eToro Group Ltd (ETOR) 2025 Q4 法說會逐字稿

Hi. 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 January monthly spreadsheet, is now available on our website at investors.etoro.com.

你好。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、投資者簡報和一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 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、未來財務業績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, joining us here today. Welcome to our fourth quarter 2025 earnings call. After Meron and I finish our prepared remarks, we'll open the call for questions.

謝謝你，丹尼爾，也謝謝今天到場的各位。歡迎參加我們2025年第四季財報電話會議。在我和梅隆完成事先準備好的發言後，我們將開始接受提問。

2025 was a defining year for eToro. We became a publicly traded company on Nasdaq. We accelerated innovation and AI adoption across our platform, broadened and localized our product offering and expanded our presence in key markets such as the US, while continuing to strengthen our global footprint.

2025年是eToro具有里程碑意義的一年。我們成為了一家在納斯達克上市的上市公司。我們加快了平台創新和人工智慧應用，擴大了產品供應範圍並實現了在地化，並擴大了在美國等主要市場的影響力，同時繼續加強我們的全球佈局。

More importantly, we made amazing progress towards the financial super app we're building, all while delivering growth across our primary KPIs. We're operating at a pivotal moment for financial services. AI is advancing at an unprecedented pace, reshaping how people access information, make decisions and interact with markets. At the same time, financial services are continuing to move on chain, enabling a more continuous, transparent and borderless global market infrastructure.

更重要的是，我們在建立金融超級應用程式方面取得了驚人的進展，同時實現了主要 KPI 的成長。我們正處於金融服務業的關鍵時刻。人工智慧正以前所未有的速度發展，重塑人們獲取資訊、做出決策和與市場互動的方式。同時，金融服務正不斷向鏈上轉移，從而建立一個更連續、透明和無國界的全球市場基礎設施​​。

Along these technological shifts, we're seeing a structural increase in retail participation in markets across the globe and the largest generational transfer of wealth in history. Together, these forces are driving demand for a seamless digital first investing experience that is more personalized, more intuitive and available at all times.

隨著這些技術變革，我們看到全球各地市場的零售參與度結構性地提高，以及史上規模最大的世代財富轉移。這些因素共同推動了人們對無縫銜接的數位化優先投資體驗的需求，這種體驗更加個人化、更加直觀，並且隨時隨地可用。

At eToro, we're at the forefront of this evolving financial landscape, using technology and community to power our users to become better, more confident and more engaged investors. Our focus is on expanding access to global markets, moving towards 24/7 trading, bringing financial assets on chain.

在 eToro，我們處於不斷發展的金融領域的前沿，利用科技和社群的力量，幫助我們的用戶成為更好、更自信、更積極的投資者。我們的重點是擴大進入全球市場的管道，朝著全天候交易的方向發展，將金融資產上鍊。

Broadening our crypto and decentralized finance offering, while continuing to provide the full suite of investing in savings products in traditional markets, enabling partners to build and trade through our eToro APIs and interact with the eToro apps, leveraging AI to help users make smarter investment decisions.

我們將擴大加密貨幣和去中心化金融產品範圍，同時繼續在傳統市場提供全套投資儲蓄產品，使合作夥伴能夠透過我們的 eToro API 進行構建和交易，並與 eToro 應用程式互動，利用人工智慧幫助用戶做出更明智的投資決策。

All of this is delivered through a simple and transparent investing experience in line with our mission to democratize investing and give anyone anywhere the tools they need to grow their knowledge and wealth. While we're proud of the progress we've made, we see a significant opportunity ahead. We are confident in our ability to capture this opportunity for the benefit of our shareholders, users and partners.

這一切都透過簡單透明的投資體驗來實現，這符合我們普及投資、讓世界各地的人們都能獲得成長知識和財富所需工具的使命。雖然我們為取得的進展感到自豪，但我們也看到了前方巨大的機會。我們有信心抓住這個機會，為我們的股東、用戶和合作夥伴帶來利益。

Turning to our results. We delivered a strong fourth quarter that reflects continued momentum and the strength of eToro's diversified offering. For the year, net contribution increased 10% to $868 million and rose 6% sequentially in the fourth quarter to $227 million.

接下來來看看我們的結果。我們第四季業績強勁，反映了持續的成長動能和eToro多元化產品的優勢。全年淨貢獻成長 10% 至 8.68 億美元，第四季季增 6% 至 2.27 億美元。

Adjusted EBITDA grew 4% year-over-year to $370 million and 11% quarter-over-quarter to $87 million, delivering a 38% adjusted EBITDA margin in the quarter. We achieved these results despite the current crypto market environment, underscoring the strength of our multi-asset model and the benefits of our global diversification across geographies and asset classes. We first offered crypto trading on eToro in 2013, and since then, we've been through several crypto market cycles. We've seen people right off crypto, we've kept building.

經調整的 EBITDA 年成長 4% 至 3.7 億美元，季增 11% 至 8,700 萬美元，本季經調整的 EBITDA 利潤率為 38%。儘管當前加密貨幣市場環境不佳，我們仍然取得了這些成果，這凸顯了我們多元資產模型的優勢以及我們在全球地域和資產類別上進行多元化投資的好處。我們於 2013 年首次在 eToro 上提供加密貨幣交易，從那時起，我們經歷了幾個加密貨幣市場週期。我們看到有人直接放棄了加密貨幣，但我們一直在堅持發展。

Over time, we have built a truly global multi-asset platform, spanning crypto, equities, commodities and currencies. That breadth allows us to adapt as market activity shifts and to perform in any market condition.

隨著時間的推移，我們建立了一個真正的全球多元資產平台，涵蓋加密貨幣、股票、大宗商品和貨幣。這種廣度使我們能夠隨著市場活動的變化而調整，並在任何市場條件下都能取得業績。

In 2025, we continue to execute across our four product pillars Trading, investing, wealth management and neobanking. In trading, our focus remains on expanding product reach, flexibility and global market coverage. Since 24/5 equity trading, we've seen very strong adoption, reinforcing our belief that investors around the world want the ability to engage with the markets on their own time and terms.

2025年，我們將繼續在交易、投資、財富管理和新銀行這四大產品支柱領域穩步發展。在貿易方面，我們仍然專注於擴大產品覆蓋範圍、提高靈活性和擴大全球市場覆蓋率。自 24/5 股票交易推出以來，我們看到了非常強勁的普及，這更加堅定了我們的信念，即世界各地的投資者都希望能夠以自己的時間和方式參與市場。

We now offer 24/5 trading across all S&P 500 and Nasdaq 100 stocks, which has contributed to a doubling of our total stock trading volume over the past two years. We continue to listen closely to our active traders across 75 different markets as we accelerate toward 24/7 trading and expanded margin capabilities.

我們現在提供所有標普 500 指數和納斯達克 100 指數成分股的 24/5 全天候交易，這使得我們過去兩年的股票交易總量翻了一番。隨著我們加速推進全天候交易和擴大保證金能力，我們將繼續密切關注75個不同市場的活躍交易者的意見。

This quarter, we're introducing a round-the-clock access to a selection of popular assets with plans to expand 24/7 trading across additional asset classes. We're already seeing traditional capital markets begin to follow the always-on 24/7 model pioneered by crypto. In Q4, we surpassed 150 supported crypto assets with plans to expand to more than 300 in the near term.

本季度，我們將推出全天候存取一系列熱門資產的服務，並計劃將全天候交易擴展到其他資產類別。我們已經看到傳統資本市場開始效仿加密貨幣首創的 24/7 全天候運作模式。第四季度，我們支援的加密資產超過 150 種，並計劃在不久的將來擴展到 300 多種。

In the US, we significantly broadened our crypto offering in 2025 to over 100 crypto coins, adding a wide range of new assets and enhancing our staking capabilities. These milestones mark an important progress in our localization strategy and broader asset expansion.

在美國，我們於 2025 年大幅擴展了加密貨幣產品範圍，涵蓋 100 多種加密貨幣，增加了各種新資產，並增強了我們的質押能力。這些里程碑標誌著我們在本地化策略和更廣泛的資產擴張方面取得了重要進展。

By the end of 2026, we plan to support over 100,000 tradable assets across equities and crypto. In investing, we continue to broaden access to global markets. In 2025, we expanded coverage to include Hong Kong, Nordic and Middle East stock exchanges.

到 2026 年底，我們計劃支援超過 10 萬種可交易資產，涵蓋股票和加密貨幣。在投資方面，我們不斷擴大進入全球市場的管道。2025年，我們將涵蓋範圍擴大到香港、北歐和中東證券交易所。

And today, we provide access to 25 exchanges from across the world in over 12,000 assets on the platform. It was also a year of continued innovation in smart portfolios with a focus on localization, partnerships and alpha.

如今，我們的平台提供來自世界各地 25 個交易所的 12,000 多種資產的交易服務。這一年，智慧投資組合也持續創新，重點在於在地化、合作夥伴關係和超額收益。

This quarter, we launched two new smart portfolios in partnership with Amundi, Europe's largest wealth manager. These portfolios provide access to professionally managed strategies to combine broad market exposure with forward-looking investment themes available in local currencies. At the same time, our pro investor community continued to expand, growing from about 3,200 at the end of 2024 to now over 5,000, reflecting strong momentum in copy trading and community-driven investing.

本季度，我們與歐洲最大的財富管理公司 Amundi 合作推出了兩個新的智慧投資組合。這些投資組合提供專業管理的策略，將廣泛的市場曝險與以當地貨幣計價的前瞻性投資主題相結合。同時，我們的專業投資者社群持續擴張，從 2024 年底的約 3,200 人成長到現在的 5,000 多人，這反映出跟單交易和社群驅動型投資的強勁勢頭。

This caps a year in which we also introduced our Alpha Portfolios, our AI-powered quantitative strategies and established new partnership with Franklin Templeton, BlackRock and WisdomTree. Today, we have more than 127 smart portfolios in our platform.

在這一年中，我們還推出了 Alpha 投資組合、人工智慧驅動的量化策略，並與富蘭克林鄧普頓、貝萊德和 WisdomTree 建立了新的合作夥伴關係。目前，我們的平台上擁有超過 127 個智慧投資組合。

In Q4, we also expanded our stock lending program in the UK and margin trading in Europe, enabling users to earn additional buying power and yield on their equity holdings, thereby enhancing passive income opportunities.

在第四季度，我們還擴大了在英國的股票借貸計劃和在歐洲的保證金交易，使用戶能夠獲得額外的購買力和股票收益，從而增強被動收入機會。

In Wealth Management, adoption of our long-term tax advantages savings solutions continue to accelerate, expanding our presence across trillion-dollar addressable markets in Australia, UK and France. In the UK, we strengthened our ISA proposition with assets under administration in Q4, increasing sevenfold year-over-year.

在財富管理領域，我們長期稅收優惠儲蓄方案的採用率持續加快，使我們在澳洲、英國和法國等萬億美元潛在市場的業務不斷擴大。在英國，我們加強了 ISA 產品線，第四季度管理資產年增七倍。

In France, we launched new savings products extending our reach into another large and structurally attractive tax-advantaged investment market. Together, these markets represent a multitrillion dollar long-term opportunity. As we look ahead, we remain focused on further localizing and scaling our wealth offering to capture that opportunity.

在法國，我們推出了新的儲蓄產品，將我們的業務拓展到另一個規模龐大、結構極具吸引力的稅收優惠投資市場。這些市場加起來代表著數兆美元的長期機會。展望未來，我們將繼續專注於進一步在地化和擴大我們的財富管理服務規模，以抓住這一機會。

Turning to neobanking. Momentum continues to build with eToro money, which is now fully integrated into the core platform delivering seamless end-to-end money management experience. The past year was a breakthrough year for eToro Money with multiple product launches driving a 29% year-over-year increase in total money transfers.

轉向新型銀行業務。eToro 資金持續成長，現已完全整合到核心平台中，提供無縫的端到端資金管理體驗。過去一年是 eToro Money 的突破之年，多款產品的推出推動了總匯款額年增 29%。

We also expanded our debit card footprint. In this past quarter, we saw a 650% increase from Q4 2024 to Q4 2025 in transaction volume.

我們也擴大了簽帳卡的使用範圍。上個季度，交易量較 2024 年第四季成長了 650%。

We are rolling out our noncustodial crypto wallet, which bridges traditional finance and decentralized finance, enabling users to hold stake and transfer crypto as well as accessing the centralized finance markets such as swaps of 100,000 different assets.

我們正在推出非託管加密錢包，它連接了傳統金融和去中心化金融，使用戶能夠持有和轉移加密貨幣，並訪問中心化金融市場，例如 100,000 種不同資產的互換。

As we discussed in our last earning calls, we see a consistent set of themes driving eToro's continued growth and supporting the democratization of investing. These themes continue to guide our strategy as we move on to 2026.

正如我們在上次財報電話會議上討論的那樣，我們看到一系列一致的主題推動著 eToro 的持續增長，並支持著投資的民主化。這些主題將繼續引導我們邁向 2026 年的策略。

Firstly, innovation. As I mentioned at the start, we had a pivotal moment for financial services with advance of AI and the move on chain progressing at rates we could not have anticipated a few years ago. Innovation has always been at the core of eToro.

首先是創新。正如我在開頭提到的，隨著人工智慧的進步和區塊鏈技術的快速發展，金融服務迎來了一個關鍵時刻，而這種發展速度是幾年前我們無法預料的。創新一直是eToro的核心。

From the beginning, our goal has been to use technology to remove barriers, simplify investing and give individuals access to opportunities that were previously reserved for institutions. That philosophy hasn't changed. What has changed is the scale of the opportunity and the power of the tools now available to us.

從一開始，我們的目標就是利用科技消除障礙，簡化投資，讓個人有機會獲得以前只有機構才能獲得的機會。這種理念沒有改變。改變的是機會的規模和我們現在可以使用的工具的強大之處。

We're committed to staying at the forefront of this revolution. We're now an AI-first company. We're embedding AI across our business to accelerate product development to improve efficiency and enhance how we operate at scale. AI is becoming a core part of our operating model, helping our teams to move faster and focus on delivering the most impact. Processes that historically took months or even years are not achievable in a matter of days, if not hours.

我們致力於始終走在這場變革的前端。我們現在是一家以人工智慧為先導的公司。我們正在將人工智慧融入我們的業務中，以加速產品開發，提高效率，並增強我們大規模營運的方式。人工智慧正成為我們營運模式的核心部分，幫助我們的團隊更快行動，並專注於產生最大的影響。過去需要數月甚至數年才能完成的過程，現在幾天甚至幾小時就能完成。

We're building now our eToro super app 100% with AI. All of the eToro apps are developed 100% by AI, but it's not just the code rather the entire way how we operate and plan. AI means we can move 10 times faster. It is accelerating our growth, enabling us to innovate more rapidly without a corresponding increase in complexity or headcount. AI is now core to the eToro experience. It enables us to deliver smarter tools and more personalized insights at scale.

我們正在100%利用人工智慧打造我們的eToro超級應用程式。eToro 的所有應用程式都是 100% 由人工智慧開發的，但這不僅僅是程式碼，而是我們營運和規劃的整個方式。人工智慧意味著我們可以以快10倍的速度前進。它正在加速我們的成長，使我們能夠在不相應增加複雜性或人員數量的情況下更快地進行創新。人工智慧如今已成為eToro體驗的核心。它使我們能夠大規模地提供更聰明的工具和更個人化的見解。

Tori, our AI analyst, continues to evolve as new AI models come online, becoming an increasingly powerful companion for investors. Across the platform, AI helps users interpret market dynamics as per value performance and risk and ultimately make better investment decisions.

我們的人工智慧分析師 Tori 隨著新的人工智慧模型不斷上線而不斷進步，成為投資者越來越強大的助手。整個平台利用人工智慧幫助用戶根據價值表現和風險解讀市場動態，最終做出更好的投資決策。

Through our public APIs and a suite of AI-powered tools, users and partners can build, share and scale strategies and apps creating a growing ecosystem. We are launching apps as part of our new upcoming launch of our app store, which will bring enforced capabilities into a retail trading experience.

透過我們的公共 API 和一套人工智慧工具，使用者和合作夥伴可以建立、共享和擴展策略和應用程序，從而創建一個不斷發展的生態系統。作為即將推出的應用程式商店的一部分，我們將推出一系列應用程序，這將為零售交易體驗帶來更強大的功能。

eToro apps will include additional AI tools like BASE-44, an open claw, and we already have nearly 1,000 apps in the pipeline.

eToro 應用將包含更多 AI 工具，例如 BASE-44、開放式爪形圖案，我們目前已有近 1000 個應用正在開發中。

In parallel, we're actively building as finance moves increasingly on chain. With a long history in cryptoentoconization, eToro is already part of this transition. Our holistic crypto offering positions us to continue bridging digital assets and traditional markets, supporting the evolution from crypto trading today to tokenized markets and new forms of fontal participation over time.

同時，隨著金融業務越來越多地向鏈上轉移，我們也積極建構相關功能。eToro 在加密貨幣領域有著悠久的歷史，而它本身就是這項轉型的一部分。我們全面的加密貨幣產品使我們能夠繼續連接數位資產和傳統市場，支持從今天的加密貨幣交易向代幣化市場和未來新的參與形式的演變。

To be clear, this is not about or dependent on the spot price of crypto assets at any given point in the cycle. This is about building a platform that is poised to lead the inevitable shift to on chain market infrastructure. This will unlock for our users new types of tokenized real-world assets already in 2026, such as tokenized private markets and real estate.

需要明確的是，這與加密資產在周期中任何特定點的現貨價格無關，也不取決於現貨價格。這是為了建立一個能夠引領向鏈上市場基礎設施​​不可避免的轉變的平台。這將使我們的用戶在 2026 年就能獲得新型態的代幣化現實世界資產，例如代幣化的私人市場和房地產。

Our noncustodial wallet is the gateway to Web 3. Over time, the wallet will expand to support tokenized assets, swaps, lending, prediction markets and perpetual where applicable. Throughout the year, we plan to roll out a broad range of new products across these areas. Taken together, these innovations are about empowering smarter investing.

我們的非託管錢包是通往 Web 3 的門戶。隨著時間的推移，錢包將擴展以支援代幣化資產、互換、借貸、預測市場以及在適用情況下的永續資產。今年，我們計劃在這些領域推出一系列新產品。總而言之，這些創新旨在促進更明智的投資。

It's about leading the next evolution of investing, opening the global markets, connecting people to better tools and insights enabling everyone anywhere to participate in a simple and transparent way.

它旨在引領投資的下一個發展階段，開放全球市場，將人們與更好的工具和見解聯繫起來，使世界各地的人們都能以簡單透明的方式參與其中。

Secondly, global expansion. Our global footprint continues to be a key differentiator, and we remain focused on strengthening that advantage. We will continue to expand our product offering in existing regions while selectively entering new markets. By combining a global platform with a localized user experience, we're able to grow in markets where we're still early, while deepening engagement and increasing our share of wallet in more established regions.

其次，是全球擴張。我們的全球佈局仍然是一項關鍵的差異化優勢，我們將繼續致力於加強這一優勢。我們將繼續擴大在現有地區的產品供應，同時有選擇地進入新市場。透過將全球平台與在地化用戶體驗結合，我們能夠在尚處於起步階段的市場實現成長，同時在更成熟的地區加深用戶參與度並提高用戶錢包份額。

To this point, in 2025, we saw an 80% year-over-year trading volume in non-US stock activity. In Asia, establishing Singapore as a regional hub last year provides a strong foundation to produce more investors to eToro from the region. We expect to introduce additional products and increase targeted marketing activity as the year progresses.

截至目前，到 2025 年，我們看到非美國股票交易量年增 80%。在亞洲，去年將新加坡確立為區域中心，為吸引更多來自該地區的投資者加入 eToro 奠定了堅實的基礎。我們預計隨著時間的推移，將推出更多產品並加大針對性行銷活動。

In Europe, where we already have a meaningful scale, our focus is on deepening relationships with existing users and increasing share of wallet. We continue to enhance our localized offering, particularly in savings and long-term investing as we work to capture a greater share of wallet across our core European markets.

在歐洲，我們已經擁有了相當大的規模，我們的重點是加深與現有用戶的關係，並提高用戶錢包份額。我們將繼續加強在地化服務，尤其是在儲蓄和長期投資方面，努力在我們的核心歐洲市場贏得更大的市場份額。

In the US, the world's largest retail investing market, we are in the process of bringing the full eToro experience to the US As a global pioneer in social investing, we have spent more than a decade building community-driven tools such as copy trader, which enables investors to learn and invest alongside the smarter investors.

在美國這個全球最大的零售投資市場，我們正在將完整的 eToro 體驗帶到美國。作為社交投資領域的全球先驅，我們十多年來一直在建立社群驅動的工具，例如跟單交易，使投資者能夠與更聰明的投資者一起學習和投資。

Furthermore, we plan to roll out additional crypto products and smart portfolios to drive engagement and momentum over the coming quarters. More broadly, we continue to evaluate new market opportunities, prioritizing regions with strong financial literacy, digital adoption and sustained demand for trading and investing.

此外，我們計劃在未來幾季推出更多加密貨幣產品和智慧投資組合，以推動用戶參與和市場成長。更廣泛地說，我們將繼續評估新的市場機會，優先考慮金​​融素養高、數位化普及率高以及對交易和投資有持續需求的地區。

Thirdly, macro trends. We continue to align with powerful long-term market trends that are reshaping global investing. We are at the early stages of the largest wealth transfer in history with more than $120 trillion expected to move to younger generations over the next 20 years. These investors are digital first, more self-directed and more engaged with equities and crypto than any generation before them. This shift aligns directly with our platform and positions eToro to support how the next generation builds and manages it well.

第三，宏觀趨勢。我們將持續順應正在重塑全球投資格局的強勁長期市場趨勢。我們正處於歷史上最大規模財富轉移的早期階段，預計未來 20 年將有超過 120 兆美元的財富轉移到年輕一代。這些投資者以數位化為先，比以往任何一代都更加自主，也更加積極參與股票和加密貨幣投資。這項轉變與我們的平台直接契合，使 eToro 能夠更好地支援下一代建置和管理平台。

At the same time, our global footprint provides meaningful exposure to structurally underpenetrated retail investing markets.

同時，我們的全球佈局為我們提供了進入結構性滲透率不足的零售投資市場的重要機會。

In the United States, around 60% of households have some exposure to equities while in Europe, retail participation remained significantly lower with brokerage account penetration still in the single digits in some markets. This gap highlights the long-term opportunity ahead and reinforces why we believe eToro is well positioned to lead the next phase of global retail investing growth.

在美國，約有 60% 的家庭投資了股票，而在歐洲，散戶參與度仍然明顯較低，一些市場的經紀帳戶滲透率仍然只有個位數。這一差距凸顯了未來的長期機遇，並強化了我們認為 eToro 有能力引領全球零售投資成長下一階段的原因。

To summarize, we delivered resilient net contribution and strong adjusted EBITDA performance in 2025 and in the fourth quarter, we continued to see positive KPI trends in January, largely driven by strength in commodity trading activity, demonstrating the strength of our diversified multi-asset model.

總而言之，我們在 2025 年實現了穩健的淨貢獻和強勁的調整後 EBITDA 業績，並且在第四季度，我們繼續看到 1 月份 KPI 的積極趨勢，這主要得益於大宗商品交易活動的強勁表現，證明了我們多元化多資產模式的實力。

Looking ahead to 2026, we're confident that our strategy continuing to leverage technology to innovate, expanding globally and aligning with long-term macro trends position us to capture significant opportunities.

展望 2026 年，我們有信心，我們繼續利用科技進行創新、拓展全球業務並與長期宏觀趨勢保持一致的策略，將使我們能夠抓住重大機會。

We see 2026 as a year of accelerated momentum growth. We're uniquely positioned as both native crypto company and a global equities trading platform and believe we're building a strong foundation for long-term sustainable value creation for our shareholders, users and partners. With that, I'll now turn the call over to Meron to walk us through the financial results.

我們認為 2026 年將是加速成長的一年。我們既是一家原生加密貨幣公司，也是一個全球股票交易平台，這為我們創造了獨特的優勢。我們相信，我們正在為股東、用戶和合作夥伴建立一個堅實的基礎，以實現長期可持續的價值創造。接下來，我將把電話交給梅隆，讓他為我們解讀財務表現。

Thank you, Yoni. Fourth quarter net contribution was $227 million, a 6% sequential increase demonstrating the continued momentum and durability of our diversified business model. Adjusted EBITDA was $87 million, an 11% improvement quarter-over-quarter, reflecting strong execution and disciplined cost management. The year-over-year adjusted EBITDA decline was impacted by the crypto tailwind and unique market conditions that follow the previous year's US presidential elections.

謝謝你，Yoni。第四季淨貢獻為 2.27 億美元，季增 6%，顯示我們多元化業務模式的持續發展動能和永續性。調整後的 EBITDA 為 8,700 萬美元，較上季成長 11%，反映出強勁的執行力和嚴格的成本管理。調整後的 EBITDA 年減率受到加密貨幣利好因素以及前一年美國總統大選後獨特的市場狀況的影響。

In line with our focus on diversified profitable revenue growth, our adjusted EBITDA margin was 38%. AUA for the quarter increased 11% year-over-year to $18.5 billion. The increase was driven by record net deposits and improving customer retention metrics. Our funded accounts grew 9% year-over-year to 3.81 million. This growth reflects the strength of our multi-asset business model and our disciplined data-driven marketing approach.

為了實現多元化獲利性收入成長，我們調整後的 EBITDA 利潤率為 38%。本季 AUA 年增 11%，達到 185 億美元。成長主要得益於創紀錄的淨存款和不斷提高的客戶留存率。我們的資金帳戶年增 9%，達到 381 萬個。這一成長反映了我們多元化資產業務模式的優勢以及我們嚴謹的數據驅動型行銷方法。

Let's take a closer look at the fourth quarter financials by business lines compared to a year ago. Net rating contribution from capital markets, including equities, commodities and currencies, increased 43% year-over-year to $116 million driven by investor rotation between crypto and traditional asset classes with particularly strong performance in commodities. This pattern is consistent with historical behavior and highlights the strength of our diversified multi-asset platform.

讓我們仔細看看各業務線第四季的財務狀況與去年同期相比有何變化。資本市場（包括股票、大宗商品和貨幣）的淨評級貢獻年增 43% 至 1.16 億美元，這主要得益於投資者在加密貨幣和傳統資產類別之間的輪動，其中大宗商品表現尤為強勁。這模式與歷史行為一致，凸顯了我們多元化多元資產平台的優勢。

In contrast, net trading contribution from crypto declined 72% year-over-year to $26 million due to the crypto tailwinds in the fourth quarter of 2024 that I had mentioned before. The decline was primarily driven by lower investor demand per trade and softer trading activity, particularly in November and December.

相較之下，由於我之前提到的 2024 年第四季加密貨幣的利多因素，加密貨幣的淨交易貢獻年減 72% 至 2,600 萬美元。此次下跌主要是由於投資者對每筆交易的需求下降以及交易活動疲軟所致，尤其是在 11 月和 12 月。

As we have seen in prior crypto cycles, these periods of volatility are expected, and our diversified business model continues to demonstrate resilience across market conditions. Net interest income contributed $59 million, up 18% year-over-year, largely driven by a 29% increase in higher interest-earning assets due to an increase in customers' cash deposits customers' margin book, staking and corporate cash.

正如我們在先前的加密貨幣週期中所看到的，這些波動時期是可以預期的，而我們多元化的商業模式在各種市場條件下都持續展現出韌性。淨利息收入貢獻了 5,900 萬美元，年增 18%，這主要得益於高息資產成長 29%，而高利資產的成長則源自於客戶現金存款、客戶保證金帳簿、質押和公司現金的增加。

This growth was achieved despite a moderating interest rate environment, reflecting the strength of our balanced growth.

儘管利率環境趨於緩和，但我們仍然實現了成長，這反映了我們均衡成長的強勁勢頭。

eToro money's contribution declined 6% year-over-year to $23 million, largely driven by higher year-over-year cash redemption in crypto in 2024 due to market conditions we had mentioned before. In the fourth quarter, adjusted OpEx was in line with our expectations at $140 million.

eToro 資金貢獻年減 6% 至 2,300 萬美元，這主要是由於我們先前提到的市場狀況，導致 2024 年加密貨幣現金贖回量較去年同期增加。第四季度，調整後的營運支出符合我們的預期，為 1.4 億美元。

Our adjusted selling and marketing expense was $46 million or 20% of net contribution. Our marketing strategy continues to generate strong and disciplined returns with shorter payback periods, delivering ROI within the same year and cohorts driving sustained commission growth over time.

調整後的銷售和行銷費用為 4,600 萬美元，佔淨貢獻的 20%。我們的行銷策略持續產生強勁且穩健的回報，投資回收期更短，在同一年內實現投資回報，隨著時間的推移，客戶群推動佣金持續成長。

Notably, our 2024 cohort has already achieved a 1.8 times return on investment, while our 2020 cohort has delivered 5.6% return on investment, demonstrating the durability of our model. Importantly, we continue to see cohorts generating meaningful revenue even after eight years underscoring the long-term lifetime value of our customers. Given the strength of our cohort returns and our objective to accelerate growth in 2026, we plan to increase our sales and marketing investment from 21%, scaling gradually to 25% of net contribution.

值得注意的是，我們 2024 屆學員的投資回報率已達到 1.8 倍，而我們 2020 屆學員的投資回報率已達到 5.6%，這證明了我們模式的持久性。重要的是，即使過了八年，我們仍然看到客戶群能夠產生可觀的收入，這凸顯了我們客戶的長期終身價值。鑑於我們現有客戶的良好回報以及我們2026年加速成長的目標，我們計劃將銷售和行銷投資從21%逐步增加到淨貢獻的25%。

Importantly, this spend remains highly flexible and can be adjusted based on market conditions and performance. We are making this decision from a position of confidence as the ROI profile supports incremental investment, and we expect this increased spend to drive accelerated growth across our key KPIs in the year ahead.

重要的是，這項支出仍然具有高度靈活性，可以根據市場狀況和業績進行調整。我們基於對投資報酬率的信心做出這項決定，並預期增加的支出將在未來一年推動我們各項關鍵績效指標的加速成長。

Adjusted R&D and G&A and operating expenses were $37 million and $57 million, respectively. Our adjusted diluted EPS for the quarter was $0.71 compared to $0.79 in the fourth quarter of 2024.

經調整後的研發費用、一般及行政費用及營運費用分別為 3,700 萬美元及 5,700 萬美元。本季調整後的稀釋每股收益為 0.71 美元，而 2024 年第四季為 0.79 美元。

Moving to our balance sheet. We ended the quarter with $1.3 billion in cash, cash equivalents and short-term investments and generated $42 million in free cash flow from operations. Furthermore, we do not have any material exposure to crypto or commodities on the balance sheet.

接下來來看看我們的資產負債表。本季末，我們擁有現金、現金等價物和短期投資13億美元，並透過經營活動產生了4,200萬美元的自由現金流。此外，我們的資產負債表上沒有任何對加密貨幣或大宗商品的實質曝險。

In the fourth quarter, we repurchased 1.5 million shares with $59.5 million pursuant to our previously communicated share repurchase program. Lastly, alongside today's earnings release, we announced an additional $100 million authorization under our share repurchase program, increasing total authorization to $250 million. To date, we have deployed $100 million under the program.

第四季度，我們根據先前公佈的股票回購計劃，用5,950萬美元回購了150萬股股票。最後，除了今天的收益報告外，我們還宣佈在股票回購計畫下追加 1 億美元的授權，使總授權額度增加到 2.5 億美元。迄今為止，我們已在該計劃下投入了1億美元。

This reflects our confidence in the long-term outlook and our commitment to driving shareholder value. Given our strong cash generation and balance sheet, we have the flexibility to continue executing buybacks, while also evaluating selective M&A opportunities to support disciplined inorganic growth.

這體現了我們對長期前景的信心以及我們致力於提升股東價值的承諾。鑑於我們強勁的現金流量和資產負債表，我們有能力繼續執行股票回購，同時評估選擇性的併購機會，以支持穩健的非內生性成長。

Now let me share a few comments on our first quarter trends. As part of our quarterly results today, we also released our January monthly KPIs. The month of January saw improved KPIs versus November and December.

現在我想就我們第一季的發展趨勢談談幾點看法。作為今天季度業績的一部分，我們也公佈了1月的月度關鍵績效指標。1月份的關鍵績效指標較11月和12月有所改善。

Our Capital Markets business saw significant year-over-year growth in both total number of trades and invested amount per trade. This was largely driven by equities and commodities. Both our AUA at $18.4 billion and funded accounts at $3.85 million were up year-over-year. These solid KPIs are a testament to our multi-asset strategy support of strong results despite a soft crypto pricing environment.

我們的資本市場業務在交易總數和每筆交易的投資金額方面均實現了顯著的同比增長。這主要受股票和大宗商品價格波動的影響。我們的資產管理規模（AUA）為 184 億美元，已註資帳戶為 385 萬美元，均較去年同期成長。這些穩健的關鍵績效指標證明了我們的多元資產策略即使在加密貨幣價格疲軟的環境下也能取得強勁的業績。

To summarize, we are excited to start the year with solid January KPIs and are looking forward to driving meaningful profitable revenue growth in 2026. With that, Daniel, let's move to Q&A.

總而言之，我們很高興以穩健的 1 月 KPI 開啟新的一年，並期待在 2026 年實現有意義的獲利性收入成長。那麼，丹尼爾，我們進入問答環節吧。

Thank you, Moron. So the first question comes from our list of questions that we have, been pre-submitted by our retail investors. This question is for Yoni. Yoni, so, how has eToro managed the current volatility in commodities?

謝謝你，白痴。所以第一個問題來自我們預先收到的散戶投資者提交的問題清單。這個問題是問Yoni的。Yoni，那麼，eToro是如何應對當前大宗商品價格波動的呢？

So we're very excited to see a lot of engagement and very high volumes the highest volumes we've seen actually are in October last year and now January as well as gold rise to $5,500 and then seen significant volatility, and we've seen significant engagement of our customers and high trading volumes in commodities both in October and in January this year.

因此，我們非常高興地看到大量的參與和非常高的交易量，我們看到的最高交易量實際上是在去年 10 月和現在的 1 月，同時黃金價格上漲到 5500 美元，然後出現了顯著的波動，我們看到我們的客戶在 10 月和今年 1 月的大宗商品交易中表現出了極大的參與度和高交易量。

Thank you, Yoni. Operator, we'll now open the queue for questions from our institution analysts.

謝謝你，Yoni。操作員，我們現在將開放機構分析師提問隊列。

(Operator Instructions) Dan Fannon, Jefferies.

（操作說明）丹‧範農，傑富瑞。

I was hoping you could just provide a bit more context on the current crypto market backdrop, and how this compares to maybe other downturns? And then in that, how you guys are potentially operating differently this time versus previous periods?

我希望您能提供更多關於當前加密貨幣市場背景的信息，以及它與其他經濟衰退時期相比有何不同？那麼，你們這次的運作方式與以往相比有哪些可能的不同之處呢？

Sure. So first, this is our first crypto cycle. We've seen these crypto cycles in the past as well. We remain extremely bullish on crypto, on Bitcoin's future as well as other leading blockchains as well as what we're seeing is the friendliest administration and regulatory environment towards crypto innovation and towards tokenization and capital markets moving on chain. We have seen in the past the volatility or corrections happening in crypto markets.

當然。首先，這是我們的第一個加密貨幣週期。我們過去也經歷過類似的加密貨幣週期。我們仍然非常看好加密貨幣、比特幣的未來以及其他領先的區塊鏈，而且我們看到的是，政府和監管環境對加密貨幣創新、代幣化以及資本市場向鏈上發展都非常友好。我們過去已經看到加密貨幣市場出現波動或調整。

They are correction. So as a volatile asset class corrections that are sort of more significant or have a higher amplitude usually than capital markets. And in the past, what we've done, as always, is shifted focus. When we see less interest in crypto, we shift the focus from a marketing perspective to basically equities to commodities, which we're seeing very high engagement levels on. And we keep on building constantly new products in crypto.

它們是正確的。因此，作為一種波動性較大的資產類別，其調整幅度通常比資本市場更大或更顯著。過去，我們所做的，一如既往，就是轉移重點。當人們對加密貨幣的興趣降低時，我們會將行銷重點從加密貨幣轉向股票和大宗商品，因為我們看到這些領域的參與度非常高。我們一直在不斷開發新的加密貨幣產品。

So we've actually developed a very significant crypto road map with our noncustodial wallets with new products coming into crypto, and we have no doubt that we'll see more and more engagement, especially by the way, of younger crypto-native generations into crypto despite the price of Bitcoin right now at lower than Q4 2025.

因此，我們實際上已經制定了一個非常重要的加密貨幣路線圖，我們的非託管錢包將推出新的加密貨幣產品，我們毫不懷疑，我們將看到越來越多的人參與到加密貨幣領域，尤其是年輕的加密貨幣原生代，儘管比特幣目前的價格低於 2025 年第四季的價格。

Great. And just as a follow-up, you mentioned marketing -- sales and marketing going from 21% to 25% as a result of what you see as opportunity. Can you talk the time period for which you expect that to occur. And then more broadly, just about the expense outlook for 2026 would be helpful.

偉大的。另外，您剛才提到了行銷——由於您認為存在機會，銷售和行銷的比例將從 21% 上升到 25%。您能說說您預計這種情況會在多長時間內發生嗎？此外，更廣泛地說，如果能提供 2026 年的支出前景預測就更好了。

Sure, Meron?

當然可以，梅倫？

Yes, sure. So we expect to grow gradually. So in Q1, we -- you should not expect to see 25%. We are looking to grow there, looking at the right opportunities, but conceptually, as we've seen great results in the history also as we shared on the slides that are the investor deck as well we have the ability to scale up. So we're going to look into new opportunities in new markets.

當然可以。因此，我們預計會逐步發展。所以第一季度，我們——你不應該期望看到 25%。我們正在尋求在那裡發展，尋找合適的機遇，但從概念上講，正如我們過去所取得的顯著成果，以及我們在投資者簡報中分享的內容，我們有能力擴大規模。所以我們將探索新市場的新機會。

We've already seen some early signs in the US that the marketing is working. So we're looking to expand over there. We're looking to expand in the new regions as well that we launch, where it is Singapore that we launched last year or it is UAE, we launched a few years back. We're seeing some great results. So we are happy to scale there.

我們已經在美國看到了一些早期跡象，表明這種行銷方式是有效的。所以我們正計劃在那邊擴張。我們也希望拓展到我們新推出的地區，例如去年推出的新加坡市場，以及幾年前推出的阿聯酋市場。我們看到了一些很棒的成果。所以我們很高興能在那裡擴大規模。

So it will not happen necessarily in Q1, but gradually throughout the year, we will get to 25%. And if we see opportunities, we have the right flexibility in the model to be able to scale even further than 25%.

所以不一定會在第一季實現，而是在今年內逐步達到 25%。如果我們發現機會，我們的模式具有足夠的靈活性，可以將規模擴大到 25% 以上。

Devin Ryan, Citizens Bank.

Devin Ryan，公民銀行。

Question on AI. Obviously, a lot of talk on the call here, good to hear that you guys are ahead of the curve. As we think about AI being further integrated into the model and even kind of the next kind of iteration with genetic AI. When we think about that combined with more trading on chain, instant settlement 24/7, what does that mean for the outlook for trading at eToro over time? Like should we see a step function here with kind of integration of those two themes.

關於人工智慧的問題。顯然，電話會議上討論了很多，很高興聽到你們走在了前面。當我們思考人工智慧如何進一步融入模型，甚至是下一代遺傳人工智慧。當我們考慮到鏈上交易增多、24/7 全天候即時結算等因素時，這對 eToro 的交易前景意味著什麼？我們是否應該在這裡看到一個階躍函數，將這兩個主題融合在一起？

Well, in the medium term, I definitely believe this is a significant step function with advancements in AI, whether it's things like open clot, the new models, our APIs, the launch now of the app store, which actually all cater to more sophisticated investors and more sophisticated in automating trading strategies.

從中長期來看，我絕對相信隨著人工智慧的進步，這將是一個重要的飛躍，無論是像 OpenClot、新模型、我們的 API，還是現在推出的應用程式商店，所有這些都迎合了更成熟的投資者和更複雜的自動化交易策略。

I do believe over time, we'll see a significant uplift in the algorithmic or the automated trading activity on eToro, moving basically from click to trade to many of our customers using automated strategies over time, and that will lift significantly over time, trading volumes and trading clicks.

我相信隨著時間的推移，eToro 上的演算法交易或自動化交易活動將顯著增加，基本上會從點擊交易轉變為許多客戶使用自動化策略，隨著時間的推移，交易量和交易點擊量將顯著增加。

Okay, great. And then a quick follow-up here to Dan's question. Just on the increased marketing. What does that mean for the equation for kind of new account additions? How should we think about account growth over the next couple of years here?

好的，太好了。然後，我快速地回答丹的問題。只是因為加大了行銷力度。這對新增帳戶類型的計算公式意味著什麼？未來幾年我們該如何看待帳戶成長？

And should we think about the same CAC math? Or is it going towards something else?

我們是否也應該考慮同樣的 CAC 計算方法？還是它正朝著別的方向發展？

So CAC math, I believe, is very similar. That's basically how we've always managed our increase in scale of marketing is over roughly 3.5% to 4.5% expected ROI of CAC to LTV. We are expecting double-digit account growth, and that's also where we see opportunities right now to scale up marketing activities to basically scale up account growth over time.

所以我認為 CAC 的計算方法非常相似。基本上，我們一直以來都是這樣管理行銷規模的成長的，預期 CAC 與 LTV 的 ROI 大約在 3.5% 到 4.5% 之間。我們預計帳戶數量將實現兩位數成長，這也是我們目前看到的機會，可以擴大行銷活動規模，從而隨著時間的推移擴大帳戶數量。

Alex Kramm, UBS.

Alex Kramm，瑞銀集團。

Also just another follow-up from Dan's question. I don't think you answered the other expense outlook. So maybe talk a little bit about the pace of G&A and R&D expansion that you're expecting for 2026.

另外，再補充一下丹的問題。我認為你還沒有回答其他方面的支出預期。那麼，能否談談您預計 2026 年一般及行政費用和研發支出的成長速度？

Meron?

梅隆？

Thank you. Yes, so while we don't publish any guidance with regards to our operating expenses, besides marketing. We do expect our G&A and R&D to be roughly at the levels where we are these days maybe with a few minor percentages of growth. We don't expect any significant growth over there and any growth over there we have the levers to generate more efficiencies also within the existing cost base.

謝謝。是的，所以除了行銷費用外，我們沒有公佈任何有關營運費用的指導意見。我們預計一般及行政費用和研發費用將大致維持在目前的水平，可能會略有成長。我們預計那邊不會有任何顯著成長，即使有成長，我們也有能力在現有成本基礎上提高效率。

I would just comment on -- yes, that in my view what we're seeing in AI internally is significant opportunities of scaling the business without scaling expenses over time. We did do about a month ago, an adjustment to headcount as well. And I believe as we're using more and more AI, we will be able to scale the business significantly over time without the need to basically increase adjusted cost basis.

我只想補充一點——是的，在我看來，我們在人工智慧領域內部看到的是，隨著時間的推移，在不增加支出的情況下，實現業務規模化的巨大機會。大約一個月前，我們也對人員編制進行了一次調整。我相信，隨著人工智慧的日益普及，我們將能夠在無需大幅增加調整後成本基礎的情況下，逐步擴大業務規模。

Okay, great. And then maybe just secondly, I don't think you proactively addressed M&A unless I missed it, but that was a big part of the story to go public. Obviously, your currency, meaning your stock has not been favorable. So maybe that hasn't helped. But just wondering what your appetite is.

好的，太好了。其次，除非我錯過了，否則我認為你並沒有主動提及併購，但併購是公司上市過程中非常重要的一部分。顯然，你的貨幣，也就是你的股票，表現並不理想。所以也許那樣做並沒有什麼幫助。我只是好奇你的食量是多少。

You talked about global expansion. We haven't seen much yet. So maybe talk about what we should be expecting in 2026, and what the target companies are saying in terms of purchase prices, et cetera?

你談到了全球擴張。我們還沒看到太多。那麼，或許可以談談我們對 2026 年的預期，以及目標公司在收購價格等方面的說法呢？

Sure. So first of all, we do expect to see several M&A deals in 2026. We have been in active discussions with several target companies over the last six months since the IPO, I would say we have a high appetite for M&A, but we want to make sure we're selective and find the right accretive opportunities. And I think also, right now, we do see opportunities both in the crypto space, both in the US but also globally as well as in the new brokerage and wealth management space.

當然。首先，我們預計 2026 年將出現多起併購交易。自IPO以來的過去六個月裡，我們一直在與幾家目標公司積極洽談，可以說我們對併購有著濃厚的興趣，但我們希望確保我們能夠謹慎選擇，找到合適的增值機會。而且我認為，目前我們在加密貨幣領域（無論是在美國還是在全球範圍內）以及新興的經紀和財富管理領域都看到了機會。

So we've been in this space for a long while for 18 years. We know a lot of the great founders, great teams, great companies, and we are looking for the right teams and the right opportunities to join eToro in scaling 10x and 20x. Anything to add there?

我們在這個領域已經耕耘了18年。我們認識很多優秀的創辦人、優秀的團隊、優秀的公司，我們正在尋找合適的團隊和合適的機會加入 eToro，實現 10 倍和 20 倍的成長。還有什麼要補充的嗎？

You covered it.

你已經涵蓋了。

And I think, obviously, we have a significant balance sheet. We have our revolver as well. So we feel comfortable in looking at sizable deals. But again, at the right price and being accretive.

而且我認為，很顯然，我們的資產負債表非常穩健。我們也有左輪手槍。因此，我們很樂意考慮大宗交易。但話說回來，前提是價格合適，而且能夠帶來增值。

Dan Dolev, Mizuho.

Dan Dolev，瑞穗銀行。

Great results here, really, really strong across the board, congrats. I have a question and then a quick follow-up. So just really quickly, Yoni and Meron, on the crypto take rates obviously down and you spoke to some of that? Like how should we think about this for the rest of the year? And then I have a follow-up.

成績非常出色，各方面都表現強勁，恭喜！我有一個問題，然後還有一個簡短的後續問題。那麼，Yoni 和 Meron，關於加密貨幣的接受率明顯下降的問題，你們也談到了一些相關內容嗎？那麼，在今年剩下的時間裡，我們該如何看待這個問題呢？然後我還有一個後續問題。

Yes, so there was a slight decline in the take rate in Q4. We had a small exposure on the balance sheet, which is less than $20 million, but caused the take rate to a decline from the usual 1% to 0.7%. So it's really immaterial going forward, and we don't expect that to deviate much from the usual 1% that we have delivered so far.

是的，第四季的轉換率略有下降。我們在資產負債表上的風險敞口很小，不到 2000 萬美元，但這導致承銷率從通常的 1% 下降到 0.7%。所以，從長遠來看，這真的無關緊要，我們預計不會與我們迄今為止實現的通常的 1% 有太大偏差。

Okay, great. And then maybe as a follow-up, the -- can you talk a little bit about your app store and app strategy, that would be really, really helpful.

好的，太好了。然後，作為後續問題，您能否談談您的應用程式商店和應用程式策略？這將非常非常有幫助。

Sure. I think we've been early to realize that our community of pro investors are people that are super passionate about capital markets and wanted more advanced tools. And that coincides with the ability of AI to actually write amazing software.

當然。我認為我們很早就意識到，我們的專業投資者群體對資本市場充滿熱情，並且想要更先進的工具。而這與人工智慧編寫出色軟體的能力不謀而合。

So we started with BACE 44 since then acquired by Wix and basically enabled our pro investors. Now there are almost or about 1,000 apps developed by 800 of our popular investors from the pro investor program and they're developing really amazing tools.

我們從 BACE 44 開始，後來被 Wix 收購，並基本上為我們的專業投資者提供了支持。現在，我們專業投資者計劃中的 800 位知名投資者已經開發了近 1000 個應用程序，他們正在開發非常了不起的工具。

And those tools basically reflect sort of how a smart investor looks at the market. We started publishing these apps this week, and we'll be embedding them inside the app. So think about sort of scaling up significantly.

這些工具基本上反映了精明的投資者如何看待市場。我們本週開始發布這些應用程序，並將把它們嵌入到應用程式內部。所以要考慮大幅擴大規模。

eToro's ability to innovate towards the rest of the users and building a subscription model on top of that. So just as an example, we've had somebody build basically tighten invest where you can actually talk to the grated investors of all times about what's in your portfolio, and what's the recommendation around your portfolio.

eToro 有能力不斷創新，服務其他用戶，並在此基礎上建立訂閱模式。舉個例子，有人創建了一個名為「Tright Investment」的平台，你可以在這裡與歷來備受讚譽的投資人討論你的投資組合，以及他們針對你的投資組合提出的建議。

So we could actually get their views from their personalities. And we've seen many, many amazing innovations from people building their own chief investment room with risk management and geopolitical risk to people who are actually building add-ons, which are quite cool, like swapping assets on the eToro platform.

所以，我們其實可以從他們的性格中了解他們的觀點。我們看到了許多令人驚嘆的創新，從人們建立自己的首席投資室，進行風險管理和地緣政治風險評估，到人們建立非常酷的附加功能，例如在 eToro 平台上交換資產。

So we expect a lot of these apps to be useful, not only to the pro investors building them, but actually to the rest of the eToro community, expanding significantly or accelerating product innovation scale to our customers. And I'd say that we've seen another step function just over the last two weeks with OPUS 4.6 with Open Clone. Suddenly, we've seen a lot of our customers actually using Open Clone on top of eToro's APIs and MCPs, which are the AI-based APIs.

因此，我們預計這些應用程式不僅對開發它們的專業投資者有用，而且對 eToro 社群的其他成員也很有用，它們將顯著擴大或加速產品創新規模，從而惠及我們的客戶。而且我認為，在過去兩周里，隨著 OPUS 4.6 和 Open Clone 的發布，我們看到了另一個飛躍式發展。突然間，我們發現許多客戶都在 eToro 的 API 和 MCP（即基於 AI 的 API）之上使用 Open Clone。

And again, unleashing another wave of creativity from our pro investors who've been with us, 65% of them, more than five years, all of them passionate about capital markets and building very, very cool things for themselves and then being able to share them and monetize them with the rest of the eToro customers.

再次激發了我們專業投資者的又一波創造力，他們與我們合作超過五年，其中 65% 的人都對資本市場充滿熱情，並為自己打造了非常非常酷的東西，然後能夠與 eToro 的其他客戶分享並從中獲利。

Brian Bedell, Deutsche Bank.

Brian Bedell，德意志銀行。

Maybe just shifting back to the US strategy, if you could just update us on the customer traction. I think you were at 300,000 customers in the -- around 300,000 customers in the US, and how that's going? And especially on the copy trading side, you've ruled that out. I think you said you've gotten pretty good reception so far.

如果您能向我們報告客戶回饋情況，或許我們可以考慮重新啟用美國市場策略。我想你們在美國大約有30萬個客戶，現在情況如何？尤其是在跟單交易方面，你已經排除了這種可能性。我想你說過，到目前為止，反應相當不錯。

Any numbers you could share on that? And then related to that -- both on the pro investor side and also the appetite for those in the US that want a CopyTrader from investors. And then any update on the plan for the US pro investors to be paid, I think you have to get the fiduciary license, but I think you had a couple of different routes for that.

能分享一下相關數據嗎？與此相關的還有——無論是專業投資者方面，還是美國投資者希望獲得跟單交易員的需求。至於美國專業投資者的報酬計畫的最新進展，我認為你需要獲得信託許可證，但我認為你有幾種不同的途徑可以做到這一點。

Sure. So we've been very active since the IPO on expanding eToro's US product launches and product road map. Since then, we've launched CopyTrader. We plan to launch in H1 this year smart portfolios, which is based on our RIA license, which is in process.

當然。自 IPO 以來，我們一直非常積極地擴大 eToro 在美國的產品發布和產品路線圖。從那時起，我們推出了CopyTrader。我們計劃在今年上半年推出智慧投資組合，這是基於我們正在申請的 RIA 許可證。

We're looking at prediction markets as well for the US. We've seen a significant uptake as we started scaling some of the marketing activities from Q4 to Q1. So we are seeing a significant uptick to something that's still early stages of the US business, but we're very excited about continuing to launch all of eToro's global product road map here in the US I do believe that now with being able to accelerate product development, we'll be able to actually launch more of our products than we expected originally in 2026 here in the US

我們也關注美國的預測市場。隨著我們從第四季度開始擴大一些行銷活動規模，到第一季度，我們看到了顯著的成長。因此，我們看到eToro在美國的業務雖然仍處於早期階段，但成長勢頭強勁。我們非常高興能夠繼續在美國推出eToro全球產品路線圖上的所有產品。我相信，隨著產品開發速度的加快，我們能夠在2026年在美國推出的產品數量將超過我們最初預期的水平。

And we're making sure we are, I'd say, selective in how we scale our marketing budget. Here in the US, we want to see CAC to LTV while not at the same levels as globally. We want to see that ratio between CAC to LTV increase. We've seen the best ratio we've seen to date last year, especially by the way, moving forward into the year. And that basically gives us the ability to continue scale up marketing activity and then funded accounts, where we believe product engagement will then follow as well.

而且，我認為，我們在擴大行銷預算規模方面，也採取了謹慎的態度。在美國，我們希望看到 CAC 與 LTV 的比值，但不需要達到全球水準。我們希望看到 CAC 與 LTV 的比率上升。去年我們看到了迄今為止最好的比例，尤其是展望今年的未來。這基本上使我們能夠繼續擴大行銷活動和付費帳戶的規模，我們相信產品參與度也會隨之提高。

Okay. And then just timing of when you think you'll have the fiduciary license in the US. And then you mentioned prediction markets as well, just any timing on rollout of prediction markets for US customers this year.

好的。然後就是你預計何時能獲得美國信託人執照的時間安排。然後您也提到了預測市場，只是想了解今年美國客戶何時可以推出預測市場。

So as everything in product, we are working on the RA license. We hope to be able to launch the smart portfolios product, which will be based on the RA license in H1 this year. We are in active discussions on the launch of prediction markets, which, of course, requires an additional regulated entity here in the US, which is NFA regulated. So we believe that will be probably later in the year towards Q3, Q4.

所以，就像產品中的所有其他方面一樣，我們正在努力獲得 RA 許可證。我們希望能夠在今年上半年推出基於 RA 許可證的智慧投資組合產品。我們正在積極討論推出預測市場，這當然需要在美國設立一個額外的受監管實體，即美國全國期貨協會 (NFA)。所以我們認為，這可能要等到今年晚些時候，也就是第三季或第四季。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，康托·菲茨杰拉德。

Congrats on the quarter. Just maybe on the split between kind of where you're spending marketing dollars for the year on maybe US and ex US? And I know when you guys IP, maybe disclose some kind of market share statistics on different key countries. Do you have an update to that?

恭喜你本季取得佳績。或許可以談談你今年的行銷預算分配，像是美國市場和美國以外市場？我知道你們在公佈智慧財產權資訊時，可能會揭露一些關於不同重點國家的市佔率統計。請問這方面有最新進展嗎？

Or just maybe qualitatively on kind of where share has progressed throughout 2025 and maybe expectations for 2026?

或者，或許可以從定性角度分析 2025 年的市佔率發展情況，以及 2026 年的預期？

Sure. So first of all, when you look at the size of marketing budget, it's a significant marketing budget globally. The US is still a small part of it. And if we scale, let's say, 25%, 30% over the year roughly in 2025, we basically select where to scale more based usually on the CAC to LTV ratio, which we see higher right now in other markets where we have a more developed product in those markets.

當然。首先，從行銷預算的規模來看，這是一個全球相當可觀的行銷預算。美國仍然只佔其中很小的一部分。如果我們計劃在 2025 年左右實現 25% 到 30% 的規模擴張，我們通常會根據 CAC 與 LTV 的比率來選擇在哪些市場擴大規模，而我們目前在其他市場看到，由於我們的產品在這些市場更加成熟，所以這個比率更高。

We have scaled the percentage higher in the US in 2025 versus the rest, and we expect that percentage increase in 2026 to be higher as well, but not extremely high as to sort of bridge the entire gap from the US to our more mature markets. So what is a part of scale up? Anything to add on that, Meron?

2025 年，我們提高了美國相對於其他國家的百分比，我們預計 2026 年的百分比成長也會更高，但不會高到足以彌合美國與我們更成熟市場之間的所有差距。那麼，規模化生產包含哪些部分呢？梅倫，還有什麼要補充的嗎？

No, we are looking carefully, obviously, at the ROI against each of the investments very closely and scaling up as we scale in the market in the US will continue to scale by high percentages, as you mentioned, Yoni. We'll continue to do that this year and next year as we've seen some good results, but it's still not as a material number to quote compared to the entire budget globally.

不，我們顯然會非常仔細地研究每項投資的回報率，並且隨著我們在美國市場規模的擴大，規模也會繼續以很高的百分比擴大，正如你所提到的，Yoni。今年和明年我們將繼續這樣做，因為我們已經看到了一些好的結果，但與全球整體預算相比，這仍然不是一個值得引用的重要數字。

Ed Engel, Compass Point.

艾德‧恩格爾，指南針點。

It looks like there was a nice rebound in the revenue per trade within the ECT segment in the fourth quarter. Was that uptick driven just by mix of commodities versus equities trading? Just maybe a bit more tilted to commodities? And then is it fair to assume, as I think about January, was revenue per trade likely remain elevated just alongside the string in the commodities?

第四季 ECT 部門的單筆交易收入似乎出現了不錯的反彈。這一成長僅僅是由大宗商品與股票交易的組合所推動的嗎？或許可以稍微偏向大宗商品領域？那麼，當我回顧一月份的情況時，是否可以合理地假設，每筆交易的收入可能會像大宗商品價格一樣保持高位？

So both Q4 and January, we've seen significant commodities activity, gold and silver, very popular as obviously we've seen unprecedented volatility and price of both gold and silver. We also now are expanding the 24/7, which we believe will continue to expand activity in commodities as a very unique new product to trade alongside crypto assets on the platform, 24/7. Regarding the net contribution per trade, I don't think we can still comment on --

因此，在第四季度和一月份，我們都看到了大宗商品交易的顯著活躍，黃金和白銀非常受歡迎，因為很明顯，我們看到了黃金和白銀價格前所未有的波動和波動。我們現在也正在擴展 24/7 服務，我們相信這將繼續擴大商品交易活動，使其成為平台上與加密資產一起進行交易的一種非常獨特的新產品，全天候 24/7 交易。關於每筆交易的淨貢獻，我認為我們目前還無法置評。--

Yes, I'll comment my usual comment like when you look at our revenue per trade on ECC, you should always count at the range of $0.60 to $0.75 per trade. That's how we always look into it. And in the long term, this is where it's converged normally. It is impacted by the higher commodities part of the mix. Also on the other side, we have higher contribution.

是的，我會像往常一樣評論，例如當你查看我們在 ECC 上的每筆交易收入時，你應該始終將每筆交易的收入範圍計算在 0.60 美元到 0.75 美元之間。我們一直都是這樣調查的。從長遠來看，這通常是它最終的歸宿。它受到商品價格佔比較高影響。另一方面，我們的貢獻也更高。

We've seen tremendous volumes coming on our copy product, which is our USP, that drives the revenue per trade to be slightly lower as part of the mix. But overall, as you should look into it is almost the $0.60 to $0.75 per trade.

我們看到影印產品的銷售量大幅成長，這是我們的獨特賣點，這導致每筆交易的收入略有下降。但總的來說，你應該了解一下，每筆交易的成本大約在 0.60 美元到 0.75 美元之間。

It's actually very interesting because we're seeing something that we haven't seen before, which is crypto-native customers or people who came into too add to trade crypto, and treated mostly crypto suddenly trading commodities. So I do think there's somewhat of a convergence or a shift from crypto, which now has lower volatility to now basically gold, silver and other commodities that have higher volatility.

這其實很有趣，因為我們看到了以前從未見過的情況，那就是加密貨幣原生客戶或最初只是為了交易加密貨幣而進入這個行業的人，他們以前主要把加密貨幣當作交易對象，現在突然開始交易大宗商品了。所以我認為，加密貨幣的波動性有所降低，而黃金、白銀和其他大宗商品的波動性則有所上升，這是一種趨同或轉變。

And that's a unique part of eToro also because when people trade only crypto at only crypto companies versus in eToro, where they can now trade equities and commodities as well, what we see over time is that customers that actually trade multiple asset classes on eToro are more active, more engaged, higher lifetime and higher lifetime value on the eToro platform.

這也是 eToro 的一個獨特之處，因為當人們只在加密貨幣公司交易加密貨幣時，與在 eToro（他們現在也可以交易股票和大宗商品）交易不同，隨著時間的推移，我們發現，在 eToro 上實際交易多種資產類別的客戶更加活躍、參與度更高，在 eToro 平台上的終身價值也更高。

Great. And then, I guess, just from our point of view, I mean, it seems like there's a pretty big divergence between just underlying strength of the business and then the stock price, has the Board considered any other ways to kind of unlock value beyond the stock buyback? I know you've been public the last in a year, but I mean is there any other types of strategic alternatives that have been considered?

偉大的。然後，我想，就我們的角度來看，公司的實際實力和股價之間似乎存在相當大的差異，董事會是否考慮過股票回購以外的其他方式來釋放價值？我知道你過去一年都沒有公開露面，但我的意思是，有沒有考慮過其他類型的策略替代方案？

So I think, first of all, from a corporate strategy point of view, as we discussed before, we do believe in buybacks, and we do believe we'll see M&A opportunities manifest this year. So that's more on corporate strategy. I think from a business perspective and product strategy, very focused on AI-first unleashing AI to our customers to increase product velocity and making sure that we also expand our entire product offering in crypto as well as increase the margin capabilities.

所以我認為，首先，從公司策略的角度來看，正如我們之前討論過的，我們確實相信股票回購，我們也相信今年將會出現併購機會。以上更多是關於企業策略方面的內容。我認為從商業角度和產品策略來看，我們非常注重人工智慧優先，將人工智慧應用於我們的客戶，以提高產品速度，並確保我們也擴展我們在加密貨幣領域的整個產品供應，並提高利潤率。

So we've launched margin trading now in Europe alongside futures in the UK, so enabling our customers to trade also more on exchange. On exchange leveraged products, which obviously will increase velocity as well.

因此，我們現在在歐洲推出了保證金交易，同時在英國推出了期貨交易，使我們的客戶也能在交易所進行更多交易。交易所槓桿產品顯然也會提高交易速度。

So I think -- all in all, that's the strategy we believe that providing great service, great product and accelerating our product rather than innovation to our customers and scaling up, as we mentioned before, also marketing activities to bring on new more funded accounts that will eventually lead to a larger base of funded accounts that drive activity, increased revenues, profitability over time, and the stock will follow.

所以我認為——總而言之，這就是我們所信奉的策略，即為客戶提供優質的服務和產品，並加速產品創新，擴大規模，正如我們之前提到的，同時開展營銷活動，吸引更多資金充裕的新賬戶，最終形成更大的資金充裕賬戶基礎，從而推動業務增長、增加收入、提高盈利能力，隨著時間的推移，股價也會隨之上漲。

Craig Siegenthaler, BofA.

Craig Siegenthaler，美國銀行。

I hope everyone is doing well. So we have a follow-up on M&A on some of your previous comments. But I'm curious on your desire to expand to new geographies versus focusing on keeping your leading share in the Continental Europe.

希望大家都好。針對您之前的一些併購評論，我們有一些後續問題需要解答。但我很好奇，您是想拓展到新的地理市場，還是專注於保持在歐洲大陸的領先地位。

So why not in Europe, deepen your moats keep taking share versus the legacy brokers and banks, build on your first-mover advantage and hold off on expanding in new markets where you're probably going to be subscale for some time or at least until the eToro stock valuation improves, so then the M&A math becomes more attractive.

那麼為什麼不在歐洲深化你的護城河，繼續搶佔市場份額，對抗傳統經紀商和銀行，鞏固你的先發優勢，並暫緩在新市場擴張，因為你可能在一段時間內，或者至少在eToro股票估值改善之前，規模都會比較小，這樣併購的收益才會更有吸引力。

Sure. So first of all, the M&As we're looking at to expand regionally are not sort of, I'd say, significant in scale or we expect them to potentially impact EBITDA margin. So we are looking at this very selective. We're very focused on, first and foremost, to deepen the existing eToro product in the existing both mature markets such as Europe, UK, Australia as well as new markets, which we've already unlocked, which is Singapore and Asia and of course, the US. So we're not looking to dilute attention from our existing markets.

當然。首先，我們正在考慮的區域擴張併購規模並不大，我們預計它們不會對 EBITDA 利潤率產生潛在影響。所以我們現在只關注有選擇性的方面。我們首要關注的是深化 eToro 產品在現有成熟市場（如歐洲、英國、澳洲）以及我們已經開拓的新市場（如新加坡、亞洲，當然還有美國）的業務。因此，我們並不打算分散現有市場的注意力。

But as we said, looking at selective opportunities if they arise, and create for us basically a local moat, which is a regulated activity where we believe, if we bring our products to that market we can actually scale our business relatively easy without increase the cost base. I think that's an interesting opportunity, especially as I do believe that now AI is actually accelerating the gap between traditional banks and insurance companies and eToro's product offering.

但正如我們所說，我們會尋找機會，如果機會出現，我們會抓住它，基本上為我們創造一個本地護城河。這是一個受監管的活動，我們相信，如果我們把產品帶到這個市場，我們實際上可以相對容易地擴大業務規模，而不會增加成本基礎。我認為這是一個有趣的機遇，尤其是我相信人工智慧現在實際上正在加速傳統銀行和保險公司與 eToro 產品之間的差距。

Great. My follow-up is just on promotions. I know you have a bunch out there, but I want to make sure I'm not missing anything, but on the debit card, I believe there's a 4% bank option, but not on anything. So maybe help us with that one. And then also, I think, crypto deposits in the US there's like a sliding scale, but you deposit more than $5,000 of crypto you get $500 initially.

偉大的。我的後續工作只涉及促銷方面。我知道你們有很多選擇，但我希望確保我沒有遺漏任何東西，但是關於借記卡，我相信有一個 4% 的銀行選項，但似乎沒有適用於任何特定用途。所以，或許您能幫我們解決這個問題。另外，我認為，在美國，加密貨幣存款的獎勵是按金額遞增的，如果你存入超過 5000 美元的加密貨幣，你最初可以獲得 500 美元。

And in Europe and parts of Asia, you have something similar on a stock basis. But do you mind summarizing kind of what you have live out there today on the promotional front?

在歐洲和亞洲部分地區，也有類似的股票交易模式。您能否簡要概括一下您目前在宣傳推廣方面所做的工作？

Sure. So I won't go into all of the details because we do operate in 12 different regions. Each of them have their own incentive plans. But the same way that we're looking at CAC to LTV on the acquisition front, where you mentioned some of those, which is basically providing an incentive to open an account and deposit. We also provide incentives on product engagement.

當然。所以我就不贅述所有細節了，因為我們的業務遍及 12 個不同的地區。他們每個人都有自己的激勵計劃。但就像我們在客戶獲取方面關注 CAC 與 LTV 的比率一樣，正如你提到的一些指標，基本上是為了激勵客戶開戶和存款。我們也為產品參與提供獎勵。

So we do an analysis. And when we find out that, as an example, a customer in the UK if they deposit and bringing transfer their ISA, which is the equivalent of IRA roughly into eToro, is it increases significantly over time, their lifetime value. So we calculate basically the same on existing customers on what's the cost of promoting a new product, what is the LTV added to that customer if they actually use that promotion over time. Is that profitable?

因此我們進行分析。例如，我們發現，如果英國的客戶將他們的 ISA（大致相當於 IRA）存入 eToro 並進行轉賬，那麼隨著時間的推移，他們的終身價值將顯著增加。因此，我們對現有客戶進行的基本計算方法相同，即計算推廣新產品的成本，以及如果客戶在一段時間內實際使用該促銷活動，該客戶獲得的終身價值 (LTV) 是多少。這樣有利可圖嗎？

And if it's profitable, how basically do we move the needle and scale up product engagement using incentives. And in different markets, we have different products and different incentive strategies. Do you want to add anything into that from the breakdown of the financials.

如果它有利可圖，我們如何才能真正透過激勵措施來推動產品參與度的提升並擴大其規模？在不同的市場，我們有不同的產品和不同的激勵策略。您想在財務明細方面補充什麼嗎？

No, the numbers are insignificant at this stage to quote it out and in general.

不，現階段這些數字意義不大，不值得引用，總的來說也是。

Yes, it's still a small part out of the total marketing budget. When it does become significant, we'll break it down.

是的，這仍然只佔行銷總預算的一小部分。如果這件事變得重要，我們會進行詳細分析。

Yes, it's definitely part of our strategy to make sure that we increase customer acquisition. We decreased the churn of customers by combining those acquisition campaigns and incentivized campaigns also for CRM purposes.

是的，確保增加客戶獲取量絕對是我們策略的一部分。我們透過將這些獲客活動和激勵活動結合起來，也為了客戶關係管理 (CRM) 的目的，降低了客戶流失率。

Joseph Vafi, Canaccord.

Joseph Vafi，Canaccord。

Great results here for Q4. Just maybe we double-click on the noncustodial wallet rollout the strategy there and maybe intersection with some of the sales and marketing spend?

第四季業績非常出色。或許我們可以專注於非託管錢包的推廣策略，並將其與一些銷售和行銷支出結合？

Sure. We're taking more of a product-first approach to crypto-native into the noncustodial wallet. So we -- and by the way, that is generally true. We, first and foremost, promote always sort of the eToro platform of equities, of crypto of commodities. So that's the forefront and the window, including, of course, CopyTrader and Smart portfolio.

當然。我們正在採取以產品為先的方式，將加密原生技術引入非託管錢包。所以我們——順便說一句，這通常是正確的。我們首先也是最重要的，始終推廣 eToro 平台，該平台涵蓋股票、加密貨幣和大宗商品交易。所以，這就是前端和窗口，當然也包括 CopyTrader 和智慧投資組合。

And then as we add more products, for example, the card program or now the noncustodial wallet, we use these products to basically offer them to existing customers. So we don't expect our crypto wallet to increase in any way the marketing activities of eToro.

然後，隨著我們增加更多產品，例如卡片計劃或現在的非託管錢包，我們基本上會利用這些產品向現有客戶提供它們。因此，我們預計我們的加密錢包不會以任何方式增加 eToro 的行銷活動。

I'd say also it's a bit of a different target audience. So what we are seeing is that more of the crypto native younger audiences, actually, I'd say, Gen Zeders are much more active on noncustodial and in crypto wallets. The equivalent, of course, is Metamask and wallets where basically people actually have their custody in crypto.

我覺得它的目標受眾也略有不同。所以我們看到的是，更多的加密貨幣原生年輕用戶群，實際上，我認為是Z世代，在非託管錢包和加密錢包中更加活躍。當然，與之對應的就是 Metamask 和其他錢包，人們實際上就是透過這些錢包來保管自己的加密貨幣。

It by definition, means it's a higher-risk product because the responsibility on custody sits with the customers but it actually unlocks a lot of products that are very hard to unlock and tread.fi. So just as an example, Solana has now 1 million tokens. It's very hard to unlock 1 million tokens in tread.fi.

從定義上講，這意味著它是一種高風險產品，因為託管責任在於客戶，但它實際上解鎖了許多很難解鎖的產品，例如 tread.fi。舉個例子，Solana 現在擁有 100 萬枚代幣。在 tread.fi 上解鎖 100 萬個代幣非常困難。

But when you look at the noncustodial wallet, you'll be able to actually swap into hundreds of thousands of assets that are out there, and we do see that interest coming from a younger audience that has a higher, I'd say, risk appetite and also is more SEFI on what does it mean to be a crypto-native to move between chains to swap between chains to look at opportunities that some of them are mind boggling, like 40,000 new coins launched on Solana and thousands of coins launched on other blockchains as well.

但是，當你查看非託管錢包時，你會發現你可以兌換成數十萬種現有的資產。我們看到，這種興趣主要來自較年輕的使用者群體，他們風險承受能力更高，也更關注SEFI（獨立證券型金融工具），更了解成為加密貨幣原生用戶意味著什麼。他們渴望在不同鏈之間轉移和交換資產，尋找機會，其中一些機會令人難以置信，例如Solana上推出了4萬種新幣，其他區塊鏈上也推出了數千種新幣。

So these opportunities are out there, not only for the US market, but outside the US as well. And we want to make sure that our younger audience can that within the eToro framework.

所以這些機會不僅存在於美國市場，也存在於美國以外的市場。我們希望確保我們的年輕用戶群能夠在 eToro 的框架內實現這一點。

Great. And then Meron, I know you quickly mentioned that net retention was was pretty good in the quarter. Is there anything to call out on that?

偉大的。Meron，我知道你很快就提到本季的淨留存率相當不錯。這件事有什麼需要指出的地方嗎？

No, it's part of our strategy to always look at the funded accounts and see how we can grow there from acquisitions. So adding customers and on the other side is making sure that our churn rates are getting lower and lower. We deploy different strategies into that.

不，這是我們策略的一部分，我們會一直關注已註資的帳戶，看看如何透過收購來成長。因此，一方面要增加客戶，另一方面要確保客戶流失率越來越低。我們為此採取了不同的策略。

We've seen great results. on that, that support us into our plans into the future of growing the marketing spend into 25% gradually throughout the year and making sure that we have and that we achieved a double-digit growth of funded accounts on a constant basis.

我們已經看到了顯著的成果。這支持了我們未來的計劃，即在一年內逐步將行銷支出增加 25%，並確保我們持續實現兩位數的資金帳戶成長。

Bill Katz, TD Cowen.

比爾·卡茨，TD Cowen。

This is Robin Holby on for Bill Katz. I wanted to ask a question on the ROI on the cohorts. Could you unpack what is driving the faster payback period for the newer cohorts, specifically the 2025 ones. It looks like the payback periods are accelerating. Is this more -- are the customers more engaged, or is it something on the marketing side?

這裡是羅賓霍爾比，代比爾卡茨為您報道。我想問一下關於隊列研究的投資報酬率的問題。能否詳細分析是什麼因素導致新一代（特別是 2025 年出生的）投資回收期更快？看來投資回收期正在加快。這更多是指顧客參與度更高，還是行銷方面出了問題？

So we are constantly evolving marketing strategy being more active in identifying both opportunities also looking at the higher LTV or the higher payback period cohorts we've seen in 2025, a 23% year-over-year increase on what is the first-time deposit average amount of customers.

因此，我們不斷改進行銷策略，更加積極地尋找機會，同時也關注我們在 2025 年看到的 LTV 更高或投資回收期更長的客戶群體，預計首次存款客戶的平均金額將同比增長 23%。

So when you look at online marketing can actually target and see what campaign to which product brings better customers, the deposit more and generate revenues more. And then, of course, we always want to balance that across what's happening in the markets. Anything to add to that?

因此，透過網路行銷，我們可以真正地進行精準定位，了解哪些行銷活動針對哪些產品能夠帶來更好的客戶、更多的存款和更多的收入。當然，我們始終希望在市場變化中保持平衡。還有什麼要補充的嗎？

Yes. I would say that our -- call it, the marketing machine is very flexible in a way to identify different trends. So when there is a trend in the gold or silver, we can very quickly turn the machine to into what's really interesting in the market. So have better results coming there. And if the customers are coming with the intent because they are looking for gold, and that really helps us improve the ROIs and the year return as well.

是的。我認為我們的——姑且稱之為——行銷機器，在識別不同趨勢方面非常靈活。所以當黃金或白銀出現趨勢時，我們可以很快地將機器轉向市場上真正有趣的東西。所以，希望在那裡能取得更好的結果。如果顧客是帶著明確的意圖而來，因為他們是來尋找黃金的，這確實有助於我們提高投資報酬率和年度收益。

Basically, the direct correlation between volatility in a specific market where gold silver indices usually are -- it doesn't matter where the price direction is volatility increases significantly initial LTV and therefore, payback period. And the same happens in crypto, where there's a significant crypto rally. We're seeing basically customers that come into eToro much more engaged better cohorts.

基本上，在黃金白銀指數通常所在的特定市場中，波動性與價格走勢方向的直接相關性——無論價格走勢如何——都會顯著增加初始貸款價值比，從而延長投資回收期。加密貨幣領域也出現了同樣的情況，出現了一波大幅上漲的加密貨幣價格。我們看到，加入 eToro 的客戶群參與度更高，用戶群也更優質。

James Yaro, Goldman Sachs.

James Yaro，高盛集團。

Some of your competitors are building similar products to CopyTrader, which clearly reflects the success that you've had in building this product over time. What does the landscape look like today for CopTrader in your view? And what can you do to stay ahead of these competitors, some of which are quite scaled?

一些競爭對手正在開發與 CopyTrader 類似的產品，這清楚地表明了您在開發該產品方面取得的成功。您認為 CopTrader 目前的發展現況如何？那麼，如何才能在這些規模相當大的競爭對手中保持領先地位呢？

So first of all, we are seeing and have seen over the past 19 years, a lot of the competitive landscape talking about social trading. So far, we haven't seen anybody actually executing on it. So that's one. Second is, we have a significant moat, which is customers that have been on eToro for the past five years, 10 years with very, very solid track record that have their basically AUC already on eToro.

首先，在過去的 19 年裡，我們看到，競爭格局中有很多關於社交交易的討論。到目前為止，我們還沒有看到任何人真正執行過這項計劃。這是其中之一。其次，我們擁有強大的護城河，那就是過去五年、十年來一直在 eToro 上使用服務的客戶，他們擁有非常非常可靠的業績記錄，他們的 AUC 基本上已經在 eToro 上實現了。

So if you look at our top two investors on eToro, the first one has more than 30,000 people copying him more than $300 million of assets under copy, the second one, $200 million, both by the way, have a track record of, if I remember correctly, over 29% over a tenure of 6 years and 12 years, respectively.

所以，如果你看看我們在 eToro 上的前兩名投資者，第一位有超過 30,000 人複製他的投資，複製資產超過 3 億美元；第二位有 2 億美元。順便說一句，如果我沒記錯的話，這兩位投資者分別在 6 年和 12 年的投資期間內，收益率都超過了 29%。

So that moat is a time-based mode. Nobody replaces Warren Buffet that fast and nobody replaces 10- and 12-year 10-year on eToro, I do think, of course, we've innovated and created a category that will eventually change a lot of how people think of general portfolio management in the RIA industry.

所以，護城河是一種基於時間的模式。沒有人能如此迅速地取代華倫巴菲特，也沒有人能像在eToro上那樣迅速地取代10年期和12年期債券。當然，我認為我們已經進行了創新，創造了一個最終將改變人們對RIA產業一般投資組合管理方式的許多看法的類別。

And we'll see younger audiences. There's a big app, by the way, across the world that financial intermediaries are getting older and that younger audiences are not looking for their advice. And I do believe that our product category as a category will significantly scale in the moat that we have is the track record of those customers and again, bringing them new tools now where they can actually build their apps.

我們會看到更多年輕觀眾。順便一提，全世界都在關註一個普遍現象：金融中介機構從業人員正在老化，而年輕一代不再尋求他們的建議。而且我確實相信，我們的產品類別將會大幅擴展，因為我們擁有的護城河是這些客戶的良好記錄，並且我們現在為他們帶來新的工具，讓他們能夠真正建立自己的應用程式。

They can monetize them eventually in a subscription model in eToro, to basically -- and we already have significant communities of customers, so popular investors in France are actually meeting our customers in France, popular investors, again, Germany and Australia and the UK. And that is something that the competitive landscape doesn't have.

他們最終可以透過 eToro 的訂閱模式實現盈利，基本上——而且我們已經擁有龐大的客戶群體，所以法國的知名投資者實際上正在與我們在法國、德國、澳大利亞和英國的客戶（同樣是知名投資者）見面。而這正是當前競爭格局所缺乏的。

Excellent. Very clear. You touched on prediction markets already. Given the vast majority of your customers are outside the US, could you touch on whether you see a prediction market opportunity for your non-US customers?

出色的。非常清楚。你之前已經提到預測市場了。鑑於貴公司絕大多數客戶都在美國以外，您能否談談您是否認為非美國客戶存在預測市場機會？

So it does seem like prediction markets right now, at least from our analysis is very much US the on-chain regulated one -- sorry, the off-chain, the regulated prediction markets is very much a US-led business and very high interest in the US, which is why from a regulated perspective, we're looking at the US, a lot of the activity outside the US actually sits more with crypto-native customers.

所以，至少從我們的分析來看，目前的預測市場似乎主要由美國主導——鏈上監管的預測市場——抱歉，是鏈下監管的預測市場——這在很大程度上是由美國主導的，並且在美國也引起了極大的興趣。這就是為什麼從監管的角度來看，我們關注的是美國，而美國以外的許多活動實際上更集中在加密貨幣原生用戶身上。

So again, those younger audiences that are crypto native, that know how to move their crypto and basically trade directly on chain. So I'd say that's roughly what we're seeing US with the regulated infrastructure to offer production markets, where it's an NFA, CFTC regulated activity towards which we'll build in the US and globally more of an on-chain activities of prediction markets happening in basically noncustodial wallets.

所以，再說一遍，那些年輕的加密貨幣原生用戶，他們知道如何轉移加密貨幣，基本上可以直接在鏈上進行交易。所以我覺得這大致上就是我們目前在美國看到的，有受監管的基礎設施來提供生產市場，這是一項受 NFA 和 CFTC 監管的活動，我們將在美國和全球範圍內朝著這個方向發展，更多的是鏈上預測市場活動，這些活動基本上發生在非託管錢包中。

John Todaro with Needham & Company.

John Todaro，Needham & Company 的 John Todaro。

Congrats on the strong quarter. I guess first one, just as it relates to crypto regulation and in particular, the Clarity Act. Is there just kind of anything in the current iteration of the bill, where maybe you would like to see adjusted -- just kind of any additional thoughts there we've been getting from some of your peers.

恭喜你們本季業績出色。我想第一個問題，就其與加密貨幣監管，特別是《Clarity Act》的關係而言。在目前的法案版本中，您是否有任何想要調整的地方？或者，您是否還有其他想法，我們從您的一些同行那裡也聽到了這些想法？

We usually try not to comment on sort of regulations and sort of where they are in the process as we are regulated in many places under different regulators across the globe. We do believe that clarity in regulation helps significantly in industry to mature. We've seen that in Europe with Mika. We've seen it already, I'd say, in the environment right now here in the US. And the biggest driver, by the way, what is going to drive, in our view, is the path towards new types of asset classes moving on chain.

我們通常盡量不對各種法規及其進展發表評論，因為我們在全球許多地方都受到不同監管機構的監管。我們相信，清晰的監管有助於產業的成熟發展。我們在歐洲的米卡身上就看到了這一點。我認為，我們現在在美國的環境中已經看到了這一點。順便說一句，我們認為最大的驅動力，或者說未來的驅動力，是新型資產類別遷移到鏈上的道路。

So the more clarity, there is in an industry, and we're seeing in Europe now banks, insurance companies, private equity firms, basically tokenizing different types of assets to be able to distribute them into that new audience.

因此，一個行業的透明度越高，我們現在在歐洲看到的銀行、保險公司、私募股權公司基本上都會將不同類型的資產代幣化，以便能夠將它們分發給新的受眾。

So as we'll see clarity in regulation here, in the US, we believe we'll see also more opportunities to bring in more new products to our customers. And we've seen the largest wealth managers in the world already working today with eToro, whether it's BlackRock Flink, Templeton, WisdomTree now, Amundi as well ARC.

因此，隨著美國監管政策的明朗化，我們相信也將有更多機會為我們的客戶帶來更多新產品。我們已經看到，如今全球最大的財富管理公司都在與 eToro 合作，例如 BlackRock、Flink、Templeton、WisdomTree、Amundi 以及 ARC。

So we are seeing the interest of basically the large financial institutions, asset managers that are issuing new products, and they want to deliver those products into a global audience and into a younger audience, very early days of that, but there is no doubt that more clarity and regulation will expand that.

因此，我們看到，基本上是大型金融機構和資產管理公司對發行新產品表現出了興趣，他們希望將這些產品推向全球市場，尤其是年輕市場。雖然目前還處於起步階段，但毫無疑問，更清晰的監管將會擴大這一趨勢。

Great. That's very helpful. And then just kind of going back to prediction market. It sounds like from your prior comments that you guys would still look to work with a partner like a causal market, whether in the US or outside the US.

偉大的。那很有幫助。然後又回到了預測市場。從你們先前的評論來看，你們似乎仍然希望與像休閒市場這樣的合作夥伴合作，無論是在美國還是在美國以外。

Is there an avenue where you could kind of go at this alone though and offer something more direct?

有沒有辦法讓你獨自採取更直接的方式，提出一些更具體的意見呢？

We're currently looking at the industry. I think the industry is evolving very fast, both in predictions and in per different regulatory environments across both categories. We do believe that working with partners, and there's now an emerging by the way, new type of what's called a prediction aggregator.

我們目前正在關注這個行業。我認為，無論是在預測方面，還是在兩個類別中不同的監管環境下，這個行業都在快速發展。我們確實相信與合作夥伴合作，現在出現了一種新型的預測聚合器。

So you can actually use aggregators to find the best prices on predictions, for example, the same with perps. So we are looking in that space right now to partner versus to build the entire stack on our own.

因此，您實際上可以使用聚合器來找到預測的最佳價格，例如，對沖基金也是如此。所以，我們目前正在尋求在該領域建立合作夥伴關係，而不是自行建立整個技術堆疊。

And that's all the time we have for questions. I'd like to turn the call back over to Daniel Amir for closing remarks.

提問時間到此結束。我謹將電話交還給丹尼爾·阿米爾，請他作總結發言。

Yes. Thank you for attending the call today. And we're looking forward to seeing you at the upcoming investor conference during the quarter. You're welcome to follow up with me directly. Thank you, and have a great day.

是的。感謝您今天參加電話會議。我們期待在本季即將舉行的投資者大會上見到您。歡迎您直接與我聯絡。謝謝，祝您今天過得愉快。