DELEK GROUP (DLEKG) Q2 2026 earnings summary

Executive summary

• Achieved 26% year-over-year revenue growth and a 78% surge in net income for Q2 2026, driven by strong subsidiary performance.

• Record H1 2026 production of 128 kboe/d, with Q2 reaching 131 kboe/d, supported by operational momentum and portfolio optimization.

• Subsidiaries in energy, finance, and agriculture all reported significant operational and financial improvements.

• Adjusted EBITDAX for H1 2026 was $1,121m, with net cash flow from operations at $955m and profit for the period at $127m, a turnaround from a $217m loss in H1 2025.

• Available liquidity increased to $1.87bn, and adjusted net debt fell to $1.02bn, reducing the pro forma leverage ratio to 0.49x.

Financial highlights

• Q2 2026 revenues reached 4.4 billion ₪, with net income attributable to shareholders at 314 million ₪.

• H1 2026 revenue was $1,693m, up from $1,454m in H1 2025, with realized prices of $83/boe before hedging and $69/boe after hedging.

• Net financial debt as of June 30, 2026, stood at 4.05 billion ₪; equity was 9.99 billion ₪.

• Dividend of 250 million ₪ declared, representing a 14.5% yield.

• 28% share price return over the past 12 months.

Outlook and guidance

• Subsidiary Ithaca raised its 2026 dividend guidance to $500–530 million.

• FY 2026 production guidance reaffirmed at 120–130 kboe/d, with net opex guidance reduced to $800–840m ($17–19/boe).

• Rosebank project capex guidance lowered to $250–280m, reflecting rephasing of drilling into 2027.

• NewMed expects increased gas production and sales from Leviathan following infrastructure upgrades.