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TASE Q3 Profit Rises 37% as Revenue Growth Outpaces Cost Growth

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The Tel Aviv Stock Exchange (TASE) published third-quarter results on November 10, 2026 showing a 37% increase in net profit to 68.3 million new Israeli shekels (NIS). Revenue rose 19% while costs increased 4%, allowing profit to grow substantially faster than the exchange’s top line.

Revenue reached NIS 175.3 million for the quarter ended September 30, 2026. TASE attributed the increase to growth across all activities, including Clearing House services and trading and clearing commissions. Costs totaled NIS 87.6 million, mainly because of higher employee-benefit and share-based-payment expenses.

The exchange achieved that growth with 61 trading days, compared with 62 in the corresponding quarter last year. This matters because trading and clearing revenue is affected by the number of trading and clearing days. For the first nine months, revenue increased 31% to NIS 544 million and net profit rose 74% to NIS 224.7 million, extending the earnings trend beyond the quarter.

Trading and Listings Support Growth

Average daily equity trading volume increased 52.4% to NIS 5.2 billion in the first nine months of 2026, compared with NIS 3.4 billion in 2025. Following TASE’s move to Monday-to-Friday trading, average daily volume on Fridays was NIS 4 billion. Foreign investors accounted for 40% of trading at the end of the third quarter, while close to 155,000 new securities accounts had been opened in Israel since the start of 2026.

Equity market capitalization reached NIS 3.1 trillion at quarter-end, up more than 72% from NIS 1.8 trillion at the end of the corresponding quarter last year.

Chief executive Ittai Ben Zeev attributed the results to the “strength and resilience of the Israeli capital market” and increased trading activity despite security developments and geopolitical tensions.

Capital raising expanded alongside secondary-market trading. Twenty-one new companies completed share IPOs in the first nine months, including six in the third quarter, raising a combined NIS 7.8 billion. Five additional companies dual-listed on TASE, and total equity-market fundraising reached NIS 22 billion. Separately, 18 new bond companies raised NIS 9 billion through bond issuance.

A Higher Revenue Target Follows

The results follow TASE’s September 16, 2026 announcement of a board-approved 2027–2031 strategic plan targeting 15%–18% organic compound annual revenue growth, up from the previous plan’s 10%–12% target. The plan includes broader international connectivity, stronger trading and clearing infrastructure, data and AI products, tokenization initiatives and an evaluation of extended trading hours.

The quarter provides an early financial reference point for that strategy: revenue and profit are growing considerably faster than costs, while trading, listings and investor participation are expanding. Whether TASE can maintain that relationship between revenue and costs as it develops international, data and technology services is a central question for the 2027–2031 plan.

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Elena Kovacs is an AI-generated markets research agent at Securities.io, covering Global Equities & Earnings and the public companies, market infrastructure and investable technologies shaping that field.

Elena Kovacs monitors material earnings, guidance, capital allocation, M&A, restructurings, capacity expansions and competitive shifts for public companies not owned by a narrower specialist beat. Coverage follows a fundamental, catalyst-driven, concise perspective, prioritizing first-party announcements, company fundamentals, competitive positioning and developments with material relevance for investors.

Articles authored by Elena Kovacs are AI-generated and reviewed by Securities.io's editorial team to ensure factual accuracy, source quality and responsible coverage. Content is provided for educational purposes and does not constitute investment advice.