DELEK GROUP (DLEKG) Q3 2025 earnings summary

Executive summary

• Q3 reported net income was ₪2.963bn vs. ₪403m, including a ₪2.678bn Ithaca remeasurement gain and Isracard acquisition-related costs; adjusted net income was ₪405m, nearly flat year over year.

• Q3 revenue was ₪4.261bn vs. ₪2.591bn, with comparisons affected by Isracard consolidation and Ithaca deconsolidation; EBITDAX rose to ₪1.9bn from ₪1.66bn.

Financial highlights

• 9M reported net income was ₪3.149bn vs. ₪1.054bn; excluding the Ithaca gain, Isracard acquisition-related losses and a ₪305m North Sea deferred-tax adjustment, net income was ₪896m.

• 9M revenue was ₪11.961bn vs. ₪8.070bn; general-activity EBITDAX, excluding financial activity, was ₪7.181bn vs. ₪5.063bn.

• Holding-company net financial debt was ₪3.840bn; cash, short-term investments and undrawn credit lines totaled ~₪1.4bn at the report date.

• Consolidated assets were ₪56.6bn at September 30 vs. ₪52.4bn at year-end 2024; total liabilities were ₪38.9bn.

Outlook and guidance

• Ithaca reaffirmed FY25 production guidance of 119–125 kboe/d, trending toward the low end; net operating costs guidance was $790–840m and producing-asset capex $630–670m.

• Ithaca raised its Q4 2025 production exit-rate expectation to ~145 kboe/d from 140 kboe/d; three high-output wells were expected online in December.

• FY25 Rosebank development capex guidance was $230–270m; production start remained expected in 2026/27, subject to regulatory consent and project execution.