Phoenix Financial Ltd · TASE:PHOE
Phoenix Financial — Q1 2026 Earnings Presentation
51 slides from Phoenix Financial's earnings presentation, May 28, 2026
Slide 1: Q1 2026 Results
Q1 2026 Results Phoenix Financial May 28, 2026 1
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 2025 highlights (AUMs & ratings as of Q1 2026) Institutional-grade platform Scaled Financial Platform & Permanent-Capital Allocator 623 NISb ($215b) 21% AUM AUM 5-year CAGR1 5.5% Ongoing buybacks Average Dividend yield6 Annual program Insurance Asset Management >
Slide 5: Israel | Scaled Access to a Dynamic Innovation Economy
Israel | Scaled Access to a Dynamic Innovation Economy Scaled institutional GDP Growth 2 GDP per Capita 3 Long-Term Savings AUM 4 access to one of the Percent USD NIS Trillion 9.3 world’s most dynamic War 7.4 Sweden 63 7.2 innovation economies 6.4 6.2 5.5 1.3 1.4 Independent with strong demographics
Slide 6: Q1 2026 | Key Figures
Q1 2026 | Key Figures 702 NISm 2.8 NIS 24.1% Comprehensive Income Earning Per Share ROE 12.8 NISb 623 NISb 178% Shareholders Equity AUM Solvency1 6 1 Insurance Company Solvency with transitional measures as of December 31, 2025
Slide 7: Q1 2026 | Key Takeaways
Q1 2026 | Key Takeaways Accelerating organic earnings growth Comprehensive income growth: 24% YoY with 702 NISm in Q1, with disciplined capital allocation 1 Core income growth: 13% YoY, above expected Asset Management core income growth: 23% YoY, compounding scalable fee streams across wealth, retir
Slide 8: Q1 2026 | Strong Core Income Growth
Q1 2026 | Strong Core Income Growth IFRS 4 IFRS 17 Income 3,186 Comprehensive, after tax, NISm 536 2,369 2,316 2,087 73 895 327 630 1,353 1,450 1,093 585 1,124 24% growth YOY Non-Operating Effects 450 (investments, rates, special) 752 390 1,666 1,755 568 702 23% growth YOY in 314 asset management 1,
Slide 9: Capital Allocation | Institutional-Grade Capabilities
Capital Allocation | Institutional-Grade Capabilities Returns – Corporate Account (“Nostro”) Asset Allocation - Corporate Account (“Nostro”) Percent (March 31st, 2026) Percent (nominal) 10.6% 8.5% Q1 war Cash 7.9% impact, Alternatives & other 3% 7.4% markets 6.7% rebounded 15% 4.8% 4.5% after quarte
Slide 10: Growing Payouts & Disciplined Capital Returns
Growing Payouts & Disciplined Capital Returns Dividends demonstrate that growth is profitable and Dividends & Buybacks generating higher cash-flows From annual income, NISm Dividend: 320 NISm dividend announced from Q1 1,612 earnings (1.3 NIS/share, 46% of comprehensive income) Track record: average
Slide 11: Strong Cash Flows | Growing Earning Remittance
Strong Cash Flows | Growing Earning Remittance Group Cash Remittance from Subsidiaries (FCF) Announced dividends from income, by business, NISm Total cash remittance of 484 NISm from Q1, supporting 320 NISm quarterly dividends and 85 NISm buybacks, plus liquidity for organic growth and acquisitions
Slide 12: Agenda
Highlights Strategy & Guidance Agenda Financial Results Segment Breakdown Appendix Glossary 12
Slide 13: The Opportunity | Value Creation in a High-Growth Market
The Opportunity | Value Creation in a High-Growth Market Structural tailwinds Growth & value creation in financial services sector Long-term trends: Assets held by public (NIStr)3 Revenues (NISb)4 Net income (NISb)4 Market cap (NISb)4 Demographics: 2% annual population growth1 v 7.4 2/26 Productivit
Slide 14: Capturing the Opportunity | Platform-Driven Value Creation
Capturing the Opportunity | Platform-Driven Value Creation Significant trends & market Value creation, disruption & capabilities over time Next wave of value creation opportunity Global trends: convergence of asset management and permanent capital We are here Phoenix platform vehicles, AI, growth in
Slide 15: Performance | Continued Strategic Growth
Performance | Continued Strategic Growth Core Income Phoenix Financial Performance & guidance highlight expanding fee- 3,300-3,500 generating assets and disciplined capital allocation NISm, before non- 10% CAGR operating effects 2,650 (capital markets, 2,296 Potential upside beyond guidance interest
Slide 16: Fee-Based Platforms | Compounding AUMs
Asset Management Fee-Based Platforms | Compounding AUMs Assets Under Management Q1 war NISb, end of period impact, markets 700-800 rebounded after quarter 610 623 Retirement- 525 146 151 Beyond overall AUM +19% CAGR Pension growth - shifting mix to 433 117 higher margin, higher multiple solutions, R
Slide 17: Fee-Based Platforms | Compounding EBITDA
Asset Management Fee-Based Platforms | Compounding EBITDA Growth engines include Wealth & Asset Management Adjusted EBITDA 2,400-2,600 Investments, Retirement, Brokers & NISm, consolidated including minorities Advisors, Payments & Financing Significant FRE (Fee-Related Earnings) • EBITDA from non-in
Slide 18: Deep Dive | Wealth Investments & Retirement
Asset Management Deep Dive | Wealth Investments & Retirement Description: AUM Core Income, net Investment House (Funds & ETFs, NISb NISm, before non-operating effects +26% CAGR Brokerage, Portfolios, ESOP, W), with current brokerage client base of ~90k 483 497 650-750 accounts; position in “Beta” ET
Slide 19: Deep Dive | Brokers & Advisors
Asset Management Deep Dive | Brokers & Advisors Description: Revenues Core Income Advisory, benefit administration, NISm NISm, net of tax & minorities, before retirement planning, & insurance (life, non-operating effects 400-500 health, P&C, specialties) Acquisition of Independent brokers providing
Slide 20: Deep Dive | Payments & Financing (Phoenix Gama)
Asset Management Deep Dive | Payments & Financing (Phoenix Gama) Description: Financing Portfolio Core Income, net NISb NISm, before non-operating effects 250-300 Fee-related Earnings (FRE) including credit 5.3 126 NISm card clearing & solutions & SME payments 4.8 fee-related facilitation accounting
Slide 21: Deep Dive | Insurance – P&C, Life & Health
Insurance Deep Dive | Insurance – P&C, Life & Health P&C – Driving Growth P&C – Steady growth in premiums and market share Life & Health – Disciplined (motor, property, liabilities) P&C GWP (NISb) & Market share (%) growth & optimization Market leader with strategic 6.3-6.7 (unit-linked, life & disa
Slide 22: Agenda
Highlights Strategy & guidance Agenda Financial Results Segment Breakdown Appendix Glossary 22
Slide 23: Income by Source | Q1 2026
Income by Source | Q1 2026 Breakdown Before Tax – By Segment NISm P&C Q1-26 209 Q1-25 215 Difference (6) Health 252 237 15 Life 84 106 (22) Core Income Breakdown (Comprehensive) Other Equity Returns 137 73 64 Q1 2026, NISm Core Insurance 682 631 51 Retirement 38 42 (4) 1,065 Wealth & Investments 157
Slide 24: Income by Segment | Q1 2026
Income by Segment | Q1 2026 Segment Income Breakdown (Comprehensive) Q1 2026, NISm 1,065 53 19 125 (333) 125 32 (30) 702 250 38 162 261 P&C Health Life Other Retirement Wealth & Brokers & Payments Other Income Tax Miniority Q1/2026 Equity Investments Advisors & Financing before Tax Returns & Minorit
Slide 25: CSM Evolution | Breakdown by Segment & Growth Profile
Insurance CSM Evolution | Breakdown by Segment & Growth Profile Evolution of CSM (and VNB of Investment Policies) NISm 198 197 9,049 165 32 9,204 9,204 Continued growth 182 16 216 25 Investment Policies 6573 -241 680 680 in Investment Policies Optimized & focused growth of new business Implementing
Slide 26: Balance Sheet | Strong Liquidity & Low Leverage
Balance Sheet | Strong Liquidity & Low Leverage Group Leverage Highlights Financial Assets Entity Rating1 Actual highlights Phoenix Financial AA 1%-5% LTV 2,531 Balance Sheet (Solo) Phoenix Insurance AAA 178% Solvency (with transitional measures) NISm Phoenix Investment House AA- >10x EBITDA / finan
Slide 27: Capital Management & Solvency
Capital Management & Solvency Solvency ratio (Insurance Co.) Solvency II implementation (Insurance Co.) Cashflow and Liquidity (Phoenix Financial – group level) Solvency II implemented in Israel in line with international standards, with strong regulatory oversight Insurance subsidiary dividend With
Slide 28: Agenda
Highlights Strategy & guidance Agenda Financial Results Segment Breakdown Appendix Glossary 28
Slide 29: Insurance P&C
Insurance P&C On track to guidance with opportunities to take additional share Comprehensive Income Before Tax NISm Strategic growth in market share from 12.2% in 2020 to 15.2% in 2025 with improvement in profitability; potential for additional growth 261 in share, with high renewal rates especially
Slide 30: Health
Insurance Health Continued improvement in core income from Comprehensive Income Before Tax underwriting profit NISm Focusing growth on more capital-efficient products Negative non-operating effects (91) 162 1 0 252 Core Income (Before Tax) Q1/25 Q1/26 Medical Expenses 103 107 Critical & Health Short
Slide 31: Life & Savings
Insurance Life & Savings Comprehensive Income Before Tax Decreased core income from underwriting profit NISm mostly from risk Negative non-operating effects mainly due to (22) 38 investments performance offset by interest rate 84 effects Special items include onerous contracts results Growth in Inve
Slide 32: Other Equity Returns (Insurance)
Insurance Other Equity Returns (Insurance) Strong contribution from Comprehensive Income Before Tax corporate account investment NISm performance 250 30 83 137 Financial Margin Investments Special Items Q1/26 Q1/25 73 (111) 8 (30) Difference 64 194 22 280 32 Note: Core Income does not include Non-Op
Slide 33: Wealth & Investments | Investment House & Capital Partners
Asset Management Wealth & Investments | Investment House & Capital Partners Higher income across sub-segments Comprehensive Income Before Tax NISm Strong growth in Mutual Funds & ETFs Continued growth in brokerage platform reaching 90k accounts (26) including new client acquisition, increase 56 (6)
Slide 34: Retirement | Pension & Provident
Asset Management Retirement | Pension & Provident Continued organic growth Comprehensive Income Before Tax NISm Focus on profitability including higher margin / efficient activities driving higher core income (6) 32 0 26 12 Pension Provident Investments Special items Q1/26 Non-Operating Q1/25 16 26
Slide 35: Brokers & Advisors
Asset Management Brokers & Advisors Strong 38% growth in core income Comprehensive Income Before Tax before tax NISm Continued significant organic growth (10) 125 with focus on investment products (6) Continued inorganic growth including small acquisitions leading to higher core income Consistent im
Slide 36: Payments & Financing | Phoenix Gama
Asset Management Payments & Financing | Phoenix Gama Continued growth across Comprehensive Income Before Tax segments NISm Significant fee-related revenues and income 4 (5) 53 (3) 0 0 including credit card solutions & selected financing activities, 22 with minimal capital requirements & lower risk G
Slide 37: Other
Other Segment includes Phoenix Comprehensive Income Before Tax Financial solo profits NISm (including RT1 holding) as 19 well as other items 0 Restructured & optimized debt to improve capital & investments efficiency 26 (4) (3) Financial Subsidiaries Investment Special Items Q1/26 Margin Q1/25 12 -
Slide 38: For further information & shareholder resources
For further information & shareholder resources: www.phoenixfinancial.co.il 38
Slide 39: Agenda
Highlights Strategy & guidance Agenda Financial Results Segment Breakdown Appendix Glossary 39
Slide 40: Value Creation | Highlights
Value Creation | Highlights Scaled permanent- Phoenix provides scaled institutional access to one of the world’s most dynamic innovation economies, with 1 capital opportunity long-term structural tailwinds including demographics, productivity, and rapid wealth accumulation; capital flows are moving
Slide 41: Proven Strategy | Value Drivers
Proven Strategy | Value Drivers Accelerated Growth Innovation & Active Management Capital & Investments Efficiency Management in scalable fee-generating & to increase competitive of people, culture & for long-term compounding capital-efficient platforms advantages structure Value Catalysts 2025-28 I
Slide 42: Disruption | Phoenix Platform – Digital Delivery
Disruption | Phoenix Platform – Digital Delivery Integrated client platform connecting savings, investments, insurance, and financing Product and distribution ecosystem experience with AI-driven personalization Full solution suite in one Savings & Investment policies – Employee Securities Insurance
Slide 43: AI | Building Competitive Advantages
AI | Building Competitive Advantages International best practices Phoenix AI use cases Status Examples Service • In-service AI agent • AI agent deployed in WhatsApp channel • Personal assistant for representatives addressing ~50k queries per month with 85% resolved by AI • Automated call monitoring
Slide 44: Platform Opportunity
Platform Opportunity Asset Wealth Brokers & Payments & Additional Digital Commercial Insurance Management Management Advisors Financing Platforms Banks P&C Mutual funds & ETFs Advisory Insurance brokers & Deferred debit cards Digital services Banking services Health Retirement solutions Planning age
Slide 45: Market Position | Significant Room for Growth
Market Position | Significant Room for Growth Assets Under Management Insurance Premiums Brokers & agents Total AUM, 2025 2025, P&C, Health, Life (risks only) % of total commissions, 2024 Phoenix Other A 16% 16.3% Other 18.8% 21% 28% Phoenix 8% F C 11.2% 3.7 15% A 15.5% 58 12 1% 2% G NIStr NISb 15%
Slide 46: Value Creation | Global Institutional Standards
Value Creation | Global Institutional Standards 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 inv
Slide 47: Value Creation | Global Outreach
Value Creation | Global Outreach Global activities embed institutional-grade standards, best practices, and differentiated capabilities across the platform Shareholders Investments Partners Board 35-40% leading international 40-50% global investments Partnerships with leading Executives with broad f
Slide 48: Consolidated Balance Sheet | Strong Financial Position
Consolidated Balance Sheet | Strong Financial Position Phoenix Financial Balance Sheet Bonds and Loans NISm 31/03/2026 31/12/2025 IFRS 17 Fixed CPI linked Floating interest interest Total Total Phoenix Financial NISm 31/12/2025 31/03/2025 31/03/2026 ΔQ1/25-Q1/26 Financial Solo 1,290 298 1,551 3,139
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