Q2 2026 Tel Aviv Stock Exchange Ltd Earnings Call Transcript
Key Points
- Record Q2 2026 results with revenue growth of 36% year-over-year, reaching 185.4 million shekels.
- Adjusted EBITDA surged 60% to 114.5 million shekels, with margin expanding to 61.8%.
- Adjusted net profit jumped 82% to a record 80.8 million shekels, with basic EPS up 76%.
- Strong trading activity: average daily equity trading volume hit a record 5.7 billion shekels, up 65% from 2025.
- Robust IPO market: 15 IPOs raised 6.1 billion shekels in H1 2026, up from 9 IPOs raising 1.5 billion shekels in the prior year.
- Successful dual listings, including cyber giant Palo Alto, enhancing market attractiveness.
- Bond market activity remained strong with 12 new companies and 6.8 billion shekels in bond issuance.
- Strategic initiatives: new app with free real-time data, expansion of co-location infrastructure, and new indices launched.
- Employee option plan replaces cash grants, aligning employee interests with shareholders.
- Board approved a share buyback program of up to 150 million shekels, providing capital return flexibility.
- Ongoing multi-front war in Israel continues to pose geopolitical and economic uncertainties.
- Market correction in June 2026 due to reports of a potential USA-Iran agreement, leading to volatility.
- IPO pipeline faces valuation negotiations and market volatility, potentially delaying or reducing deal sizes.
- Regulatory hurdles for dual listings: dual-class share structures prevent some companies from listing on TASE.
- Increase in costs: employee benefit expenses rose 14% and other operating expenses surged 91% due to market-making programs.
- Share buyback program is limited to 150 million shekels and expires by end of 2026, offering limited flexibility.
- Employee option plan may lead to higher accounting expenses in the first year due to IFRS 2 standards.
- Dependence on market conditions: trading volumes and revenues are sensitive to global and regional market trends.
( Operators Instructions ) The recording will be publicly available on TASE's website. With us on the line today are Mr. Itaybin Zaev, CEO, and Mr. Alon Solar, CFO. Before I turn the call over to Mr. Itaybin Zaev, 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 second quarter of 2026, in which full and precise information is presented and may contain inter alia forward-looking statements in accordance to Section 32A to Securities Law 1,968. In addition to IFRS reporting, we might mention certain financial measures that do not conform to generally accepted accounting principles. Such non-GAAP measures are not intended in any manner to serve as substitute for our financial results. However, we believe that they provide additional insight for better understanding of our business performance. Reconciliations between these non-GAAP measures. And the most comparable related GAAP measures are included in tables that can be found in our earnings press release and in the slide
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