Interim report
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הבורסה לניירות ערך תלאביב TEL AVIV STOCK EXCHANGE הבית של הכלכלה הישראלית SECOND QUARTER 2026 RESULTS Viron 353 201 ЗАИОЈА et 3-1 TISE TO A MOT - 356 ENERGEA LOWAY TO 50 + 1.02 % 35 % LOMAY 10850 + 02 AUTOT - 35 % ELLOWAY 10850 +1.02 AUTIST 4.9 % ELLOWAY 10850 + 1.020 / EMERGEAN BEADHIKES ALONGAS 1474 +272
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The Tel-Aviv Stock Exchange Ltd. Second Quarter 2026 Results 2 August 4, 2026 THE TEL-AVIV STOCK EXCHANGE LTD REPORTED SECOND QUARTER 2026 RESULTS August 4, 2026 (Tel Aviv) -Tel Aviv Stock Exchange Ltd ( TASE:TASE) today announced its financial results for the second quarter ended June 30, 20261. 1. General TASE continue to achieve strong financial results . The revenue amounted to NIS 185.4 million, and increased by 36% compared to the corresponding quarter of 2025. Adjusted net profit increased significantly by 82% in the second quarter of 2026 to NIS 80.8 million, compared to NIS 44.4 million in the corresponding quarter last year. 1.1 Highlights of TASE’s Results for the Second Quarter of 2026 Second Quarter Results ▪ TASE revenues amounted to NIS 185.4 million in the second quarter of 2026, an increase of 36% compared to the corresponding quarter last year. The increase in revenue is due to an increase across all the activities, mainly revenue from clearing house services and revenue from trading and clearing commissions. ▪ Adjusted EBITDA amounted in the second quarter of 2026 to NIS 114.5 million, compared to NIS 71.6 million in the corresponding quarter last year , an increase of 60%. The increase is due mainly to an increase in revenue from services, less the increase in costs. ▪ EBITDA Margin amounted in the second quarter of 2026 to 61.8%, compared to 52.6% in the corresponding quarter last year. ▪ Adjusted net profit amounted to NIS 80.8 million in the second quarter of 2026, compared to NIS 44.4 million in the corresponding quarter last year, an increase of 82%. The increase is due mainly to revenue from services, less the increase in costs and in tax expenses. First half of 2026 Results ▪ TASE revenues amounted to NIS 368.7 million in the first half of 2026, an increase of 38% compared to the corresponding period last year. The increase in revenue is due to an increase across all the activities, mainly revenue from clearing house services and revenue from trading and clearing commissions. ▪ Adjusted EBITDA amounted to NIS 230.1 million in the first half of 2026, compared to NIS 133.5 million in the corresponding period last year, an increase of 72%. The increase is due to an increase in revenue from services, less the increase in costs. ▪ EBITDA Margin amounted in the first half of 2026 to 62.4%, compared to 50% in the corresponding period. ▪ Adjusted net profit amounted to NIS 158.9 million in the first half of 2026, compared to NIS 81.3 million in the corresponding period last year, an increase of 96%. The increase is due mainly to revenue from services, less the increase in costs and in tax expenses. 1 The Board of Directors of TASE today approved the Consolidated Financial Statement as of June 30, 2026. The consolidated financial statements of the Company were prepared in accordance with IFRS. This is an English translation of parts of the information included in the approved financial statements. In the event of any discrepancy between the original Hebrew and the translation to English, the Hebrew version alone will prevail. The consolidated financial statements in the English Version will be published on the website by the end of September 2026.
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The Tel-Aviv Stock Exchange Ltd. Second Quarter 2026 Results 3 1.2 Business and Corporate Highlights for the Second Quarter of 2026 BUSINESS HIGHLIGHTS ▪ The average daily trading volume of shares in the second quarter of 2026 amounted to approximately NIS 5.8 billion, an increase of 84% compared to the volumes in the corresponding quarter in the previous year. ▪ The average daily trading volume of corporate bonds in the second quarter of 2026 amounted to approximately NIS 1.5 billion, an increase of 38% compared to the volumes in the corresponding quarter in the previous year. ▪ The average daily trading volume of government bonds in the second quarter of 2026 amounted to approximately NIS 4.6 billion, an increase of 22% compared to the volumes in the corresponding quarter in the previous year. ▪ The average daily trading volume of T-bills in the second quarter of 2026 amounted to NIS 2 billion, an increase of 15% compared to the volumes in the corresponding quarter in the previous year . ▪ The average daily redemptions or creations volume of mutual funds in the second quarter of 2026 amounted to NIS 3.2 billion compared with NIS 2.4 billion in the corresponding quarter in the previous year, an increase of 37%. ▪ The daily average trading volume of derivatives in the second quarter of 2026 amounted to 180.7 thousand units a day, compared with 209.8 thousand units in the corresponding quarter in the previous year, a decrease of 14%. ▪ In the second quarter of 2026, NIS 8.9 billion was raised on TASE in shares, a n increase of 243% over the corresponding quarter in the previous year, of which NIS 4.2 billion was raised in an IPO. ▪ In the second quarter of 2026, NIS 72.3 billion was raised on TASE in corporate bonds, an increase of 66% over the corresponding quarter in the previous year. ▪ In the second quarter of 202 6, NIS 42.6 billion was raised on TASE in government bonds, a n increase of 16% over the corresponding quarter in the previous year. ▪ In the second quarter of 2026, NIS 97.7 billion was raised on TASE in T-bills, a decrease of 5% over the corresponding quarter in the previous year. ▪ The leading indices TA-35, TA-90, TA-125 and TA-SME60 increased by 12.0%, 0.3%, 9.5%, 11.9% respectively, in the first half of 2026. ▪ The balance of monthly average market cap of the assets in custodianship at TASE -CH for the first half of 2026 was NIS 4.9 trillion, an increase of 22% compared to year ended December 31, 2025
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The Tel-Aviv Stock Exchange Ltd. Second Quarter 2026 Results 4 2. Summary of Information Relating to the Results for the Second Quarter of 2026 (NIS, in thousands) 2.1 Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025 Statement of Profit or Loss (NIS, in thousands) Quarter ended Difference 30.6.2026 30.6.2025 Amount % Revenue from services 185,368 136,100 49,268 36% Costs 88,368 80,660 7,708 10% Profit before financing income, net 97,000 55,440 41,560 75% Financing income, net 4,065 1,200 2,865 239% Profit before taxes on income 101,065 56,640 44,425 78% Taxes on income 22,123 13,035 9,088 70% Net profit 78,942 43,605 35,337 81% % of total revenue from services for the quarter 42.6% 32.0% ▪ Revenue in the second quarter of 2026 totaled NIS 185.4 million, compared to revenue of NIS 136.1 million in the corresponding quarter last year, an increase of 36%. The increase in revenue is due to an increase from all the activities, and mainly to an increase in revenue from clearing house services, and from trading and clearing commissions. ▪ Costs in the second quarter of 2026 totaled NIS 88.4 million, compared to costs of NIS 80.7 million in the corresponding quarter last year, a n increase of 10%. The increase in costs is due mainly to an increase in employee benefit expenses, share-based payment expenses and other operating expenses. ▪ Net financing income in the second quarter of 2026 totaled NIS 4.1 million, as compared to net financing income of NIS 1.2 million in the corresponding quarter last year, an increase of 239%. Net financing income increased mainly due to an increase in the gains from marketable securities, a decrease in interest expenses on a loan, and a decrease in expenses as a result of changes in the NIS-dollar exchange rates. ▪ Taxes on income in the second quarter of 2026 totaled NIS 22.1 million, as compared to NIS 13 million in the corresponding quarter last year, a n increase of 70%. The increase in the tax expenses was due to the increase in the pre-tax profit. ▪ The profit in the second quarter of 2026 totaled NIS 78.9 million, compared to NIS 43.6 million in the corresponding quarter last year, an increase of 81%. The increase in profit was due mainly to the increase in revenues, less the increase in costs and in tax expenses, as explained above.
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The Tel-Aviv Stock Exchange Ltd. Second Quarter 2026 Results 5 2.2 The revenue in the second quarter of 2026 – below is the composition of the second quarter’s revenue, compared to the corresponding quarter last year (NIS in thousands): Revenue from services Quarter ended 30.6.2026 % of the Company’s total revenues 30.6.2025 % of the Company’s total revenues % change Trading and clearing commissions 67,412 36% 49,051 36% 37% 42% of the increase in revenue from trading and clearing commissions is due mainly to an increase in the trading volumes of shares and bonds, and in the volume of creations/redemptions of mutual fund units. In contrast, a reduction of three trading days between the quarters, from 60 trading days in the corresponding quarter last year to 57 trading days in the current quarter, deducted 5% from the increase in revenue. Listing fees and levies 28,334 15% 25,138 18% 13% 6% of the total increase in revenue from listing fees and levies stems from an increase in revenue from annual levies, primarily as a result of the increase in the number of companies and funds that pay an annual levy. In addition, an increase in revenue from listing fees and in revenue from examination fees increased revenue by 5% and 2%, respectively. Clearing House services 58,627 32% 35,176 26% 67% 35% of the increase in revenue from Clearing House services stems from an increase in revenue from Clearing House services to members, mainly as a result of the higher volumes of activity. In addition, 29% 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 commission rate, and 3% of the increase in revenue is due to an increase in revenue from Clearing House services to companies and funds. Data distribution and connectivity services 30,225 16% 26,320 19% 15% 13% of the increase in revenue from data distribution and connectivity services stems from an increase in revenue from authorizations to use the TASE indices, mainly as a result of the increase in AUM in ETFs and mutual funds that track the TASE indices. 2 % of the increase is due to an increase in the revenue from data distribution services to business customers in Israel. Other revenue 770 1% 415 1% 86% Most of the increase in other revenue is due to an increase in revenue from the Conference Center’s activity this quarter compared to the corresponding quarter last year, in which the activity of the Conference Center was curtailed due to the effect of the Operation "Rising Lion". Total revenue from services 185,368 100% 136,100 100% 36%
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The Tel-Aviv Stock Exchange Ltd. Second Quarter 2026 Results 6 2.3 Adjusted Net Profit and Adjusted EBITDA Data2(NIS, in thousands) Quarter ended Difference 30.6.2026 30.6.2025 Amount % Adjusted EBITDA for the quarter: Profit before financing income, net 97,000 55,440 41,560 Adjustments: Share-based payment expenses 1,881 807 1,074 Depreciation and derecognition of assets 15,606 15,399 207 Adjusted EBITDA for the quarter: 114,487 71,646 42,841 60% % of total revenue from services for the quarter 61.8% 52.6% Adjusted profit for the quarter: Profit for the quarter 78,942 43,605 35,337 Adjustments: Share-based payment expenses 1,881 807 1,074 Adjusted profit for the quarter: 80,823 44,412 36,411 82% % of total revenue from services for the quarter 43.6% 32.6% − Adjusted EBITDA in the second quarter of 2026 totaled NIS 114.5 million, compared to NIS 71.6 million in the corresponding quarter last year, an increase of 60%. The increase is due mainly to an increase in revenue from services, less the increase in costs, as described in section 2.1 above. − Adjusted net profit in the second quarter of 2026 totaled NIS 80.8 million, compared to NIS 44.4 million in the corresponding quarter last year, an increase of 82%. The increase is due mainly to an increase in revenue from services, less the increase in costs and in tax expenses, as described above. 2 Adjusted data for the profit and EBITDA (operating profit before interest, tax, depreciation and amortization): These data are based on the data in the Company’s financial statements for the reported periods, after eliminating the effects of certain events and factors, as explained above, that are not typical of the Company’s operating activities. It is hereby clarified that the data presented above are not presented in accordance with generally accepted accounting principles and do not reflect the Company’s cash flows from operating activities or its operating profits and net profit and, accordingly do not constitute a substitute for the data in the Company’s financial statements regarding the operating profit and/or the net profit. Nevertheless, in the Company’s opinion, these data enable a better comparison to be made of the Company’s performance in the reported periods.
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The Tel-Aviv Stock Exchange Ltd. Second Quarter 2026 Results 7 3. Summary of Information Relating to the Results for the first half of 2026 (NIS, in thousands) 3.1 Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025 Statement of Profit or Loss (NIS, in thousands) Six months ended 30.6.2026 30.6.2025 Difference % Change Revenue from services 368,662 267,130 101,532 38% Costs 172,387 165,504 6,883 4% Profit before financing income, net 196,275 101,626 94,649 93% Financing income, net 6,042 2,090 3,952 189% Profit before taxes on income 202,317 103,716 98,601 95% Taxes on income 45,960 24,320 21,640 89% Net profit 156,357 79,396 76,961 97% % of total revenue from services for the period 42.4% 29.7% ▪ Revenue in the first half of 2026 totaled NIS 368.7 million, compared to revenue of NIS 267.1 million in the corresponding period last year, an increase of 38%. The increase in revenue is due to an increase from all the activities, and due mainly to an increase in revenue from clearing house services and from trading and clearing commissions. ▪ The costs in the first half of 2026 totaled NIS 172.4 million, compared to costs of NIS 165.5 million in the corresponding period last year, a n increase of 4%. The increase in costs is due mainly to a n increase in employee benefit expenses and operating expenses. The increase was partly offset by a decrease in computer and communications expenses and general and administrative expenses. ▪ Net financing income in the first half of 2026 totaled NIS 6 million, compared to net financing income of NIS 2.1 million in the corresponding period last year, a n increase of 189%. Net financing income increased mainly due to an increase in the gains on marketable securities, an increase in the interest income of deposits, and a decrease in the interest expenses on a loan. ▪ Taxes on income in the first half of 2026 totaled NIS 46 million, compared to NIS 24.3 million in the corresponding period last year, an increase of 89%. The increase in the tax expenses stemmed mainly from the higher pre-tax profit. ▪ The profit in the first half of 2026 totaled NIS 156.4 million, compared to NIS 79.4 million in the corresponding period last year, an increase of 97%. The increase in profit was due mainly to the increase in revenue, less the increase in costs and in tax expenses, as explained above .
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The Tel-Aviv Stock Exchange Ltd. Second Quarter 2026 Results 8 3.2 The revenue in the first half of 2026 – below is the composition of the revenue in the first half of 2026 compared to the corresponding period last year (NIS, in thousand): Revenue from services Six Months ended 30.6.2026 % of the Company’s total revenues 30.6.2025 % of the Company’s total revenues % change Trading and clearing commissions 138,488 38% 98,541 37% 41% 46% of the increase in revenue from trading and clearing commissions is due mainly to an increase in the trading volumes, primarily of shares and bonds, and in the volume of creations/redemptions of mutual fund units. In contrast, a reduction of five trad ing days between the periods, from 124 trading days in the first half of 2025 to 119 trading days in the current period, deducted 4% from the increase in revenue. In addition, a reduction in the effective commission rate, primarily in mutual funds, reduced revenue by a further 1%. Listing fees and levies 55,849 15% 49,407 18% 13% 7% of the total increase in revenue from listing fees and levies stems from an increase in revenue from annual levies, primarily as a result of the increase in the number of companies and funds that pay an annual levy. In addition, an increase in revenue from listing fees and in revenue from examination fees increased revenue by 4% and 2%, respectively. Clearing House services 112,553 31% 67,055 25% 68% 35% of the increase in revenue from Clearing House services stems from an increase in revenue from Clearing House services to members, primarily as a result of the higher volumes of activity, and 30% of the increase in revenue is due to an increase in reve nue from custodian fees as a result of both the increase in the value of assets held in custody at TASE-CH and to an increase in the average commission rate. In addition, 3% of the increase in revenue is due to an increase in revenue from Clearing House services to companies and funds. Data distribution and connectivity services 60,338 16% 50,839 19% 19% 15% of the increase in revenue from data distribution and connectivity services stems from an increase in revenue from authorizations to use the TASE indices, mainly as a result of the increase in AUM in ETFs and mutual funds that track the TASE indices, a nd 3% of the increase in revenue is due to an increase in revenue from data distribution to business customers in Israel. In addition, 1% of the increase in revenue is due to an increase in revenue from connectivity services. Other revenue 1,434 1% 1,288 1% 11% Most of the increase in other revenue is due to an increase in revenue from the Conference Center’s activity in the first half of 2026. Total revenue from services 368,662 100% 267,130 100% 38%
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The Tel-Aviv Stock Exchange Ltd. Second Quarter 2026 Results 9 3.3 Adjusted net profit and adjusted EBITDA data3 (NIS, in thousands): Six Months ended Difference 30.6.2026 30.6.2025 Amount % Adjusted EBITDA for the period: Profit before financing income, net 196,275 101,626 94,649 Adjustments: Share-based payment expenses 2,535 1,870 665 Depreciation and derecognition of assets 31,305 29,981 1,324 Adjusted EBITDA for the period: 230,115 133,477 96,638 72% % of total revenue from services for the period 62.4% 50% Adjusted profit for the period: Profit for the period 156,357 79,396 76,961 Adjustments: Share-based payment expenses 2,535 1,870 665 Adjusted profit for the period: 158,892 81,266 77,626 96% % of total revenue from services for the period 43.1% 30.4% - The adjusted EBITDA in the first half of 2026 totaled NIS 230.1 million, as compared to NIS 133.5 million in the corresponding period last year, a n increase of 72%. The increase is due to an increase in revenue from services, less the increase in costs, as described in section 3.1 above. - The adjusted profit in the first half of 2026 totaled NIS 158.9 million, compared to NIS 81.3 million in the corresponding period last year, an increase of 96%. The increase is due mainly to an increase in revenue from services, less the increase in costs and in tax expenses, as described above. 3 Adjusted data for the profit and EBITDA (operating profit before interest, tax, depreciation and amortization): This data is based on the data in the Company’s financial statements for the reported periods, after eliminating the effects of certain events and factors, as explained above, that are not typical of the Company’s operating activities. It is hereby clarified that the data presented above is not presented in accordance with generally accepted accounting principles and do not reflect the Company’s cash flows from operating activities or its operating profits and net profit and, accordingly do not constitute a substitute for the data in the Comp any’s financial statements regarding the operating profit and/or the net profit. Nevertheless, in the Company’s opinion, this data enables a better comparison to be made of the Company’s performance in the reported periods.
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The Tel-Aviv Stock Exchange Ltd. Second Quarter 2026 Results 10 4. Basic and Diluted earnings per share: Quarter ended Six Months ended 30.6.2026 30.6.2025 Difference % 30.6.2026 30.6.2025 Difference % Profit used to compute basic and diluted earnings per share from continuing operations (NIS, in thousands) 78,942 43,605 81% 156,357 79,396 97% Weighted average number of ordinary shares used to compute basic earnings per share 93,733,057 91,240,863 3% 93,180,811 91,470,688 2% Warrants granted as part of share- based payment arrangements 1,081,054 2,396,117 (55%) 1,591,833 2,233,871 (29%) Weighted average number of ordinary shares used to compute diluted earnings per share 94,814,111 93,636,980 1% 94,772,644 93,704,559 1% Basic earnings per share in NIS 0.842 0.478 76% 1.678 0.868 93% Diluted earnings per share in NIS 0.833 0.466 79% 1.650 0.847 95%
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. The Tel-Aviv Stock Exchange Ltd. Second Quarter 2026 Results 11 5. Summary of Information Relating to the Financial Position (NIS, in thousands): As of 30.06.2026 As of 31.12.2025 NIS, in thousands Difference % Change Cash and cash equivalents and short- term financial assets 494,352 494,204 148 0% Other current assets 50,779 29,050 21,729 75% Property and equipment and intangible assets, net 479,112 483,633 (4,521) (1%) Other non-current assets 14,744 10,987 3,757 34% Total assets (*) 1,038,987 1,017,874 21,113 2% Current liabilities 223,490 211,149 12,341 6% Non-current liabilities 150,315 155,243 (4,928) (3%) Total liabilities (*) 373,805 366,392 7,413 2% Total equity 665,182 651,482 13,700 2% Ratio of equity to total assets (*) 64% 64% Ratio of adjusted equity to total assets (*) (**) 78% 77% Surplus equity over regulatory requirements (in NIS millions) 562 550 12 2% Surplus liquidity over regulatory requirements (in NIS millions) 322 310 12 4% (*) The total assets and liabilities as of 30.6. 2026 and 31.12.2025, include a balance of assets and liabilities in respect of open derivative positions amounting to NIS 213 million and NIS 775 million, respectively, which for reasons of convenience in analyzing the financial position have been offset against each other in this report. (**) The adjusted equity also includes the total deferred income from listing fees. − The total assets as of 30.6.2026 amounted to NIS 1,039 million, compared to NIS 1,018 million as of 31.12.2025, an increase of 2%. The increase is due mainly to an increase in trade receivables, other receivables and the deferred tax balance. The increase was partly offset by a decrease in the balance of property and equipment, net − The total liabilities as of 30.6. 2026 amounted to NIS 374 million, compared to NIS 367 million as of 31.12.2025, an increase of 2%. Most of the change was due to an increase in income received in advance with respect to annual levies and to an increase in deferred income from listing fees and levies. This increase was partly offset by a reduction in the balance of a bank loan. − The total equity as of 30.6. 2026 amounted to NIS 665 million, compared to NIS 651 million as of 31.12.2025, an increase of 2%. The increase in equity is due mainly to the profit recognized for the period which was partially offset by dividend paid in March 2026 in an amount of NIS 144.8 million (see details in section 8.4.2 below).
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The Tel-Aviv Stock Exchange Ltd. Second Quarter 2026 Results 12 6. Cash Flow 6.1 Summary of Cash Flows for the Three Months Ended June 30, 2026 (NIS, in millions): Three months ended June 30, Item 2026 2025 Explanations of the Company Opening balance 285.3 243.8 Net cash from operating activities Adjusted EBITDA 114.5 71.6 The increase in adjusted EBITDA was due mainly to an increase in revenue. Changes in working capital 6.3 (0.5) The increase in working capital was due mainly to the increase in deferred income from listing fees and levies and to an increase in trade and other payables. The increase was partly offset by an increase in trade and other receivables Financing and tax (10.0) (6.7) The increase was due mainly to higher tax payments, because of the increase in activity. Total 110.8 64.4 Cash flows from operating activities grew by close to 72% between the quarters. Net cash for investing activities Investments in property and equipment and in intangible assets and capitalized payroll costs (12.8) (11.8) The change is due to the timing of implementation of the Group’s investment work plans in the quarters. Acquisition of financial assets, net (1.1) (0.1) Disposal (acquisition) of assets in accordance with the Company’s investments policy. Total (13.9) (11.9) Net cash for financing activities Lease payments (2.4) (2.3) Repayment of bank loan (10.8) (10.8) The change was due mainly to current repayment of a bank loan. Total (13.2) (13.1) Total increase (decrease) in cash and cash equivalents 83.7 39.4 Effect of changes in exchange rates on cash balances held in foreign currency (1.0) (1.4) Closing balance 368.0 281.8
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The Tel-Aviv Stock Exchange Ltd. Second Quarter 2026 Results 13 6.2 Summary of Cash Flows for the Six months Ended June 30, 2026 (NIS, in millions): Six months ended June 30, Item 2026 2025 Explanations of the Company Opening balance 370.9 438.3 Net cash from operating activities Adjusted EBITDA 230.1 133.5 The increase in adjusted EBITDA was due mainly to an increase in revenue. Changes in working capital 27 15.2 The increase in working capital was due mainly to the increase in deferred income from listing fees and levies and to an increase in trade and other payables. The increase was partly offset by an increase in trade and other receivables Financing and tax (46.1) (26.4) The increase was due mainly to higher tax payments. because of the increase in activity. Total 211 122.3 Cash flows from operating activities grew by close to 73% between the periods. Net cash for investing activities Investments in property and equipment, intangible assets and capitalized payroll costs (40.5) (31.8) The change is due to the timing of implementation of the Group’s investment work plans in the periods. Acquisition of financial assets, net (1) (0.1) Disposal (acquisition) of assets in accordance with the Company’s investments policy. Total (41.5) (31.9) Net cash for financing activities Lease payments (4.8) (4.5) Buyback of Company's shares - (202.6) Buyback of the Company’s shares in the first quarter last year. Receipt Long-term loan - 130.0 For information on a loan obtained by the Company from a bank, see section 8.3 below. Repayment of long-term loans (21.7) (118.1) The change was due mainly to the Company’s repayment of a bank loan in the first quarter last year. Dividends paid (144.8) (50.7) For additional information, see section 8.4.2 below. Total (171.3) (245.9) Total decrease in cash and cash equivalents (1.8) (155.5) Effect of changes in exchange rates on cash balances held in foreign currency (1.1) (1.0) Closing balance 368 281.8
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The Tel-Aviv Stock Exchange Ltd. Second Quarter 2026 Results 14 7. Seasonality The Company’s operations are not characterized by seasonality that materially affects the scope of the Company’s activities. During holiday seasons and vacation periods, the Company’s revenue may fluctuate due to a reduction in business activity. These fluctuations are primarily driven by daily trading volumes, the number of active trading days and hours, and the specific operating hours in effect during these periods. In the second quarter of 2026, there were 57 trading days, compared to 60 in the corresponding quarter last year. Presented below are expected trading days: Q1 Q2 Q3 Q4 TOTAL Year 2025 64 60 62 60 246 2026 62 57 61 64 244 8. Events During the Reporting Period and Thereafter 8.1 Disclosure Regarding the Implications of Operation "Lion's Roar" On February 28, 2026, Operation “Lion's Roar” commenced with an integrated strike by Israel and the United States against Iran, aimed at striking Iran's missile arrays and various targets of the Iranian regime. In response, Iran launched extensive rocket f ire toward the Israeli home front and American targets throughout the Persian Gulf and the Middle East. Additionally, impacts were recorded on civilian targets in several Gulf states, including the United Arab Emirates, Qatar, and Saudi Arabia. On March 1, 2026, the campaign was expanded to include Lebanon following fire initiated by the Hezbollah organization toward Israel. On April 8, 2026, a ceasefire was declared between the United States and Iran, which brought an end to the main hostilities between the parties and a certain reduction in regional tensions. Subsequently, during the month of June 2026, a ceasefire was also achieved between Israel and Lebanon mediated by the United States, which contributed to a decrease in the scope of hostilities along t he northern border. However, as of the publication date of th is report, the security and geopolitical situation continues to be characterized by a high level of uncertainty. As of the publication date of this report, the Company continues to monitor the developments and their potential consequences on the Israeli economy and on the capital markets in Israel and worldwide. The experience of recent years indicates the resilience of the Israeli economy and its ability t o adapt to complex security conditions, through adjustments in economic activity, fiscal and monetary policy, and capital market activity. At this stage, the Company does not identify a material impact on its operations as a result of the aforementioned events.
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The Tel-Aviv Stock Exchange Ltd. Second Quarter 2026 Results 15 8. Events During the Reporting Period and Thereafter (CONT.) 8.2 Share capital Issued capital Treasury shares Listed capital As of 1.1.2026 107,426,830 (14,821,487) 92,605,343 Number of shares resulting from exercise of warrants (*) 1,271,142 - 1,271,142 As of 30.06.2026 108,697,972 (14,821,487) 93,876,485 (*) For further details see Section 8.6 below. 8.3 Bank loan As described in note 13B(2) to the financial statements as of December 31, 2025 (the "A nnual Financial Statements"), on January 9, 2025, concurrently with the transaction for the buyback of Company shares, the Company engaged in an agreement for the receipt of a loan from a bank (“the Bank”) in an amount of NIS 130 million and the receipt of a credit facility in an amount of NIS 120 million for a one-year period. The loan bears annual interest at the rate of Prime with the addition of a 0.2% margin and is repayable in 36 equal monthly principal installments at the end of each month, commencing in February 2025 through t o January 2028 (inclusive). The interest on the new loan is payable concurrently with the aforesaid principal installments. The Company has made undertakings to the bank that are customary in agreements such as the loan agreement, including compliance with covenants relating to the data of the Company (stand-alone). As of June 30, 2026, the Company was in compliance with all of the covenants undertaken in the loan agreement, as described in note 13B(2) to the Annual Financial Statements. In addition, in January 2026, the Credit Facility was renewed for an additional one-year period. The terms of the credit facility remained unchanged, except for a reduction of the non-utilization fee to 0.30% per annum. In the event of utilization of the c redit facility, the credit amounts will bear interest at an identical rate to that of the new loan. The Company’s undertakings to the bank in respect of the new loan shall also apply in relation to the credit facility. As of the date of this report, the Company has not utilized the credit facility. 8.4 Dividends and buyback 8.4.1. Dividends Distribution Policy On March 6, 2024, the Board of Directors of the Company approved a dividend distribution policy in connection with the profits of the Company in the years 2024 to 2026 (hereafter: “the Dividend Distribution Policy”), pursuant to which, commencing on the date of approval of the financial statements as of December 31, 2024 through to the date of approval of the financial statements as of December 31, 2026, the termination date of the Dividend Distribution Policy, the Company will work to distribute to its sha reholders a cash dividend at the rate of 50% of the annual net profit as per the Company’s consolidated annual financial statements, this on the date of approval of the annual financial statements.
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The Tel-Aviv Stock Exchange Ltd. Second Quarter 2026 Results 16 8. Events During the Reporting Period and Thereafter (CONT.) 8.4.1 Dividends Distribution Policy (cont.) To remove any doubt, it is hereby clarified that the approval of the Dividend Distribution Policy does not obligate the Board of Directors of the Company to pass a resolution on the distribution of a dividend. Any resolution on the distribution of a divide nd will be passed subject to compliance with the distribution criteria set out in the Companies Law, which would be reviewed on the date of passing of a resolution to distribute a dividend, and in consideration of the current business needs of the Company, the budget and the work plan of the Company for the year pertaining to the distribution, the liquidity situation of the Company, liabilities and covenants, as well as regulatory requirements that apply to companies in the Group (e.g. liquidity requirement and minimum capital requirement), all on the date that such resolution is passed. It is further clarified that the Board of Directors may modify and/or cancel and/or deviate from the Dividend Distribution Policy at any time . 8.4.2 Dividend paid On March 20, 2026, the Company paid a dividend of NIS 1.5626741 per share, totaling NIS 144 .8 million (consisting of NIS 90.5 million distributed under the Company’s dividend distribution policy, and an additional amount of NIS 54.3 million that constitutes a special dividend). For additional information, see the immediate report published by the Company on March 5, 2026 (reference no: 2026-01-020139) 8.4.3 Buyback On March 5, 2026, as part of a discussion conducted by the Company’s Board of Directors in connection with the approval of the dividend distribution, management of the Company informed the Board of Directors of its intention to examine in 2026 the possibil ity of establishing a buyback plan, subject to market conditions and other pertinent conditions, which would be presented to the Board of Directors for approval . On August 4, 2026, after the reporting date, the management of the Company presented to the Board of Directors a plan for the buyback of Company shares in a total amount of up to NIS 120 million (hereafter: "the 2026 Buyback Plan"). The Board of Directors of the Company discussed the 2026 Buyback Plan, a nd after establishing the fulfillment of the profit criterion and the solvency criterion (as these terms are defined in the Companies Law, 1999), approved the 2026 Buyback Plan. The 2026 Buyback Plan is not subject to the limitations and terms of the "safe harbor" protection. In accordance with the 2026 Buyback Plan, the purchases (if any) will be executed from time to time, up to December 31, 2026, in OTC transactions or in block trades , funded from the Company's internal sources and entirely at the sole discretion of the Company’s management. It should be noted that neither the decision regarding the 2026 buyback plan nor the extent of its actual implementation shall detract from or alter the provisions of the Company’s Dividend Distribution Policy. 8.5 Legal Proceedings Further to the stated in note 18G( 2) to the Annual Financial Statements with respect to the class action filed against the Company, on November 23, 2025, a preliminary hearing was held on the motion, during which the Court noted that under the circumstances of the case, it found it difficult to identify a basis for a cause of action for oppression and thus suggested that the Named Plaintiff to withdraw the certification motion. Accordingly, on January 11, 2026, the Named Plaintiff filed a motion for uncompensated withdrawal of the certification motion. On January 13, 2026, the Court rendered a decision approving the Named Plaintiff's motion for uncompensated withdrawal and ordering the dismissal of the motion.
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The Tel-Aviv Stock Exchange Ltd. Second Quarter 2026 Results 17 8. Events During the Reporting Period and Thereafter (CONT.) 8.6 Exercise and forfeiture of Warrants a. During the first quarter of 2026, a Company officer exercised 100,000 warrants into Company shares. Consequently, the Company issued 73,224 shares. b. During the second quarter of 2026 , Company officers and former Company officer exercised 1, 300,751 warrants into Company shares. Consequently, the Company issued 1,197,918 shares. c. On April 19, 2026 , Mr. Gedon Hertshten, an independent director, concluded his tenure. Accordingly, 7,226 warrants that had been granted to him and have not yet vested were forfeited . d. In July 2026, after the reporting date, a former officer of the Company exercised 55,565 warrants into shares of the Company. Consequently, the Company issued 49,320 shares . 8.7 Equity compensation On March 29, 2026, the Board of Directors of the Company approved an equity compensation plan intended to establish a framework for the granting of equity compensation to Company employees and officers therein (including directors), pursuant to the terms of the equity compensation plan, as shall be amended from time to time. The plan consists of up to 1,400,000 warrants, exercisable into up to 1,400,000 ordinary shares of the Company (subject to adjustments). On April 15, approval from the Tax Authority was received for the aforesaid plan under the capital gains track, through a trustee, pursuant to Section 102 of the Income Tax Ordinance . 8.8 Collective agreement Further to the stated in note 14A to the Annual Financial Statements, on May 12, 2026, the Company's Board of Directors approved the Company's engagement with the New General Labor Federation (hereafter: “the Labor Federation”) and the Company’s Employees Representation (hereafter: “the R epresentation”) in an agreement regarding the conversion of the uniform annual bonuses for the years 2026 through 2028 into non- marketable warrants to the Company employees and reaching an understanding on this matter (hereafter: "the Conversion Understanding"). Under the New Collective Agreement, Company employees (excluding employees who are officers in the Company and one manager, who are engaged under personal employment contracts) (hereafter: "the Eligible Employees"), are entitled to an annual bonus for the years 2026 -2028, in a cumulative amount to be determined in consideration of the annual profit (in accordance with an agreed rate), of which a total of 15% will be paid uniformly to all of the aforementioned Company employees (hereafter: "the Uniform Bonus "). To complete the picture it should be noted, that for the purpose of calculating the Uniform Bonus within the framework of the Conversion Understanding only, the volume of the annual bonus attributed to each Eligible Employee shall stand at 3 times the (gross) monthly salary.
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The Tel-Aviv Stock Exchange Ltd. Second Quarter 2026 Results 18 8. Events During the Reporting Period and Thereafter (CONT.) 8.8 Collective agreement (cont) Pursuant to the Conversion Understanding, in lieu of the Uniform Bonus for the years 2026-2028, existing and future Eligible Employees will be granted, without the right to choose (except for employees to whom the marginal tax rate applicable is up to and including 20%, who shall have the right to choose between a cash bonus and a bonus by way of equity compensation), warrants convertible into shares of the Company , with a total value of close to 2 salaries (and for Eligible Employees who join in the future - two-thirds or one-third of this value, depending on their year of joining). The aforementioned conversion arrangement was approved by the Representation and the Labor Federation, following the publication of a framework, as required by law, and on May 31, 2026, the aforesaid warrants were allotted. 8.9 Framework for the offer of securities to employees and the grant of warrants On May 12, 2026, further to discussions with the Representation and the Labor Federation and following the approval of an understanding in relation to the labor constitution (which is included in the scope of the New Collective Agreement, as described in note 14A to the Annual Financial Statements) the Company's Board of Directors approved the Conversion Understanding as stated in note 8.8 above, and also approved, for the purpose of implementing the Conversion Understanding, a framework in accordance with Section 15B(1)(a) of the Securities Law, 1968 and the Securities Regulations (Details of an Employee Securities Offering Framework), 2000, for an offer of up to 400,000 non -marketable warrants, registered in name, which are exercisable into a total of up to 400,000 o rdinary shares of the Company having no par value, reflecting approximately 0.42% of the issued share capital of the Company on said date (subject to adjustments and without taking into account dormant shares), out of which the grant of 217, 286 warrants to existing Eligible Employees (as defined in note 8.8 above) was approved, reflecting approximately 0.23% of the issued share capital of the Company on said date (subject to adjustments and without taking into account dormant shares), subject to the prescribed terms. In addition, on the same date the Board of Directors of the Company approved a private placement of up to 1,976 to a manager in the Company (who is not an officer), who is engaged under a personal employment contract and is therefore not included in the Co nversion Understanding, this under terms similar to the terms of the warrants offered under the aforesaid framework for existing Eligible Employees. On May 31, 2026, the aforesaid warrants were allotted. In addition, the aforesaid allotments will be managed within the framework of the capital gains tax track, through a trustee, under Section 102 of the Income Tax Ordinance. The grant of the warrants to the Company employees (including the aforementioned manager) totaled 219,262 warrants from the Company’s warrant pool, which are exercisable, each, into one ordinary share of the Company, in consideration for an exercise price of NIS 164.5123. The warrants were allotted to the employees on May 31, 2026. Based on the fair value of the warrants on their grant date, the cost of the benefit embodied in the warrants amounted to NIS 11.8 million.
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The Tel-Aviv Stock Exchange Ltd. Second Quarter 2026 Results 19 8. Events During the Reporting Period and Thereafter (CONT.) 8.10 Dividend Distribution by TASE-CH On March 5, 2026, the Board of Directors of TASE -CH approved the distribution of a dividend to TASE in a total amount of NIS 60 million, representing as of the date of the resolution an amount of NIS 2 per ordinary share of TASE-CH. The dividend was paid to TASE on March 5, 2026. On August 4, 2026, after the reporting date, the Board of Directors of TASE-CH approved the distribution of a dividend to TASE in a total amount of NIS 70 million, representing as of the date of the resolution an amount of NIS 2.33 per ordinary share of TASE-CH. 8.11 Rent agreement for a backup facility Following the scheduled expiration of the rent agreement for the existing backup facility in March 2027, in January 2026, the Company entered into an agreement for hosting services for TASE’s systems at a dedicated facility. The agreement is for 10 years from the delivery date, with two options to extend the period by 5 years each. Delivery is expected in the second half of 2026. The aforementioned facility is intended to serve as TASE’s backup site, replacing the current facility. Under the terms of the agreement, in addition to hosting services, the Company will be provided with ancillary services including, inter alia, power and communication allocation, climate control, security services, workstations, and operational areas. The annual rental amounts to NIS 2.7 million, linked to the Consumer Price Index. 8.12 Discontinuance of negotiations for the sale of the index activity and a strategic collaboration with a significant international entity Further to the stated in Note 1D to the Annual Financial Statements, in which the Company announced the approval of TASE's Board of Directors granted to management of TASE to examine strategic initiatives in relation to the index activity, and the conducting of negotiations to enter into a transaction for the sale of TASE's index activity and for strategic cooperation with a significant international entity, on May 24, 2026, the Company announced that it was decided by the parties at this stage to discontinue the negotiations. 8.13 Termination of Tenure of the Internal Auditor During February 2026, the Company held deliberations with the Internal Auditor, Mr. Alon Amit, at the conclusion of which the parties reached a mutual agreement regarding the termination of Mr. Amit’s tenure as the Company’s Internal Auditor. The termination of his tenure does not involve circumstances that are required to be brought to the attention of the Company's shareholders. The tenure of Mr. Alon Amit ended On July 16, 2026, after the reporting date at the beginning tenure of the new Internal Auditor as described in Section 8.14 below.
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The Tel-Aviv Stock Exchange Ltd. Second Quarter 2026 Results 20 8. Events During the Reporting Period and Thereafter (CONT.) 8.14 Appointment of Internal Auditor Following a meticulous and professional process conducted by the Audit Committee, the Committee recommended to the Board of Directors of TASE the appointment of Ms. Vered Israelovitz from BDO as the Company's Internal Auditor (the "Internal Auditor"), inter alia, in light of her education, expertise, and professional experience, and taking into consideration the nature of TASE's activity, its size, the scope of its operations and its complexity. Accordingly, on June 16, 2026, the Board of Directors of TASE approved the appointment of the Internal Auditor, subject to the non-objection of the Chairman of the Israel Securities Authority. On July 16, 2026, after the reporting date, a notice was received from the Chairman of the Israel Securities Authority, in accordance with Section 50B16 of the Securities Law, 1968, that he does not object to the appointment of Ms. Israelovitz as the Company's Internal Auditor. Accordingly, Ms. Isr aelovitz commenced her tenure as the Company’s Internal Auditor on July 16, 2026, and on the same date the tenure of Mr. Alon Amit as the Company's Internal Auditor ended. 8.15 Tenure of Directors a. On April 19, 2026, Mr. Gedon Hertshten, an independent director in the Company, concluded his tenure. b. On April 16, 2026, the Company’s Board of Directors decided to establish an internal sourcing committee for the purpose of locating two candidates to serve as ordinary and/or independent directors (who are not committee recommended by virtue of the Securities Law) and recommending them for election to the general meeting. The committee is chaired by Prof. Eugene Kandel (Chairman of the Board of Directors of TASE), along with the external directors serving on the Company’ s Board of Directors (Ms. Ronit Meiri Harel, Mr. Moshe Wolf and Mr. Aharon Aharon). On May 5, 2026 a call for candidates was published to locate candidates for tenure as directors as aforesaid. As of the publication date of this report, the Nominating Committee has held a number of meetings, during which it examined and interviewed candidates to serve as directors, as aforesaid. The nomination process has not yet been completed, and the Company estimates that it will conclude during the coming months.
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The Tel-Aviv Stock Exchange Ltd. Second Quarter 2026 Results 21 ABOUT TASE The Company, including by means of the subsidiaries consolidated in its financial statements (collectively, “the Group”), is engaged in the area of securities trading and securities clearing. Within this framework, the Group is engaged in setting rules regarding the TASE companies, rules for listing securities on TASE (including the obligations that apply to companies whose securities are listed) and rules regarding trading on TASE. The Group o perates trading systems and provides clearing services for both listed and non-listed securities. In addition, the Group operates a derivative clearing house that writes derivatives that are traded on TASE, clears them and serves as a central counterparty for transactions in them. The Group provides central counterparty (CCP) services for transactions in securities and derivatives that are executed on TASE and also provides central securities depository (CSD) services for securities. The Group engages in calculating security indices, in authorizing the use of indices for the creation of financial instruments that track the indices, and in distributing TASE t rading data. In addition, since January 2018, the Group operates a nominee company as defined in the Securities Law (securities traded on TASE are registered in the nominee company’s name). The Company has one area of activity that is reported as a business segment in the Company’s consolidated financial statements – trading and clearing transactions in securities CONTACTS Alon Solar Orna Goren EVP, CFO Head of Communication and Public Relations Unit Email: cfo@tase.co.il Email: ir.tase@tase.co.il Tel: +972-76-8160442 Tel: +972-76-8160405
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The Tel-Aviv Stock Exchange Ltd. Second Quarter 2025 Results 22
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The Tel-Aviv Stock Exchange Ltd. Second Quarter 2026 Results 23 Information relating to the results for the second quarter of 2026 (NIS, in thousands) CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (NIS, in thousands) June 30, December 31, 2026 2025 2025 Assets Current assets Cash and cash equivalents 368,039 281,837 370,974 Financial assets at fair value through profit or loss 126,313 95,236 123,230 Trade receivables 29,565 20,425 19,910 Other receivables 21,214 18,664 9,140 545,131 416,162 523,254 Assets derived from clearing operations in respect of open derivative positions 212,878 625,857 775,286 Total current assets 758,009 1,042,019 1,298,540 Non-current assets Deferred tax assets 11,045 4,553 6,627 Property and equipment, net 307,498 306,054 315,102 Intangible assets, net 171,614 168,505 168,531 Other long-term receivables 3,699 4,339 4,360 Total non-current assets 493,856 483,451 494,620 Total assets 1,251,865 1,525,470 1,793,160
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The Tel-Aviv Stock Exchange Ltd. Second Quarter 2026 Results 24 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (NIS, in thousands) (CONT.) June 30, December 31, 2026 2025 2025 Liabilities and Equity Current liabilities Current maturities of a loan from a bank 43,487 43,619 43,569 Current maturities of lease liabilities 5,706 8,659 8,819 Trade payables 25,064 13,697 33,507 Other payables 13,558 8,103 6,703 Income received in advance with respect to annual levies 27,899 24,509 - Deferred income from listing fees and levies 35,557 30,419 31,920 Current tax liabilities 32,577 14,503 33,908 Short-term liabilities for employee benefits 39,642 37,633 52,723 223,490 181,142 211,149 Liabilities derived from clearing operations in respect of open derivative positions 212,878 625,857 775,286 Total current liabilities 436,368 806,999 986,435 Non-current liabilities Loan from a bank 25,278 68,611 46,944 Lease liabilities 911 5,575 1,513 Deferred income from listing fees and levies 110,925 84,703 95,441 Non-current liabilities for employee benefits 13,201 11,212 11,345 Total non-current liabilities 150,315 170,101 155,243 Equity Remeasurement reserve of net liabilities in respect to defined benefit 4,822 5,316 5,371 Capital reserve in respect to share-based payment transactions 51,707 47,569 48,989 Other capital reserves 319,498 319,498 319,498 Retained earnings 289,155 175,987 277,624 Total equity 665,182 548,370 651,482 Total liabilities and equity 1,251,865 1,525,470 1,793,160
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The Tel-Aviv Stock Exchange Ltd. Second Quarter 2026 Results 25 CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (NIS, in thousands) Six months ended June 30, Three months ended June 30, Year ended December 31, 2026 2025 2026 2025 2025 Revenue from services: Trading and clearing commissions 138,488 98,541 67,412 49,051 207,140 Listing fees and levies 55,849 49,407 28,334 25,138 100,284 Clearing House services 112,553 67,055 58,627 35,176 147,635 Distribution of data and connectivity services 60,338 50,839 30,225 26,320 105,946 Other revenue 1,434 1,288 770 415 2,538 Total revenue from services 368,662 267,130 185,368 136,100 563,543 Cost of revenue: Employee benefits expenses 90,123 84,689 45,841 40,072 169,928 Expenses in respect to share- based payments 2,535 1,870 1,881 807 3,290 Computer and communications expenses 23,231 25,009 11,516 12,456 49,791 Property taxes and building maintenance expenses 7,503 6,801 4,057 3,482 14,833 General and administrative expenses 4,403 6,130 2,425 3,426 11,407 Marketing expenses 2,096 2,593 924 827 5,148 Fee to the Israel Securities Authority 6,252 5,193 3,126 2,597 10,514 Other operating expenses 4,942 2,815 2,995 1,564 7,724 Depreciation and amortization 31,231 29,788 15,532 15,206 60,502 Other expenses 71 616 71 223 1,412 Total costs 172,387 165,504 88,368 80,660 334,549 Profit before financing income (expenses), net 196,275 101,626 97,000 55,440 228,994 Financing income 9,894 7,848 6,276 4,700 17,500 Financing expenses 3,852 5,758 2,211 3,500 10,275 Total financing income (expenses), net 6,042 2,090 4,065 1,200 7,225 Profit before taxes on income 202,317 103,716 101,065 56,640 236,219 Taxes on income 45,960 24,320 22,123 13,035 55,186 Profit for the period 156,357 79,396 78,942 43,605 181,033 Basic earnings per share (NIS) 1.678 0.868 0.842 0.478 1.974 Diluted earnings per share (NIS) 1.650 0.847 0.833 0.466 1.923
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The Tel-Aviv Stock Exchange Ltd. Second Quarter 2026 Results 26 CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (NIS in thousands) Capital reserve in respect to share- based payment Remeasurement of net defined benefit liability Other capital reserves Retained earnings Total Balance at January 1, 2026 48,989 5,371 319,498 277,624 651,482 Profit for the period - - - 156,357 156,357 Other comprehensive loss for the period - (549) - - (549) Total comprehensive income for the period - (549) - 156,357 155,808 Share-based payment 2,718 - - - 2,718 Dividend paid - - - (144,826) (144,826) Balance at June 30, 2026 51,707 4,822 319,498 289,155 665,182 Capital reserve in respect to share- based payment Remeasurement of net defined benefit liability Other capital reserves Retained earnings Total Balance at April 1, 2026 49,643 5,675 319,498 210,213 585,029 Profit for the period - - - 78,942 78,942 Other comprehensive loss for the period - (853) - - (853) Total comprehensive income for the period - (853) - 78,942 78,089 Share-based payment 2,064 - - - 2,064 Balance at June 30, 2026 51,707 4,822 319,498 289,155 665,182
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The Tel-Aviv Stock Exchange Ltd. Second Quarter 2026 Results 27 CONSOLIDATED STATEMENTS OF CASH FLOWS (NIS, in thousands) Six months ended June 30, Three months ended June 30, Year ended December 31, 2026 2025 2026 2025 2025 CASH FLOWS FROM OPERATING ACTIVITIES Profit for the period 156,357 79,396 78,942 43,605 181,033 Share-based payments expenses 2,535 1,870 1,881 807 3,290 Tax expenses recognized in profit or loss 45,960 24,320 22,123 13,035 55,186 Net financing income recognized in profit or loss (6,042) (2,090) (4,065) (1,200) (7,225) Depreciation and amortization 31,231 29,788 15,532 15,206 60,502 Loss from deduction of assets 74 193 74 193 999 230,115 133,477 114,487 71,646 293,785 Changes in asset and liability items: Decrease (Increase) in trade receivables and other receivables (21,068) (9,086) (1,125) 6,491 932 Decrease in receivables in respect to open derivative positions 562,408 158,059 446,797 16,167 8,630 Increase (decrease) in trade payables and other payables 12,956 3,925 13,019 2,725 7,818 Increase in income received in advance with respect to annual levies 27,899 24,509 (11,391) (8,872) - Increase (decrease) in deferred income from listing fees and levies 19,121 4,302 7,339 1,946 16,541 Decrease in payables in respect to open derivative positions (562,408) (158,059) (446,797) (16,167) (8,630) Decrease in liabilities for employee benefits (11,938) (8,470) (1,500) (2,839) 6,825 26,970 15,180 6,342 (549) 32,116 Interest received 7,899 5,729 3,471 2,801 12,902 Interest paid (2,469) (3,871) (1,145) (1,853) (7,189) Tax payments from operating activities (51,545) (28,242) (12,340) (7,612) (41,794) (46,115) (26,384) (10,014) (6,664) (36,081) Net cash provided by operating activities 210,970 122,273 110,815 64,433 289,820 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (19,989) (11,612) (3,245) (2,408) (20,388) Acquisitions of intangible assets (11,071) (9,157) (4,954) (3,631) (15,700) Payments in respect to costs capitalized to property and equipment and to intangible assets (9,426) (11,016) (4,592) (5,733) (21,343) Disposal (acquisition) of financial assets at fair value through profit or loss, net (1,036) (107) (1,059) (90) (25,934) Net cash used in investing activities (41,522) (31,892) (13,850) (11,862) (83,365) CASH FLOW FROM FINANCING ACTIVITIES: Repayment of lease liabilities (4,769) (4,488) (2,391) (2,313) (9,122) Acquisition of Treasury shares - (202,571) - - (202,571) Dividends paid (144,826) (50,697) - - (50,697) Receipts carried directly to equity within the framework of implementing the TASE Restructuring Law, net - - - - - Repayment of long-term loans (21,666) (118,055) (10,833) (10,833) (139,721) Loan from a bank - 130,000 - - 130,000 Net cash used in financing activities (171,261) (245,811) (13,224) (13,146) (272,111) Net increase (decrease) in cash and cash equivalents (1,813) (155,430) 83,741 39,425 (65,656) Cash and cash equivalents, beginning of the period 370,974 438,288 285,271 243,789 438,288 Effect of changes in exchange rates on cash balances held in foreign currency (1,122) (1,021) (973) (1,377) (1,658) Cash and cash equivalents, end of the period 368,039 281,837 368,039 281,837 370,974
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The Tel-Aviv Stock Exchange Ltd. Second Quarter 2026 Results 28 Quarterly statements of profit or loss for 2025 and for the first half of 2026 (NIS, in thousands) Jan-Mar 2025 Apr-Jun 2025 Jul-Sep 2025 Oct-Dec 2025 Jan-Mar 2026 Apr-Jun 2026 2025 Item (Unaudited) (Audited) Number of trading days 64 60 62 60 62 57 246 Revenue from services: Trading and clearing commissions 49,490 49,051 53,868 54,731 71,076 67,412 207,140 Listing fees and levies 24,269 25,138 25,522 25,355 27,515 28,334 100,284 Clearing House services 31,879 35,176 39,363 41,217 53,926 58,627 147,635 Distribution of data and connectivity services 24,519 26,320 27,668 27,439 30,113 30,225 105,946 Other revenue 873 415 682 568 664 770 2,538 Total revenue from services 131,030 136,100 147,103 149,310 183,294 185,368 563,543 Cost of revenue Employee benefits expenses 44,617 40,072 41,952 43,287 44,282 45,841 169,928 Expenses in respect to share-based payments 1,063 807 730 690 654 1,881 3,290 Computer and communications expenses 12,553 12,456 13,103 11,679 11,715 11,516 49,791 Property taxes and building maintenance expenses 3,319 3,482 4,128 3,904 3,446 4,057 14,833 General and administrative expenses 2,704 3,426 2,379 2,898 1,978 2,425 11,407 Marketing expenses 1,766 827 830 1,725 1,172 924 5,148 Fee to the Israel Securities Authority 2,596 2,597 2,726 2,595 3,126 3,126 10,514 Other operating expenses 1,251 1,564 2,471 2,438 1,947 2,995 7,724 Depreciation and amortization 14,582 15,206 15,465 15,249 15,699 15,532 60,502 Other expenses 393 223 764 32 - 71 1,412 Total cost of revenue 84,844 80,660 84,548 84,497 84,019 88,368 334,549 Profit before financing income (expenses), net 46,186 55,440 62,555 64,813 99,275 97,000 228,994 Financing income 3,557 4,700 4,825 4,827 3,618 6,276 17,909 Financing expenses 2,667 3,500 2,212 2,305 1,641 2,211 10,684 Total financing income (expenses), net 890 1,200 2,613 2,522 1,977 4,065 7,225 Profit before taxes on income 47,076 56,640 65,168 67,335 101,252 101,065 236,219 Taxes on income 11,285 13,035 15,191 15,675 23,837 22,123 55,186 Net profit 35,791 43,605 49,977 51,660 77,415 78,942 181,033
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The Tel-Aviv Stock Exchange Ltd. Second Quarter 2026 Results 29 Transactional Services Six months ended Three months ended Year ended June 30, June 30, December 31, 2026 2025 2026 2025 2025 Number of trading days 119 124 57 60 246 SHARES Market cap of Shares (ex. ETFs) 2,760 1,486 2,760 1,486 1,799 Market cap of ETFs on share indices 206 176 206 176 203 Total market cap (in NIS billions) 2,966 1,662 2,966 1,662 2,002 Shares ADV 4,762 2,439 4,926 2,569 2,854 ETFs on share indices ADV 921 583 887 587 588 Total average daily volume (in NIS millions) 5,683 3,022 5,813 3,156 3,442 Average commissions 0.00996% 0.01004% 0.00995% 0.00999% 0.01000% Revenue (in NIS thousands) 67,378 37,630 32,966 18,910 84,653 BONDS Market cap of corporate bonds 700 556 700 556 621 Market cap of ETFs on bond indices 36 32 36 32 33 Total market cap (in NIS billions) 736 588 736 588 654 Corporate bonds ADV 1,373 1,017 1,401 1,023 1,091 ETFs on bond indices ADV 133 89 134 87 86 Total average daily volume (in NIS millions) 1,506 1,106 1,535 1,110 1,177 Corporate bonds - average commissions 0.00692% 0.00706% 0.00689% 0.00701% 0.00706% Revenue from corporate bonds (in NIS thousands) 12,408 9,677 6,026 4,672 20,429 Market cap of government bonds -unlinked 482 427 482 427 442 Market cap of government bonds –linked and others 419 392 419 392 406 Total market cap (in NIS billions) 901 819 901 819 848 Government bonds - unlinked 2,990 2,108 2,887 2,111 1,990 Government bonds – linked and others 1,546 1,371 1,673 1,613 1,283 Total average daily volume (in NIS millions) 4,536 3,479 4,560 3,724 3,273 Government bonds unlinked - average commissions 0.00199% 0.00198% 0.00203% 0.00198% 0.00200% Government bonds linked - average commissions 0.00296% 0.00293% 0.00303% 0.00294% 0.00295% Government bonds - unlinked (in NIS thousands) 7,092 5,187 3,345 2,505 9,807 Government bonds - linked (in NIS thousands) 5,442 4,976 2,887 2,848 9,309 Revenue from Government bonds (in NIS thousands) 12,534 10,163 6,232 5,353 19,116 TREASURY BILLS Market cap (in NIS billions) 261 232 261 232 252 Treasury bills ADV (in NIS millions) 2,019 1,506 1,963 1,706 1,521 Average commissions 0.00283% 0.00323% 0.00292% 0.00307% 0.00312% Revenue (in NIS thousands) 6,803 6,032 3,265 3,138 11,680
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The Tel-Aviv Stock Exchange Ltd. Second Quarter 2026 Results 30 Six months ended Three months ended Year ended June 30, June 30, December 31, 2026 2025 2026 2025 2025 MUTUAL FUNDS Market cap (in NIS billions) 607 484 607 484 539 Average daily value of creation / redemptions (in NIS millions) 3,235 2,391 3,232 2,366 2,544 Average commissions 0.00684% 0.00713% 0.00687% 0.00726% 0.00716% Revenue (in NIS thousands) 26,346 21,149 12,648 10,306 44,787 DERIVATIVES Derivatives on TA 35 index 107.9 150.3 98.7 151.1 142.4 Derivatives on foreign currency 46.3 48.7 54.3 49.7 42.8 Derivatives on shares and other 26.5 10.0 27.7 9.0 12.0 Total derivative contracts (in '000 units) 180.7 209.0 180.7 209.8 197.2 Average commissions 0.60 0.53 0.61 0.53 0.54 Other (MTS) (in NIS thousands) Revenue (in NIS thousands) 12,961 13,825 6,246 6,638 26,372 OTHER Other (MTS) (in NIS thousands) 58 65 29 34 103 Total revenue from trading and clearing commissions 138,488 98,541 67,412 49,051 207,140
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The Tel-Aviv Stock Exchange Ltd. Second Quarter 2026 Results 31 Non-Transactional Services Six months ended Three months ended Year ended June 30, June 30, December 31, 2026 2025 2026 2025 2025 CLEARING HOUSE SERVICES Average monthly/daily market value of assets (in NIS billions) 4,906 3,743 4,988 3,800 4,026 Avg. commissions from Custodian Fees 0.00192% 0.00143% 0.00193% 0.00144% 0.00144% Revenue from: (in NIS thousands) Custodian Fees 46,645 26,699 23,984 13,668 57,912 Clearing House services for members 52,256 28,655 26,859 14,772 65,807 Clearing House services for companies & funds 10,650 8,756 6,297 5,291 18,140 Other 3,002 2,945 1,487 1,445 5,776 Total revenue from Clearing House services 112,553 67,055 58,627 35,176 147,635 LISTING FEES AND LEVIES Weighted avg. number of companies / funds Companies 638 620 636 618 615 Mutual funds and ETFs 2,484 2,348 2,488 2,359 2,374 Avg. revenue from levies (in NIS thousands) Companies 14.61 13.21 7.30 6.56 26.34 Mutual funds and ETFs 4.66 4.56 2.33 2.27 9.15 Revenue from Annual Levies from: (in NIS thousands) Companies 9,320 8,127 4,641 4,055 16,198 Mutual funds and ETFs 11,590 10,703 5,794 5,354 21,717 Nominee Company and others 7,279 6,121 3,553 3,039 12,543 Total revenue from Annual levies 28,189 24,951 13,988 12,448 50,458 The value of issuance used to calculate Listing fees (in NIS millions) Companies – Shares, Bonds and ETFs 196,238 109,229 104,554 54,798 257,563 Government bonds (including swap transactions) 105,202 104,348 49,652 45,740 175,553 Treasury-bills 197,987 216,518 97,693 103,262 405,426 Average revenue from Examination and Listing Fees Companies – shares, bonds and ETFs 0.0164% 0.0164% 0.0161% 0.0160% 0.0173% Revenue from Examination and Listing Fees (in NIS thousands) Examination fees 6,415 5,312 3,431 2,870 11,069 Receipts from listing Fees Listing fees - shares, bonds & ETF's 32,211 17,961 16,813 8,790 44,637 Listing fees - government bonds 3,428 3,348 1,714 1,674 6,697 Listing of T-bills 1,386 1,516 684 723 2,838 Levies and examination fees from members 31 - 31 - 92 Other 545 690 411 577 1,100 Total receipts 37,601 23,515 19,653 11,764 55,364
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The Tel-Aviv Stock Exchange Ltd. Second Quarter 2026 Results 32 Six months ended Three months ended Year ended June 30, June 30, December 31, 2026 2025 2026 2025 2025 Accounting adjustments to revenue recognition (16,356) (4,371) (8,738) (1,944) (16,607) Total revenue from listing Fees 21,245 19,144 10,915 9,820 38,757 Total revenue from examination and listing fees (in NIS thousands) 27,660 24,456 14,346 12,690 49,826 Total revenue from listing fees and levies 55,849 49,407 28,334 25,138 100,284 DATA DISTRIBUTION AND CONNECTIVITY SERVICES (*) Average number of data terminals Domestic business clients(1) 8,163 7,655 8,121 7,514 7,643 Overseas business clients 5,156 5,164 5,243 5,221 5,138 Non-display data(2) 247 209 268 209 227 Revenue from data distribution and connectivity services (in NIS thousands) Domestic business clients(1) 11,005 10,096 5,501 4,976 20,162 Overseas business clients 5,331 5,770 2,618 3,012 11,105 Private clients 7,445 7,007 3,624 3,641 15,015 Derivative data and non-display data(3) 2,925 2,546 1,493 1,404 5,602 Data files and other data 3,417 2,983 1,615 1,450 6,101 Authorization for indices usage 21,835 14,420 11,194 7,750 31,843 Connectivity services 8,380 8,017 4,180 4,087 16,118 Total revenue from data distribution and connectivity services 60,338 50,839 30,225 26,320 105,946 (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.
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The Tel-Aviv Stock Exchange Ltd. Second Quarter 2026 Results 33 Presented below are details regarding the velocity of trading(1) in Israel in the reported period: Six months ended % Change Three months ended % Change Year ended June 30, June 30, December 31, 2026 2025 2026 2025 2025 Velocity of trading Shares(1) 50.6% 45.9% 10% 47.1% 47.2% (0%) 46.4% Corporate bonds(2) 55.6% 50.2% 11% 55.2% 48.6% 14% 49.9% Government bonds – shekel(3) 140.8% 109.3% 29% 133.7% 110.8% 21% 100.1% Government bonds – linked(4) 81.3% 79.7% 2% 89.0% 93.6% (5%) 70.8% Treasury bills 167.1% 162.5% 3% 156.9% 182.2% (14%) 146.9% (1) The velocity of trading does not include off-exchange transactions. (2) The velocity of trading does not include data of corporate bonds traded on TASE UP. (3) Including “Shahar” fixed-interest shekel bonds and short-term government bonds. (4) Including CPI-linked bonds, “Gilon” variable-interest shekel bonds and global government bonds. Deferred income from listing fees Deferred income from listing fees as of Total receipts for the Six months ended Income recognition in Six months ended Deferred income from listing fees as of Income recognition in Twelve months ended Deferred income from listing fees as of 31.12.25 30.06.26 30.06.26 30.06.26 30.06.27 30.06.28 30.06.29 30.06.29 Listing of Shares 27.9 8.3 3.4 32.8 6.7 5.8 4.9 15.4 Corporate bonds(*) 61.4 22.2 11.1 72.5 20.3 15.1 11.1 26.0 ETF 20.2 1.7 2.1 19.8 3.7 3.0 2.5 10.6 Government bonds 16.4 3.4 2.5 17.3 3.5 3.4 3.3 7.1 T-bills 1.3 1.4 1.4 1.3 1.3 - - - Total 127.2 37.0 20.5 143.7 35.5 27.3 21.8 59.1 (*) Including TASE-UP.