The Tel Aviv Stock Exchange had the kind of quarter exchanges dream about. Q3 2026 revenue rose 19% to NIS 175.3 million. Costs rose only 4%, to NIS 87.6 million. Net profit climbed 37% to NIS 68.3 million and adjusted EBITDA rose 32% to NIS 105.4 million.
An exchange is mostly a fixed-cost machine. Once the systems and staff are paid for, every extra shekel of trading fees drops almost straight to profit. That’s what you see here.
Nine months of heavy trading
The nine-month numbers are bigger still. Revenue was NIS 544 million, up 31%. Net profit was NIS 224.7 million, up 74%. Average daily equity trading reached NIS 5.2 billion, up 52% from NIS 3.4 billion a year earlier, even with 3% fewer trading days.
Part of that came from the switch to a Monday to Friday week. Fridays now average about NIS 4 billion in equity trading. Foreign investors made up 40% of trading by the end of the quarter, and Israelis opened about 155,000 new securities accounts this year.
Equity market cap reached NIS 3.1 trillion at the end of September, up more than 72% in a year. The TA-35 gained 15.8% in the first nine months and the TA-125 gained 11.2%. Both beat the Dow’s 7.2%, and the TA-35 also beat the S&P 500’s 12.7%.
IPOs are back
Twenty-one companies listed shares in the first nine months, six of them in Q3, raising NIS 7.8 billion between them. A year earlier the count was 17. Five more companies dual-listed. Total equity raised came to NIS 22 billion, against NIS 15.2 billion. On the debt side, 18 new companies came to the bond market and raised NIS 9 billion.
The board approved a 2027 to 2031 plan in September that targets 15% to 18% organic revenue growth a year. TASE also finished a NIS 150 million buyback on September 28, taking in 1.2 million of its own shares.
The timing matters
All of this is the quarter that ended September 30. It closed four weeks before an election the market didn’t like. On the morning of the count, Tel Aviv shares fell sharply, as we noted in TASE Votes Against Netanyahu. Q4 will show whether the exchange’s own business, which lives on volume, gains from that nervousness or loses from a political deadlock that keeps foreign money on the sidelines.
Volatility tends to help an exchange’s income statement in the short run. A long stalemate is a different story.