Menora Mivtachim (MMHD) investor relations material

Executive summary

• H1 2026 adjusted profit before tax rose 26% YoY to NIS 1.651bn from NIS 1.314bn; comprehensive income before tax reached NIS 1.850bn.

• H1 comprehensive income attributable to shareholders was NIS 1.249bn versus NIS 1.107bn; adjusted profit after tax reached NIS 1.050bn versus NIS 857m.

• Premiums and contributions rose 8.8% to NIS 18.4bn; AUM reached NIS 471.9bn, up 17.1% YoY.

Financial highlights

• H1 insurance service income was NIS 945m versus NIS 746m; reported profit before tax was NIS 1.859bn versus NIS 1.709bn.

• H1 net investment income was NIS 3.517bn versus NIS 3.493bn; reported net income was NIS 1.233bn versus NIS 1.142bn.

• Q2 adjusted profit before tax rose to NIS 877m from NIS 702m; adjusted post-tax income attributable to shareholders was NIS 556m versus NIS 459m.

• H1 adjusted profit from core operations was NIS 1.440bn versus NIS 1.153bn; core activities include insurance, pension and provident funds.

• Total assets were NIS 84.148bn at June 30, 2026, versus NIS 81.506bn at Dec. 31, 2025; shareholders’ equity was NIS 9.678bn versus NIS 9.187bn.

Outlook and guidance

• 2030 targets include adjusted after-tax profit of NIS 3.0bn, AUM of NIS 750bn, premiums and contributions of NIS 55bn, and ROE above 20%.

• Targets compare with 2025 adjusted after-tax profit of NIS 1.8bn, AUM of NIS 434bn, and premiums and contributions of NIS 35bn; AUM CAGR target is 11.6%.

• Priorities include profitable growth, efficiency, distribution and product diversification, strengthening core operations, and portfolio quality; plan also develops credit, agencies and finance through organic and acquisition-led expansion.