Phoenix Financial Ltd · TASE:PHOE
Phoenix Financial — Q3 2025 Earnings Presentation
51 slides from Phoenix Financial's earnings presentation, Nov 26, 2025
Slide 1: 2025 Q3 Results
2025 Q3 Results Phoenix Financial November 26, 2025
Slide 2: Disclaimer
Disclaimer This presentation includes information regarding the Company’s financial that can not be estimated in advance and may not be controlled by the Company. statements results and strategic plan & targets. Accordingly, the presentation Hence, there is no certainty that the actual results and a
Slide 3: Agenda
Highlights Strategy & Guidance Agenda Financial Results Segment Breakdown Appendix Glossary 3
Slide 4: Phoenix Financial | Company Overview
Phoenix Financial | Company Overview Figures for 9M 2025 Leading financial group 585 NISb (~$180b) 20% AUM AUM 5-year CAGR1 5% Ongoing buybacks Insurance Asset Management Average Dividend yield6 Annual program P&C, Life & Health Wealth & Investments, Retirement, Brokers & Advisors (Agencies) & Finan
Slide 5: Israel Economy | Resilience & Growth
Israel Economy | Resilience & Growth Long-term positive GDP Growth 2 GDP per Capita 3 Long-Term Savings AUM 4 structural trends (e.g., Percent USD NIS Trillion 9.8 demographics, economic 2.8 3.0 Sweden 58 growth, productivity, 6.3 War 2.4 2.3 2.4 vibrant tech sector, wealth 4.3 4.7 Germany 56 1.9 2.
Slide 6: 2025 Q3 & 9M | Key Figures
2025 Q3 & 9M | Key Figures Q3/25 803NISm 3.2NIS 29.2% Comprehensive Income Comp. Income per Share ROE 2,299NISm 9.0NIS 26.8% Comprehensive Income Comp. Income per Share ROE 9M/25 12.1NISb 585NISb 182% Shareholders Equity AUM Solvency1 1 Solvency with transitional measures estimated as of June 30, 20
Slide 7: 2025 Q3 & 9M | Key Takeaways
2025 Q3 & 9M | Key Takeaways Strong Performance Strong business performance across activities with core income of 1,985 NISm in 9M (667 in Q3), run-rate is within 1 guidance for 2027 Investment performance led to positive non-operating effects of 314 NISm in 9M (136 NISm in Q3) Corporate responsibil
Slide 8: Core Income | Continued Growth
Core Income | Continued Growth Income Comprehensive, after tax, NISm IFRS 4 IFRS 17 2,316 2,369 73 2,299 2,087 314 327 630 1,649 Non-Operating Effects 1,450 682 1,353 585 Strong investment 1,093 475 1,124 performance, some offset from interest rates 450 Non-Operating Effects 752 390 758 803 Core Ass
Slide 9: Investments | Core Capabilities
Investments | Core Capabilities Returns – Corporate Account (“Nostro”) Asset Allocation - Corporate Account (“Nostro”) Percent (September 30, 2025) Percent (nominal) 10.6% 8.7% Alternatives & other Cash 7.9% 7.4% 12% 6% 5.9% 4.8% 4.5% Real estate 13% ~67% 35% Fixed income (Govt) 1.9% fixed income Pu
Slide 10: Dividends & Buybacks | Quarterly Payout & Track Record
Dividends & Buybacks | Quarterly Payout & Track Record Dividends demonstrate that growth is profitable and Dividends & Buybacks generating higher cash-flows From annual income, NISm Dividend: 320 NISm quarterly dividend announced, Average dividend 1,138 totaling 950 NISm for 9M (3.8 NIS/share); poli
Slide 11: Quality Earnings | Drive Group Cash Remittance
Quality Earnings | Drive Group Cash Remittance Group Cash Remittance from Subsidiaries Announced dividends from income, by business, NISm Total cash remittance of 1,360 NISm from 9M 2025, supporting 950 NISm in quarterly dividends, 188 NISm of ongoing buybacks, acquisitions, organic growth, and liqu
Slide 12: Agenda
Highlights Strategy & Guidance Agenda Financial Results Segment Breakdown Appendix Glossary 12
Slide 13: Value Creation | New Medium-Term Guidance
Value Creation | New Medium-Term Guidance Previous guidance Updated guidance Comments Providing new medium-term (3 year) Publication date 9/24 3/25 11/25 guidance for 2028, because 2025 run-rate is already achieving previous Target timeframe 2027 2028 guidance for 2027 Core Income (NISb) 2.0 2.4-2.6
Slide 14: Value Creation | Highlights
Value Creation | Highlights Significant market Long-term positive structural trends including demographics, productivity, innovation, wealth accumulation 1 opportunity Accelerated sector value creation with growth in financial services and shift toward asset managers and insurers, driven client weal
Slide 15: Market Opportunity | Strong Growth & Disruption
X% Market Opportunity | Strong Growth & Disruption CAGR Growing population Improved productivity Wealth accumulation Israel population (Millions)1 GDP per capita (USDk)2 Financial assets held by public (NISt)3 +2% +4% 2x 54 +7% 10.1 6.4 8.4 38 3.3 2015 2025 2035 2015 2025 2035 2015 2025 2035 Surge i
Slide 16: Medium-Term Guidance | Core Income Growth
Medium-Term Guidance | Core Income Growth Core Income Phoenix Financial Growth, shifting mix, and NISm, before non-operating capital return effects (capital markets, interest rates, & special 3,300-3,500 Potential upside beyond items) 2,296 Previous guidance includes guidance investment performance
Slide 17: Medium-Term Guidance | Strategic Roadmaps
Medium-Term Guidance | Strategic Roadmaps Phoenix Financial – Group Level Lead value creation, risk management, & people across the group, including: • Strategic development (e.g., focus areas, organic / inorganic growth, capturing group synergies, implementing best practices) • Branding, marketing,
Slide 18: Asset Management | Compounding AUMs
Asset Management Asset Management | Compounding AUMs Assets Under Management NISb, end of period 601 NISb 700-800 as of 10/25 Previous guidance 585 600-650 NISb in 2027 525 Retirement- 138 Pension +20% CAGR 433 117 Beyond overall 369 371 92 138 Retirement- AUM growth, 123 Provident shifting mix to 5
Slide 19: Asset Management | Growth Engines
Asset Management Asset Management | Growth Engines 2,400-2,600 Growth engines include Asset Asset Management Adjusted EBITDA Management, Brokers & Advisors NISm, consolidated including minorities & Financing Significant FRE (Fee-Related Earnings) • EBITDA from non-insurance businesses • Mostly low-r
Slide 20: Wealth Investments & Retirement
Asset Management Wealth Investments & Retirement Description: AUM Core Income, net Investment House (Funds & ETFs, NISb NISm, before non-operating effects Brokerage, Portfolios, ESOP, W), +19% CAGR with current brokerage client base 463 650-750 of ~82k accounts 407 Wealth (private markets) 295 Retir
Slide 21: Brokers & Advisors | Phoenix Agencies
Asset Management Brokers & Advisors | Phoenix Agencies Description: Revenues Core Income Objective advisor benefit administration, NISm NISm, net of tax & minorities, before Phoenix share increased retirement planning, & insurance (life, health, non-operating effects from 78% to 95% 400-500 (as of 1
Slide 22: Financing | Phoenix Gama
Asset Management Financing | Phoenix Gama Description: Financing Portfolio Core Income, net NISb, including mergers NISm, before non-operating effects Fee-related Earnings (FRE) including Credit card solutions, SME payments facilitation and clearing account for >50% of total revenues with 250-300 gr
Slide 23: Insurance | P&C Growth, Optimization
Insurance Insurance | P&C Growth, Optimization Drive growth in P&C (motor, property, Shifting Mix of Insurance Gross Written Premiums liabilities) NISb, not including contributions to savings & investment policies Strategic growth Includes motor property which is cyclical 1.2 0.8 0.8 but contributes
Slide 24: Runway for Growth | Long-Term Value Creation
Runway for Growth | Long-Term Value Creation Significant opportunity Value creation over time Global trends of convergence between asset management and insurance, AI, growth in Driving Next Wave private markets We are here Israel trends of rapid wealth accumulation, growing client demand & sophistic
Slide 25: Agenda
Highlights Strategy & guidance Agenda Financial Results Segment Breakdown Appendix Glossary 25
Slide 26: Income by Source | Q3 2025
Income by Source | Q3 2025 Breakdown Before Tax – By Segment NISm Q3-25 Q3-24 Difference P&C 213 232 (19) Health 257 234 23 Core Income Breakdown (Comprehensive) Life 108 94 14 Q3 2025, NISm Other Equity Returns 50 27 23 1,238 Core Insurance 628 587 41 Retirement 42 31 11 211 Wealth & Investments 15
Slide 27: Income by Source | 9M 2025
Income by Source | 9M 2025 Breakdown Before Tax – By Segment NISm 9M/25 9M/24 Difference P&C 719 662 57 Health 744 673 71 Life 347 313 34 Core Income Breakdown (Comprehensive) Other Equity Returns 166 113 53 9M 2025, NISm Core Insurance 1,976 1,761 215 3,633 Retirement 115 87 28 584 Wealth & Investm
Slide 28: Income by Segment | Q3 2025
Income by Segment | Q3 2025 Segment Income Breakdown (Comprehensive) Q2 2025, NISm 1,238 53 21 103 (395) 152 43 803 (40) 284 80 316 186 P&C Health Life Other Retirement Wealth & Brokers & Financing Other Income Tax Miniority Q3/25 Equity Investments Advisors before Tax Returns & Minority 866 372 Ins
Slide 29: Income by Segment | 9M 2025
Income by Segment | 9M 2025 Segment Income Breakdown (Comprehensive) H1 2025, NISm 3,633 133 73 312 339 (1,223) 122 (111) 2,299 928 307 706 713 P&C Health Life Other Retirement Wealth & Brokers & Financing Other Income Tax Miniority 9M/25 Equity Investments Advisors before Tax Returns & Minority 2,6
Slide 30: Balance Sheet | Strong Liquidity & Low Leverage
Balance Sheet | Strong Liquidity & Low Leverage Balance Sheet (Solo) Financial Assets Group Leverage Highlights 2,478 Entity Rating1 Actual highlights IFRS 17 Phoenix Financial AA 1%-5% LTV Phoenix Insurance AAA 182% Solvency (with transitional measures) Phoenix Financial Solo NISm 31/12/2024 30/09/
Slide 31: Capital Management | Solvency
Capital Management | Solvency Solvency ratio (Insurance Company) Solvency II implementation Cashflow and Liquidity (Phoenix Financial Company) Solvency II implemented in Israel in line with international standards, with strong regulatory Insurance subsidiary dividend With oversight payout 40-60% of
Slide 32: Agenda
Highlights Strategy & guidance Agenda Financial Results Segment Breakdown Appendix Glossary 32
Slide 33: Insurance P&C
Insurance P&C Continued strong profitability despite Comprehensive Income Before Tax competitive market NISm Improved claims management 41 (47) 713 -0 Optimized use of machine learning for motor underwriting 719 Core Income (Before Tax) Q3/24 Q3/25 9M/24 9M/25 Compulsory Motor 33 50 125 126 Motor Pr
Slide 34: Health
Insurance Health Comprehensive Income Before Tax Continued improvement in core NISm income from underwriting profit Focusing growth on high-ROE, capital- 706 (95) -0 efficient products 57 Negative non-operating impact 744 Core Income Q3/24 Q3/25 9M/24 9M/25 (Before Tax) Critical & Health Short Term
Slide 35: Life & Savings
Insurance Life & Savings Comprehensive Income Before Tax Increased core income from underwriting profit NISm Negative non-operating effects mainly due to interest rate effects, partially offset by investment 42 performance 307 (155) Special items include onerous contracts results 73 Growth in Invest
Slide 36: Other Equity Returns (Insurance)
Insurance Other Equity Returns (Insurance) Strong contribution from Comprehensive Income Before Tax corporate account investment NISm performance 928 (7) 769 166 Financial Margin Investments Special Items 9M/25 9M/24 113 150 10 273 Difference 53 619 (17) 655 Q3/25 50 234 - 284 Q3/24 27 367 - 394 Dif
Slide 37: Wealth & Investments
Asset Management Wealth & Investments Higher income across sub- Comprehensive Income Before Tax Including Phoenix Capital segments NISm Partners (with alternatives) & investment policies Strong growth in Mutual Funds & ETFs (65) 85 339 Continued growth in brokerage platform reaching 82k accounts 16
Slide 38: Retirement | Pension & Provident
Asset Management Retirement | Pension & Provident Continued organic growth Comprehensive Income Before Tax NISm Focus on profitability including higher margin / 122 efficient activities driving 115 7 0 higher core income Pension 43 Provident 72 Core Income Investments Special items 9M/25 Non-Operati
Slide 39: Brokers & Advisors | Phoenix Agencies
Asset Management Brokers & Advisors | Phoenix Agencies Strong growth in core income Comprehensive Income Before Tax NISm Continued organic and inorganic growth including small acquisitions (16) 312 (7) leading to higher core income Transaction to increase holdings from 78% to 95% signed in July Upda
Slide 40: Financing | Phoenix Gama
Asset Management Financing | Phoenix Gama Continued growth across segments Comprehensive Income Before Tax Credit NISm Significant fee-related revenues Turnover Key Financials (NISm) 9M/24 9M/25 portfolio (9M) and income, including credit card 30/09/2025 solutions and selected financing activities w
Slide 41: Other
Other Segment includes Phoenix Comprehensive Income Before Tax Financial solo profits NISm (including RT1 holding) as well as other items 9 3 0 Restructured to improve capital & investments efficiency 73 Raising Tier-1 capital in 61 favorable terms to improve capital efficiency Financial Subsidiarie
Slide 42: Agenda
Highlights Strategy & guidance Agenda Financial Results Segment Breakdown Appendix Glossary 42
Slide 43: Value Creation | Proven Strategy
Value Creation | Proven Strategy Accelerated Innovation & Active Capital & Investments Growth Efficiency Management Management in profitable & to increase competitive of people, culture & to maximize performance capital-efficient activities advantages structure Value Catalysts Income growth Competit
Slide 44: Value Creation | Achieving Global Excellence
Value Creation | Achieving Global Excellence Deploying global best practices… Sources of Democratization of investment solutions inspiration 1 Providing access to best practice manufacturing/origination, wrapping, distribution (including private markets) Retirement solutions 2 From savings to invest
Slide 45: Strategic Roadmaps | Technology
Strategic Roadmaps | Technology Technology aligned with strategy Data analytics & ML for pricing & underwriting, cross-sell, personalization Distinctive Capabilites Group app & digital platforms (e.g Consumer Credit) for sales and service Improved journeys (digitized, simple, transparent) Client Exp
Slide 46: Value Creation | Global Outreach
Value Creation | Global Outreach Global activities upgrade know-how and best practices, culture, opportunities, and differentiation Shareholders Investments Partners Board 30-40% leading international 40-50% global investments Partnerships with leading Executives with broad funds & institutional inc
Slide 47: Israeli Economy | Long-Term Structural Trends
Israeli Economy | Long-Term Structural Trends Population Growth 1 Debt to GDP 3 Stock Market Performance5 Percent Percent 5-years comparison (2020-6/2025) Israel 2.0% Germany 63% TA-125 86% UK 1.1% Israel 69% S&P500 70% USA 1.0% UK 96% Nikkei225 35% Spain 0.9% Spain 103% Euro Stoxx50 30% Italy 0.0%
Slide 48: Consolidated Balance Sheet | Strong Financial Position
Consolidated Balance Sheet | Strong Financial Position Bonds and Loans Phoenix Financial Balance Sheet 30/09/2025 31/12/2024 NISm IFRS 17 Floating Fixed Phoenix Financial NISm 31/12/2024 30/09/2024 30/09/2025 9M/24-9M/25 CPI linked interest interest Total Total Financial Solo 1,293 313 1,339 2,945 1
Slide 49: Agenda
Highlights Strategy & guidance Agenda Financial Results Segment Breakdown Appendix Glossary 49
Slide 50: Glossary
Glossary Adjusted EBITDA - calculated as income before finance, taxes, depreciation and amortization in the relevant areas of activity; adjustments as detailed below: Investment House - IFRS 16 adjustment and special items Adjusted EBITDA Retirement (Pension and Provident) - IFRS 16 adjustment and a
Slide 51: Glossary
Glossary LTS Long Term Services; including but not limited to Life, Provident and Pension funds Marketable Securities Liquid financial assets that can be quickly converted into cash; most are trading assets MF Management Fees; wages charged by a financial manager Moody’s A Finance (Credit) risk rati