Tel Aviv Stock Exchange Ltd. ((IL:TASE)) has held its Q3 earnings call. Read on for the main highlights of the call.

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The recent earnings call of the Tel Aviv Stock Exchange Ltd. (TASE) was marked by a strong positive sentiment, reflecting record-breaking financial results and substantial growth across all core business lines. Despite facing challenges such as a decline in government bond issuance and increased expenses, the company showcased significant achievements in revenue growth, market performance, and strategic initiatives, indicating robust overall performance.

Record-Breaking Revenue and Growth

TASE concluded Q3 2025 with outstanding financial results. The company reported revenues of ILS 147.1 million, marking a 35% increase year-on-year. Adjusted EBITDA saw a remarkable rise of 76% to reach ILS 79.5 million, with an impressive EBITDA margin of 54.1%. Net profit also increased by 29% to ILS 50 million, highlighting the company’s strong financial health.

Strong Market Performance

The TA-35 and TA-90 indices demonstrated exceptional performance, with gains of 34% and 32% respectively, outperforming major global indices like the Dow Jones and S&P 500. The equity market cap surged to ILS 1.8 trillion, representing a 51% year-on-year growth, underscoring the exchange’s robust market position.

Increased Trading Volume

Equity average daily trading volumes reached a new all-time high of ILS 3.8 billion in Q3, reflecting an 88% increase year-on-year. Net inflows from foreign investors amounted to ILS 6.4 billion in the first nine months of 2025, indicating strong international interest in the Israeli market.

Surge in IPO and Bond Market Activity

The IPO market witnessed significant activity with 17 new companies joining TASE, raising ILS 3.8 billion, compared to just 5 companies raising ILS 0.8 billion in 2024. Corporate bond issuance also saw a substantial increase, totaling ILS 148 billion, up from ILS 87 billion last year.

Successful Strategic Initiatives

TASE advanced its market-making program with participation from all major banks and companies like Bezeq. The successful implementation of the ‘Trading At Last’ phase and the launch of new indices are expected to enhance market liquidity and accessibility.

Decline in Government Bond Issuance

Despite the overall positive performance, government bond issuance declined, with ILS 115 billion raised by the Ministry of Finance in the first nine months of 2025, down from ILS 142 billion in the same period last year.

Employee and Operational Expense Increase

Operational expenses increased by 7% year-on-year, primarily due to higher costs associated with computer and communication expenses, as well as depreciation and amortization.

Reduced Net Financing Income

Net financing income decreased to ILS 2.6 million from ILS 4 million year-on-year, attributed to a decrease in deposits and gains from marketable securities.

Forward-Looking Guidance

The Tel Aviv Stock Exchange’s Q3 2025 results call highlighted a series of impressive financial metrics showcasing record-breaking performance across its core business lines. The exchange’s strategic initiatives, including partnerships and the implementation of the TAL trading phase, are set to further enhance liquidity and market accessibility, despite the decline in government bond issuance.

In summary, the Tel Aviv Stock Exchange Ltd. has demonstrated a robust performance in Q3 2025, with record-breaking financial results and significant growth across its core business lines. The positive sentiment from the earnings call reflects the company’s strong market position and strategic initiatives, setting a promising outlook for future growth.

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