TASE's Record Q2: The Dual-Listing Magnet Is Working
The Tel-Aviv Stock Exchange delivered a blowout second quarter: revenue surged 36% year-over-year, adjusted EBITDA jumped 60% to a 61.8% margin, and net profit rose 82%—all while Israel faced a multi-front war. The market itself is expanding rapidly, with average daily trading volumes up 65% vs 2025 and the equity market cap nearly doubling to ILS 2.7 trillion. This is not just a cyclical uptick; it reflects a structural shift in how global investors view Israeli assets.
A Market in Overdrive
Record volumes were driven by the move to Friday trading, which has pulled in international flows: Friday's average daily volume is now ILS 4.6 billion, with international share at 41%—a massive jump from 12.5% on Sundays a year ago. The bond market also saw daily trading volumes up 31.4%, and corporate bond issuance reached ILS 117 billion in the first half. As CFO Alon Solar noted in his prepared remarks:
The clearinghouse revenue stream is also riding the wave, up 67% year-over-year. CEO Ittai Ben-Zeev explained that the fee increase isn't one-off: “we still have another step-up in the pricing that will go into effect in January 2027.” — Ittai Ben-Zeev, CEO · 2026-08-04 This suggests sustained earnings momentum even if volumes normalize.TASE's outstanding second quarter financial results are the ultimate testament to a highly successful first half of 2026.
The Dual-Listing Flywheel
The biggest strategic winner is the dual-listing push. Palo Alto Networks joining TASE on August 6 is a landmark, and Ben-Zeev says the pipeline is the strongest ever: “We've never had so many discussions with companies about dual listing like we are having in the past few months.” — Ittai Ben-Zeev, CEO · 2026-08-04 The dual list momentum is attracting international investors and global banks, who are now pitching TASE as an alternative to a New York IPO. The company is also expanding its network of members and co-location services to capture this demand—a multi-year opportunity, as Ben-Zeev noted: “it will take us a few years before I think we can capture all of the potential that we see ahead of us.” — Ittai Ben-Zeev, CEO · 2026-08-04
Capital Returns and Employee Alignment
On the capital allocation front, the board approved a buyback of up to ILS 150 million, giving management flexibility to repurchase shares through year-end. When asked why the window is so short, Ben-Zeev said: “We have the flexibility given by our Board that we can do it if we choose to do it and the authorization is up to the end of the year.” — Ittai Ben-Zeev, CEO · 2026-08-04 More structurally important, the company launched its first employee option plan, replacing cash grants for 2026–2028—a move that aligns employee interests with shareholders but will create some accounting noise: CFO Solar clarified that under IFRS 2, expenses will be front-loaded over three years.
This quarter's results echo the optimism management has shown for several quarters. In the March call, Ben-Zeev downplayed cost surprises: “So shouldn't be any surprises on that front.” — Ittai Ben-Zeev, Executive · 2026-03-05 And last November, he framed the retail opportunity as a vast untapped pool: “There's still huge amount of money they're just sitting in the cash accounts of the bank.” — Ittai Ben-Zeev, Executive · 2025-11-11 Today, those flows are clearly arriving.
TASE is riding a confluence of domestic resilience and global reallocation. The record results are not just a quarterly spike—they're the result of a deliberate strategy to internationalize the market. With the dual-listing pipeline at an all-time high and a buyback to support shareholder returns, the stock looks poised to re-rate as the market structure matures.