The Tel-Aviv Stock Exchange (TASE) Q2 2024 earnings summary

Executive summary

• Q2 2024 delivered strong financial results, with revenue up 13% year-over-year to NIS 105.1 million and adjusted EBITDA rising 29% to NIS 45.8 million, despite ongoing war-related uncertainty.

• Trading volumes and capital raised increased across shares, bonds, derivatives, and mutual funds, with sectoral indices and market cap also growing.

• Non-transactional revenues, especially data distribution and connectivity services, contributed significantly to growth.

• Profitability and operational metrics improved, with adjusted EBITDA margin exceeding 43%.

• Ongoing war in Israel continues to create volatility and uncertainty in the market.

Financial highlights

• Q2 2024 revenue reached NIS 105.1 million, up 13% year-over-year; H1 2024 revenue totaled NIS 213.4 million, up 11%.

• Adjusted EBITDA for Q2 was NIS 45.8 million, up 29%, with margin at 43.6%; H1 2024 adjusted EBITDA was NIS 94.4 million, up 19%.

• Adjusted net profit for Q2 was NIS 25.7 million, up 26%; H1 2024 adjusted net profit was NIS 53.5 million, up 15%.

• Basic EPS for Q2 2024 was NIS 0.263, up 38% year-over-year; H1 2024 EPS was NIS 0.541, up 21%.

• Net financing income decreased due to higher interest expenses from a new loan.

Outlook and guidance

• Marketing expenses are expected to rise in H2 2024 but remain within budget, with no changes anticipated in overall expense outlook.

• Management expects continued growth in trading volumes, capital raising, and non-transactional services.

• Dividend policy for 2024–2026 targets distribution of 50% of annual net profit, subject to board and regulatory approval.

• Macroeconomic and geopolitical uncertainty remains high due to the ongoing war.

• Focus remains on expanding product range, digital platforms, and international alignment.