TASE Reports the Results of the Financial Statements for the Fourth Quarter and Full Year 2025

The Tel-Aviv Stock Exchange Concludes 2025 with Growth Across All Segments

Ittai Ben Zeev, CEO of TASE: “The strong financial results reflect the continued organic growth across all our core activities and ongoing evolution of the Israeli capital market and the TASE-listed companies. Palo Alto Networks’ dual listing on TASE constitutes a profound vote of confidence in the Israeli capital market while strengthening TASE’s position on the international financial stage.”

29% increase in annual revenues to NIS 563.5 million

79% growth in annual net profit to NIS 181 million

58% growth in annual adjusted EBITDA to NIS 293.8 million

Net profit in the fourth quarter grew by 104%, totaling NIS 51.7 million

The board authorized a total dividend of NIS 144.8 million, which consists 50% of the annual net profit amounted to NIS 90.5 million in accordance with TASE’s policy, and a special dividend of NIS 54.3 million

• Revenues in 2025 totaled NIS 563.5 million, an all-time record, compared to revenues of NIS 437.9 million in 2024, a 29% increase.
• Revenues in the fourth quarter of 2025 totaled NIS 149.3 million, an all-time high, compared to revenues of NIS 115.4 million in the corresponding quarter in 2024 – a 29% increase.
• The net profit in 2025 totaled NIS 181 million, an all-time record, compared to NIS 101.4 million in 2024, a 79% increase.
• The net profit in the fourth quarter of 2025 totaled NIS 51.7 million, an all-time high, compared to NIS 25.4 million in the corresponding quarter in 2024, a 104% increase.
• The adjusted EBITDA in 2025 totaled NIS 293.8 million, an all-time record, compared to NIS 186.3 million in 2024, a 58% increase.
• The adjusted EBITDA in the fourth quarter of 2025 totaled NIS 80.8 million, an all-time high, compared to NIS 46.8 million in the corresponding quarter in 2024 – a 73% increase.

Ittai Ben Zeev, CEO of TASE, said today: “TASE concludes 2025 with strong financial results, reflecting continued organic growth across all our core activities and ongoing evolution of the Israeli capital market. These results underscore our successful strategy to expand our product range and investor services and to maintain our commitment to advanced infrastructure. At the same time, we are seeing sustained growth in data consumption alongside the increasing active participation of retail investors in the capital market, indicating an expansion of the investor base. Despite all the challenges of the last few years, we are witnessing the growth and resilience of TASE, with our local indices outperforming the leading global indices. As part of a significant milestone in strengthening TASE’s international profile and attracting foreign investors, we have completed the transition to a Monday through Friday trading week at the beginning of 2026. We are pleased with the early results of this change, with participation by global investors in Friday trading sessions exceeding the average recorded on Sundays in 2025. We expect this trend to accelerate during the remainer of 2026. These measures, coupled with the dual listing of cyber giant Palo Alto Networks on TASE, constitute a significant vote of confidence in the Israeli capital market and strengthen TASE’s position on the international financial stage, while further developing the local market for the benefit of all investors.”

TEL AVIV, Israel, March 5, 2026 /PRNewswire/ — The Tel-Aviv Stock Exchange Ltd. (TASE: TASE) today published its financial results for the fourth quarter ended December 31, 2025 and for 2025.

For most of 2025, trading on TASE took place against the backdrop of the ongoing war and elevated volatility. Against this background, the Israeli capital market has exhibited resilience and economic strength during 2024 and 2025. The leading equity indices on TASE broke their historic record on numerous occasions in 2025, outperforming the leading global indices: the TA-90 Index and the TA-35 Index gained 46.6% and 51.6%, respectively, compared to 17.9% on the S&P 500 Index and 21.0% on the NASDAQ-100 Index. At the end of 2025, TASE’s equity market cap reached NIS 2 trillion – a 46% increase from year-end 2024.

During 2025, trading volumes also set new records with the cash equities ADV rising to NIS 3.4 billion in 2025, 57% increase over 2024.

The IPO market staged an impressive resurgence in 2025 with 21 IPOs and an additional 5 companies listing their shares without raising capital, including one dual-listed company. 

At the beginning of 2026, TASE transitioned to a Monday through Friday trading week as part of a significant milestone to strengthen its international profile and attract international investors. This change is off to a great start with robust participation by international investors in the Friday trading session and overall trading volumes exceeding the higher-than-average trading volumes on Sundays in 2025. On February 23, 2026, the cyber giant Palo Alto Networks, began trading on TASE, officially making it a dual-listed company on both the U.S. and Israeli Market, a move that constitutes a vote of confidence in the Israeli market and in TASE.

In 2025, the TASE bond market displayed increased strength as a major source for debt funding, both for corporate issuers and for the Israeli government. Corporate bond issuances totaled NIS 187 billion in 2025, compared to NIS 124 billion in the previous year. Additionally, the Ministry of Finance raised NIS 137 billion in debt in Israel in 2025. The strong demand and successful issuances in Israel and abroad, alongside foreign investors’ inflows into the equity market of NIS 4.4 billion in 2025, were a powerful sign of confidence in the Israeli economy.

The Core Activities in 2025

TASE ended the year on a high note with all-time record revenues from services for the full year reaching NIS 563.5 million – 29% above the revenues for the comparable period in 2024, alongside a 79% increase in net profit, which came to NIS 181 million. The adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) also increased by 58% year-over-year, reaching NIS 293.8 million at the end of the reporting period.

Revenue from the trading and clearing fees totaled NIS 207.1 million, a 24% increase compared to 2024. This trend was primarily driven by the higher equity trading volumes, which reached NIS 3.4 billion ADV in 2025, alongside the stronger activity of the mutual funds.

TASE’s Clearing House revenues grew by 66% in 2025, posting total revenue of NIS 147.6 million. The increase was driven to a combination of the increased volume of activity, an increase in the value of assets held under custody, the completion of regulation measures in relation to OTC transactions, and the linkage of fees to the CPI. An increase was also recorded in revenue from custodian fees.

TASE’s data distribution and connectivity services activity generated revenue of NIS 105.9 million in 2025, a 17% increase compared to 2024. This growth was driven by the increase in the value of AUM of products tracking the TASE indices, which came to NIS 148 billion at the end of 2025. During the year, TASE continued to develop the indices market, launching ten new equity and bond indices, of which seven are exclusive.

On June 18, 2025, TASE’s Board of Directors authorized the Company’s management to explore strategic moves regarding the indices activity, including a partial or full sale of the activity, or a partnership with a leading international entity. TASE entered into an engagement agreement with Jefferies investment bank to provide strategic advisory services for the Company’s index activity. On January 21, 2026, TASE announced that it is conducting negotiations to enter into a deal to sell TASE’s indices activity and to cooperate strategically with a major international entity. At this stage, there is no certainty as to when, if at all, said negotiations will bear fruit and result in a binding agreement and what its final terms will be; even if a binding agreement is signed, there is no certainty that the deal will be closed. TASE’s engagement in a binding agreement shall be subject to approval by the Board of Directors.

In 2025, TASE continued implementing the strategic plan to strengthen business activity. As part of a significant milestone in strengthening TASE’s international profile and attracting foreign investors, TASE completed the transition to a Monday through Friday trading week at the beginning of 2026. In the last 2 months this move has already led to a substantial influx of foreign investors during Friday trading, exceeding the average recorded on Sundays in 2025. In addition, on February 23, 2026, the cyber giant, Palo Alto Networks began trading on TASE, officially making it a dual-listed company on both the U.S. and Israeli market. This significant milestone represents a strong vote of confidence in the Israeli capital market and is expected to lead to further breakthroughs for the local capital market, while strengthening TASE’s position on the international financial stage.

The IPO market staged an impressive resurgence in 2025 with 21 IPOs and an additional 5 companies listing their shares without raising capital, including one dual-listed company; overall, the total capital raised on the equities market soared to NIS 21 billion, compared to NIS 8 billion in 2024.

Investor presence on TASE expanded, among both retail investors and foreign investors. In 2025, 200,000 new trading accounts were opened by retail investors – a 25% increase compared to 2024. Concurrently, foreign investors expressed confidence in the Israeli economy, with net inflows into the equity market reaching NIS 4.4 billion, focusing on the financial and defense sectors.

TASE adopted a dividend distribution policy for the years 2024-2026, as part of which TASE will distribute to its shareholders a cash dividend at a rate of 50% of the annual net profit for 2025. In accordance with this policy, TASE’s Board of Directors has approved the distribution of a dividend to the shareholders of TASE in a total amount of NIS 90.5 million.

Additionally, in light of the substantial growth in TASE’s profitability in 2025 and the consequent significant increase in the company’s liquid reserves, TASE will distribute a special dividend of NIS 54.3 million.

Overall, TASE will distribute a total dividend of NIS 144.8 million, representing 1.56 Shekel per ordinary share, that will be paid on March 20, 2026.

Furthermore, during the coming year, TASE’s management will examine drawing up a buyback plan, with this being subject to market conditions and other relevant considerations.

Highlights of the results for the fourth quarter of 2025:

• Revenue in the fourth quarter of 2025 totaled NIS 149.3 million, compared to revenue of NIS 115.4 million in the corresponding quarter last year, a 29% increase. The increase in revenue is due mainly to an increase across all activities, most notably an increase in revenue from Clearing House services and in revenue from trading and clearing commissions.
• The net profit in the fourth quarter of 2025 totaled NIS 51.7 million, compared to NIS 25.4 million in the corresponding quarter last year, a 104% increase. Most of the increase in profit was due to the increase in revenue, less the increase in costs and in tax expenses.
• Costs in the fourth quarter of 2025 totaled NIS 84.5 million, compared to costs of NIS 84.2 million in the corresponding quarter last year.
• Net financing income in the fourth quarter of 2025 totaled NIS 2.5 million, compared to net financing income of NIS 2.6 million in the corresponding quarter last year.
• Taxes on income in the fourth quarter of 2025 totaled NIS 15.7 million, compared to NIS 8.4 million in the corresponding quarter last year, an 86% increase. The increase in the tax expenses was due mainly to the increase in the pre-tax profit.

Highlights of the results for full fiscal year 2025:

• Revenue in 2025 totaled NIS 563.5 million, compared to NIS 437.9 million in 2024, a 29% 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.
• The net profit in 2025 totaled NIS 181 million, compared to NIS 101.4 million in 2024, a 79% increase. Most of the increase in profit was due to the increase in revenue, less the increase in costs and in tax expenses.
• Costs in 2025 totaled NIS 334.5 million, compared to NIS 313.4 million in 2024, a 7% increase. The increase in costs is due mainly to the increase in employee benefit expenses, computer and communication expenses, depreciation and amortization expenses, and other operating expenses.
• Net financing income in 2025 amounted to NIS 7.2 million, compared to net financing income of NIS 10 million in 2024, a 28% decrease. The decrease in net financing income is due mainly to a reduction in the balance of deposits and to an increase in expenses as a result of changes in the NIS-dollar exchange rates. This decrease was partly offset by an increase in gains on marketable securities.
• Taxes on income in 2025 totaled NIS 55.2 million, compared to NIS 33.1 million in 2024, a 67% increase. The increase in the tax expenses was due mainly to the increase in the pre-tax profit.

Click here to the financial statements for the fourth quarter of 2025 and the full year 2025
Click here to the financial presentation of the fourth quarter of 2025 and the full year 2025

This notification does not supersede that stated in the periodic financial statements of the Company for the fourth quarter of 2025 and the full year 2025, which contain the full and accurate information.

Seasonality

As a rule, the Company’s operations are not characterized by seasonality. Nevertheless, the revenue of the Company from trading and clearing is affected, inter alia, by the number of trading and clearing days. Presented below is information on the quarterly breakdown of trading days:

The Tel-Aviv Stock Exchange will be happy to assist interested parties in initiating contact with our listed companies. Reach out to us for help connecting with the most relevant executives in these companies: 

Tom Alhadif,
Head of Market Development
Tel: +972 76 8160485
toma@tase.co.il

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

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SOURCE The Tel Aviv Stock Exchange Ltd.