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1 Tel-Aviv Stock Exchange (TASE) Investors Presentation Quarter ended June 30, 2025
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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 2
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TASE at a Glance / Q2’25 by the Numbers Established in 1953, TASE is the only Securities Exchange in Israel and a cornerstone of its growing capital market 3 Listings and Offerings Market Capitalization (NIS Billions) 3.2 Shares (1) 46% Y-o-Y Growth (‘000 Contracts) 209.8 Derivatives 24% Y-o-Y Growth (NIS Billions) 1.7 T-Bills 25% Y-o-Y Growth Average Daily Turnover (NIS Billions) 1.1 Corporate Bonds(1) 1% Y-o-Y Reduction (NIS Billions) 3.7 Government Bonds 14% Y-o-Y Growth (NIS Billions) 1,662 Shares (1) 53% Y-o-Y Growth (NIS Billions) 484 Mutual Funds(5) 29% Y-o-Y Growth (NIS Billions) 232 T-Bills 7% Y-o-Y Reduction (NIS Billions) 588 Corporate Bonds(1) 23% Y-o-Y Growth (NIS Billions) 819 Government Bonds 24% Y-o-Y Growth 536 Share and bond Companies(4) Y-o-Y Unchanged (NIS Billions) 103.3 T-Bills Raised 9% Y-o-Y Reduction (NIS Billions) 36.8 Government Bonds Raised (3) 16% Y-o-Y Reduction (NIS Billions) 2.6 Equity Raised 138% Y-o-Y Growth (NIS Billions) 43.4 Corporate Bonds Raised(2) 141% Y-o-Y Growth 93 Bond Companies(4) 8% Y-o-Y Growth (1) Includes ETFs. (2) Includes structured bonds. (3) Includes government bonds via swap transactions. (4) Excludes TASE-UP (5) Value of the mutual funds’ assets, as recorded in the in TASE Clearing House
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4 Revenue (NIS Millions) Adjusted EBITDA & Margin(1) (NIS Millions) Adjusted Net Profit & Margin(1) (NIS Millions) (NIS Millions) 136.1 Revenue 29% Y-o-Y Growth (NIS Millions) 71.6 Adj. EBITDA (1) 56% Y-o-Y Growth (NIS Millions) 44.4 Adj. net profit (1 ) 73% Y-o-Y Growth (NIS) 0.478 Basic EPS 82% Y-o-Y Growth Financial Metrics TASE at a Glance / Q2’25 by the Numbers Continued Basic EPS (NIS) (1) Exclude expenses in respect to share-payments 52.6% % Adj. EBITDA (1) 32.6% % Adj. net profit (1 ) 43.6% in Q2’24 24.4% in Q2’24 491.5 437.8 389.9 361.0 323.7 LTM2024202320222021 103.0 135.2 157.6 186.3 225.3 31.8% 37.5% 40.4% 42.6% 45.8% 1.0% 6.0% 11.0% 16.0% 21.0% 26.0% 31.0% 36.0% 41.0% 2021 2022 2023 2024 LTM 46.2 51.3 89.3 107.2 135.0 14.3% 14.2% 22.9% 24.5% 27.5% -2.0% 3.0% 8.0% 13.0% 18.0% 23.0% 2021 2022 2023 2024 LTM 1.420 1.093 0.859 0.500 0.449 LTM2024202320222021
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Issuance Volume 5 (1) Includes TASE-UP (2) Includes Private Placements (3) Excludes companies that were listed without raising capital Equity Market Bond and T-Bills Market (NIS in billions) Capital Issuances(1) (NIS in billions)Q2’25(1)Number of Issuances(2) 2.6 NIS in billions Secondary Offerings Private Placements IPOs Exercise of Warrants 5 Corporate Bond Issuances (4)Government Bond Issuances(5)Treasury Bills Issuances 0.0 0.3 0.8 1.4 1.1 2.6 Q2'23 Q2'24 Q2'25 IPO Secondary offerings 0 1 4 38 36 21 Q2'23 Q2'24 Q2'25 Secondary offerings IPO 4) Includes structured bonds 5) Excluding amounts raised by way of swap auctions, totaling NIS 8.9 billion, NIS 5.4 billion and NIS 6.3 billion in quarter ended 30.6.2025, 30.6.2024 and 30.6.2023, respectively. (3) 51 % 19 % 30 % 0 % 79.2 113.7 103.3 Q2'23 Q2'24 Q2'25 25.1 18.0 43.4 Q2'23 Q2'24 Q2'25 17.6 43.8 36.8 Q2'23 Q2'24 Q2'25
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The results for Q2’25 NIS, in thousands 6 Quarter Ended Difference -%June 30, 2024June 30, 2025IFRS (GAAP) 29%105,110136,100Revenue from services 8%74,76680,660Expenses 83%30,34455,440Profit before financing income, net (40%)1,9991,200Financing income, net 62%8,06313,035Taxes on income 80%24,28043,605Profit 82%0.2630.478Basic EPS (in NIS) Non GAAP 56%45,81271,646Adjusted EBITDA(1) 43.6%52.6% % EBITDA Adjusted margin 73%25,68544,412Adjusted net profit(1) 24.4%32.6%% Adjusted net profit margin 29% Y-o-Y Growth Revenue (NIS Millions) 56% Y-o-Y Growth Adjusted EBITDA(1) (NIS Millions) 73% Y-o-Y Growth Adjusted net profit(1) (NIS Millions) (1) Adjusted EBITDA and Adjusted Net Profit exclude expenses in respect to share-payments. 136.1 105.1 Q2'25Q2'24 71.6 45.8 Q2'25Q2'24 44.4 25.7 Q2'25Q2'24
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36% Transactional 64% Non-transactional 36% 18% 26% 19% 1% Trading and clearing commissions Listing fees and levies Clearing House services Data distribution and connectivity services Other revenue Revenue Q2’25 NIS, in thousands 7 Quarter Ended Difference - % % of the Company ’ s total revenues June 30 , 2024 % of the Company ’ s total revenues June 30 , 2025 26%37%38,81236%49,051Trading and clearing commissions 16%21%21,71518%25,138Listing fees and levies 63%20%21,53126%35,176Clearing House services 19%21%22,11919%26,320 Data distribution and Connectivity services (56%)1%9331%415Other revenue 29%100%105,110100%136,100Total revenue Q2’25 Revenue 136.1 NIS Millions Most of the decrease in other revenue is due to a reduction in the revenue from the activity of the Conference Center this quarter, mainly due to the curtailment of the Conference Center's activity during the war with Iran. 7% of the increase in revenue is due mainly to an increase in revenue from annual levies, both as a result of the increase in the number of companies and funds that pay an annual levy, and due to the linkage of the levy rates to the CPI. In addition, 5% of the increase in revenue is due to an increase in revenue from listing fees, in view of the increase in the volumes raised this quarter compared to the corresponding quarter last year, and 4% of the increase is due to an increase in revenue from examination fees. 38% of the increase in revenues from is due mainly to an increase in revenues from services to members, both as a result of the higher volumes of activity, and due to the completion of the regulation of OTC clearing in the fourth quarter of 2024 and the linkage of the clearing rates to the CPI. In addition, 24% 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, and 1% of the increase in revenue is due to an increase in revenue from companies and funds and the other services. 28% of the increase in revenue is due mainly to an increase in the trading volumes, primarily in shares and derivatives, and in the volume of creations/redemptions of mutual fund units. In addition, the three additional trading days this quarter compared to the corresponding quarter last year increased revenue by a further 5%. In opposition, a reduction in the effective commission rate, primarily in shares and mutual funds, reduced the aforesaid total increase in revenue by 7%. 9% of the increase in revenue from is due to an increase in revenue from authorizations to use the TASE indices, mainly as a result of the increase in the value and the use of the TASE indices, 8% of the increase is due to an increase in revenue from data distribution to private and business customers (in Israel and abroad), and 2% of the increase is due to an increase in revenue from connectivity services.
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43.0 38.8 41.8 43.1 49.5 49.1 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Shares 39% Corporate Bonds 9% Government Bonds 11% Derivatives 14% Mutual Funds 21% T-Bills and other 6% Q2’2025 49.1 NIS Millions 26% Y-o-Y Growth 8 Trading and Clearing Commissions Transactional 36%Non-transactional 64% Total Revenue Revenue over the last quarters (NIS in millions)Revenue over the last quarters (NIS in millions) Trading and Clearing Commissions Non-transactional Q2’25 Revenue Composition NIS, in millions 40% 37% 38% 37% 38% 36% 60 % 63% 62% 63% 62% 64% 108.3 105.1 109.0 115.4 131.0 136.1 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25
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22.6 22.1 23.0 23.1 24.5 26.3 21% 21% 21% 20% 19% 19% 0% 5% 10% 15% 20% 25% 0 5 10 15 20 25 30 35 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Revenue (NIS millions) % of the Company’s total revenues 20.0 21.5 21.2 26.1 31.9 35.218% 20% 19% 23% 24% 26% 0% 5% 10% 15% 20% 25% 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Revenue (NIS millions) % of the Company’s total revenues 30% 14% 5% 6% 29% 16% Q2’25 26.3 NIS Millions 19% Growth Y-O-Y 39% 42% 15% 4% Q2’25 35.2 NIS Millions 63% Growth Y-O-Y Custodian feesFor membersFor companies & fundsOther 9 Clearing House Services Listing Fees and LeviesData Distribution and Connectivity Services 50% 39% 11% Q2’25 25.1 NIS Millions 16% Growth Y-O-Y Annual LeviesListing FeesExamination fees Revenue over the last quarters (NIS in millions)Revenue over the last quarters (NIS in millions)Revenue over the last quarters (NIS in millions) Business clientsPrivate clientsDerivative & non-display data Data files and othersIndices usageConnectivity services In Q2’25, the other revenue amounted to NIS 0.4 million Q2’25 Revenue Composition NIS, in millions 21.6 21.7 22.4 22.3 24.2 25.1 20% 21% 21% 19% 18% 18% 0% 5% 10% 15% 20% 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Revenue (NIS millions) % of the Company’s total revenues
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Adjusted Expenses(*) Q2’25 NIS, in thousands 10 Quarter Ended Difference - % % of the Company ’ s total expenses June 30 , 2024 % of the Company ’ s total expenses June 30 , 2025 2%54%39,29850%40,072Compensation 19%14%10,46916%12,456Computer and Communications 3%5%3,3904%3,482Property Taxes and Building Maintenance 25%1%6631%827Marketing 27%3%2,0433%2,597Fee to the Israel Securities Authority 42%3%2,4164%3,426General and Administrative 56%1%1,0002%1,564Other operating expenses 8%19%14,06019%15,206Depreciation & amortization 914%0%221%223Other 9%100%73,361100%79,853Total Expenses** Q2’25 Adjusted Expenses 79.9 NIS Millions (*) Expenses exclude expenses in respect to share-payments. (**) The total expenses include expenses in respect to share-payments expenses for share-based payments amounted to NIS 80.7 millions in Q2’25 and to NIS 74.8 millions in Q2’24. 50% 16% 4% 1% 3% 4% 2% 19% 1% Compensation Computer and communication Property taxes and building maintenance Marketing Fee to the Israeli Securities Authority General and administrative Other operating expenses Depreciation and amortization Other
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The results for H1’25 NIS, in thousands 11 Six months ended Difference -%June 30, 2024June 30, 2025IFRS (GAAP) 25%213,403267,130Revenue from services 10%150,133165,504Expenses 61%63,270101,626Profit before financing income, net (39%)3,4362,090Financing income, net 45%16,71624,320Taxes on income 59%49,99079,396Profit 61%0.5410.868Basic EPS (in NIS) Non GAAP 41%94,380133,477Adjusted EBITDA(1) 44.2%50.0% % EBITDA Adjusted margin 52%53,50881,266Adjusted net profit(1) 25.1%30.4%% Adjusted net profit margin 25% Y-o-Y Growth Revenue (NIS Millions) 41% Y-o-Y Growth Adjusted EBITDA(1) (NIS Millions) 52% Y-o-Y Growth Adjusted net profit(1) (NIS Millions) (1) Adjusted EBITDA and Adjusted Net Profit exclude expenses in respect to share-payments. 267.1 213.4 H1'25H1'24 133.5 94.4 H1'25H1'24 81.3 53.5 H1'25H1'24
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Most of the decrease in other revenue is due to the termination of the rent agreement with the UAE Embassy in Israel in the first quarter of 2024 37% of the increase in revenue is due to an increase in revenues from clearing house services to members, both as a result of the higher volumes of activity, and due to the completion of the regulation of OTC clearing in the fourth quarter of 2024 and the linkage of the clearing rates to the CPI. In addition, 24% 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, and 1% of the increase in revenue is due to an increase in revenue from companies and funds and the other clearing house services. 7% 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 in Israel, and to an increase in revenue from authorizations to use the TASE indices, mainly as a result of the increase in the value and use of the TASE indices, which increased revenue by 5%. In addition, 2% of the increase in revenue is due to an increase in revenue from connectivity services. 8% of the total increase in revenue is due to an increase in revenue from annual levies, both as a result of the increase in the number of companies and funds that pay an annual levy, and due to the linkage of the levy rates to the CPI. In addition, 4% of the total increase in revenue is due to an increase in revenue from listing fees, in view of the increase in the volumes raised between the periods, and 2% of the increase is due to an increase in revenue from examination fees. 24% of the increase in revenue is due mainly to an increase in the trading volumes, primarily in shares and derivatives, and in the volume of creations/redemptions of mutual fund units. In addition, the four additional trading days in the first half of 2025 compared to the corresponding period last year increased revenue by a further 3%. In opposition, a reduction in the effective commission rate, primarily in shares and mutual funds, deducted 6% from the increase in revenue. 37% 18% 25% 19% 1% Trading and clearing commissions Listing fees and levies Clearing House services Data distribution and connectivity services Other revenue Revenue H1’25 NIS, in thousands 12 Six Months Ended Difference - % % of the Company ’ s total revenues June 30 , 2024 % of the Company ’ s total revenues June 30 , 2025 21%38%81,76637%98,541 Trading and clearing commissions 14%20%43,31818%49,407 Listing fees and levies 62%20%41,51125%67,055 Clearing House services 14%21%44,72019%50,839 Data distribution and Connectivity services (38%)1%2,0881%1,288 Other revenue 25%100%213,403100%267,130Total revenue 37% Transactional 63% Non-transactional H1’25 Revenue 267.1 NIS Millions
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Stocks 38% Corporate Bonds 10% Government Bonds 10% Derivatives 14% Mutual Funds 22% T-Bills and other 6% H1’25 Revenue 98.5 NIS Millions 21% Growth Y-o-Y 13 Trading and Clearing Commissions Transactional 37% Non-transactional 63% Total Revenue H1’25 Revenue Composition NIS, in millions Trading and Clearing Commissions Non-transactional 65.8 75.3 77.5 81.8 98.5 H1'21 H1'22 H1'23 H1'24 H1'25 40 % 40% 40% 38% 37% 60 % 60% 60% 62% 63%163.0 188.7 192.9 213.4 267.1 H1'21 H1'22 H1'23 H1'24 H1'25 Revenue Development Over Comparable Periods 5-Year Overview (NIS in millions) Revenue Development Over Comparable Periods 5-Year Overview (NIS in millions)
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31% 14% 5% 6% 28% 16% H1’25 Revenue 50.8 NIS Millions 14% Growth Y-O-Y 40% 43% 13% 4% H1’25 Revenue 67.1 NIS Millions 62% Growth Y-O-Y Custodian feesFor membersFor companies & fundsOther 25.8 29.4 34.5 44.7 50.8 16% 16% 18% 21% 19% 0% 5% 10% 15% 20% 25% 0 10 20 30 40 50 60 70 H1'21 H1'22 H1'23 H1'24 H1'25 Revenue (NIS millions) % of the Company’s total revenues 32.0 35.7 38.1 41.5 67.1 20% 19% 20% 20% 25% 0% 5% 10% 15% 20% 25% 0 10 20 30 40 50 60 70 H1'21 H1'22 H1'23 H1'24 H1'25 Revenue (NIS millions) % of the Company’s total revenues H1’25 Revenue Composition NIS, in millions 14 34.7 45.0 40.4 43.3 49.4 21% 24% 21% 20% 18% 0% 5% 10% 15% 20% 25% 0 10 20 30 40 50 60 70 H1'21 H1'22 H1'23 H1'24 H1'25 Revenue (NIS millions) % of the Company’s total revenues Clearing House Services Listing Fees and LeviesData Distribution and Connectivity Services 50% 39% 11% H1’25 Revenue 49.4 NIS Millions 14% Growth Y-O-Y Annual LeviesListing FeesExamination fees Revenue Development Over Comparable Periods 5-Year Overview (NIS in millions) Revenue Development Over Comparable Periods 5-Year Overview (NIS in millions)Revenue Development Over Comparable Periods 5-Year Overview (NIS in millions) Business clientsPrivate clientsDerivative & non-display data Data files and othersIndices usageConnectivity services In 2024, the other revenue amounted to NIS 3.5 million
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Adjusted Expenses(*) H1’25 NIS, in thousands 15 Six Months Ended Difference - % % of the Company ’ s total expenses June 30 , 2024 % of the Company ’ s total expenses June 30 , 2025 8%53%78,32852%84,689Compensation 17%15%21,30615%25,009Computer and Communications 2%5%6,6544%6,801Property Taxes and Building Maintenance 29%1%2,0042%2,593Marketing 26%3%4,1353%5,193Fee to the Israel Securities Authority 25%3%4,9014%6,130General and Administrative 66%1%1,7002%2,815Other operating expenses 8%19%27,55618%29,788Depreciation & amortization 1887%0%310%616Other 12%100%146,615100%163,634Total Expenses** H1’25 Adjusted Expenses 163.6 NIS Millions (*) Expenses exclude expenses in respect to share-payments. (**) The total expenses include expenses in respect to share-payments expenses for share-based payments amounted to NIS 165.5 millions in H1’25 and to NIS 150.1 millions in H1’24. 52% 15% 4% 2% 3% 4% 2% 18% 0% Compensation Computer and communication Property taxes and building maintenance Marketing Fee to the Israeli Securities Authority General and administrative Other operating expenses Depreciation and amortization Other
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Financial Position and Capital & Liquidity Adequacy as of June 30, 2025 | NIS Thousands 16 Assets: Cash and cash equivalents 281,837 Financial assets at fair value through profit or loss 95,236 Trade receivables 20,425 Other receivables 18,664 Total 416,162 Assets derived from clearing operations in respect of open derivative positions 625,857 Total current assets 1,042,019 Total non-current assets 483,451 Total assets 1,525,470 Liabilities and Equity: Total current liabilities 806,999 Of which- liabilities derived from clearing operations in respect of open derivative positions 625,857 Total non-current liabilities 170,101 capital reserves 372,383 Retained earnings 175,987 Total equity 548,370 Total liabilities and equity 1,525,470 Adjusted Equity Ratio(3) 74% capital requirements Total capital requirements in respect of the risk components 187,405 Total equity 548,370 Deferred income in respect of listing fees less deferred tax 88,311 Total qualifying capital base 636,681 Capital surplus (qualifying capital base, less requirements) 449,276 Liquidity requirements Total requirements for liquid assets 147,941 Cash and cash equivalents 281,837 Securities portfolio at fair value 95,236 Less – amortization coefficients on the assets (4,511) Line of credit 120,000 Less- the balance earmarked for investment in TASE's technological infrastructure (168,196) Less – current liabilities (19,303) Net liquid assets 305,063 Liquidity surplus (net liquid assets, less requirements) 157,122 449.3 NIS in Millions Excess Capital (1)(2) 28% Reduction compared to 31.12.24 157.1 NIS in Millions Excess Liquidity (1) 9% Reduction compared to 31.12.24 (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) The capital includes consideration from the sale of the Arrangement shares (3) Adjusted assets exclude open position in derivatives. Adjusted capital includes deferred income from registration fees.
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Cash Flow NIS in Millions 17 (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 . Item H1’25 25’2Q 25’1Q 2024 24’4Q 24’3Q 24’2Q 24’1Q Operating Activities Adjusted EBITDA(1) 133,477 71,646 61,831 186,325 46,822 45,123 45,812 48,568 Changes in working capital 15,180 (549) 15,729 (3,545) 11,674 2,854 (22,933) 4,860 Financing and tax (26,384) (6,664) (19,720) (17,575) (379) (2,774) (3,008) (11,414) Total 122,273 64,433 57,840 165,205 58,117 45,203 19,871 42,014 Investing Activities Investments in property, equipment and in intangible assets (31,785) (11,772) (20,013) (54,953) (19,749) (13,113) (9,093) (12,998) Disposal (acquisition) of financial assets at fair value (107) (90) (17) (731) (254) (594) (355) 472 Total (31,892) (11,862) (20,030) (55,684) (20,003) (13,707) (9,448) (12,526) Financing Activities Lease payments (4,488) (2,313) (2,175) (9,472) (2,464) (2,311) (2,347) (2,350) 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) - - - 252,523 10,066 - - 242,457 Repayment of long-term loans (118,055) (10,833) (107,222) (50,000) (12,500) (12,500) (12,500) (12,500) Receipt Long-term debt 130,000 - 130,000 Dividend payment (50,697) - (50,697) (272,718) - - - (272,718) Total (245,811) (13,146) (232,665) (79,667) (4,898) (14,811) (14,847) (45,111) Total increase (decrease) in cash and cash equivalents (155,430) 39,425 (194,855) 29,854 33,216 16,685 (4,424) (15,623) Opening balance 438,288 243,789 438,288 408,484 405,295 388,705 392,955 408,484 Effect of changes in exchange rates on cash balances (1,021) (1,377) 356 (50) (223) (95) 174 94 Closing balance 281,838 281,838 243,789 438,288 438,288 405,295 388,705 392,955 Free Cash Flow Net cash provided by operating activities 122,273 64,433 57,840 165,205 58,117 45,203 19,871 42,014 Investments in property, equipment and in intangible assets (31,785) (11,772) (20,013) (54,953) (19,749) (13,113) (9,093) (12,998) Lease payments (4,488) (2,313) (2,175) (9,472) (2,464) (2,311) (2,347) (2,350) Free Cash Flow 86,000 50,348 35,652 100,780 35,904 29,779 8,431 26,666
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18 APPENDIX
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Revenue Trends NIS in Millions 19 Number of trading days Annual Revenue . Quarterly Revenue 41% 40% 40% 38% 37% 21% 23% 21% 20% 19%20% 20% 20% 20% 23% 16% 16% 18% 21% 20% 2% 1% 1% 1% 1% 323.7 361.0 389.9 437.8 491.5 2021 2022 2023 2024 LTM Other revenue Data distribution and connectivity services Clearing House services Listing fees and levies Trading and clearing commissions 42 % 38% 39% 41% 40% 37% 38% 37% 38% 36% 20 % 22% 21% 20% 20% 21% 21% 19% 18% 18% 19 % 20% 20% 20% 18% 20% 19% 23% 24% 26% 17 % 19% 19% 18% 21% 21% 21% 20% 19% 19% 2% 1% 1% 1% 1% 1% 1% 1% 1% 1% 100.0 92.9 95.5 101.5 108.3 105.1 109.0 115.4 131.0 136.1 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 64 6158 66 63 57 65 60 64 60
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Adjusted Operating Expenses(1) Trends NIS in Millions 20(1) Excludes the expenses in respect to share-payments. Quarterly Expenses(1) Annual Expenses(1) 55% 53% 54% 54% 53% 18% 19% 18% 18% 18% 27% 28% 28% 28% 29%268.5 277.3 285.4 307.7 324.6 2021 2022 2023 2024 LTM סידרה4 Other Depreciation and amortization Compensation 55% 52% 54% 54% 53% 54% 54% 55% 53% 50% 19% 19% 19% 18% 19% 19% 18% 17% 17% 19% 26% 29% 27% 28% 28% 27% 28% 28% 30% 31% 69.4 70.9 70.2 74.9 73.3 73.4 77.9 83.1 83.8 79.8 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25
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21 Adjusted Net Profit & Margin (1) Profitability Trends NIS in Millions (1) Excludes the expenses in respect to share-payments Adjusted EBITDA & Margin (1) 43.5 35.6 38.4 40.1 48.6 45.8 45.1 46.8 61.8 71.643.5% 38.3% 40.0% 39.5% 44.8% 43.6% 41.4% 40.6% 47.2% 52.6% -7.0% 3.0% 13.0% 23.0% 33.0% 43.0% 53.0% 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 135.2 157.6 186.3 225.3 37.5% 40.4% 42.6% 45.8% -4.0% 1.0% 6.0% 11.0% 16.0% 21.0% 26.0% 31.0% 36.0% 41.0% 46.0% 0.0 50.0 100.0 150.0 200.0 250.0 2022 2023 2024 LTM 51.3 89.3 107.2 135.0 14.2% 22.9% 24.5% 27.5% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 2022 2023 2024 LTM 26.1 20.4 20.1 22.7 27.8 25.7 27.2 26.5 36.9 44.426.1% 22.0% 21.0% 22.4% 25.7% 24.4% 24.9% 22.9% 28.1% 32.6% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 0.0 10.0 20.0 30.0 40.0 50.0 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25
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22 Average Daily Turnover (NIS billions) Average commissions % Revenue (NIS millions) Velocity Velocity Represents: Calculated as annualized trading volumes divided by average market capitalization Includes ETFs Revenue Drill Down | Transactional - Shares 2.30 2.00 2.20 3.02 2.14 2.07 1.87 1.93 2.14 2.16 2.00 2.51 2.90 3.16 2022 2023 2024 H1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 0.0104% 0.0113% 0.0110% 0.0100% 0.0109% 0.0113% 0.0116% 0.0115% 0.0111% 0.0113% 0.0112% 0.0104% 0.0101% 0.0100% 2022 2023 2024 H1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 58.5 56.2 59.0 37.6 14.8 13.5 13.3 14.6 15.0 13.9 14.5 15.6 18.7 18.9 2022 2023 2024 H1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 43% 43% 41% 46% 44% 39% 42% 39%46% 42% 39% 43% 45% 47%
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13.7 17.2 18.9 10.2 4.4 3.6 3.5 5.7 5.0 4.3 4.8 4.8 4.8 5.4 18.1 17.8 18.8 9.7 4.9 3.8 4.6 4.5 5.2 4.6 4.4 4.6 5.0 4.7 31.8 35.0 37.7 19.9 9.3 7.4 8.1 10.2 10.2 8.9 9.2 9.4 9.8 10.1 2022 2023 2024 H1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 23 Average Daily Turnover (NIS billions) Average commissions % Revenue (NIS millions) Velocity Velocity Represents: Calculated as annualized trading volumes divided by average market capitalization Includes ETFs Revenue Drill Down | Transactional - Bonds 2.43 2.91 3.34 3.48 2.99 2.63 2.43 3.53 3.44 3.27 3.26 3.41 3.25 3.72 1.05 1.02 1.08 1.11 1.09 0.93 1.08 0.96 1.16 1.12 0.96 1.08 1.10 1.113.48 3.93 4.42 4.59 4.08 3.56 3.51 4.49 4.60 4.39 4.22 4.49 4.35 4.83 2022 2023 2024 H1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 0.0037% 0.0036% 0.0035% 0.0035% 0.0036% 0.0036% 0.0038% 0.0034% 0.0035% 0.0036% 0.0034% 0.0035% 0.0035% 0.0035% 2022 2023 2024 H1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 73% 81% 82% 78% 75% 89% 89% 83% 76% 79%91% 69%77% 81%
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Average Daily Turnover (NIS billions) Revenue (NIS millions) Revenue Drill Down | Transactional - Mutual Funds 24 Average commissions % 0.99 1.42 1.92 2.39 1.50 1.31 1.41 1.47 1.83 1.83 1.86 2.18 2.41 2.37 2022 2023 2024 H1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 0.0103% 0.0081% 0.0074% 0.0071% 0.0078% 0.0086% 0.0085% 0.0078% 0.0075% 0.0077% 0.0074% 0.0072% 0.0070% 0.0073% 2022 2023 2024 H1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 24.7 28.8 35.1 21.1 7.5 6.5 7.2 7.6 8.6 8.0 9.0 9.5 10.8 10.3 2022 2023 2024 H1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25
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25 Average Daily Turnover (in '000 units) Revenue Capture % Commission / Contract Revenue (NIS millions) Revenue Drill Down | Transactional – Derivatives Daily Contracts (thousands) Derivatives on shares FX derivatives Derivatives on indices Average commissions 114.6 108.5 123.7 150.3 110.1 106.4 106.2 110.8 101.6 119.5 142.6 130.6 149.6 151.1 40.3 36.1 37.6 48.7 42.0 36.7 34.2 31.5 29.8 39.8 41.0 40.1 47.6 49.7 4.3 12.7 11.8 10.0 12.3 10.1 18.4 10.0 20.1 10.1 8.3 8.4 11.0 9.0 159.2 157.3 173.1 209.0 164.4 153.2 158.8 152.3 151.5 169.4 191.9 179.1 208.2 209.8 2022 2023 2024 H1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 0.54 0.57 0.54 0.53 0.56 0.56 0.59 0.57 0.59 0.53 0.51 0.55 0.54 0.53 2022 2023 2024 H1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 20.9 22.2 23.1 13.8 5.9 4.9 5.7 5.7 5.7 5.1 6.4 5.9 7.2 6.6 2022 2023 2024 H1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25
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26 Asset Value (NIS billions) Revenue (NIS millions)* Custodian fees (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. Revenue Drill Down | Non-transactional NIS in Millions Unless Otherwise Noted Average commissions % 2,983 2,890 3,238 3,743 2,829 2,877 2,946 2,908 3,110 3,132 3,239 3,470 3,685 3,800 2022 2023 2024 H1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 0.00109% 0.00110% 0.00109% 0.00143% 0.00109% 0.00110% 0.00110% 0.00110% 0.00108% 0.00108% 0.00110% 0.00110% 0.00141% 0.00144% 2022 2023 2024 H1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 32.5 31.7 35.4 26.7 7.7 7.9 8.1 8.0 8.4 8.5 8.9 9.6 13.0 13.7 2022 2023 2024 H1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25
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27 Examination and Listing Fees* Data Distribution Other Clearing House Services Annual Levies Revenue Drill Down | Non-transactional NIS in Millions Unless Otherwise Noted 38.1 39.8 43.6 24.9 10.0 9.9 10.0 9.9 10.7 10.9 11.0 11.0 12.5 12.4 2022 2023 2024 H1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 46.4 41.4 44.4 24.5 10.3 10.2 10.6 10.3 10.9 10.8 11.4 11.3 11.8 12.7 2022 2023 2024 H1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 58.0 71.2 90.8 50.8 17.1 17.4 18.1 18.5 22.6 22.1 23.0 23.1 24.5 26.3 2022 2023 2024 H1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 38.4 46.5 53.5 40.4 11.4 11.1 11.1 13.0 11.6 13.0 12.4 16.5 18.9 21.5 2022 2023 2024 H1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25
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Transactional Metrics 28 Six Months Ended Quarter Ended Year ended 30.06.25 30.06.24 30.06.25 31.03.25 31.12.24 30.09.24 30.06.24 31.03.24 31.12.24 31.12.23 31.12.22 Number of trading days 124 120 60 64 60 65 57 63 245 249 244 SHARES Market cap of Shares (ex. ETFs) 1,486 964 1,486 1,216 1,218 1,050 964 1,038 1,218 953 949 Market cap of ETFs on share indices 176 123 176 151 151 134 123 117 151 102 71 Total market cap (in NIS billions) 1,662 1,087 1,662 1,367 1,369 1,184 1,087 1,155 1,369 1,055 1,020 Shares ADV 2,439 1,666 2,569 2,317 1,948 1,547 1,731 1,607 1,703 1,598 1,874 ETFs on share indices ADV 583 483 587 579 562 454 431 531 495 400 421 Total average daily volume (in NIS millions) 3,022 2,149 3,156 2,896 2,510 2,001 2,162 2,138 2,198 1,998 2,295 Average commissions 0.01004% 0.01120% 0.00999% 0.01010% 0.01035% 0.01115% 0.01131% 0.01110% 0.01095% 0.01129% 0.01044% Revenue (in NIS thousands) 37,630 28,886 18,910 18,720 15,584 14,500 13,934 14,952 58,970 56,176 58,469 BONDS Market cap of corporate bonds 556 447 556 531 504 485 447 457 504 447 409 Market cap of ETFs on bond indices 32 30 32 32 32 30 30 30 32 29 27 Total market cap (in NIS billions) 588 477 588 563 536 515 477 487 536 476 436 Corporate bonds ADV 1,017 1,040 1,023 1,011 979 849 1,024 1,054 974 902 916 ETFs on bond indices ADV 89 101 87 91 103 109 96 105 103 114 130 Total average daily volume (in NIS millions) 1,106 1,141 1,110 1,102 1,082 958 1,120 1,159 1,077 1,016 1,046 Corporate bonds - average commissions 0.00706% 0.00712% 0.00701% 0.00710% 0.00702% 0.00713% 0.00718% 0.00708% 0.00711% 0.00705% 0.00707% Revenue from corporate bonds (in NIS thousands) 9,677 9,753 4,672 5,005 4,559 4,440 4,581 5,172 18,752 17,833 18,036 Market cap of government bonds -unlinked 427 347 427 408 395 370 347 328 395 308 287 Market cap of government bonds –linked and others 392 315 392 375 356 335 315 304 356 304 300 Total market cap (in NIS billions) 819 662 819 783 751 705 662 632 751 612 587 Government bonds - unlinked 2,108 2,333 2,111 2,105 2,338 2,266 2,183 2,469 2,316 1,902 1,476 Government bonds – linked and others 1,371 1,024 1,613 1,144 1,074 993 1,084 970 1,028 1,009 955 Total average daily volume (in NIS millions) 3,479 3,357 3,724 3,249 3,412 3,259 3,267 3,439 3,344 2,911 2,431 Government bonds unlinked - average commissions 0.00198% 0.00201% 0.00198% 0.00199% 0.00205% 0.00193% 0.00200% 0.00202% 0.00200% 0.00202% 0.00195% Government bonds linked - average commissions 0.00293% 0.00299% 0.00294% 0.00291% 0.00300% 0.00299% 0.00298% 0.00299% 0.00299% 0.00303% 0.00290% Government bonds - unlinked (in NIS thousands) 5,187 5,630 2,505 2,682 2,876 2,837 2,484 3,146 11,343 9,579 7,010 Government bonds - linked (in NIS thousands) 4,976 3,672 2,848 2,128 1,933 1,929 1,844 1,828 7,534 7,615 6,760 Revenue from Government bonds (in NIS thousands) 10,163 9,302 5,353 4,810 4,809 4,766 4,328 4,974 18,877 17,194 13,770
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29 Transactional Metrics | Continued Six Months Ended Quarter Ended Year ended 30.06.25 30.06.24 30.06.25 31.03.25 31.12.24 30.09.24 30.06.24 31.03.24 31.12.24 31.12.23 31.12.22 Number of trading days 124 120 60 64 60 65 57 63 245 249 244 TREASURY BILLS Market cap (in NIS billions) 232 249 232 228 222 231 249 256 222 305 209 Treasury bills ADV (in NIS millions) 1,506 1,660 1,706 1,319 1,251 1,128 1,365 1,926 1,419 1,397 783 Average commissions 0.00323% 0.00317% 0.00307% 0.00343% 0.00361% 0.00362% 0.00359% 0.00290% 0.00336% 0.00379% 0.00334% Revenue (in NIS thousands) 6,032 6,313 3,138 2,894 2,713 2,657 2,797 3,516 11,683 13,170 6,375 MUTUAL FUNDS Market cap (in NIS billions) 484 375 484 446 429 405 375 357 429 330 272 Average daily value of creation / redemptions (in NIS millions) 2,391 1,827 2,366 2,414 2,181 1,864 1,826 1,828 1,924 1,424 987 Average commissions 0.00713% 0.00758% 0.00726% 0.00702% 0.00724% 0.00742% 0.00769% 0.00748% 0.00744% 0.00813% 0.01027% Revenue (in NIS thousands) 21,149 16,615 10,306 10,843 9,474 8,993 8,005 8,610 35,082 28,819 24,732 DERIVATIVES Derivatives on TA-35 index 150.3 110.1 151.1 149.6 130.6 142.6 1195 101.6 123.7 108.5 114.6 Derivatives on foreign currency 48.7 34.6 49.7 47.6 40.1 41.0 39.8 29.8 37.6 36.1 40.3 Derivatives on shares and other 10.0 15.3 9.0 11.0 8.4 8.3 10.1 20.1 11.8 12.7 4.3 Total derivative contracts (in '000 units) 209.0 160.0 209.8 208.2 179.1 191.9 169.4 151.5 173.1 157.3 159.2 Average commissions 0.53 0.56 0.53 0.54 0.55 0.51 0.53 0.59 0.54 0.57 0.54 Revenue (in NIS thousands) 13,825 10,798 6,638 7,187 5,879 6,413 5,126 5,672 23,090 22,170 20,900 OTHER Other (MTS) (in NIS thousands) 65 99 34 31 33 40 41 58 172 227 208 Total revenue from trading and clearing commissions 98,541 81,766 49,051 49,490 43,051 41,809 38,812 42,954 166,626 155,589 142,490
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30 Transactional Metrics | Continued Six Months Ended Quarter Ended Year ended 30.06.25 30.06.24 30.06.25 31.03.25 31.12.24 30.09.24 30.06.24 31.03.24 31.12.24 31.12.23 31.12.22 CLEARING HOUSE SERVICES Average monthly/daily value of assets (in NIS billions)* 3,743 3,121 3,800 3,685 3,470 3,239 3,132 3,110 3,238 2,890 2,983 Avg. commissions from Custodian Fees 0.00143% 0.00108% 0.00144% 0.00141% 0.00110% 0.00110% 0.00108% 0.00108% 0.00109% 0.00110% 0.00109% Revenue from: (in NIS thousands) Custodian Fees 26,699 16,875 13,668 13,031 9,557 8,893 8,458 8,417 35,325 31,711 32,460 Clearing House services for members 28,655 13,399 14,772 13,883 10,547 6,832 6,510 6,889 30,778 25,823 22,549 Clearing House services for companies & funds 8,756 8,341 5,291 3,465 4,586 4,084 5,209 3,132 17,011 15,120 10,779 Other 2,945 2,896 1,445 1,500 1,459 1,457 1,354 1,542 5,812 5,554 5,100 Total revenue from Clearing House services 67,055 41,511 35,176 31,879 26,149 21,266 21,531 19,980 88,926 78,208 70,908 Six Months Ended Quarter Ended Year ended 30.06.25 30.06.24 30.06.25 31.03.25 31.12.24 30.09.24 30.06.24 31.03.24 31.12.24 31.12.23 31.12.22 LISTING FEES AND LEVIES Weighted avg. number of companies / funds Companies 620 620 618 621 611 617 619 622 617 621 612 Mutual funds and ETFs 2,348 2,288 2,359 2,338 2,272 2,277 2,289 2,334 2,281 2,314 2,314 Avg. revenue from levies (in NIS thousands) Companies 13.2 11.4 6.6 6.6 5.8 5.7 5.7 5.7 22.9 22.0 22.8 Mutual funds and ETFs 4.6 4.3 2.3 2.3 2.2 2.2 2.2 2.1 8.7 8.0 7.7 Revenue from Annual Levies from: (in NIS thousands) Companies 8,127 7,100 4,055 4,072 3,522 3,535 3,543 3,557 14,157 13,670 13,966 Mutual funds and ETFs 10,703 9,859 5,354 5,349 5,099 4,937 4,926 4,933 19,895 18,682 17,778 Nominee Company and others 6,121 4,609 3,039 3,082 2,454 2,510 2,408 2,201 9,573 7,399 6,381 Total revenue from Annual levies 24,951 21,568 12,448 12,503 11,075 10,982 10,877 10,691 43,625 39,751 38,125
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31 Non-Transactional Metrics | Continued (1) Value on listing date of a security, used to calculate the listing fees, as prescribed in the TASE Rules . Six Months Ended Quarter Ended Year ended 30.06.25 30.06.24 30.06.25 31.03.25 31.12.24 30.09.24 30.06.24 31.03.24 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) 109,229 73,445 54,798 54,431 46,232 52,312 30,356 43,089 171,989 139,052 143,732 Government bonds (including swap transactions) 104,348 116,487 45,740 58,608 49,205 54,248 49,156 67,331 219,940 116,323 41,501 Treasury-bills 216,518 215,572 103,262 113,256 112,489 111,763 113,658 101,914 439,824 403,460 231,158 Average revenue from Examination and Listing Fees Companies – Shares, Bonds and ETFs 0.0164% 0.0156% 0.0160% 0.0168% 0.0195% 0.0174% 0.0144% 0.0165% 0.0172% 0.0166% 0.0175% Revenue from Examination and Listing Fees (in NIS thousands) Examination fees 5,312 4,201 2,870 2,442 2,111 2,338 2,161 2,040 8,650 7,048 8,245 Receipts from listing fees Listing fees – shares, bonds & ETF’s 17,961 11,470 8,790 9,171 9,008 9,081 4,368 7,102 29,559 23,152 25,183 Listing fees - government bonds 3,348 3,238 1,674 1,674 1,619 1,619 1,619 1,619 6,476 6,266 5,952 Listing of T-bills 1,516 1,508 723 793 788 784 795 713 3,080 2,824 1,618 Levies and examination fees from members - 893 - - 59 139 863 30 1,091 226 850 Other 690 404 577 113 164 342 181 910 490 236 Total receipts 23,515 17,513 11,764 11,751 11,638 11,965 7,826 9,687 41,116 32,958 33,839 Accounting adjustments to revenue recognition (4,371) 36 (1,944) (2,427) (2,514) (2,888) 851 (815) (5,366) 1,363 4,280 Total revenue from listing fees 19,144 17,549 9,820 9,324 9,124 9,077 8,677 8,872 35,750 34,321 38,119 Total revenue from examination and listing fees (in NIS thousands) 24,456 21,750 12,690 11,766 11,235 11,415 10,838 10,912 44,400 41,369 46,364 Total revenue from listing fees and levies 49,407 43,318 25,138 24,269 22,310 22,397 21,715 21,603 88,025 81,120 84,489
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32 Non-Transactional Metrics | Continued (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. Six Months Ended Quarter Ended Year ended 30.06.25 30.06.24 30.06.25 31.03.25 31.12.24 30.09.24 30.06.24 31.03.24 31.12.24 31.12.23 31.12.22 DATA DISTRIBUTION AND CONNECTIVITY SERVICES Average number of data terminals Domestic business clients(1) 7,655 7,444 7,514 7,795 7,373 7,332 7,397 7,491 7,398 7,345 7,419 Overseas business clients 5,164 5,357 5,221 5,106 4,939 5,174 4,866 5,848 5,207 5,892 5,447 Non-display data(2) 209 216 209 209 198 221 200 231 213 261 288 Revenue from data distribution and connectivity services (in NIS thousands) Domestic business clients(1 10,096 9,379 4,976 5,120 4,687 4,663 4,656 4,723 18,729 17,800 16,693 Overseas business clients 5,770 5,737 3,012 2,758 2,735 2,850 2,728 3,009 11,322 12,330 9,251 Private clients 7,007 5,377 3,641 3,366 2,553 2,988 2,879 2,498 10,918 8,584 8,254 Derivative data and non-display data(3) 2,546 2,331 1,404 1,142 1,166 1,056 1,165 1,166 4,553 4,613 4,775 Data files and other data 2,983 2,579 1,450 1,533 1,313 1,330 1,320 1,259 5,222 4,656 4,147 Authorization for indices usage 14,420 12,043 7,750 6,670 6,715 6,302 5,757 6,286 25,060 10,181 3,202 Connectivity services 8,017 7,274 4,087 3,930 3,954 3,762 3,614 3,660 14,990 13,012 11,738 Total revenue from data distribution and connectivity services 50,839 44,720 26,320 24,519 23,123 22,951 22,119 22,601 90,794 71,176 58,060
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33 CONTACTS Yehuda Ben Ezra EVP CFO Email: cfo@tase.co.il Tel: +972-76-8160442 Orna Goren Head of Communication & PR unit Email: tase.ir@tase.co.il Tel: +972-76-8160405