TASE Reports the Results of the Financial Statements for the Second Quarter and the First Half of 2025

Rhea-AI Summary

Tel-Aviv Stock Exchange (TASE:TVAVF) reported exceptional Q2 2025 results, with revenue surging 29% to NIS 136.1 million and profit soaring 80% to NIS 43.6 million compared to Q2 2024. The exchange demonstrated strong performance with adjusted EBITDA reaching NIS 71.6 million, up 56% year-over-year, and EBITDA margin expanding to 52.6%.

Key highlights include record trading volumes with average daily trading reaching NIS 3.2 billion in Q2, a 40% increase from the previous year. The exchange's market cap grew to NIS 1.7 trillion, up 21% from year-end 2024. Notable developments include nine new IPOs in H1 2025 and plans to transition to Monday-Friday trading starting January 5, 2026. TASE is also exploring strategic options for its index business, which manages NIS 121 billion in AUM.

Positive

• Revenue growth of 29% year-over-year to NIS 136.1 million in Q2 2025
• Profit surge of 80% to NIS 43.6 million in Q2 2025
• EBITDA margin expansion to 52.6%, up 9% from previous year
• Record trading volumes with 40% increase in daily average
• Nine new IPOs in H1 2025, double the number from 2024
• Market cap growth of 21% to NIS 1.7 trillion
• Significant increase in retail and foreign investor participation

Negative

• Operating costs increased 8% year-over-year to NIS 80.7 million
• Net financing income decreased 40% to NIS 1.2 million
• Tax expenses rose 62% to NIS 13 million

TASE concludes the second quarter with record results of29% revenue growth to NIS 136 million and 80% profit growth

• Total revenues of NIS 136.1 million for TASE in Q2-2025, compared to NIS 105.1 million in the corresponding quarter last year - a 29% increase.
• TASE's profit for the quarter came to NIS 43.6 million, compared to NIS 24.3 million in the corresponding quarter - an 80% increase.
• Adjusted EBITDA came to NIS 71.6 million this quarter, compared to NIS 45.8 million in the corresponding quarter - a 56% increase.
• The EBITDA Margin increased to 52.6% this quarter, compared to 43.6% in the corresponding quarter last year, a 9% increase.
• Nine new companies completed  IPOs on TASE in the first half of 2025, almost twice the number of companies that completed an IPO in the whole of 2024.
• TASE's equity market cap reached NIS 1.7 trillion at the end of Q2 2025 - 21% higher than the market cap at year-end 2024. 
• Trading volumes hit a new all-time high with a 40% jump in the first half of the year. The quarter's equity average daily trading volume increased to NIS 3.2 billion, compared to NIS 2.2 billion in Q2-2024.

Ittai Ben Zeev, CEO of TASE: "The Q2 2025 financial statements point to the resilience of TASE, which rests on the strong foundations of the Israeli economy, even during this challenging period. During H1 2025, Israel continued to demonstrate social and economic resilience, through the ongoing October 7 War and became even stronger during the recent 12 Day War with Iran. The significant growth in all TASE's business lines and core activities continued throughout the past quarter. The Israeli retail segment is showing increased interest in the local capital market, although its overall participation remains relatively low compared to  most other leading capital markets. 

We remain committed to developing and upgrading the local capital market, and pursuing the strategic objectives outlined in TASE's strategic plan, which include, inter alia, enhancing the liquidity and marketability of the TASE-listed companies. As part of these efforts, we continue our preparations toward transitioning to a Monday to Friday trading week, which is expected to strengthen our connection with global markets and attract foreign investment to Israel."

TEL AVIV, Israel, Aug. 5, 2025 /PRNewswire/ -- The Tel-Aviv Stock Exchange Ltd. (TASE: TASE) today announced its financial results for the second quarter and the first half of 2025, ended on June 30, 2025.

The first half of 2025 was characterized by positive returns in the equity market, despite local and global geopolitical and economic challenges. The equity indices, TA-35, TA-90, TA-125 and TA-SME60 increased by 23.5%, 25.5%, 24.5% and 16.9%, respectively, in H1-2025. This, compared to the more moderate appreciation of the U.S. equity indices - the Dow Jones index, S&P 500 index and Nasdaq 100 index increased by 4.5%, 6.2% and 8.3%, respectively, in H1-2025.

TASE's equity market cap reached NIS 1.7 trillion at the end of Q2-2025 - 21% higher than the market cap at year-end 2024. In H1-2025, equity trading volumes grew significantly, hitting a new all-time high. The average daily trading volume on TASE came to NIS 3 billion, an increase of 40% compared to the average daily trading volume of NIS 2.1 billion in H2-2024.

The increase in trading volumes was driven, inter alia, by a substantial rise in the activity of retail investors, complemented by a significant increase in foreign investor participation. The growth in the number of new retail accounts led to the retail segment injecting NIS 8.4 billion into the equity market during H1-2025, more than twice as much as in H2-2024. In addition, foreign investors infused a net amount of NIS 9.5 billion into the TASE indices in H1-2025, more than twice as much as in H2-2024.

Equity offerings on TASE raised a total of NIS 5.6 billion in H1-2025 - 28% higher than the NIS 4.3 billion raised in H2-2024. There was a resurgence in the IPO market, with nine new companies completing IPO in H1-2025. The total amount raised by the new  companies during this period came to NIS 1.4 billion.

The Ministry of Finance raised a further NIS 85.7 billion on TASE in H1-2025, compared to NIS 90.4 billion raised in H2-2024. Raising activity in the corporate bond market picked up in H1-2025, with NIS 87.8 billion raised, compared to NIS 83.7 billion raised in H2-2024.

Ongoing enhancement of liquidity on TASE

On June 10, 2025, two leading market makers selected for Bank Hapoalim's tailor-made market-making program began operating, and TASE believes that more companies will join them in the near future. On August 10, 2025, the new trading phase – Trading at Last (TAL), will begin operating. In line with leading global exchanges, this will allow trades to take place at a security's closing price after the closing auction phase.

The Minister of Finance today (August 5, 2025) approved the regulations for the transition to a Monday – Friday trading week, which is scheduled to take effect on January 5, 2026. 
Also, at the end of July, TASE launched a beta version of the AI-powered software that translates company reports into English, this as part of the preparations toward transitioning to Monday to Friday trading. Initially, the reports of companies included in the TA-125 Index will be translated, which will enable global investors to receive company information in English.

In June 2025, the TASE Board of Directors authorized management to examine strategic measures with regard to the TASE index business, including a partial or full sale or a partnership with a leading international index operator. The indices' AUM at the end of Q2-2025 amounted to NIS 121 billion, and revenue from index activity in H1-2025 amounted to NIS 14.4 million. Leading investment bank, Jefferies, will accompany TASE through the examination process and assist in identifying international entities suitable for such a transaction.

Highlights of the results for the second quarter of 2025:

Revenue in the second quarter of 2025 totaled NIS 136.1 million, compared to revenue of NIS 105.1 million in the corresponding quarter last year - an increase of 29%. The increase in revenue is due to an increase across all activities, most notably an increase in revenue from Clearing House services and in revenue from trading and clearing commissions.

Costs in the second quarter of 2025 totaled NIS 80.7 million, compared to costs of NIS 74.8 million in the corresponding quarter last year - an increase of 8%. The higher costs are due mainly to the increase in computer and communication expenses, and in depreciation and amortization expenses.

Net financing income in the second quarter of 2025 totaled NIS 1.2 million, compared to NIS 2 million in the corresponding quarter last year, a 40% decrease. The decrease in  financing income is due mainly to a reduction in the balance of deposits and to expenses due to changes in the NIS-dollar exchange rates. This decrease was partly offset by gains on marketable securities.

Tax expenses in the second quarter of 2025 totaled NIS 13 million, compared to NIS 8 million in the corresponding quarter last year - a 62% increase. The increase in  tax expenses stemmed from the higher pre-tax profit. 

The profit in the second quarter of 2025 totaled NIS 43.6 million, compared to NIS 24.3 million in the corresponding quarter last year - an increase of 80%. The increase was due mainly to the increase in revenue, less the increase in costs and in tax expenses.

The adjusted EBITDA in the second quarter of 2025 totaled NIS 71.6 million, compared to NIS 45.8 million in the corresponding quarter last year - an increase of 56%. Most of the increase is due to an increase in revenue from services, less the increase in costs.

The adjusted profit in the second quarter of 2025 totaled NIS 44.4 million, compared to NIS 25.7 million in the corresponding quarter last year - an increase of 73%. Most of the increase is due to an increase in revenue from services, less the increase in costs and in tax expenses.

Highlights of the results for the first half of 2025:

Revenue in the first half of 2025 totaled NIS 267.1 million, compared to NIS 213.4 million in the corresponding period last year - a 25% increase. The increase in revenue is due to an increase across all activities, most notably an increase in revenue from Clearing House services and in revenue from trading and clearing commissions.

Costs in the first half of 2025 totaled NIS 165.5 million, compared to NIS 150.1 million in the corresponding period last year - a 10% increase. The increase in the costs is due mainly to the increase in employee benefit expenses, and in computer and communication expenses.

Net financing income in the first half of 2025 totaled NIS 2.1 million, compared to NIS 3.4 million in the corresponding period last year - a 39% decrease. The decrease in financing income is due mainly to a reduction in the balance of deposits and to expenses due to changes in the NIS-dollar exchange rates. This decrease was partly offset by gains on marketable securities.

Tax expenses in the first half of 2025 totaled NIS 24.3 million, compared to NIS 16.7 million in the corresponding period last year - a 45% increase. The increase in the tax expense stemmed from the higher pre-tax profit.

The profit in the first half of 2025 totaled NIS 79.4 million, compared to NIS 50 million in the corresponding period last year - a 59% increase. Most of the increase in profit was due to the increase in revenue, less the increase in costs and in tax expenses.

The adjusted EBITDA in the first half of 2025 totaled NIS 133.5 million, compared to NIS 94.4 million in the corresponding period last year - an increase of 41%. Most of the increase is due to an increase in revenue from services, less the increase in costs.

The adjusted profit in the first half of 2025 totaled NIS 81.3 million, compared to NIS 53.5 million in the corresponding period last year, a 52% increase. Most of the increase is due to an increase in revenue from services, less the increase in costs and in tax expenses.

Click here for the link to the full financial statements for the second quarter of 2025>

Click here for the link to the financial presentation of the second quarter of 2025>

This notification does not supersede the stated in the periodic financial statements of the Company, which contain the full and accurate information.

Seasonality

The revenue of the Company from trading and clearing is affected, inter alia, by the number of trading and clearing days. In the second quarter of 2025, there were 60 trading days, compared to 57 days in the corresponding quarter last year, a 5% increase. In the first half of 2025 there were 124 trading days, compared to 120 days in the corresponding period - a 3% increase. Presented below is information on the quarterly breakdown of trading days:

Year	First quarter	Second quarter	Third quarter	Fourth quarter	Total
2024	63	57	65	60	245
2025	64	60	62	60	246

 

Contact:
Orna Goren
Head of Communication and Public Relations Unit
Tel: +972 76 8160405
tase.ir@tase.co.il

View original content:https://www.prnewswire.com/news-releases/tase-reports-the-results-of-the-financial-statements-for-the-second-quarter-and-the-first-half-of-2025-302522209.html

SOURCE The Tel Aviv Stock Exchange Ltd.

FAQ

What were TASE's Q2 2025 financial results?

TASE reported revenue of NIS 136.1 million (up 29%) and profit of NIS 43.6 million (up 80%) compared to Q2 2024, with adjusted EBITDA reaching NIS 71.6 million.

How many new companies completed IPOs on TASE in H1 2025?

Nine new companies completed IPOs on TASE in H1 2025, raising a total of NIS 1.4 billion, almost double the number of IPOs completed in all of 2024.

What is TASE's new trading week plan for 2026?

TASE plans to transition to a Monday-Friday trading week starting January 5, 2026, aiming to strengthen connections with global markets and attract foreign investment.

How much did TASE's trading volume increase in Q2 2025?

TASE's average daily trading volume increased to NIS 3.2 billion in Q2 2025, up 40% from NIS 2.2 billion in Q2 2024, hitting a new all-time high.

What strategic changes is TASE considering for its index business?

TASE is exploring strategic measures including a potential partial or full sale or partnership with a leading international index operator for its index business, which has NIS 121 billion in AUM.