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TEL AVIV STOCK EXCHANGE הבורסה לניירות ערך תלאביב THE BEST ISRAEL HAS TO OFFER ENERG MAY 08501.02 % MAY 10850 + 1 1850 +1.02 ENERGE ELLOM Y10850 +1 . Tel - Aviv Stock Exchange ( TASE ) Investors Presentation Quarter ended June 30 , 2026 TO JA УГОИ 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 / Q2 2026 by the Numbers 3 (1) Includes ETFs and Tase Up. (2) Value of the mutual funds’ assets, as recorded in the in TASE Clearing House Average Daily Turnover 5.8 Shares (1) 84% Y-o-Y Growth (NIS Billions) 1.5 Corporate Bonds (1) 38% Y-o-Y Growth (NIS Billions) 4.6 Government Bonds 22% Y-o-Y Growth (NIS Billions) 2.0 T-Bills 15% Y-o-Y Growth (NIS Billions) 180.7 Derivatives 14% Y-o-Y Reduction (‘000 Contracts) Market Capitalization 2,966 Shares (1) 78% Y-o-Y Growth (NIS Billions) 736 Corporate Bonds (1) 25% Y-o-Y Growth (NIS Billions) 901 Government Bonds 10% Y-o-Y Growth (NIS Billions) 261 T-Bills 13% Y-o-Y Growth (NIS Billions) 607 Mutual Funds (2) 25% Y-o-Y Growth (NIS Billions)
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0.3 0.8 4.2 1.8 4.7 1.1 2.6 8.9 Q2'24 Q2'25 Q2'26 IPO Secondary Offeringsסידרה3 1 4 735 17 55 36 21 62 Q2'24 Q2'25 Q2'26 IPO Secondary Offeringsסידרה3 (2) 28% 25% 47% Secondary Offerings Private Placements IPOs Exercise Of Warrants Equity Market at a Glance / Q2 2026 by the Numbers 4 Listings and Offerings Issuance Volume Q2 2026 Number of Issuances(1)Q2’26 Equity Issuance CompositionCapital Issuances(1) (NIS in billions) 8.9 NIS in billions 62 Offerings (1) 195% Y-o-Y Growth 8.9 Equity Raised 243% Y-o-Y Growth (NIS Billions) 554 Share and bond Companies (1) 18 Companies Y-o-Y Growth (1) Includes Private Placements. Including fundraising on Tase UP, dual-listed companies that reported capital raises from local investors, and excluding rights offering. (2) Excludes companies that were listed without raising capital (2)
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Bonds & T-Bills Markets at a Glance / Q2 2026 by the Numbers 5 Listings and Offerings Issuance Volume Q2 2026 Treasury Bills IssuancesGovernment Bond Issuances(3)Corporate Bond Issuances (2) (1) Includes offerings and private placements in Israel via Tase-Up (2) Includes structured bonds (3) Excludes amounts raised by way of swap auctions, totaling NIS 7.1 billion, NIS 8.9 billion and NIS 5.4 billion in quarter ended 30.6.2026, 30.6.2025 and 30.6.2024, respectively. (4) Excludes overseas government bond issuances 106 Bond Companies (1) 13 Companies Y-o-Y Growth Corporate Bonds Raised (2) 66% Y-o-Y Growth 72.3 (NIS Billions) Government Bonds Raised (4)(3) 16% Y-o-Y Reduction 42.6 (NIS Billions) T-Bills Raised 5% Y-o-Y Reduction 97.7 (NIS Billions) 18.0 43.4 72.3 Q2'24 Q2'25 Q2'26 86.7 36.8 42.6 Q2'24 Q2'25 Q2'26 113.7 103.3 97.7 Q2'24 Q2'25 Q2'26
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TASE at a Glance / Q2 2026 by the Numbers 6 (1) Exclude expenses in respect to share-payments Financial Metrics 0.842 Basic EPS 76% Y-o-Y Growth (NIS) 43.6% % Adj. net profit (1) 32.6% in Q2’25 80.8 Adj. net profit (1) 82% Y-o-Y Growth (NIS Millions) 61.8% % Adj. EBITDA (1) 52.6% in Q2’25 114.5 Adj. EBITDA (1) 60% Y-o-Y Growth (NIS Millions) 185.4 Revenue 36% 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) 2.783 1.974 1.093 0.859 0.500 LTM2025202420232022 261.9 184.3 107.289.3 51.4 39.4% 32.7% 24.5%22.9% 14.2% LTM2025202420232022 390.5 293.8 186.3 157.6135.2 58.7% 52.1% 42.6%40.4%37.5% 1.0% 11. 0% 21. 0% 31. 0% 41. 0% 51. 0% LTM2025202420232022 665.1 563.5 437.8 389.9361.0 LTM2025202420232022
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The Results for Q2’26 (NIS, in thousands) 7 (1) Exclude expenses in respect to share-payments Quarter Ended GAAP (IFRS) June 30, 2026 June 30, 2025 Difference -% Revenue from services 185,368 136,100 36% Expenses 88,368 80,660 10% Profit before financing income, net 97,000 55,440 75% Financing income, net 4,065 1,200 239% Taxes on income 22,123 13,035 70% Profit 78,942 43,605 81% Basic EPS (in NIS) 0.842 0.478 76% Non GAAP Adjusted EBITDA(1) 114,487 71,646 60% Adjusted net profit(1) 80,823 44,412 82% % EBITDA Adjusted margin 61.8% 52.6% % Adjusted net profit margin 43.6% 32.6% Revenue (NIS Millions) Adjusted EBITDA(1) (NIS Millions) Adjusted net profit(1) (NIS Millions) 36% Y-o-Y Growth 60% Y-o-Y Growth 82% Y-o-Y Growth 185.4 136.1 Q2'26Q2'25 114.5 71.6 61.8% 52.6% 10. 0% 20. 0% 30. 0% 40. 0% 50. 0% 60. 0% 0.0 20. 0 40. 0 60. 0 80. 0 100 .0 120 .0 140 .0 Q2'26Q2'25 80.8 44.4 43.6% 32.6% 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 80. 0 90. 0 Q2'26Q2'25
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36% 15% 32% Trading and clearing commissions Listing fees and levies Clearing House services Data distribution and connectivity services Other revenue 16% 1% 38% 36% 37% 37% 39% 36% 62 % 64% 63% 63% 61% 64% 131.0 136.1 147.1 149.3 183.3 185.4 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q2’26 Revenue Composition (NIS, in millions) 8 Revenues Composition Total Revenues Q2’26 Revenue 185.4 NIS Millions Revenue over the last quarters (NIS in millions) Non- transactional Transactional Transactional Non-transactional 36% 64%
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Q2’26 Revenue (NIS, in thousands) 9 (1) Exclude expenses in respect to share-payments Quarter Ended June 30, 2026 % of the Company’s total revenues June 30, 2025 % of the Company’s total revenues Difference -% Trading and clearing commissions 67,412 36% 49,051 36% 37% Listing fees and levies 28,334 15% 25,138 18% 13% Clearing House services 58,627 32% 35,176 26% 67% Data distribution and Connectivity services 30,225 16% 26,320 19% 15% Other revenue 770 1% 415 1% 86% Total revenue 185,368 100% 136,100 100% 36% 5% of the decrease in revenue from Trading and clearing commissions is due to a reduction in the number of trading days 42% of the increase in Trading and clearing commissions revenue is due mainly to an increase in the trading volumes 29% 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 35% of the increase in revenues from Clearing House services is due to an increase in revenues from services to members 13% 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 6% of the increase in revenue from Listing fees and levies is due to an increase in revenue from annual levies
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49% 9% 9% 9% 19% 5% Shares Corporate Bonds Government Bonds Derivatives Mutual Funds T-Bills and other Q2’26 Revenue Composition (NIS, in millions) 10 Trading and Clearing Commissions Listing Fees and Levies Revenue over the last quarters (NIS in millions) Q2’26 67.4 NIS Millions 37% Y-o-Y Growth Revenue over the last quarters (NIS in millions) Annual Levies Listing Fees Examination fees 49% 39% 12% Q2’26 28.4 NIS Millions 13% Growth Y-O-Y 24.2 25.1 25.5 25.4 27.5 28.4 18% 18% 17% 17% 16% 15% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 0 5 10 15 20 25 30 35 40 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Revenue (NIS millions) % of the Company’s total revenues 49.5 49.1 53.9 54.7 71.1 67.4 38% 36% 37% 37% 39% 36% 10% 15% 20% 25% 30% 35% 40% 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Revenue (NIS millions) % of the Company’s total revenues
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27% 12% 5% 5% 37% 14% 41% 46% 11% 2% Q2’26 Revenue Composition (NIS, in millions) 11 In Q2’26, the other revenue amounted to NIS 0.8 million Clearing House Services Data Distribution & Connectivity Services Revenue over the last quarters (NIS in millions) Revenue over the last quarters (NIS in millions) Q2’26 58.6 NIS Millions 67% Growth Y-O-Y Custodian fees For members For companies & funds Other Q2’26 30.2 NIS Millions 15% Growth Y-O-Y Business clients Private clients Derivative & non-display data Data files and others Indices usage Connectivity services 31.9 35.2 39.3 41.2 53.9 58.624% 26% 27% 28% 29% 32% -10% -5% 0% 5% 10% 15% 20% 25% 30% 0 10 20 30 40 50 60 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Revenue (NIS millions) % of the Company’s total revenues 24.5 26.3 27.7 27.4 30.1 30.2 19% 19% 19% 18% 16% 16% 0% 5% 10% 15% 20% 0 5 10 15 20 25 30 35 40 45 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Revenue (NIS millions) % of the Company’s total revenues
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Expenses Q2’26 (NIS, in thousands) 12 Q2’26 Adjusted Expenses 86.5 NIS Millions Quarter Ended June 30, 2026 % of the Company’s adjusted expenses June 30, 2025 % of the Company’s adjusted expenses Difference -% Employee benefit expenses 45,841 53% 40,072 50% 14% Computer and Communications 11,516 13% 12,456 16% (8%) Property Taxes and Building Maintenance 4,057 5% 3,482 5% 17% Marketing 924 1% 827 1% 12% Fee to the Israel Securities Authority 3,126 4% 2,597 3% 20% General and Administrative 2,425 3% 3,426 4% (29%) Other operating expenses 2,995 3% 1,564 2% 91% Depreciation & amortization 15,532 18% 15,206 19% 2% Other 71 - 223 - (68%) Adjusted Expenses 86,487 100% 79,853 100% 8% expenses in respect to share-payments 1,881 807 133% Total Expenses 88,368 80,660 10% 53% 13% 5% 1% 4% 3% 3% 18% 0% 50% 16% 5% 1% 3% 4% 2% 19% 0% Employee benefit expenses 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 Q1'26 Q1'25
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368.7 267.1 H1'26H1'25 The Results for H1’26 (NIS, in thousands) 13 (1) Exclude expenses in respect to share-payments Six Months Ended GAAP (IFRS) June 30, 2026 June 30, 2025 Difference -% Revenue from services 368,662 267,130 38% Expenses 172,387 165,504 4% Profit before financing income, net 196,275 101,626 93% Financing income, net 6,042 2,090 189% Taxes on income 45,960 24,320 89% Profit 156,357 79,396 97% Basic EPS (in NIS) 1.678 0.868 93% Non GAAP Adjusted EBITDA(1) 230,115 133,477 72% Adjusted net profit(1) 158,892 81,266 96% % EBITDA Adjusted margin 62.4% 50.0% % Adjusted net profit margin 43.1% 30.4% Revenue (NIS Millions) Adjusted EBITDA(1) (NIS Millions) Adjusted net profit(1) (NIS Millions) 38% Y-o-Y Growth 72% Y-o-Y Growth 96% Y-o-Y Growth 230.1 133.5 62.4% 50.0% 10. 0% 20. 0% 30. 0% 40. 0% 50. 0% 60. 0% 70. 0% -40.0 10. 0 60. 0 110 .0 160 .0 210 .0 260 .0 310 .0 360 .0 H1'26H1'25 158.9 81.3 43.1% 30.4% 10. 0% 15. 0% 20. 0% 25. 0% 30. 0% 35. 0% 40. 0% 45. 0% 0.0 50. 0 100 .0 150 .0 200 .0 H1'26H1'25
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38% 15% 31% 16% 0% Trading and clearing commissions Listing fees and levies Clearing House services Data distribution and connectivity services Other revenue (1) H1’26 Revenue Composition (NIS, in millions) 14 Revenues Composition Total Revenues H1’26 Revenue 368.7 NIS Millions Revenue over the last quarters (NIS in millions) Non- transactional Transactional Transactional Non-transactional 38% 62% 0.5%(1) Less than 40% 40% 38% 37% 38% 60 % 60% 62% 63% 62%188.7 192.9 213.4 267.1 368.7 H1'22 H1'23 H1'24 H1'25 H1'26
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H1’26 Revenue (NIS, in thousands) 15 Six Months Ended June 30, 2026 % of the Company’s total revenues June 30, 2025 % of the Company’s total revenues Difference -% Trading and clearing commissions 138,488 38% 98,541 37% 41% Listing fees and levies 55,849 15% 49,407 18% 13% Clearing House services 112,553 31% 67,055 25% 68% Data distribution and Connectivity services 60,338 16% 50,839 19% 19% Other revenue 1,434 0% 1,288 1% 11% Total revenue 368,662 100% 267,130 100% 38% 4% of the decrease in revenue from Trading and clearing commissions is due to a reduction in the number of trading days 46% of the increase in Trading and clearing commissions revenue is due mainly to an increase in the trading volumes 30% 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 35% of the increase in revenues from Clearing House services is due to an increase in revenues from services to members 15% 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 7% of the increase in revenue from Listing fees and levies is due to an increase in revenue from annual levies
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49% 9% 9% 9% 19% 5% Shares Corporate Bonds Government Bonds Derivatives Mutual Funds T-Bills and other 50% 38% 12% H1’26 Revenue Composition (NIS, in millions) 16 Trading and Clearing Commissions Listing Fees and Levies Revenue over the last periods (NIS in millions) H1’26 138.5 NIS Millions 41% Y-o-Y Growth Revenue over the last periods (NIS in millions) Annual Levies Listing Fees Examination fees H1’26 55.9 NIS Millions 13% Growth Y-O-Y 75.3 77.5 81.8 98.5 138.5 41% 40% 38% 37% 38% 0% 5% 10% 15% 20% 25% 30% 35% 40% 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 H1'22 H1'23 H1'24 H1'25 H1'26 Revenue (NIS millions) % of the Company’s total revenues 45.0 40.4 43.3 49.4 55.9 24% 21% 20% 18% 15% -50% -40% -30% -20% -10% 0% 10% 20% 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 H1'22 H1'23 H1'24 H1'25 H1'26 Revenue (NIS millions) % of the Company’s total revenues
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27% 12% 5%6% 36% 14% 41% 46% 10% 3% H1’26 Revenue Composition (NIS, in millions) 17 In H1’26, the other revenue amounted to NIS 1.4 million Clearing House Services Data Distribution & Connectivity Services Revenue over the last periods (NIS in millions) Revenue over the last periods (NIS in millions) H1’26 112.5 NIS Millions 68% Growth Y-O-Y Custodian fees For members For companies & funds Other H1’26 60.3 NIS Millions 19% Growth Y-O-Y Business clients Private clients Derivative & non-display data Data files and others Indices usage Connectivity services 35.7 38.1 41.5 67.1 112.519% 20% 19% 25% 31% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 H1'22 H1'23 H1'24 H1'25 H1'26 Revenue (NIS millions) % of the Company’s total revenues 29.4 34.5 44.7 50.8 60.3 16% 18% 21% 19% 16% -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 H1'22 H1'23 H1'24 H1'25 H1'26 Revenue (NIS millions) % of the Company’s total revenues
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Expenses H1’26 (NIS, in thousands) 18 H1’26 Adjusted Expenses 169.9 NIS Millions Six Months Ended June 30, 2026 % of the Company’s adjusted expenses June 30, 2025 % of the Company’s adjusted expenses Difference -% Employee benefit expenses 90,123 53% 84,689 52% 6% Computer and Communications 23,231 14% 25,009 15% (7%) Property Taxes and Building Maintenance 7,503 4% 6,801 4% 10% Marketing 2,096 1% 2,593 2% (19%) Fee to the Israel Securities Authority 6,252 4% 5,193 3% 20% General and Administrative 4,403 4% 6,130 4% (28%) Other operating expenses 4,942 3% 2,815 2% 76% Depreciation & amortization 31,231 18% 29,788 18% 5% Other 71 0% 616 0% (88%) Adjusted Expenses 169,852 100% 163,634 100% 4% expenses in respect to share-payments 2,535 1,870 Total Expenses 172,387 165,504 4% 53% 14% 4% 1% 4% 3% 3% 18% 0% 52% 15% 4% 2% 3% 4% 2% 18% 0% Employee benefit expenses 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 H1'26 H1'25
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Financial Position and Capital & Liquidity Adequacy (as of June 30, 2026 / NIS, in thousands) 19 561.6 Excess Capital(1) 2% Increase compared to 31.12.25 NIS in Millions 322.0 Excess Liquidity(1) 4% Increase compared to 31.12.25 NIS in Millions Assets: Cash and cash equivalents 368,039 Financial assets at fair value through profit or loss 126,313 Trade receivables 29,565 Other receivables 21,214 Total 545,131 Assets derived from clearing operations in respect of open derivative positions 212,878 Total current assets 758,009 Total non-current assets 493,856 Total assets 1,251,865 Liabilities and Equity: Total current liabilities 436,368 Of which- liabilities derived from clearing operations in respect of open derivative positions 212,878 Total non-current liabilities 150,315 capital reserves 376,027 Retained earnings 289,155 Total equity 665,182 Total liabilities and equity 1,251,865 Adjusted Equity Ratio(2) 78% Capital Requirements Total capital requirements in respect of the risk components 215,862 Total equity 665,182 Deferred income in respect of listing fees less deferred tax 112,300 Total qualifying capital base 777,482 Capital surplus (qualifying capital base, less requirements) 561,620 Liquidity Requirements Total requirements for liquid assets 149,585 Cash and cash equivalents 368,039 Securities portfolio at fair value 126,313 Less – amortization coefficients on the assets (6,058) Line of credit 120,000 Less- the balance earmarked for investment in TASE's technological infrastructure (106,129) Less – current liabilities (30,563) Net liquid assets 471,602 Liquidity surplus (net liquid assets, less requirements) 322,017 (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.
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Cash Flow (NIS, in Millions) 20 (1) Exclude expenses in respect to share-payments Item 26’1H 26’2Q 26’1Q 2025 Q4’25 Q3’25 25’2Q 25’1Q Operating Activities Adjusted EBITDA(1) 230,115 114,487 115,628 293,785 80,785 79,523 71,646 61,831 Changes in working capital 26,970 6,342 20,628 32,116 13,181 3,755 (549) 15,729 Financing and tax (46,115) (10,014) (36,101) (36,081) (3,340) (6,357) (6,664) (19,720) Total 210,970 110,815 100,155 289,820 90,626 76,921 64,433 57,840 Investing Activities Investments in property, equipment and in intangible assets (40,486) (12,791) (27,695) (57,431) (12,907) (12,739) (11,772) (20,013) Disposal (acquisition) of financial assets at fair value (1,036) (1,059) 23 (25,934) (25,637) (190) (90) (17) Total (41,522) (13,850) (27,672) (83,365) (38,544) (12,929) (11,862) (20,030) Financing Activities Lease payments (4,769) (2,391) (2,378) (9,122) (2,316) (2,318) (2,313) (2,175) Payments for the acquisition of treasury shares - - - (202,571) - - - (202,571) Repayment of long-term loans (21,666) (10,833) (10,833) (139,721) (10,833) (10,833) (10,833) (107,222) Receipt Long-term debt - - - 130,000 - - - 130,000 Dividend payment (144,826) - (144,826) (50,697) - - - (50,697) Total (171,261) (13,224) (158,037) (272,111) (13,149) (13,151) (13,146) (232,665) Total increase (decrease) in cash and cash equivalents (1,813) 83,741 (85,554) (65,656) 38,933 50,841 39,425 (194,855) Opening balance 370,974 285,271 370,974 438,288 332,577 281,837 243,789 438,288 Effect of changes in exchange rates on cash balances (1,122) (973) (149) (1,658) (536) (101) (1,377) 356 Closing balance 368,039 368,039 285,271 370,974 370,974 332,577 281,838 243,789 Free Cash Flow Net cash provided by operating activities 210,970 110,815 100,155 289,820 90,626 76,921 64,433 57,840 Investments in property, equipment and in intangible assets (40,486) (12,791) (27,695) (57,431) (12,907) (12,739) (11,772) (20,013) Lease payments (4,769) (2,391) (2,378) (9,122) (2,316) (2,318) (2,313) (2,175) Free Cash Flow 165,715 95,633 70,082 223,267 75,403 61,865 50,348 35,652
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Appendix 21
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Revenue Trends (NIS, in Millions) 22 Annual Revenue Quarterly Revenue Number of trading days: 63 6557 60 64 60 62 60 40% 37% 38% 37% 38% 36% 37% 37% 39% 36% 20% 21% 21% 19% 18% 18% 17% 17% 16% 15%18% 20% 19% 23% 24% 26% 27% 28% 29% 32% 21% 21% 21% 20% 19% 19% 19% 18% 16% 16% 1% 1% 1% 1% 1% 1% 0% 0% 0% 1% 108.3 105.1 109.0 115.4 131.0 136.1 147.1 149.3 183.3 185.4 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 40% 40% 38% 37% 37% 23% 21% 20% 18% 16% 20% 20% 20% 26% 29% 16% 18% 21% 19% 17% 1% 1% 1% 0% 1% 361.0 389.9 437.8 563.5 665.1 2022 2023 2024 2025 LTM סידרה6 Other revenue Data distribution and connectivity services Clearing House services Listing fees and levies Trading and clearing commissions 62 57
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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. 53% 54% 54% 55% 53% 50% 50% 52% 53% 53% 19% 19% 18% 17% 17% 19% 19% 18% 19% 18% 28% 27% 28% 28% 30% 31% 31% 30% 28% 29% 73.3 73.4 77.9 83.1 83.8 79.9 83.8 83.8 83.4 86.5 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 53% 54% 54% 51% 52% 19% 18% 18% 18% 18% 28% 28% 28% 31% 30%277.3 285.4 307.7 331.3 337.5 2022 2023 2024 2025 LTM סידרה4 Other Depreciation and amortization Employee benefit expenses
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51.4 89.3 107.2 184.3 261.9 14.2% 22.9% 24.5% 32.7% 39.4% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 0.0 50.0 100.0 150.0 200.0 250.0 2022 2023 2024 2025 LTM Profitability Trends (NIS, in Millions) 24 Adjusted EBITDA & Margin(1) Adjusted Net Profit & Margin (1) (1) Excludes the expenses in respect to share-payments 45.8 45.1 46.8 61.8 71.6 79.6 80.8 115.6 114.5 43.6% 41.4% 40.6% 47.2% 52.6% 54.1% 54.1% 63.1% 61.8% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 0.0 20.0 40.0 60.0 80.0 100.0 120.0 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 135.2 157.6 186.3 293.8 390.537.5% 40.4% 42.6% 52.1% 58.7% -50.0% -30.0% -10.0% 10.0% 30.0% 50.0% 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 2022 2023 2024 2025 LTM 25.7 27.2 26.5 36.9 44.4 50.7 52.3 78.1 80.8 24.4% 24.9% 22.9% 28.1% 32.6% 34.5% 35.1% 42.6% 43.6% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
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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) 2.00 2.20 3.44 5.68 2.14 2.16 2.00 2.51 2.90 3.16 3.76 3.98 5.56 5.81 2023 2024 2025 H1'26 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 0.01129% 0.01095% 0.01000% 0.00996% 0.01110% 0.01131% 0.01115% 0.01035% 0.01010% 0.00999% 0.00999% 0.00993% 0.00998% 0.00995% 2023 2024 2025 H1'26 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 56.2 59.0 84.6 67.4 15.0 13.9 14.5 15.6 18.7 18.9 23.3 23.7 34.4 33.0 2023 2024 2025 H1'26 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 43% 41% 46% 51% 42% 39% 43% 45%39% 47% 48% 45% 54% 47%
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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) 1.02 1.08 1.18 1.51 1.16 1.12 0.96 1.08 1.10 1.11 1.21 1.30 1.48 1.54 2023 2024 2025 H1'26 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 0.00705% 0.00711% 0.00706% 0.00692% 0.00708% 0.00718% 0.00713% 0.00702% 0.00710% 0.00701% 0.00706% 0.00704% 0.00696% 0.00689% 2023 2024 2025 H1'26 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 17.8 18.8 20.4 12.4 5.2 4.6 4.4 4.6 5.0 4.7 5.3 5.4 6.4 6.0 2023 2024 2025 H1'26 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 58% 54% 50% 60% 56% 49% 54% 52%56% 49% 50% 55%51% 56%
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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) 0.00240% 0.00230% 0.00240% 0.00230% 0.00230% 0.00230% 0.00230% 0.00230% 0.00230% 0.00240% 0.00240% 0.00230% 0.00230% 0.0024% 2023 2024 2025 H1'26 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 2.91 3.34 3.27 4.54 3.44 3.27 3.26 3.41 3.25 3.72 3.06 3.06 4.51 4.56 2023 2024 2025 H1'26 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 17.2 18.9 19.1 12.5 5.0 4.3 4.8 4.8 4.8 5.4 4.6 4.3 6.3 6.2 2023 2024 2025 H1'26 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 101% 100% 86% 110% 102% 95% 96% 81% 102%112% 78% 76% 112%113%
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1.42 1.92 2.54 3.23 1.83 1.83 1.86 2.18 2.41 2.37 2.61 2.80 3.24 3.23 2023 2024 2025 H1'26 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Revenue Drill Down / Transactional - Mutual Funds 28 Average Daily Turnover (NIS billions) Average Commissions % Revenue (NIS millions) 0.00813% 0.00744% 0.00716% 0.00684% 0.00748% 0.00769% 0.00742% 0.00724% 0.00702% 0.00726% 0.00726% 0.00709% 0.00682% 0.00687% 2023 2024 2025 H1'26 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 28.8 35.1 44.8 26.4 8.6 8.0 9.0 9.5 10.9 10.3 11.7 11.9 13.7 12.7 2023 2024 2025 H1'26 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
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157.3 173.1 197.2 180.7 151.5 169.4 191.9 179.1 208.2 209.8 183.8 186.8 180.7 180.7 2023 2024 2025 H1'26 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Revenue Drill Down / Transactional – Derivatives Daily Contracts (thousands) 29 Average Daily Turnover (in '000 units) Average commissions Revenue (NIS millions) 0.57 0.54 0.54 0.60 0.59 0.53 0.51 0.55 0.54 0.53 0.55 0.56 0.60 0.61 2023 2024 2025 H1'26 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 22.2 23.1 26.4 13.0 5.7 5.1 6.4 5.9 7.2 6.6 6.3 6.3 6.7 6.3 2023 2024 2025 H1'26 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
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2,890 3,238 4,026 4,906 3,110 3,132 3,239 3,470 3,685 3,800 4,169 4,440 4,822 4,988 2023 2024 2025 H1'26 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 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) 0.00110% 0.00109% 0.00144% 0.00192% 0.00108% 0.00108% 0.00110% 0.00110% 0.00141% 0.00144% 0.00148% 0.00142% 0.00191% 0.00193% 2023 2024 2025 H1'26 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 31.7 35.4 57.9 46.7 8.4 8.5 8.9 9.6 13.0 13.7 15.5 15.7 22.7 24.0 2023 2024 2025 H1'26 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 46.5 53.5 89.8 65.9 11.6 13.0 12.4 16.5 18.9 21.5 23.9 25.5 31.2 34.7 2023 2024 2025 H1'26 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
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39.8 43.6 50.5 28.2 10.7 10.9 11.0 11.0 12.5 12.4 12.7 12.9 14.2 14.0 2023 2024 2025 H1'26 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Revenue Drill Down / Non-transactional NIS in Millions 31 Examination and Listing Fees Data Distribution(1) Authorization for indices usage Annual Levies 41.4 44.4 49.8 27.7 10.9 10.8 11.4 11.3 11.7 12.7 12.9 12.5 13.3 14.4 2023 2024 2025 H1'26 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 61.0 65.7 74.1 38.5 16.3 16.4 16.6 16.4 17.8 18.7 19.1 18.6 19.5 19.0 2023 2024 2025 H1'26 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 10.2 25.1 31.8 21.8 6.3 5.8 6.3 6.7 6.7 7.7 8.5 8.9 10.6 11.2 2023 2024 2025 H1'26 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 (1) excludes Authorization for indices usage
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Transactional Metrics 32 Six Months Ended Quarter Ended Year Ended 30.06.26 30.06.25 30.06.26 31.03.26 31.12.25 30.9.25 30.06.25 31.03.25 31.12.25 31.12.24 31.12.23 Number of trading days 119 124 57 62 60 62 60 64 246 245 249 SHARES Market cap of Shares (ex. ETFs) 2,760 1,486 2,760 2,344 1,799 1,594 1,486 1,216 1,799 1,218 953 Market cap of ETFs on share indices 206 176 206 199 203 190 176 151 203 151 102 Total market cap (in NIS billions) 2,966 1,662 2,966 2,543 2,002 1,784 1,662 1,367 2,002 1,369 1,055 Shares ADV 4,762 2,439 4,926 4,612 3,360 3,195 2,569 2,317 2,854 1,703 1,598 ETFs on share indices ADV 921 583 887 952 623 565 587 579 588 495 400 Total average daily volume (in NIS millions) 5,683 3,022 5,813 5,564 3,983 3,760 3,156 2,896 3,442 2,198 1,998 Average commissions 0.00996% 0.01004% 0.00995% 0.00998% 0.00993% 0.00999% 0.00999% 0.01010% 0.01000% 0.01095% 0.01129% Revenue (in NIS thousands) 67,378 37,630 32,966 34,412 23,727 23,296 18,910 18,720 84,653 58,970 56,176 BONDS Market cap of corporate bonds 700 556 700 658 621 599 556 531 621 504 447 Market cap of ETFs on bond indices 36 32 36 34 33 32 32 32 33 32 29 Total market cap (in NIS billions) 736 588 736 692 654 631 588 563 654 536 476 Corporate bonds ADV 1,373 1,017 1,401 1,347 1,209 1,124 1,023 1,011 1,091 974 902 ETFs on bond indices ADV 133 89 134 132 86 82 87 91 86 103 114 Total average daily volume (in NIS millions) 1,506 1,106 1,535 1,479 1,295 1,206 1,110 1,102 1,177 1,077 1,016 Corporate bonds - average commissions 0.00692% 0.00706% 0.00689% 0.00696% 0.00704% 0.00706% 0.00701% 0.00710% 0.00706% 0.00711% 0.00705% Revenue from corporate bonds (in NIS thousands) 12,408 9,677 6,026 6,382 5,470 5,282 4,672 5,005 20,429 18,752 17,833 Market cap of government bonds -unlinked 482 427 482 445 442 429 427 408 442 395 308 Market cap of government bonds –linked and others 419 392 419 412 406 406 392 375 406 356 304 Total market cap (in NIS billions) 901 819 901 857 848 835 819 783 848 751 612 Government bonds - unlinked 2,990 2,108 2,887 3,083 1,941 1,801 2,111 2,105 1,990 2,316 1,902 Government bonds – linked and others 1,546 1,371 1,673 1,430 1,123 1,260 1,613 1,144 1,283 1,028 1,009 Total average daily volume (in NIS millions) 4,536 3,479 4,560 4,513 3,064 3,061 3,724 3,249 3,273 3,344 2,911 Government bonds unlinked - average commissions 0.00199% 0.00198% 0.00203% 0.00196% 0.00202% 0.00203% 0.00198% 0.00199% 0.00200% 0.00200% 0.00202% Government bonds linked - average commissions 0.00296% 0.00293% 0.00303% 0.00288% 0.00294% 0.00301% 0.00294% 0.00291% 0.00295% 0.00299% 0.00303% Government bonds - unlinked (in NIS thousands) 7,092 5,187 3,345 3,747 2,357 2,263 2,505 2,682 9,807 11,343 9,579 Government bonds - linked (in NIS thousands) 5,442 4,976 2,887 2,555 1,984 2,349 2,848 2,128 9,309 7,534 7,615 Revenue from Government bonds (in NIS thousands) 12,534 10,163 6,232 6,302 4,341 4,612 5,353 4,810 19,116 18,877 17,194
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Transactional Metrics / Continued 33 Six Months Ended Quarter Ended Year ended 30.6.26 30.06.25 30.06.26 31.03.26 31.12.25 30.9.25 30.06.25 31.03.25 31.12.25 31.12.24 31.12.23 Number of trading days 119 124 57 62 60 62 60 64 246 245 249 TREASURY BILLS Market cap (in NIS billions) 261 232 261 260 252 242 232 228 252 222 305 Treasury bills ADV (in NIS millions) 2,019 1,506 1,963 2,071 1,578 1,510 1,706 1,319 1,521 1,419 1,397 Average commissions 0.00283% 0.00323% 0.00292% 0.00276% 0.00315% 0.00285% 0.00307% 0.00343% 0.00312% 0.00336% 0.00379% Revenue (in NIS thousands) 6,803 6,032 3,265 3,538 2,979 2,669 3,138 2,894 11,680 11,683 13,170 MUTUAL FUNDS Market cap (in NIS billions) 607 484 607 560 539 518 484 446 539 429 330 Average daily value of creation / redemptions (in NIS millions) 3,235 2,391 3,232 3,238 2,798 2,606 2,366 2,414 2544 1,924 1,424 Average commissions 0.00684% 0.00713% 0.00687% 0.00682% 0.00709% 0.00726% 0.00726% 0.00702% 0.00716% 0.00744% 0.00813% Revenue (in NIS thousands) 26,346 21,149 12,648 13,698 11,909 11,729 10,306 10,843 44,787 35,082 28,819 DERIVATIVES Derivatives on TA-35 index 107.9 150.3 98.7 116.3 130.5 138.2 151.1 149.6 142.4 123.7 108.5 Derivatives on foreign currency 46.3 48.7 54.3 39.0 38.4 35.5 49.7 47.6 42.8 37.6 36.1 Derivatives on shares and other 26.5 10.0 27.7 25.4 17.9 10.1 9.0 11.0 12.0 11.8 12.7 Total derivative contracts (in '000 units) 180.7 209.0 180.7 180.7 186.8 183.8 209.8 208.2 197.2 173.1 157.3 Average commissions 0.60 0.53 0.61 0.60 0.56 0.55 0.53 0.54 0.544 0.54 0.57 Revenue (in NIS thousands) 12,961 13,825 6,246 6,715 6,291 6,256 6,638 7,187 26,372 23,090 22,170 OTHER Other (MTS) (in NIS thousands) 58 65 29 29 14 24 34 31 103 172 227 Total revenue from trading and clearing commissions 138,488 98,541 67,412 71,076 54,731 53,868 49,051 49,490 207,140 166,626 155,589
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34 Six Months Ended Quarter Ended Year Ended 30.06.26 30.06.25 30.06.26 31.03.26 30.9.25 30.9.25 30.6.25 31.3.25 31.12.25 31.12.24 31.12.23 Average monthly/daily value of assets (in NIS billions)* 4,906 3,743 4,988 4,822 4,440 4,169 3,800 3,685 4,026 3,238 2,890 Avg. commissions from Custodian Fees 0.00192% 0.00143% 0.00193% 0.00191% 0.00142% 0.00148% 0.00144% 0.00141% 0.00144% 0.00109% 0.00110% Revenue from: (in NIS thousands) Custodian Fees 46,645 26,699 23,984 22,661 15,755 15,458 13,668 13,031 57,912 35,325 31,711 Clearing House services for members 52,256 28,655 26,859 25,397 19,275 17,877 14,772 13,883 65,807 30,778 25,823 Clearing House services for companies & funds 10,650 8,756 6,297 4,353 4,788 4,596 5,291 3,465 18,140 17,011 15,120 Other 3,002 2,945 1,487 1,515 1,399 1,432 1,445 1,500 5,776 5,812 5,554 Total revenue from Clearing House services 112,553 67,055 58,627 53,926 41,217 39,363 35,176 31,879 147,635 88,926 78,208 Six Months Ended Quarter Ended Year Ended 30.06.26 30.06.25 30.06.26 31.03.26 31.12.25 30.9.25 30.06.25 31.03.25 31.12.25 31.12.24 31.12.23 LISTING FEES AND LEVIES Weighted avg. number of companies / funds Companies 638 620 636 640 607 612 618 621 615 617 621 Mutual funds and ETFs 2,484 2,348 2,488 2,483 2,416 2,387 2,359 2,338 2,374 2,281 2,314 Avg. revenue from levies (in NIS thousands) Companies 14.61 13.21 7.30 7.31 6.63 6.61 6.56 6.56 26.34 22.95 22.01 Mutual funds and ETFs 4.66 4.56 2.33 2.33 2.30 2.29 2.27 2.29 9.15 8.72 8.04 Revenue from Annual Levies from: (in NIS thousands) Companies 9,320 8,127 4,641 4,679 4,027 4,044 4,055 4,072 16,198 14,157 13,670 Mutual funds and ETFs 11,590 10,703 5,794 5,796 5,561 5,453 5,354 5,349 21,717 19,895 18,682 Nominee Company and others 7,279 6,121 3,553 3,726 3,267 3,155 3,039 3,082 12,543 9,573 7,399 Total revenue from Annual levies 28,189 24,951 13,988 14,201 12,855 12,652 12,448 12,503 50,458 43,625 39,751 Non-Transactional Metrics
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Non-Transactional Metrics / Continued 35 Six Months Ended Quarter Ended Year ended 30.06.26 30.06.25 30.06.26 31.03.2026 31.12.25 30.9.25 30.06.25 31.03.25 31.12.25 31.12.24 31.12.23 LISTING FEES AND LEVIES- Continued The value of issuance used to calculate Listing fees (in NIS millions) Companies – Shares, Bonds and ETFs(1) 196,238 109,229 104,554 91,684 59,174 89,160 54,798 54,431 257,563 171,989 139,052 Government bonds (including swap transactions) 105,202 104,348 49,652 55,550 30,304 40,901 45,740 58,608 175,553 219,940 116,323 Treasury-bills 197,987 216,518 97,693 100,294 93,516 95,392 103,262 113,256 405,426 439,824 403,460 Average revenue from Examination and Listing Fees Companies – Shares, Bonds and ETFs 0.0164% 0.0164% 0.0161% 0.0168% 0.0184% 0.0177% 0.0160% 0.0168% 0.0173% 0.0172% 0.0166% Revenue from Examination and Listing Fees (in NIS thousands) Examination fees 6,415 5,312 3,431 2,984 2,677 3,080 2,870 2,442 11,069 8,650 7,048 Receipts from listing fees Listing fees – shares, bonds & ETF’s 32,211 17,961 16,813 15,398 10,896 15,780 8,790 9,171 44,637 29,559 23,152 Listing fees - government bonds 3,428 3,348 1,714 1,714 1,675 1,674 1,674 1,674 6,697 6,476 6,266 Listing of T-bills 1,386 1,516 684 702 654 668 723 793 2,838 3,080 2,824 Levies and examination fees from members 31 - 31 - 61 31 - - 92 1,091 226 Other 545 690 411 134 121 289 577 113 1,100 910 490 Total receipts 37,601 23,515 19,653 17,948 13,407 18,442 11,764 11,751 55,364 41,116 32,958 Accounting adjustments to revenue recognition (16,356) (4,371) ( (8,738 (7,618) (3,584) (8,652) (1,944) (2,427) (16,607) (5,366) 1,363 Total revenue from listing fees 21,245 19,144 10,915 10,330 9,823 9,790 9,820 9,324 38,757 35,750 34,321 Total revenue from examination and listing fees (in NIS thousands) 27,660 24,456 14,346 13,314 12,500 12,870 12,690 11,766 49,826 44,400 41,369 Total revenue from listing fees and levies 55,849 49,407 28,334 27,515 25,355 25,522 25,138 24,269 100,284 88,025 81,120 (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. Six Months Ended Quarter Ended Year Ended 30.06.26 30.06.25 30.06.26 31.03.26 31.12.25 30.9.25 30.06.25 31.03.25 31.12.2025 31.12.24 31.12.23 DATA DISTRIBUTION AND CONNECTIVITY SERVICES Average number of data terminals Domestic business clients(1) 8,163 7,655 8,121 8,205 7,487 7,777 7,514 7,795 7,643 7,398 7,345 Overseas business clients 5,156 5,164 5,243 5,069 4,921 5,305 5,221 5,106 5,138 5,207 5,892 Non-display data(2) 247 209 268 226 249 240 209 209 227 213 261 Revenue from data distribution and connectivity services (in NIS thousands) Domestic business clients(1) 11,005 10,096 5,501 5,504 4,953 5,113 4,976 5,120 20,162 18,729 17,800 Overseas business clients 5,331 5,770 2,618 2,713 2,521 2,814 3,012 2,758 11,105 11,322 12,330 Private clients 7,445 7,007 3,624 3,821 3,909 4,099 3,641 3,366 15,015 10,918 8,584 Derivative data and non-display data(3) 2,925 2,546 1,493 1,432 1,514 1,542 1,404 1,142 5,602 4,553 4,613 Data files and other data 3,417 2,983 1,615 1,802 1,571 1,547 1,450 1,533 6,101 5,222 4,656 Authorization for indices usage 21,835 14,420 11,194 10,641 8,890 8,533 7,750 6,670 31,843 25,060 10,181 Connectivity services 8,380 8,017 4,180 4,200 4,081 4,020 4,087 3,930 16,118 14,990 13,012 Total revenue from data distribution and connectivity services 60,338 50,839 30,225 30,113 27,439 27,668 26,320 24,519 105,946 90,794 71,176
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37 THANK YOU! Contacts Alon Solar EVP CFO Email: cfo@tase.co.il Tel: +972-76-8160445 Orna Goren Head of Communication & PR unit Email: tase.ir@tase.co.il Tel: +972-76-8160405