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Tel-Aviv Stock Exchange (TASE) Investors Presentation Quarter ended September 30, 2025 1
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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
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TASE at a Glance / Q3’25 by the Numbers 3 (1) Includes ETFs. (2) Value of the mutual funds’ assets, as recorded in the in TASE Clearing House Average Daily Turnover 3.8 Shares (1) 88% Y-o-Y Growth (NIS Billions) 1.2 Corporate Bonds (1) 26% Y-o-Y Growth (NIS Billions) 3.1 Government Bonds 6% Y-o-Y Reduction (NIS Billions) 1.5 T-Bills 34% Y-o-Y Growth (NIS Billions) 183.8 Derivatives 4% Y-o-Y Reduction (‘000 Contracts) Market Capitalization 1,784 Shares (1) 51% Y-o-Y Growth (NIS Billions) 631 Corporate Bonds (1) 23% Y-o-Y Growth (NIS Billions) 819 Government Bonds 18% Y-o-Y Growth (NIS Billions) 242 T-Bills 5% Y-o-Y Growth (NIS Billions) 518 Mutual Funds (2) 28% Y-o-Y Growth (NIS Billions)
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Equity Market at a Glance / Q3’25 by the Numbers 4 Listings and Offerings Issuance Volume Q3’25 Number of Issuances(3)Q2’25 Equity Issuance Composition(2)Capital Issuances(2) (NIS in billions) 9.7 NIS in billions 57 Offerings 19% Y-o-Y Growth 9.7 Equity Raised 280% Y-o-Y Growth (NIS Billions) 542 Share and bond Companies (1) 6 Companies Y-o-Y Growth (1) Excludes TASE-UP (2) Includes TASE-UP (3) Includes Private Placements (4) Excludes companies that were listed without raising capital - 0.4 2.4 3.3 2.2 7.2 3.3 2.5 9.7 Q3'23 Q3'24 Q3'25 IPO Secondary Offeringsסידרה3 37% 38% 25% 0% Secondary Offerings Private Placements IPOs Exercise Of Warrants 0 2 846 46 49 46 48 57 Q3'23 Q3'24 Q3'25 IPO Secondary Offeringsסידרה3 (4) (4)
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Bonds & T-Bills Markets at a Glance / Q3’25 by the Numbers 5 Listings and Offerings Issuance Volume Q3’25 Treasury Bills IssuancesGovernment Bond Issuances(3)Corporate Bond Issuances (2) (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. 100 Bond Companies (1) 13 Companies Y-o-Y Growth Corporate Bonds Raised (2) 27% Y-o-Y Growth 60.4 (NIS Billions) Government Bonds Raised (3) 37% Y-o-Y Reduction 29.5 (NIS Billions) T-Bills Raised 15% Y-o-Y Reduction 95.4 (NIS Billions) 19.8 47.5 60.4 Q3'23 Q3'24 Q3'25 17.7 46.6 29.5 Q3'23 Q3'24 Q3'25 95.0 111.8 95.4 Q3'23 Q3'24 Q3'25
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TASE at a Glance / Q3’25 by the Numbers 6 (1) Exclude expenses in respect to share-payments Financial Metrics 0.547 Basic EPS 82% Y-o-Y Growth (NIS) 34.5% % Adj. net profit (1) 24.9% in Q3’24 50.7 Adj. net profit (1) 86% Y-o-Y Growth (NIS Millions) 54.1% % Adj. EBITDA (1) 41.4% in Q3’24 79.5 Adj. EBITDA (1) 76% Y-o-Y Growth (NIS Millions) 147.1 Revenue 35% Y-o-Y Growth (NIS Millions) Basic EPS (NIS) Adjusted Net Profit & Margin (1) (NIS Millions) Adjusted EBITDA & Margin (1) (NIS Millions)Revenue (NIS Millions) 1.685 1.093 0.859 0.5000.449 LTM2024202320222021 158.5 107.2 89.3 51.346.2 29.9% 24.5%22.9% 14.2%14.3% 1.0% 6.0% 11. 0% 16. 0% 21. 0% 26. 0% 31. 0% LTM2024202320222021 259.7 186.3 157.6 135.2 103.0 49.0% 42.6%40.4%37.5% 31.8% 1.0% 6.0% 11. 0% 16. 0% 21. 0% 26. 0% 31. 0% 36. 0% 41. 0% 46. 0% 51. 0% LTM2024202320222021 529.7 437.8 389.9361.0 323.7 LTM2024202320222021
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The results for Q3’25 (NIS, in thousands) 7 (1) Exclude expenses in respect to share-payments Quarter Ended GAAP (IFRS) 30.09.2025 30.09.2024 Difference -% Revenue from services 147,103 109,045 35% Expenses 84,548 79,135 7% Profit before financing income, net 62,555 29,910 109% Financing income, net 2,613 4,034 (35%) Taxes on income 15,191 7,912 92% Profit 49,977 26,032 92% Basic EPS (in NIS) 0.547 0.282 94% Non GAAP Adjusted EBITDA(1) 79,523 45,123 76% Adjusted net profit(1) 50,707 27,198 86% % EBITDA Adjusted margin 54.1% 41.4% % Adjusted net profit margin 34.5% 24.9% Revenue (NIS Millions) Adjusted EBITDA(1) (NIS Millions) Adjusted net profit(1) (NIS Millions) 35% Y-o-Y Growth 76% Y-o-Y Growth 86% Y-o-Y Growth 147.1 109.0 Q3'25Q3'24 79.5 45.1 54.1% 41.4% 10. 0% 15. 0% 20. 0% 25. 0% 30. 0% 35. 0% 40. 0% 45. 0% 50. 0% 55. 0% 60. 0% 0.0 10. 0 20. 0 30. 0 40. 0 50. 0 60. 0 70. 0 80. 0 90. 0 100 .0 Q3'25Q3'24 50.7 27.2 34.5% 24.9% 0.0 % 5.0 % 10. 0% 15. 0% 20. 0% 25. 0% 30. 0% 35. 0% 40. 0% 0.0 10. 0 20. 0 30. 0 40. 0 50. 0 60. 0 70. 0 Q3'25Q3'24
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40% 37% 38% 37% 38% 36% 37% 60 % 63% 62% 63% 62% 64% 63% 108.3 105.1 109 115.4 131 136.1 147.1 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 37% 63% Q3’25 Revenue Composition (NIS, in millions) 8 Revenues Composition Total Revenues Q3’25 Revenue 147.1 NIS Millions Revenue over the last quarters (NIS in millions) Non- transactional Transactional Transactional Non-transactional 37% 17% 27% 19% 0% Trading and clearing commissions Listing fees and levies Clearing House services Data distribution and connectivity services Other revenue
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Q3’25 Revenue (NIS, in thousands) 9 (1) Exclude expenses in respect to share-payments Quarter Ended 30.09.2025 % of the Company’s total revenues 30.09.2024 % of the Company’s total revenues Difference -% Trading and clearing commissions 53,868 37% 41,809 38% 29% Listing fees and levies 25,522 17% 22,397 20% 14% Clearing House services 39,363 27% 21,266 20% 85% Data distribution and Connectivity services 27,668 19% 22,951 21% 21% Other revenue 682 0% 622 1% 10% Total revenue 147,103 100% 109,045 100% 35% 7% of the increase in revenue from Listing fees and levies is due to an increase in revenue from annual levies 28% of the increase in Trading and clearing commissions revenue is due mainly to an increase in the trading volumes 24% 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 38% 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 Data distribution and Connectivity services is due to an increase in revenue from data distribution to private and business customers
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43% 10%8% 12% 22% 5% Shares Corporate Bonds Government Bonds Derivatives Mutual Funds T-Bills and other Q3’25 Revenue Composition (NIS, in millions) 10 Trading and Clearing Commissions Listing Fees and Levies Revenue over the last quarters (NIS in millions) Q3’25 53.9 NIS Millions 29% Y-o-Y Growth Revenue over the last quarters (NIS in millions) Annual Levies Listing Fees Examination fees 50% 38% 12% Q3’25 25.5 NIS Millions 14% Growth Y-O-Y 21.6 21.7 22.4 22.3 24.2 25.1 25.5 20% 21% 20% 19% 18% 18% 17% 0% 5% 10% 15% 20% 25% 0 5 10 15 20 25 30 35 40 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Revenue (NIS millions) % of the Company’s total revenues 43.0 38.8 41.8 43.1 49.5 49.1 53.9 40% 37% 38% 37% 38% 36% 37% 10% 15% 20% 25% 30% 35% 40% 45% 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Revenue (NIS millions) % of the Company’s total revenues
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Q3’25 Revenue Composition (NIS, in millions) 11 In Q3’25, the other revenue amounted to NIS 0.7 million Clearing House Services Data Distribution & Connectivity Services Revenue over the last quarters (NIS in millions) Revenue over the last quarters (NIS in millions) Q3’25 39.3 NIS Millions 85% Growth Y-O-Y Custodian fees For members For companies & funds Other Q3’25 27.7 NIS Millions 21% Growth Y-O-Y Business clients Private clients Derivative & non-display data Data files and others Indices usage Connectivity services 39% 45% 12% 4% 29% 15% 5% 6% 31% 14% 20.0 21.5 21.2 26.1 31.9 35.2 39.3 18% 20% 20% 23% 24% 26% 27% -10% -5% 0% 5% 10% 15% 20% 25% 30% 0 5 10 15 20 25 30 35 40 45 50 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Revenue (NIS millions) % of the Company’s total revenues 22.6 22.1 23.0 23.1 24.5 26.3 27.7 21% 21% 21% 20% 19% 19% 19% 0% 5% 10% 15% 20% 25% 0 5 10 15 20 25 30 35 40 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Revenue (NIS millions) % of the Company’s total revenues
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Expenses Q3’25 (NIS, in thousands) 12 Q3’25 Adjusted Expenses 83.8 NIS Millions Quarter Ended September 30, 2025 % of the Company’s total expenses September 30, 2024 % of the Company’s total expenses Difference -% Compensation 41,952 50% 41,744 54% 0% Computer and Communications 13,103 16% 11,240 14% 17% Property Taxes and Building Maintenance 4,128 5% 3,791 5% 9% Marketing 830 1% 1,799 2% (54%) Fee to the Israel Securities Authority 2,726 3% 2,167 3% 26% General and Administrative 2,379 3% 2,353 3% 1% Other operating expenses 2,471 3% 823 1% 200% Depreciation & amortization 15,465 18% 13,995 18% 11% Other 764 1% 57 0% 1240% Adjusted Expenses 83,818 100% 77,969 100% 8% expenses in respect to share-payments 730 1,166 Total Expenses 84,548 79,135 50% 16% 5% 1% 3% 3% 3% 18% 1% 54% 14% 5% 2% 3% 3% 1% 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 Q3'25 Q3'24
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The results for Q1-Q3’25 (NIS, in thousands) 13 (1) Exclude expenses in respect to share-payments Nine months ended IFRS (GAAP) September 30, 2025 September 30, 2024 Difference -% Revenue from services 414,233 322,448 28% Expenses 250,052 229,268 9% Profit before financing income, net 164,181 93,180 76% Financing income, net 4,703 7,470 (37%) Taxes on income 39,511 24,628 60% Profit 129,373 76,022 70% Basic EPS (in NIS) 1.415 0.822 72% Non GAAP Adjusted EBITDA(1) 213,000 139,503 53% Adjusted net profit(1) 131,973 80,706 64% % EBITDA Adjusted margin 51.4% 43.3% % Adjusted net profit margin 31.9% 25.0% Revenue (NIS Millions) Adjusted EBITDA(1) (NIS Millions) Adjusted net profit(1) (NIS Millions) 28% Y-o-Y Growth 53% Y-o-Y Growth 64% Y-o-Y Growth 414.2 322.4 Q1-Q3'25Q1-Q3'24 213.0 139.5 51.4% 43.3% 10. 0% 15. 0% 20. 0% 25. 0% 30. 0% 35. 0% 40. 0% 45. 0% 50. 0% 55. 0% -40.0 10. 0 60. 0 110 .0 160 .0 210 .0 260 .0 Q1-Q3'25Q1-Q3'24 132.0 80.7 31.9% 25.0% 10. 0% 15. 0% 20. 0% 25. 0% 30. 0% 35. 0% 0.0 20. 0 40. 0 60. 0 80. 0 100 .0 120 .0 140 .0 160 .0 Q1-Q3'25Q1-Q3'24
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40% 40% 40% 38% 37% 60 % 60% 60% 62% 63%237.9 274.7 288.4 322.4 414.2 Q1-Q3'21 Q1-Q3'22 Q1-Q3'23 Q1-Q3'24 Q1-Q3'25 Q1-Q3’25 Revenue Composition (NIS, in millions) 14 Revenues Composition Total Revenues Revenue over the last quarters (NIS in millions) Non- transactional Transactional Q1-Q3’25 Revenue 414.2 NIS Millions 37% 63% 37% 18% 26% 19% 0% Trading and clearing commissions Listing fees and levies Clearing House services Data distribution and connectivity services Other revenue Transactional Non-transactional
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Q1-Q3’25 Revenue (NIS, in thousands) 15 (1) Exclude expenses in respect to share-payments Nine Months Ended 30.09.2025 % of the Company’s total revenues 30.09.2024 % of the Company’s total revenues Difference -% Trading and clearing commissions 152,409 37% 123,575 38% 23% Listing fees and levies 74,929 18% 65,715 20% 14% Clearing House services 106,418 26% 62,777 20% 70% Data distribution and Connectivity services 78,507 19% 67,671 21% 16% Other revenue 1,970 0% 2,710 1% (27%) Total revenue 414,233 100% 322,448 100% 28% 8%27% 26%42% 7% 8% of the increase in revenues from Clearing House services is due to an increase in revenues from services to members 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 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 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 of the increase in revenue from Listing fees and levies is due to an increase in revenue from annual levies of the increase in Trading and clearing commissions revenue is due mainly to an increase in the trading volumes
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50% 39% 11% 40% 10%10% 13% 21% 6% Shares Corporate Bonds Government Bonds Derivatives Mutual Funds T-Bills and other Q1-Q3’25 Revenue Composition (NIS, in millions) 1616 Trading and Clearing Commissions Listing Fees and Levies Revenue Development Over Comparable Periods 5-Year Overview (NIS in millions) Revenue Development Over Comparable Periods 5-Year Overview (NIS in millions) Q1-Q3’25 152.4 NIS Millions 23% Y-o-Y Growth Annual Levies Listing Fees Examination fees Q1-Q3’25 74.9 NIS Millions 14% Growth Y-O-Y 94.5 108.7 114.4 123.6 152.4 40% 40% 40% 38% 37% 12% 17% 22% 27% 32% 37% 42% 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 Q1-Q3'21 Q1-Q3'22 Q1-Q3'23 Q1-Q3'24 Q1-Q3'25 Revenue (NIS millions) % of the Company’s total revenues 51.6 65.0 60.9 65.7 74.9 22% 24% 21% 20% 18% -10% -5% 0% 5% 10% 15% 20% 25% 30% 0.0 20.0 40.0 60.0 80.0 100.0 Q1-Q3'21 Q1-Q3'22 Q1-Q3'23 Q1-Q3'24 Q1-Q3'25 Revenue (NIS millions) % of the Company’s total revenues
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17 In Q1-Q3’25, the other revenue amounted to NIS 2.0 million Clearing House Services Data Distribution & Connectivity Services Revenue over the last quarters (NIS in millions) Revenue over the last quarters (NIS in millions) Q1-Q3’25 Revenue Composition (NIS, in millions) Custodian fees For members For companies & funds Other Q1-Q3’25 106.4 NIS Millions 70% Growth Y-O-Y Business clients Private clients Derivative & non- display data Data files and others Indices usage Connectivity services Q1-Q3’25 78.5 NIS Millions 16% Growth Y-O-Y 40% 44% 12% 4% 30% 14% 5%6% 29% 16% 47.9 53.0 57.3 62.7 106.4 20% 19% 20% 20% 26% -10% -5% 0% 5% 10% 15% 20% 25% 30% 0.0 20.0 40.0 60.0 80.0 100.0 120.0 Q1-Q3'21 Q1-Q3'22 Q1-Q3'23 Q1-Q3'24 Q1-Q3'25 Revenue (NIS millions) % of the Company’s total revenues 38.8 43.8 52.6 67.7 78.5 16% 15% 18% 21% 19% -10% -5% 0% 5% 10% 15% 20% 25% 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0 Q1-Q3'21 Q1-Q3'22 Q1-Q3'23 Q1-Q3'24 Q1-Q3'25 Revenue (NIS millions) % of the Company’s total revenues
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Expenses Q1-Q3’25 (NIS, in thousands) 18 Nine Months Ended September 30, 2025 % of the Company’s total expenses September 30, 2024 % of the Company’s total expenses Difference -% Compensation 126,641 51% 120,072 53% 5% Computer and Communications 38,112 15% 32,546 14% 17% Property Taxes and Building Maintenance 10,929 4% 10,445 5% 5% Marketing 3,423 1% 3,803 2% (10%) Fee to the Israel Securities Authority 7,919 3% 6,302 3% 26% General and Administrative 8,509 3% 7,254 3% 17% Other operating expenses 5,286 2% 2,523 1% 110% Depreciation & amortization 45,253 18% 41,551 19% 9% Other 1,380 1% 88 0% 1468% Adjusted Expenses 247,452 100% 224,584 100% 10% expenses in respect to share-payments 2,600 4,684 Total Expenses 250,052 229,268 Q1-Q3’25 Adjusted Expenses 247.4 NIS Millions 51% 15% 4% 1% 3% 3% 2% 18% 1% 54% 14% 5% 2% 3% 3% 1% 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 Q1-Q3'25 Q1-Q3'24
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Financial Position and Capital & Liquidity Adequacy (as of September 30, 2025 / NIS, in thousands) 19 499.7 Excess Capital(1)(2) 20% Reduction compared to 31.12.24 NIS in Millions 225.1 Excess Liquidity(1) 31% Growth compared to 31.12.24 NIS in Millions Assets: Cash and cash equivalents 332,577 Financial assets at fair value through profit or loss 96,602 Trade receivables 23,594 Other receivables 19,318 Total 472,091 Assets derived from clearing operations in respect of open derivative positions 664,709 Total current assets 1,136,800 Total non-current assets 479,357 Total assets 1,616,157 Liabilities and Equity: Total current liabilities 851,986 Of which- liabilities derived from clearing operations in respect of open derivative positions 664,709 Total non-current liabilities 164,810 capital reserves 373,397 Retained earnings 225,964 Total equity 599,361 Total liabilities and equity 1,616,157 Adjusted Equity Ratio(3) 76% capital requirements Total capital requirements in respect of the risk components 194,732 Total equity 599,361 Deferred income in respect of listing fees less deferred tax 95,025 Total qualifying capital base 694,386 Capital surplus (qualifying capital base, less requirements) 499,654 Liquidity requirements Total requirements for liquid assets 142,897 Cash and cash equivalents 332,577 Securities portfolio at fair value 96,602 Less – amortization coefficients on the assets (4,518) Line of credit 120,000 Less- the balance earmarked for investment in TASE's technological infrastructure (158,348) Less – current liabilities (18,281) Net liquid assets 368,032 Liquidity surplus (net liquid assets, less requirements) 225,135 (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) 20 (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 Q1-Q3’25 Q3’25 25’2Q 25’1Q 2024 24’4Q 24’3Q 24’2Q 24’1Q Operating Activities Adjusted EBITDA(1) 213,000 79,523 71,646 61,831 186,325 46,822 45,123 45,812 48,568 Changes in working capital 18,935 3,755 (549) 15,729 (3,545) 11,674 2,854 (22,933) 4,860 Financing and tax (32,741) (6,357) (6,664) (19,720) (17,575) (379) (2,774) (3,008) (11,414) Total 199,194 76,921 64,433 57,840 165,205 58,117 45,203 19,871 42,014 Investing Activities Investments in property, equipment and in intangible assets (44,524) (12,739) (11,772) (20,013) (54,953) (19,749) (13,113) (9,093) (12,998) Disposal (acquisition) of financial assets at fair value (297) (190) (90) (17) (731) (254) (594) (355) 472 Total (44,821) (12,929) (11,862) (20,030) (55,684) (20,003) (13,707) (9,448) (12,526) Financing Activities Lease payments (6,806) (2,318) (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 (128,888) (10,833) (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 (258,962) (13,151) (13,146) (232,665) (79,667) (4,898) (14,811) (14,847) (45,111) Total increase (decrease) in cash and cash equivalents (104,589) 50,841 39,425 (194,855) 29,854 33,216 16,685 (4,424) (15,623) Opening balance 438,288 281,837 243,789 438,288 408,484 405,295 388,705 392,955 408,484 Effect of changes in exchange rates on cash balances (1,122) (101) (1,377) 356 (50) (223) (95) 174 94 Closing balance 332,577 332,577 281,838 243,789 438,288 438,288 405,295 388,705 392,955 Free Cash Flow Net cash provided by operating activities 199,194 76,921 64,433 57,840 165,205 58,117 45,203 19,871 42,014 Investments in property, equipment and in intangible assets (44,524) (12,739) (11,772) (20,013) (54,953) (19,749) (13,113) (9,093) (12,998) Lease payments (6,806) (2,318) (2,313) (2,175) (9,472) (2,464) (2,311) (2,347) (2,350) Free Cash Flow 147,864 61,865 50,348 35,652 100,780 35,904 29,779 8,431 26,666
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Appendix 21
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Revenue Trends (NIS, in Millions) 22 Annual Revenue Quarterly Revenue Number of trading days: 64 6158 66 63 57 65 60 64 60 42% 38% 39% 41% 40% 37% 38% 37% 38% 36% 37% 20% 22% 21% 20% 20% 21% 20% 19% 18% 18% 17%19% 20% 20% 20% 18% 20% 20% 23% 24% 26% 27%17% 19% 19% 18% 21% 21% 21% 20% 19% 19% 19% 2% 1% 1% 1% 1% 1% 1% 1% 1% 1% 0% 100.0 92.9 95.5 101.5 108.3 105.1 109.0 115.4 131.0 136.1 147.2 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 62 41% 40% 40% 38% 37% 21% 23% 21% 20% 18%20% 20% 20% 20% 25% 16% 16% 18% 21% 19% 2% 1% 1% 1% 1% 323.7 361.0 389.9 437.8 529.7 2021 2022 2023 2024 LTM סידרה6 Other revenue Data distribution and connectivity services Clearing House services Listing fees and levies Trading and clearing commissions
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Adjusted Operating Expenses (1) Trends(NIS, in Millions) 23 Annual Expenses(1) Quarterly Expenses(1) (1) Excludes the expenses in respect to share-payments. 55% 52% 54% 54% 53% 54% 54% 55% 53% 50% 50% 19% 19% 19% 18% 19% 19% 18% 17% 17% 19% 19% 26% 29% 27% 28% 28% 27% 28% 28% 30% 31% 31% 69.4 70.9 70.2 74.9 73.3 73.4 77.9 83.1 83.8 79.8 83.8 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 55% 53% 54% 54% 52% 18% 19% 18% 18% 18% 27% 28% 28% 28% 30%268.5 277.3 285.4 307.7 330.5 2021 2022 2023 2024 LTM סידרה4 Other Depreciation and amortization Compensation
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Profitability Trends (NIS, in Millions) 24 Adjusted EBITDA & Margin(1) Adjusted Net Profit & Margin (1) (1) Excludes the expenses in respect to share-payments 43.5 35.6 38.4 40.1 48.6 45.8 45.1 46.8 61.8 71.6 79.5 43.5% 38.3% 40.0% 39.5% 44.8% 43.6% 41.4% 40.6% 47.2% 52.6% 54.1% -5.0% 5.0% 15.0% 25.0% 35.0% 45.0% 55.0% 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 135.2 157.6 186.3 259.7 37.5% 40.4% 42.6% 49.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0% 0.0 50.0 100.0 150.0 200.0 250.0 2022 2023 2024 LTM 26.1 20.4 20.1 22.7 27.8 25.7 27.2 26.5 36.9 44.4 50.726.1% 22.0% 21.0% 22.4% 25.7% 24.4% 24.9% 22.9% 28.1% 32.6% 34.5% -4.0% 1.0% 6.0% 11.0% 16.0% 21.0% 26.0% 31.0% 36.0% 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 Q3'25 51.3 89.3 107.2 158.5 14.2% 22.9% 24.5% 29.9% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 2022 2023 2024 LTM
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Revenue Drill Down / Transactional - Shares 25 Velocity Represents: Calculated as annualized trading volumes divided by average market capitalization Includes ETFs Velocity Average Daily Turnover (NIS billions) Average commissions % Revenue (NIS millions) 2.30 2.00 2.20 3.27 2.14 2.07 1.87 1.93 2.14 2.16 2.00 2.51 2.90 3.16 3.76 2022 2023 2024 Q1-Q3'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 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% 0.0100% 2022 2023 2024 Q1-Q3'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 58.5 56.2 59.0 60.9 14.8 13.5 13.3 14.6 15.0 13.9 14.5 15.6 18.7 18.9 23.3 2022 2023 2024 Q1-Q3'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 43% 43% 41% 47% 44% 39% 42% 39%46% 42% 39% 43% 45% 47% 48%
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Revenue Drill Down / Transactional – Corporate Bonds 26 Velocity Represents: Calculated as annualized trading volumes divided by average market capitalization Includes ETFs Velocity Average Daily Turnover (NIS billions) Average commissions % Revenue (NIS millions) 1.05 1.02 1.08 1.14 1.09 0.93 1.08 0.96 1.16 1.12 0.96 1.08 1.10 1.11 1.21 2022 2023 2024 Q1-Q3'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 0.00707% 0.00705% 0.00711% 0.00705% 0.00701% 0.00705% 0.00702% 0.00713% 0.00708% 0.00718% 0.00713% 0.00702% 0.00710% 0.00701% 0.00706% 2022 2023 2024 Q1-Q3'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 18.1 17.8 18.8 15.0 4.9 3.8 4.6 4.5 5.2 4.6 4.4 4.6 5.0 4.7 5.3 2022 2023 2024 Q1-Q3'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 61% 58% 54% 55% 58% 54% 60% 56% 49% 54%64% 52%50% 49% 50%
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Revenue Drill Down / Transactional – Government Bonds 27 Velocity Represents: Calculated as annualized trading volumes divided by average market capitalization Includes ETFs Velocity Average Daily Turnover (NIS billions) Average commissions % Revenue (NIS millions) 0.0023% 0.0024% 0.0023% 0.0024% 0.0023% 0.0024% 0.0024% 0.0024% 0.0023% 0.0023% 0.0023% 0.0023% 0.0023% 0.0024% 0.0024% 2022 2023 2024 Q1-Q3'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 2.43 2.91 3.34 3.34 2.99 2.63 2.43 3.53 3.44 3.27 3.26 3.41 3.25 3.72 3.06 2022 2023 2024 Q1-Q3'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 13.7 17.2 18.9 14.8 4.4 3.6 3.5 5.7 5.0 4.3 4.8 4.8 4.8 5.4 4.6 2022 2023 2024 Q1-Q3'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 81% 101% 100% 95% 88% 114% 110% 102% 95% 96%109% 81%89% 102% 78%
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Revenue Drill Down / Transactional - Mutual Funds 28 Average Daily Turnover (NIS billions) Average commissions % Revenue (NIS millions) 0.99 1.42 1.92 2.46 1.50 1.31 1.41 1.47 1.83 1.83 1.86 2.18 2.41 2.37 2.61 2022 2023 2024 Q1-Q3'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 0.0103% 0.0081% 0.0074% 0.0072% 0.0078% 0.0086% 0.0085% 0.0078% 0.0075% 0.0077% 0.0074% 0.0072% 0.0070% 0.0073% 0.0073% 2022 2023 2024 Q1-Q3'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 24.7 28.8 35.1 32.9 7.5 6.5 7.2 7.6 8.6 8.0 9.0 9.5 10.8 10.3 11.7 2022 2023 2024 Q1-Q3'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25
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Revenue Drill Down / Transactional – Derivatives Daily Contracts (thousands) 29 Average Daily Turnover (in '000 units) Average commissions Revenue (NIS millions) 159.2 157.3 173.1 200.6 164.4 153.2 158.8 152.3 151.5 169.4 191.9 179.1 208.2 209.8 183.8 2022 2023 2024 Q1-Q3'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 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 2022 2023 2024 Q1-Q3'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 20.9 22.2 23.1 20.1 5.9 4.9 5.7 5.7 5.7 5.1 6.4 5.9 7.2 6.6 6.3 2022 2023 2024 Q1-Q3'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25
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Revenue Drill Down / Non-transactional- Clearing House Services 30 Value of Assets Held in Custody (NIS billions) Average commissions % Revenue from Custodian fees (NIS millions)* 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 from Other Services (NIS millions) 2,983 2,890 3,238 3,886 2,829 2,877 2,946 2,908 3,110 3,132 3,239 3,470 3,685 3,800 4,169 2022 2023 2024 Q1-Q3'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 0.00109% 0.00110% 0.00109% 0.00145% 0.00109% 0.00110% 0.00110% 0.00110% 0.00108% 0.00108% 0.00110% 0.00110% 0.00141% 0.00144% 0.00148% 2022 2023 2024 Q1-Q3'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 32.5 31.7 35.4 42.2 7.7 7.9 8.1 8.0 8.4 8.5 8.9 9.6 13.0 13.7 15.5 2022 2023 2024 Q1-Q3'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 38.4 46.5 53.5 64.3 11.4 11.1 11.1 13.0 11.6 13.0 12.4 16.5 18.9 21.5 23.9 2022 2023 2024 Q1-Q3'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25
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Revenue Drill Down / Non-transactional NIS in Millions 31 Examination and Listing Fees Data Distribution(1) Authorization for indices usage Annual Levies 38.1 39.8 43.6 37.6 10.0 9.9 10.0 9.9 10.7 10.9 11.0 11.0 12.5 12.4 12.7 2022 2023 2024 Q1-Q3'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 46.4 41.4 44.4 37.3 10.3 10.2 10.6 10.3 10.9 10.8 11.4 11.3 11.8 12.7 12.9 2022 2023 2024 Q1-Q3'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 54.8 61.0 65.7 55.6 14.7 14.9 15.6 15.7 16.3 16.4 16.6 16.4 17.8 18.6 19.1 2022 2023 2024 Q1-Q3'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 3.2 10.2 25.1 23.0 2.5 2.5 2.5 2.7 6.3 5.8 6.3 6.7 6.7 7.8 8.5 2022 2023 2024 Q1-Q3'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 (1) excludes Authorization for indices usage
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Transactional Metrics 32 Nine Months Ended Quarter Ended Year ended 30.09.25 30.09.24 30.9.25 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 186 185 62 60 64 60 65 57 63 245 249 244 SHARES Market cap of Shares (ex. ETFs) 1,594 1,050 1,594 1,486 1,216 1,218 1,050 964 1,038 1,218 953 949 Market cap of ETFs on share indices 190 134 190 176 151 151 134 123 117 151 102 71 Total market cap (in NIS billions) 1,784 1,184 1,784 1,662 1,367 1,369 1,184 1,087 1,155 1,369 1,055 1,020 Shares ADV 2,691 1,624 3,195 2,569 2,317 1,948 1,547 1,731 1,607 1,703 1,598 1,874 ETFs on share indices ADV 577 473 565 587 579 562 454 431 531 495 400 421 Total average daily volume (in NIS millions) 3,268 2,097 3,760 3,156 2,896 2,510 2,001 2,162 2,138 2,198 1,998 2,295 Average commissions 0.01002% 0.01118% 0.00999% 0.00999% 0.01010% 0.01035% 0.01115% 0.01131% 0.01110% 0.01095% 0.01129% 0.01044% Revenue (in NIS thousands) 60,926 43,386 23,296 18,910 18,720 15,584 14,500 13,934 14,952 58,970 56,176 58,469 BONDS Market cap of corporate bonds 599 485 599 556 531 504 485 447 457 504 447 409 Market cap of ETFs on bond indices 32 30 32 32 32 32 30 30 30 32 29 27 Total market cap (in NIS billions) 631 515 631 588 563 536 515 477 487 536 476 436 Corporate bonds ADV 1,052 973 1,124 1,023 1,011 979 849 1,024 1,054 974 902 916 ETFs on bond indices ADV 87 103 82 87 91 103 109 96 105 103 114 130 Total average daily volume (in NIS millions) 1,139 1,076 1,206 1,110 1,102 1,082 958 1,120 1,159 1,077 1,016 1,046 Corporate bonds - average commissions 0.00705% 0.00713% 0.00706% 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) 14,959 14,193 5,282 4,672 5,005 4,559 4,440 4,581 5,172 18,752 17,833 18,036 Market cap of government bonds -unlinked 429 370 429 427 408 395 370 347 328 395 308 287 Market cap of government bonds –linked and others 406 335 406 392 375 356 335 315 304 356 304 300 Total market cap (in NIS billions) 835 705 835 819 783 751 705 662 632 751 612 587 Government bonds - unlinked 2,006 2,310 1,801 2,111 2,105 2,338 2,266 2,183 2,469 2,316 1,902 1,476 Government bonds – linked and others 1,334 1,013 1,260 1,613 1,144 1,074 993 1,084 970 1,028 1,009 955 Total average daily volume (in NIS millions) 3,340 3,323 3,061 3,724 3,249 3,412 3,259 3,267 3,439 3,344 2,911 2,431 Government bonds unlinked - average commissions 0.00200% 0.00198% 0.00203% 0.00198% 0.00199% 0.00205% 0.00193% 0.00200% 0.00202% 0.00200% 0.00202% 0.00195% Government bonds linked - average commissions 0.00295% 0.00299% 0.00301% 0.00294% 0.00291% 0.00300% 0.00299% 0.00298% 0.00299% 0.00299% 0.00303% 0.00290% Government bonds - unlinked (in NIS thousands) 7,450 8,467 2,263 2,505 2,682 2,876 2,837 2,484 3,146 11,343 9,579 7,010 Government bonds - linked (in NIS thousands) 7,325 5,601 2,349 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) 14,775 14,068 4,612 5,353 4,810 4,809 4,766 4,328 4,974 18,877 17,194 13,770
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Transactional Metrics / Continued 33 Nine Months Ended Quarter Ended Year ended 30.09.25 30.09.24 30.9.25 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 186 185 62 60 64 60 65 57 63 245 249 244 TREASURY BILLS Market cap (in NIS billions) 242 231 242 232 228 222 231 249 256 222 305 209 Treasury bills ADV (in NIS millions) 1,508 1,473 1,510 1,706 1,319 1,251 1,128 1,365 1,926 1,419 1,397 783 Average commissions 0.00310% 0.00329% 0.00285% 0.00307% 0.00343% 0.00361% 0.00362% 0.00359% 0.00290% 0.00336% 0.00379% 0.00334% Revenue (in NIS thousands) 8,701 8,970 2,669 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) 518 405 518 484 446 429 405 375 357 429 330 272 Average daily value of creation / redemptions (in NIS millions) 2,463 1,840 2,606 2,366 2,414 2,181 1,864 1,826 1,828 1,924 1,424 987 Average commissions 0.00718% 0.00752% 0.00726% 0.00726% 0.00702% 0.00724% 0.00742% 0.00769% 0.00748% 0.00744% 0.00813% 0.01027% Revenue (in NIS thousands) 32,878 25,608 11,729 10,306 10,843 9,474 8,993 8,005 8,610 35,082 28,819 24,732 DERIVATIVES Derivatives on TA-35 index 146.3 121.5 138.2 151.1 149.6 130.6 142.6 1195 101.6 123.7 108.5 114.6 Derivatives on foreign currency 44.2 36.8 35.5 49.7 47.6 40.1 41.0 39.8 29.8 37.6 36.1 40.3 Derivatives on shares and other 10.1 12.9 10.1 9.0 11.0 8.4 8.3 10.1 20.1 11.8 12.7 4.3 Total derivative contracts (in '000 units) 200.6 171.2 183.8 209.8 208.2 179.1 191.9 169.4 151.5 173.1 157.3 159.2 Average commissions 0.538 0.543 0.549 0.53 0.54 0.55 0.51 0.53 0.59 0.54 0.57 0.54 Revenue (in NIS thousands) 20,081 17,211 6,256 6,638 7,187 5,879 6,413 5,126 5,672 23,090 22,170 20,900 OTHER Other (MTS) (in NIS thousands) 89 139 24 34 31 33 40 41 58 172 227 208 Total revenue from trading and clearing commissions 152,409 123,575 53,868 49,051 49,490 43,051 41,809 38,812 42,954 166,626 155,589 142,490
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Non-Transactional Metrics 34 Nine Months Ended Quarter Ended Year ended 30.09.25 30.09.24 30.9.25 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)* 3,886 3,160 4,169 3,800 3,685 3,470 3,239 3,132 3,110 3,238 2,890 2,983 Avg. commissions from Custodian Fees 0.00145% 0.00109% 0.00148% 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 42,157 25,768 15,458 13,668 13,031 9,557 8,893 8,458 8,417 35,325 31,711 32,460 Clearing House services for members 46,532 20,231 17,877 14,772 13,883 10,547 6,832 6,510 6,889 30,778 25,823 22,549 Clearing House services for companies & funds 13,352 12,425 4,596 5,291 3,465 4,586 4,084 5,209 3,132 17,011 15,120 10,779 Other 4,377 4,353 1,432 1,445 1,500 1,459 1,457 1,354 1,542 5,812 5,554 5,100 Total revenue from Clearing House services 106,418 62,777 39,363 35,176 31,879 26,149 21,266 21,531 19,980 88,926 78,208 70,908 Nine Months Ended Quarter Ended Year ended 30.09.25 30.09.24 30.9.25 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 617 619 612 618 621 611 617 619 622 617 621 612 Mutual funds and ETFs 2,361 2,300 2,387 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 19.8 17.1 6.6 6.6 6.6 5.8 5.7 5.7 5.7 22.9 22.0 22.8 Mutual funds and ETFs 6.9 6.5 2.3 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 12,171 10,635 4,044 4,055 4,072 3,522 3,535 3,543 3,557 14,157 13,670 13,966 Mutual funds and ETFs 16,156 14,796 5,453 5,354 5,349 5,099 4,937 4,926 4,933 19,895 18,682 17,778 Nominee Company and others 9,276 7,119 3,155 3,039 3,082 2,454 2,510 2,408 2,201 9,573 7,399 6,381 Total revenue from Annual levies 37,603 32,550 12,652 12,448 12,503 11,075 10,982 10,877 10,691 43,625 39,751 38,125
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Non-Transactional Metrics / Continued 35 Nine Months Ended Quarter Ended Year ended 30.09.25 30.09.24 30.9.25 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) 198,389 125,757 89,160 54,798 54,431 46,232 52,312 30,356 43,089 171,989 139,052 143,732 Government bonds (including swap transactions) 145,249 170,735 40,901 45,740 58,608 49,205 54,248 49,156 67,331 219,940 116,323 41,501 Treasury-bills 311,910 327,335 95,392 103,262 113,256 112,489 111,763 113,658 101,914 439,824 403,460 231,158 Average revenue from Examination and Listing Fees Companies – Shares, Bonds and ETFs 0.0170% 0.0163% 0.0177% 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 8,392 6,539 3,080 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 33,741 20,551 15,780 8,790 9,171 9,008 9,081 4,368 7,102 29,559 23,152 25,183 Listing fees - government bonds 5,022 4,857 1,674 1,674 1,674 1,619 1,619 1,619 1,619 6,476 6,266 5,952 Listing of T-bills 2,184 2,292 668 723 793 788 784 795 713 3,080 2,824 1,618 Levies and examination fees from members 31 1,032 31 - - 59 139 863 30 1,091 226 850 Other 979 746 289 577 113 164 342 181 910 490 236 Total receipts 41,957 29,478 18,442 11,764 11,751 11,638 11,965 7,826 9,687 41,116 32,958 33,839 Accounting adjustments to revenue recognition (13,023) (2,852) (8,652) (1,944) (2,427) (2,514) (2,888) 851 (815) (5,366) 1,363 4,280 Total revenue from listing fees 28,934 26,626 9,790 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) 37,326 33,165 12,870 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 74,929 65,715 25,522 25,138 24,269 22,310 22,397 21,715 21,603 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.
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Non-Transactional Metrics / Continued 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. Nine Months Ended Quarter Ended Year ended 30.09.25 30.09.24 30.9.25 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) 7,695 7,407 7,777 7,514 7,795 7,373 7,332 7,397 7,491 7,398 7,345 7,419 Overseas business clients 5,211 5,296 5,305 5,221 5,106 4,939 5,174 4,866 5,848 5,207 5,892 5,447 Non-display data(2) 219 217 240 209 209 198 221 200 231 213 261 288 Revenue from data distribution and connectivity services (in NIS thousands) Domestic business clients(1) 15,209 14,042 5,113 4,976 5,120 4,687 4,663 4,656 4,723 18,729 17,800 16,693 Overseas business clients 8,584 8,587 2,814 3,012 2,758 2,735 2,850 2,728 3,009 11,322 12,330 9,251 Private clients 11,106 8,365 4,099 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) 4,088 3,387 1,542 1,404 1,142 1,166 1,056 1,165 1,166 4,553 4,613 4,775 Data files and other data 4,530 3,909 1,547 1,450 1,533 1,313 1,330 1,320 1,259 5,222 4,656 4,147 Authorization for indices usage 22,953 18,345 8,533 7,750 6,670 6,715 6,302 5,757 6,286 25,060 10,181 3,202 Connectivity services 12,037 11,036 4,020 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 78,507 67,671 27,668 26,320 24,519 23,123 22,951 22,119 22,601 90,794 71,176 58,060
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37 THANK YOU! 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