TASE Reports its Financial Results for Q3 2025

TASE achieves 28% revenue growth in the first 9 months of 2025 with total revenues of NIS 414.2 million 

Net profit reached NIS 50 million, up 92% compared to the corresponding quarter last year

Quarterly revenues reached NIS 147.1 million, a record 35% increase compared to the corresponding quarter last year

Adjusted EBITDA increased by 76% compared to the corresponding quarter last year, reaching NIS 79.5 million

Equity trading volumes on TASE increased by 88% in Q3, with an all-time high average daily trading volume of NIS 3.8 billion

• Net profit for the first nine months of 2025 reached a record NIS 129.4 million, up 70% from NIS 76 million in the corresponding period last year.
• Net profit for Q3 2025 reached a record NIS 50 million, up from 92% from NIS 26 million in the corresponding quarter last year.
• Equity trading volumes on TASE increased by 88% in Q3, with an all-time high average daily trading volume of NIS 3.8 billion.
• 17 companies completed IPOs on TASE in the first 9 months of 2025, raising NIS 3.8 billion, compared to 5 IPOs and NIS 0.8 billion raised during all of 2024.

Ittai Ben Zeev, CEO of TASE: "The financial results as of 30 September reflect TASE's all-time record growth across all segments, underscoring the significant growth potential of the Israeli capital market and the robust foundations of the Israeli economy. A notable trend this year is the increasing active participation of retail investors in the Israeli capital market. We expect the Israeli retail segment to play an increasingly significant role in TASE trading, further boosting the Israeli economy and enhancing market liquidity. Market activity remained strong in the third quarter, with historical records being broken and continuing their upward trajectory, even amidst security-related challenges. During the quarter, we continued at full speed towards the transition to Monday-to-Friday trading, a change scheduled for launch on January 5, 2026. We believe this significant move will remove barriers for global investors, and attract greater international participation in the Israeli capital market, generating significant benefits for both Israeli companies and domestic investors, and enhancing liquidity in our market."

TEL AVIV, Israel, Nov. 11, 2025 /PRNewswire/ -- The Tel-Aviv Stock Exchange (TASE: TASE) today announced its financial results for the third quarter, ended on September 30, 2025.

Trends and highlights of the trading activity on TASE in the reported period:

The leading TASE indices, TA-35 and TA-90, posted record gains in the first 9 months of 2025, with increases of 34% and 32%, respectively, compared to 11% and 15% increases in the Dow Jones and S&P 500 U.S. indices during the same period.

Sectoral equity indices also posted record gains in the first 9 months of the year: TA-Insurance increased by 112%, TA-Finance increased by 71%, and TA-Banks increased by 50%.

TASE's equity market cap increased to NIS 1.8 trillion at the end of Q3-2025, a 51% increase compared to the corresponding period last year.

Equity trading volumes on TASE increased by 56% in the first 9 months of 2025, with an all-time high average daily trading volume of NIS 3.3 billion.

Foreign investors net inflows into TASE equity market reached NIS 6.4 billion during the first 9 months of 2025, compared to NIS 2.4 billion in the corresponding period last year.

Israeli retail investors net inflows reached NIS 10.9 billion during the first 9 months of the year - compared to net outflows of NIS 1.1 billion in the corresponding period last year.

17 companies completed IPOs on TASE in the first 9 months of 2025, raising NIS 3.8 billion, compared to NIS 0.8 billion raised by 5 companies in all of 2024.

In TASE's corporate bond market, 21 new bond corporate issuers raised NIS 5.2 billion in the first 9 months of the year. The total number of bond corporate issuers reached a decade-long high of 100 companies by the end of quarter. Total debt issuance in the corporate bond market reached NIS 148 billion during this period, compared to NIS 87 billion in the corresponding period last year.

The Ministry of Finance raised NIS 115 billion in bond offerings in the first 9 months of 2025, compared to NIS 142 billion in the corresponding period last year. The decline is attributed to a number of factors, including the appreciation of the shekel, the decline in the risk premium and an increase in tax revenues alongside a lower rate of growth in government expenditure, partly due to the abatement of the fighting throughout most of the year.  

Enhancement of the business operations and promotion of TASE's core activities:

During 2025 TASE continued advancing its strategic plan for enhancing the liquidity of TASE-listed companies. The three largest banks in Israel - Hapoalim, Leumi and Mizrahi Tefahot joined the tailor-made market-making program during the period and Bezeq, announced in October that it is joining the program, with more companies expected to follow in the near future.

On August 10, 2025, TASE successfully implemented the new trading session, Trading at Last (TAL), aligning TASE with global exchange. TAL has successfully penetrated the capital market, with data showing significant adoption in trading by foreign investors and domestic institutional investors across equities, bonds, and treasury bills.

TASE has successfully launched 11 new indices since the beginning of 2025.

On January 5, 2026, TASE's transition to a Monday-to-Friday trading week will take effect, following the Minister of Finance's approval of the TASE Rules and Regulations last August.

Highlights of the results for the third quarter of 2025:

Revenue in the third quarter of 2025 totaled NIS 147.1 million, compared to NIS 109 million in the corresponding quarter last year - a 35% 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.

Costs in the third quarter of 2025 totaled NIS 84.5 million, compared to NIS 79.1 million in the corresponding quarter last year - a 7% increase. The higher costs are due mainly to the increase in computer and communication expenses, operating expenses, and depreciation and amortization expenses.

Net financing income in the third quarter of 2025 totaled NIS 2.6 million, compared to net financing income of NIS 4 million in the corresponding quarter last year - a 35% decrease. The decrease in net financing income is due mainly to a reduction in the balance of deposits and a reduction in gains on marketable securities.

Tax expenses in the third quarter of 2025 totaled NIS 15.2 million, compared to NIS 7.9 million in the corresponding quarter last year - a 92% increase. The increase in the tax expense stems from the higher pre-tax profit.

The net profit in the third quarter of 2025 totaled NIS 50 million, compared to NIS 26 million in the corresponding quarter last year - a 92% increase. The increase in net profit is due mainly to the increase in revenue, less the increase in costs and in tax expenses, as described above.

The adjusted EBITDA in the third quarter of 2025 totaled NIS 79.5 million, compared to NIS 45.1 million in the corresponding quarter last year - a 76% increase. Most of the increase is due to an increase in revenue from services, less the increase in costs.

The adjusted profit in the third quarter of 2025 totaled NIS 50.7 million, compared to NIS 27.2 million in the corresponding quarter last year - an 86% increase. Most of the increase is due to an increase in revenue from services, less the increase in costs and in the tax expenses.

Basic EPS reached a new high of NIS 0.547, increasing by a record 94% compared to the corresponding quarter last year.

Highlights of the results for the first nine months of 2025:

Revenue in the first nine months of 2025 totaled NIS 414.2 million, compared to NIS 322.4 million in the corresponding period last year - a 28% 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 nine months of 2025 totaled NIS 250.1 million, compared to NIS 229.3 million in the corresponding period last year - a 9% increase. The increase in the costs is due mainly to the increase in employee benefit expenses, computer and communication expenses, and depreciation and amortization expenses.

Net financing income in the first nine months of 2025 totaled NIS 4.7 million, compared to net financing income of NIS 7.5 million in the corresponding period last year - a 37% decrease. The decrease in net financing income is due mainly to a reduction in the balance of deposits and an increase in expenses due to changes in the NIS-dollar exchange rates. This decrease was partly offset by an increase in gains on marketable securities.

Tax expenses in the first nine months of 2025 totaled NIS 39.5 million, compared to NIS 24.6 million in the corresponding period last year - a 60% increase. The increase in the tax expense stems from the higher pre-tax profit.

The profit in the first nine months of 2025 totaled NIS 129.4 million, compared to NIS 76 million in the corresponding period last year - a 70% increase. Most of the increase in profit was due to the increase in revenue, less the increase in costs and in the tax expenses.

The adjusted EBITDA in the first nine months of 2025 totaled NIS 213 million, compared to NIS 139.5 million in the corresponding period last year - a 53% increase. Most of the increase is due to an increase in revenue from services, less the increase in costs.

The adjusted profit in the first nine months of 2025 totaled NIS 132 million, compared to NIS 80.7 million in the corresponding period last year - a 64% increase. Most of the increase is due to an increase in revenue from services, less the increase in costs and in the tax expenses.

Basic EPS reached a new high of NIS 1.415, increasing by a record 72% compared to the corresponding period last year.

Seasonality

Revenue from trading and clearing is affected by, among other things, the number of trading days during the reporting period. In Q3 2025, there were 62 trading days, compared to 65 days in the corresponding quarter last year, a 5% decrease. In the first nine months of 2025 there were 186 trading days, compared to 185 days in the corresponding period last year, a 1% increase. Presented below is information on the quarterly breakdown of trading days for 2024 and 2025:

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

Click here for the link to the full financial statements for the third quarter of 2025.
Click here for the link to the financial presentation of the third quarter of 2025.

Contact:
Orna Goren
Head of Communication and Public Relations Unit
Tel: +972 76 8160405
[email protected]

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SOURCE The Tel Aviv Stock Exchange Ltd.