Terminal X Online (TRX) Q4 2025 earnings summary

Executive summary

• FY2025 revenue rose 13.8% YoY to NIS 560M; adjusted EBITDA increased 15.9% to NIS 90M and net income rose 12.6% to NIS 32M.

• Q4 2025 was a record quarter, with revenue of NIS 180M and operating income of NIS 16M.

Financial highlights

• FY2025 gross profit was NIS 264M, up 21.3% YoY; operating income was NIS 44M, up 34.5%.

• FY2025 adjusted EBITDA was NIS 90M versus NIS 77M in 2024; net income was NIS 32M versus NIS 28M.

• Q4 revenue was NIS 180M, up 14.3% YoY; gross profit reached NIS 82M, up 19.2%.

• Q4 operating income was NIS 16M, up 25%; adjusted EBITDA was NIS 29M, up 20.8%, and net income was NIS 11.8M, up 5%.

Outlook and guidance

• Growth priorities include expanding into additional categories, developing subsidiaries, and pursuing further acquisitions.

• Acquisition strategy targets growing, profitable businesses with synergies, using existing assets and infrastructure to accelerate growth potential.