new crypto deposits. We plan to expand this offering to more countries in the future. We're also very pleased with the strong traction we've seen with the eToro Money card available today in Europe and the UK, which saw a 2.4 times increase in cards issued quarter-over-quarter.

此外，在英國和歐洲，除了股票形式的 4% 現金回饋外，我們現在還為新的加密貨幣存款提供 1% 的股票現金回饋。我們計劃未來將這項服務推廣到更多國家。我們也對目前在歐洲和英國推出的 eToro Money 卡的強勁發展勢頭感到非常滿意，該卡的發行量環比增長了 2.4 倍。

Looking ahead, we believe there are five key factors that will drive eToro's continued growth and advance our mission to open the global markets, connect users to leading investors and give them tools they need to grow their knowledge and wealth. Number one, advancing at the forefront of innovation; number two, continuing to expand globally; number three, expanding our US presence; number four, broadening our product offering with AI; and number five is leading into inevitable lasting macro trends.

展望未來，我們相信有五個關鍵因素將推動 eToro 的持續成長，並推進我們的使命，即開放全球市場，將用戶與領先的投資者聯繫起來，並為他們提供成長知識和財富所需的工具。第一，走在創新前沿；第二，繼續拓展全球業務；第三，擴大我們在美國的業務；第四，利用人工智慧拓展我們的產品；第五，引領不可避免的持久宏觀趨勢。

We are focused on positioning our business to capture the significant growth opportunities presented by these 5 factors. First, advancing the platform at the forefront of innovation. From day one, product innovation has been at the core of who we are. We've built a strong track record of identifying early major trends like social trading and crypto and turning these trends into products that bring real financial utility to our users.

我們正致力於調整業務定位，以抓住這 5 個因素帶來的巨大成長機會。首先，推動平台走在創新前沿。從一開始，產品創新就是我們企業的核心價值。我們在識別社交交易和加密貨幣等早期重大趨勢方面建立了良好的記錄，並將這些趨勢轉化為能夠為用戶帶來真正金融實用性的產品。

Our social investing products continue to define who we are today as a company. From the outset 15 years ago, eToro set out to transform retail investing experience by pioneering the concept of social investing, empowering individuals to learn from one another and invest together. We believe there is a tremendous value and shared knowledge and collective insight.

我們的社會投資產品持續塑造著我們今天的公司形象。15 年前，eToro 從創立之初就致力於改變零售投資體驗，率先提出社交投資的概念，讓個人能夠互相學習、共同投資。我們相信，共享的知識和集體的洞察力具有巨大的價值。

Over the years, we have led the industry with innovations such as our social network, Copy Trading, crypto investing, fractional shares, machine learn driven analytics and our smart portfolios. Together, these capabilities make investing more inclusive, informed and collaborative for our growing global community.

多年來，我們憑藉著社交網路、跟單交易、加密貨幣投資、零碎股交易、機器學習驅動的分析以及智慧投資組合等創新引領了產業發展。這些能力共同作用，使我們不斷成長的全球社群能夠進行更具包容性、更明智、更協作的投資。

Artificial intelligence is the next frontier in investing, and we're already seeing the impact across our business. Our AI analyst story launched last quarter has already been used by over one third of our club members, a strong sign of engagement and potential. As we expand our AI capabilities, we're giving investor powerful tools to make smarter decisions, improve performance and deepen their connection to our platform.

人工智慧是投資領域的下一個前沿，我們已經看到了它對我們業務的影響。我們上季推出的 AI 分析師故事已被超過三分之一的俱樂部成員使用，這強烈表明了用戶的參與度和潛力。隨著我們人工智慧能力的提升，我們正在為投資者提供強大的工具，幫助他們做出更明智的決策，提高業績，並加深與我們平台的連結。

Our vision is also centered on building open, tokenized and borderless market to help millions to build wealth. We're bringing US-listed equities to the blockchain enabling 24/5 trading of over 500 prominent stocks with plans to move forward to 24/7 as the markets evolve. We're currently developing a crypto wallet that will open the opportunity for our users through decentralized finance to participate in innovations like on-chain prediction markets, lending, loans and swaps of their assets of millions of different crypto assets and connect our tokenized assets ecosystem and benefit from tokenization of real-world assets, which will happen over time. We expect these more advanced crypto products to continue to increase our client engagement within the crypto industry.

我們的願景也以建構開放、代幣化和無國界的市場為中心，幫助數百萬人累積財富。我們將美國上市股票引入區塊鏈，實現 500 多隻知名股票 24/5 全天候交易，併計劃隨著市場的發展逐步實現 24/7 全天候交易。我們目前正在開發一款加密錢包，它將透過去中心化金融為我們的用戶提供參與鏈上預測市場、借貸、交換數百萬種不同加密資產等創新的機會，並將我們的代幣化資產生態系統與現實世界資產的代幣化連接起來，從而受益於現實世界資產的代幣化，而這將隨著時間的推移而發生。我們預計這些更先進的加密貨幣產品將繼續提高我們在加密貨幣行業的客戶參與度。

Second, continue to expand globally. We're proud to serve users in more than 75 different countries across the world. The diversification of our revenues across geographies is the core strength of eToro and a differentiator of our business.

第二，繼續拓展全球市場。我們很榮幸能為全球超過75個國家的用戶提供服務。我們收入來源地域多元化是 eToro 的核心優勢，也是我們業務的差異化優勢。

In Q2, we expanded our footprint in Asia by launching our capital market services license in Singapore, a meaningful step towards scaling our business in that region. Looking ahead, we plan to further localize our offering in key markets and continue to expand globally in region where we're underpenetrated, as part of our broader strategy to solidify eToro's position as a truly global platform serving investors everywhere.

第二季度，我們透過在新加坡推出資本市場服務牌照，擴大了我們在亞洲的業務版圖，這是我們在該地區擴大業務規模的重要一步。展望未來，我們計劃進一步在重點市場實現產品本地化，並繼續在全球滲透率較低的地區拓展業務，這是我們鞏固 eToro 作為真正服務於世界各地投資者的全球平台地位的更廣泛戰略的一部分。

Third, expanding our US presence. We're seeing solid growth in the US. Year-to-date, new funded accounts have already surpassed those of 2024 and we've achieved that growth while remaining disciplined and efficient in our marketing spend, consistent with our strategy. To continue this growth, we're focused on bringing the full product offering for which we are known globally into the US market. For example, in the third quarter, we brought in an crypto offering in the US to include more than 100 different crypto assets and introduced staking in the US. As a result, we saw a 3 times increase in our crypto volumes quarter-over-quarter in the US market.

第三，擴大我們在美國的業務。我們看到美國市場呈現穩健成長。今年迄今為止，新增資金帳戶數量已經超過了 2024 年的預期數量，而且我們在維持行銷支出紀律性和效率的同時實現了這一增長，這與我們的策略相符。為了繼續保持這種成長勢頭，我們致力於將我們享譽全球的全線產品引入美國市場。例如，在第三季度，我們在美國推出了加密貨幣產品，其中包括 100 多種不同的加密資產，並在美國推出了質押服務。因此，我們在美國市場的加密貨幣交易量較上季成長了 3 倍。

Additionally, last month, we announced the launch of Copy Trading in the US, a major milestone that lays the foundation for our next phase of expansion in this market. The Copy Trading product is a significant driver of user engagement with our platform as reflected in the increase of the number of trades we've seen this year. We expect Copy Trading to be an important driver of growth in the US going forward.

此外，上個月我們宣佈在美國推出跟單交易，這是一個重要的里程碑，為我們在該市場的下一階段擴張奠定了基礎。跟單交易產品是提升用戶參與的重要驅動力，今年以來交易數量的成長就證明了這一點。我們預期跟單交易將成為未來美國經濟成長的重要驅動力。

Fourth, broadening our product offering. In our core markets, we're focused on increasing engagement and share of wallet by broadening what we offer across our four strategic pillars. Trading, investing, wealth management and neo-banking. We continue to expand each of these areas quarter after quarter. As mentioned, recent highlights include the launch of the savings products in the UK and France, expansion of the eToro Money card across Europe, the rollout of features and options across key European markets and introducing localized trading and cash management capabilities in new regions as well. This approach has proven successful over time by driving both higher user retention and growth in assets per account.

第四，拓寬我們的產品線。在我們的核心市場，我們致力於透過擴大我們在四大策略支柱領域提供的產品和服務，來提高客戶參與度和錢包份額。交易、投資、財富管理和新銀行業務。我們每季都在持續拓展這些領域。如前所述，近期亮點包括在英國和法國推出儲蓄產品，在歐洲擴展 eToro Money 卡，在歐洲主要市場推出功能和選項，以及在新地區引入本地化的交易和現金管理功能。隨著時間的推移，這種方法已被證明是成功的，它既提高了用戶留存率，又增加了每個帳戶的資產。

And fifth, leaning into lasting macro trends. Over the next 20 years, we will see the largest generational transformation of wealth in history with over $150 trillion moving to younger generations globally. These younger generations are digital first, and they're far more engaged with equities in crypto than their parents. On their back end, we also expect to see $100 trillion moving on change as capital markets transform into digital assets.

第五，順應持久的宏觀趨勢。未來20年，我們將見證史上規模最大的財富世代轉移，全球將有超過150兆美元的財富流向年輕一代。這些年輕一代是數位優先的，他們比他們的父母更熱衷於加密貨幣股票。在後端，我們也預計將有 100 兆美元的資金因資本市場轉型為數位資產而發生流動。

Moreover, in many non-US markets, retail participation remains below US levels. We believe this gap will continue to narrow as younger generations more inclined to invest in crypto and equities than their parents enter the market, offering us a long runway for growth across our global franchise. These secular shifts are powerful tailwind that will continue to support both assets under administration and new account growth over the long term.

此外，在許多非美國市場，零售參與度仍然低於美國水準。我們相信，隨著更傾向於投資加密貨幣和股票的年輕一代（而非他們的父母）進入市場，這種差距將繼續縮小，這將為我們在全球的業務成長提供廣闊的空間。這些長期趨勢的變化是一股強大的順風，將繼續長期支撐資產管理規模和新帳戶成長。

Altogether, these 5 drivers gives us strong confidence in our ability to deliver sustainable, profitable growth and position eToro as the global broker of choice.

總而言之，這 5 個驅動因素讓我們對實現永續獲利成長以及將 eToro 定位為全球首選經紀商的能力充滿信心。

Lastly, we announced today a $150 million share repurchase program, underscoring our confidence in eToro's long-term growth prospects and our continued commitment to delivering value for shareholders. We believe that our stock is undervalued. And given our significant cash generation, we have the flexibility to buy back shares. Our strong cash position also gives us the ability to consider M&A opportunities to drive inorganic growth. We're evaluating a range of opportunities, though we will remain disciplined in any transaction we pursue.

最後，我們今天宣布了一項 1.5 億美元的股票回購計劃，這凸顯了我們對 eToro 長期成長前景的信心，以及我們持續致力於為股東創造價值的承諾。我們認為我們的股票被低估了。鑑於我們擁有雄厚的現金流，我們有能力回購股票。我們雄厚的現金實力也使我們能夠考慮併購機會，以推動非內生性成長。我們正在評估各種機會，但無論進行何種交易，我們都會保持謹慎。

In sum, this quarter's results and KPIs for October clearly demonstrate that our strategy is working. We're achieving double-digit growth in organic funded accounts, significantly increasing our assets under administration, expanding net contribution and adjusted EBITDA margins and doing so while entering new markets and launching new products that strengthen our leadership for the future.

總之，本季的業績和10月份的關鍵績效指標清楚地表明，我們的策略是有效的。我們在有機融資帳戶方面實現了兩位數的成長，大幅增加了管理資產，擴大了淨貢獻和調整後 EBITDA 利潤率，同時也進入了新市場並推出了新產品，從而鞏固了我們未來的領導地位。

With strong execution, financial discipline and a relentless focus on innovation, we believe we're very well positioned to drive long-term value, and we're just getting started.

憑藉著強大的執行力、財務紀律和對創新的不懈追求，我們相信我們有能力創造長期價值，而這只是個開始。

With that, I will pass now along the call to Meron, our CFO, to discuss our financial results.

接下來，我將把電話轉接給我們的財務長梅隆，讓他來討論我們的財務表現。

Thank you, Yoni. As Yoni mentioned, we are very pleased with our third quarter results. Third quarter net contribution grew 28% year-over-year to $215 million and adjusted EBITDA grew 43% year-over-year to $78 million. In line with our focus on diversified, profitable revenue growth, our adjusted EBITDA margin was 36%, expanding 370 basis points from a year ago. These results are consistent with our view that our long-term adjusted EBITDA margins will increase from these levels.

謝謝你，Yoni。正如Yoni所說，我們對第三季的業績非常滿意。第三季淨貢獻年增 28% 至 2.15 億美元，調整後 EBITDA 年增 43% 至 7,800 萬美元。為了實現多元化、獲利性的營收成長，我們調整後的 EBITDA 利潤率為 36%，比去年同期成長了 370 個基點。這些結果與我們對長期調整後 EBITDA 利潤率將從目前水準上升的看法相符。

Our momentum has accelerated in the third quarter. Assets under administration for the quarter increased 76% year-over-year to a record of $20.8 billion, while our funded accounts grew 16% year-over-year to $3.73 million. The growth was driven by strong user acquisition and retention efforts and ongoing disciplined marketing.

第三季度，我們的發展勢頭加快了。本季管理的資產年增 76%，達到創紀錄的 208 億美元，而我們的資金帳戶則年增 16%，達到 373 萬美元。成長主要得益於強有力的用戶獲取和留存工作以及持續嚴謹的市場行銷。

Let's take a closer look at our third quarter financials by business lines compared to a year ago. Our net trading contribution from crypto grew 229% year-over-year to $56 million, which was largely driven by higher invested amount per trade and increased crypto activity, especially in the month of July and August.

讓我們仔細看看我們第三季各業務線的財務狀況與去年同期相比有何變化。我們的加密貨幣淨交易貢獻年增 229% 至 5,600 萬美元，這主要是由於每筆交易的投資金額增加以及加密貨幣交易活動增加，尤其是在 7 月和 8 月。

Our net trading contribution from capital markets, equities, commodities and currencies declined 21% year-over-year to $73 million as investors shifted activity between crypto and capital markets. The 15% rise in the number of trades was driven by strong momentum across Copy Trading with record inflows into Copy, a clear reflection of growing customer engagement and platform strength.

由於投資者將活動從加密貨幣轉向資本市場，我們的資本市場、股票、商品和貨幣淨交易額較去年同期下降 21% 至 7,300 萬美元。交易數量成長 15%，主要得益於跟單交易的強勁勢頭，跟單交易資金流入創下歷史新高，這清楚地反映了客戶參與度的提高和平台實力的增強。

Net interest income contributed $62 million, up 44% year-over-year, largely driven by a 52% increase in higher interest-earning assets due to an increase in customers' cash deposits, customers' margin book, staking and corporate cash. eToro Money contribution grew 50% year-over-year to $21 million, largely driven by an increase in total money transfers.

淨利息收入貢獻了 6,200 萬美元，年增 44%，主要得益於高利資產成長 52%，這主要歸因於客戶現金存款、客戶保證金帳戶、質押資金和企業現金的增加。 eToro Money 的營收貢獻年增 50% 至 2,100 萬美元，主要得益於資金轉帳總額的成長。

In the third quarter, adjusted OpEx was $137 million, flat quarter-on-quarter. Our adjusted selling and marketing expense was $47 million or 22% of net contribution. Our business model provides us with flexibility in our selling and marketing expense, where approximately 70% of our expense is dynamic. Adjusted R&D and G&A and operating expenses were $36 million and $54 million, respectively. Our adjusted diluted EPS for the quarter was $0.60 compared to $0.51 in the third quarter of 2024.

第三季調整後的營運支出為 1.37 億美元，與上一季持平。調整後的銷售和行銷費用為 4,700 萬美元，佔淨貢獻的 22%。我們的商業模式使我們在銷售和行銷費用方面具有靈活性，其中約 70% 的費用是動態的。經調整後的研發費用、一般及行政費用及營運費用分別為 3,600 萬美元及 5,400 萬美元。本季調整後的稀釋每股收益為 0.60 美元，而 2024 年第三季為 0.51 美元。

Moving to our balance sheet. We ended the quarter with $1.2 billion in cash, cash equivalents and short-term investments and generated $57 million in free cash flow from operations.

接下來來看看我們的資產負債表。本季末，我們持有現金、現金等價物和短期投資共 12 億美元，並透過經營活動產生了 5,700 萬美元的自由現金流。

Now let me share a few comments on fourth quarter trends. As part of our quarterly results today, we also released our October monthly KPIs. Consistent with our commitment to greater transparency and enhanced disclosure, we will now begin publishing KPIs on a monthly basis. We've also made a detailed spreadsheet available on our website, which includes historical monthly data to help investors better track our performance over time. Our goal is to provide the investment community with the information and tools needed to more clearly understand, model and evaluate our business.

現在我想就第四季的發展趨勢談談我的看法。作為今天季度業績的一部分，我們也公佈了10月份的月度KPI。為了履行我們對提高透明度和加強資訊揭露的承諾，我們將開始按月公佈關鍵績效指標。我們還在網站上提供了詳細的電子表格，其中包含歷史月度數據，以幫助投資者更好地追蹤我們一段時間內的業績。我們的目標是為投資界提供所需的資訊和工具，以便更清楚地了解、模擬和評估我們的業務。

The month of October continues the strength that we saw in Q3. Our capital markets and crypto businesses saw significant year-over-year growth in both total number of trades and invested amount per trade. Assets under administration was $20.5 billion, up 72% year-over-year and funded accounts were 3.76, up 17% year-over-year.

10 月延續了第三季的強勁勢頭。我們的資本市場和加密貨幣業務在交易總數和單筆交易投資金額方面均實現了顯著的同比增長。管理資產規模為 205 億美元，年增 72%；已註資帳戶為 376 萬，較去年同期成長 17%。

To summarize, we are very pleased with our strong Q3 performance and positive momentum, and we believe we are well positioned to capture new opportunities, drive sustainable growth, and further strengthen eToro's leadership in global investing.

總而言之，我們對第三季度強勁的業績和積極的發展勢頭非常滿意，我們相信我們已做好充分準備，抓住新的機遇，推動可持續增長，並進一步鞏固 eToro 在全球投資領域的領導地位。

With that, Daniel, let's move to Q&A.

那麼，丹尼爾，我們進入問答環節吧。

Thank you, Meron. The first question here comes from a list of questions that have been pre-submitted by our retail investors. This question is for Yoni. So eToro announced its new subscription offering. Can you comment on why eToro decided to launch the program? And what is the opportunity?

謝謝你，梅倫。這裡的第一個問題來自我們散戶投資者預先提交的問題清單。這個問題是問Yoni的。因此，eToro宣布推出新的訂閱服務。您能否談談eToro決定推出該計劃的原因？那麼，機會是什麼？

Sure. We've built the eToro Club program to provide great premium benefits including unique features, better service as well as discounts to various parts in eToro, as well as the card, the cash back and now the crypto cash back. The club originally was based only on the tiers of how much assets customers have.

當然。我們打造了 eToro Club 計劃，旨在提供卓越的高級會員權益，包括獨特的功能、更優質的服務以及 eToro 各個部分的折扣，還有會員卡、現金返還以及現在的加密貨幣現金返還。該俱樂部最初僅根據客戶擁有的資產多少來劃分等級。

And we wanted to provide the same great benefits to people who want to subscribe to the new eToro subscription. This also consolidates to subscription models that we've had from acquisitions that we've done in the past, and we're very excited to see how the pickup is already to the new subscription model.

我們希望為想要訂閱新版 eToro 的用戶提供相同的優質服務。這也鞏固了我們過去透過收購實現的訂閱模式，我們非常高興地看到這種新的訂閱模式已經取得了怎樣的成效。

Thank you, Yoni. Operator?

謝謝你，Yoni。操作員？

(Operator Instructions)

（操作說明）

Dan Fannon, Jefferies.

丹‧範農，傑富瑞集團。

Thanks, good morning. I wanted to talk about account growth. And so obviously, it's been good or quite strong. I was hoping you could talk about if there are regions or new markets that are contributing more and maybe the breakdown of that account growth here, not just for the quarter, but also October, if there's any more granularity, that would be helpful.

謝謝，早安。我想談談帳戶增長。所以很明顯，它一直很好或相當強勁。我希望您能談談是否有某些地區或新市場貢獻更​​大，以及這些帳戶增長的具體情況，不僅是本季度，如果能提供更詳細的信息，比如 10 月份的情況，那就太好了。

Sure, Meron?

當然可以，梅倫？

Thank you, Dan. So with regards to our current growth, like organically, as we discussed in the past, we have achieved a double-digit growth. We've seen great results coming out of the cohort of clients that we are bringing, increasing the level of deposits on to the platform and increasing their level also of engagement with the platform. So overall, very good results.

謝謝你，丹。所以，就我們目前的成長而言，就像我們過去討論過的有機成長一樣，我們已經實現了兩位數的成長。我們已經看到，我們引進的這群客戶取得了顯著的成果，提高了平台上的存款額，也提高了他們對平台的參與度。總體而言，結果非常好。

With regards to geographic, we are not breaking down geographically, but I could definitely tell you that we are seeing early, but good signs coming out of the new regions that we launched in the -- recently and in the last few years as well as well as a significant strength coming from our core markets.

就地域而言，我們目前不按地域劃分，但我可以肯定地告訴大家，我們最近幾年在新推出的地區以及我們的核心市場都展現出了良好的早期跡象，同時我們也看到了顯著的強勁勢頭。

And we have seen also a very good increase in the size of accounts coming into eToro. So it's both new funded accounts growth and their first-time deposit, which is a very good indicator to the future size of the accounts.

我們也看到，eToro 帳戶的規模也出現了非常顯著的成長。所以，這既包括新增資金帳戶的成長，也包括首次存款，這對於預測帳戶未來的規模來說是一個非常好的指標。

Great. Thank you.

偉大的。謝謝。

Devin Ryan, Citizens.

德文·瑞安，市民。

Thanks. Good morning everyone. A question on artificial intelligence implications here. So great to see 30% of club members engage with eToro. It'd be great to hear about anything you can share on kind of conversion uplift from doing research to actually trading and trade frequency. I know we're early days here, but I'm just trying to think about that. And then more broadly, taking a step back, just some of the other types of offerings you're planning to launch with artificial intelligence and just how you feel like that can maybe differentiate the eToro offering in the market? Thanks.

謝謝。大家早安。這裡有一個關於人工智慧影響的問題。很高興看到30%的俱樂部會員使用eToro。如果您能分享一些關於從研究到實際交易以及交易頻率的轉換率提升方面的信息，那就太好了。我知道現在還為時過早，但我只是想思考這個問題。更廣泛地說，退一步講，您計劃推出的其他一些人工智慧產品類型，以及您認為這些產品如何能讓 eToro 在市場上脫穎而出？謝謝。

Sure. So during our Pro Investor Summit about two weeks ago, we've actually announced our new tools, an AI studio for Pro investors to actually vibe code tools. Those tools include both new types of analysis that can actually look at their portfolio using AIs, look at other people's portfolio using AIs, read the entire feed and create automated strategy. I think the biggest driver eventually of AI, and I started, I think I did my first automated trading strategy when I was about 16, 17 is the transition from just click to trade through the UX to eventually running automated strategies, quantitative strategies of our users.

當然。所以，在大約兩週前的職業投資者高峰會上，我們發布了我們的新工具——一個供職業投資者實際編寫程式碼工具的 AI 工作室。這些工具包括新型分析工具，它們可以利用人工智慧查看自己的投資組合，利用人工智慧查看其他人的投資組合，讀取整個資訊流並創建自動化策略。我認為人工智慧最終最大的驅動力，也是我大約在 16、17 歲時開始做的，是用戶從點擊交易到最終運行自動化策略、量化策略的轉變。

And what we've built is the ability for our Pro investors to actually build those apps, those strategies. It includes dashboards and analysis of how they generate their trades and then actually provide an app store, so all of our customers can access that. And we've seen some really amazing apps developed already by our Pro investors. Just as a quick example, we've had one of our Pro investors actually creating the persona of Warren Buffett, Benjamin Gram, and I think it was Cathie Wood basically ranking his stocks in his portfolio and suggesting how to rebalance the portfolio.

我們所建構的是讓我們的專業投資者能夠真正建立這些應用程式和策略的能力。它包括儀錶板和交易生成分析，並實際提供了一個應用程式商店，以便我們所有的客戶都可以訪問該應用程式商店。我們已經看到一些由我們的專業投資者開發出的非常棒的應用程式。舉個簡單的例子，我們的一位專業投資者本傑明·格拉姆（Benjamin Gram）扮演了沃倫·巴菲特的角色，我認為是凱西·伍德（Cathie Wood）在為他投資組合中的股票進行排名，並提出如何重新平衡投資組合的建議。

So I do believe AI One is an amazing tool for people who are not necessarily technical to actually bring in sort of their ideas on how to automate their strategies, how to make their strategies more professional on top of the eToro platform. And I think over time, that drives both high returns, so making our customers more successful and actually higher velocity of trades in eToro.

所以我相信 AI One 對於那些不一定懂技術的人來說是一個很棒的工具，它可以幫助他們將自己關於如何自動化策略、如何在 eToro 平台上使策略更專業的想法融入其中。我認為隨著時間的推移，這不僅能帶來高回報，讓我們的客戶更加成功，也能提高 eToro 的交易速度。

That's great. Thank you.

那太棒了。謝謝。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Thanks for taking my question and hope everyone's doing well. Our question is on your strategic focus by geography. So please correct me if I'm wrong, but I see a company that is very focused on growth in the US, in Asia and maybe widening geographically into new markets. But eToro has leading share in Europe with some scale. And this market also looks a lot less competitive than the US and Asia.

感謝您回答我的問題，希望大家一切都好。我們的問題是關於你們的地理戰略重點。如果我理解有誤，請指正。但我認為這家公司非常注重在美國和亞洲的成長，並且可能正在向新的市場拓展業務。但eToro在歐洲擁有領先的市場份額和一定的規模。而且，這個市場的競爭程度似乎遠低於美國和亞洲。

So my question is, why not focus on your first-mover advantage in Europe, and continue to deepen our investor base there, especially given that there are less regulatory restrictions on your CopyTrader model in Europe than in the US?

所以我的問題是，為什麼不專注於你們在歐洲的先發優勢，繼續擴大我們在歐洲的投資基礎呢？尤其考慮到歐洲對你們的CopyTrader模式的監管限制比美國要少。

Sure. So as we think of our growth strategy, first of all, we think of long-term growth, and we do want to build significant presence in the US and in Asia. Nonetheless, on the day-to-day, when we drive our marketing and most of our marketing is a data-driven performance marketing approach, we always look at basically the ratio between CAC to LTV.

當然。因此，在考慮我們的成長策略時，首先，我們考慮的是長期成長，我們確實希望在美國和亞洲建立重要的市場地位。然而，在日常工作中，當我們進行行銷活動時（我們的大部分行銷活動都是由數據驅動的效果行銷方法），我們總是主要關注 CAC 與 LTV 之間的比率。

So when we have a strong region, and obviously, Europe -- some of our strongest regions in Europe, UAE, Australia as well, we're actually doubling down on growth there as well. So we are focused on growing the business through data-driven approach and make sure that where we see the highest return on investment, that's where we continuously grow and invest more. So we are definitely focused on maintaining our leadership in Europe in the retail brokerage industry.

所以，當我們在某個地區實力強勁時，例如歐洲——我們一些最強勁的地區在歐洲，還有阿聯酋、澳大利亞，我們實際上也會加倍投入這些地區的成長。因此，我們專注於透過數據驅動的方式發展業務，並確保在投資回報率最高的地方持續發展並增加投資。因此，我們肯定會專注於保持我們在歐洲零售經紀行業的領先地位。

James Yaro, Goldman Sachs.

James Yaro，高盛集團。

Good morning and thanks for taking the question. Could you help us think about the account growth algorithm here. What do you see as achievable for account growth going forward? Is it high single digits or double-digit account growth on a yearly basis? And then in the press release, you talked about net new accounts in the first three quarters being stronger than all of 2024, but maybe any ability to comment more narrowly on the 3Q '25 trends?

早上好，感謝您回答這個問題。您能否幫我們思考這裡的帳戶成長演算法？您認為未來帳戶成長可以實現哪些目標？是年均高個位數還是兩位數的帳戶成長率？然後在新聞稿中，您提到前三個季度的新增淨帳戶數將超過 2024 年全年的水平，但您能否更具體地評論一下 2025 年第三季的趨勢？

Sure. So first of all, strategically, we are aiming towards double-digit growth of funded accounts. We believe, again, the total available market of new generations coming into the market, the market itself will grow in double digits, and we believe we can outpace the market growth in all of our -- both existing strong regions in Europe and beyond as well as obviously new regions such as the US.

當然。首先，從策略上講，我們的目標是實現資金帳戶數量兩位數的成長。我們再次相信，隨著新一代消費者進入市場，市場本身將以兩位數的速度成長，我們相信我們能夠在所有市場（包括歐洲及其他地區的現有強勢地區以及美國等新興地區）實現超過市場成長的速度。

The comment in the press release, I do believe, was regarding the US, which post IPO, we actually started basically revamping both our product strategy in the US, bringing all of eToro's global products into the US, including now more than 100 crypto assets staking that was launched in the US as well as very excited about launching CopyTrader now in the US. So we do expect double-digit growth in funded accounts moving forward strategically across all regions.

我認為新聞稿中的評論是關於美國的，在 IPO 之後，我們實際上開始徹底改革我們在美國的產品戰略，將 eToro 的所有全球產品引入美國，包括現在在美國推出的 100 多種加密資產質押，以及非常高興地在美國推出 CopyTrader。因此，我們預計未來所有地區的資金帳戶數量將實現兩位數的成長。

Thanks so much.

非常感謝。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，康托·菲茨杰拉德。

Hi guys, thanks for taking my question. Maybe two, one on the crypto side, it was a really strong quarter in terms of crypto volumes. I think you guys marginally outpaced global spot volumes by kind of 2:1, if not more. Can you point to how much of that was maybe from what you did in the US and had new tradable assets in the US plus maybe outside of the US?

大家好，感謝你們回答我的問題。或許有兩個，一個是加密貨幣的，就加密貨幣交易量而言，這是一個非常強勁的季度。我認為你們的交易量略微超過了全球現貨交易量，大概是 2 倍甚至更多。你能指出其中有多少是你在美國的業務，以及你在美國和美國以外地區擁有的新可交易資產嗎？

And then as a follow-up, I think ECC came in a bit below where we were expecting. Can you just talk about the dynamics at play within the ECC during this quarter as well? Thank you.

然後，作為後續分析，我認為 ECC 的結果略低於我們的預期。您能否也談談本季ECC內部的動態變化？謝謝。

Sure. So I'll cover high level and then I'll let Meron talk a bit about the numbers in the quarter. But first of all, when you look at our numbers in the last 8 quarters, and you see that in the investor presentation, what we've seen over time is very clear. When one asset class is very strong, we see a shift towards that asset class from other asset classes.

當然。所以我先概述一下概況，然後讓梅隆談談本季的具體數據。但首先，當你查看我們過去 8 個季度的數據，以及我們在投資者簡報中展示的數據時，我們隨著時間的推移所看到的情況非常清楚。當某一類資產表現非常強勁時，我們會看到其他資產類別的資金流向該類資產。

So every time crypto has a very strong momentum, we actually see the non-crypto revenues or capital markets revenue actually going down a bit. And then as crypto goes down, we see capital markets significantly shift higher as well. And that is a dynamic that we did see in Q3.

所以每次加密貨幣發展勢頭強勁時，我們實際上都會看到非加密貨幣收入或資本市場收入略有下降。然後，隨著加密貨幣價格下跌，我們看到資本市場也大幅上漲。而這正是我們在第三季看到的趨勢。

In addition to that, within capital markets, there are two segments. There's currencies, commodities and indices basically future based and there's stocks. And we did see more stock trading volumes increase in Q3, which led to the lower -- basically take rate as take rate on stock trading is lower than on commodities, indices and FX.

除此之外，資本市場內部還有兩個細分市場。基本上有基於期貨的貨幣、商品和指數，還有股票。我們確實看到第三季股票交易量增加，這導致了交易費率的下降——基本上是因為股票交易的費率低於商品、指數和外匯交易的費率。

Regarding the crypto market, of course, we've seen a couple of all times high during Q3 that always supports our crypto revenues and trading activities. In general, we do expect to continue and see a strong crypto market with a very, very positive US administration towards the crypto industry and a lot of new product rollouts for eToro within the crypto industry, with that a bit about the actual numbers in Q3.

關於加密貨幣市場，當然，我們在第三季看到了幾次歷史新高，這始終支撐著我們的加密貨幣收入和交易活動。總的來說，我們預計加密貨幣市場將繼續保持強勁勢頭，美國政府對加密貨幣行業持非常積極的態度，eToro 也將在加密貨幣行業推出許多新產品，以上是關於第三季度實際數據的一些資訊。

Sure. So we can see definitely a sequential growth from Q2 in a very high pace, both on the number of trades as well as the invested amount. We saw elevated activity coming in July and August as we released our KPIs also early September about the summer. So very good traction coming out of the crypto activities of customers in the summer. We did see a slight reduction in that in September, but remains on the same level also in October. We're very happy about what we see in the industry.

當然。因此，我們可以看到，無論是交易數量還是投資金額，都比第二季度實現了非常快的連續成長。我們看到 7 月和 8 月的業務活動增加，同時我們在 9 月初也發布了有關夏季的 KPI。在夏季期間，客戶的加密貨幣活動取得了非常好的進展。9 月我們看到這種情況略有下降，但 10 月仍然維持在同一水平。我們對產業現狀感到非常滿意。

And in general, as it goes to become more and more mainstream, we'll see the number of trades and the number of customers tapping into crypto growing. And together with that, our revenues as well.

總的來說，隨著加密貨幣越來越主流化，我們將看到交易數量和使用加密貨幣的客戶數量不斷增長。隨之而來的是，我們的收入也隨之成長。

Thank you.

謝謝。

Chris Allen, Citi.

克里斯艾倫，花旗銀行。

Yeah, morning, everyone. Thanks for the question. Maybe you could talk about capital allocation priorities here. You announced the buyback this morning, make some sense with a lot of exploration now, but you've also talked in the past about looking at inorganic growth opportunities, particularly in the US to build that out. So help us think about the different levers here from a capital allocation perspective?

是的，大家早安。謝謝你的提問。或許你可以在這裡談談資本配置的優先事項。你今天早上宣布了股票回購計劃，考慮到目前的探索，這在某種程度上是有意義的，但你過去也曾談到要尋找非內生成長機會，尤其是在美國，以擴大這方面的規模。那麼，請從資本配置的角度，幫我們思考這裡有哪些不同的槓桿作用呢？

Sure. So first of all, we've added a significant amount of cash flow already this year. So our balance sheet grew from $1 billion to $1.8 billion in total with $1.2 billion in cash and short-term investments. So we have a very strong balance sheet to look both at buyback. And again, at these levels, we do believe the price is undervalued, which is why we're buying as well. And of course, leaves a significant amount of dry powder also to look at acquisitions.

當然。首先，我們今年已經增加了大量的現金流。因此，我們的資產負債表總額從 10 億美元成長到 18 億美元，其中現金和短期投資為 12 億美元。因此，我們擁有非常強勁的資產負債表，可以考慮回購資產。再次強調，我們認為目前的價位被低估了，這也是我們買的原因。當然，也留下了大量可用於收購的資金。

We have been talking to various potential targets. We're always excited to meet great teams of great founders with products that we believe add value to our customers and that our products will add value to their customers, and we're actively exploring these opportunities across different regions. And of course, as we announce them, you'll know what are the actual targets.

我們一直在與各種潛在目標進行洽談。我們一直都很樂意與優秀的創辦人團隊合作，我們相信他們的產品能為我們的客戶帶來價值，同時我們的產品也能為他們的客戶帶來價值。我們正在積極探索不同地區的這些機會。當然，當我們公佈目標時，你們就會知道實際目標是什麼。

Bill Katz, TD Cowen.

比爾·卡茨，TD Cowen。

Great. Thank you very much for the questions and the disclosure, super helpful. Just a question coming back to your commentary about the longer-term opportunity for the prediction and the event market. I was wondering if you could maybe lay out your pathway of like how you get there. Is this an organic opportunity? Is it inorganic? And then within that, I was wondering if you could share your thoughts on just philosophically how you think about the sports or gambling opportunity within that? Thank you.

偉大的。非常感謝您的提問和詳細說明，這對我很有幫助。我還有一個問題，回到您之前關於預測和事件市場長期機會的評論。我想問您是否可以大致介紹一下您是如何到達那裡的。這是一個自然而然的機會嗎？它是無機的嗎？然後，我想請您分享一下，您從哲學角度是如何看待運動或賭博機會的？謝謝。

Sure. So prediction markets, we're looking at basically both alternatives. So first of all, we've launched futures in Europe and the future rails that we've launched in Europe are the same rails that eventually enable basically to trade prediction markets in the US as well. In addition, we are launching our crypto wallet, which will enable our customers to engage with on chain prediction markets such as poly chain and others. So we're actually going towards both of those directions.

當然。所以對於預測市場，我們基本上要考慮這兩種方案。首先，我們已經在歐洲推出了期貨，我們在歐洲推出的期貨交易平台與最終在美國也能夠進行預測交易的平台是相同的。此外，我們將推出加密錢包，使我們的客戶能夠參與鏈上預測市場，例如 Poly Chain 等。所以我們其實是朝著這兩個方向發展。

We do believe that prediction markets on financial events, on geopolitics, on economic events have -- do create significant value and people thinking about their trading strategies or hedging what they want to do. And that initially will be our focus to help our customers basically find those financial opportunities that are related to their portfolios.

我們確實相信，對金融事件、地緣政治、經濟事件的預測市場已經創造了巨大的價值，人們會思考他們的交易策略或對沖他們想要做的事情。最初，我們的重點將是幫助客戶找到與其投資組合相關的金融機會。

Alex Kramm, UBS.

Alex Kramm，瑞銀集團。

Yes, hello, good morning, everyone. Just on CopyTrader in the US, I know it's super early, but maybe you can talk a little bit about how you're looking to scale it in terms of marketing you're leaning in. I think you have 300,000 roughly accounts in the US. I think you said earlier, CopyTrader globally has one third or so of your clients have uptake there. So just how should we be thinking about the opportunity and how quickly you can scale and if the third is kind of like a good target for the US as well?

是的，大家好，早安。目前我們只在美國使用 CopyTrader，我知道現在還處於非常早期的階段，但也許您可以談談您打算如何擴大規模，以及您正在專注的行銷策略。我認為你們在美國大約有30萬個帳戶。我想你之前說過，CopyTrader在全球範圍內大約有三分之一的客戶在那裡使用我們的服務。那麼我們該如何看待這個機會，以及你能以多快的速度擴大規模，第三個目標對美國來說是否也是一個不錯的目標呢？

Sure. So our view holistically is always, as we enter new markets to roll out all of the products that we offer globally in that market. And of course, we look at the US as a huge opportunity with now crypto back, staking back and CopyTrader now launched alongside stocks and options trading as well. And the way we look at each product that we release is an attachment of a customer.

當然。因此，我們的整體觀點始終是，當我們進入新市場時，要將我們在全球範圍內提供的所有產品引入該市場。當然，我們認為美國市場蘊藏著巨大的機遇，加密貨幣、質押交易和CopyTrader等交易方式已經回歸，股票和選擇權交易也同時推出。我們看待每一款產品的視角，都是將其視為客戶的附屬品。

So a customer engaging with CopyTrader. What we see over time is the increase in both size of the wallet or share of wallet as well as over time, LTV increases significantly. So the way we view it is we continue basically to do what we do across the globe now here in the US, which is promoting the CopyTrader feature within the app, increase the attachment rate of Copy Trading, building gradually more and more great investors that in the US people can copy.

所以，一位客戶正在與CopyTrader互動。隨著時間的推移，我們看到錢包的規模或錢包份額都在增加，而且隨著時間的推移，LTV（客戶終身價值）也顯著增加。所以我們現在的做法是，繼續在全球範圍內，包括美國，開展我們目前正在進行的業務，即在應用程式中推廣 CopyTrader 功能，提高 Copy Trading 的參與率，逐步培養越來越多的優秀投資者，供美國用戶進行跟單交易。

And over time, we'll see that increasing LTV and enabling us to basically spend more or increase our CACs and the marketing budget to bring in more users to the eToro platform. So it's all about bringing all of the products to our US product strategy, then make sure that throughout the product, we create those attachment rates that increase the lifetime value and share of wallet of our customers here in the US, and that obviously leads to us scaling up our marketing strategy here in the US in a profitable way.

隨著時間的推移，我們將看到 LTV 的提高，使我們能夠投入更多資金或增加 CAC 和行銷預算，從而為 eToro 平台吸引更多用戶。所以，關鍵在於將所有產品納入我們的美國產品策略，然後確保在整個產品過程中，我們創造的附加率能夠提高我們在美國客戶的終身價值和錢包份額，這顯然會促使我們以盈利的方式擴大在美國的營銷戰略。

Thank you.

謝謝。

Jamie Friedman, Susquehanna International Group.

Jamie Friedman，Susquehanna International Group。

(technical difficulty) I wanted to ask first about the funded accounts as well. (technical difficulty)

（技術難題）我還想先問一下關於已註資帳戶的問題。（技術難題）

We can't hear -- the line is a bit cut off, so we can't hear the question properly. Sorry.

我們聽不到——線路有點斷斷續續的，所以我們聽不清楚問題的內容。對不起。

Maybe try again, maybe now, the line was cut off.

也許再試一次，也許現在線斷了。

Hey, can you guys hear me okay?

嘿，你們聽得到我說話嗎？

Better. Let's try again.

更好的。我們再試一次。

No, apologies. We can't hear the line gets cut off. I apologize.

不，抱歉。我們聽不到線路被切斷的聲音。我道歉。

Let's move to the next question and then come back if we can get a better connection with him.

我們先來看下一個問題，如果能和他建立更好的聯繫，再回來討論這個問題。

John Tadaro, Needham.

約翰·塔達羅，尼德姆。

Hey, great, thanks for taking my question guys. And congrats here. I just wanted to follow up, and I'll make sure I heard it correctly. Would you guys look for kind of economic partnerships on prediction markets with like a Kalshi or Polymarket?

嘿，太好了，謝謝你們回答我的問題。恭喜你！我只是想確認一下，我會確保我聽得沒錯。你們會考慮與 Kalshi 或 Polymarket 之類的預測市場平台建立某種經濟合作關係嗎？

And then if I could get kind of a second question. It sounds like there is some -- I don't know if you want to call it cannibalization intra-quarter between some of these trading products, as you mentioned, where crypto maybe goes up and some of the other markets go down a little bit. How do you eventually get around that where they kind of are all kind of up and up on -- in the same quarter?

然後，我還能問第二個問題嗎？聽起來好像有些交易產品之間存在——我不知道你是否想稱之為季度內蠶食，正如你提到的，加密貨幣可能會上漲，而其他一些市場可能會略微下跌。如何才能最終解決這個問題，讓他們都處於同一水平線上？

Sure. So first of all, we are talking to Kalshi and Polymarket, obviously, the market leaders in prediction markets. And we are excited about exploring the path of our users to be able to trade prediction markets on financial events. On the -- sorry, do you want to take it?

當然。首先，我們要和 Kalshi 和 Polymarket 這兩家預測市場的領導者進行洽談。我們很高興能夠探索用戶參與金融事件預測市場交易的道路。不好意思，您要拿嗎？

Yeah, like switching between the --

是的，就像在兩者之間切換一樣--

I'm not sure whether cannibalization is the right way to describe when customers inter-quarter trade different products. So over time, when you look at the growth of the net contribution of trading, both in crypto and capital markets, you see them growing over time. And we think it's a great opportunity for people to actually reshuffle or rebalance their portfolios.

我不確定用「蠶食效應」來描述顧客在不同季度之間交易不同產品的情況是否恰當。因此，隨著時間的推移，當你觀察加密貨幣和資本市場交易淨貢獻的成長時，你會發現它們都在不斷成長。我們認為這對人們來說是一個重新調整或重新平衡投資組合的好機會。

We've seen by this -- by the way, the same also between US stocks and European stocks earlier this year as European stocks were very strong and a lot of our customers started buying basically defense stocks. We've seen, obviously, in the past, the same happening with meme stocks. Later, we've seen it with meme coins.

由此可見——順便說一句，今年早些時候美國股市和歐洲股市之間也出現了同樣的情況，當時歐洲股市非常強勁，我們的許多客戶開始購買國防類股票。顯然，我們過去已經看到類似的情況發生在表情包股票上。後來，我們在表情包硬幣中也看到了這個現象。

So again, as we bring in more products to our customers, we expect constant rebalancing of customers between different assets. And actually, that's the strength of eToro versus pure crypto companies, which don't have stocks or significant capital markets, and it's a significant strength of eToro, the fact that we cover today 22 different global exchanges, so our customers can trade all of those different products, alongside, of course, both on-exchange and off-exchange derivatives like futures and options. So we feel that the fact that customers are trading in between the different assets is a strength and something that we actually want to see with all of our customers.

所以，隨著我們為客戶帶來更多產品，我們預期客戶在不同資產之間的平衡會不斷改變。事實上，eToro 相對於沒有股票或重要資本市場的純加密貨幣公司而言，優勢就在於此。 eToro 的一大優勢在於，我們目前涵蓋了 22 個不同的全球交易所，因此我們的客戶可以交易所有這些不同的產品，當然，還可以交易交易所內和交易所外的衍生品，如期貨和選擇權。因此，我們認為客戶在不同資產之間進行交易是一種優勢，也是我們希望所有客戶都能看到的。

That's great, makes sense, thank you.

太好了，明白了，謝謝。

Brian Bedell, Deutsche Bank.

Brian Bedell，德意志銀行。

Great, thanks for taking my question. Maybe just to go back to Copy Trading, the mechanics of that in the US, in particular. I know there was some different regulatory regime in terms of being able to offer it with, I guess, the advisory component being a critical component of being able to be paid.

太好了，謝謝你回答我的問題。或許只是想回顧一下跟單交易，特別是美國跟單交易的運作機制。我知道在提供這項服務方面有一些不同的監管制度，我想，諮詢服務是獲得報酬的關鍵組成部分。

Can you just go through the mechanics of how this is operating in the US versus outside the US? And if it's the same now or when you expect to have that aligned with how it works outside the US? And any commentary on initial take-up. I know it's very early, of course.

能簡單介紹一下這項技術在美國和美國以外地區的運作機制有何不同嗎？如果現在的情況和您預期的一樣，或者您預計這種情況何時才能與美國以外地區的情況保持一致呢？以及對初期接受度的任何評論。我知道現在還很早。

Sure. So first of all, it's very early to look at take rates and engagement, but we have seen already people being copied and people are copying top investors here on the US platform, which is great to see. Second on the mechanics. The mechanics are quite similar from how it operates. So you can actually -- when you copy an investor, it copies their entire portfolio into your portfolio in the amount you chose. So you copy somebody with $1,000, it fractionalizes his entire account across stocks and crypto and it basically opens those trades in your account. And every time they trade, it will trade in your account at the same time, the same price and the same proportion.

當然。首先，現在就看投資報酬率和參與度還為時過早，但我們已經看到有人模仿美國平台上的頂級投資者，這真是令人欣喜。其次是機械方面。它們的運作機制非常相似。所以實際上，當你複製一位投資者的投資組合時，它會將他們整個投資組合按你選擇的比例複製到你的投資組合中。所以，如果你用 1000 美元複製某人的交易，它會將他帳戶中的資金分散到股票和加密貨幣中，並基本上在你的帳戶中開設這些交易。每次交易時，都會以相同的時間、相同的價格和相同的比例在您的帳戶中進行交易。

So the mechanics of copying works the same here in the US and outside the US. We are looking right now outside the US, we've actually just revamped our Pro Investor Program, which is around how do the Pro investors actually get paid here. We're still early stages. We'll be building that as well as we move towards next year.

所以，複製的機制在美國和美國以外的地方是一樣的。我們目前正在關注美國以外的市場，我們實際上剛剛改進了我們的專業投資者計劃，該計劃的核心問題是專業投資者如何在這裡獲得報酬。我們仍處於早期階段。我們也會在邁向明年的過程中繼續推進這項工作。

The second copy product, which is our Smart Portfolios product, where our Global Chief Investment Office actually curates specific portfolios, about 120 different smart portfolios across different strategies. That part will fall under an RIA license, which we are in the process and expect that to launch in H1 next year.

第二款複製產品是我們的智慧投資組合產品，我們的全球首席投資辦公室實際上會精心挑選特定的投資組合，涵蓋不同策略的約 120 個不同的智慧投資組合。這部分將屬於 RIA 許可證的範疇，我們正在辦理中，預計明年上半年推出。

Great, thank you.

太好了，謝謝。

Dan Dolev, MIZ.

Dan Dolev，MIZ。

Hey, from Mizuho, sorry about that. It's Dan here. Congrats, guys. Great quarter, great October. I have a question on banking. A lot of fintech companies view banking as the Holy Grail, kind of, that's what everyone wants to do. So Yoni, Meron, like how do you guys view sort of like banking services globally in the US, et cetera, in terms of the long-term opportunity for eToro? Thank you.

您好，我是瑞穗銀行的，對此我們深感抱歉。我是丹。恭喜各位！本季表現出色，十月也十分精彩。我有一個關於銀行業的問題。許多金融科技公司將銀行業視為終極目標，某種程度上來說，那是每個人都想涉足的領域。Yoni、Meron，你們如何看待美國等地的全球銀行服務，以及eToro的長期發展機會？謝謝。

Sure. So I generally say everybody is looking at the concept of the super app, right? So we believe our core is actually helping our customers find beta in alpha into their portfolio to generate over time, returns in to compound wealth over time. So our view comes more from our core expertise on trading and investing. What we've seen over time is basically expanding the business also into savings, the various pension schemes around the world where we have already launched UK, Australia and France recently, including the now new launch of Cash ISAs in the UK. And lastly, of course, neo-banking.

當然。所以我通常會說，大家都在關注超級應用的概念，對吧？因此，我們相信我們的核心實際上是幫助客戶在他們的投資組合中找到 alpha 中的 beta，從而隨著時間的推移產生複利財富回報。因此，我們的觀點更來自我們在交易和投資方面的核心專長。隨著時間的推移，我們看到業務基本上也擴展到了儲蓄領域，包括世界各地的各種退休金計劃，我們最近已經在英國、澳洲和法國推出了這些計劃，包括現在在英國新推出的現金個人儲蓄帳戶 (Cash ISA)。最後，當然還有新式銀行。

And what we wanted to see and what we're seeing in our strategy is basically when we provide our customers the virtual bank account on eToro, interest rate that they can get on their local currency and the ability to convert easily FX from euro to dollars or pounds to dollars to efficiently trade also US capital markets and then attach into that also the Visa debit card, we remove the need of a customer to actually take their money back to the bank.

我們希望看到的，也是我們目前在策略中看到的，基本上是這樣的：當我們為客戶提供 eToro 虛擬銀行帳戶，讓他們能夠以當地貨幣獲得利率，並能夠輕鬆地將外匯從歐元兌換成美元或英鎊兌換成美元，從而有效地交易美國資本市場，然後將 Visa 借記卡附加到該銀行時，我們就消除了客戶的資金。

So I think us as a financial super app, we're looking for customers to increase their share of wallet over time on eToro. We believe most of customer assets should be compounded towards capital markets in crypto markets and they should easily spend from that account without the need to actually take their money back into the bank. And we've seen that significantly improve basically attachment rates of customers, lifetime value of customers, which is why we're also providing great incentives to use our Visa debit card with a 4% stock back.

所以我認為，作為一款金融超級應用，我們希望客戶能夠隨著時間的推移，在 eToro 上增加他們的錢包份額。我們認為，客戶的大部分資產應該增值到加密貨幣市場等資本市場，他們應該能夠輕鬆地從該帳戶中支出，而無需將資金存回銀行。我們已經看到，這顯著提高了客戶的依從率和客戶終身價值，因此我們也提供豐厚的獎勵來鼓勵使用我們的 Visa 借記卡，可獲得 4% 的股票回饋。

So when you spend and we see a lot of our customers now posting on X when they're spending on a meal and then they get a 4% stock back into their portfolio. Again, why the stock back? Because we do believe that all of our customers would actually have most of their funds or the vast majority of their funds in capital markets and crypto markets, and that's the efficient way to compound wealth over time.

所以，當您消費時，我們看到很多客戶現在會在 X 上發布他們在用餐時的消費情況，然後他們就能獲得 4% 的股票返還到他們的投資組合中。為什麼股票又回落了？因為我們確實相信，我們所有的客戶實際上都會將大部分或絕大部分資金投入資本市場和加密貨幣市場，而這才是隨著時間推移實現財富複利增長的有效方式。

Great. Makes a lot of sense. So congrats again on a great quarter.

偉大的。很有道理。再次恭喜你們取得了出色的季度成績。

Thank you.

謝謝。

Jamie Friedman, Susquehanna International Group for follow-up.

請聯絡 Susquehanna International Group 的 Jamie Friedman 進行後續跟進。

Hi, thank you. Good evening. Yoni, the press release indicates that the 16% growth in funded accounts was driven both by the user acquisition, but also the retention. I was hoping at a high level, you could unpack that -- those dimensions. And then if I could just sneak in another one, Meron. Can you remind us about the typical seasonality in the business as we build out our models? Thank you.

您好，謝謝。晚安.Yoni，新聞稿指出，已註資帳戶成長 16% 是由用戶獲取和用戶留存共同推動的。我希望你能從宏觀層面分析一下這些面向。如果我能再偷偷加一個就好了，梅倫。在建立模型的過程中，您能否提醒我們該行業典型的季節性特徵？謝謝。

Sure. So we currently don't break down win backs churn and retention, but we've been engaging significantly in going back into basically our database of funded accounts across time and making sure that they are kept up to date on all of the new product releases, whether it's, again, the debit card in Europe, whether it's futures trading, or whether it's the new crypto wallet and the ability to use our crypto to buy stocks. So as we do that, we bring in also old customers into eToro sort of customers that churned in the past that are now joining back eToro for our new products. The second question, you can answer, Meron.

當然。因此，我們目前沒有細分客戶挽回率、流失率和留存率，但我們一直在大力回溯我們過去一段時間的已註資帳戶數據庫，並確保他們及時了解所有新產品發布信息，無論是歐洲的借記卡、期貨交易，還是新的加密錢包以及使用我們的加密貨幣購買股票的功能。因此，我們這樣做也能吸引一些老客戶回到 eToro，例如過去流失的客戶，現在為了我們的新產品而重新加入 eToro。第二個問題，你可以回答，梅隆。

Yeah. With regards to -- you touched about the breakdown, we do not provide it, but we can definitely see strong signs coming out of both the retention side as well as the acquisition as we aim -- as we discussed in the past, for a double-digit growth on the funded accounts on an annual basis.

是的。關於您提到的細分數據，我們不提供，但我們確實可以看到，無論是在客戶留存方面還是在客戶獲取方面，都出現了強勁的跡象，正如我們過去討論的那樣，我們的目標是實現每年資金賬戶兩位數的增長。

Regarding seasonality, I would say, historically, we see strong Q1s and Q4s. It's mostly though related, I believe, to the market. So I would say we're enjoying usually seasons of the markets. And it seems, again, if I look at the last three years, Q1s and Q4s are usually good markets in both crypto and capital markets. But of course, we don't control the rain or the seasons.

關於季節性因素，我認為，從歷史數據來看，第一季和第四季通常表現強勁。但我認為這主要還是跟市場有關。所以我覺得我們現在正享受著典型的季節性市場。而且，如果我回顧過去三年的數據，似乎第一季和第四季通常是加密貨幣市場和資本市場的良好市場。當然，我們無法控制降雨或季節。

Thank you.

謝謝。

Alex Kramm, UBS.

Alex Kramm，瑞銀集團。

Yeah, hey guys, hello again. Just wanted a couple of follow-up questions. Hopefully, I didn't miss this earlier. But on the expense side, I think previously, you said flattish for the remainder of the year. Is that still right for the fourth quarter? And then just another housekeeping one on the interest income.

嗨，大家好，又見面了。我還想問幾個後續問題。希望我之前沒有錯過這件事。但就支出方面而言，我想你之前說過，今年剩餘時間支出將保持穩定。這個說法對第四季仍然適用嗎？然後還有一項關於利息收入的日常事務。

I know there's a lot of moving pieces, but I think the implied rates -- interest rate actually went up quarter-over-quarter if you just use the interest earning assets. So again, I know there's a lot of things in there, but maybe just unpack what you're seeing on the interest income side? Thank you.

我知道有很多變數，但我認為隱含利率——如果你只使用生息資產，利率實際上環比上升了。我知道這裡面有很多東西，但或許我們可以先詳細分析一下利息收入方面的狀況？謝謝。

Sure. I'll start on the first one, which was related to the expenses. So yes, definitely, we -- as we mentioned last quarter, 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. With regards to the -- what was the second question?

當然。我先從第一個問題開始，這個問題與開支有關。所以，是的，當然，正如我們上個季度提到的，我們的目標是保持季度成本基礎不變。的確，我們帶著一種平淡無奇的視角而來。因此，我們預計第四季也將大致保持在這些範圍內。關於──第二個問題是什麼來著？

Second question, Daniel?

丹尼爾，第二個問題？

So we have seen like definitely, there is a decrease in the interest rate coming from the two rate cuts. But what we have witnessed in those periods is that actually customers' balances in all different asset classes have actually grown. Now -- so even though there is a direct reduction expected in interest income.

所以我們已經看到，兩次降息確實導致利率下降。但我們在這些期間看到的是，實際上客戶在所有不同資產類別中的餘額都成長了。現在—即使預期利息收入會直接減少。

Over time, we do see those balances increase. And therefore, we should be able to grow also on the revenue. That's also taking into consideration that customers are inclining when the interest rates are lower, to bring their assets more into a more riskier portfolios that will generate higher return for them than the lower interest rate in the market.

隨著時間的推移，我們確實看到這些餘額增加。因此，我們的收入也應該能夠成長。此外，還要考慮到，當利率較低時，客戶傾向於將資產更多地投入風險較高的投資組合，以期獲得比市場低利率更高的回報。

Okay. Fair enough. Thank you guys.

好的。很公平。謝謝大家。

And we have no further questions. And for closing remarks, we'll bring it back to Daniel.

我們沒有其他問題了。最後，我們再請丹尼爾作結語。

Thank you for attending our earnings call today. We're looking forward to seeing you at our upcoming investor conference during the quarter. These conferences are on our website that you can go see on the Investor Relations section. And thank you, and have a great day.

感謝您今天參加我們的財報電話會議。我們期待在本季即將舉行的投資者大會上見到您。這些會議資訊已發佈在我們的網站上，您可以在「投資者關係」欄位中查看。謝謝，祝您今天過得愉快。

Thank you very much.

非常感謝。

Thank you.

謝謝。