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The Tel-Aviv Stock Exchange (TASE) investor relations material
The Tel-Aviv Stock Exchange Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Q3 2025 revenue reached ILS/NIS 147.1 million, up 35% year-over-year, with adjusted EBITDA of ILS/NIS 79.5 million, up 76% year-over-year, and adjusted net profit of ILS/NIS 50.7 million, up 86% year-over-year.
For the first nine months of 2025, revenue was ILS/NIS 414.2 million, up 28% year-over-year, and adjusted EBITDA was ILS/NIS 213 million, up 53% year-over-year.
Basic EPS for Q3 2025 was ILS/NIS 0.547, up 94% year-over-year.
Strong performance attributed to strategic execution, robust trading volumes, and capital raised, especially in shares and corporate bonds.
Major share buybacks and a new dividend policy were implemented.
Financial highlights
Q3 2025 net profit was ILS/NIS 50 million, up 92% year-over-year; adjusted EBITDA margin reached 54.1%, up from 41.4% a year ago.
For the first nine months, adjusted net profit was ILS/NIS 132 million, up 64% year-over-year.
Free cash flow in Q3 increased by ILS 32 million year-over-year to ILS 61.9 million; free cash flow for Q1-Q3 2025 was NIS 147.9 million.
Expenses in Q3 rose 7% year-over-year to ILS 84.5 million, mainly due to higher computer, communication, and operating costs.
Cash and cash equivalents and short-term financial assets as of September 30, 2025, were ILS/NIS 429.2 million.
Outlook and guidance
Continued optimism for growth driven by positive security developments and regional resolution prospects.
Transition to Monday to Friday trading to take effect January 5, 2026, expected to enhance global investor participation, pending final approvals.
Board adopted a dividend policy to distribute 50% of annual net profit for 2024–2026, subject to business needs and regulatory requirements.
Management remains focused on double-digit growth and expense discipline, with no underinvestment anticipated.
Forward-looking statements highlight risks and uncertainties; actual results may differ materially.
Progress on TASE index activity strategic review
Market making reform: early impact on liquidity
Class action lawsuit: update on legal risk
Quantify market-making program's impact
Index business strategic review timeline
Retail investor growth strategy beyond current trends
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Frequently asked questions
The Tel-Aviv Stock Exchange Ltd. (TASE) is an Israel-based entity primarily involved in managing a securities exchange. Over the years, TASE has evolved significantly, transitioning from manual to fully automated trading systems and expanding its services to include a wide range of securities. It operates through wholly-owned subsidiaries, such as The TASE Clearing House Ltd (TASE-CH), engaged in the clearing and settlement of securities, and The MAOF Clearing House Ltd (MAOF-CH), which deals with issuing options and futures (derivatives) and providing clearing services for these derivatives. The company is headquartered in Tel Aviv-Yafo, Israel, and its shares are listed on the Tel Aviv Stock Exchange.
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