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Tel Aviv Stock Exchange Ltd. Investor Presentation 2026
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Investor Presentation
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TEL AVIV STOCK EXCHANGE
הבורסה לניירות ערך תל אביב
THE BEST ISRAEL HAS TO OFFER
Tel-Aviv Stock Exchange (TASE) Investors Presentation
2025
2
IMPORTANT: You must read the following before continuing. The following applies to the presentation with respect to The Tel-Aviv Stock Exchange Limited and its subsidiaries and affiliates (collectively, "TASE"). In accessing the presentation, you agree to be bound by the following terms and conditions.
The presentation does not constitute or form part of, and should not be construed as an offer or the solicitation of an offer to subscribe for or purchase the securities of TASE, and nothing contained therein shall form the basis of or be relied on in connection with any contract or commitment whatsoever, nor does it constitute a recommendation regarding the securities. Any investment decision in respect of the securities should be made solely on the basis of the information to be contained in the public reports of TASE.
The information in the presentation is basic and concise while the public reports of TASE contain more detailed information which may be different from, or additional to, the information contained in this presentation. In the event of any contradiction or discrepancy between the presentation and the public reports, the information in the public reports prevails. Thus, the presentation is not intended to serve as a substitute to reading TASE's public reports.
The Information contains statements and information that are forward-looking. Such forward-looking statements and information are only predictions and cannot assure TASE's future performance. Investors have been cautioned that any such forward-looking statements and information are subject to many risks and uncertainties relating to the operations and business of TASE. As a result of such risks and uncertainties, the actual results of TASE may be materially different from any future result expressed or implied in the forward-looking statement or information contained herein. Any opinions expressed in this presentation are subject to change without notice and TASE is not under obligation to update or keep current any of the forward-looking statement or information contained herein.
No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained therein. The information, including but not limited to forward-looking statements, applies only as of the date of this presentation and is not intended to give any assurances as to future results. TASE expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the information, including any financial data or forward-looking statements, and will not publicly release any revisions it may make to the information that may result from any change in TASE's expectations, any change in events, conditions or circumstances on which these forward-looking statements are based, or other events or circumstances arising after the date of this document
SINCE 1903
THE BEST LIVING LIFE IS LIFE
TASE at a Glance / 2025 by the Numbers
Average Daily Turnover
('000 Contracts)
197.2
Derivatives
14% Y-o-Y Growth
(NIS Billions)
1.5
T-Bills
7% Y-o-Y Growth
(NIS Billions)
3.3
Government Bonds
2% Y-o-Y Reduction
(NIS Billions)
1.2
Corporate Bonds(1)
9% Y-o-Y Growth
(NIS Billions)
3.4
Shares(1)
57% Y-o-Y Growth
Market Capitalization
(NIS Billions)
539
Mutual Funds(2)
26% Y-o-Y Growth
(NIS Billions)
252
T-Bills
14% Y-o-Y Growth
(NIS Billions)
848
Government Bonds
13% Y-o-Y Growth
(NIS Billions)
654
Corporate Bonds(1)
22% Y-o-Y Growth
(NIS Billions)
2,002
Shares(1)
46% Y-o-Y Growth
(1) Includes ETFs. (2) Value of the mutual funds' assets, as recorded in the in TASE Clearing House
NEIGHBORHOOD COUNCILS
TAE BEST LEAGUE AND TO OFFER
Equity Market at a Glance / 2025 by the Numbers
Listings and Offerings
546
Share and bond Companies(1)
13 Companies Y-o-Y Growth
160
Offerings(1)
4% Y-o-Y Reduction
(NIS Billions)
21.4
Equity Raised
162% Y-o-Y Growth
Issuance Volume 2025
Capital Issuances(1) (NIS in billions)
2025 Equity Issuance Composition
(1) Includes Private Placements (2) Excludes companies that were listed without raising capital
1
NEO ITALICAN DIVISION
THE STATE OF OREGON
THE BEST IORAL HAS TO OFFER
Bonds & T-Bills Markets at a Glance / 2025 by the Numbers
Listings and Offerings
98
Bond Companies(1)
9 Companies Y-o-Y Growth
(NIS Billions)
187.0
Corporate Bonds Raised(2)
51% Y-o-Y Growth
(NIS Billions)
137.5
Government Bonds Raised(3)
26% Y-o-Y Reduction
(NIS Billions)
405.4
T-Bills Raised
8% Y-o-Y Reduction
Issuance Volume 2025
Corporate Bond Issuances (2)
100.0
2023
123.5
2024
123.5
2025
Government Bond Issuances(3)
86.7
2023
186.2
2024
137.5
2025
Treasury Bills Issuances
403.5
2023
439.8
2024
405.4
2025
(1) Excludes TASE-UP (2) Includes structured bonds (3) Excluding amounts raised by way of swap auctions, totaling NIS 11.4 billion, NIS 7.6 billion and NIS 6.3 billion in quarter ended 30.9.2025, 30.9.2024 and 30.9.2023, respectively.
THE BEST COUNCIL FOR BANKING AND BANKING
THE BEST IONEL HAS TO OFFER
TASE at a Glance / 2025 by the Numbers
Financial Metrics
(NIS Millions)
563.5
Revenue
29% Y-o-Y Growth
(NIS Millions)
293.8
Adj. EBITDA(1)
58% Y-o-Y Growth
52.1%
% Adj. EBITDA(1)
42.6% in 2024
(NIS Millions)
184.3
Adj. net profit(1)
72% Y-o-Y Growth
32.7%
% Adj. net profit(1)
24.5% in 2024
(NIS)
1.974
Basic EPS
81% Y-o-Y Growth
Revenue (NIS Millions)
Adjusted EBITDA & Margin(1) (NIS Millions)
Adjusted Net Profit & Margin(1) (NIS Millions)
Basic EPS (NIS)
(1) Exclude expenses in respect to share-payments
THE BEST CANAL HAS TO OFFER
The results for 2025 (NIS, in thousands)
| Year Ended | |||
|---|---|---|---|
| IFRS (GAAP) | December 31, 2025 | December 31, 2024 | Difference -% |
| Revenue from services | 563,543 | 437,865 | 29% |
| Expenses | 334,549 | 313,429 | 7% |
| Profit before financing income, net | 228,994 | 124,436 | 84% |
| Financing income, net | 7,225 | 10,025 | (28%) |
| Taxes on income | 55,186 | 33,067 | 67% |
| Profit | 181,033 | 101,394 | 79% |
| Basic EPS (in NIS) | 1.974 | 1.093 | 81% |
| Non GAAP | |||
| Adjusted EBITDA(1) | 293,785 | 186,325 | 58% |
| Adjusted net profit(1) | 184,323 | 107,166 | 72% |
| % EBITDA Adjusted margin | 52.1% | 42.6% | |
| % Adjusted net profit margin | 32.7% | 24.5% |
Revenue (NIS Millions)
Adjusted EBITDA(1) (NIS Millions)
Adjusted net profit(1)(NIS Millions)
(1) Exclude expenses in respect to share-payments
7
SLOANZANDA
THE BEST LIVING NEWSPAPER
TWE BEST IGAMEL WAS TO OFFER
2025 Revenue Composition (NIS, in millions)
8
(1) Less than 0.5%
PLANN EXPRESS
THE BEST CANAL HAS TO OFFER
Total Revenues
- Trading and clearing commissions
- Clearing House services
- Other revenue
- Listing fees and levies
- Data distribution and connectivity services
Revenues Composition
Revenue over the last quarters (NIS in millions)
2025 Revenue (NIS, in thousands)
| Year Ended | |||||
|---|---|---|---|---|---|
| 31.12.2025 | % of the Company's total revenues | 31.12.2024 | % of the Company's total revenues | Difference -% | |
| Trading and clearing commissions | 207,140 | 37% | 166,626 | 38% | 24% |
| Listing fees and levies | 100,284 | 18% | 88,025 | 20% | 14% |
| Clearing House services | 147,635 | 26% | 88,926 | 20% | 66% |
| Data distribution and Connectivity services | 105,946 | 19% | 90,794 | 21% | 17% |
| Other revenue | 2,538 | 0% | 3,494 | 1% | (27%) |
| Total revenue | 563,543 | 100% | 437,865 | 100% | 29% |
29%
of the increase in Trading and clearing commissions revenue is due mainly to an increase in the trading volumes
39%
of the increase in revenues from Clearing House services is due to an increase in revenues from services to members
7%
of the increase in revenue from Data distribution and Connectivity services is due to an increase in revenue from authorizations to use TASE's indices
8%
of the increase in revenue from Listing fees and levies is due to an increase in revenue from annual levies
26%
of the increase in revenue from Clearing House services is due to an increase in the value of assets held in custody at TASE-CH
8%
of the increase in revenue from Data distribution and Connectivity services is due to an increase in revenue from data distribution to private and business customers
(1) Exclude expenses in respect to share-payments
SEAL OF THE STATE OF CALIFORNIA
THE SEAL OF THE STATE OF CALIFORNIA
THE BEST ITEMS I MAY TO OFFER
2025 Revenue Composition (NIS, in millions)
Trading and Clearing Commissions
- Shares
- Corporate Bonds
- Government Bonds
- Derivatives
- Mutual Funds
- T-Bills and other
Revenue Development Over Comparable Periods 5-Year Overview (NIS in millions)
Listing Fees and Levies
- Annual Levies
- Listing Fees
- Examination fees
Revenue Development Over Comparable Periods 5-Year Overview (NIS in millions)
10
SCHOOL OF TECHNOLOGY
THE BEST ISRAEL HAS TO OFFER
2025 Revenue Composition (NIS, in millions)
Clearing House Services
- Custodian fees
- For members
- For companies & funds
- Other
Revenue Development Over Comparable Periods 5-Year Overview (NIS in millions)
Data Distribution & Connectivity Services
- Business clients
- Private clients
- Derivative & non-display data
- Data files and others
- Indices usage
- Connectivity services
Revenue Development Over Comparable Periods 5-Year Overview (NIS in millions)
Other Revenue amounted in 2.6 million NIS
NEW YORK STATE OF OPPORTUNITY. THE RIVER OF THE UNITED STATES. THE BEST IODAL HAS TO OFFER
Expenses 2025 (NIS, in thousands)
| Year Ended | |||||
|---|---|---|---|---|---|
| December 31, 2025 | % of the Company's adjusted expenses | December 31, 2024 | % of the Company's adjusted expenses | Difference -% | |
| Compensation | 169,928 | 51% | 165,255 | 54% | 3% |
| Computer and Communications | 49,791 | 15% | 43,088 | 14% | 16% |
| Property Taxes and Building Maintenance | 14,833 | 4% | 14,026 | 5% | 6% |
| Marketing | 5,148 | 2% | 6,672 | 2% | (23%) |
| Fee to the Israel Securities Authority | 10,514 | 3% | 8,369 | 3% | 26% |
| General and Administrative | 11,407 | 3% | 10,522 | 3% | 8% |
| Other operating expenses | 7,724 | 2% | 3,619 | 1% | 113% |
| Depreciation & amortization | 60,502 | 18% | 55,976 | 18% | 8% |
| Other | 1,412 | 0% | 130 | 0% | 986% |
| Adjusted Expenses | 331,259 | 100% | 307,657 | 100% | 8% |
| expenses in respect to share-payments | 3,290 | 5,772 | |||
| Total Expenses | 334,549 | 313,429 | 7% |
2025 Adjusted Expenses
331.3
NIS Millions
2025
2024
THE REUT ISRAEL AGE TO OFFER
The Results for Q4'25 (NIS, in thousands)
| Quarter Ended | |||
|---|---|---|---|
| GAAP (IFRS) | 31.12.2025 | 31.12.2024 | Difference -% |
| Revenue from services | 149,310 | 115,417 | 29% |
| Expenses | 84,497 | 84,161 | - |
| Profit before financing income, net | 64,813 | 31,256 | 107% |
| Financing income, net | 2,522 | 2,555 | (1%) |
| Taxes on income | 15,675 | 8,439 | 86% |
| Profit | 51,660 | 25,372 | 104% |
| Basic EPS (in NIS) | 0.558 | 0.270 | 106% |
| Non GAAP | |||
| Adjusted EBITDA(1) | 80,785 | 46,822 | 73% |
| Adjusted net profit(1) | 52,350 | 26,460 | 98% |
| % EBITDA Adjusted margin | 54.1% | 40.6% | |
| % Adjusted net profit margin | 35.1% | 22.9% |
Revenue (NIS Millions)
Adjusted EBITDA(1) (NIS Millions)
Adjusted net profit(1) (NIS Millions)
(1) Exclude expenses in respect to share-payments
S
NEO
STRATEGIC
1
THE BEST
CAMEL HAS TO OFFER
Q4'25 Revenue Composition (NIS, in millions)
Total Revenues
■ Trading and clearing commissions
■ Clearing House services
■ Other revenue
■ Listing fees and levies
■ Data distribution and connectivity services
WILKES BARREYER INSTITUTE OF TECHNOLOGY, CENTRAL ETHICS, THE BEST ISRAEL HAS TO OFFER
Q4'25 Revenue (NIS, in thousands)
| Quarter Ended | |||||
|---|---|---|---|---|---|
| 31.12.2025 | % of the Company's total revenues | 31.12.2024 | % of the Company's total revenues | Difference -% | |
| Trading and clearing commissions | 54,731 | 37% | 43,051 | 37% | 27% |
| Listing fees and levies | 25,355 | 17% | 22,310 | 19% | 14% |
| Clearing House services | 41,217 | 28% | 26,149 | 23% | 58% |
| Data distribution and Connectivity services | 27,439 | 18% | 23,123 | 20% | 19% |
| Other revenue | 568 | 0% | 784 | 1% | (28%) |
| Total revenue | 149,310 | 100% | 115,417 | 100% | 29% |
31%
of the increase in Trading and clearing commissions revenue is due mainly to an increase in the trading volumes
33%
of the increase in revenues from Clearing House services is due to an increase in revenues from services to members
9%
of the increase in revenue from Data distribution and Connectivity services is due to an increase in revenue from authorizations to use TASE's indices
8%
of the increase in revenue from Listing fees and levies is due to an increase in revenue from annual levies
23%
of the increase in revenue from Clearing House services is due to an increase in the value of assets held in custody at TASE-CH
6%
of the increase in revenue from Data distribution and Connectivity services is due to an increase in revenue from data distribution to private and business customers
(1) Exclude expenses in respect to share-payments
SEAL OF THE STATE OF CALIFORNIA
THE SEAL OF THE STATE OF CALIFORNIA
THE BEST ITEMS I MAY TO OFFER
Q4'25 Revenue Composition (NIS, in millions)
Trading and Clearing Commissions
- Shares
- Corporate Bonds
- Government Bonds
- Derivatives
- Mutual Funds
- T-Bills and other
Revenue over the last quarters (NIS in millions)
Listing Fees and Levies
- Annual Levies
- Listing Fees
- Examination fees
Revenue over the last quarters (NIS in millions)
MANAGEMENT AND RESEARCH INSTITUTE FOR INTELLIGENT CENTRE
THE BEST ITEMS I HAVE TO OFFER
Q4'25 Revenue Composition (NIS, in millions)
Clearing House Services
- Custodian fees
- For members
- For companies & funds
- Other
Revenue over the last quarters (NIS in millions)
Data Distribution & Connectivity Services
- Business clients
- Private clients
- Derivative & non-display data
- Data files and others
- Indices usage
- Connectivity services
Revenue over the last quarters (NIS in millions)
In Q3'25, the other revenue amounted to NIS 0.7 million
THE BEST FINANCIAL INDUSTRY OF BUTLER VERIT
THE BEST FINANCIAL INDUSTRY FOR OUR FRIENDS
Expenses Q4'25 (NIS, in thousands)
| Quarter Ended | |||||
|---|---|---|---|---|---|
| December 31, 2025 | % of the Company's adjusted expenses | December 31, 2024 | % of the Company's adjusted expenses | Difference -% | |
| Compensation | 43,287 | 52% | 45,183 | 54% | (4%) |
| Computer and Communications | 11,679 | 14% | 10,542 | 13% | 11% |
| Property Taxes and Building Maintenance | 3,904 | 5% | 3,581 | 4% | 9% |
| Marketing | 1,725 | 2% | 2,869 | 3% | (40%) |
| Fee to the Israel Securities Authority | 2,595 | 3% | 2,067 | 2% | 26% |
| General and Administrative | 2,898 | 3% | 3,268 | 4% | (11%) |
| Other operating expenses | 2,438 | 3% | 1,096 | 1% | 122% |
| Depreciation & amortization | 15,249 | 18% | 14,425 | 17% | 6% |
| Other | 32 | 0% | 42 | 0% | (24%) |
| Adjusted Expenses | 83,807 | 100% | 83,073 | 100% | 1% |
| expenses in respect to share-payments | 690 | 1,088 | |||
| Total Expenses | 84,497 | 84,161 | 0% |
Q4'25 Q4'24
THE REUT ISRAEL AGE TO OFFER
Financial Position and Capital & Liquidity Adequacy
(as of December 31, 2025 / NIS, in thousands)
| Assets: | |
|---|---|
| Cash and cash equivalents | 370,974 |
| Financial assets at fair value through profit or loss | 123,230 |
| Trade receivables | 19,910 |
| Other receivables | 9,140 |
| Total | 523,254 |
| Assets derived from clearing operations in respect of open derivative positions | 775,286 |
| Total current assets | 1,298,540 |
| Total non-current assets | 494,620 |
| Total assets | 1,793,160 |
| Liabilities and Equity: | |
| Total current liabilities | 986,435 |
| Of which- liabilities derived from clearing operations in respect of open derivative positions | 775,286 |
| Total non-current liabilities | 155,243 |
| capital reserves | 373,858 |
| Retained earnings | 277,624 |
| Total equity | 651,482 |
| Total liabilities and equity | 1,793,160 |
| Adjusted Equity Ratio(2) | 77% |
NIS in Millions
550.3
Excess Capital(1)
12% Reduction compared to 31.12.24
NIS in Millions
309.6
Excess Liquidity(1)
80% Growth compared to 31.12.24
| Capital Requirements | |
|---|---|
| Total capital requirements in respect of the risk components | 198,748 |
| Total equity | 651,482 |
| Deferred income in respect of listing fees less deferred tax | 97,576 |
| Total qualifying capital base | 749,058 |
| Capital surplus (qualifying capital base, less requirements) | 550,310 |
| Liquidity Requirements | |
| Total requirements for liquid assets | 135,895 |
| Cash and cash equivalents | 370,974 |
| Securities portfolio at fair value | 123,230 |
| Less – amortization coefficients on the assets | (5,750) |
| Line of credit | 120,000 |
| Less- the balance earmarked for investment in TASE’s technological infrastructure | (143,493) |
| Less – current liabilities | (19,428) |
| Net liquid assets | 445,533 |
| Liquidity surplus (net liquid assets, less requirements) | 309,638 |
(1) The Board of Directors also approved a safety cushion, which serves as an additional layer for handling stress scenarios and is at the discretion of the Board of Directors.
(2) Adjusted assets exclude open position in derivatives. Adjusted capital includes deferred income from registration fees.
THE BEST COUNCIL FOR SPORTS & RESEARCH
THE BEST ISENCE. HAS TO OFFER
Cash Flow (NIS, in Millions)
| Item | 2025 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | |
|---|---|---|---|---|---|---|
| Operating Activities | Adjusted EBITDA(1) | 293,785 | 80,785 | 79,523 | 71,646 | 61,831 |
| Changes in working capital | 32,116 | 13,181 | 3,755 | (549) | 15,729 | |
| Financing and tax | (36,081) | (3,340) | (6,357) | (6,664) | (19,720) | |
| Investing Activities | Total | 289,820 | 90,626 | 76,921 | 64,433 | 57,840 |
| Investments in property, equipment and in intangible assets | (57,431) | (12,907) | (12,739) | (11,772) | (20,013) | |
| Disposal (acquisition) of financial assets at fair value | (25,934) | (25,637) | (190) | (90) | (17) | |
| Total | (83,365) | (38,544) | (12,929) | (11,862) | (20,030) | |
| Financing Activities | Lease payments | (9,122) | (2,316) | (2,318) | (2,313) | (2,175) |
| Payments for the acquisition of treasury shares | (202,571) | - | - | - | (202,571) | |
| Payments carried directly to equity within the framework of implementing the TASE Restructuring Law, net(2) | - | - | - | - | - | |
| Repayment of long-term loans | (139,721) | (10,833) | (10,833) | (10,833) | (107,222) | |
| Receipt Long-term debt | 130,000 | - | - | - | 130,000 | |
| Dividend payment | (50,697) | - | - | - | (50,697) | |
| Total | (272,111) | (13,149) | (13,151) | (13,146) | (232,665) | |
| Total increase (decrease) in cash and cash equivalents | (65,656) | 38,933 | 50,841 | 39,425 | (194,855) | |
| Opening balance | 438,288 | 332,577 | 281,837 | 243,789 | 438,288 | |
| Effect of changes in exchange rates on cash balances | (1,759) | (637) | (101) | (1,377) | 356 | |
| Free Cash Flow | Closing balance | 370,873 | 370,873 | 332,577 | 281,838 | 243,789 |
| Net cash provided by operating activities | 289,820 | 90,626 | 76,921 | 64,433 | 57,840 | |
| Investments in property, equipment and in intangible assets | (57,431) | (12,907) | (12,739) | (11,772) | (20,013) | |
| Lease payments | (9,122) | (2,316) | (2,318) | (2,313) | (2,175) | |
| Free Cash Flow | 223,267 | 75,403 | 61,865 | 50,348 | 35,652 | |
| 2024 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | ||
| --- | --- | --- | --- | --- | ||
| 186,325 | 46,822 | 45,123 | 45,812 | 48,568 | ||
| (3,545) | 11,674 | 2,854 | (22,933) | 4,860 | ||
| (17,575) | (379) | (2,774) | (3,008) | (11,414) | ||
| 165,205 | 58,117 | 45,203 | 19,871 | 42,014 | ||
| (54,953) | (19,749) | (13,113) | (9,093) | (12,998) | ||
| (731) | (254) | (594) | (355) | 472 | ||
| (55,684) | (20,003) | (13,707) | (9,448) | (12,526) | ||
| (9,472) | (2,464) | (2,311) | (2,347) | (2,350) | ||
| - | - | - | - | - | ||
| 252,523 | 10,066 | - | - | 242,457 | ||
| (50,000) | (12,500) | (12,500) | (12,500) | (12,500) | ||
| (272,718) | - | - | - | (272,718) | ||
| (79,667) | (4,898) | (14,811) | (14,847) | (45,111) | ||
| 29,854 | 33,216 | 16,685 | (4,424) | (15,623) | ||
| 408,484 | 405,295 | 388,705 | 392,955 | 408,484 | ||
| (50) | (223) | (95) | 174 | 94 | ||
| 438,288 | 438,288 | 405,295 | 388,705 | 392,955 | ||
| 165,205 | 58,117 | 45,203 | 19,871 | 42,014 | ||
| (54,953) | (19,749) | (13,113) | (9,093) | (12,998) | ||
| (9,472) | (2,464) | (2,311) | (2,347) | (2,350) | ||
| 100,780 | 35,904 | 29,779 | 8,431 | 26,666 |
(1) Exclude expenses in respect to share-payments (2) Investments in technological infrastructure were funded by the consideration from the sale of the Arrangement Shares
1
THE BEST CHAIN IS OFFER
21
Appendix
TEL AVIV STOCK EXCHANGE
הבורסה לניירות ערך תל אביב
THE BEST ISRAEL HAS TO OFFER
Revenue Trends (NIS, in Millions)
Annual Revenue
Quarterly Revenue
THE BEST BUSINESS
REVISIONS IN THE BUSINESS
THE BEST ISRAEL HAS TO OFFER
Adjusted Operating Expenses(1) Trends(NIS, in Millions)
(1) Excludes the expenses in respect to share-payments.
NEIGHBORHOOD COUNCIL
THE BEST COUNCIL HAS TO OFFER
Profitability Trends (NIS, in Millions)
Adjusted EBITDA & Margin(1)
(1) Excludes the expenses in respect to share-payments
THE REUTERIAN UNION
THE BEST ITEMS I, HAS TO OFFER
Revenue Drill Down / Transactional - Shares
| Velocity | 43% | 43% | 41% | 46% | 46% | 44% | 39% | 42% | 39% | 42% | 39% | 43% | 45% | 47% | 48% | 45% |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Average Daily Turnover (NIS billions) | 2.30 | 2.00 | 2.20 | 3.44 | 2.14 | 2.07 | 1.87 | 1.93 | 2.14 | 2.16 | 2.00 | 2.51 | 2.90 | 3.16 | 3.76 | 3.98 |
| 2022 | 2023 | 2024 | 2025 | Q1'23 | Q2'23 | Q3'23 | Q4'23 | Q1'24 | Q2'24 | Q3'24 | Q4'24 | Q1'25 | Q2'25 | Q3'25 | Q4'25 | |
| Average Commissions % | 0.0104% | 0.0113% | 0.0110% | 0.0109% | 0.0109% | 0.0113% | 0.0116% | 0.0115% | 0.0111% | 0.0113% | 0.0112% | 0.0104% | 0.0101% | 0.0100% | 0.0100% | 0.0099% |
| 2022 | 2023 | 2024 | 2025 | Q1'23 | Q2'23 | Q3'23 | Q4'23 | Q1'24 | Q2'24 | Q3'24 | Q4'24 | Q1'25 | Q2'25 | Q3'25 | Q4'25 | |
| Revenue (NIS millions) | 58.5 | 56.2 | 59.0 | 84.6 | 14.8 | 13.5 | 13.3 | 14.6 | 15.0 | 13.9 | 14.5 | 15.6 | 18.7 | 18.9 | 23.3 | 23.7 |
| 2022 | 2023 | 2024 | 2025 | Q1'23 | Q2'23 | Q3'23 | Q4'23 | Q1'24 | Q2'24 | Q3'24 | Q4'24 | Q1'25 | Q2'25 | Q3'25 | Q4'25 |
Velocity Represents: Calculated as annualized trading volumes divided by average market capitalization Includes ETFs
25
The BOST ISRAEL HAS TO OFFER
Revenue Drill Down / Transactional – Corporate Bonds
| Velocity | 61% | 58% | 54% | 50% | 64% | 55% | 58% | 54% | 60% | 56% | 49% | 54% | 52% | 49% | 50% | 51% |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Average Daily Turnover (NIS billions) | 1.05 | 1.02 | 1.08 | 1.18 | 1.09 | 0.93 | 1.08 | 0.96 | 1.16 | 1.12 | 0.96 | 1.08 | 1.10 | 1.11 | 1.21 | 1.30 |
| 2022 | 2023 | 2024 | 2025 | Q1'23 | Q2'23 | Q3'23 | Q4'23 | Q1'24 | Q2'24 | Q3'24 | Q4'24 | Q1'25 | Q2'25 | Q3'25 | Q4'25 | |
| Average Commissions % | 0.00707% | 0.00705% | 0.00711% | 0.00706% | 0.00701% | 0.00705% | 0.00702% | 0.00713% | 0.00708% | 0.00713% | 0.00702% | 0.00702% | 0.00701% | 0.00701% | 0.00706% | 0.00704% |
| 2022 | 2023 | 2024 | 2025 | Q1'23 | Q2'23 | Q3'23 | Q4'23 | Q1'24 | Q2'24 | Q3'24 | Q4'24 | Q1'25 | Q2'25 | Q3'25 | Q4'25 | |
| Revenue (NIS millions) | 18.1 | 17.8 | 18.8 | 20.4 | 4.9 | 3.8 | 4.6 | 4.5 | 5.2 | 4.6 | 4.4 | 4.6 | 5.0 | 4.7 | 5.3 | 5.5 |
| 2022 | 2023 | 2024 | 2025 | Q1'23 | Q2'23 | Q3'23 | Q4'23 | Q1'24 | Q2'24 | Q3'24 | Q4'24 | Q1'25 | Q2'25 | Q3'25 | Q4'25 |
Velocity Represents: Calculated as annualized trading volumes divided by average market capitalization Includes ETFs
THE BEST COUNCIL IN THE EUROPEAN THEATER
Revenue Drill Down / Transactional – Government Bonds
| Velocity | 81% | 101% | 100% | 86% | 109% | 95% | 88% | 114% | 110% | 102% | 95% | 96% | 81% | 102% | 78% | 76% |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Average Daily Turnover (NIS billions) | 2.43 | 2.91 | 3.34 | 3.27 | 2.99 | 2.63 | 2.43 | 3.53 | 3.44 | 3.27 | 3.26 | 3.41 | 3.25 | 3.72 | 3.06 | 3.06 |
| 2022 | 2023 | 2024 | 2025 | Q1'23 | Q2'23 | Q3'23 | Q4'23 | Q1'24 | Q2'24 | Q3'24 | Q4'24 | Q1'25 | Q2'25 | Q3'25 | Q4'25 | |
| Average Commissions % | 0.0023% | 0.0024% | 0.0023% | 0.0024% | 0.0023% | 0.0024% | 0.0024% | 0.0023% | 0.0023% | 0.0023% | 0.0023% | 0.0023% | 0.0024% | 0.0024% | 0.0023% | |
| 2022 | 2023 | 2024 | 2025 | Q1'23 | Q2'23 | Q3'23 | Q4'23 | Q1'24 | Q2'24 | Q3'24 | Q4'24 | Q1'25 | Q2'25 | Q3'25 | Q4'25 | |
| Revenue (NIS millions) | 13.7 | 17.2 | 18.9 | 19.1 | 4.4 | 3.6 | 3.5 | 5.7 | 5.0 | 4.3 | 4.8 | 4.8 | 4.8 | 5.4 | 4.6 | 4.3 |
| 2022 | 2023 | 2024 | 2025 | Q1'23 | Q2'23 | Q3'23 | Q4'23 | Q1'24 | Q2'24 | Q3'24 | Q4'24 | Q1'25 | Q2'25 | Q3'25 | Q4'25 |
Velocity Represents: Calculated as annualized trading volumes divided by average market capitalization Includes ETFs
M
The MSTI Group
TVA BEST-NAME AND TO OFFER
Revenue Drill Down / Transactional - Mutual Funds
MULTILATION OF CROSS TO THE BEST
THE BEST ITEMS I MAY TO OFFER
Revenue Drill Down / Transactional – Derivatives Daily Contracts (thousands)
| Average Daily Turnover (in '000 units) | 159.2 | 157.3 | 173.1 | 197.2 | 164.4 | 153.2 | 158.8 | 152.3 | 151.5 | 169.4 | 191.9 | 179.1 | 208.2 | 209.8 | 183.8 | 186.8 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2023 | 2024 | 2025 | Q1'23 | Q2'23 | Q3'23 | Q4'23 | Q1'24 | Q2'24 | Q3'24 | Q4'24 | Q1'25 | Q2'25 | Q3'25 | Q4'25 | |
| Average commissions | 0.54 | 0.57 | 0.54 | 0.54 | 0.56 | 0.56 | 0.59 | 0.57 | 0.59 | 0.53 | 0.51 | 0.55 | 0.54 | 0.53 | 0.55 | 0.56 |
| 2022 | 2023 | 2024 | 2025 | Q1'23 | Q2'23 | Q3'23 | Q4'23 | Q1'24 | Q2'24 | Q3'24 | Q4'24 | Q1'25 | Q2'25 | Q3'25 | Q4'25 | |
| Revenue (NIS millions) | 20.9 | 22.2 | 23.1 | 26.4 | 5.9 | 4.9 | 5.7 | 5.7 | 5.7 | 5.1 | 6.4 | 5.9 | 7.2 | 6.6 | 6.3 | 6.3 |
| 2022 | 2023 | 2024 | 2025 | Q1'23 | Q2'23 | Q3'23 | Q4'23 | Q1'24 | Q2'24 | Q3'24 | Q4'24 | Q1'25 | Q2'25 | Q3'25 | Q4'25 |
29
THE REVIT (OAKS) AND TO OFFER
Revenue Drill Down / Non-transactional- Clearing House Services
As of April 1, 2024, the custodian fees commission is charged daily based on the value of the assets recorded at TASE-CH on that date, this in place of the monthly charging based on the value of the assets on the last day of each month.
The State of New York
THE BEST ITEMS IN THE HOUSE OF REVIEWERS
THE BEST ITEMS, HAS TO OFFER
Revenue Drill Down / Non-transactional NIS in Millions
(1) excludes Authorization for indices usage
THE BEST COUNCIL FOR INDUSTRY RESEARCH
THE BEST ISSUED, HAS TO OFFER
Transactional Metrics
| Quarter Ended | Year Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31.12.25 | 30.9.25 | 30.06.25 | 31.03.25 | 31.12.24 | 30.09.24 | 30.06.24 | 31.03.24 | 31.12.25 | 31.12.24 | 31.12.23 | 31.12.22 | |
| Number of trading days | 60 | 62 | 60 | 64 | 60 | 65 | 57 | 63 | 246 | 245 | 249 | 244 |
| SHARES | ||||||||||||
| Market cap of Shares (ex. ETFs) | 1,799 | 1,594 | 1,486 | 1,216 | 1,218 | 1,050 | 964 | 1,038 | 1,799 | 1,218 | 953 | 949 |
| Market cap of ETFs on share indices | 203 | 190 | 176 | 151 | 151 | 134 | 123 | 117 | 203 | 151 | 102 | 71 |
| Total market cap (in NIS billions) | 2,002 | 1,784 | 1,662 | 1,367 | 1,369 | 1,184 | 1,087 | 1,155 | 2,002 | 1,369 | 1,055 | 1,020 |
| Shares ADV | 3,360 | 3,195 | 2,569 | 2,317 | 1,948 | 1,547 | 1,731 | 1,607 | 2,854 | 1,703 | 1,598 | 1,874 |
| ETFs on share indices ADV | 623 | 565 | 587 | 579 | 562 | 454 | 431 | 531 | 588 | 495 | 400 | 421 |
| Total average daily volume (in NIS millions) | 3,983 | 3,760 | 3,156 | 2,896 | 2,510 | 2,001 | 2,162 | 2,138 | 3,442 | 2,198 | 1,998 | 2,295 |
| Average commissions | 0.00993% | 0.00999% | 0.00999% | 0.01010% | 0.01035% | 0.01115% | 0.01131% | 0.01110% | 0.01000% | 0.01095% | 0.01129% | 0.01044% |
| Revenue (in NIS thousands) | 23,727 | 23,296 | 18,910 | 18,720 | 15,584 | 14,500 | 13,934 | 14,952 | 84,653 | 58,970 | 56,176 | 58,469 |
| BONDS | ||||||||||||
| Market cap of corporate bonds | 621 | 599 | 556 | 531 | 504 | 485 | 447 | 457 | 621 | 504 | 447 | 409 |
| Market cap of ETFs on bond indices | 33 | 32 | 32 | 32 | 32 | 30 | 30 | 30 | 33 | 32 | 29 | 27 |
| Total market cap (in NIS billions) | 654 | 631 | 588 | 563 | 536 | 515 | 477 | 487 | 654 | 536 | 476 | 436 |
| Corporate bonds ADV | 1,209 | 1,124 | 1,023 | 1,011 | 979 | 849 | 1,024 | 1,054 | 1,091 | 974 | 902 | 916 |
| ETFs on bond indices ADV | 86 | 82 | 87 | 91 | 103 | 109 | 96 | 105 | 86 | 103 | 114 | 130 |
| Total average daily volume (in NIS millions) | 1,295 | 1,206 | 1,110 | 1,102 | 1,082 | 958 | 1,120 | 1,159 | 1,177 | 1,077 | 1,016 | 1,046 |
| Corporate bonds - average commissions | 0.00704% | 0.00706% | 0.00701% | 0.00710% | 0.00702% | 0.00713% | 0.00718% | 0.00708% | 0.00706% | 0.00711% | 0.00705% | 0.00707% |
| Revenue from corporate bonds (in NIS thousands) | 5,470 | 5,282 | 4,672 | 5,005 | 4,559 | 4,440 | 4,581 | 5,172 | 20,429 | 18,752 | 17,833 | 18,036 |
| Market cap of government bonds -unlinked | 442 | 429 | 427 | 408 | 395 | 370 | 347 | 328 | 442 | 395 | 308 | 287 |
| Market cap of government bonds -linked and others | 406 | 406 | 392 | 375 | 356 | 335 | 315 | 304 | 406 | 356 | 304 | 300 |
| Total market cap (in NIS billions) | 848 | 835 | 819 | 783 | 751 | 705 | 662 | 632 | 848 | 751 | 612 | 587 |
| Government bonds - unlinked | 1,941 | 1,801 | 2,111 | 2,105 | 2,338 | 2,266 | 2,183 | 2,469 | 1,990 | 2,316 | 1,902 | 1,476 |
| Government bonds - linked and others | 1,123 | 1,260 | 1,613 | 1,144 | 1,074 | 993 | 1,084 | 970 | 1,283 | 1,028 | 1,009 | 955 |
| Total average daily volume (in NIS millions) | 3,064 | 3,061 | 3,724 | 3,249 | 3,412 | 3,259 | 3,267 | 3,439 | 3,273 | 3,344 | 2,911 | 2,431 |
| Government bonds unlinked - average commissions | 0.00202% | 0.00203% | 0.00198% | 0.00199% | 0.00205% | 0.00193% | 0.00200% | 0.00202% | 0.00200% | 0.00200% | 0.00202% | 0.00195% |
| Government bonds linked - average commissions | 0.00294% | 0.00301% | 0.00294% | 0.00291% | 0.00300% | 0.00299% | 0.00298% | 0.00299% | 0.00295% | 0.00299% | 0.00303% | 0.00290% |
| Government bonds - unlinked (in NIS thousands) | 2,357 | 2,263 | 2,505 | 2,682 | 2,876 | 2,837 | 2,484 | 3,146 | 9,807 | 11,343 | 9,579 | 7,010 |
| Government bonds - linked (in NIS thousands) | 1,984 | 2,349 | 2,848 | 2,128 | 1,933 | 1,929 | 1,844 | 1,828 | 9,309 | 7,534 | 7,615 | 6,760 |
| Revenue from Government bonds (in NIS thousands) | 4,341 | 4,612 | 5,353 | 4,810 | 4,809 | 4,766 | 4,328 | 4,974 | 19,116 | 18,877 | 17,194 | 13,770 |
SICH OFFICE OF THE DEPUTY COMMISSIONER FOR INDUSTRIAL RESEARCH
THE BEST ITEMS I MAY TO OFFER
Transactional Metrics / Continued
| Quarter Ended | Year Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31.12.25 | 30.9.25 | 30.06.25 | 31.03.25 | 31.12.24 | 30.09.24 | 30.06.24 | 31.03.24 | 31.12.25 | 31.12.24 | 31.12.23 | 31.12.22 | |
| Number of trading days | 60 | 62 | 60 | 64 | 60 | 65 | 57 | 63 | 246 | 245 | 249 | 244 |
| TREASURY BILLS | ||||||||||||
| Market cap (in NIS billions) | 252 | 242 | 232 | 228 | 222 | 231 | 249 | 256 | 252 | 222 | 305 | 209 |
| Treasury bills ADV (in NIS millions) | 1,578 | 1,510 | 1,706 | 1,319 | 1,251 | 1,128 | 1,365 | 1,926 | 1,521 | 1,419 | 1,397 | 783 |
| Average commissions | 0.00315% | 0.00285% | 0.00307% | 0.00343% | 0.00361% | 0.00362% | 0.00359% | 0.00290% | 0.00312% | 0.00336% | 0.00379% | 0.00334% |
| Revenue (in NIS thousands) | 2,979 | 2,669 | 3,138 | 2,894 | 2,713 | 2,657 | 2,797 | 3,516 | 11,680 | 11,683 | 13,170 | 6,375 |
| MUTUAL FUNDS | ||||||||||||
| Market cap (in NIS billions) | 539 | 518 | 484 | 446 | 429 | 405 | 375 | 357 | 539 | 429 | 330 | 272 |
| Average daily value of creation / redemptions (in NIS millions) | 2798 | 2,606 | 2,366 | 2,414 | 2,181 | 1,864 | 1,826 | 1,828 | 2544 | 1,924 | 1,424 | 987 |
| Average commissions | 0.00709% | 0.00726% | 0.00726% | 0.00702% | 0.00724% | 0.00742% | 0.00769% | 0.00748% | 0.00716% | 0.00744% | 0.00813% | 0.01027% |
| Revenue (in NIS thousands) | 11,909 | 11,729 | 10,306 | 10,843 | 9,474 | 8,993 | 8,005 | 8,610 | 44,787 | 35,082 | 28,819 | 24,732 |
| DERIVATIVES | ||||||||||||
| Derivatives on TA-35 index | 130.5 | 138.2 | 151.1 | 149.6 | 130.6 | 142.6 | 1195 | 101.6 | 142.4 | 123.7 | 108.5 | 114.6 |
| Derivatives on foreign currency | 38.4 | 35.5 | 49.7 | 47.6 | 40.1 | 41.0 | 39.8 | 29.8 | 42.8 | 37.6 | 36.1 | 40.3 |
| Derivatives on shares and other | 17.9 | 10.1 | 9.0 | 11.0 | 8.4 | 8.3 | 10.1 | 20.1 | 12.0 | 11.8 | 12.7 | 4.3 |
| Total derivative contracts (in '000 units) | 186.8 | 183.8 | 209.8 | 208.2 | 179.1 | 191.9 | 169.4 | 151.5 | 197.2 | 173.1 | 157.3 | 159.2 |
| Average commissions | 0.561 | 0.549 | 0.53 | 0.54 | 0.55 | 0.51 | 0.53 | 0.59 | 0.544 | 0.54 | 0.57 | 0.54 |
| Revenue (in NIS thousands) | 6,291 | 6,256 | 6,638 | 7,187 | 5,879 | 6,413 | 5,126 | 5,672 | 26,372 | 23,090 | 22,170 | 20,900 |
| OTHER | ||||||||||||
| Other (MTS) (in NIS thousands) | 14 | 24 | 34 | 31 | 33 | 40 | 41 | 58 | 103 | 172 | 227 | 208 |
| Total revenue from trading and clearing commissions | 54,731 | 53,868 | 49,051 | 49,490 | 43,051 | 41,809 | 38,812 | 42,954 | 207,140 | 166,626 | 155,589 | 142,490 |
SINCE 1904
THE BEST LIVING INFORMATION
THE BEST ISSUED, HAS TO OFFER
Non-Transactional Metrics
| Quarter Ended | Year Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31.12.25 | 30.9.25 | 30.06.25 | 31.03.25 | 31.12.24 | 30.09.24 | 30.06.24 | 31.03.24 | 31.12.25 | 31.12.24 | 31.12.23 | 31.12.22 | |
| CLEARING HOUSE SERVICES | ||||||||||||
| Average value of assets (in NIS billions)(1) | 4,440 | 4,169 | 3,800 | 3,685 | 3,470 | 3,239 | 3,132 | 3,110 | 4,026 | 3,238 | 2,890 | 2,983 |
| Avg. commissions from Custodian Fees | 0.00142% | 0.00148% | 0.00144% | 0.00141% | 0.00110% | 0.00110% | 0.00108% | 0.00108% | 0.00144% | 0.00109% | 0.00110% | 0.00109% |
| Revenue from: (in NIS thousands) | ||||||||||||
| Custodian Fees | 15,755 | 15,458 | 13,668 | 13,031 | 9,557 | 8,893 | 8,458 | 8,417 | 57,912 | 35,325 | 31,711 | 32,460 |
| Clearing House services for members | 19,275 | 17,877 | 14,772 | 13,883 | 10,547 | 6,832 | 6,510 | 6,889 | 65,807 | 30,778 | 25,823 | 22,549 |
| Clearing House services for companies & funds | 4,788 | 4,596 | 5,291 | 3,465 | 4,586 | 4,084 | 5,209 | 3,132 | 18,140 | 17,011 | 15,120 | 10,779 |
| Other | 1,399 | 1,432 | 1,445 | 1,500 | 1,459 | 1,457 | 1,354 | 1,542 | 5,776 | 5,812 | 5,554 | 5,100 |
| Total revenue from Clearing House services | 41,217 | 39,363 | 35,176 | 31,879 | 26,149 | 21,266 | 21,531 | 19,980 | 147,635 | 88,926 | 78,208 | 70,908 |
| Quarter Ended | Year Ended | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 31.12.25 | 30.9.25 | 30.06.25 | 31.03.25 | 31.12.24 | 30.09.24 | 30.06.24 | 31.03.24 | 31.12.25 | 31.12.24 | 31.12.23 | 31.12.22 | |
| LISTING FEES AND LEVIES | ||||||||||||
| Weighted avg. number of companies / funds | ||||||||||||
| Companies(2) | 607 | 612 | 618 | 621 | 611 | 617 | 619 | 622 | 615 | 617 | 621 | 612 |
| Mutual funds and ETFs | 2,416 | 2,387 | 2,359 | 2,338 | 2,272 | 2,277 | 2,289 | 2,334 | 2,374 | 2,281 | 2,314 | 2,314 |
| Avg. revenue from levies (in NIS thousands) | ||||||||||||
| Companies | 6.6 | 6.6 | 6.6 | 6.6 | 5.8 | 5.7 | 5.7 | 5.7 | 26.3 | 22.9 | 22.0 | 22.8 |
| Mutual funds and ETFs | 2.3 | 2.3 | 2.3 | 2.3 | 2.2 | 2.2 | 2.2 | 2.1 | 9.1 | 8.7 | 8.0 | 7.7 |
| Revenue from Annual Levies from: (in NIS thousands) | ||||||||||||
| Companies | 4,027 | 4,044 | 4,055 | 4,072 | 3,522 | 3,535 | 3,543 | 3,557 | 16,198 | 14,157 | 13,670 | 13,966 |
| Mutual funds and ETFs | 5,561 | 5,453 | 5,354 | 5,349 | 5,099 | 4,937 | 4,926 | 4,933 | 21,717 | 19,895 | 18,682 | 17,778 |
| Nominee Company and others | 3,267 | 3,155 | 3,039 | 3,082 | 2,454 | 2,510 | 2,408 | 2,201 | 12,543 | 9,573 | 7,399 | 6,381 |
| Total revenue from Annual levies | 12,855 | 12,652 | 12,448 | 12,503 | 11,075 | 10,982 | 10,877 | 10,691 | 50,458 | 43,625 | 39,751 | 38,125 |
1) As of April 1, 2024, the custodian fees commission is charged daily based on the value of the assets recorded at TASE-CH on that date, this in place of the monthly charging based on the value of the assets on the last day of each month.
2) The average weights the fact that new companies and ETFs do not pay an annual fee in the first year of their being listed and that companies and funds that are delisted do pay an annual fee through the date of their delisting.
THE HOTEL OF THE UNITED STATES TASE CHOICE
THE BEST ITEMS I HAS TO OFFER
Non-Transactional Metrics / Continued
| Quarter Ended | Year ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31.12.2025 | 30.9.25 | 30.06.25 | 31.03.25 | 31.12.24 | 30.09.24 | 30.06.24 | 31.03.24 | 31.12.25 | 31.12.24 | 31.12.23 | 31.12.22 | |
| LISTING FEES AND LEVIES- Continued | ||||||||||||
| The value of issuance used to calculate Listing fees (in NIS millions) | ||||||||||||
| Companies – Shares, Bonds and ETFs(1) | 59,174 | 89,160 | 54,798 | 54,431 | 46,232 | 52,312 | 30,356 | 43,089 | 257,563 | 171,989 | 139,052 | 143,732 |
| Government bonds (including swap transactions) | 30,304 | 40,901 | 45,740 | 58,608 | 49,205 | 54,248 | 49,156 | 67,331 | 175,553 | 219,940 | 116,323 | 41,501 |
| Treasury-bills | 93,516 | 95,392 | 103,262 | 113,256 | 112,489 | 111,763 | 113,658 | 101,914 | 405,426 | 439,824 | 403,460 | 231,158 |
| Average revenue from Examination and Listing Fees | ||||||||||||
| Companies – Shares, Bonds and ETFs | 0.0184% | 0.0177% | 0.0160% | 0.0168% | 0.0195% | 0.0174% | 0.0144% | 0.0165% | 0.0173% | 0.0172% | 0.0166% | 0.0175% |
| Revenue from Examination and Listing Fees (in NIS thousands) | ||||||||||||
| Examination fees | 2,677 | 3,080 | 2,870 | 2,442 | 2,111 | 2,338 | 2,161 | 2,040 | 11,069 | 8,650 | 7,048 | 8,245 |
| Receipts from listing fees | ||||||||||||
| Listing fees – shares, bonds & ETF’s | 10,896 | 15,780 | 8,790 | 9,171 | 9,008 | 9,081 | 4,368 | 7,102 | 44,637 | 29,559 | 23,152 | 25,183 |
| Listing fees - government bonds | 1,675 | 1,674 | 1,674 | 1,674 | 1,619 | 1,619 | 1,619 | 1,619 | 6,697 | 6,476 | 6,266 | 5,952 |
| Listing of T-bills | 654 | 668 | 723 | 793 | 788 | 784 | 795 | 713 | 2,838 | 3,080 | 2,824 | 1,618 |
| Levies and examination fees from members | 61 | 31 | - | - | 59 | 139 | 863 | 30 | 92 | 1,091 | 226 | 850 |
| Other | 121 | 289 | 577 | 113 | 164 | 342 | 181 | 1,100 | 910 | 490 | 236 | |
| Total receipts | 13,407 | 18,442 | 11,764 | 11,751 | 11,638 | 11,965 | 7,826 | 9,687 | 55,364 | 41,116 | 32,958 | 33,839 |
| Accounting adjustments to revenue recognition | (3,584) | (8,652) | (1,944) | (2,427) | (2,514) | (2,888) | 851 | (815) | (16,607) | (5,366) | 1,363 | 4,280 |
| Total revenue from listing fees | 9,823 | 9,790 | 9,820 | 9,324 | 9,124 | 9,077 | 8,677 | 8,872 | 38,757 | 35,750 | 34,321 | 38,119 |
| Total revenue from examination and listing fees (in NIS thousands) | 12,500 | 12,870 | 12,690 | 11,766 | 11,235 | 11,415 | 10,838 | 10,912 | 49,826 | 44,400 | 41,369 | 46,364 |
| Total revenue from listing fees and levies | 25,355 | 25,522 | 25,138 | 24,269 | 22,310 | 22,397 | 21,715 | 21,603 | 100,284 | 88,025 | 81,120 | 84,489 |
(1) Value on listing date of a security, used to calculate the listing fees, as prescribed in the TASE Rules.
35
THE REUTERIAN UNITED STATES
TASE RULES
Non-Transactional Metrics / Continued
| Quarter Ended | Year Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31.12.2025 | 30.9.25 | 30.06.25 | 31.03.25 | 31.12.24 | 30.09.24 | 30.06.24 | 31.03.24 | 31.12.2025 | 31.12.24 | 31.12.23 | 31.12.22 | |
| DATA DISTRIBUTION AND CONNECTIVITY SERVICES | ||||||||||||
| Average number of data terminals | ||||||||||||
| Domestic business clients(1) | 7,487 | 7,777 | 7,514 | 7,795 | 7,373 | 7,332 | 7,397 | 7,491 | 7,643 | 7,398 | 7,345 | 7,419 |
| Overseas business clients | 4,921 | 5,305 | 5,221 | 5,106 | 4,939 | 5,174 | 4,866 | 5,848 | 5,138 | 5,207 | 5,892 | 5,447 |
| Non-display data(2) | 249 | 240 | 209 | 209 | 198 | 221 | 200 | 231 | 227 | 213 | 261 | 288 |
| Revenue from data distribution and connectivity services (in NIS thousands) | ||||||||||||
| Domestic business clients(1) | 4,953 | 5,113 | 4,976 | 5,120 | 4,687 | 4,663 | 4,656 | 4,723 | 20,162 | 18,729 | 17,800 | 16,693 |
| Overseas business clients | 2,521 | 2,814 | 3,012 | 2,758 | 2,735 | 2,850 | 2,728 | 3,009 | 11,105 | 11,322 | 12,330 | 9,251 |
| Private clients | 3,909 | 4,099 | 3,641 | 3,366 | 2,553 | 2,988 | 2,879 | 2,498 | 15,015 | 10,918 | 8,584 | 8,254 |
| Derivative data and non-display data(3) | 1,514 | 1,542 | 1,404 | 1,142 | 1,166 | 1,056 | 1,165 | 1,166 | 5,602 | 4,553 | 4,613 | 4,775 |
| Data files and other data | 1,571 | 1,547 | 1,450 | 1,533 | 1,313 | 1,330 | 1,320 | 1,259 | 6,101 | 5,222 | 4,656 | 4,147 |
| Authorization for indices usage | 8,890 | 8,533 | 7,750 | 6,670 | 6,715 | 6,302 | 5,757 | 6,286 | 31,843 | 25,060 | 10,181 | 3,202 |
| Connectivity services | 4,081 | 4,020 | 4,087 | 3,930 | 3,954 | 3,762 | 3,614 | 3,660 | 16,118 | 14,990 | 13,012 | 11,738 |
| Total revenue from data distribution and connectivity services | 27,439 | 27,668 | 26,320 | 24,519 | 23,123 | 22,951 | 22,119 | 22,601 | 105,946 | 90,794 | 71,176 | 58,060 |
36 (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.
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