The Tel-Aviv Stock Exchange (TASE) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached ILS/NIS 147.1 million, up 35% year-over-year, with adjusted EBITDA of ILS/NIS 79.5 million, up 76% year-over-year, and adjusted net profit of ILS/NIS 50.7 million, up 86% year-over-year.

• For the first nine months of 2025, revenue was ILS/NIS 414.2 million, up 28% year-over-year, and adjusted EBITDA was ILS/NIS 213 million, up 53% year-over-year.

• Basic EPS for Q3 2025 was ILS/NIS 0.547, up 94% year-over-year.

• Strong performance attributed to strategic execution, robust trading volumes, and capital raised, especially in shares and corporate bonds.

• Major share buybacks and a new dividend policy were implemented.

Financial highlights

• Q3 2025 net profit was ILS/NIS 50 million, up 92% year-over-year; adjusted EBITDA margin reached 54.1%, up from 41.4% a year ago.

• For the first nine months, adjusted net profit was ILS/NIS 132 million, up 64% year-over-year.

• Free cash flow in Q3 increased by ILS 32 million year-over-year to ILS 61.9 million; free cash flow for Q1-Q3 2025 was NIS 147.9 million.

• Expenses in Q3 rose 7% year-over-year to ILS 84.5 million, mainly due to higher computer, communication, and operating costs.

• Cash and cash equivalents and short-term financial assets as of September 30, 2025, were ILS/NIS 429.2 million.

Outlook and guidance

• Continued optimism for growth driven by positive security developments and regional resolution prospects.

• Transition to Monday to Friday trading to take effect January 5, 2026, expected to enhance global investor participation, pending final approvals.

• Board adopted a dividend policy to distribute 50% of annual net profit for 2024–2026, subject to business needs and regulatory requirements.

• Management remains focused on double-digit growth and expense discipline, with no underinvestment anticipated.

• Forward-looking statements highlight risks and uncertainties; actual results may differ materially.