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

Executive summary

• Achieved record results in Q1 2026, with revenue up 40% year-over-year to NIS 183.3 million, driven by growth across all business lines and heightened market activity despite regional conflict.

• Adjusted EBITDA surged 87% to NIS 115.6 million, and adjusted net profit rose 112% to NIS 78.1 million, with net profit up 116% to NIS 77.4 million.

• Market capitalization and trading volumes in shares, bonds, and mutual funds increased sharply, with shares trading volume up 92% year-over-year.

• Trading volatility was elevated due to geopolitical tensions, but market resilience and stability were demonstrated.

Financial highlights

• Revenue reached NIS 183.3 million, up 40% year-over-year, the highest since IPO.

• Adjusted EBITDA was NIS 115.6 million (up 87%), with margin improving from 47.2% to 63.1%.

• Net profit increased 116% to NIS 77.4 million; adjusted net profit up 112% to NIS 78.1 million; basic EPS rose 114% to NIS 0.836.

• Expenses decreased 1% to NIS 84 million, mainly due to lower compensation, marketing, and administrative costs.

• Free cash flow totaled NIS 70.1 million, up NIS 434.4 million year-over-year.

Outlook and guidance

• Expect modest expense increases through 2026, mainly from compensation and IT investments; no negative macroeconomic impact anticipated on expense levels.

• Anticipate continued growth in trading volumes and AUM, supporting revenue growth.

• Market volatility remains elevated due to geopolitical risks, with ongoing uncertainties highlighted in forward-looking statements.

• The company maintains a dividend policy targeting 50% of annual net profit, subject to board discretion and regulatory compliance.