Phoenix Financial (PHOE) Q3 2025 earnings summary

Executive summary

• Comprehensive income was NIS 803m in Q3 and NIS 2,299m in 9M 2025; ROE was 29.2% and 26.8%, respectively.

• Core income reached NIS 667m in Q3 and NIS 1,985m in 9M, with 9M core ROE of 23.4%.

• Income attributable to shareholders was NIS 2.323bn for 9M; stronger core earnings and market returns supported year-over-year growth.

• Asset Management core income grew 43% YoY, supporting a strategic emphasis on capital-light, high-multiple activities.

• Increased ownership of Phoenix Agencies from 78% to 95%.

Financial highlights

• 9M profit before tax was NIS 3.657bn versus NIS 2.497bn; income attributable to shareholders was NIS 2.323bn versus NIS 1.632bn.

• 9M basic EPS was NIS 9.24 versus NIS 6.47; Q3 basic EPS was NIS 3.22 versus NIS 2.98.

• Non-operating effects added NIS 136m to Q3 and NIS 314m to 9M comprehensive income, mainly from investment performance and partly offset by interest-rate effects.

• 9M adjusted EBITDA, consolidated including minority interest, was NIS 1.188bn versus NIS 860m; Q3 was NIS 430m versus NIS 291m.

• Insurance-service revenue was NIS 7.299bn for 9M versus NIS 6.901bn; insurance-service income was NIS 1.591bn versus NIS 1.309bn.

Outlook and guidance

• 2028 targets: core income of NIS 3.3–3.5bn and ROE above 25%.

• 2028 core-income targets: Insurance NIS 1.9–2.1bn; Asset Management NIS 1.3–1.5bn.

• Asset Management 2028 targets include AUM of NIS 700–800bn and adjusted EBITDA of NIS 2.4–2.6bn.

• 2028 payout target is above 50% through dividends and buybacks; P&C gross premiums target is NIS 6.3–6.7bn.

• Previous 2027 guidance was already within reach; upside potential includes M&A, investment performance, technology and regional developments.