Terminal X Online (TRX) Q4 2025 earnings summary

Executive summary

• Revenue grew 13.8% year-over-year to ₪560.2M, driven by organic growth and acquisitions.

• Net income reached ₪31.5M, up 12.6% from 2024, with improved gross and operating margins.

• Expansion included the consolidation of Strongful, Ada Lazorgan, Inker, and Ronit Yam brands.

• Focus shifted from rapid revenue growth to profitability and operational efficiency.

Financial highlights

• Gross margin improved to 47.1% from 44.2% in 2024, reflecting better product mix and cost control.

• Adjusted EBITDA margin rose to 16.0% (₪89.7M), up from 15.7% in 2024.

• Operating profit before share-based payments increased 30.2% to ₪48.2M.

• Cash flow from operations was ₪50.1M, with a year-end cash balance of ₪108.1M.

• Dividend distributions totaled ₪38.2M during 2025.

Outlook and guidance

• Strategic focus remains on profitability, cost optimization, and integration of new brands.

• EBITDA margin target is to maintain at least 15% annually.

• Plans to expand product categories and evaluate further acquisitions in Israel and potentially abroad.