The Tel-Aviv Stock Exchange (TASE) Q1 2025 earnings summary

Executive summary

• Achieved record results in Q1 2025, with revenue up 21% to NIS 131 million and strong growth across all business lines and core activities.

• Adjusted EBITDA rose 27% to NIS 61.8 million; adjusted net profit increased 32% to NIS 36.9 million.

• Equity trading volumes surged 35% to NIS 2.9 billion, with derivatives contracts up 37% year-over-year.

• Five IPOs completed in Q1 2025, matching the total for all of 2024; NIS 3 billion raised in equity markets.

• Results reflect successful execution of the strategic plan and resilience of the Israeli capital market amid global and local challenges.

Financial highlights

• Revenue rose 21% year-over-year to NIS 131 million; costs increased 13% to NIS 84.8 million.

• Adjusted EBITDA margin reached a record 47.2%; adjusted net profit margin rose to 28.1%.

• Basic EPS climbed 40% year-over-year to NIS 0.39.

• Free cash flow reached NIS 35.7 million; operating cash flow was NIS 57.8 million.

• Equity at quarter-end totaled NIS 504.9 million; cash and financial assets stood at NIS 337 million.

Outlook and guidance

• IPO pipeline for the remainder of 2025 is strong, contingent on market valuations and global stability.

• No new index pricing changes in 2025; custody fee increases scheduled for 2026 and 2027.

• Marketing expenses for 2025 will not exceed 2024 levels; overall expense growth rate expected to decline after Q1.

• Ongoing investments in technological infrastructure and launch of TAL (Trading-At-Last) phase in July 2025 to support growth.

• Strategic initiatives aim to enhance the local capital market and expand trading sophistication.