The Phoenix Holdings Ltd.

Regulatory Filings • Dec 23, 2025

Phoenix Financial Ltd.

December 22, 2025

Issue Rating

'ilAA' Rating Assigned To Bond Issuance Of Up To NIS 400 Mil. P.V.

Primary Credit Analyst:

Andreas Lundgren Harell, Stockholm, 46-8-440-5921 andreas.lundgren.harell@spglobal.com

Additional Contact:

Matan Benjamin, Ramat Gan, 972-3-753916 matan.benjamin@spglobal.com

Please note that this translation was made for convenience purposes and for the company's use only and under no circumstances shall obligate S&P Global Ratings Maalot Ltd. The translation has no legal status and S&P Global Ratings Maalot Ltd. does not assume any responsibility whatsoever as to its accuracy and is not bound by its contents. In the case of any discrepancy with the official Hebrew version published on December 22, 2025, the Hebrew version shall apply.

S&P Maalot hereby assigns its 'ilAA' rating to convertible bonds of up to NIS 400 million par value to be issued by Phoenix Financial Ltd. (ilAA/Stable) through the issuance of a new series, Series 7.

For additional details about the company's rating and for additional regulatory requirements, see our rating report dated July 9, 2025.

1 | December 22, 2025 Issue Rating

Phoenix Financial Ltd.

Phoenix Financial Ltd.	Rating	Date when the rating was first published	Date when the rating was last updated
Issuer rating(s)
Long term	ilAA/Stable	14/03/2007	09/07/2025
Issue rating(s) Senior Unsecured Debt Series 4 Series 5 Series 7	ilAA ilAA ilAA	03/02/2020 03/02/2020 22/12/2025	09/07/2025 09/07/2025 22/12/2025
Series 6	ilAA	14/12/2021	09/07/2025
Issuer Credit Rating history Long term July 11, 2023 October 06, 2019 October 07, 2018 February 19, 2017 November 17, 2015 May 20, 2014 November 18, 2012 July 18, 2012 January 12, 2012 August 26, 2010 May 19, 2009 November 16, 2008 March 14, 2007	ilAA/Stable ilAA-/Stable ilA+/Positive ilA+/Stable ilA+/Negative ilA+/Stable ilA+/Negative ilA+/Watch Neg ilA+/Stable ilA/Stable ilA/Negative ilAA/Watch Neg ilAA/Stable

Additional details	Item
Time of the event	22/12/2025 12:52
Time when the event was learned of	22/12/2025 12:52
Rating requested by	Issuer

2 | December 22, 2025 Issue Rating

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3 | December 22, 2025 Issue Rating