Record Revenues and Strong Top-Line Growth
Total revenues for FY2025 reached ILS 563.5 million, a 29% year-over-year increase; Q4 revenues were ILS 149.3 million (also +29% YoY).
Substantial EBITDA and Margin Improvement
Adjusted EBITDA rose 58% to ILS 293.8 million for FY2025; adjusted EBITDA margin improved from 42.6% to 52.1% (+9.5 percentage points). Q4 adjusted EBITDA was ILS 80.8 million, up 73% YoY.
Large Net Profit and EPS Gains
Net profit increased 79% to ILS 181 million for FY2025. Basic EPS grew 81% to ILS 1.97. Q4 net profit was ILS 51.6 million, up 104% YoY.
Equities Market Expansion and Trading Volume Surge
TASE equity market cap reached ILS 2 trillion (+46% vs year-end 2024). Cash equities average daily volume rose to ILS 3.4 billion (+57% vs 2024). Derivatives ADV grew 14% YoY.
Revival of IPO and Capital Raising Activity
2025 saw 21 IPOs (plus 5 companies listing without raising capital) and total capital raised on the equity market of ILS 21 billion vs ILS 8 billion in 2024.
Increased Bond Market Activity and Corporate Issuances
Corporate bond issuances totaled ILS 187 billion in 2025 vs ILS 124 billion in 2024; corporate bond trading volumes rose 9% YoY; government bonds ADV remained ~ILS 3.3 billion.
Investor Base Deepening and Product Growth
Foreign investors purchased ILS 4.4 billion of equities in 2025 (net inflow vs prior-year net sales); foreign holdings in non-dual-listed equities grew ~70% in first 9 months of 2025. Retail opened ~200,000 new trading accounts (+25% vs 2024). TASE launched 10 new indices and total AUM of all indices rose to ILS 148 billion from ILS 99 billion (approximately +49%).
Shareholder Returns Announced
Board approved a total dividend of ILS 144.8 million (ILS 1.56 per share) composed of the 50% policy dividend (ILS 90.5 million) plus a special dividend (ILS 54.3 million); payment scheduled for March 20, 2026.
Operational Wins and Strategic Moves
Transitioned to a Monday–Friday trading week (early 2026) with early signs of increased foreign participation; Palo Alto Networks dual-listed on TASE (Feb 23, 2026); seven TA-35 companies joined market-making program, boosting trading volumes.