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

The Tel-Aviv Stock Exchange Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary5 Aug, 2025

Executive summary

  • Achieved record Q2 results with revenue up 29% and adjusted EBITDA up 56% year-over-year, driven by growth across all business lines and strong operational execution.

  • Adjusted net profit increased 73% to NIS 44.4 million in Q2 2025; H1 2025 adjusted net profit rose 52% to NIS 81.3 million.

  • Growth was fueled by increased trading volumes in shares and derivatives, higher mutual fund activity, and robust non-transactional revenues.

  • Demonstrated resilience and uninterrupted operations despite ongoing regional conflicts and market volatility.

  • Non-transactional revenues, including clearing house services and data distribution, contributed substantially to overall revenue.

Financial highlights

  • Q2 2025 revenue rose 29% year-over-year to NIS 136.1 million; adjusted EBITDA up 56% to NIS 71.6 million.

  • Adjusted net profit for Q2 2025 was NIS 44.4 million, up 73% year-over-year; basic EPS hit NIS 0.478, up 82%.

  • Net profit for Q2 2025 was NIS 43.6 million, up 80% year-over-year; profit before tax rose 75% to NIS 56.6 million.

  • H1 2025 revenue grew 25% to NIS 267.1 million; adjusted EBITDA up 41% to NIS 133.5 million.

  • H1 2025 adjusted net profit rose 52% to NIS 81.3 million; basic EPS up 61% year-over-year.

Outlook and guidance

  • Confident in a strong pipeline for new listings in H2, with more companies preparing for IPOs.

  • No anticipated surprises in expense trajectory for the second half; variable compensation has reached its cap.

  • Medium to long-term positive impact expected from transition to a Monday–Friday trading week starting May 2026.

  • Despite ongoing security and geopolitical tensions, indices reached new highs in H1 2025, outperforming global peers.

  • Economic recovery remains slower than pre-war levels; ongoing conflict poses continued uncertainty for operations and profitability.

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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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