Phoenix Financial (PHOE) investor relations material

Executive summary

• H1 comprehensive income attributable to shareholders was NIS 1.574 billion, up 5% YoY; core income rose 10% to NIS 1.452 billion, with ROE of 26.1%.

• Asset-management core income grew 36% in H1 and 48% in Q2, supporting a shift toward capital-efficient, fee-based earnings.

• AUM reached NIS 658 billion, up 8% from year-end 2025; the client base exceeded 3 million.

• H1 shareholder returns totaled NIS 972 million, or 62% of comprehensive income, through dividends and buybacks.

• Digital platform reached 1 million app users, including ~100,000 securities traders, supporting cross-selling.

Financial highlights

• H1 comprehensive income was NIS 1.574 billion; basic EPS was NIS 6.37, versus NIS 6.01 YoY.

• Q2 comprehensive income attributable to shareholders was NIS 873 million versus NIS 928 million YoY; core income rose to NIS 743 million from NIS 692 million.

• H1 net income was NIS 1.677 billion versus NIS 1.580 billion YoY; income before tax was NIS 2.446 billion versus NIS 2.408 billion.

• H1 core income before tax rose NIS 179 million, or 9%, YoY; core insurance was NIS 1.310 billion and asset-management core income was NIS 891 million.

• Asset-management adjusted EBITDA was NIS 980 million in H1, including NIS 903 million attributable share.

Outlook and guidance

• 2028 core-income guidance is NIS 3.3–3.5 billion, including NIS 1.9–2.1 billion from insurance and NIS 1.3–1.5 billion from asset management; guidance is to be revised after outperformance.

• Existing targets include ~10% annual core-income growth through 2028, ~20% annual asset-management growth and ~5% insurance growth.

• Stochastic-model implementation is expected to add NIS 1.2–1.5 billion to CSM and ~NIS 100 million to pretax core income; impact is subject to audit and regulator approval.

• International reinsurance capacity, technology investment and acquisition opportunities are intended to expand capabilities and support growth.