Meitav Investment House Ltd.

Quarterly Report • May 27, 2025

Meitav Investment House

Condensed Financial Statements as of March 31*

2025 Meitav: Investment House

*Unaudited

This document is a partial unofficial translation for convenience only of the Hebrew original of the financial report of Meitav Investment House Ltd. as of March 31, 2025, that was submitted to the Tel-Aviv Stock Exchange and the Israeli Securities Authority on May 27, 2025. The Hebrew version submitted to the TASE and the Israeli Securities Authority shall be the sole legally binding version. For the details of the policy, see the Company's immediate report dated August 19, 2024 (reference number: 2024-01-08-4447)

MEITAV INVESTMENT HOUSE LTD.

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025

INDEX

	Page
Consolidated Statements of Financial Position	2 - 3
Consolidated Statements of Profit or Loss and Other Comprehensive Income	4
Consolidated Statements of Changes in Equity	5 - 7
Consolidated Statements of Cash Flows	8 - 10

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

	March 31,		December 31,
	2025	2024	2024
		Unaudited
		Audited NIS in millions
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	275	348	205
Short-term investments	267	621	324
Customer credit	1,911	1,491	1,977
Trade receivables	77	60	105
Other accounts receivable	222	50	130
Current taxes receivable	6	13	8
	2,758	2,583	2,749
NON-CURRENT ASSETS:
Investments of provident fund members	103	101	103
Investments, loans and receivables	1,112	793	1,002
Investments in associates	26	76	22
Fixed assets	176	180	172
Deferred taxes	83	49	79
Intangible assets	1,372	1,257	1,350
	2,872	2,456	2,728
	5,630	5,039	5,477

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

		March 31,
	2025	2024	December 31, 2024
	Unaudited		Audited
		NIS in millions
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Credit from banks and other credit providers	1,848	1,642	1,910
Liabilities for short sale of securities	71	55	91
Trade payables	159	143	134
Other accounts payable	360	226	251
Provisions for legal claims	682	643	676
Current taxes payable	32	24	54
Dividend declared	53	45	-
	3,205	2,778	3,116
NON-CURRENT LIABILITIES:
Debentures	478	607	477
Credit from banks and other credit providers	497	355	484
Liabilities to provident fund members	110	107	109
Lease liabilities	134	142	134
Employee benefit liabilities	6	6	6
Deferred taxes	35	34	34
	1,260	1,251	1,244
Total liabilities	4,465	4,029	4,360
EQUITY: Share capital
Share premium	77	77	77
Capital reserve for share-based payment transactions	631	635	635
Retained earnings	49	44	48 222
Other reserves	262	90	(134)
	(130)	(104)
Equity attributable to equity holders of the Company	889	742	848
Non-controlling interests	276	268	269
Total equity	1,165	1,010	1,117
	5,630	5,039	5,477

May 26, 2025
Date of approval of the	Eli Barkat	Ilan Raviv	Einat Rom
financial statements	Chairman of the Board	CEO	CFO

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

2025 2024 2024 Unaudited Audited NIS in millions (except per share data) Revenue from management fees, commissions and other, net 360 297 1,301 Finance income from non-bank loans 91 63 318 Total revenues 451 360 1,619 Income refund in respect of legal claims against the Company - - (2) Total revenues 451 360 1,617 Marketing, operating, general and administrative expenses 269 241 1,004 Finance expenses on non-bank loans 38 28 134 Operating income 144 91 479 Gain from securities held for Nostro portfolio investments, net 5 6 12 Finance income 3 6 20 Finance expenses (15) (18) (85) Other expenses, net (5) (2) (6) Company's share of losses of companies accounted for at equity, net - (6) (27) Income before taxes on income 132 77 393 Taxes on income 31 20 103 Net income for the period 101 57 290 Other comprehensive income (loss) (net of tax effect): Foreign currency translation adjustments of foreign operations 1 - (1) Total other comprehensive income (loss) 1 - (1) Total comprehensive income 102 57 289 Net income attributable to: Equity holders of the Company 90 50 256 Non-controlling interests 11 7 34 101 57 290 Comprehensive income attributable to: Equity holders of the Company 91 50 255 Non-controlling interests 11 7 34 102 57 289 Basic and diluted net earnings per share attributable to equity holders of the Company (in NIS): Basic net earnings 1.15 0.64 3.26 Diluted net earnings 1.15 0.64 3.26	Three months ended March 31,		Year ended December 31,

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

	Attributable to equity holders of the Company
	Share capital	Share premium	Capital reserve from share-based payment transactions	Retained earnings	Other reserves	Total	Non controlling interests	Total equity
				Unaudited
				NIS in millions
Balance at January 1, 2025 (audited)	77	635	48	222	(134)	848	269	1,117
Net income for the period Other comprehensive income, net	- -	- -	- -	90 -	- 1	90 1	11 -	101 1
Total comprehensive income Dividend declared but not paid Dividend to non-controlling interests Exercise of options in a subsidiary	- - - -	- - - -	- - - -	90 (50) - -	1 - - 3	91 (50) - 3	11 - (8) 3	102 (50) (8) 6
Share-based payment Repurchase of the Company's shares	- *) -	- (4)	1 -	- -	- -	1 (4)	1 -	2 (4)
Balance at March 31, 2025	77	631	49	262	(130)	889	276	1,165

*) Less than NIS 1 million.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

	Attributable to equity holders of the Company
			Capital reserve from share-based				Non
	Share capital	Share premium	payment transactions	Accumulated earnings	Other reserves	Total	controlling interests	Total equity
				Unaudited
				NIS in millions
Balance at January 1, 2024 (audited)	77	635	42	85	(117)	722	229	951
Net income for the period	-	-	-	50	-	50	7	57
Other comprehensive income, net	-	-	-	-	-	-	-	-
Total comprehensive income	-	-	-	50	-	50	7	57
Dividend declared but not paid	-	-	-	(45)	-	(45)	-	(45)
Dividend to non-controlling interests	-	-	-	-	-	-	(4)	(4)
Issue of capital and options to non-controlling interests (net of issuance expenses)	-	-	-	-	15	15	34	49
Share-based payment	-	-	2	-	-	2	2	4
Net purchases of non-controlling interests	-	-	-	-	(2)	(2)	-	(2)
Balance at March 31, 2024	77	635	44	90	(104)	742	268	1,010

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

	Attributable to equity holders of the Company
			Capital reserve from
	Share capital	Share premium	share-based payment transactions	Accumulated earnings (deficit)	Other reserves	Total	Non controlling interests	Total equity
				Audited
				NIS in millions
Balance at January 1, 2024	77	635	42	85	(117)	722	229	951
Net income for the year Other comprehensive income, net	- -	- -	- -	256 -	- (1)	256 (1)	34 -	290 (1)
Total comprehensive income Dividend declared and paid Dividend to non-controlling interests	- - -	- - -	- - -	256 (119) -	(1) - -	255 (119) -	34 - (21)	289 (119) (21)
Issue of capital and options to non-controlling interests (net of issuance expenses) Share-based payment	- -	- -	- 6	- -	15 -	15 6	34 7	49 13
Net purchases of non-controlling interests Transaction with non-controlling interest in an	-	-	-	-	2	2	(13)	(11)
associate Derecognition of non-controlling interests due to	-	-	-	-	(33)	(33)	-	(33)
sale of subsidiary	-	-	-	-	-	-	(1)	(1)
Balance at December 31, 2024	77	635	48	222	(134)	848	269	1,117

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three months ended March 31,	Year ended December 31, 2024 Audited NIS in millions
	2025 2024 Unaudited
Cash flows from operating activities:
Net income for the period	101	57	290
Adjustments to reconcile net income to net cash provided by operating activities: Adjustments to the profit or loss items:
Depreciation of fixed assets	8	9	31
Amortization of intangible assets	15	14	60
Gain from sale of investments in subsidiaries	-	-	(3)
Amortization of deferred acquisition costs	15	10	48
Revaluation of investments to provident fund members	-	(1)	(3)
Revaluation of liabilities to provident fund members	1	2	4
Company's share of losses of companies accounted for at
equity, net	-	6	27
Deferred taxes, net	(3)	(2)	(32)
Revaluation of debentures	1	1	9
Change in employee benefit liabilities, net Gain from securities measured at fair value through profit or	-	-	-
loss, net	(6)	(14)	(39)
Change in short-term deposits	(1)	(9)	-
Share-based payment	2	4	13
	32	20	115
Changes in asset and liability items:
Loans to customers, trade receivables and other accounts
receivable	(89)	(92)	(899)
Short-term credit from giving non-bank loans	(9)	1	594
Trade payables, provisions for legal claims and other accounts
payable	77	(20)	(75)
	(21)	(111)	(380)
Net cash provided by (used in) operating activities	112	(34)	25

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three months ended March 31,	Year ended December 31,
	2025	2024	2024 Audited
	Unaudited	NIS in millions
Cash flows from investing activities:
Sale of short-term investments measured at fair value through
profit or loss, net	30	31	13
Purchase of fixed assets	(3)	(2)	(12)
Purchase of intangible assets	(12)	(14)	(59)
Repayment of restricted deposit	-	-	352
Change in restricted deposits, net	11	21	23
Investment in companies accounted for at equity	(6)	(1)	-
Repayment of long-term loans	-	-	6
Sale of investments in subsidiaries (b)	-	-	1
Net cash provided by investing activities	20	35	324
Cash flows from financing activities:
Repayment of Company debentures	-	-	(135)
Receipt of long-term loans from banks	-	56	173
Repayment of subsidiary's debentures	-	(74)	(148)
Issue of capital and options to non-controlling interests	-	49	49
Dividend paid to the shareholders of the Company	-	-	(119)
Dividend paid to non-controlling interests	(5)	(4)	(21)
Repayment of lease liabilities	(8)	(6)	(25)
Purchase of non-controlling interests	-	(7)	(18)
Repurchase of the company's shares	(4)	-	-
Repurchase of subsidiary's shares by the subsidiary	-	(1)	(1)
Exercise of options in a subsidiary	6	-	-
Proceeds from (purchase of) short sale of securities	1	(1)	10
Receipt of loans from other credit providers	-	-	12
Short-term credit from banks, net	(53)	16	(240)
Net cash provided by (used in) financing activities	(63)	28	(463)
Effect of exchange rate changes on cash and cash equivalents	1	-	-
Increase (decrease) in cash and cash equivalents	70	29	(114)
Cash and cash equivalents at the beginning of the period	205	319	319
Cash and cash equivalents at the end of the period	275	348	205

CONSOLIDATED STATEMENTS OF CASH FLOWS

		Three months ended March 31,	Year ended December 31, 2024
		2025 2024
		Unaudited	NIS in millions	Audited
(a)	Additional information on cash flows from operating activities:
	Cash paid during the period for:
	Interest	13	26	108
	Taxes on income	44	52	130
	Cash received during the period for:
	Interest	68	57	393
	Taxes on income	3	-	11
(b)	Significant non-cash operations:
	Dividend declared	53	45	-
(c)	Sale of investments in subsidiaries:
	Working capital (excluding cash and cash equivalents) Intangible assets	- -	- -	(2) -
	Total assets and liabilities of the subsidiary on date of
	sale Capital gain from sale a subsidiary	- -	- -	(2) 3
		-	-	1