The Tel-Aviv Stock Exchange (TASE) Q2 2025 earnings summary

Executive summary

• Q2 2025 and H1 2025 delivered record financial results, with revenue up 29% and adjusted EBITDA up 56% year-over-year, driven by strong execution, increased trading volumes, and robust non-transactional income.

• Adjusted net profit for Q2 2025 soared 73% to NIS 44.4 million, with adjusted EBITDA margin reaching 52.6%.

• The Israeli capital market showed resilience and outperformed global benchmarks despite ongoing geopolitical tensions and economic uncertainty.

• Growth was fueled by higher trading in shares, derivatives, and mutual funds, as well as increased clearing house and data distribution revenues.

• Non-transactional revenues, including clearing house services and data distribution, contributed substantially to overall revenue.

Financial highlights

• Q2 2025 revenue reached NIS 136.1 million, a 29% increase year-over-year; adjusted EBITDA was NIS 71.6 million, up 56%.

• Adjusted net profit for Q2 2025 was NIS 44.4 million, up 73% year-over-year; basic EPS hit NIS 0.478, up 82%.

• H1 2025 revenue was NIS 267.1 million, up 25% year-over-year; adjusted EBITDA was NIS 133.5 million, up 41%.

• H1 2025 adjusted net profit rose 52% to NIS 81.3 million; basic EPS up 61%.

• Q2 2025 net profit was NIS 43.6 million, up 80% year-over-year; profit before tax rose 75% to NIS 56.6 million.

Outlook and guidance

• Management expects continued IPO activity and organic growth in H2 2025, with a strong pipeline and no major changes in expense trajectory.

• Transition to a Monday–Friday trading week is expected to enhance international flows and support potential MSCI Europe Index inclusion.

• Forward-looking statements highlight risks from market volatility, regulatory changes, and operational challenges.

• Ongoing security and geopolitical tensions pose continued uncertainty for operations and profitability.