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

Executive summary

• Achieved record revenue of ILS/NIS 563.5 million in 2025, up 29% year-over-year, with Q4 revenue of ILS/NIS 149.3 million, also up 29%.

• 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%.

• Demonstrated resilience and growth despite ongoing regional geopolitical tensions and market volatility.

• 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%.

• Q4 adjusted EBITDA was ILS/NIS 80.8 million, up 73% from the same quarter last year.

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

• Surplus liquidity over regulatory requirements rose to ILS/NIS 310 million at year-end 2025.

• Adjusted equity ratio was 77% as of December 31, 2025.

Outlook and guidance

• Management targets 10–12% organic CAGR through 2027, with actual CAGR for 2023–2025 at 16%.

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

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

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

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