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Tel Aviv Stock Exchange Ltd. Interim / Quarterly Report 2026
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Interim / Quarterly Report
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הבורסה לניירות ערך תל אביב
TEL AVIV STOCK EXCHANGE
הבית של הכללה הישראלית
FIRST QUARTER
2026 RESULTS
The Tel-Aviv Stock Exchange Ltd.
First Quarter 2026 Results
May 12, 2026
THE TEL-AVIV STOCK EXCHANGE LTD REPORTED FIRST QUARTER 2026 RESULTS
May 12, 2026 (Tel Aviv) - Tel Aviv Stock Exchange Ltd. (TASE:TASE) today announced its financial results for the first quarter ended March 31, 2026.¹
1. General
TASE crosses the NIS 183.3 million revenues, with a 116% increase in net profit in the first quarter of 2026 to NIS 77.4 million, compared to NIS 35.8 million net profit in the corresponding quarter last year.
1.1 Highlights of TASE’s Results for the First Quarter of 2026
- TASE revenues amounted to NIS 183.3 million in the first quarter of 2026, an increase of 40% compared to the corresponding quarter last year. The increase in revenue is due to an increase across all the activities, mainly revenue from clearing house services and revenue from trading and clearing commissions.
- The adjusted EBITDA in the first quarter of 2026 totaled NIS 115.6 million, compared to NIS 61.8 million in the corresponding quarter last year, an increase of 87%. The increase is due to an increase in revenues from services, net of the decrease in costs.
The adjusted profit in the first quarter of 2026 totaled NIS 78.1 million, compared to NIS 36.9 million in the corresponding quarter last year, an increase of 112%. most of the increase is due to an increase in the revenue from services, net of the decrease in costs and the increase in tax expenses.
1.2 Business and Corporate Highlights for the First Quarter of 2026
BUSINESS HIGHLIGHTS
- The average daily trading volume of shares in the first quarter of 2026 amounted to approximately NIS 5.6 billion, a 92% increase compared to the volumes in the corresponding quarter in the previous year.
- The average daily trading volume of corporate bonds in the first quarter of 2026 amounted to approximately NIS 1.5 billion, a 34% increase compared to the volumes in the corresponding quarter in the previous year. The average daily trading volume of government bonds in the first quarter of 2026 amounted to approximately NIS 4.5 billion, a 39% increase compared to the volumes in the corresponding quarter in the previous year.
- The average daily trading volume of T-bills in the first quarter of 2026 amounted to NIS 2.1 billion compared with NIS 1.3 billion in the corresponding quarter in the previous year, an increase of 57%.
- The average daily redemptions or creations volume of mutual funds in the first quarter of 2026 amounted to NIS 3.2 billion compared with NIS 2.4 billion in the corresponding quarter in the previous year, an increase of 34%.
¹ The Board of Directors of TASE today approved the Consolidated Financial Statement as of March 31, 2026. The consolidated financial statements of the Company were prepared in accordance with IFRS. This is an English translation of parts of the information included in the approved financial statements. In the event of any discrepancy between the original Hebrew and the translation to English, the Hebrew version alone will prevail. The consolidated financial statements in the English Version will be published on the website by the end of June 2026.
הבורמה לרייזות ערך תלאביב
TEL AVIV STOCK EXCHANGE
The Tel-Aviv Stock Exchange Ltd.
First Quarter 2026 Results
1. General (CONT.)
1.2 Business and Corporate Highlights for the First Quarter of 2026 (CONT.)
BUSINESS HIGHLIGHTS (CONT.)
- The daily average trading volume of derivatives in the first quarter of 2026 amounted to 180.7 thousand units a day, compared with 208.2 thousand units in the corresponding quarter in the previous year, a decrease of 13%.
- In the first quarter of 2026, NIS 10.6 billion was raised on TASE in shares, an increase of 255% over the corresponding quarter in the previous year, of which NIS 1.9 billion was raised in an IPO (compared with NIS 0.7 billion in the corresponding quarter in the previous year).
- In the first quarter of 2026, NIS 63.4 billion was raised on TASE in corporate bonds, an increase of 43% over the corresponding quarter in the previous year. NIS 46.6 billion was raised on TASE in government bonds, a decrease of 5% over the corresponding quarter in the previous year.
- In the first quarter of 2026, NIS 100.3 billion was raised on TASE in T-bills, a decrease of 11% over the corresponding quarter in the previous year.
- The leading indices TA-35, TA-125, TA-90 and TA-SME60 increase (decrease) by 12.9%, 9.6% (1.9%), 6.3% respectively, in the first quarter of 2026.
- The balance of monthly average market cap of the assets in custodianship at TASE-CH for the first quarter of 2026 was NIS 4.8 trillion, an increase of 20% compared to year ended December 31, 2025.
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NATIONAL INSTITUTE OF TECHNOLOGY
NATIONAL INSTITUTE OF TECHNOLOGY
TEI AVIV STOCK EXCHANGE
The Tel-Aviv Stock Exchange Ltd.
First Quarter 2026 Results
2. Summary of Information Relating to the Results for the First Quarter of 2026 (NIS, in thousands)
2.1 Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025 Statement of Profit or Loss
| Quarter ended | Difference | |||
|---|---|---|---|---|
| 31.3.2026 | 31.3.2025 | Amount | % | |
| Revenue from services | 183,294 | 131,030 | 52,264 | 40% |
| Costs | 84,019 | 84,844 | (825) | (1%) |
| Profit before financing income, net | 99,275 | 46,186 | 53,089 | 115% |
| Financing income, net | 1,977 | 890 | 1,087 | 122% |
| Profit before Taxes on income | 101,252 | 47,076 | 54,176 | 115% |
| Taxes on income | 23,837 | 11,285 | 12,552 | 111% |
| Net profit | 77,415 | 35,791 | 41,624 | 116% |
| % of total revenue from services for the quarter | 42.2% | 27.3% |
- Revenue in the first quarter of 2026 totaled NIS 183.3 million, compared to revenue of NIS 131 million in the corresponding quarter last year, an increase of 40%. The increase in revenue is due to an increase in all the activities, and due mainly to an increase in revenue from clearing house services, and from trading and clearing commissions.
- Costs in the first quarter of 2026 totaled NIS 84 million, compared to costs of NIS 84.8 million in the corresponding quarter last year, a decrease of 1%. The decrease in costs is due mainly to a decrease in computer and communication expenses and in general and administrative expenses. This decrease was partially offset by an increase in depreciation and amortization expenses and other operating expenses.
Net financing income in the first quarter of 2026 totaled NIS 2 million, as compared to net financing income of NIS 0.9 million in the corresponding quarter last year, an increase of 122%. the increase is due mainly to an increase in the balance of deposits and a decrease in interest expenses on a loan.
- The profit in the first quarter of 2026 totaled NIS 77.4 million, compared to NIS 35.8 million in the corresponding quarter last year, an increase of 116%. The increase in profit is due mainly to an increase in revenue, less the decrease in costs, as explained above.
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TEL AVIV STOCK EXCHANGE
The Tel-Aviv Stock Exchange Ltd.
First Quarter 2026 Results
2.2 The revenue in the first quarter of 2026 – below is the composition of the first quarter's revenue, compared to the corresponding quarter last year (NIS, in thousands):
| Revenue from services | Quarter ended | ||||
|---|---|---|---|---|---|
| 31.3.2026 | % of the Company's total revenues | 31.3.2025 | % of the Company's total revenues | % change | |
| Trading and clearing commissions | 71,076 | 39% | 49,490 | 38% | 44% |
| 49% of the increase in revenue from trading and clearing commissions is due mainly to an increase in the trading volumes in shares and bonds and in the volume of creations/redemptions of mutual fund units. In opposition, a reduction of two trading days between the quarters and a reduction in the effective commission rate, primarily in bonds and mutual funds, deducted 3% and 2% from the revenue, respectively. | |||||
| Listing fees and levies | 27,515 | 16% | 24,269 | 18% | 13% |
| 7% of the increase in revenue from listing fees and levies stems from an increase in revenue from annual levies, influenced both by the appreciation of the listed securities and the increase in the number of companies and funds that pay an annual levy. In addition, an increase in revenue from listing fees, mainly as a result of the higher volumes raised, and an increase in revenue from examination fees, increased revenue by 4% and 2%, respectively. | |||||
| Clearing House services | 53,926 | 29% | 31,879 | 24% | 69% |
| 36% of the increase in revenue from Clearing House services stems from an increase in revenue from Clearing House services to members, as a result of the higher volumes of activity, and 30% of the increase in revenue is due to an increase in revenue from custodian fees as a result of the increase in the value of assets held in custody at TASE-CH and to an increase in the average commission rate. 3% of the increase in revenue is due to an increase in revenue from companies and funds. | |||||
| Data distribution and connectivity services | 30,113 | 16% | 24,519 | 19% | 23% |
| 16% of the increase in revenue from data distribution and connectivity services stems from an increase in revenue from authorizations to use the TASE indices, mainly as a result of the increase in AUM in ETFs and mutual funds that track the TASE indices. In addition, 6% of the increase in revenue is due to an increase in revenue from data distribution, mainly from private and business customers in Israel, and 1% of the increase in revenue derives from an increase in revenue from connectivity services. | |||||
| Other revenue | 664 | - | 873 | 1% | (24%) |
| Most of the decrease is due to a reduction in revenue from the activity of the Conference Center, due to the cessation of its activity during the month of March in view of the Home Front Command's directives. | |||||
| Total revenue from services | 183,294 | 100% | 131,030 | 100% | 40% |
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SCSO 10000000000000000000000000000000000000000000000000000
The Tel-Aviv Stock Exchange Ltd.
First Quarter 2026 Results
2.3 Adjusted Net Profit and Adjusted EBITDA Data (Nis in thousands)
| Quarter ended | Difference | |||
|---|---|---|---|---|
| 31.3.2026 | 31.3.2025 | Amount | % | |
| Adjusted EBITDA for the quarter: | ||||
| Profit before financing income, net | 99,275 | 46,186 | 53,089 | |
| Adjustments: | ||||
| Share-based payment expenses | 654 | 1,063 | (409) | |
| Depreciation and derecognition of assets | 15,699 | 14,582 | 1,117 | |
| Adjusted EBITDA for the quarter: | 115,628 | 61,831 | 53,797 | 87% |
| % of total revenue from services for the quarter | 63.1% | 47.2% | ||
| Adjusted profit for the quarter: | ||||
| Profit for the quarter | 77,415 | 35,791 | 41,624 | |
| Adjustments: | ||||
| Share-based payment expenses | 654 | 1,063 | (409) | |
| Adjusted profit for the quarter: | 78,069 | 36,854 | 41,215 | 112% |
| % of total revenue from services for the quarter | 42.6% | 28.1% |
- The adjusted EBITDA in the first quarter of 2026 totaled NIS 115.6 million, compared to NIS 61.8 million in the corresponding quarter last year, an increase of 87%. The increase is mainly due to an increase in revenue from services, less the decrease in costs, as described in section 2.1 above.
- The adjusted profit in the first quarter of 2026 totaled NIS 78.1 million, compared to NIS 36.9 million in the corresponding quarter last year, an increase of 112%. The increase is mainly due to an increase in revenue from services, less the decrease in costs and the increase in the tax expenses, as described in section 2.1 above.
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TEL AVIV STOCK EXCHANGE
The Tel-Aviv Stock Exchange Ltd.
First Quarter 2026 Results
3. Basic and Diluted earnings per share:
| Quarter ended | |||
|---|---|---|---|
| 31.3.2026 | 31.3.2025 | Difference % | |
| Profit used to compute basic and diluted earnings per share (NIS, in thousands) | 77,415 | 35,791 | 116% |
| Weighted average number of ordinary shares used to compute basic earnings per share | 92,622,429 | 91,703,066 | 1% |
| Warrants granted as part of share-based payment arrangements | 2,097,789 | 2,038,860 | 3% |
| Weighted average number of ordinary shares used to compute diluted earnings per share | 94,720,218 | 93,741,926 | 1% |
| Basic earnings per share in NIS | 0.836 | 0.390 | 114% |
| Diluted earnings per share in NIS | 0.817 | 0.382 | 114% |
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TEL AVIV STOCK EXCHANGE
The Tel-Aviv Stock Exchange Ltd.
First Quarter 2026 Results
4. Summary of Information Relating to the Financial Position as of March 31, 2026 (NIS, in thousands):
| As of 31.03.2026 | As of 31.12.2025 | |||
|---|---|---|---|---|
| NIS, in thousands | Difference | % Change | ||
| Cash and cash equivalents and short-term financial assets | 407,584 | 494,204 | (86,620) | (18%) |
| Other current assets | 48,952 | 29,050 | 19,902 | 69% |
| Property and equipment and intangible assets, net | 480,129 | 483,633 | (3,504) | (1%) |
| Other non-current assets | 13,674 | 10,987 | 2,687 | 24% |
| Total assets (*) | 950,339 | 1,017,874 | (67,535) | (7%) |
| Current liabilities | 212,474 | 211,149 | 1,325 | 1% |
| Non-current liabilities | 152,836 | 155,243 | (2,407) | (2%) |
| Total liabilities (*) | 365,310 | 366,392 | (1,082) | (0%) |
| Total equity | 585,029 | 651,482 | (66,453) | (10%) |
| Ratio of equity to total assets (*) | 62% | 64% | ||
| Ratio of adjusted equity to total assets () (*) | 76% | 77% | ||
| Surplus equity over regulatory requirements (in NIS millions) | 484 | 550 | (66) | (12%) |
| Surplus liquidity over regulatory requirements (in NIS millions) | 238 | 310 | (72) | (23%) |
(*) The total assets and liabilities in the balance sheet as of 31.3.2026 and 31.12.2025, include a balance of assets and liabilities in respect of open derivative positions amounting to NIS 660 million and NIS 642 million, respectively, which for reasons of convenience in analyzing the financial position have been offset against each other in this report.
(**) The adjusted equity also includes the total deferred income from listing fees.
- The total assets as of 31.3.2026 amounted to NIS 950.3 million, a decrease of 7% compared to 31.12.2025. Most of the decrease was due to a reduction in cash and cash equivalents.
- The total liabilities as of 31.3.2026 amounted to NIS 365.3 million, with no material change compared to December 31, 2025. Most of the change was due to an increase in income received in advance with respect to annual levies and to an increase in deferred income from listing fees and levies. This increase was offset by a reduction in a bank loan, a reduction in trade payables, a reduction in current liabilities for employee benefits and a reduction in current tax liabilities
- The total equity as of 31.3.2026 amounted to NIS 585 million, a decrease of 10% compared to 31.12.2025. The decrease in equity is due mainly to dividend paid in March 2026 in an amount of NIS 144.8 million (see details in section 7.4.2 below). The decrease was partially offset by the profit recognized for the period.
8
TEL AVIV STOCK EXCHANGE
The Tel-Aviv Stock Exchange Ltd.
First Quarter 2026 Results
5. Summary of Cash Flows for the Three Months Ended March 31, 2026 (NIS, in millions):
| Item | Three months ended March 31 | Explanations of the Company | ||
|---|---|---|---|---|
| 2026 | 2025 | |||
| Opening balance | 371.0 | 438.3 | ||
| Net cash from operating activities | Adjusted EBITDA | 115.6 | 61.8 | The increase in adjusted EBITDA was due mainly to an increase in revenue. |
| Changes in working capital | 20.6 | 15.7 | The increase in working capital was due mainly to an increase in deferred income and income received in advance, which were partially offset by an increase in trade receivables and a reduction in the liability for employee benefits. | |
| Financing and tax | (36.1) | (19.7) | The increase was due mainly to higher tax payments. | |
| Net cash for investing activities | Total | 100.1 | 57.8 | Cash flows from operating activities grew by 73.2% between the quarters. |
| Investments in property and equipment and in intangible assets and capitalized payroll costs | (27.7) | (20.0) | The change is due to the timing of implementation of the Group's investment work plans in the quarters. | |
| Total | (27.7) | (20.0) | ||
| Lease payments | (2.4) | (2.2) | ||
| Net cash for financing activities | Acquisition of treasury shares | - | (202.6) | Buyback of the Company's shares in the first quarter last year. |
| Receipt Long-term loan | - | 130.0 | For information on a loan obtained by the Company from a bank, see section 7.3 below. | |
| Repayment of long-term loan | (10.8) | (107.2) | The change was due mainly to the Company's repayment of a bank loan in the first quarter last year. | |
| Dividends paid | (144.8) | (50.7) | Dividend paid. For additional information, see section 7.4.2 below. | |
| Total | (158.0) | (232.7) | ||
| Total increase in cash and cash equivalents | (85.6) | (194.9) | ||
| Effect of changes in exchange rates on cash balances held in foreign currency | (0.1) | 0.4 | ||
| Closing balance | 285.3 | 243.8 |
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TEL AVIV STOCK EXCHANGE
The Tel-Aviv Stock Exchange Ltd.
First Quarter 2026 Results
6. Seasonality
The Company's operations are not characterized by seasonality that materially affects the scope of the Company's activities. During holiday seasons and vacation periods, the Company's revenue may fluctuate due to a reduction in business activity. These fluctuations are primarily driven by daily trading volumes, the number of active trading days and hours, and the specific operating hours in effect during these periods. In the first quarter of 2026, there were 62 trading days, compared to 64 in the corresponding quarter last year.
Presented below are expected trading days:
| Q1 | Q2 | Q3 | Q4 | TOTAL | |
|---|---|---|---|---|---|
| Year | |||||
| 2025 | 64 | 60 | 62 | 60 | 246 |
| 2026 | 62 | 57 | 61 | 64 | 244 |
7. Events During the Reporting Period and Thereafter
7.1 Disclosure Regarding the Implications of Operation "Lion's Roar"
On February 28, 2026, Operation "Lion's Roar" commenced with an integrated strike by Israel and the United States against Iran, aimed at striking Iran's missile arrays and various targets of the Iranian regime. In response, Iran launched extensive rocket fire toward the Israeli home front and American targets throughout the Persian Gulf and the Middle East. Additionally, impacts were recorded on civilian targets in several Gulf states, including the United Arab Emirates, Qatar, and Saudi Arabia. On March 1, 2026, the campaign was expanded to include Lebanon following fire initiated by the Hezbollah organization toward Israel.
On April 8, 2026, after the reporting date, a ceasefire was declared between the United States and Iran; on April 16, 2026, also after the reporting date, a ceasefire was reached with Lebanon. Notwithstanding these developments, the market continues to exhibit volatility driven by geopolitical risks and elevated energy prices.
As of publication date of these financial statements, the Company is unable to assess the scope of the potential implications of this event on its operations and financial results due to the inherent uncertainty regarding the continuation of hostilities. Nevertheless, the experience of recent years indicates the relative resilience of the Israeli economy and its ability to adapt to complex security conditions through adjustments in economic activity, fiscal and monetary policy, and capital market activity.
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TEL AVIV STOCK EXCHANGE
The Tel-Aviv Stock Exchange Ltd.
First Quarter 2026 Results
7. Events During the Reporting Period and Thereafter (Cont.)
7.2 Share capital
| Issued capital | Treasury shares | Listed capital | |
|---|---|---|---|
| As of 1.1.2026 | 107,426,830 | (14,821,487) | 92,605,343 |
| Number of shares resulting from exercise of warrants (*) | 73,224 | - | 73,224 |
| As of 31.03.2026 | 107,500,054 | (14,821,487) | 92,678,567 |
(*) For further details see Section 7.6 below.
7.3 Bank loan
As described in note 13B(2) to the financial statements as of December 31, 2025 (the "Annual Financial Statements"), on January 9, 2025, concurrently with the transaction for the buyback of Company shares, the Company engaged in an agreement for the receipt of a loan from a bank ("the Bank") in an amount of NIS 130 million and the receipt of a credit facility in an amount of NIS 120 million for a one-year period. The loan bears annual interest at the rate of Prime with the addition of a 0.2% margin and is repayable in 36 equal monthly principal installments at the end of each month, commencing in February 2025 through to January 2028 (inclusive). The interest on the new loan is payable concurrently with the aforesaid principal installments. The Company has made undertakings to the bank that are customary in agreements such as the loan agreement, including compliance with covenants relating to the data of the Company (stand-alone). As of March 31, 2026, the Company was in compliance with all of the covenants undertaken in the loan agreement, as described in note 13B(2) to the Annual Financial Statements.
In addition, in January 2026, the Credit Facility was renewed for an additional one-year period. The terms of the credit facility remained unchanged, except for a reduction of the non-utilization fee to 0.30% per annum. In the event of utilization of the credit facility, the credit amounts will bear interest at an identical rate to that of the new loan. The Company's undertakings to the bank in respect of the new loan shall also apply in relation to the credit facility. As of the date of this report, the Company has not utilized the credit facility.
7.4 Dividends and buyback
7.4.1 Dividends Distribution Policy
On March 6, 2024, the Board of Directors of the Company approved a dividend distribution policy in connection with the profits of the Company in the years 2024 to 2026 (hereafter: "the Dividend Distribution Policy"), pursuant to which, commencing on the date of approval of the financial statements as of December 31, 2024 through to the date of approval of the financial statements as of December 31, 2026, the termination date of the Dividend Distribution Policy, the Company will work to distribute to its shareholders a cash dividend at the rate of 50% of the annual net profit as per the Company's consolidated annual financial statements, this on the date of approval of the annual financial statements.
דבורה עורא
The Tel-Aviv Stock Exchange Ltd.
First Quarter 2026 Results
7. Events During the Reporting Period and Thereafter (Cont.)
7.4.1 Dividends Distribution Policy (cont.)
To remove any doubt, it is hereby clarified that the approval of the Dividend Distribution Policy does not obligate the Board of Directors of the Company to pass a resolution on the distribution of a dividend. Any resolution on the distribution of a dividend will be passed subject to compliance with the distribution criteria set out in the Companies Law, which would be reviewed on the date of passing of a resolution to distribute a dividend, and in consideration of the current business needs of the Company, the budget and the work plan of the Company for the year pertaining to the distribution, the liquidity situation of the Company, liabilities and covenants, as well as regulatory requirements that apply to companies in the Group (e.g. liquidity requirement and minimum capital requirement), all on the date that such resolution is passed. It is further clarified that the Board of Directors may modify and/or cancel and/or deviate from the Dividend Distribution Policy at any time.
7.4.2 Dividend paid
On March 5, 2026, concurrently with the approval of the Company's financial statements as of December 31, 2025, the Board of Directors of the Company decided on the distribution of a dividend of NIS 1.5626741 per share, totaling NIS 144.8 million (consisting of a dividend pursuant to the dividend distribution policy, as mentioned in section 7.4.1 above, amounting to NIS 90.5 million, and a special dividend of NIS 54.3 million). The dividend was paid on March 20, 2026. For additional information, see the immediate report published by the Company on March 5, 2026 (reference no: 2026-01-020139)
7.4.3 Buyback
On March 5, 2026, as part of a discussion conducted by the Company's Board of Directors in connection with the approval of the dividend distribution, management of the Company informed the Board of Directors of its intention to examine in 2026 the possibility of establishing a buyback plan, subject to market conditions and other pertinent conditions, which would be presented to the Board of Directors for approval.
7.5 Legal Proceedings
Further to the stated in note 18G(2) to the Annual Financial Statements with respect to the class action filed against the Company, on November 23, 2025, a preliminary hearing was held on the motion, during which the Court noted that under the circumstances of the case, it found it difficult to identify a basis for a cause of action for oppression and thus suggested that the Named Plaintiff to withdraw the certification motion. Accordingly, on January 11, 2026, the Named Plaintiff filed a motion for uncompensated withdrawal of the certification motion. On January 13, 2026, the Court rendered a decision approving the Named Plaintiff's motion for uncompensated withdrawal and ordering the dismissal of the motion.
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TEL AVIV STOCK EXCHANGE
The Tel-Aviv Stock Exchange Ltd.
First Quarter 2026 Results
7. Events During the Reporting Period and Thereafter (Cont.)
7.6 Exercise of Warrants
a. During the first quarter of 2026, a Company officer exercised 100,000 warrants into Company shares. Consequently, the Company issued 73,224 shares.
b. On April 2026, after the reporting date, Company officers and former Company officer exercised 1,189,084 warrants into Company shares. Consequently, the Company issued 1,108,613 shares.
7.7 Equity compensation
On March 29, 2026, the Board of Directors of the Company approved an equity compensation plan intended to establish a framework for the granting of equity compensation to Company employees and officers therein (including directors), pursuant to the terms of the equity compensation plan, as shall be amended from time to time. The plan consists of up to 1,400,000 warrants, exercisable into up to 1,400,000 ordinary shares of the Company (subject to adjustments). On April 15, 2026, after the reporting date, approval from the Tax Authority was received for the aforesaid plan under the capital gains track, through a trustee, pursuant to Section 102 of the Income Tax Ordinance.
7.8 Collective agreement
Further to the stated in note 14A to the Annual Financial Statements, on May 12, 2026, after the reporting date, the Company's Board of Directors approved the Company's engagement with the New General Labor Federation (hereafter: "the Labor Federation") and the Company's Employees Representation (hereafter: "the Representation") in an agreement regarding the conversion of the uniform annual bonuses for the years 2026 through 2028 into non-marketable warrants to the Company employees and reaching an understanding on this matter (hereafter: "the Conversion Understanding").
Under the New Collective Agreement, Company employees (excluding employees who are officers in the Company and one manager, who are engaged under personal employment contracts) (hereafter: "the Eligible Employees"), are entitled to an annual bonus for the years 2026-2028, in a cumulative amount to be determined in consideration of the annual profit (in accordance with an agreed rate), of which a total of 15% will be paid uniformly to all of the aforementioned Company employees (hereafter: "the Uniform Bonus"). To complete the picture it should be noted, that for the purpose of calculating the Uniform Bonus within the framework of the Conversion Understanding only, the volume of the annual bonus attributed to each Eligible Employee shall stand at 3 times the (gross) monthly salary.
Pursuant to the Conversion Understanding, in lieu of the Uniform Bonus for the years 2026-2028, existing and future Eligible Employees will be granted, without the right to choose (except for employees to whom the marginal tax rate applicable is up to and including 20%, who shall have the right to choose between a cash bonus and a bonus by way of equity compensation), warrants convertible into shares of the Company, with a total value of close to 2 salaries (and for Eligible Employees who join in the future - two-thirds or one-third of this value, depending on their year of joining).
The grant of the warrants included in the Conversion Understanding is subject to the approval of the aforementioned agreement by the Representation and the Labor Federation, after the publication of a framework as required by law.
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SUSAN TIVINH YI
TEL AVIV STOCK EXCHANGE
The Tel-Aviv Stock Exchange Ltd.
First Quarter 2026 Results
7. Events During the Reporting Period and Thereafter (Cont.)
7.9 Framework for the offer of securities to employees and the grant of warrants
On May 12, 2026, after the reporting date, further to discussions with the Representation and the Labor Federation and following the approval of an understanding in relation to the labor constitution (which is included in the scope of the New Collective Agreement, as described in note 14A to the Annual Financial Statements) the Company's Board of Directors approved the Conversion Understanding as stated in note 7.8 above, and also approved, for the purpose of implementing the Conversion Understanding, a framework in accordance with Section 15B(1)(a) of the Securities Law, 1968 and the Securities Regulations (Details of an Employee Securities Offering Framework), 2000, for an offer of up to 400,000 non-marketable warrants, registered in name, which are exercisable into a total of up to 400,000 ordinary shares of the Company having no par value, reflecting approximately 0.42% of the issued share capital of the Company (subject to adjustments and without taking into account dormant shares), out of which the grant of 217,520 warrants to existing Eligible Employees (as defined in note 7.8 above) was approved, reflecting approximately 0.23% of the issued share capital of the Company (subject to adjustments and without taking into account dormant shares), subject to the prescribed terms.
In addition, on the same date the Board of Directors of the Company approved a private placement of up to 1,976 to a manager in the Company (who is not an officer), who is engaged under a personal employment contract and is therefore not included in the Conversion Understanding, this under terms similar to the terms of the warrants offered under the aforesaid framework for existing Eligible Employees. The allotment of the warrants under the framework is subject to the signing by the Representation and the Labor Federation of the Conversion Understanding, and the allotment of the warrants under the private placement is subject to the entry into force of the Conversion Understanding.
In addition, the aforesaid allotments are subject to the receipt of TASE's approval for the listing of the shares arising from the exercise of the warrants, which will be managed within the framework of the capital gains tax track, through a trustee, under Section 102 of the Income Tax Ordinance.
The grant of the warrants to the Company employees (including the aforementioned manager) totaled 219,496 warrants from the Company's warrant pool, which are exercisable, each, into one ordinary share of the Company, in consideration for an exercise price of NIS 164.5123. To the publication date of this report, the warrants have yet to be allotted.
Based on the fair value of the warrants on their grant date, the cost of the benefit embodied in the warrants amounted to NIS 11.8 million.
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TEL AVIV STOCK EXCHANGE
The Tel-Aviv Stock Exchange Ltd.
First Quarter 2026 Results
7. Events During the Reporting Period and Thereafter (Cont.)
7.10 Dividend Distribution by TASE-CH
On March 5, 2026, the Board of Directors of TASE-CH approved the distribution of a dividend to TASE in a total amount of NIS 60 million, representing as of the date of the resolution an amount of NIS 2 per ordinary share of TASE-CH. The dividend was paid to TASE on March 5, 2026.
7.11 Rent agreement for a backup facility
Following the scheduled expiration of the rent agreement for the existing backup facility in March 2027, in January 2026, the Company entered into an agreement for hosting services for TASE's systems at a dedicated facility. The agreement is for 10 years from the delivery date, with two options to extend the period by 5 years each. The aforementioned facility is intended to serve as TASE's backup site, replacing the current facility. Under the terms of the agreement, in addition to hosting services, the Company will be provided with ancillary services including, inter alia, power and communication allocation, climate control, security services, workstations, and operational areas. The annual rental amounts to NIS 2.7 million, linked to the Consumer Price Index.
7.12 Negotiations for the sale of the indices activity and a strategic collaboration with a significant international entity
On June 18, 2025, the Board of Directors of the Company approved the examination by management of the Company of strategic initiatives in relation to its index activity, including a partial or full sale of the operations, or a collaboration with a leading international entity. Management of the Company has been authorized to negotiate and consider the feasibility of the transaction. Investment bank, Jefferies, has been selected to advise TASE in sourcing and evaluating suitable partners. Further to the aforesaid, on September 16, 2025, after receiving the approval of TASE's Board of Directors, the Company entered into an engagement agreement with Jefferies Investment Bank to provide strategic advisory services for the Company's index activity. This agreement includes, inter alia, a success-based fee, reimbursement of expenses, and an indemnification arrangement in favor of Jefferies, which is neither limited in amount nor restricted in time.
On January 21, 2026, the Company announced that it is conducting negotiations to enter into a transaction for the sale of TASE's indices activity and for strategic cooperation with a significant international entity. It is clarified that, at this stage, there is no certainty as to when, if at all, the said negotiations will mature into an engagement in a binding agreement and what its final terms will be, and even if a binding agreement is signed, there is no certainty that the transaction will be completed. TASE's engagement in a binding agreement shall be subject to approval by the Board of Directors.
15
TEL AVIV STOCK EXCHANGE
The Tel-Aviv Stock Exchange Ltd.
First Quarter 2026 Results
7. Events During the Reporting Period and Thereafter (Cont.)
7.13 Termination of Tenure of the Internal Auditor
During February 2026, the Company held deliberations with the Internal Auditor, Mr. Alon Amit, at the conclusion of which the parties reached a mutual agreement regarding the termination of Mr. Amit's tenure as the Company's Internal Auditor. The termination of his tenure does not involve circumstances that are required to be brought to the attention of the Company's shareholders.
The Company will take steps to locate and appoint a new Internal Auditor, and Mr. Amit's tenure shall terminate upon the date of commencement of the tenure of the new Internal Auditor to be appointed by the Company. Until such date, Mr. Amit will continue in his role and perform the audit assignments in accordance with the internal audit work plan for 2026.
7.14 Tenure of Directors
a. On April 19, 2026, after the reporting date, Mr. Gedon Hertshten announced his resignation from the Company's Board of Directors.
b. On April 16, 2026, after the reporting date, the Company's Board of Directors decided to establish an internal sourcing committee for the purpose of locating two candidates to serve as ordinary and/or independent directors (who are not committee recommended by virtue of the Securities Law) and recommending them for election to the general meeting. The committee is chaired by Prof. Eugene Kandel (Chairman of the Board of Directors of TASE), along with the external directors serving on the Company's Board of Directors (Ms. Ronit Meiri, Mr. Moshe Wolf and Mr. Aharon Aharon). On May 5, 2026, after the reporting date, a call for candidates was published to locate candidates for tenure as directors as aforesaid.
16
SUSAN DYNNYIYIYIYIYIYIYIYIYIYIYIYIYIYIYIYIYIYIYIYI
The Tel-Aviv Stock Exchange Ltd.
First Quarter 2026 Results
ABOUT TASE
The Company, including by means of the subsidiaries consolidated in its financial statements (collectively, "the Group"), is engaged in the area of securities trading and securities clearing.
Within this framework, the Group is engaged in setting rules regarding the TASE companies, rules for listing securities on TASE (including the obligations that apply to companies whose securities are listed) and rules regarding trading on TASE. The Group operates trading systems and provides clearing services for both listed and non-listed securities. In addition, the Group operates a derivative clearing house that writes derivatives that are traded on TASE, clears them and serves as a central counterparty for transactions in them. The Group provides central counterparty (CCP) services for transactions in securities and derivatives that are executed on TASE and also provides central securities depository (CSD) services for securities. The Group engages in calculating security indices, in authorizing the use of indices for the creation of financial instruments that track the indices, and in distributing TASE trading data. In addition, since January 2018, the Group operates a nominee company as defined in the Securities Law (securities traded on TASE are registered in the nominee company's name). The Company has one area of activity that is reported as a business segment in the Company's consolidated financial statements – trading and clearing transactions in securities
CONTACTS
Yehuda Ben Ezra
EVP, CFO
Email: [email protected]
Tel: +972-76-8160442
Orna Goren
Head of Communication and Public Relations Unit
Email: [email protected]
Tel: +972-76-8160405
17
TEL AVIV STOCK EXCHANGE
הבורסה לניירות ערך תלאביב
TEL AVIV STOCK EXCHANGE
הבית של הכלכלה הישראלית
APPENDICES
The Tel-Aviv Stock Exchange Ltd.
First Quarter 2026 Results
Information relating to the results for the first quarter of 2026 (NIS, in thousands)
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF (NIS, in thousands)
| March 31, | December 31, | ||
|---|---|---|---|
| 2026 | 2025 | ||
| Assets | |||
| Current assets | |||
| Cash and cash equivalents | 285,271 | 243,789 | 370,974 |
| Financial assets at fair value through profit or loss | 122,313 | 93,358 | 123,230 |
| Trade receivables | 31,779 | 24,832 | 19,910 |
| Other receivables | 17,173 | 19,672 | 9,140 |
| 456,536 | 381,651 | 523,254 | |
| Assets derived from clearing operations in respect of open derivative positions | 659,675 | 642,024 | 775,286 |
| Total current assets | 1,116,211 | 1,023,675 | 1,298,540 |
| Non-current assets | |||
| Deferred tax assets | 9,273 | 4,036 | 6,627 |
| Property and equipment, net | 310,222 | 310,046 | 315,102 |
| Intangible assets, net | 169,907 | 165,425 | 168,531 |
| Other long-term receivables | 4,401 | 5,415 | 4,360 |
| Total non-current assets | 493,803 | 484,922 | 494,620 |
| Total assets | 1,610,014 | 1,508,597 | 1,793,160 |
19
TEL AVIV STOCK EXCHANGE
The Tel-Aviv Stock Exchange Ltd.
First Quarter 2026 Results
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (NIS, in thousands) (CONT.)
| March 31, | December 31, | ||
|---|---|---|---|
| 2026 | 2025 | ||
| Liabilities and Equity | |||
| Current liabilities | |||
| Current maturities of a loan from a bank | 43,532 | 43,646 | 43,569 |
| Current maturities of lease liabilities | 7,537 | 8,596 | 8,819 |
| Trade payables | 12,292 | 9,885 | 33,507 |
| Other payables | 11,979 | 6,553 | 6,703 |
| Income received in advance with respect to annual levies | 39,290 | 33,381 | 31,920 |
| Deferred income from listing fees and levies | 34,558 | 30,288 | - |
| Current tax liabilities | 21,277 | 8,853 | 33,908 |
| Short-term liabilities for employee benefits | 42,009 | 40,751 | 52,723 |
| 212,474 | 181,953 | 211,149 | |
| Liabilities derived from clearing operations in respect of open derivative positions | 659,675 | 642,024 | 775,286 |
| Total current liabilities | 872,149 | 823,977 | 986,435 |
| Non-current liabilities | |||
| Loan from a bank | 36,115 | 79,444 | 46,944 |
| Lease liabilities | 910 | 7,687 | 1,513 |
| Deferred income from listing fees and levies | 104,585 | 82,888 | 95,441 |
| Non-current liabilities for employee benefits | 11,226 | 9,675 | 11,345 |
| Total non-current liabilities | 152,836 | 179,694 | 155,243 |
| Equity | |||
| Remeasurement reserve of net liabilities in respect to defined benefit | 5,675 | 6,284 | 5,371 |
| Capital reserve in respect to share-based payments | 49,643 | 46,762 | 48,989 |
| Other capital reserves | 319,498 | 319,498 | 319,498 |
| Retained earnings | 210,213 | 132,382 | 277,624 |
| Total equity | 585,029 | 504,926 | 651,482 |
| Total liabilities and equity | 1,610,014 | 1,508,597 | 1,793,160 |
20
TEL AVIV STOCK EXCHANGE
The Tel-Aviv Stock Exchange Ltd.
First Quarter 2026 Results
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
(NIS, in thousands)
| | Three months ended
March 31, | | Year ended
December 31, |
| --- | --- | --- | --- |
| | 2026 | 2025 | 2025 |
| Revenue from services: | | | |
| Trading and clearing commissions | 71,076 | 49,490 | 207,140 |
| Listing fees and levies | 27,515 | 24,269 | 100,284 |
| Clearing House services | 53,926 | 31,879 | 147,635 |
| Distribution of data and connectivity services | 30,113 | 24,519 | 105,946 |
| Other revenue | 664 | 873 | 2,538 |
| Total revenue from services | 183,294 | 131,030 | 563,543 |
| Cost of revenue: | | | |
| Employee benefits expenses | 44,282 | 44,617 | 169,928 |
| Expenses in respect to share-based payments | 654 | 1,063 | 3,290 |
| Computer and communications expenses | 11,715 | 12,553 | 49,791 |
| Property taxes and building maintenance expenses | 3,446 | 3,319 | 14,833 |
| Other operating expenses | 1,947 | 1,251 | 7,724 |
| General and administrative expenses | 1,978 | 2,704 | 11,407 |
| Marketing expenses | 1,172 | 1,766 | 5,148 |
| Fee to the Israel Securities Authority | 3,126 | 2,596 | 10,514 |
| Depreciation and amortization | 15,699 | 14,582 | 60,502 |
| Other expenses | - | 393 | 1,412 |
| Total costs | 84,019 | 84,844 | 334,549 |
| Profit before financing income (expenses), net | 99,275 | 46,186 | 228,994 |
| Financing income | 3,618 | 3,557 | 17,500 |
| Financing expenses | 1,641 | 2,667 | 10,275 |
| Total financing income, net | 1,977 | 890 | 7,225 |
| Profit before taxes on income | 101,252 | 47,076 | 236,219 |
| Taxes on income | 23,837 | 11,285 | 55,186 |
| Profit for the period | 77,415 | 35,791 | 181,033 |
| Basic earnings per share (NIS) | 0.836 | 0.390 | 1.974 |
| Diluted earnings per share (NIS) | 0.817 | 0.382 | 1.923 |
21
TEL AVIV STOCK EXCHANGE
The Tel-Aviv Stock Exchange Ltd.
First Quarter 2026 Results
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (NIS in thousands)
| Capital reserve in respect to share-based payment | Remeasurement of net defined benefit liability | Other capital reserves | Retained earnings | Total | |
|---|---|---|---|---|---|
| Balance as of January 1, 2026 | 48,989 | 5,371 | 319,498 | 277,624 | 651,482 |
| Profit for the period | - | - | - | 77,415 | 77,415 |
| Other comprehensive loss for the period | - | 304 | - | - | 304 |
| Total comprehensive income for the period | - | 304 | - | 77,415 | 77,719 |
| Share-based payment | 654 | - | - | - | 654 |
| Dividend paid | - | - | - | (144,826) | (144,826) |
| Acquisition of Treasury shares | - | - | - | - | - |
| Balance as of March 31, 2026 | 49,643 | 5,675 | 319,498 | 210,213 | 585,029 |
22
הכניסה לניירות ערך תל אביב
TEL AVIV STOCK EXCHANGE
The Tel-Aviv Stock Exchange Ltd.
First Quarter 2026 Results
CONSOLIDATED STATEMENTS OF CASH FLOWS (NIS, in thousands)
| Three months ended March 31, | Year ended December 31, | ||
|---|---|---|---|
| 2026 | 2025 | 2025 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Profit for the period | 77,415 | 35,791 | 181,033 |
| Share-based payments expenses | 654 | 1,063 | 3,290 |
| Tax expenses recognized in profit or loss | 23,837 | 11,285 | 55,186 |
| Net financing income recognized in profit or loss | (1,977) | (890) | (7,225) |
| Depreciation and amortization | 15,699 | 14,582 | 60,502 |
| Loss from deduction of assets | - | - | 999 |
| 115,628 | 61,831 | 293,785 | |
| Changes in asset and liability items: | |||
| Increase (decrease) in trade receivables and other receivables | (19,943) | (15,577) | 932 |
| Decrease in receivables in respect to open derivative positions | 115,611 | 141,892 | 8,630 |
| Increase (decrease) in trade payables and other payables | (63) | 1,200 | 7,818 |
| Increase in income received in advance with respect to annual levies | 39,290 | 33,381 | 16,541 |
| Increase in deferred income from listing fees and levies | 11,782 | 2,356 | - |
| Decrease in payables in respect to open derivative positions | (115,611) | (141,892) | (8,630) |
| Increase (decrease) in liabilities for employee benefits | (10,438) | (5,631) | 6,825 |
| 20,628 | 15,729 | 32,116 | |
| Interest received | 4,428 | 2,928 | 12,902 |
| Interest paid | (1,324) | (2,018) | (7,189) |
| Tax payments from operating activities | (39,205) | (20,630) | (41,794) |
| (36,101) | (19,720) | (36,081) | |
| Net cash provided by operating activities | 100,155 | 57,840 | 289,820 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Purchase of property and equipment | (16,744) | (9,204) | (20,388) |
| Acquisitions of intangible assets | (6,117) | (5,526) | (15,700) |
| Payments in respect to costs capitalized to property and equipment and to intangible assets | (4,834) | (5,283) | (21,343) |
| Disposal (acquisition) of financial assets at fair value through profit or loss, net | 23 | (17) | (25,934) |
| Net cash used in investing activities | (27,672) | (20,030) | (83,365) |
| CASH FLOW FROM FINANCING ACTIVITIES: | |||
| Repayment of lease liabilities | (2,378) | (2,175) | (9,122) |
| Acquisitions of treasury shares | - | (202,571) | (202,571) |
| Dividends paid | (144,826) | (50,697) | (50,697) |
| Repayment of long-term loan | (10,833) | (107,222) | (139,721) |
| Loan from a bank | - | 130,000 | 130,000 |
| Net cash used in financing activities | (158,037) | (232,665) | (272,111) |
| Net increase in cash and cash equivalents | (85,554) | (194,855) | (65,656) |
| Cash and cash equivalents, beginning of the period | 370,974 | 438,288 | 438,288 |
| Effect of changes in exchange rates on cash balances held in foreign currency | (149) | 356 | (1,658) |
| Cash and cash equivalents, end of the period | 285,271 | 243,789 | 370,974 |
23
TEL AVIV STOCK EXCHANGE
The Tel-Aviv Stock Exchange Ltd.
First Quarter 2026 Results
Quarterly statements of profit or loss for 2025 and for the first quarter of 2026 (NIS, in thousands)
| Jan-Mar 2025 | Apr-Jun 2025 | Jul-Sep 2025 | Oct-Dec 2025 | Jan-Mar 2026 | 2025 | |
|---|---|---|---|---|---|---|
| Item | (Unaudited) | (Audited) | ||||
| Revenue from services: | ||||||
| Trading and clearing commissions | 49,490 | 49,051 | 53,868 | 54,731 | 71,076 | 207,140 |
| Listing fees and levies | 24,269 | 25,138 | 25,522 | 25,355 | 27,515 | 100,284 |
| Clearing House services | 31,879 | 35,176 | 39,363 | 41,217 | 53,926 | 147,635 |
| Distribution of data and connectivity services | 24,519 | 26,320 | 27,668 | 27,439 | 30,113 | 105,946 |
| Other revenue | 873 | 415 | 682 | 568 | 664 | 2,538 |
| Total revenue from services | 131,030 | 136,100 | 147,103 | 149,310 | 183,294 | 563,543 |
| Cost of revenue | ||||||
| Expenses in respect of employee benefits, net | 44,617 | 40,072 | 41,952 | 43,287 | 44,282 | 169,928 |
| Share-based payment expenses | 1,063 | 807 | 730 | 690 | 654 | 3,290 |
| Computer and communication expenses | 12,553 | 12,456 | 13,103 | 11,679 | 11,715 | 49,791 |
| Property taxes and building maintenance expenses | 3,319 | 3,482 | 4,128 | 3,904 | 3,446 | 14,833 |
| General and administrative expenses | 2,704 | 3,426 | 2,379 | 2,898 | 1,978 | 11,407 |
| Marketing expenses | 1,766 | 827 | 830 | 1,725 | 1,172 | 5,148 |
| Fee to the Israel Securities Authority | 2,596 | 2,597 | 2,726 | 2,595 | 3,126 | 10,514 |
| Other operating expenses | 1,251 | 1,564 | 2,471 | 2,438 | 1,947 | 7,724 |
| Depreciation and amortization expenses | 14,582 | 15,206 | 15,465 | 15,249 | 15,699 | 60,502 |
| Other expenses | 393 | 223 | 764 | 32 | - | 1,412 |
| Total cost of revenue | 84,844 | 80,660 | 84,548 | 84,497 | 84,019 | 334,549 |
| Profit before financing income (expenses), net | 46,186 | 55,440 | 62,555 | 64,813 | 99,275 | 228,994 |
| Financing income | 3,557 | 4,700 | 4,825 | 4,827 | 3,618 | 17,909 |
| Financing expenses | 2,667 | 3,500 | 2,212 | 2,305 | 1,641 | 10,684 |
| Total financing income (expenses), net | 890 | 1,200 | 2,613 | 2,522 | 1,977 | 7,225 |
| Profit before taxes on income | 47,076 | 56,640 | 65,168 | 67,335 | 101,252 | 236,219 |
| Taxes on income | 11,285 | 13,035 | 15,191 | 15,675 | 23,837 | 55,186 |
| Net profit | 35,791 | 43,605 | 49,977 | 51,660 | 77,415 | 181,033 |
24
TEL AVIV STOCK EXCHANGE
The Tel-Aviv Stock Exchange Ltd.
First Quarter 2026 Results
Transactional Services
| Three months ended March 31, | Year ended December 31, | ||
|---|---|---|---|
| 2026 | 2025 | 2025 | |
| Number of trading days | 62 | 64 | 246 |
| SHARES | |||
| Market cap of Shares (ex. ETFs) | 2,344 | 1,216 | 1,799 |
| Market cap of ETFs on share indices | 199 | 151 | 203 |
| Total market cap (in NIS billions) | 2,543 | 1,367 | 2,002 |
| Shares ADV | 4,612 | 2,317 | 2,854 |
| ETFs on share indices ADV | 952 | 579 | 588 |
| Total average daily volume (in NIS millions) | 5,564 | 2,896 | 3,442 |
| Average commissions | 0.0098% | 0.01010% | 0.01000% |
| Revenue (in NIS thousands) | 34,412 | 18,720 | 84,653 |
| BONDS | |||
| Market cap of corporate bonds | 658 | 531 | 621 |
| Market cap of ETFs on bond indices | 34 | 32 | 33 |
| Total market cap (in NIS billions) | 692 | 563 | 654 |
| Corporate bonds ADV | 1,347 | 1,011 | 1,091 |
| ETFs on bond indices ADV | 132 | 91 | 86 |
| Total average daily volume (in NIS millions) | 1,479 | 1,102 | 1,177 |
| Corporate bonds - average commissions | 0.00696% | 0.00710% | 0.00706% |
| Revenue from corporate bonds (in NIS thousands) | 6,382 | 5,005 | 20,429 |
| Market cap of government bonds -unlinked | 445 | 408 | 442 |
| Market cap of government bonds -linked and others | 412 | 375 | 406 |
| Total market cap (in NIS billions) | 857 | 783 | 849 |
| Government bonds - unlinked | 3,083 | 2,105 | 1,990 |
| Government bonds - linked and others | 1,430 | 1,144 | 1,283 |
| Total average daily volume (in NIS millions) | 4,513 | 3,249 | 3,273 |
| Government bonds unlinked - average commissions | 0.00196% | 0.00199% | 0.00200% |
| Government bonds linked - average commissions | 0.00288% | 0.00291% | 0.00295% |
| Government bonds - unlinked (in NIS thousands) | 3,747 | 2,682 | 9,807 |
| Government bonds - linked (in NIS thousands) | 2,555 | 2,128 | 9,309 |
| Revenue from Government bonds (in NIS thousands) | 6,302 | 4,810 | 19,116 |
| TREASURY BILLS | |||
| Market cap (in NIS billions) | 260 | 228 | 252 |
| Treasury bills ADV (in NIS millions) | 2,071 | 1,319 | 1,521 |
| Average commissions | 0.00276% | 0.00343% | 0.00312% |
| Revenue (in NIS thousands) | 3,538 | 2,894 | 11,680 |
| MUTUAL FUNDS | |||
| Market cap (in NIS billions) | 560 | 446 | 539 |
| Average daily value of creation / redemptions (in NIS millions) | 3,238 | 2,414 | 2,544 |
| Average commissions | 0.00682% | 0.00702% | 0.00716% |
| Revenue (in NIS thousands) | 13,698 | 10,843 | 44,787 |
| DERIVATIVES | |||
| Derivatives on TA-35 index | 116.3 | 149.6 | 142.4 |
| Derivatives on foreign currency | 39.0 | 47.6 | 42.8 |
| Derivatives on shares and other | 25.4 | 11.0 | 12.0 |
| Total derivative contracts (in '000 units) | 180.7 | 208.2 | 197.2 |
| Average commissions | 0.599 | 0.539 | 0.544 |
| Revenue (in NIS thousands) | 6,715 | 7,187 | 26,372 |
| OTHER | |||
| Other (MTS) (in NIS thousands) | 29 | 31 | 103 |
| Total revenue from trading and clearing commissions | 71,076 | 49,490 | 207,140 |
25
TEL AVIV STOCK EXCHANGE
The Tel-Aviv Stock Exchange Ltd.
First Quarter 2026 Results
Non-Transactional Services
| Three months ended March 31, | Year ended December 31, | ||
|---|---|---|---|
| 2026 | 2025 | 2025 | |
| CLEARING HOUSE SERVICES | |||
| Average monthly/daily market value of assets (in NIS billions) | 4,822 | 3,685 | 4,026 |
| Avg. commissions from Custodian Fees | 0.00191% | 0.00141% | 0.00144% |
| Revenue from: (in NIS thousands) | |||
| Custodian Fees | 22,661 | 13,031 | 57,912 |
| Clearing House services for members | 25,397 | 13,883 | 65,807 |
| Clearing House services for companies & funds | 4,353 | 3,465 | 18,140 |
| Other | 1,515 | 1,500 | 5,776 |
| Total revenue from Clearing House services | 53,926 | 31,879 | 147,635 |
| LISTING FEES AND LEVIES | |||
| Weighted avg. number of companies / funds | |||
| Companies | 640 | 621 | 615 |
| Mutual funds and ETFs | 2,483 | 2,335 | 2,374 |
| Avg. revenue from levies (in NIS thousands) | |||
| Companies | 7.3 | 6.6 | 26.3 |
| Mutual funds and ETFs | 2.3 | 2.3 | 9.1 |
| Revenue from Annual Levies from: (in NIS thousands) | |||
| Companies | 4,679 | 4,072 | 16,198 |
| Mutual funds and ETFs | 5,796 | 5,349 | 21,718 |
| Nominee Company and others | 3,726 | 3,082 | 12,543 |
| Total revenue from Annual levies | 14,201 | 12,503 | 50,458 |
| The value of issuance used to calculate Listing fees (in NIS millions) | |||
| Companies – Shares, Bonds and ETFs | 91,684 | 54,431 | 257,563 |
| Government bonds (including swap transactions) | 55,550 | 58,608 | 175,553 |
| Treasury-bills | 100,294 | 113,256 | 405,426 |
| Average revenue from Examination and Listing Fees | |||
| Companies – shares, bonds and ETFs | 0.0168% | 0.0168% | 0.0173% |
| Revenue from Examination and Listing Fees (in NIS thousands) | |||
| Examination fees | 2,984 | 2,442 | 11,069 |
| Receipts from listing Fees | |||
| Listing fees - shares, bonds & ETF's | 15,398 | 9,171 | 44,637 |
| Listing fees - government bonds | 1,714 | 1,674 | 6,697 |
| Listing of T-bills | 702 | 793 | 2,838 |
| Levies and examination fees from members | - | - | 92 |
| Other | 134 | 113 | 1,100 |
| Total receipts | 17,948 | 11,751 | 55,364 |
| Accounting adjustments to revenue recognition | (7,618) | (2,427) | (16,607) |
| Total revenue from listing Fees | 10,330 | 9,324 | 38,757 |
| Total revenue from examination and listing fees (in NIS thousands) | 13,314 | 11,766 | 49,826 |
| Total revenue from listing fees and levies | 27,515 | 24,269 | 100,284 |
26
TEL AVIV STOCK EXCHANGE
The Tel-Aviv Stock Exchange Ltd.
First Quarter 2026 Results
| Three months ended March 31, | Year ended December 31, | ||
|---|---|---|---|
| 2026 | 2025 | 2025 | |
| DATA DISTRIBUTION AND CONNECTIVITY SERVICES (*) | |||
| Average number of data terminals | |||
| Domestic business clients(1) | 8,205 | 7,795 | 7,643 |
| Overseas business clients | 5,069 | 5,106 | 5,138 |
| Non-display data(2) | 226 | 209 | 227 |
| Revenue from data distribution and connectivity services (in NIS thousands) | |||
| Domestic business clients(1) | 5,504 | 5,120 | 20,162 |
| Overseas business clients | 2,713 | 2,758 | 11,105 |
| Private clients | 3,821 | 3,366 | 15,015 |
| Derivative data and non-display data(3) | 1,432 | 1,142 | 5,602 |
| Data files and other data | 1,802 | 1,533 | 6,101 |
| Authorization for indices usage | 10,641 | 6,670 | 31,843 |
| Connectivity services | 4,200 | 3,930 | 16,118 |
| Total revenue from data distribution and connectivity services | 30,113 | 24,519 | 105,946 |
(1) The revenue from data distribution to a business client include differently priced data packages. The number of terminals for business clients includes only the data packages that contain all data groups.
(2) The number of terminals attributed to quote generators.
(3) The revenues from non-display data packages include data packages that are differently priced for domestic clients and overseas clients, including quote generators.
The velocity of trading(1) in Israel in the reported period:
| Three months ended March 31, | % Change | Year ended December 31, | ||
|---|---|---|---|---|
| 2026 | 2025 | |||
| Velocity of trading | ||||
| Shares | 53.9% | 45.4% | 18.9% | 46.4% |
| Corporate bonds (2) | 56.0% | 51.9% | 7.9% | 49.9% |
| Government bonds – shekel (3) | 147.6% | 94.5% | 56.2% | 100.1% |
| Government bonds – linked (4) | 76.9% | 66.3% | 16.0% | 70.8% |
| Treasury bills | 175.9% | 139.6% | 25.9% | 146.9% |
(1) The velocity of trading does not include off-exchange transactions.
(2) The velocity of trading does not include data of TASE UP institutional-traded corporate bonds.
(3) Including "Shahar" fixed-interest shekel bonds and short-term government bonds.
(4) Includes CPI-linked bonds and "Gilon" variable-interest shekel bonds, and global government bonds (foreign exchange-linked).
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TEL AVIV STOCK EXCHANGE
The Tel-Aviv Stock Exchange Ltd.
First Quarter 2026 Results
Deferred income from listing fees
| Deferred income from listing fees as of | Total receipts for the Three months ended | Income recognition in Three months ended | Deferred income from listing fees as of | Income recognition in Twelve months ended | Deferred income from listing fees as of | |||
|---|---|---|---|---|---|---|---|---|
| 31.12.25 | 31.3.26 | 31.3.26 | 31.3.26 | 31.3.27 | 31.3.28 | 31.3.29 | 31.3.29 | |
| Listing of | ||||||||
| Shares | 27.9 | 3.9 | 1.6 | 30.2 | 6.4 | 5.4 | 4.6 | 13.8 |
| Corporate bonds | 61.4 | 10.5 | 5.4 | 66.5 | 19.4 | 14.3 | 10.3 | 22.5 |
| ETF | 20.2 | 1 | 1.1 | 20.1 | 3.8 | 3.1 | 2.6 | 10.6 |
| Government bonds | 16.4 | 1.7 | 1.3 | 16.8 | 3.6 | 3.4 | 3.3 | 6.5 |
| T-bills | 1.3 | 0.7 | 0.7 | 1.3 | 1.3 | - | - | - |
| Total | 127.2 | 17.8 | 10.1 | 134.9 | 34.5 | 26.2 | 20.8 | 53.4 |
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ההכנסה לניירות ערך תלאביב
TEL AVIV STOCK EXCHANGE