The Tel-Aviv Stock Exchange (TASE) Q4 2024 earnings summary

Executive summary

• Achieved record revenue growth of 12% year-over-year and 14% quarter-on-quarter in 2024, with adjusted EBITDA up 18% and adjusted net profit up 22% from 2023, despite ongoing geopolitical tensions and the Iron Swords War.

• Market activity expanded across shares, bonds, derivatives, and mutual funds, with notable increases in trading volumes and capital raised.

• TASE equity indices outperformed global indices, with equity market cap rising 30% to ILS 1.4 trillion and equities ADV up 10% to ILS 2.2 billion.

• Strategic initiatives included changing trading week, AI-driven English report translations, expanding TASE membership, digital asset initiatives, and infrastructure upgrades.

• The exchange maintained robust capital and liquidity positions, supporting ongoing investments and operational resilience.

Financial highlights

• 2024 revenue reached ILS 437.8 million, up 12% year-over-year; adjusted EBITDA was ILS 186.3 million, up 18%, with a margin of 42.6%.

• Adjusted net profit rose 24.5% to ILS 107.2 million; basic EPS increased 27% to ILS 1.093.

• Q4 2024 revenues were ILS 115.4 million, up 14% year-over-year; adjusted EBITDA was ILS 46.8 million, up 17%; adjusted net profit was ILS 26.5 million, up 16%.

• Free cash flow for 2024 was ILS 100.8 million.

• Operating expenses (excluding share-based payments) rose 8% year-over-year to ILS 307.7 million.

Outlook and guidance

• Double-digit revenue growth expected to continue in 2025; board targets 10–12% CAGR in organic growth for 2023–2027, subject to tariff flexibility.

• Dividend policy aims to distribute 50% of annual net profit through 2026, subject to business needs and regulatory compliance.

• Strategic focus includes digital assets, export of tech services, and enhancing core activities.