Phoenix Financial Ltd · TASE:PHOE
Phoenix Financial — FY2025 Earnings Presentation
51 slides from Phoenix Financial's earnings presentation, Mar 26, 2026
Slide 1: 2025 Results
2025 Results Phoenix Financial March 26, 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 Leading financial group 610 NISb ($196b) 21% AUM AUM 5-year CAGR1 5.5% Ongoing buybacks Average Dividend yield6 Annual program Insurance Asset Management 3,500+ Platinum Plus P&C, Life, Health Wealth & Investments, Retirement, Brokers & Employees with equity ESG
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 9.3 demographics, economic War 2.8 3.1 Sweden 58 growth, productivity, 6.4 2.4 2.3 2.4 vibrant tech sector, wealth 4.3 5.2 Germany 55 2.0 3.
Slide 6: Key Figures
Key Figures 3,186NISm 12.6NIS 26.6% Comprehensive Income Comp. Income per Share ROE 2025 12.5NISb 610NISb 179% Shareholders Equity AUM Solvency1 Q4/25 887NISm 3.5NIS 28.9% Comprehensive Income Comp. Income per Share ROE 1 Solvency with transitional measures estimated as of Sep 30, 2025 6
Slide 7: 2025 Highlights | Key Takeaways
2025 Highlights | Key Takeaways Strong strategic growth & performance ahead of 2028 guidance growth rate • 34% growth in comprehensive income YoY including 536 NISm non-operating income from strong investment 1 performance; strong 887 NISm comprehensive income in Q4 • 16% growth in core income YoY w
Slide 8: Strong Growth in Core Income
Strong Growth in Core Income Record performance above guidance for core income growth with strong growth YOY +34% comprehensive income IFRS 4 IFRS 17 +16% core income Income Comprehensive, after tax, NISm 3,186 Strong investment performance 536 2,369 2,316 42% growth YOY in asset 2,087 73 management
Slide 9: Investments | Core Capabilities
Investments | Core Capabilities Returns – Corporate Account (“Nostro”) Asset Allocation - Corporate Account (“Nostro”) Positive 2026 YTD Percent (December 31, 2025) Percent (nominal) performance & margin above 10.6% rate effects despite war 8.5% Cash 7.9% 5% 7.4% 6.7% Alternatives & other Fixed inco
Slide 10: Growing Dividends & Buybacks
Growing Dividends & Buybacks Dividends demonstrate that growth is profitable Dividends & Buybacks and generating higher cash-flows From annual income, NISm Dividend: 360 NISm quarterly dividend announced, Average dividend 1,612 totaling 1,310 NISm for 2025 (6.0 NIS/share) yield ~ 5.5% 3021 Buybacks:
Slide 11: Strong Cash Flows | Quarterly Cash Remittance
Strong Cash Flows | Quarterly Cash Remittance Group Cash Remittance from Subsidiaries Announced dividends from income, by business, NISm Total cash remittance of 1,812 NISm from 2025, supporting 1,310 NISm in quarterly dividends, 302 NISm of ongoing buybacks, acquisitions, organic growth, and liquid
Slide 12: Agenda
Highlights Strategy & Guidance Agenda Financial Results Segment Breakdown Appendix Glossary 12
Slide 13: The Opportunity | Creating Value & Shifting to Assets / Wealth
The Opportunity | Creating Value & Shifting to Assets / Wealth Long-term structural growth trends… …driving value creation in financial services… …and shifting towards asset management & insurance Growing population (millions)1 Market cap of financial services (NISb)4 Market cap of financial service
Slide 14: Capturing the Opportunity | Phoenix Value Creation
Capturing the Opportunity | Phoenix Value Creation Significant trends & market Value creation, disruption & capabilities over time opportunity Next wave of value creation: Global trends: convergence between asset management and insurance, AI, We are here Integrated financial services growth in priva
Slide 15: Value Creation | Proven Strategy
Value Creation | Proven Strategy Accelerated Growth Innovation & Active Management Capital & Investments Efficiency Management in profitable & to increase competitive of people, culture & to maximize performance capital-efficient activities advantages structure Value Catalysts 2025-28 Income growth
Slide 16: Disruption | Building Capabilities
SELECTED EXAMPLES Disruption | Building Capabilities Deepening capabilities for disrupting Israeli financial services 1 Advanced products & services Lending (consumer & business) – Data-driven / digital, tailored underwriting Best-in-class investments – Qualified & retail, first-tier global partners
Slide 17: Performance Ahead of Guidance with Upside Potential
Performance Ahead of Guidance with Upside Potential Core Income Phoenix Financial 3,186 NISm Comprehenisve Income Performance & guidance highlight shift NISm, before non- (including investment performance) to high-growth, high-return asset 10% operating effects CAGR 3,300-3,500 management & P&C (cap
Slide 18: Asset Management Growth | Compounding AUMs
Asset Management Asset Management Growth | Compounding AUMs Assets Under Management NISb, end of period 700-800 610 525 146 Retirement- Pension +19% CAGR 117 433 Beyond overall Retirement- AUM growth - 369 371 92 144 Provident shifting mix to 53 67 123 higher margin, higher multiple 113 234 117 111
Slide 19: Asset Management Growth | Compounding EBITDA
Asset Management Asset Management Growth | Compounding EBITDA 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 • M
Slide 20: 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 Brokerage, Portfolios, ESOP, W), +19% CAGR with current brokerage client base 483 650-750 of ~85+k accounts 407 Wealth management 295
Slide 21: Deep Dive | Brokers & Advisors (Phoenix Agencies)
Asset Management Deep Dive | Brokers & Advisors (Phoenix Agencies) Description: Revenues Core Income Advisory, benefit administration, retirement NISm NISm, net of tax & minorities, before planning, & insurance (life, health, P&C, non-operating effects 400-500 specialties) Acquisition of Independent
Slide 22: 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 Fee-related Earnings (FRE) including credit card clearing & solutions & SME payments facilitation accounting for >50% of revenues 126 NISm 250-30
Slide 23: Deep Dive | Insurance
Insurance Deep Dive | Insurance 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 in market share from 8.6 8.7 12-13% in 2021 to 15-16% in 2025 7.5 7.8 1.1 1.2 (est),
Slide 24: Value Creation | Highlights
Value Creation | Highlights Significant market Accelerated value creation in Israeli financial services is driven by long-term positive structural trends including 1 opportunity demographics, productivity, innovation, wealth accumulation Value creation is shifting from traditional banks to asset man
Slide 25: Agenda
Highlights Strategy & guidance Agenda Financial Results Segment Breakdown Appendix Glossary 25
Slide 26: Income by Source | 2025
Income by Source | 2025 Breakdown Before Tax – By Segment NISm 12M/25 12M/24 Difference P&C 887 986 (99) Health 980 887 93 Core Income Breakdown (Comprehensive) Life 478 435 43 2025, NISm Other Equity Returns 318 206 112 4,974 Core Insurance 2,663 2,514 149 Retirement 172 118 54 914 Wealth & Investm
Slide 27: Income by Source | Q4 2025
Breakdown Before Tax – By Segment Income by Source | Q4 2025 NISm P&C Q4-25 Q4-24 Difference 168 324 (156) Health 236 214 22 Life 131 122 9 Core Income Breakdown (Comprehensive) Other Equity Returns 152 93 59 Q4 2025, NISm Core Insurance 687 753 (66) 1,341 Retirement 57 31 26 Wealth & Investments 11
Slide 28: Income by Segment | 2025
Income by Segment | 2025 Segment Income Breakdown (Comprehensive) 2025, NISm 4,974 180 89 429 384 (1,670) 166 3,186 (118) 1,462 413 924 927 P&C Health Life Other Retirement Wealth & Brokers & Payments Other Income Tax Miniority 2025 Equity Investments Advisors & Financing before Tax Returns & Minori
Slide 29: Income by Segment | Q4 2025
Income by Segment | Q4 2025 Segment Income Breakdown (Comprehensive) Q4 2025, NISm 1,341 47 16 117 44 45 (447) 887 (7) 534 106 218 214 P&C Health Life Other Retirement Wealth & Brokers & Payments Other Income Tax Miniority Q4/2025 Equity Investments Advisors & Financing before Tax Returns & Minority
Slide 30: Balance Sheet | Strong Liquidity & Low Leverage
Balance Sheet | Strong Liquidity & Low Leverage Group Leverage Highlights Financial Assets Entity Rating1 Actual highlights Balance Sheet (Solo) 2,471 Phoenix Financial AA 1%-5% LTV NISm IFRS 17 Phoenix Insurance AAA 179% Solvency (with transitional measures) Phoenix Investment House AA- >10x EBITDA
Slide 31: Capital Management | Insurance Solvency
Capital Management | Insurance Solvency Solvency II implementation Cashflow and Liquidity Solvency ratio (Insurance Company) (Phoenix Financial – group Solvency II implemented in Israel in line with level) international standards, with strong regulatory oversight With 211% Transitional measures thro
Slide 32: Agenda
Highlights Strategy & guidance Agenda Financial Results Segment Breakdown Appendix Glossary 32
Slide 33: 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 12-13% in 2021 to 15-16% in 2025 (est) with improvement in profitability; potential for additional growth in share, with high renewal rates especi
Slide 34: Health
Insurance Health Continued improvement in core income from Comprehensive Income Before Tax underwriting profit NISm Focusing growth on high-ROE, capital-efficient products 924 Negative non-operating effects (119) 55 8 980 Core Income (Before Tax) Q4/24 Q4/25 2024 2025 Critical & Health Short Term 72
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 0 (93) 413 Special items include onerous contracts results 28 Growth in Investment Policies - reported under Asset Managemen
Slide 36: Other Equity Returns (Insurance)
Insurance Other Equity Returns (Insurance) Strong contribution from Comprehensive Income Before Tax corporate account investment NISm performance 1,462 8 1,136 318 Financial Margin Investments Special Items 2025 2024 206 513 (7) 712 Difference 112 623 15 750 Q4/25 152 367 15 534 Q4/24 93 363 (17) 43
Slide 37: Wealth & Investments | Investment House & Capital Partners
Asset Management Wealth & Investments | Investment House & Capital Partners Higher income across sub-segments Comprehensive Income Before Tax Including Phoenix Capital NISm Partners (with alternatives) & Strong growth in Mutual Funds & ETFs investment policies Continued growth in brokerage platform
Slide 38: 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 166 (5) (1) 120 52 Pension Provident Investments Special items 2025 Non-Operating 2024 25 9
Slide 39: Brokers & Advisors | Phoenix Agencies
Asset Management Brokers & Advisors | Phoenix Agencies Strong 37% growth in core income Comprehensive Income Before Tax before tax driven by continued significant NISm organic growth and continued inorganic 429 (26) 3 growth including small acquisitions leading to higher core income Transaction to i
Slide 40: 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 23 (25) including credit card solutions (18) 180 & selected financing activities 78 (33) 23 with minimal capital requirements & lower
Slide 41: Other
Other Segment includes Phoenix Comprehensive Income Before Tax Financial solo profits NISm (including RT1 holding) as 89 well as other items 24 Restructured & optimized debt to improve capital & 0 5 investments efficiency 60 Financial Subsidiaries Other Special Items 2025 Margin 2024 33 - - - 33 Dif
Slide 42: www.phoenixfinancial.co.il
For further information & shareholder resources: www.phoenixfinancial.co.il 42
Slide 43: Agenda
Highlights Strategy & guidance Agenda Financial Results Segment Breakdown Appendix Glossary 43
Slide 44: CSM Evolution | Breakdown by Segment & Growth Profile
CSM Evolution | Breakdown by Segment & Growth Profile Evolution of CSM and other future income NISm Economic Opening balance Closing balance Closing balance Segment Category1 variances, New business Release Special items2 1.1.2025 31.12.2025 31.12.2025 Interest & other Growth 5,166 (1) 394 (587) 4,9
Slide 45: Consolidated Balance Sheet | Strong Financial Position
Consolidated Balance Sheet | Strong Financial Position Phoenix Financial Balance Sheet NISm Bonds and Loans 31/12/2025 31/12/2024 IFRS 17 CPI Fixed linked Floating interest interest Total Total Phoenix Financial NISm 01/01/2024 31/12/2024 31/12/2025 Δ12/24-12/25 Financial Solo 1,288 298 1,162 2,749
Slide 46: Market Position | Driving Disruption With Significant Room for Growth
Market Position | Driving Disruption With Significant Room for Growth Insurance Premiums Assets Under Management (Institutional) 9/25, P&C, Health, Life (risks only) Retirement, Life Savings, Mutual funds & ETFs, 9/25 Phoenix A Other Other 16% 21% 23% 29% 44 3.6 15% A Phoenix market share in NISb 14
Slide 47: 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 48: Sustainability Leadership | Value Creation & Responsibility
Sustainability Leadership | Value Creation & Responsibility Clear sustainability strategy focused on disciplined value creation & resource allocation Economic value creation from disruptive 14 NISb 315 NISm >40% trends including environment & energy investments in climate-related revenues of climate
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