Full Year 2025 Tel Aviv Stock Exchange Ltd Earnings Call Transcript
Key Points
- Tel Aviv Stock Exchange Ltd (TVAVF) achieved record revenues of ILS563.5 million for the full year 2025, marking a 29% increase year-over-year.
- The company reported a 58% increase in adjusted EBITDA, with the adjusted EBITDA margin improving by 9.5%.
- Net profit reached an all-time high with a 79% increase compared to 2024.
- The equity market cap of TASE reached ILS2 trillion, a 46% increase from the previous year.
- The IPO market saw a resurgence with 21 IPOs and a total capital raise of ILS21 billion, significantly higher than the previous year.
- Despite the strong financial performance, the company faced challenges due to Israel's multi-front conflict throughout 2025.
- Expenses in the fourth quarter increased slightly by 0.4% compared to the same quarter last year.
- Marketing expenses decreased by 40% in the fourth quarter, indicating potential cutbacks in promotional activities.
- The surplus equity decreased due to the buyback of shares and dividend distribution, despite the net profit increase.
- Cash flows from financing activities resulted in negative cash flows of ILS13.1 million in the fourth quarter.
Ladies and gentlemen, thank you for standing by. Welcome to the Tel-Aviv Stock Exchange fourth-quarter and full year 2025 results conference call.
(Operator Instructions)
As a reminder, this conference is being recorded, March 5, 2026. The Recording will be publicly available on TASE's website. With us on the line today are Mr. Ittai Ben-Zeev, CEO; and Mr. Yehuda Ben-Ezra, CFO. Before I turn the call over to Mr. Ittai Ben-Zeev, I would like to remind everyone that this conference is not a substitute for reviewing the company's annual financial statements, quarterly financial statements, and interim report for the fourth-quarter and full year of 2025, in which full and precise information is presented and may contain inter-alia forward-looking statements in accordance with Section 32A of the securities law, 1968. In addition to IFRS reporting, we might mention certain financial measures that do not confirm to generally accepted accounting principles.
Such non-GAAP measures are not intended in any manner to serve as a substitute for our financial results. However, we believe that
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