The Tel-Aviv Stock Exchange (TASE) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenue of ILS/NIS 563.5 million in 2025, up 29% year-over-year, with strong growth across all business lines and resilience despite geopolitical challenges.

• Adjusted EBITDA rose 58% to ILS/NIS 293.8 million, with margin improving to 52.1%.

• Net profit for 2025 reached ILS/NIS 181 million, up 79% year-over-year; adjusted net profit was ILS/NIS 184.3 million, up 72%.

• Q4 2025 revenue was ILS/NIS 149.3 million, up 29% year-over-year; Q4 net profit was ILS/NIS 51.6–52.4 million, up over 100%.

• Free cash flow for 2025 more than doubled to ILS/NIS 223.3 million, mainly from operating activities.

Financial highlights

• Basic EPS for 2025 was ILS/NIS 1.97, up 81% year-over-year; diluted EPS was ILS/NIS 1.92, up 83%.

• Adjusted EBITDA margin improved from 42.6% to 52.1% in 2025.

• Cash and investment financial assets at year-end 2025 totaled ILS/NIS 494 million.

• Surplus liquidity at year-end 2025 was ILS/NIS 310 million, up from ILS/NIS 172 million in 2024.

• Free cash flow in Q4 was ILS/NIS 75.4 million, up from ILS/NIS 35.9 million in the same quarter last year.

Outlook and guidance

• Strategic plan targets 10–12% organic CAGR through 2027; actual CAGR for 2023–2025 was 16%.

• Focus for 2026 includes expanding international investor engagement, launching new derivatives and clearing products, and enhancing digital and AI capabilities.

• Management will consider a share buyback plan in 2026, subject to market conditions.

• Marketing and compensation expenses for 2026 expected to remain stable; IT investments (CapEx) projected at ILS/NIS 55–60 million.

• Forward-looking statements caution about risks and uncertainties impacting future performance.