Tel Aviv Stock Exchange Ltd. · TASE:TASE
Tel Aviv Stock Exchange — Q3 2025 Earnings Presentation
37 slides from Tel Aviv Stock Exchange's earnings presentation, Sep 30, 2025
Slide 1: Investors Presentation, Quarter ended September 30, 2025
Tel-Aviv Stock Exchange (TASE) Investors Presentation Quarter ended September 30, 2025 1
Slide 2: Important notice
IMPORTANT: You must read the following before continuing. The following applies to the presentation with respect to The Tel-Aviv Stock Exchange Limited and its subsidiaries and affiliates (collectively, “TASE”). In accessing the presentation, you agree to be bound by the following terms and conditio
Slide 3: TASE at a Glance / Q3'25 by the Numbers
TASE at a Glance / Q3’25 by the Numbers Average Daily Turnover (‘000 Contracts) (NIS Billions) (NIS Billions) (NIS Billions) (NIS Billions) 183.8 1.5 3.1 1.2 3.8 Derivatives T-Bills Government Bonds Corporate Bonds)1( Shares)1( 4% Y-o-Y Reduction 34% Y-o-Y Growth 6% Y-o-Y Reduction 26% Y-o-Y Growth
Slide 4: Equity Market at a Glance / Q3'25 by the Numbers
Equity Market at a Glance / Q3’25 by the Numbers (NIS Billions) 542 57 9.7 Listings and Share and bond Offerings Equity Raised Offerings Companies)1( 19% Y-o-Y Growth 280% Y-o-Y Growth 6 Companies Y-o-Y Growth Capital Issuances(2) (NIS in billions) Q2’25 Equity Issuance Composition(2) Number of Issu
Slide 5: Bonds & T-Bills Markets at a Glance / Q3'25 by the Numbers
Bonds & T-Bills Markets at a Glance / Q3’25 by the Numbers (NIS Billions) (NIS Billions) (NIS Billions) 100 60.4 29.5 95.4 Listings and Bond Companies)1( Corporate Bonds Government Bonds T-Bills Raised Offerings 13 Companies Y-o-Y Raised)2( Raised)3( 15% Y-o-Y Reduction Growth 27% Y-o-Y Growth 37% Y
Slide 6: TASE at a Glance / Q3'25 by the Numbers: Financial Metrics
TASE at a Glance / Q3’25 by the Numbers Financial Metrics (NIS Millions) (NIS Millions) (NIS Millions) (NIS) 147.1 79.5 54.1% 50.7 34.5% 0.547 Revenue Adj. EBITDA)1( % Adj. EBITDA)1( Adj. net profit)1( % Adj. net profit)1( Basic EPS 35% Y-o-Y Growth 76% Y-o-Y Growth 41.4% in Q3’24 86% Y-o-Y Growth 2
Slide 7: The results for Q3'25
The results for Q3’25 (NIS, in thousands) Quarter Ended Revenue (NIS Millions) GAAP (IFRS) 30.09.2025 30.09.2024 Difference -% Revenue from services 147,103 109,045 35% 109.0 147.1 35% Expenses 84,548 79,135 7% Y-o-Y Growth Profit before financing income, net 62,555 29,910 109% Q3'24 Q3'25 Adjusted
Slide 8: Q3'25 Revenue Composition
Q3’25 Revenue Composition (NIS, in millions) Total Revenues Revenues Composition 0% 19% Transactional 37% 63% Non- transactional 37% Q3’25 Revenue 147.1 Revenue over the last quarters (NIS in millions) NIS Millions 27% 147.1 131 136.1 108.3 109 115.4 105.1 17% 64% 63% 62% 60% 63% 62% 63% 40% 37% 38%
Slide 9: Q3'25 Revenue
Q3’25 Revenue (NIS, in thousands) Quarter Ended 28% 7% % of the % of the of the increase in Trading of the increase in revenue 30.09.2025 Company’s 30.09.2024 Company’s Difference -% and clearing commissions from Listing fees and levies is total revenues total revenues revenue is due mainly to due t
Slide 10: Q3'25 Revenue Composition
Q3’25 Revenue Composition (NIS, in millions) Revenue over the last quarters (NIS in millions) 5% Shares 80.0 40% 45% 37% 38% 37% 38% 22% Q3’25 70.0 36% 37% 40% Corporate Bonds 60.0 53.9 35% 43% Trading and 50.0 Government Bonds 53.9 30% 40.0 49.5 49.1 NIS Millions 43.0 41.8 43.1 25% Derivatives Clea
Slide 11: Q3'25 Revenue Composition
Q3’25 Revenue Composition (NIS, in millions) Revenue over the last quarters (NIS in millions) 4% 39% 50 26% 27% 30% 23% 24% 45 Q3’25 20% 20% 25% 40 18% 12% Custodian fees 20% 39.3 39.3 35 For members 35.2 15% Clearing 30 25 31.9 10% NIS Millions For companies & funds 20 26.1 House 5% 85% Growth Y-O-
Slide 12: Expenses Q3'25
Expenses Q3’25 (NIS, in thousands) Q3’25 Adjusted Expenses Quarter Ended September 30, 2025 % of the Company’s total September 30, 2024 % of the Company’s total Difference -% 83.8 expenses expenses NIS Millions Compensation 41,952 50% 41,744 54% 0% 50% Compensation 54% Computer and Communications 13
Slide 13: The results for Q1-Q3'25
The results for Q1-Q3’25 (NIS, in thousands) Nine months ended Revenue (NIS Millions) September 30, September 30, IFRS (GAAP) Difference -% Revenue from services 2025 414,233 2024 322,448 28% 322.4 414.2 28% Expenses 250,052 229,268 9% Y-o-Y Growth Q1-Q3'24 Q1-Q3'25 Profit before financing income, n
Slide 14: Q1-Q3'25 Revenue Composition
Q1-Q3’25 Revenue Composition (NIS, in millions) Total Revenues Revenues Composition 0% 19% Transactional 37% 63% Non- Q1-Q3’25 37% transactional Revenue 414.2 Revenue over the last quarters (NIS in millions) 26% NIS Millions 414.2 322.4 274.7 288.4 18% 237.9 63% 62% 60% 60% 60% 40% 38% 37% 40% 40% T
Slide 15: Q1-Q3'25 Revenue
Q1-Q3’25 Revenue (NIS, in thousands) Nine Months Ended 27% 8% % of the % of the of the increase in Trading of the increase in revenue 30.09.2025 Company’s 30.09.2024 Company’s Difference -% and clearing commissions from Listing fees and levies is total revenues total revenues revenue is due mainly t
Slide 16: Q1-Q3'25 Revenue Composition
Q1-Q3’25 Revenue Composition (NIS, in millions) Revenue Development Over Comparable Periods 5-Year Overview (NIS in millions) 6% 40% 40% 40% Shares 38% 42% 180.0 37% 21% Q1-Q3’25 160.0 37% 40% Corporate Bonds 152.4 140.0 152.4 Trading and 32% Government Bonds 120.0 123.6 NIS Millions 100.0 108.7 114
Slide 17: Q1-Q3'25 Revenue Composition
Q1-Q3’25 Revenue Composition (NIS, in millions) Revenue over the last quarters (NIS in millions) 4% 12% 26% 30% Q1-Q3’25 120.0 40% Custodian fees 20% 19% 20% 20% 25% 106.4 100.0 106.4 20% Clearing NIS Millions For members For companies & funds 80.0 15% 10% House 60.0 70% Growth Y-O-Y 57.3 62.7 Other
Slide 18: Expenses Q1-Q3'25
Expenses Q1-Q3’25 (NIS, in thousands) Q1-Q3’25 Adjusted Expenses Nine Months Ended September 30, 2025 % of the Company’s total September 30, 2024 % of the Company’s total Difference -% 247.4 expenses expenses NIS Millions Compensation 126,641 51% 120,072 53% 5% 51% Compensation 54% Computer and Comm
Slide 19: Financial Position and Capital & Liquidity Adequacy
Financial Position and Capital & Liquidity Adequacy (as of September 30, 2025 / NIS, in thousands) Assets: capital requirements NIS in Millions Cash and cash equivalents 332,577 499.7 Total capital requirements in respect of the risk components 194,732 Financial assets at fair value through profit o
Slide 20: Cash Flow
Cash Flow (NIS, in Millions) Item Q1-Q3’25 Q3’25 Q2’25 Q1’25 2024 Q4’24 Q3’24 Q2’24 Q1’24 Adjusted EBITDA(1) 213,000 79,523 71,646 61,831 186,325 46,822 45,123 45,812 48,568 Operating Changes in working capital 18,935 3,755 )549( 15,729 )3,545( 11,674 2,854 )22,933( 4,860 Activities Financing and ta
Slide 21: Appendix
2h Appendix BE TELAVIV STOCK EXCHANGE ZS FIRM oN THE BEST ISRAEL HAS TO OFFER wu
Slide 22: Revenue Trends
Revenue Trends (NIS, in Millions) 529.7 1% 6סידרה 437.8 19% 389.9 1% Other revenue 361.0 1% 21% 323.7 1% 18% 25% 16% Data distribution and 2% 16% 20% connectivity services 20% 20% 18% Clearing House services 20% Annual 21% 23% 21% 20% Listing fees and levies Revenue 40% 40% 38% 37% Trading and cle
Slide 23: Adjusted Operating Expenses Trends
Adjusted Operating Expenses Trends(NIS, in Millions) (1) 330.5 307.7 277.3 285.4 268.5 30% 28% 28% 4סידרה 27% 28% 18% 18% 18% Other 18% 19% Depreciation and Annual 55% 53% 54% 54% 52% amortization Expenses(1) Compensation 2021 2022 2023 2024 LTM 77.9 83.1 83.8 79.8 83.8 74.9 73.3 73.4 69.4 70.9 70
Slide 24: Profitability Trends
Profitability Trends (NIS, in Millions) 55.0% 90.0 52.6% 54.1% 50.0% 49.0% 47.2% 45.0% 42.6% 80.0 43.5% 44.8% 43.6% 250.0 40.4% 259.7 45.0% 40.0% 41.4% 40.6% 79.5 37.5% 70.0 38.3% 39.5% 40.0% 71.6 35.0% 200.0 35.0% 60.0 61.8 30.0% 186.3 50.0 150.0 25.0% 48.6 25.0% 157.6 40.0 45.8 45.1 46.8 43.5 135.
Slide 25: Revenue Drill Down / Transactional - Shares
Revenue Drill Down / Transactional - Shares Velocity 43% 43% 41% 47% 46% 44% 39% 42% 39% 42% 39% 43% 45% 47% 48% 3.76 3.27 3.16 2.90 Average Daily 2.30 2.00 2.20 2.14 2.07 1.93 2.14 2.16 2.00 2.51 1.87 Turnover (NIS billions) 2022 2023 2024 Q1-Q3'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1
Slide 26: Revenue Drill Down / Transactional – Corporate Bonds
Revenue Drill Down / Transactional – Corporate Bonds Velocity 61% 58% 54% 50% 64% 55% 58% 54% 60% 56% 49% 54% 52% 49% 50% 1.14 1.16 1.21 1.05 1.08 1.09 1.08 1.12 1.08 1.10 1.11 1.02 0.96 0.96 0.93 Average Daily Turnover (NIS billions) 2022 2023 2024 Q1-Q3'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24
Slide 27: Revenue Drill Down / Transactional – Government Bonds
Revenue Drill Down / Transactional – Government Bonds Velocity 81% 101% 100% 89% 109% 95% 88% 114% 110% 102% 95% 96% 81% 102% 78% 3.53 3.72 3.34 3.34 3.44 3.27 3.26 3.41 3.25 2.91 2.99 3.06 Average Daily 2.43 2.63 2.43 Turnover (NIS billions) 2022 2023 2024 Q1-Q3'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'
Slide 28: Revenue Drill Down / Transactional - Mutual Funds
Revenue Drill Down / Transactional - Mutual Funds 2.61 2.46 2.41 2.37 2.18 1.92 1.83 1.83 1.86 Average Daily 1.42 1.50 1.31 1.41 1.47 Turnover 0.99 (NIS billions) 2022 2023 2024 Q1-Q3'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 0.0103% 0.0081% 0.0086% 0.0085% 0.0074% 0.0078%
Slide 29: Revenue Drill Down / Transactional – Derivatives Daily Contracts
Revenue Drill Down / Transactional – Derivatives Daily Contracts (thousands) 200.6 208.2 209.8 191.9 179.1 183.8 173.1 164.4 169.4 Average Daily 159.2 157.3 153.2 158.8 152.3 151.5 Turnover (in '000 units) 2022 2023 2024 Q1-Q3'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 0.59
Slide 30: Revenue Drill Down / Non-transactional- Clearing House Services
Revenue Drill Down / Non-transactional- Clearing House Services 3,886 3,800 4,169 3,470 3,685 2,983 2,890 3,238 2,877 2,946 2,908 3,110 3,132 3,239 2,829 Value of Assets Held in Custody (NIS billions) 2022 2023 2024 Q1-Q3'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 0.00145%
Slide 31: Revenue Drill Down / Non-transactional NIS in Millions
Revenue Drill Down / Non-transactional NIS in Millions 39.8 43.6 38.1 37.6 Annual Levies 10.0 9.9 10.0 9.9 10.7 10.9 11.0 11.0 12.5 12.4 12.7 2022 2023 2024 Q1-Q3'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 46.4 41.4 44.4 37.3 Examination and Listing 10.3 10.2 10.6 10.3 10.9
Slide 32: Transactional Metrics
Transactional Metrics Nine Months Ended Quarter Ended Year ended 30.09.25 30.09.24 30.9.25 30.06.25 31.03.25 31.12.24 30.09.24 30.06.24 31.03.24 31.12.24 31.12.23 31.12.22 Number of trading days 186 185 62 60 64 60 65 57 63 245 249 244 SHARES Market cap of Shares (ex. ETFs) 1,594 1,050 1,594 1,486 1
Slide 33: Transactional Metrics / Continued
Transactional Metrics / Continued Nine Months Ended Quarter Ended Year ended 30.09.25 30.09.24 30.9.25 30.06.25 31.03.25 31.12.24 30.09.24 30.06.24 31.03.24 31.12.24 31.12.23 31.12.22 Number of trading days 186 185 62 60 64 60 65 57 63 245 249 244 TREASURY BILLS Market cap (in NIS billions) 242 231
Slide 34: Non-Transactional Metrics
Non-Transactional Metrics Nine Months Ended Quarter Ended Year ended 30.09.25 30.09.24 30.9.25 30.06.25 31.03.25 31.12.24 30.09.24 30.06.24 31.03.24 31.12.24 31.12.23 31.12.22 CLEARING HOUSE SERVICES Average monthly/daily value of assets (in NIS 3,886 3,160 4,169 3,800 3,685 3,470 3,239 3,132 3,110
Slide 35: Non-Transactional Metrics / Continued
Non-Transactional Metrics / Continued Nine Months Ended Quarter Ended Year ended 30.09.25 30.09.24 30.9.25 30.06.25 31.03.25 31.12.24 30.09.24 30.06.24 31.03.24 31.12.24 31.12.23 31.12.22 LISTING FEES AND LEVIES- Continued The value of issuance used to calculate Listing fees (in NIS millions) Compan
Slide 36: Non-Transactional Metrics / Continued
Non-Transactional Metrics / Continued Nine Months Ended Quarter Ended Year ended 30.09.25 30.09.24 30.9.25 30.06.25 31.03.25 31.12.24 30.09.24 30.06.24 31.03.24 31.12.24 31.12.23 31.12.22 DATA DISTRIBUTION AND CONNECTIVITY SERVICES Average number of data terminals Domestic business clients(1) 7,695
Slide 37: Thank You! Contacts
THANK YOU! Contacts Yehuda Ben Ezra Orna Goren EVP CFO Head of Communication & PR unit Email: cfo@tase.co.il Email: tase.ir@tase.co.il Tel: +972-76-8160442 Tel: +972-76-8160405 37
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