The Tel-Aviv Stock Exchange (TASE) investor relations material

Executive summary

• Q2 2026 revenue reached ILS/NIS 185.4 million, up 36% year-over-year, with adjusted EBITDA up 60% and adjusted net profit up 82%, driven by growth across all activities and robust market activity.

• H1 2026 revenue totaled ILS/NIS 368.7 million (+38% YoY); adjusted EBITDA up 72%, adjusted net profit up 96%.

• Equity market capitalization reached ILS 2.7 trillion at Q2 end, up from ILS 1.5 trillion a year prior; market cap of shares reached NIS 2.97 trillion, up from NIS 1.66 trillion.

• Significant growth in trading volumes and capital raised across shares, corporate bonds, and mutual funds, with equity raised in Q2 2026 up 243% YoY.

• The Board approved the consolidated financial statements as of June 30, 2026, prepared under IFRS.

Financial highlights

• Q2 2026 adjusted EBITDA: ILS/NIS 114.5 million (+60% YoY); margin: 61.8% (up from 52.6% YoY); adjusted net profit: ILS/NIS 80.8 million (+82% YoY); basic EPS: ILS/NIS 0.842 (+76% YoY).

• H1 2026 adjusted EBITDA: ILS/NIS 230.1 million (+72% YoY); margin: 62.4%; adjusted net profit: ILS/NIS 158.9 million (+96% YoY); basic EPS: NIS 1.678 (+93% YoY).

• Free cash flow in Q2: ILS 95.6 million, up ILS 45.3 million YoY; H1 2026 free cash flow: NIS 165.7 million.

• Costs increased 10% YoY in Q2, mainly due to higher employee benefits and share-based payments.

• Revenue growth was driven by higher trading and clearing commissions, clearing house services, and data distribution/connectivity services.

Outlook and guidance

• IPO pipeline remains strong across sectors, though market volatility has led to lower valuations.

• Dual-listing interest is at an all-time high, with regulatory changes pending to allow more companies to participate.

• Management continues to monitor geopolitical risks but does not currently identify a material impact on operations.

• Dividend distribution policy targets 50% of annual net profit, subject to board discretion and regulatory requirements.

• Positive outlook for further growth in trading, international participation, and new product launches.