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

Executive summary

• Q1 2025 delivered record results with revenue up 21% to NIS 131 million, strong EBITDA and net income growth, and robust capital market activity across all business lines.

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

• Five IPOs were completed, matching the total for all of 2024, and NIS 3 billion was raised in equity markets.

• CEO and management highlighted the resilience and growth of the Israeli capital market amid global and local challenges.

• Investor confidence remains high, as evidenced by robust trading volumes and capital inflows.

Financial highlights

• Revenue rose 21% year-over-year to NIS 131 million, with growth across all activities.

• Adjusted EBITDA increased 27% to NIS 61.8 million, with a record margin of 47.2%.

• Adjusted net profit grew 32% to NIS 36.9 million; reported net profit was NIS 35.8 million (+39% YoY); basic EPS reached NIS 0.39, up 40% year-over-year.

• Expenses increased 13% to NIS 84.8 million, mainly due to higher employee and IT costs.

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

Outlook and guidance

• IPO pipeline for 2025 is stronger than in previous years, with more companies considering public listings.

• 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 slow after Q1.

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

• TASE plans to continue strategic initiatives to enhance the local capital market and expand trading sophistication.