Phoenix Financial Ltd · TASE:PHOE
Phoenix Financial — Q2 2026 Earnings Presentation
53 slides from Phoenix Financial's earnings presentation, Aug 25, 2026
Slide 1: H1 2026 Results
H1 2026 Results Phoenix Financial August 25, 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 | Overview
Phoenix Financial | Overview 2025 highlights (AUMs & ratings as of Q2 2026) Institutional-grade platform Scaled financial platform & permanent-capital allocator 658 NISb ($217b) 21% AUM AUM 5-year CAGR1 5.5% Ongoing buybacks Average Dividend yield6 Annual program Insurance Asset Management >40% Plat
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 Assets & Savings AUM 4 access to one of the Percent Nominal, USD NIS Trillion 9.3 world’s most dynamic War 7.7 Sweden 71 7.2 innovation economies 6.4 6.2 1.4 Investments 4.6 5.5 1.3 with strong
Slide 6: 2026 H1 & Q2 | Key Figures
2026 H1 & Q2 | Key Figures 1,574 NISm 6.3 NIS 26.1% Comprehensive Income Earning Per Share ROE H1/26 13.1 NISb 658 NISb 177% Shareholders Equity AUM Solvency1 Q2/26 872 NISm 3.5 NIS 29.7% Comprehensive Income Comp. Income per Share ROE 6 1 Insurance Company Solvency with transitional measures as of
Slide 7: 2026 H1 & Q2 | Key Takeaways
2026 H1 & Q2 | Key Takeaways Continued strong performance, strategic growth, shifting mix Core income growth: +10% H1 YoY with 1.45 NISb (743 NISm in Q2), above expectations, guidance to be updated 1 High growth in Asset Management: +36% H1 core income YoY reaching 579 NISm (+48% to 328 NISm in Q2),
Slide 8: H1 2026 | Strong Core Income Growth
H1 2026 | Strong Core Income Growth Income 3,186 Comprehensive, after tax, NISm 536 2,369 2,316 2,087 73 895 327 630 1,574 1,450 1,496 1,353 1,093 585 122 1,124 178 Non-Operating Effects 450 928 426 579 +36% H1 / +48% Q2 752 390 872 (investments, rates, special) 1,755 1,666 236 129 314 Core Asset Ma
Slide 9: Capital Allocation | Institutional-Grade Capabilities
Capital Allocation | Institutional-Grade Capabilities Returns – Corporate Account (“Nostro”) Asset Allocation - Corporate Account (“Nostro”) Percent (nominal) Percent (June 30th, 2026) 10.6% 8.5% Cash 7.9% 8.0% Alternatives & other 4% 7.4% 6.7% 13% 4.8% 4.5% Fixed income (Govt) Real estate 37% 8% ~6
Slide 10: Growing Payouts & Disciplined Capital Returns
Growing Payouts & Disciplined Capital Returns Payouts highlight profitable growth & cash-flow Dividends & Buybacks generation From annual income, NISm 1,612 Total payout (dividend + buyback): 62% from H1 earnings – in line with guidance of 55%+ (including 45%+ Track record: average dividend 3021 div
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 1,011 NISm from H1, supporting 972 NISm payouts (720 NISm dividends and 252 NISm buybacks) plus liquidity for organic growth and ac
Slide 12: Agenda
Highlights Strategy & Guidance Agenda Financial Results Segment Breakdown Appendix Glossary 12
Slide 13: Opportunity | High-Growth Market
Opportunity | High-Growth Market Structural tailwinds Growth & value creation in financial services sector Demographics: 2% annual Assets held by public (NIStr)3 Revenues (NISb)4 Net income (NISb)4 Market cap (NISb)4 population growth1 Productivity: 4% annual growth in v 7.7 5/26 GDP/capita, driven
Slide 14: Strategy | Proven Value Creation Roadmap
Strategy | Proven Value Creation Roadmap Attractive business model to capture opportunity Strategic drivers of future growth & value creation Fee-based financial platform Compounding organic growth Recurring earnings from diversified, capital- 1 Momentum from existing businesses while shifting mix t
Slide 15: Strategy | Growth Guidance & Upside
Strategy | Growth Guidance & Upside Guidance to be updated Core Income Baseline Potential upside beyond guidance NISb, before non-operating effects (capital markets, interest rates, & special items) Early impact of innovative platform: 2 Increasing cross-sales & deepening Phoenix Financial competiti
Slide 16: Phoenix Platform | Capturing Opportunity
Phoenix Platform | Capturing Opportunity Full solution suite in one Savings & Investment policies – Employee Securities Insurance - motor Financing - place – investments, retirement best-in-class global stock option trading / / home / travel / consumer credit insurance, financing solutions administr
Slide 17: Fee-Based Platforms | Compounding AUMs
Asset Management Fee-Based Platforms | Compounding AUMs Assets Under Management Guidance to be NISb, end of period updated Up to 10% CAGR as baseline before upside and acquisitions 700-800 NIS 658 610 Retirement- 162 525 Pension 146 +19% CAGR Beyond overall AUM 117 growth - shifting mix to 433 Retir
Slide 18: Fee-Based Platforms | Compounding EBITDA
Asset Management Guidance to be Fee-Based Platforms | Compounding EBITDA updated Growth engines include Wealth Asset Management Adjusted EBITDA 2,400-2,600 & Investments, Retirement, NISm, consolidated including minorities Brokers & Advisors, Payments & Not including Financing insurance Significant
Slide 19: 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), with +26% CAGR current brokerage client base of roughly 530 650-750 483 100k accounts in 2026; posit
Slide 20: Deep Dive | Brokers & Advisors
Asset Management Deep Dive | Brokers & Advisors Guidance to be updated 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 Indepen
Slide 21: Deep Dive | Payments & Financing
Asset Management Deep Dive | Payments & Financing Guidance to Description: Revenues 2025: 212 NISm Core Income, net be updated fee-related revenues Fee-related Earnings (FRE) including credit Gross, NISm from 366 NISm net NISm, before non-operating effects revenues 250-300 card clearing & solutions,
Slide 22: Deep Dive | Insurance
Insurance Deep Dive | Insurance Managing performance given cyclicality in motor property to capture opportunities and maintain margins Growth driven by market trends (increasing penetration, demographics) and capturing share in key segments / products Shifting mix to capital-efficient P&C and select
Slide 23: Agenda
Highlights Strategy & guidance Agenda Financial Results Segment Breakdown Appendix Glossary 23
Slide 24: Insurance Segment Accounting | Update
Insurance Segment Accounting | Update Update Highlights Impact on Previous Periods Core Income Before Tax by Segment (Proforma) Allocation of capital and net investment income NISm from “Other Equity Returns” segment to business Other Equity Life Health P&C Total unit segments Life, Health, and P&C
Slide 25: Income by Source | H1 2026
Income by Source | H1 2026 Breakdown Before Tax – By Segment NISm H1/26 H1/25 Difference Core Income Breakdown (Comprehensive) P&C 456 517 (61) Health 556 522 34 H1 2026, NISm Life 282 321 (39) 2,409 Other Equity Returns 16 (14) 30 Core Insurance 1,310 1,346 (36) 208 Retirement 86 73 13 Wealth & Inv
Slide 26: Income by Source | Q2 2026
Income by Source | Q2 2026 Breakdown Before Tax – By Segment NISm Q2/26 Q2/25 Difference Core Income Breakdown (Comprehensive) P&C 234 295 (61) Q2 2026, NISm Health 262 264 (2) 1,344 Life Other Equity Returns 135 171 (36) (1) (14) 13 Core Insurance 630 716 (86) 216 Retirement 48 31 17 Wealth & Inves
Slide 27: Income by Segment | H1 2026
Income by Segment | H1 2026 Segment Income Breakdown (Comprehensive) H1 2026, NISm 2,409 123 38 238 (769) 338 76 (66) 1,574 142 227 637 590 P&C Health Life Other Retirement Wealth & Brokers & Payments Other Income Tax Miniority H1/2026 Equity Investments Advisors & Financing before Tax Returns & Min
Slide 28: Income by Segment | Q2 2026
Income by Segment | Q2 2026 Segment Income Breakdown (Comprehensive) Q2 2026, NISm 1,344 70 19 113 (436) 210 44 (36) 872 75 114 395 304 P&C Health Life Other Retirement Wealth & Brokers & Payments Other Income Tax Miniority Q2/2026 Equity Investments Advisors & Financing before Tax Returns & Minorit
Slide 29: CSM Evolution | Breakdown by Segment & Growth Profile
Insurance CSM Evolution | Breakdown by Segment & Growth Profile Evolution of CSM (and VNB of Investment Policies) NISm 112 378 9,049 9,064 9,064 37 75 322 56 426 49 Investment Policies 657 739 739 Optimized & focused growth of -475 new business Implementing stochastic model (in progress), expected t
Slide 30: 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 2,856 Balance Sheet (Solo) Phoenix Insurance AAA 177% Solvency (with transitional measures) NISm Phoenix Investment House AA- >10x EBITDA / finan
Slide 31: 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 32: Agenda
Highlights Strategy & guidance Agenda Financial Results Segment Breakdown Appendix Glossary 32
Slide 33: Insurance P&C
Insurance P&C On track toward guidance with opportunities to take additional share Comprehensive Income Before Tax NISm Motor property impacted by market trends, cushioned by competitive advantages in pricing and underwriting, significant increase in number of policies in “Smart” direct platform LTM
Slide 34: Health
Insurance Health Continued improvement in core income from Comprehensive Income Before Tax underwriting profit NISm Focusing growth on capital efficient products (e.g., 26 0 critical illness, travel) 55 Positive non-operating effects 637 556 Core Income (Before Tax) Q1/26 Q2/26 Q2/25 H1/26 H1/25 Cri
Slide 35: Life & Savings
Insurance Life & Savings Decreased core income in underwriting profit mostly Comprehensive Income Before Tax from risk claim expenses in Q2 NISm Stochastic model to be implemented with positive 23 impact with initial estimates of roughly +100 NISm pre-tax (41) core income and 1.2-1.5 NISb CSM** (37)
Slide 36: Other Equity Returns (Insurance)
Insurance Other Equity Returns (Insurance) Partially allocated to business Comprehensive Income Before Tax segments starting Q2 (see NISm explanation in Slide 24) 16 Strong contribution from corporate account investment performance 110 142 16 Financial Margin Investments Special Items H1/26 H1-25 (1
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 NISm Strong growth in Mutual Funds & ETFs; acquisition of Ocean Investment (13) (22) House portfolio of 6 funds with 2 NISb AUM 125 Continued growth in broker
Slide 38: Retirement | Pension & Provident
Asset Management Retirement | Pension & Provident Continued organic growth in AUM Comprehensive Income Before Tax NISm Focus on profitability including higher margin / efficient activities driving higher core income (10) Negative non-operating effect of 0 investments performance 57 76 29 Pension Pro
Slide 39: Brokers & Advisors
Asset Management Brokers & Advisors Strong 30% growth in core income before Comprehensive Income Before Tax tax NISm Continued significant organic growth (19) with focus on investment products (19) Continued inorganic growth including small acquisitions leading to higher core income Consistent impro
Slide 40: Payments & Financing
Asset Management Payments & Financing Significant growth in fee- Comprehensive Income Before Tax related revenues and income NISm including credit card solutions & selected financing activities, with minimal capital requirements & 10 (10) 0 (12) 0 lower risk; BUYME digital 53 platform acquisition in
Slide 41: Other
Other Segment includes Phoenix Comprehensive Income Before Tax Financial solo profits NISm (including RT1 holding) as well as other items 0 Restructured & optimized debt to improve capital & 17 investments efficiency 38 7 14 Financial Subsidiaries Investment Special Items H1/26 Margin H1-25 41 2 - 9
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: Value Creation | Highlights
Value Creation | Highlights Significant Phoenix provides scaled institutional access to Israel’s innovative tech-driven economy with long-term structural 1 opportunity in tailwinds including demographics, productivity, rapid wealth accumulation, and shifting capital flows to more sophisticated growi
Slide 45: Market Opportunity | Financial Platform
Market Opportunity | Financial Platform 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 sol
Slide 46: Proven Performance | Growth & Profitability
Proven Performance | Growth & Profitability Assets under Management (AUM) Core Income NISb NISm +31% p.a. +18% p.a. 2,650 610 2,296 525 433 371 1,180 1,322 2022 2023 2024 2025 2022 2023 2024 2025 EBITDA (Asset Management) ROE Adjusted, NISm % +27% p.a. 27% 1,567 22% 1,185 926 769 11% 11% 2022 2023 2
Slide 47: Wide Moat | Competitive Advantages Across Value Chain
Wide Moat | Competitive Advantages Across Value Chain Insurance Asset Management Hybrid distribution – app / digital, direct Hybrid distribution – app, wealth management, Market Access Capital platform, agents brokers & advisors, other channels generation Differentiated segment specific propositions
Slide 48: Wide Moat | Global Outreach
Wide Moat | 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 funds
Slide 49: Wide Moat | Implementing Global Institutional Standards
Wide Moat | Implementing 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 saving
Slide 50: Consolidated Balance Sheet | Strong Financial Position
Consolidated Balance Sheet | Strong Financial Position Phoenix Financial Balance Sheet NISm Bonds and Loans 30/06/2026 31/12/2025 IFRS 17 Fixed Phoenix Financial NISm 31/12/2025 30/06/2025 30/06/2026 ΔH1/25-H1/26 CPI linked Floating interest interest Total Total Financial Solo 1,538 298 1,934 3,770
Slide 51: Agenda
Highlights Strategy & guidance Agenda Financial Results Segment Breakdown Appendix Glossary 51
Slide 52: 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 53: 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