Tel Aviv Stock Exchange Ltd (OTCPK:TVAVF)

Q3 2025 Tel Aviv Stock Exchange Ltd Earnings Call Transcript

Nov 11, 2025 / 10:59 AM GMT

Release Date Price: $26.5

Transcript

Key Points

Positve

Tel Aviv Stock Exchange Ltd (TVAVF) reported record revenues of 147.1 million shekels for Q3 2025, marking a 35% year-on-year increase.
The company's adjusted EBITDA reached 79.5 million shekels, up 76% year-on-year, with an EBITDA margin of 54.1%, a record high.
Net profit for the quarter was 50 million shekels, a 29% increase year-on-year, marking the best quarterly profit in the company's history.
The TA 35 and TA 90 indexes delivered impressive performances, topping global return tables with gains of 34% and 32% respectively.
The IPO market was active, with 17 new companies joining and raising a total of 3.8 billion shekels, compared to five companies raising 0.8 billion shekels in 2024.

Negative

Despite strong performance, the retail investor segment still accounts for only 11% of the market, indicating potential underutilization compared to developed Western countries.
Government bond issuance declined, with 115 billion shekels raised in the first nine months of 2025, down from 142 billion shekels in the same period last year.
Expenses increased by 7% to 84.5 million shekels, driven by higher computer and communication expenses, operating expenses, and depreciation and amortization expenses.
Net financing income decreased to 2.6 million shekels from 4 million shekels in the same quarter last year, due to a decrease in the balance of deposits and gains from marketable securities.
The surplus equity over regulatory requirements decreased to 500 million shekels from 627 million shekels at the end of 2024, mainly due to a 202.4 million shekel buyback of the company's shares.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

TASE.TA - Tel Aviv Stock Exchange Ltd
Q3 2025 Tel Aviv Stock Exchange Ltd Earnings Call
Nov 11, 2025 / NTS GMT

=====================
Presentation
--------------------------------------------------------------------------------
Unidentified_1 [1]
--------------------------------------------------------------------------------
Ladies and gentlemen, thank you for standing by. Welcome to the Tel Aviv Stock Exchange Q3 2025 results conference call. All participants are at present in a listen-only mode. Following management presentations, instructions will be given for the question-and-answer session. For operator assistance during the conference, please press 0.

As a reminder, this conference is being recorded November 11th, 2025. The recording will be publicly available on Ty's website. With us on the line today are Mr. Itai Benderev, CEO, and Mr. Yu de Benezra, CFO.

Before I turn the call over to Mr. Ittai Benzev, I would like to remind everyone that this conference is not a substitute for reviewing the company's annual financial

Already have an account? Log in

Get the full story

Subscribe Now

	Access to All Earning Calls and Stock Analysis
	30-Year Financial on one screen
	All-in-one Stock Screener with unlimited filters
	Customizable Stock Dashboard
	Real Time Insider Trading Transactions
	8,000+ Institutional investors’ 13F holdings
	Powerful Excel Add-in and Google sheets Add-on
	All data downloadable
	Quick customer support
	And much more...

30-Day 100% money back guarantee

Subscription fee may be tax deductible.

Excellent

4.6 out of 5

Trustpilot

Research Tools

All-In-One Screener Stock Ideas Stock List Guru List Guru Real-Time Picks Insider List Insider Trades Economic Indicators Sector & Industry Performance DCF Calculator Calculators Discussion Board

Product

Pricing Plans Excel Add-In Google Sheets Add-on Data API Stock Comparison Table Manual of Stocks Instant Alerts Mobile App Newsletters Signup 中文

Education

Financial Glossary Tutorials FAQ Buffett Indicator Shiller P/E Yield Curve Today U.S. Inflation Rate Global Market Valuation Fed Net Liquidity Buffett Assets Allocation

Company

About GuruFocus Career Contact Us Advertise Term of Use Privacy Policy Referral Program Partner Program

Survey

We'd love to learn more about your experiences on GuruFocus.com and how we can improve!

Take Survey

Disclaimers

GuruFocus.com is not operated by a broker or a dealer. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes are provided by QuoteMedia, Inc. (CSI). Company fundamental data is provided by Morningstar. Analyst estimates data is sourced from both Refinitiv and Morningstar, with priority given to Refinitiv data. Data is updated daily.