Tel Aviv Stock Exchange Ltd. · TASE:TASE
Tel Aviv Stock Exchange — The Tel-Aviv Stock Exchange — Q2 2025 Earnings Presentation
33 slides from Tel Aviv Stock Exchange's earnings presentation, Aug 5, 2025
Slide 1: Tel-Aviv Stock Exchange (TASE) Investors Presentation
Tel-Aviv Stock Exchange (TASE) Investors Presentation Quarter ended June 30, 2025 1
Slide 2: Important: You must read the following before continuing
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 / Q2'25 by the Numbers
TASE at a Glance / Q2’25 by the Numbers Established in 1953, TASE is the only Securities Exchange in Israel and a cornerstone of its growing capital market Average Daily Turnover Listings and Offerings (‘000 Contracts) (NIS Billions) (NIS Billions) (NIS Billions) (NIS Billions) (NIS Billions) (NIS B
Slide 4: TASE at a Glance / Q2'25 by the Numbers - Continued
TASE at a Glance / Q2’25 by the Numbers Continued Financial Metrics (NIS Millions) (NIS Millions) (NIS Millions) )NIS( 136.1 71.6 52.6% 44.4 32.6% 0.478 Revenue Adj. EBITDA )1( % Adj. EBITDA )1( Adj. net profit )1( % Adj. net profit )1( Basic EPS 29% Y-o-Y Growth 56% Y-o-Y Growth 43.6% in Q2’24 73%
Slide 5: Issuance Volume
Issuance Volume Number of Issuances(2) Q2’25(1) Capital Issuances(1) (NIS in billions) )3( Secondary offerings IPO IPO Secondary offerings 0% 38 Secondary Offerings 36 30% Equity Market 2.6 Private Placements 2.6 21 NIS in 51% IPOs billions 1.4 Exercise of Warrants 1.1 4 19% 0.8 0.3 1 0.0 0 Q2'23 Q2
Slide 6: The results for Q2'25
The results for Q2’25 NIS, in thousands Quarter Ended Revenue (NIS Millions) 136.1 29% IFRS (GAAP) June 30, 2025 June 30, 2024 Difference -% 105.1 Revenue from services 136,100 105,110 29% Expenses 80,660 74,766 8% Y-o-Y Growth Q2'24 Q2'25 Profit before financing income, net 55,440 30,344 83% Financ
Slide 7: Revenue Q2'25
Revenue Q2’25 NIS, in thousands 36% Transactional 64% Non-transactional Quarter Ended % of the % of the 1% June 30, Company June 30, Company Difference 2025 ’s total 2024 ’s total -% revenues revenues 19% 28% of the increase in revenue is due mainly to an increase in the trading volumes, primarily i
Slide 8: Q2'25 Revenue Composition
Q2’25 Revenue Composition NIS, in millions Total Revenue Trading and Clearing Commissions T-Bills and other Shares 6% 39% Q2’2025 Non-transactional Transactional 36% 49.1 NIS Millions 64% Mutual Funds 21% 26% Y-o-Y Growth Corporate Bonds 9% Government Derivatives Bonds 14% 11% Revenue over the last
Slide 9: Q2'25 Revenue Composition
Q2’25 Revenue Composition NIS, in millions Data Distribution and Connectivity Services Clearing House Services Listing Fees and Levies 30% 4% 39% 11% 50% 16% Q2’25 Q2’25 Q2’25 26.3 15% 35.2 25.1 NIS Millions 14% NIS Millions NIS Millions 19% Growth Y-O-Y 63% Growth Y-O-Y 16% Growth Y-O-Y 5% 29% 39%
Slide 10: Adjusted Expenses Q2'25
Adjusted Expenses(*) Q2’25 NIS, in thousands Quarter Ended % of the % of the 1% June 30, 2025 Company’s June 30, 2024 Company’s Difference -% total expenses total expenses 19% Compensation 40,072 50% 39,298 54% 2% 2% Q2’25 Computer and Communications 12,456 16% 10,469 14% 19% Adjusted 4% Expenses 79
Slide 11: The results for H1'25
The results for H1’25 NIS, in thousands Six months ended Revenue IFRS (GAAP) June 30, 2025 June 30, 2024 Difference -% (NIS Millions) 267.1 25% 213.4 Revenue from services 267,130 213,403 25% Expenses 165,504 150,133 10% Y-o-Y Growth Profit before financing income, net 101,626 63,270 61% H1'24 H1'25
Slide 12: Revenue H1'25
Revenue H1’25 NIS, in thousands 37% Transactional Six Months Ended 63% Non-transactional % of the % of the June 30, Company’s June 30, Company’s Difference -% 2025 total 2024 total revenues revenues 24% of the increase in revenue is due mainly to an increase in the trading volumes, primarily in shar
Slide 13: H1'25 Revenue Composition
H1’25 Revenue Composition NIS, in millions Total Revenue Trading and Clearing Commissions T-Bills and other Stocks 6% 38% H1’25 Revenue Non-transactional Transactional 37% 98.5 63% Mutual Funds NIS Millions 22% 21% Growth Corporate Bonds 10% Y-o-Y Government Derivatives Bonds 14% 10% Revenue Develop
Slide 14: H1'25 Revenue Composition
H1’25 Revenue Composition NIS, in millions Data Distribution and Connectivity Services Clearing House Services Listing Fees and Levies 31% 4% 40% 11% 16% 50% H1’25 Revenue H1’25 Revenue H1’25 Revenue 50.8 67.1 49.4 13% NIS Millions NIS Millions NIS Millions 14% 14% Growth Y-O-Y 62% Growth Y-O-Y 14%
Slide 15: Adjusted Expenses H1'25
Adjusted Expenses(*) H1’25 NIS, in thousands Six Months Ended % of the % of the 0% June 30, 2025 Company’s June 30, 2024 Company’s Difference -% total expenses total expenses 18% Compensation 84,689 52% 78,328 53% 8% 2% H1’25 Computer and Communications 25,009 15% 21,306 15% 17% Adjusted 4% Expenses
Slide 16: Financial Position and Capital & Liquidity Adequacy
Financial Position and Capital & Liquidity Adequacy as of June 30, 2025 | NIS Thousands capital requirements Assets: 449.3 Cash and cash equivalents 281,837 Total capital requirements in respect of the risk components 187,405 Financial assets at fair value through profit or loss 95,236 Total equity
Slide 17: Cash Flow
Cash Flow NIS in Millions Item H1’25 Q2’25 Q1’25 2024 Q4’24 Q3’24 Q2’24 Q1’24 Adjusted EBITDA(1) 133,477 71,646 61,831 186,325 46,822 45,123 45,812 48,568 Operating Changes in working capital 15,180 )549( 15,729 )3,545( 11,674 2,854 )22,933( 4,860 Activities Financing and tax )26,384( )6,664( )19,72
Slide 18: Appendix
APPENDIX PROTA ge TELAVIV STOCK EXCHANGE
Slide 19: Revenue Trends
Revenue Trends NIS in Millions 491.5 1% 437.8 Other revenue 1% 20% 389.9 Annual 361.0 1% 21% 323.7 1% Data distribution and connectivity services Revenue 2% 16% 18% 23% 16% 20% Clearing House services 20% 20% 20% 19% 20% Listing fees and levies 23% 21% 21% Trading and clearing commissions 40% 38% 37
Slide 20: Adjusted Operating Expenses Trends
Adjusted Operating Expenses(1) Trends NIS in Millions 307.7 324.6 Annual 285.4 Expenses(1) 268.5 277.3 29% 28% 4סידרה 28% 28% 27% Other 18% 18% 18% 19% 18% Depreciation and amortization Compensation 54% 54% 53% 55% 53% Quarterly 2021 2022 2023 2024 LTM Expenses(1) 77.9 83.1 83.8 79.8 74.9 73.3 73.
Slide 21: Profitability Trends
Profitability Trends NIS in Millions 42.6% 45.8% 52.6%46.0% 250.0 40.4% 53.0% 80.0 47.2% 71.6 41.0% 225.3 43.5% 44.8% 43.6% 37.5% 70.0 40.0% 41.4% 40.6% 43.0% 38.3% 39.5% 61.8 186.3 36.0% 200.0 60.0 31.0% 157.6 33.0% 48.6 46.8 50.0 45.8 45.1 135.2 26.0% 43.5 150.0 40.1 Adjusted EBITDA 23.0% 40.0 35.
Slide 22: Revenue Drill Down | Transactional - Shares
Revenue Drill Down | Transactional - Shares Velocity 43% 43% 41% 46% 46% 44% 39% 42% 39% 42% 39% 43% 45% 47% 3.02 3.16 2.90 2.51 2.30 2.20 2.14 2.14 2.16 2.00 2.07 1.93 2.00 1.87 Average Daily Turnover (NIS billions) 2022 2023 2024 H1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 0.
Slide 23: Revenue Drill Down | Transactional - Bonds
Revenue Drill Down | Transactional - Bonds Velocity 73% 81% 82% 77% 91% 78% 75% 89% 89% 83% 76% 79% 69% 81% 4.59 4.60 4.83 4.42 4.49 4.39 4.49 4.35 4.08 4.22 3.93 1.11 3.48 1.08 1.11 3.56 3.51 0.96 1.16 1.08 1.12 0.96 1.10 1.02 1.09 1.05 0.93 1.08 Average Daily Turnover 3.48 3.53 3.72 3.34 3.44 3.27
Slide 24: Revenue Drill Down | Transactional - Mutual Funds
Revenue Drill Down | Transactional - Mutual Funds 2.39 2.41 2.37 2.18 1.92 1.83 1.83 1.86 1.42 1.50 1.41 1.47 1.31 0.99 Average Daily Turnover (NIS billions) 2022 2023 2024 H1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 0.0103% 0.0081% 0.0086% 0.0085% 0.0074% 0.0078% 0.0078% 0.007
Slide 25: Revenue Drill Down | Transactional - Derivatives
Revenue Drill Down | Transactional – Derivatives Daily Contracts (thousands) Derivatives on shares FX derivatives Derivatives on indices 209.0 208.2 209.8 10.0 191.9 11.0 9.0 173.1 169.4 179.1 164.4 8.3 159.2 157.3 48.7 153.2 158.8 152.3 151.5 8.4 47.6 49.7 11.8 10.1 41.0 4.3 12.7 12.3 40.1 37.6 10.
Slide 26: Revenue Drill Down | Non-transactional
Revenue Drill Down | Non-transactional NIS in Millions Unless Otherwise Noted Custodian fees (Clearing House Services) 3,743 3,685 3,800 3,470 3,238 3,110 3,132 3,239 2,983 2,890 2,829 2,877 2,946 2,908 Asset Value (NIS billions) 2022 2023 2024 H1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q
Slide 27: Revenue Drill Down | Non-transactional
Revenue Drill Down | Non-transactional NIS in Millions Unless Otherwise Noted 43.6 38.1 39.8 24.9 Annual Levies 10.7 10.9 11.0 11.0 12.5 12.4 10.0 9.9 10.0 9.9 2022 2023 2024 H1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 46.4 44.4 41.4 Examination and Listing 24.5 Fees* 10.3 10.2
Slide 28: Transactional Metrics
Transactional Metrics Six Months Ended Quarter Ended Year ended 30.06.25 30.06.24 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 124 120 60 64 60 65 57 63 245 249 244 SHARES Market cap of Shares (ex. ETFs) 1,486 964 1,486 1,216 1,218 1,050 964
Slide 29: Transactional Metrics | Continued
Transactional Metrics | Continued Six Months Ended Quarter Ended Year ended 30.06.25 30.06.24 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 124 120 60 64 60 65 57 63 245 249 244 TREASURY BILLS Market cap (in NIS billions) 232 249 232 228 222
Slide 30: Transactional Metrics | Continued
Transactional Metrics | Continued Six Months Ended Quarter Ended Year ended 30.06.25 30.06.24 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 billions)* 3,743 3,121 3,800 3,685 3,470 3,239 3,132 3,
Slide 31: Non-Transactional Metrics | Continued
Non-Transactional Metrics | Continued Six Months Ended Quarter Ended Year ended 30.06.25 30.06.24 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) Companies – Sha
Slide 32: Non-Transactional Metrics | Continued
Non-Transactional Metrics | Continued Six Months Ended Quarter Ended Year ended 30.06.25 30.06.24 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) 7,655 7,444 7,5
Slide 33: Contacts
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 33
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