Terminal X Online (TRX) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 grew 9.2% year-over-year to ₪246.5M, driven by increased visits, higher average transaction value, and new consolidated sales from Strongful and Ada Lazorgan, offset by closure of Greek operations and reduced outlet space.

• Net income for H1 2025 was ₪13.3M, up 6.6% from H1 2024, with net margin stable at 5.4%.

• The company completed the acquisition of 51% of AINKER in June 2025, expanding its premium men's fashion offering.

• Dividend distributions in 2025 totaled ₪33.1M, including 80% of H1 2025 net profit.

Financial highlights

• Gross profit for H1 2025 rose 18.3% to ₪118.3M, with gross margin improving to 48.0% from 44.3% in H1 2024.

• Operating profit before share-based payments increased 32.7% to ₪20.7M, with margin up to 8.4%.

• Adjusted EBITDA for H1 2025 was ₪40.1M, up from ₪35.6M in H1 2024.

• Cash flow from operations dropped sharply to ₪4.6M from ₪65.9M in H1 2024, mainly due to increased working capital.

Outlook and guidance

• Management is focused on portfolio expansion, including further acquisitions and partnerships in Israeli e-commerce.

• Updated executive compensation policy ties bonuses and equity grants to net profit targets for 2025–2027.