DELEK GROUP (DLEKG) Q1 2025 earnings summary

Executive summary

• Q1 revenue rose to ₪3.851bn from ₪2.956bn and EBITDAX to ₪3.148bn from ₪1.935bn, reflecting higher output and the expanded North Sea portfolio.

• Reported net income was ₪56m vs ₪487m and attributable net income ₪10m vs ₪269m; adjusted attributable net income was ₪315m vs ₪269m after excluding a one-time North Sea deferred-tax charge.

Financial highlights

• Gross profit was ₪2.290bn vs ₪1.347bn; operating income was ₪2.246bn vs ₪1.271bn.

• Operating cash flow was ₪2.155bn vs ₪1.478bn; cash and short-term investments totaled ~₪5bn at March 31, 2025.

• Total assets were ₪53.5bn and liabilities ₪34.7bn; equity was ₪8.75bn and HQ and holding-company net financial debt was ₪2.433bn at March 31, 2025.

Outlook and guidance

• Leviathan development FID for the first phase of Stage 1B is targeted in the coming months; financing alternatives are under evaluation.

• Leviathan’s offshore pipeline segment and gas-flow start are not expected before Q1 2026; the approved project budget rose to ~$131.3m.

• Following the proposed Cygnus acquisition, Ithaca expects 2025 output to increase by 12.5–13.5 kboe/d and reserves by ~23mmboe, subject to closing and approvals.