Novolog (NVLG) Q2 2025 earnings summary

Executive summary

• H1-2025 revenue was ₪2,021.6M, up from ₪1,840.8M year-over-year, mainly due to logistics growth and increased private sector sales.

• Net profit for H1-2025 was ₪41.4M, compared to ₪26.7M in H1-2024, reflecting improved operational performance despite one-time SAP expenses.

• Adjusted EBITDA for H1-2025 was ₪63.4M, up from ₪41.5M in H1-2024.

• Dividend of ₪10M (₪0.01958 per share) declared for September 2025; policy remains at 70% of net profit.

• Maintains a strong, debt-free balance sheet and robust cash reserves.

Financial highlights

• H1-2025 gross profit was ₪180.8M, up from ₪110.9M in H1-2024.

• H1-2025 operating profit was ₪62.3M, compared to ₪37.7M in H1-2024.

• Cash flow from operating activities in H1-2025 was ₪158.5M, up from ₪74.4M in H1-2024.

• Cash and equivalents at end of H1-2025 were ₪247.6M; equity stood at ₪382.1M.

• Total assets as of June 30, 2025, were ₪3,037.1M.

Outlook and guidance

• Adjusted EBITDA for 2025 is projected at ₪96–102M, excluding extraordinary events.

• Efficiency measures underway in logistics after SAP system integration challenges.

• Focus on expanding digital health services and integrating new projects for future growth.

• Growth strategy emphasizes operational efficiency, innovation, and customer-centricity.