RIYADH – Saudi Tadawul Group Holding Company (the “Group”) today announced its financial results for the year ended 31 December 2025 (“FY 2025”), reflecting continued progress in executing its strategy to diversify revenues, deepen market infrastructure, and enhance access and connectivity.

Financial Highlights

^, Millions

FY 2025

FY 2024

% Change

Operating Revenue

1,261.2

1,446.6

(12.8%)

EBITDA | EBITDA Margin

438.5 |

34.8%

647.2 |

44.7%

(32.2%) |

(22.3%)

Net Profit After Zakat*

395.6

621.8

(36.4%)

Free cash flow

440.3

532.1

(17.3%)

*(Attributable to Shareholders of the Parent Company)

Operating Highlights

 

As at 31 December 2025

Average Daily Traded Value (ADTV) (^ - Billions)

(Main Market and Nomu - Parallel Market)

5.21

Market Capitalization (^ - Billions)

(Main Market and Nomu - Parallel Market)

8,860

Total number of listed securities

(Main Market, Nomu - Parallel Market, Funds and Debt Instruments)

473

  • Operating revenue was ^1.26 billion, down 12.8% compared to the previous year, reflecting softer trading activity.
  • The decline was partially offset by growth in revenues from non-trading services, demonstrating continued progress in diversifying our revenue base.
  • EBITDA reached SAR 438.5 million, with a solid margin of 34.8%, reflecting underlying resilience despite trading pressure.
  • Net income after zakat was ^ 395.6 million, with earnings per share of SAR 3.30.
  • Free cash flow remained strong at ^ 440.3 million, highlighting the cash-generative nature of the business.
  • Operating expenses increased 6.6% to ^ 938.5 million, driven by targeted investments in workforce, systems and infrastructure to support long-term growth.
  • With a market capitalization of ^ 8.9 trillion, Saudi Exchange was the 13th largest global exchange in 2025.
  • As of 31 December 2025, there were 473 listed securities including 52 new listings (including listings on Main Market, Nomu – Parallel Market, Funds and Debt Instruments).

Eng. Khalid Abdullah AlHussan, the Group CEO, said, “The financial results for FY 2025 demonstrated the strength of the Group’s operating model and its ability to deliver balanced and sustainable growth, supported by continued progress in diversifying revenue streams and enhance operational resilience. We continued executing our strategic priorities through the launch of new product set, enhancing capital market infrastructure, and accelerating our data and technology capabilities to reinforce the Saudi capital markets as a leading regional and global financial center.

The year marked pivotal steps to deepen the market and enhance its efficiency. We introduced the fixed income market-making framework to strengthen liquidity in the debt market, expanding institutional access across through the launch of OTC settlement services for listed debt instruments and repo transactions, and introduced Saudi Depositary Receipts (SDRs) as a strategic initiative to enhance integration and international connectivity.

As part of advancing the data ecosystem, we have also launched Data Hub through the Group’s subsidiary and innovation arm, WAMID. The platform serves as a centralized and trusted platform that enhances transparency and reliability while supporting institutional decision-makers with accurate and comprehensive data aligned with international best practices across the capital market ecosystem.

Enhancing capital market efficiency remains a top priority, supported by advanced technological systems, robust risk management frameworks. These efforts enable the expansion of the investor base and higher liquidity levels, particularly as foreign investor access reforms take effect, an important milestone reflecting the market’s maturity and the integration of its regulatory and operational framework.

Looking ahead, we remain committed to strengthening the foundations for long-term market growth, enhancing the listings ecosystem, continuing introducing innovative products, and scaling data, technology and analytics capabilities to elevate transparency and efficiency. We continue to work closely with relevant ecosystem stakeholders and market participants to ensure smooth regulatory enhancements and establish strategic partnerships that contribute to infrastructure development and foster innovation, reinforcing the Saudi capital market’s position and enhancing its competitiveness regionally and globally.”

Segment performance

The Group’s diversification strategy continued to support performance, reflecting its multi-engine model spanning capital markets, post-trade services, and data & technology. Non-ADTV revenues continued to contribute meaningfully to the revenue mix, supporting resilience through the cycle

For FY 2025, the Group’s Capital Markets segment generated revenue of ^ 373.7 million, while Post Trade Services segment generated revenue of ^ 638.7 million during the year. Data and Technology Services segment delivered strong growth, with revenue of ^ 248.9 million, reflecting increased demand for market data, connectivity and infrastructure services.

Market development and strategic progress

In FY 2025, the Group continued to advance its strategic agenda to deepen Saudi Arabia’s capital markets ecosystem, strengthen infrastructure, and broaden investor access, supported by ongoing momentum in listings, market development initiatives, and expanded data and technology capabilities.

Market infrastructure and access

The Group continued to enhance market accessibility and investor experience through several key initiatives. The launch of Saudi Depositary Receipts (SDRs) enables Saudi investors to trade international shares in Saudi Riyals for the first time, an important milestone in market accessibility and global integration.

The Group also introduced the Capital Management System (CMS) to digitalize and streamline IPO subscriptions. Post-trade connectivity and investor access were further strengthened through:

  • Edaa Connect, improving investor access to mutual funds;
  • The STG App, providing a unified hub for market news and data.

The Group welcomed the CMA’s regulatory framework to open the Saudi capital market to all categories of foreign investors, enabling direct investment across market segments effective 1 February 2026. The reforms represent an important step in the market’s continued evolution, supporting greater accessibility and alignment with global practices.

Debt market expansion

The Group supported continued development of the fixed income ecosystem, including steps to enhance international visibility and improve market structure. Saudi sukuk and bonds were added to the J.P. Morgan GBI-EM Bond Index watchlist, increasing exposure to global fixed-income investors.

The Group and HKEX also co-launched Asia’s first Saudi sovereign Sukuk ETF, expanding access for Asia-based investors. In parallel, market structure enhancements - including the Fixed Income Market Making Framework and OTC settlement for listed debt instruments - aimed to deepen infrastructure and support liquidity.

Data and technology product launches

The Group continued to accelerate its data and technology strategy through WAMID.  A key milestone was the launch of WAMID DataHub, providing market participants with centralized access to extensive Saudi capital market data through seven core products designed for a broad user base, including analysts, investors, exchange members and issuers. WAMID also launched new services in partnership with global providers:

  • WAMID Analytics (with BMLL), delivering advanced market analytics to enhance transparency, insight and efficiency;
  • WAMID Newswires (with MT Newswires), offering premium, real-time global multi-asset class news access.

The full results pack, including the Saudi Exchange disclosure, consolidated financial statements, investor presentation, and investor bulletin, is available on the Group’s Investor Relations website.

Investor Relations:
Investor Relations Department
I.R@tadawulgroup.sa

For Media Inquiries:
Arwa Al Draiweesh
arwa.draiweesh@Tadawulgroup.sa

Notes and disclaimer
This release is provided for information purposes only. It may contain forward-looking statements that are subject to risks and uncertainties. Actual results may differ materially. For more information, refer to the Saudi Exchange disclosure and the Group’s published consolidated financial statements.

About the Group

Founded in 2021 and headquartered in Riyadh, Saudi Tadawul Group Holding Co. is a holding company with a portfolio of four integrated subsidiaries: the Saudi Exchange Company (Saudi Exchange), the Securities Clearing Center Company (Muqassa), the Securities Depository Center Company (Edaa), and Tadawul Advanced Solutions Company (WAMID), an innovative applied technology services business. The Group was established as part of a continuous development program focused on enhancing the capital market and its infrastructure, attracting foreign investments, and diversifying the Saudi economy. The Group reinforces Saudi Arabia’s position as an attractive global investment destination and the gateway to the MENA region.

The Group supports the development of an advanced capital market in Saudi Arabia; one of the pillars of the Financial Sector Development Program (FSDP), Saudi Vision 2030 realization program.