Menora Mivtachim Holdings Ltd. · TASE:MMHD
Menora Mivtachim — Q3 2025 Earnings Presentation
43 slides from Menora Mivtachim's earnings presentation, Jan 13, 2026
Slide 1: Slide 1
Slide 2: Disclaimer
QQ) MeNora MIVTACHIM: This presentation includes only partial information regarding the Group's results for the period ended September 30, 2025 and was prepared solely for the sake of brevity and convenience. The presentation does not include the full information needed by an investor to make a deci
Slide 3: Group areas of activity
SHOMERA Pension & Provident Insurance Investments Credit Agencies
Slide 4: Key Points - Menora Mivtachim Group
) 02 Details of Changes in Income by! ( ) 03 Key Points - Menora Mivtachim G
Slide 5: Comprehensive income and return on equity
[3] Based on post-tax comprehensive income Attributable to shareholders | in NIS million Attributable to shareholders | in NIS million [3] [2] [2] Based on post-tax adjusted profit [1] Both 2024 data and 2025 data are presented according to IFRS 17. [2] See the Explanation Appendix at the end of the
Slide 6: Comprehensive income and return on equity
[3] Based on post-tax comprehensive income Attributable to shareholders | in NIS million Attributable to shareholders | in NIS million [3] [2] [2] Based on post-tax adjusted profit [1] Both 2024 data and 2025 data are presented according to IFRS 17. [2] See the Explanation Appendix at the end of the
Slide 7: Equity, solvency and premiums
[2] [2] Attributable to the shareholders [1] [1] Menora Insurance - without applying the Provisions for the Transitional Period, including equity transactions occurring subsequent to the calculation date (June 30, 2025). The solvency ratio including the Transitional Period is 180.2% [2] Gross premiu
Slide 8: Changes in comprehensive income 1-9/2025
1-9/2024 1-9/2025 [1] +953 6,172 7,432 [2] 23.1% 30.4% +626 +197 +28 +407 +321 Life Insurance and P&C Insurance Health Insurance Not attributed to Total comprehensive 1-9/2024 1-9/2025 Long-Term Savings operating segments income, before tax [1] Equity capital attributable to the Company’s shareholde
Slide 9: Changes in comprehensive income 7-9/2025
7-9/2024 7-9/2025 +86 [1] 6,172 7,432 [2] 34.5% 31.6% +55 +43 -11 -12 +66 Life Insurance and P&C Insurance Health Insurance Not attributed to Total comprehensive 7-9/2024 7-9/2025 Long-Term Savings operating segments income, before tax [1] Equity capital attributable to the Company’s shareholders as
Slide 10: Changes in adjusted profit 1-9/2025
1-9/2024 1-9/2025 [1] +206 6,172 7,432 [2] 25.3% 23.4% +131 +39 -1 +107 +62 Life Insurance and P&C Insurance Health Insurance Not attributed to Total comprehensive 1-9/2024 1-9/2025 Long-Term Savings operating segments income, before tax [1] Equity capital attributable to the Company’s shareholders
Slide 11: Changes in adjusted profit 7-9/2025
7-9/2024 7-9/2025 +93 [1] 6,172 7,432 [2] 27.2% 26.1% +65 +22 -4 +57 +19 Life Insurance and P&C Insurance Health Insurance Not attributed to Total comprehensive 7-9/2024 7-9/2025 Long-Term Savings operating segments income, before tax [1] Equity capital attributable to the Company’s shareholders as
Slide 12: Subsequent products and run off products 1-9
+206 1,997 1,790 1,814 Subsequent products 1,667 ]91%[ ]93%[ 123 183 Run off products ]7%[ ]9%[ 1-9/2024 1-9/2025 ]1[ [1] Not attributed to operating segments - mainly insurance brokerage, financing and credit activity and investment income for the portion not attributed to segments.
Slide 13: Subsequent products and run off products 7-9
+93 728 634 657 Subsequent products 598 ]90%[ ]94%[ 36 71 Run off products ]6%[ ]10%[ ]1[ 7-9/2024 7-9/2025 [1] Not attributed to operating segments - mainly insurance brokerage, financing and credit activity and investment income for the portion not attributed to segments.
Slide 14: 2024 2025
728 676 594 634 604 552 2024 2025
Slide 15: Not attributed to operating segments 1-9/2025
[1] 1-9/2025 558 601 487 351 469 106 12 1-9/2024 519 602 380 289 (194) 41 (7) [1] Special effects in the reporting period mainly include a one-off revenue due to receipt of compensation from Isracard, and on the other hand - mostly for provisions for class actions
Slide 16: Special effects 7-9/2025
[1] 7-9/2025 209 205 188 126 151 22 (5) 7-9/2024 187 209 131 107 123 59 (7) [1] Special effects in the 7-9/2025 quarter, mainly due to provisions for class actions.
Slide 17: Gross premiums and contributions towards benefits
[1] [1] [1] Gross premiums and contributions towards benefits include the contributions towards benefits deposited with pension funds and provident funds (excluding guaranteed return provident funds tracks) as well as proceeds in respect of investment contracts which are recognized directly in insur
Slide 18: Assets under Management
Assets un d er Ma na ge ment Development of assets under management by area of activity Qy minora MIVTACHIM NIS billion 237.8 40.5 34.4 219.9 297.7 36 262.0 221.2 185.2 190.6 139.2 32.3 A 32.1 33.3 35.6 38. 16.8 18.0 20.1 20.9 22.2 235 December 31, 2019 December 31, 2020 December 31, 2021 December31
Slide 19: Key Points - Menora Mivtachim
cr on } 03 Key Points - Menora Mivtachim
Slide 20: 1-9/2025
1-9/2025 601 (4) 78 (25) 1-9/2024 602 (70) 89 0
Slide 21: 7-9/2025
7-9/2025 205 (11) 22 7-9/2024 209 6 11
Slide 22: Life Insurance, Pension, Provident 1-9
+39 Life Insurance Pension Provident Total 1-9/2024 1-9/2025 1-9/2024 Adjusted Investment Interest 1-9/2025 profit revenues (losses) 1-9/2025 558 93 11 (20) 1-9/2024 519 (135) 68 (7) Life Insurance Pension Provident
Slide 23: Life Insurance, Pension, Provident 7-9
+22 Life Insurance Pension Provident Total 7-9/2024 7-9/2025 7-9/2024 Adjusted Investment Interest 7-9/2025 profit revenues (losses) 7-9/2025 209 40 10 (5) 7-9/2024 187 16 15 (7) Life Insurance Pension Provident
Slide 24: Pension and Provident changes in profit
CAGR +41.9% Pension Provident 1-9/2024 Change in Change in Investment Special 1-9/2025 1-9/2023 1-9/2024 1-9/2025 collection of expenses income effects management (financial fees margin)
Slide 25: Health insurance adjusted profit 1-9
Critical illnesses Collective LTC Individual LTC Medical Short-term Adjusted profit expenses subsegments and personal accidents 1-9/2024 1-9/2025 Adjusted Investment Interest [1] profit revenues (losses) 1-9/2025 487 90 17 1-9/2024 1-9/2025 1-9/2024 380 9 (116) [1] Excluding the collective HMO LTC a
Slide 26: Health insurance adjusted profit 7-9
(26) 215 57 (43) 203 Critical illnesses Collective LTC Individual LTC Medical Short-term Adjusted profit expenses subsegments and personal accidents 7-9/2024 7-9/2025 Adjusted Investment Interest [1] profit revenues (losses) 7-9/2025 188 25 (10) 7-9/2024 131 51 33 7-9/2024 7-9/2025 [1] Excluding the
Slide 27: Details of Changes in Income by Segment
} 02 Details of Changes in Income by 4
Slide 28: Investment highlights
Stable ownership and management structure over time Excess Capital, Solvency and Dividend Leaders in Pension The Largest and Most Profitable Pension Company The P&C insurance activity generates significant profitability, which is not included in the store of future earnings Diversified revenue mix a
Slide 29: Consistently High Return on Equity
Consistently High Return on Equity 35% 30.4% 30% 27.8% 25% 20% 15.6% 19.7% 15% 12.0% 13.4% 10% 7.5% 5% 0% -5% -10% 2019 2020 2021 2022 2023 2024 1-9/2025 IFRS4 IFRS17 Companies A-D refer to the other four major insurance groups The return on equity is calculated based on the comprehensive income for
Slide 30: Interest rate sensitivity
As of June 30, 2025 | NIS Millions * The interest rate exposure arises from the Company's investment assets and insurance contracts ' +1% -1% “A significant portion of the insurance contracts, Rate Increase Rate Decrease particularly in the continuing business, represent assets rather than liabiliti
Slide 31: Solvency ratio vs. peers
165.7% 167.1% 170.0% 157.4% 160.0% 144.5% 150.0% 138.6% 140.0% 134.7% 130.0% 120.2% 120.5% 120.0% 110.0% 100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 2018 2019 2020 2021 2022 2023 2024 30.06.2025 Menora Company D Company C Company B Company A [1] Including a dividend in kind. [2] Including a share buyback p
Slide 32: Equity Capital
Equity Capital CAGR +13% 8,535 7,432 5,896 6,172 5,502 4,182 4,836 3,746 Shareholders’ equity Attributable to the shareholders 2018 2019 2020 2021 2022 2023 2024 30.9.2025 CAGR +21.7% 3,751 4,036 3,159 2,590 1,993 2,126 1,023 1,167 2018 2019 2020 2021 2022 2023 2024 30.9.2025 ]1[ Excess capital refe
Slide 33: Over 90% of adjusted profit from subsequent products
1,997 1,790 300 Over. 90% 242 of the adjusted profit before tax 351 289 arises from subsequent products [1] 1,814 1,667 NIS million NIS million Subsequent Subsequent products [1] products [1] 1,163 1,135 123 183 1-9/2024 1-9/2025 Run off products Subsequent products Not attributed to operating segme
Slide 34: The Largest and Most Profitable Pension Company
The Largest and Most Profitable Pension Company חברה ד חברה ג חברה א חברה ב מנורה 10.0% 27.0% 6.0% 41.0% 71.0% [1] According to the reports of the board of directors for 2024 of the management companies of the pension funds * Companies A-D refer to the other four major insurance groups.
Slide 35: Yesodot
]1[ YESODOT [1] Subsequent to the balance sheet date, the subsidiary's Board of Directors approved in principle the Company's acquisition of the remaining ‘Menora ERN’ shares, bringing the Company's ownership to 100%
Slide 36: Development of the credit portfolio
QQ MENORA MIVTACHIM Development of the credit portfolio | Nis million 7,801” Q 58% = A (2 +18% Business credit 5,815 5,709 4,913 Of Ny MENoRA MIVTACHIM. bas 2,854 2,718 pee 0 ° 42% Consumer credit *— 31.12.2023 31.12.2024 30.9.2024 30.9.2025 [i] The credit portfolio as of September 30, 2025 includes
Slide 37: Credit portfolio mix and profit before tax
QQ MENORA MIVTACHIM Credit portfolio mix | Profit before tax in NIS million cay 124 36% 104 106 Business credit " e— Ny MENoRA MIVTACHIM Credit 64% Consumer credit *— 2023 2024 1-9/2024 1-9/2025 [Consumer credit [_]Business credit [1] Includes Ampa Capital (an associate).
Slide 38: The Group's customers
QQy) MENORA MIVTACHIM The Group’s customers
Slide 39: 3.4 million customers and distribution channels
QQ MENORA MIVTACHIM o0o 3.4 million customers The robust distribution channels working concurrently 8% hybrid 59: direct
Slide 40: Active businesses
Active businesses - Small, medium and large businesses
Slide 41: Thank you for your attention
QQ) MENORA MIVTACHIM Thank you for your attention
Slide 42: Explanation Appendix
Slide 43: Adjusted profit definitions
Adjusted profit includes: ▪ Imputation of a normative real return of 4% (annualized) plus index of 2.5% (annualized) in respect of the balance of investment assets at the beginning of the period, plus the actual return on Hetz bonds, adjusted to an annualized index of 2.5%. ▪ Neutralizes the effects
Menora Mivtachim Holdings — Q3 2025 Earnings Presentation on 6ix