Bezeq The Israel Telecommunication Corp. Ltd. · TASE:BEZQ
Bezeq The Israel Telecommunication — Q4 2025 Earnings Presentation
35 slides from Bezeq The Israel Telecommunication's earnings presentation, Mar 9, 2026
Slide 1: Bezeq Group 2025 Investor Presentation
Bezeq Group 2025 Investor Presentation 1
Slide 2: Forward-Looking Information and Statement (Disclaimer)
This presentation contains general data and information as well as forward looking statements about Bezeq - The Israeli Telecommunications Corp., Ltd. (“Bezeq”). Such statements, along with explanations and clarifications presented by Bezeq’s representatives, include expressions of management’s expe
Slide 3: Bezeq Group - Our vision
Our vision Bezeq Bezeq Group defines the future of communications in Israel as the nation’s digital backbone a dna Group central engine of economic growth. Through sustained investment in powerful, advanced national infrastructure, we enable smart connectivity for every home, business, and public in
Slide 4: Bezeq Group 2025 Summary
Growth in core revenues Core revenues grew 3.0% to NIS 7.96 billion, due to continued growth in strategic drivers Bezeq Group EBITDA growth Comp EBITDA(3) grew 1.5% and Comp Net Profit (3) decreased 2.2%. After including losses/gains from impairment/increase in 2025 Summary value of assets, Adj. EBI
Slide 5: Technological & Business Roadmap
Technological & Business Roadmap Migration to fiber Transition to 5G Migration to IP 2020 Launch of fiber project 5G Tender Award Satellite to IP migration ✚ 2.95m homes passed ✚ 1.41m postpaid subscribers ✚ 496k IP subscribers (88%) ✚ 1.02m subscriber take-up (retail + (60% of postpaid subscribers)
Slide 6: 2025 Summary (NIS billions)
Bezeq Group 2025 Summary (NIS billions) 3.0% Core Revenues 1.5% Comp EBITDA 2.2% Comp Net Profit 7.96 3.74 1.09 ~92% of Group Revenues Comp EBITDA margin of 43% 7.8%(1) 30.9%(1) 10.9% Free Cash Flow 0.7% Increase in Net Debt Shareholder Remuneration(2) Total dividend distribution in 2025 – NIS 975m
Slide 7: 2025 Comp EBITDA and Comp Net Profit
Bezeq Group 2025 Comp EBITDA and Comp Net Profit Comp EBITDA Comp Net Profit 4,005 1,656 (543) 22 3,740 217 22 3,704 (265) 1,417 279 (27) 1,086 EBITDA Other Stock-based Adj. EBITDA Impact of yes Comp EBITDA Net Profit Other Stock-based Adj. Net Profit Impact of yes Impact of Comp Net operating compe
Slide 8: 2025 Summary (Cont'd)
Bezeq Group 2025 Summary (Cont’d) Fiber Net Adds Cellular subscribers Revenues 39k (retail and wholesale)(2) 2.68 million 1.7% NIS 1.30 billion 2.8% Fiber subscribers 5G subscriber plans TV subscribers 5 Unchanged(2) 1.02 million (retail and wholesale)(1) 1.41 million (1) 565k 60% of postpaid subscr
Slide 9: 2025 Key Financial Highlights | NIS million
Bezeq Group 2025 Key Financial Highlights | NIS million 3.0% (1) Comp EBITDA 1.5% Comp Net Profit 2.2% Revenues 9,103 8,844 8,702 1,466 1,151 739 3,799 3,683 3,740 1,202 1,110 1,086 7,963 42% 42% 43% 7,637 7,733 2023 2024 2025 2023 2024 2025 Fixed-line telephony, pelephone interconnect, Bezeq Intl c
Slide 10: Q4-2025 Key Financial Highlights | NIS million
Bezeq Group Q4-2025 Key Financial Highlights | NIS million 4.7% (1) Comp EBITDA 2.0% Comp Net Profit 5.8% Revenues 2,203 2,235 2,136 2,145 2,186 251 257 150 144 944 917 921 939 963 189 294 288 311 229 258 1,952 1,978 1,947 1,995 2,043 43% 41% 43% 44% 44% Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Q4-20
Slide 11: Q4-2025 Operating Expenses | NIS million
Bezeq Group Q4-2025 Operating Expenses | NIS million 2.7% 8.7% Salaries Operating Expenses 757 829 679 661 691 476 496 451 449 463 ✚ Lower salary expenses due to deconsolidation of Bezeq Online ✚ Decrease in operating expenses Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q
Slide 12: Key Annual Operational Metrics
Bezeq Group Key Annual Operational Metrics Subscribers (end of period, in thousands) ARPU (NIS) 2,618 2,633 2,677 186 185 192 182 174 170 1,442 1,383 1,329 130 136 1,028 1,008 980 123 574 562 565 44 45 46 467 471 493 37 32 30 2023 2024 2025 2023 2024 2025 Cellular Telephony Retail broadband Wholesal
Slide 13: Key Quarterly Operational Metrics
Bezeq Group Key Quarterly Operational Metrics Subscribers (end of period, in thousands) ARPU (NIS) 2,633 2,631 2,645 2,661 2,677 200 186 189 189 189 172 174 172 168 166 1,383 1,366 1,351 1,339 1,329 133 134 136 136 138 1,008 1,003 999 990 980 562 561 562 565 565 45 45 46 48 47 471 474 477 483 493 31
Slide 14: Financial Debt
Bezeq Group Financial Debt Financial Debt (NIS billion) 25.0 Net debt/Adjusted Increase in Net Debt 2.1 20.0 1.8 1.7 1.6 EBITDA ratio 1.4 Increase of NIS 35 million, or 0.7%, to NIS 5 billion 1.5 15.0 1.4(1) 8.4 8.1 7.6 7.8 10.0 7.3 6.7 1.6 1.9 5.0 1.7 1.8 2.7 2.8 Debt ratings 6.8 6.1 5.6 5.2 4.9 5.
Slide 15: Shareholder Remuneration
Bezeq Group ✚ Recommendation for a total distribution of approximately NIS 700 million Shareholder ✚ The Company’s board of directors recommended a cash dividend to shareholders of 80% of 2H-2025 net profit of NIS 549 million, or Remuneration 19.8 agorot per share ✚ In addition, the board recommende
Slide 16: 2026 Outlook
Bezeq Group 2026 Outlook 2025 Performance 2026 Outlook(2) Comp EBITDA1 NIS 3.74 billion NIS 3.7 – 3.8 billion Comp Net Profit1 NIS 1.09 billion NIS 1.0 – 1.1 billion CapEx NIS 1.68 billion NIS 1.6 billion (1) Adjusted EBITDA and Adjusted Net Profit excluding losses/gains from impairment/increase in
Slide 17: Financial targets 2029
Bezeq Group 2025 Performance 2029 Targets Core Revenues NIS 8.0 billion NIS 8.7 – 8.9 billion Financial targets Comp EBITDA)1( NIS 3.7 billion NIS 4.2 – 4.4 billion 2029 Gross CapEx NIS 1.7 billion NIS 1.5 – 1.6 billion Comp EBITDA)1( – CapEx NIS 2.1 billion NIS 2.65 – 2.85 billion Comp Net Profit )
Slide 18: Operational targets 2029
Bezeq Group 2025 Performance 2029 Targets Full-time equivalents 8,354 Decrease of ~14% Operational Fiber deployment ~2.9 homes passed ~3.5 homes passed targets Fiber take-up ~34% (retail + wholesale) ~43% (retail + wholesale) 2029 Broadband retail ARPU ~NIS 136 ~NIS 150 % fiber subs with speeds abov
Slide 19: Fixed Line 2025 Summary
Core revenue growth Core revenues grew 3.7% to NIS 3.94 billion, driven by an 2025 increase across all revenue segments Adjusted Net Profit Summary Adjusted Net Profit decreased 4.6% to NIS 951 million, mainly due to an increase in depreciation and financing expenses Subscriber growth Retail fiber s
Slide 20: Fixed Line 2025 Key Financial Highlights
Bezeq Fixed Line 2025 Key Financial Highlights | NIS million 3.7% (1) 0.9% 4.6% Revenues Adjusted EBITDA Adjusted Net Profit 4,412 4,342 4,428 2,618 2,576 2,599 1,016 997 951 650 544 488 3,762 3,798 3,940 59% 59% 59% 2023 2024 2025 2023 2024 2025 2023 2024 2025 Core Revenues Telephony % - Adjusted E
Slide 21: Fixed Line Q4-2025 Key Financial Highlights
Bezeq Fixed Line Q4-2025 Key Financial Highlights | NIS million 5.7% (1) 1.7% 1.9% Revenues Adjusted EBITDA Adjusted Net Profit 1,071 1,101 1,102 1,111 1,114 656 648 643 641 667 265 261 260 128 128 123 120 117 216 214 943 973 979 991 997 61% 59% 58% 58% 60% Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Q4
Slide 22: Continued Fiber Deployment and Take-Up Focus
Bezeq Fixed Line Continued Fiber Deployment and Take-Up Focus Homes Passed (thousands) Total Fiber Take-Up (thousands, Retail and Wholesale) 2,859 2,913 2,954 2,671 2,774 2,571 160 0 32% 32% 33% 33% 34% 34% 50. 0% 140 0 30. 0% 120 0 954 993 1,017 863 907 810 10. 0% 100 0 800 -10.0% 600 -30.0% 400 -5
Slide 23: Fiber Take-Up – Retail and Wholesale
Bezeq Fixed Line Fiber Take-Up – Retail and Wholesale Retail vs. Wholesale (Thousands) Fiber vs. Copper (Thousands) 1,479 1,477 1,476 1,473 1,473 1,479 1,477 1,476 1,473 1,473 471 474 477 483 493 ✚ Fiber 810 863 907 954 993 1,008 1,003 999 990 980 subscribers 669 614 569 519 480 represent 66% of tot
Slide 24: Fixed Line Q4-2025 Revenues
Bezeq Fixed Line Q4-2025 Revenues | NIS million 10.3% Transmission & Data 0.7% Broadband Revenues 1.4% Cloud & Digital 292 302 309 310 290 87 87 90 92 96 504 505 508 508 511 Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Teleph
Slide 25: Pelephone 2025 Summary
Pelephone 2025 Summary Service revenue growth Highest service revenues in a decade driven by continued growth in postpaid subscribers, including 5G and 5G MAX subscriber plans, as well as higher roaming revenues Highest Adj. EBITDA and Adj. Net Profit since 2014 Adj. EBITDA grew 2.9% to NIS 782 mill
Slide 26: Pelephone 2025 Key Financial Highlights
Pelephone 2025 Key Financial Highlights | NIS million 3.5% 2.9% 5.8% Revenues Adjusted EBITDA Adjusted Net Profit 1,977 2,021 2,092 164 154 163 592 618 617 750 760 782 1,385 1,403 1,475 32% 34% 36% 2023 2024 2025 2023 2024 2025 2023 2024 2025 Services Equipment % - Adjusted EBITDA margin ✚ Highest s
Slide 27: Pelephone Q4-2025 Key Financial Highlights
Pelephone Q4-2025 Key Financial Highlights | NIS million 5.7% 7.8% 69% Revenues Adjusted EBITDA Adjusted Net Profit 61 524 525 517 554 496 202 208 193 186 186 36 33 32 37 169 165 135 136 181 355 360 361 381 373 37% 35% 38% 39% 38% Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Q4-2024 Q1-2025 Q2-2025 Q3-20
Slide 28: Growth in Service Revenues and 5G Plans
Pelephone Growth in Service Revenues and 5G Plans Postpaid Subscribers on 5G Plans 11.2% Continued Growth in Service Revenues 3.5% (Thousands) (NIS million) 1,315 1,348 1,375 1,407 1,237 1,276 1,972 1,977 2,021 2,092 1,728 1,851 Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 As of 2020 2021 2022 2023 2024
Slide 29: Pelephone Q4-2025 Key Operational Metrics
Pelephone Q4-2025 Key Operational Metrics 1.7% 4.4% Subscribers (Thousands) ARPU (NIS) 2,633 2,631 2,645 2,661 2,677 376 366 366 366 362 45 45 46 48 47 2,257 2,265 2,279 2,295 2,315 Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Postpaid Prepaid ✚ Continued growth in
Slide 30: yes 2025 Summary
Revenue growth Revenues grew 7.3% in Q4-2025 to NIS 340m, recording the highest quarterly revenues since Q1-2019, driven by higher revenues from the TV + Bezeq fiber bundle as well 2025 as revenues from the Partner transaction Summary Adj. EBITDA and Adj. Net Profit growth Adjusted EBITDA and Adjust
Slide 31: yes 2025 Key Financial Highlights
2025 Key Financial Highlights | NIS million 2.8% 26% 42% Revenues Adjusted EBITDA Adjusted Net Profit (Loss) 1,309 3 1,265 1,300 239 218 173 (42) (72) 18% 14% 17% 2023 2024 2025 2023 2024 2025 2023 2024 2025 % - Adjusted EBITDA margin ✚ Revenue growth driven by higher revenues from the TV + Bezeq fi
Slide 32: yes Q4-2025 Key Financial Highlights
Q4-2025 Key Financial Highlights | NIS million 7.3% 5.9% 12.5% Revenues Adjusted EBITDA Adjusted Net Profit (Loss) 317 319 320 321 340 59 51 49 56 54 (5) (1) (16) (14) 18% 18% 16% (22) 16% 15% Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Q4-2024 Q1-2025 Q2-2025 Q3-
Slide 33: yes Key Operational Metrics
Key Operational Metrics 0.5% 7.5%(1) ✚ 3k increase in Subscribers (Thousands) ARPU (NIS) TV subscriber 200 year-over-year 186 189 189 189 565 565 172 174 172 168 166 562 561 562 ✚ NIS 14 growth in ARPU driven by increase in TV + fiber subscribers and Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Q4-2024 Q
Slide 34: Business Customers 2025 Summary
Revenues Revenues from business customers increased 2% to NIS 958m, due to higher revenues from cloud activities and sales of equipment 2025 Adj. Net Profit Stable Adj. Net Profit in Q4-2025 due to a decrease in Summary depreciation expenses, offset by lower revenues. Adj. EBITDA totaled NIS 37m in
Slide 35: Thank You!
Thank You! For more information please visit us ir.bezeq.co.il
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