Terminal X Online (TRX) Q1 2026 earnings summary

Executive summary

• Q1 revenue rose 23.0% YoY to ₪138.9m; net income increased to ₪7.9m from ₪6.0m, with operating and net margins also higher.

• Growth reflected more transactions and the first-time consolidation of Ainker and Ronit Yam; independent brands nearly doubled sales, while Terminal X grew 8.7%.

• Expansion options remain under review, including opportunities outside Israel and negotiations with several potential partners or acquisition targets.

Financial highlights

• Revenue ₪138.873m, up 23.0% YoY; gross profit ₪67.032m, up 25.6%, and gross margin 48.3% versus 47.3%.

• Operating profit before share-based compensation ₪12.493m, up 42.3%; margin 9.0% versus 7.8%. Reported operating profit was ₪11.089m versus ₪8.372m.

• Net income ₪7.853m versus ₪6.033m; net margin 5.7% versus 5.3%; basic and diluted EPS ₪0.05 versus ₪0.04.

• Adjusted EBITDA under the IFRS 16 presentation was ₪24.064m versus ₪17.917m; excluding IFRS 16, it was ₪14.901m versus ₪9.386m.

• Operating cash flow was ₪13.0m versus ₪1.3m; cash and short-term investments less bank credit were ₪84.3m versus ₪133.2m at March 31.

Outlook and guidance

• Reviewing options to expand beyond Israel and pursuing negotiations with several companies to broaden the portfolio through acquisitions or collaborations.

• Retailors’ e-commerce operating agreement is expected to end May 31, 2026; the Foot Locker site’s small contribution means no material earnings impact is expected.