TASE Reports the Results of the Financial Statements for the First Quarter of 2025

Record results in TASE Revenues -  21% revenue growth to NIS 131 million

The adjusted EBITDA increased by 27%, to NIS 61.8 million

Adjusted net profit totaled NIS 36.9 million, an increase of 32% compared to the corresponding quarter last year

• Record revenue in the first quarter of the year totaled NIS 131 million, compared to NIS 108 million in the corresponding quarter last year, an increase of 21%.
• The adjusted EBITDA in the first quarter of 2025 totaled NIS 61.8 million, compared to NIS 48.6 million in the corresponding quarter last year, an increase of 27%. 
• The EBITDA Margin increased to 47.2% in the first quarter of 2025, compared to 44.8% in the corresponding quarter last year.
• The adjusted profit in the first quarter totaled NIS 36.9 million, compared to NIS 27.8 million in the corresponding quarter last year, an increase of 32%.
• Five new companies completed an IPO in the first quarter, equal to the total number of IPOs completed in the full year 2024.
• Equity trading volumes reached NIS 2.9 billion in the first quarter, compared to NIS 2.1 billion in the corresponding quarter last year, an increase of 35%.

Ittai Ben Zeev, CEO of TASE: "The quarter's record results reflect our commitment to TASE's strategic plan and the consistent growth of the Israeli capital market, even during a period of global and local challenges. The growing trading volumes, higher volumes of activity and increase in IPOs and investments in local ETFs underscores the confidence of both local and international investors in the Israeli economy and the public companies, which continue to demonstrate strength and resilience even during particularly challenging times. TASE continues to mirror the strength of the Israeli market, with a stable, robust and diversified economy that stands strong amidst increasing global uncertainty and volatility. We will continue to diligently pursue our strategic goals of developing and enhancing the local capital market for the benefit of the public and the Israeli companies."

TEL AVIV, Israel, May 13, 2025 /PRNewswire/ --The Tel-Aviv Stock Exchange Ltd. (TASE: TASE) today announced its financial results for the first quarter ended March 31, 2025.

The report shows that the quarter ended with record results in all TASE's business lines and core activities

The TA-35 and TA-125 indices recorded a positive return of 1% and 0.8%, respectively, compared to a decline of 0.9% and 4.3% in the Dow Jones and S&P 500 indices, respectively. 

The market cap of the equity market reached NIS 1.4 trillion in the quarter, the same as at year-end 2024.

Equity trading volumes surged by 35%, reaching NIS 2.9 billion in the first quarter, compared to NIS 2.1 billion in the corresponding quarter last year, this, inter alia, due to the significant inflow of funds invested by foreign and local investors in the local indices, in a total net amount of NIS 10 billion.

In the first quarter of 2025, purchases of ETFs on local equity indices and of ETFs on local bond indices increased significantly, totaling NIS 2.2 billion and NIS 1.3 billion, respectively, while sales of NIS 1.4 billion were recorded in ETFs on international equity indices. In addition, purchases of mutual funds that invest in equities in Israel amounted to NIS 2.2 billion, while sales of NIS 0.4 billion were recorded in mutual funds that invest in foreign equities.

The value of the public's holdings in foreign funds traded on TASE reached a total of NIS 15.2 billion, NIS 1.1 billion higher than the value at the end of 2024.

Five new companies completed an IPO in the first quarter, equal to the total number of IPOs completed in the full year 2024. A total of NIS 3 billion was raised on the equity market, compared to NIS 2.5 billion in the corresponding quarter last year, and a jump of 50% on the amount raised in the fourth quarter of 2024.

The Ministry of Finance raised NIS 49 billion on TASE in the first quarter of 2025, compared to NIS 52 billion in the first quarter of 2024. During February 2025, the Ministry of Finance also managed to raise US$ 5 billion on international markets from a public issuance of bonds, which constitutes a further vote of confidence in the Israeli economy even during a period of global, security and local challenges. 

In the corporate bond market, the business sector raised NIS 44.3 billion, an increase of 103% compared to the corresponding quarter last year and 23% compared to the fourth quarter of 2024.

Enhancement of liquidity on TASE

On May 4, 2025, the new market-making program was launched, with an investment by TASE of several million shekels over two years. The key improvements in the program include an increase in the number of market makers, with some of these acting as market makers in equities for the first time; there will also be two market makers per share, which will open the door to more competition and provide a greater depth of trading. In relation to the TA-90 index, market makers will operate in all the shares included in the index, with a materially improved quote obligation and considerably reduced spreads. To date, 265 companies have signed on to the market-making program and additional companies are expected to join the program at a later stage.

In addition, in late April, TASE published the tailor-made market-making program for public companies, within the framework of which it offers the participants a dedicated market-making program tailored to their needs. Bank Hapoalim was the first to take part in the tailor-made program and TASE has already published an RFI to local and foreign market makers for the bank's dedicated program.

In addition, within the context of making trading more sophisticated and increasing the range of services and trading orders, and after obtaining the Israel Securities Authority's approval, TASE intends to launch TAL (Trading-At-Last) at the beginning of July this year. This will be a new trading phase.

Highlights of the results for the first quarter of 2025:

• Revenue in the first quarter of 2025 totaled NIS 131 million, compared to revenue of NIS 108.3 million in the corresponding quarter last year, an increase of 21%. The increase in revenue is due to an increase across all the core activities of TASE, most notably an increase in revenue from Clearing House services and in revenues from trading and clearing commissions.
• Costs in the first quarter of 2025 totaled NIS 84.8 million, compared to costs of NIS 75.4 million in the corresponding quarter last year, an increase of 13%. The higher costs are due mainly to an increase in employee benefits expenses and in computer and communication expenses.
• Net financing income in the first quarter of 2025 totaled NIS 0.9 million, as compared to net financing income of NIS 1.4 million in the corresponding quarter last year, a decrease of 38%. The decrease in financing income is due mainly to a reduction in the balance of deposits and a reduction in gains on marketable securities.
• The profit in the first quarter of 2025 totaled NIS 35.8 million, compared to NIS 25.7 million in the corresponding quarter last year, an increase of 39%.
• The adjusted EBITDA in the first quarter of 2025 totaled NIS 61.8 million, compared to NIS 48.6 million in the corresponding quarter last year, an increase of 27%. Most of the increase is due to the NIS 13.3 million increase in revenues less expenses.
• The adjusted profit in the first quarter of 2025 totaled NIS 36.9 million, compared to NIS 27.8 million in the corresponding quarter last year, an increase of 32%. Most of the increase is due to an increase in revenue from services, less the increase in costs and in tax expenses.
• Equity as of March 31, 2025 totaled NIS 504.9 million, a 30% decrease compared to December 31, 2024. Most of the decrease in equity is due to the buyback of shares in an amount of NIS 202.4 million, made on January 2025.

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

This notification does not supersede the stated in the periodic financial statements of the Company for the first quarter of 2025, 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 first quarter of 2025, there were 64 trading days, compared to 63 in the corresponding quarter last year.       

Presented below is information on the quarterly breakdown of trading days:

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

SOURCE The Tel Aviv Stock Exchange Ltd.