UP Fintech Holding Ltd. Q4 FY2025 earnings call

In 2025, with growth in user numbers, client assets, product abundance, localization functions, and market activity, financial and operating performance improved significantly. Annual total income $6.12 billion, up 56.3% from 2024. Net profit in 2025 grew 181.4% and 164.7% y-o-y for full year and Q4 respectively. Fourth quarter revenue $1.76 billion. Continued enhancement of product offerings and localization, supportive market environment led to performance improvement. Full-year total revenue $612.1M, up 56.3% y-o-y. Profitability improved, full-year GAAP and non-GAAP net income for Fintech record highs. New users in 2025 exceeded target. Net asset inflows strong. Client assets in various markets grew. In Q4, upgraded options combo trading feature, launched margin accounts in Australian market, launched international 2B business development programme. Investment banking business underwrote 22 U.S. and Hong Kong IPOs in Q4, total 47 for year. ESOP business added 39 new clients in Q4, total 848 by end of 2025

In 2025, the annual total income reached US$6.12 billion, up 56.3% from 2024. Full-year GAAP net income attributed to Fintech was $170.9 million, non-GAAP was $186.5 million, both record highs. Fourth quarter total revenue was $175.6 million. Client assets in Singapore and Australia-New Zealand markets had double-digit and over doubling growth year-over-year, Hong Kong client assets more than tripled year-over-year. Fourth quarter Hong Kong client assets increased over 20% quarter-over-quarter. Full-year total revenue $612.1 million, up 56.3% y-o-y. Full-year GAAP net income attributed to Fintech $170.9M, non-GAAP $186.5M, up 181.4% and 164.7% y-o-y respectively. Fourth quarter revenue $175.6M, up 41.5% y-o-y. GAAP and non-GAAP net income for Fintech in Q4 were $45.2M and $48.9M, up 61.3% and 60.5% y-o-y. New users in 2025 totaled 161,900, exceeding target of 150,000. Net asset inflows in 2025 exceeded $10 billion, with over $3 billion in Q4. Hong Kong was largest contributor to retail net asset inflow in Q4. Client assets at end of Q4 2025 were $80.8 billion, up 45.7% y-o-y

Target to acquire 150,000 new funded clients in 2026 while prioritizing user quality. Net asset inflow remains strong. Expect regional mix of new funded users in 2026 to be similar to Q4 2025, with Hong Kong and Singapore as main contributors. CB repayment in mid-April 2026, with remaining $100 million repaid, and company's financial situation ensures no impact on liquidity and business

Q: About 150,000 customers for 2026, expected profits by market and new market expansion; Q4 new customers market breakdown; CB maturity and impact.

A: Set 150,000 new funded user target in 2026 following quality and ROI strategy. Regional breakdown of Q4 new funded accounts: Singapore and Hong Kong 35% each, Australia-New Zealand 25%, U.S. market ~5%. Issued $155M private CB in 2021, $100M repaid in mid-April 2026, strategic investors extend holding $50M, repayment won't impact liquidity.

Q: First quarter business performance, customer assets, user activity; CAC increase in Q4.

A: First quarter new funded accounts roughly flat vs Q4. U.S. equity turnover slightly down due to market volatility and geopolitical factors; Hong Kong equity trading activity picked up, Q1 trading volume exceeded Q4. Client assets affected by market pullback, but strong net asset inflow from retail users. CAC increase in Q4 due to Singapore market activities around New Year and Christmas, Hong Kong market investment, and wealth management business cooperation leading to higher channel costs and lower new user numbers in Q4.

Q: 4Q 2025 revenue flat but profit down due to cost increase; other revenues growth.

A: 4Q revenue flat, profit down ~$10M due to increase in communication/market data cost, management cost including bad debt preparation. Other revenues increased from few million to 25-30M per quarter in past two quarters, contributed by ESOP, wealth management, and investment banking. Wealth management user penetration increasing, investment banking IPO performance strong