The Phoenix Holdings Ltd.

Investor Presentation • May 29, 2025

1

Q1 2025 Results Phoenix Financial

May 29, 2025

Disclaimer

This presentation does not constitute an offer to purchase the Company's securities or solicitation to receive such offers and is designed solely to offer information as part of the Company's explanations regarding its Financial Statements.

This presentation includes information regarding the Company's strategic plan as well as forward-looking information as defined in section 32A of the Securities Law 1968.

The realization and/or non-realization of forward-looking information which is stated in the financial reports and this presentation will be affected by risk factors that characterize the activities of the Company and group companies, as detailed in the Company's periodic reports, including changes in economic conditions, capital market in Israel and globally, the development of competition in the segments relevant to the group's activities, regulatory changes, changes in consumer preferences and consumption habits, changes in working assumptions or in the economic models and assumptions, and changes in implementation or execution – that can not be estimated in advance and may not be controlled by the Company. Hence, there is no certainty that the actual results and achievements of the Company in the future will be in accordance with these views and may differ, also substantially, from those presented in this presentation.

Furthermore, the presentation includes data and assessments based on external sources, the contents of which were not independently tested by the Company and therefore the Company is not responsible for their accuracy.

This presentation was drafted for the sake of convenience and needs to be reviewed along with the Company's public reports, including the Financial Statements, which contain the complete information about the Company, before making any decision to invest in the Company's securities.

This presentation may include information that is presented differently from the way it was presented in the company's official reports, some information may be presented and/or categorized and/or edited and/or segmented differently from the company's official past reports.

For the avoidance of doubt, the Company does not undertake to update or change the information contained in this presentation.

2

Highlights

Strategy & Targets

Financial Results

Segment Breakdown

Appendix

Phoenix Financial | Company Overview

Figures for 2024 (pro forma IFRS-17)

Leading financial group

525 NISb (\$144b) AUM¹

20% AUM 5-year CAGR²

5% Dividend yield Ongoing buybacks Annual program

Distinctive performance

2.4 NISb Comprehensive Income

2.3 NISb Core Income

17.6% ROE 5-year average²

Strong capital base

AA Israel ratings⁴

11.6 NISb Shareholders' equity¹

Insurance P&C, Life & Health

Attractive ROE Strategic capital / balance sheet deployment Shifting mix toward high ROE activities

1,666 NISm Core Income 183% Solvency II Ratio³

6.7 NISb Shareholders' Equity⁵

AAA Israel ratings⁴

A- / Baa1 International ratings⁴

Asset Management

Wealth & Investments, Retirement, Brokers & Advisors (Agencies) & Financing

Mostly Fee Related Earnings (FRE), commissions, & spreads Capital light with strong organic potential High multiples & limited capital needs

630 NISm Core Income

1,185 NISm Core EBITDA⁶

4.4 NISb Revenues

4

All figures based on 2024 unless specified otherwise

¹Includes all activities including insurance as of December 31, 2024

² Five-year period (2020-24), acquisitions included – 2024 calculated with IFRS 17 num.

³Solvency with transitional measures estimated as of December 31, 2024

⁴Israeli ratings: ilAA for Phoenix Financial & ilAAA for Phoenix Insurance by S&P Maalot, Aa2.il for Phoenix Financial & Aaa.il for Phoenix Insurance by Midroog; international ratings include S&P A- with stable outlook & Moody's Baa1 with negative outlook (Moody's standalone Finance (Credit) profile A2 before sovereign constraint)

⁵ As of December 31, 2024 after Phoenix Insurance 565 NISm dividend in kind distributed out of 1.4 NISb announced

⁶Adjusted EBITDA calculated as income before finance expense, taxes, depreciation, and amortization in the relevant areas of activity, see Glossary for definitions; 1,002 NISm without minority interest

Israel Economy | Main Indicators

Long-term positive structural trends (e.g., wealth accumulation, demographics, vibrant tech sector)¹

Resilience in face of 2023-25 headwinds (war, political uncertainty, inflation, rates)

Long-Term Savings AUM ⁴ NIS Trillion

Unemployment ⁷ Percent

¹Israel Securities Authority; ²Israel Central Bureau of Statistics, annualized; 2025 forecast from Bank of Israel (real GDP growth, seasonally adjusted annual rate); ³Current USD, as of 2023, not PPP adjusted; ⁴ Bank of Israel; includes funds managed by institutional investors; 2022 decline due to yields; ⁵ Israel Central Bureau of Statistics,; 2025 forecast from Bank of Israel; ⁶Bloomberg; long-term yields based on Israel 10-year government bond (not CPI-linked), for the last month of the period; ⁷Bank of Israel; end of period unemployment

Q1 2025 | Financial Highlights

Continued growth in core income to 626 NISm (23.6% core ROE) driven by accelerated growth in Asset Management (+43% QoQ) and positive effect of IFRS-17 in Insurance

Reduced volatility due to diversification, changing mix, and lower sensitivities to rates, with limited negative non-operating effect of 58 NISm

Strong cash flow generation with quarterly dividend of 230 NISm in addition to 21 NISm buybacks during quarter

Continued strong performance & resilience in face of headwinds, ahead of targets which will be updated during 2025

Q1 2025 | Continued Growth in Core Activities

Income

Comprehensive, after tax, NISm

Core Income and Core ROE do not include Non-Operating Effects: investment yields & variable fees above or below 3% real yields (IFRS 4) / nominal risk free rate + 2.25% (IFRS 17), interest rate effects, and special items; for convenience, the statutory tax rate for taxable income for each activity is used, while the difference between the actual tax and the statutory tax is recorded in Special Items; see Glossary for definitions * Q1/24 originally reported in IFRS 4 with a total of 284 NISm including Core Asset Management 129, Core Insurance 193, Non-Operating Effects (38)

7

Investments | Core Capabilities

Returns – Insurance Nostro / Corporate Account

Percent (nominal)

Asset Allocation - Corporate Account (Nostro)

Percent (March 31, 2025)

Mark to market reporting transparency (reporting volatility) Group plans based on normalized returns***

Team of over 100 investment professionals managing corporate account and client assets

Investing in capabilities including international investments and technology platforms

Investment performance & track record Responsible allocation & risk management

Proactive and proprietary dealflow and sourcing

Balanced asset allocation

International investments with leading partners, co-investments, & direct positions

Responsible asset and liability management

rate

** Five-year period (2020-24), based on known CPI LTM change as of end of period

*** Starting 2025, Core Income under IFRS 17 to be based on investment yield of nominal risk-free rate plus 2.25% (compared to 3% real yields under IFRS 4)

Dividends | Quarterly Payout & Track Record

Dividend: 230 NISm quarterly dividend announced; policy at least 40% from annual income

Dividend distributed quarterly (updated from previous semi-annual policy)

Buybacks: 21 NISm executed during quarter

Paid during calendar year

2027 payout target: over 50% combined dividends & buybacks (over 1 NISb / 4 NIS per share) facilitated by diverse cash flows & strong financial position including Solvency II, ratings, liquidity

Dividend & Buyback

From annual income, NISm

Highlights

Strategy & Targets

Financial Results

Segment Breakdown

10

Appendix

Core Income Growth | Targets to be Updated During 2025

Core Income

NISm, before non-operating effects (capital markets, interest rates, & special items)

Asset Management

Group Strategy | Value Drivers to Capture Opportunity

Value Creation | Runway Beyond 2027

Significant opportunities &

strong trends

private markets

digitization

opportunity

creation

opportunities & trends

Compounding AUMs | Continued Growth

2027 Target 1.6-1.8 NISb

Growth Engines | Continued EBITDA Growth

Growth engines include Asset Management, Brokers (Agencies) & Finance (Credit)

Significant FRE (Fee-Related Earnings)

• EBITDA from non-insurance businesses
• Mostly fees & commissions
• In addition, spread income in Finance (Credit) (adjusted EBITDA includes finance expense & provisions)

Strategy focused on accelerated

growth, with strong organic capabilities & proactive acquisitions – doubling EBITDA in 3 years

312 NISm adjusted EBITDA not

including minority interest in Q1/25 (2024-1,002)

Wealth, Investments & Retirement

Description:

Investment House (Funds & ETFs, Brokerage, Portfolios, ESOP, W) Wealth (private markets) Retirement (Pension & Provident)

Investment Policies (reported in Asset Management starting 2025) Phoenix Capital Partners Experienced management / equity partners

Strategy:

Positioned to capture market opportunity

Accelerated growth based on market leadership, scale, client focus, and differentiated products / distribution

Focus on efficiency in retirement

Core Income, net NISm, before non-operating effects

NISb

Adjusted EBITDA

NISm, consolidated including minorities

Core Income - Comprehensive Income assuming RF +2.25% Nominal yield, not including minorities and tax, investments performance above/below RF +2.25% Nominal yield, interest rate effects & special items; adjusted EBITDA calculated as earnings before interest, tax, depreciation & amortization; consolidated before minority interests; adjusted for non-operating items, without IFRS 16 influence, & cash items relevant to specific segments (Retirement includes DAC amortization, Finance (Credit) includes finance expense & provisions); EBITDA for Asset Management includes retirement activities, which were not included in some previous versions

Brokers & Advisors (Agencies)

Description:

Objective advisor benefit administration, retirement planning, & insurance (life, health, P&C, specialties)

Independent Brokers (Agencies) providing access to all asset managers / insurance groups; Phoenix distributes across multiple channels

Experienced management / equity partners

Cash-generative & capital-light business model, market leader but still low 7% market share¹

Strategy:

Accelerated organic growth based on capabilities, scale, technology, and broad investment solutions

Inorganic growth / rollups of smaller firms onto platforms

Streamlining & investing in capabilities, technology, infrastructure Capital efficiency

Revenues

NISm

Core Income, net

NISm, before non-operating effects

Core Income - Comprehensive Income assuming RF +2.25% Nominal yield, not including minorities and tax, investments performance above/below RF +2.25% Nominal yield, interest rate effects & special items; adjusted EBITDA calculated as earnings before interest, tax, depreciation & amortization; consolidated before minority interests; adjusted for non-operating items, without IFRS 16 influence, & cash items relevant to specific segments

Financing (Credit) | Phoenix Gama

Description:

Credit card solutions SME lending Construction finance (merged 2024) Consumer Credit (launched 2024) El Al Frequent Flyer Program (minority)*

Strategy:

Accelerated growth based on capabilities, relationship, organizational infrastructure, scale, synergies

Broadening Credit solutions & financial value propositions across client segments

Improved capital management & infrastructure

Responsible risk management aligned with banking practices

Phoenix Financial has several Finance (Credit) activities – Phoenix Gama is the primary platform and is included in the Finance (Credit) Segment, but in addition several other activities provide Finance (Credit) or related solutions or invest in fixed income instruments from corporate account (Nostro) funds or client assets and are not included in the Finance (Credit) Segment

Finance (Credit) Portfolio

NISb, including mergers

Revenues NISm

98

Core Income, net

NISm, before non-operating effects

Adjusted EBITDA

Note: Core Income - Comprehensive Income, not including minorities and tax, investments performance above/below RF +2.25% Nominal yield, interest rate effects & special items; adjusted EBITDA calculated as earnings before interest, tax, depreciation & amortization; consolidated before minority interests; adjusted for non-operating items, without IFRS 16 influence, & cash items relevant to specific segments; Core income historic numbers were updated from last presentation

* Distribution from Insurance Company announced December 31, 2024; completed in Q1/25.

Insurance | Strong Performance & Transition to IFRS 17

Activities:

P&C (motor, property, liabilities) Life (risks, unit-linked savings) Health (medical expenses, critical illness, travel)

Strategy:

Deepen competitive advantages, focusing on high ROE activities (e.g., P&C)

Optimization including technology (digitization, automation), business mix, capital deployment, financial & operational efficiency, reduced volatility

Insurance Gross Premiums

NISb, not including contributions to savings & investment policies

Highlights

Strategy & Targets

Financial Results

Segment Breakdown

Appendix

Q1 2025 | Accounting & Reporting Changes

Transition to IFRS-17 in Insurance, including creation of 10 NISb CSM & changes in P&L structure

As part of accounting change, Core Income normalization updated from 3% real yields to nominal risk free rate plus 2.25%, to facilitate stability in core reporting

Also as part of change, Investment Policies are reported under Investment Management Segment instead of Life & Savings

Adjusting operations for updated accounting, including optimizing group structure & investment management for interest rate & index sensitivity and aligning solvency with IFRS 17 standards to ensure stable cashflows and dividends

Asset Management segment names updated, including "Wealth & Investments" instead of "Investment House & Wealth," "Brokers & Advisors" instead of "Agencies" to reflect nature of activities, and "Financing" instead of "Credit" to reflect diverse activities including fee-based revenues

Structural changes first reflected in Q1 financials include dividend in kind of El Al Frequent Flyer Program (reported under Financing rather than Insurance)

21

Q1 2025 | Income by Source

Core Income Breakdown (Comprehensive)

Q1 2025, NISm

Breakdown Before Tax – By Segment

NISm	Q1-25	Q1-24	Difference
P&C	215	190	25
Health	237	214	23
Life	106	127	(21)
Other Equity Returns	73	64	9
Core Insurance	631	595	36
Retirement	42	30	12
Wealth & Investments	124	91	33
Brokers & Advisors (Agencies)	102	74	28
(Credit) Finance	51	36	15
Other	12	10	2
Core Asset Management	331	241	90
Income (*) Investment	(322)	45	(367)
P&C	(24)	26	(50)
Health	(32)	(16)	(16)
Life	(148)	(31)	(117)
Other Equity Returns	(111)	67	(178)
Retirement	(3)	1	(4)
Brokers & Advisors (Agencies)	(4)	(2)	(2)
Interest	226	(54)	280
P&C	34	8	26
Health	15	(81)	96
Life	177	19	158
Special Items	(10)	(37)	27
P&C	4	0	4
Health	0	(1)	1
Life	(30)	(35)	5
Other Equity Returns	8	10	(2)
Retirement	0	0	0
Wealth & Investments	(16)	(6)	(10)
Brokers & Advisors (Agencies)	15	0	15
Finance (Credit)	0	(5)	5
Other	9	0	9
Non-operating income	(106)	(46)	(60)

(*) Investment income and variable management fees above/below nominal risk free rate + 2.25% annual return & after offsetting guaranteed yields where relevant Note: 2024 figures based on IFRS-17 pro forma

Q1 2025 | Income by Segment

Q1 2025, NISm

Balance Sheet | Strong & Liquid

								31/03/2025		31/12/2024
							Floating	Fixed
		IFRS 17				CPI linked	interest	interest	Total	Total
Phoenix Financial NISm	31/12/2024	31/03/2024	31/03/2025	Q1/24-Q1/25	Solo* Financial	1,138	397	947	2,482	1,875
Cash	2 742 ,	2 729 ,	2 556 ,	)173(	Insurance
Intangible Assets	298 5 ,	068 5 ,	583 5 ,	515	Tier 1 capital	375	-	-	375	374
Insurance contract assets	5 323 ,	5 092 ,	5 238 ,	146	Tier 2 capital	780	199	2 848 ,	3 828 ,	3 824 ,
Investments in associates	2 002 ,	1 918 ,	1 865 ,	)53(	Tier 3 capital	-	-	-	-	-
Investment - other property	1 323 ,	1 253 ,	1 357 ,	104	Insurance Total	1,156	199	2,848	4,203	4,198
Credit for purchase of securities	992 5 ,	4 937 ,	6 200 ,	1 262 ,
Other Assets	2 872 ,	2 492 ,	3 001 ,	509	Retirement	-	499	-	499	626
Other Financial Investments	33 350 ,	31 642 ,	33 629 ,	1 987 ,	Finance (Credit)	-	1 293 ,	152	1 445 ,	1 447 ,
Assets for yield-dependent contracts	114 264 ,	103 027 ,	116 219 ,	13 192 ,	Brokers & Advisors (Agencies)	-	404	-	404	364
Total Assets	173 168 ,	158 159 ,	175 649 ,	17 491 ,	& Wealth Investments	-	117	-	117	236
					AM&C Total	-	2,313	152	2,465	2,673
Financial liabilities	17 189 ,	13 941 ,	18 085 ,	4 144 ,	Total bonds and loans	2,294	2,910	3,947	9,150	8,745
Liabilities in of investments respect contracts	33 853 ,	26 610 ,	36 727 ,	10 116 ,	Exposure Ratio	25%	32%	43%	100%	100%
Liabilities in respect of insurance contracts	107 152 ,	104 438 ,	105 428 ,	990					4 343	4 525
Other Liabilities	3 151 ,	2 758 ,	3 567 ,	809	Derivatives Repo & Other ,	(Nostro)**			,	,
Total equity	11 823 ,	10 410 ,	11 842 ,	1 432 ,	Derivatives Repo & Other (Unit ,	linked)**			2 708 ,	2 018 ,
					Credit cards liabilities (Gama) Total				1 884 ,	1 902 ,
Total equity and liabilities	173 168 ,	158 159 ,	175 649 ,	17 491 ,					18,085	17,189

Net financial debt exposure includes financial assets & only some of the financial liabilities (see Q1/25 Financial Statements Section – Section 6.7.2 in the BOD Report)

Phoenix Financial has limited solo net debt (2% LTV based on net debt)

Liabilities include use of derivatives opposite relevant financial assets for operational purposes (e.g., Insurance, Investment House) and Gama financing for Finance (Credit) portfolio and improved capital structure

* Mainly offset against Insurance Tier 1 capital

** For more details, see Q1/25 Financial Reports (Note 5) Bonds and Loans

Capital Management | Solvency and Liquidity

Solvency ratio (Insurance Company) Solvency II implementation

Solvency II implemented in Israel in line with international standards, with strong regulatory oversight

Transitional measures through 2032, with natural offset from Phoenix backbook runoff (expected to release Solvency capital requirements and risk margin at least as high as transitional measures through 2032, reflecting the difference between Solvency ratio with and without transitional measures)

Standard model used (internal models not allowed)

Phoenix Solvency does not include group equity outside Insurance Company; significant additional group capital resources held under Phoenix Financial (formerly Phoenix Holdings)

Quarterly publication of Solvency ratio with one quarter delay; full breakdown for Q2 and Q4, with only transitional headline figure for Q1 and Q3

Changes in Solvency Ratio

183% with transitional measure as of December 2024 (after 170 NISm dividend announced from Q1 earnings)

Insurance Company BOD dividend threshold raised to 121% without transitionals as of December 31, 2024

Cashflow & Liquidity (at traded company level)

Insurance subsidiary quarterly dividend payout 40-60% of comprehensive income, in line with solvency target range

AM&C generate significant cash from feebased earnings (e.g., asset management, Brokers (Agencies))

Strong liquidity at Phoenix Financial level including Phoenix Insurance Tier 1 capital notes of 1.2 NISb (trading on Tel-Bond 40 index) & 2% net debt LTV

Insurance Company with international ratings (Moody's Baa1, S&P A-) and AAA local rating

Accounting Income

Dynamic management of market exposures

Phoenix working to align IFRS 17 & solvency models, ensuring strong transparency, accurate financial reporting & compliance with regulatory requirements; this strategic harmonization enhances risk management capabilities & facilitates integrated reporting, providing stakeholders with clearer understanding of financial position, cash flow & resilience

Note: Results for December 31, 2024 include the dividend in kind of the loans of "Phoenix Mortgage ZAHAV", BIZI, Top Capital and EL-AL frequent traveler that declared in December 2024 and 170 Mil.Nis dividend declared in may 2025. The results do not include the completion of the dividend in kind distribution of "Beit Havered" and the equity of the "Phoenix Mortgage ZAHAV", which has a negative impact of 5% on solvency ratio (6% with TMTP).

IFRS 17 & 9 | Positive Impact on 2024 Income

Comprehensive Income & Core Income

2024 (after tax), NISm

Highlights

Positive impact

Increase of 536 NISm to 2024 core income & 282 NISm on comprehensive income (volatility not normalized)

Mostly in Health & Life segments, with limited impact on P&C and noninsurance activities

High CSM balances

Core income normalization adjusted to IFRS 17

IFRS 17 core income normalized using nominal risk-free rate plus 2.25% (3% real yields used for IFRS 4)

Adjustment needed to normalize volatility under new accounting standard

Continued prudent approach

Pre-tax Income Breakdown

2024 (before tax), NISm

	IFRS 17&9	IFRS 4	Difference
P&C	988	884	104
Health	887	348	539
Life	436	205	231
Other Equity Returns	202	283	)81(
Core Insurance	2,513	1,720	793
Retirement (Pension & Provident)	118	118	0
Wealth & Investments	374	374	0
Brokers & Advisors (Agencies)	331	331	0
Financing (Credit)	150	150	0
Other	32	7	25
Core Asset Management & Credit	1,005	980	25
Investment Income (*)	480	333	147
P&C	61	41	20
Health	)131(	)12(	)119(
Life	66	)101(	167
Other Equity Returns	516	436	80
Retirement (Pension & Provident)	)10(	)10(	0
Brokers & Advisors (Agencies)	)21(	)21(	0
Interest	)58(	220	)278(
P&C	)5(	179	)184(
Health	)82(	)136(	54
Life	30	177	)147(
Special Items	)299(	)40(	)259(
P&C	)11(	)15(	4
Health	)52(	90	)142(
Life	)162(	)40(	)122(
Other Equity Returns	)7(	)7(	0
Retirement (Pension & Provident)	)15(	)15(	0
Wealth & Investments	)30(	)30(	0
Brokers & Advisors (Agencies)	)10(	)10(	0
Financing (Credit)	)13(	)13(	0
Other	0	0	0
Non-operating Income	123	513	)390(

Non-operating effects include investment yields above / below normalized, interest rate effects, and special items

As part of IFRS-17 implementation, Investment Policies are reclassified from Insurance to Asset Management; for comparison, H1 2024 IFRS-4 figures are adjusted to compare with this reclassification

IFRS 17 & 9 | 2024 Quarterly Stability v. IFRS 4

Notes: Income under IFRS-4 as previously reported in respective quarter and includes Investment Policies within Insurance, while Income under IFRS-17 is calculated proforma and includes Investment Policies within Asset Management;

27

IFRS-4 IFRS-17

Highlights

Strategy & Targets

Financial Results

Segment Breakdown

Appendix

Continued growth and profitability across subsegments despite competitive market & high theft frequency

Optimized use of machine learning for motor underwriting

Positive impact of investments & interest rates

Comprehensive Income Before Tax

NISm

Note: Core income based on nominal risk free rate + 2.25% returns; investment income includes corporate account (Nostro) above or below nominal risk free rate + 2.25% returns; loss component contracts attributed to special items; 2024 figures based on IFRS-17 pro forma

Health

IFRS 17 implemented in 2025 (2024 figures are pro forma IFRS 17)

Improvement in underwriting profit

Health Insurance reform implemented in Israeli market during 2024

Focusing growth on high-ROE, capital-efficient products

Core Income (Before Tax) Q1/24 Q1/25 Critical & Health short term ^{65 79} Long-term care 63 55 Medical Expenses 86 103 Total 214 237

Comprehensive Income Before Tax NISm

Life & Savings

Core Income (Before

Saving Non-participating

Saving participating

Tax)

Risk

Total

Decline in Core Income, with increase in Comprehensive Income

Positive non-operating effects mainly due to interest rate effects, partially offset by investment profit below RF +2.25%.

Special items include losses on loss component contracts

Comprehensive Income Before Tax NISm

Other Equity Returns (Insurance)

Negative capital market effects compared to positive effects in 2024

Wealth & Investments

Strong growth in Mutual Funds & ETFs

Synergies from acquisitions completed in 2023-24 achieved

in 2024, including Epsilon & assets from Psagot (including portfolio management and funds)

Continued growth in Brokerage platform including new client acquisition & average revenues

Continued growth in alternative / wealth business

Retirement (Pension & Provident)

Continued organic growth

Focus on profitability

including higher margin / efficient activities

-

Comprehensive Income Before Tax

NISm

Brokers & Advisors (Agencies)

38% growth in core income

quarter on quarter

Continued organic growth leading to higher core income, despite negative effects of slower pace of hiring in the market (including in tech sector)

Continued inorganic growth

following conclusion of regulatory committee review

Accelerated value creation under a reorganized structure with synergies

Comprehensive Income Before Tax

NISm

Q1/24	74	(2)	-	72
Difference	28	(2)	15	41

Financing (Credit) | Phoenix Gama

Continued improvement in pre-tax income due to synergetic merger of Construction Finance in 2024, growing credit card clearing turnover, & SMEs

Consumer credit activity launched in 2024 included in Finance (Credit) Segment results (moved under Gama**)

Investing in capabilities including marketing & G&A to drive growth and scale consumer credit

Strong balance sheet with 29% Equity-to-Assets ratio*

Approved credit lines 1.8 NISb

Incorporating El Al Frequent Flyer program holdings into Financing segment, with potential for future synergies

	Key Financials (NISm)	Q1/24	Q1/25	Turnover (3M)	Credit portfolio			0	51
	Net Finance Income
	Credit card solutions	36	53	10,112	-		51
	SME solutions***	28	22	-	2,409
	Construction Finance****	10	22	-	1,315		Core Income (Operations)	Special items	Q1/25
	Consumer Credit	-	-	-	54
						Q1/24	36	(5)	31
Other	G&A, Marketing &	(38)	(46)	-	-	Difference	15	5	20
Total		36	51	10,112	3,778

Comprehensive Income Before Tax

NISm

* Not including Finance (Credit) card & short-term transactions; 20% Equity-to-Assets including these transactions

*** Segment business Finance (Credit) includes Guarantees, Check clearing, SME loans, Real estate finance and other

**** Construction Finance merger on January 1, 2024

Other

Segment includes Phoenix Financial (formerly Phoenix Holdings) solo profits (including RT1 holding) as well as other items

Restructured to improve capital & investments efficiency

Comprehensive Income Before Tax

NISm

Highlights

Strategy & Targets

Financial Results

Segment Breakdown

Appendix

IFRS 17 & 9 | Additional Comments & Analyses

CSM Description

IFRS 17 introduces concept of CSM (Contractual Service Margin) for the Life and Health segments, a new balance sheet item representing deferred profit that is recognized over the duration of the contract

The initial transition to IFRS 17 creates CSM and reduces Shareholders' Equity

CSM is recognized over a period reflecting the duration of each portfolio of liabilities (Life is longer than Health)

Profit recognition from CSM release increases income in accordance with the size of CSM and duration of the liabilities

35-45% of CSM is expected to be recognized over next 5 years

Actuarial research impacts CSM rather than the P&L directly, which spreads the impact over the duration of the liabilities (reducing volatility)

CSM: Net Changes in Q1 2025

NISb

Accounting Sensitivity to Rates

During the transition from IFRS 4 to IFRS 17, there was a reduction in the sensitivity of liabilities to interest rates from changes in the risk-free rate curve, because the sensitivity of liabilities is mostly offset by the sensitivity of insurance assets and Designated Government Bonds, which are treated at fair value under IFRS 17 compared to cost under IFRS 4; as a result, interest rate sensitivity stems primarily from the discretionary investment portfolio, which is sensitive to changes in the relevant curves

As a result, accounting volatility and sensitivity can be better managed

As of December 31, 2024, under IFRS 17, the accounting sensitivity of the Phoenix Insurance subsidiary to a negative / positive change of 1% across the interest rate curve was +520 / -456 NISm respectively, before the effects and hedging of assets other than government bonds

Phoenix Insurance is working to manage this accounting sensitivity, including through the management of the investment portfolio in its proprietary account (Nostro)

Return on Equity

Best in Class ROE

13%

12%

17%

Positioned to Capture Opportunities

Insurance Penetration

Insurance Premiums 2024, P&C, Health, Life (Risk) 20% 12% 16% 55 NISb 21% 14% 28% Phoenix

Brokers & Advisors (Agencies)

15%

% of total commissions, 2023

12% 14%

15%

10%

Assets Under Management 2024, By Institutional investors

96%

Insurance penetration - OECD data 2022; Insurance premiums - Data taken from EY BI Insuretool based on financial reports for 2024; AUM – Phoenix analysis of 2024 financial reports, total market from BOI report of assets held by public (53% by insititionals as of Dec 2024); Brokers & advisors - Data taken from Ministry of Finance report, 2024; SME Financing estimations based on Ministry of Economy reports (2022, 2023/Q1), businesses <100 NISm revenues

Growth & Value Drivers

Strong market position with distinctive growth & performance

Phoenix Financial is the premier financial group in Israel with over \$140 billion assets under management, delivering compounding AUMs with 20% annual growth and best-in-class 17% average ROE over 5 years. Trading on Tel Aviv's leading TA-35 index, activities including broad asset management and insurance businesses and a large private client base. Phoenix is covered by leading international and Israeli analysts and rating agencies.

Proven value creation strategy with focus on growth and competitive advantages

Phoenix is strategically positioned to capture significant market opportunities including wealth accumulation, demographic growth, consolidation, and strong demand trends. Phoenix's proven value creation strategy focuses on driving accelerated growth in high-multiple businesses, fostering innovation and efficiency for competitive advantage and data-driven synergies, actively managing talent and structure, and proactively deploying capital and investments.

In asset management, Phoenix is accelerating growth across strong platforms with high margins, high multiples, scale, and capital efficiency, including investments, wealth, stock option administration, retirement, Finance (Credit) origination, and Brokers (Agencies) for retirement / insurance distribution.

In insurance, Phoenix is deepening competitive advantages including data and technology to accelerate growth in P&C and other capital-light activities while optimizing business mix, channels, operations, and capital across activities.

Phoenix plans to update 2027 targets, with 400-600 NISm upside indication beyond previously published target of 2 NISb comprehensive income. Phoenix is currently investing in technology and capabilities to drive additional value creation from data, client focus, and automation during 2028-31.

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Strong cash flow generation driving payouts and continued growth

Phoenix maintains a strong financial position with high levels of capital, Solvency, and liquidity, as well as low leverage. The dual focus on asset management and insurance generates strong and growing cash flows, strategically allocated through quarterly dividends and buybacks (target above 50% of income) as well as reinvested to fuel growth and consolidation, and supporting value creation based on earnings multiples.

Experienced and aligned leadership

Phoenix upholds world-class governance and fosters a culture of excellence, with an experienced and aligned management team committed to strategic vision and execution.

Highlights

Strategy & Targets

Financial Results

Segment Breakdown

Appendix

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 Retirement (Pension and Provident) - IFRS 16 adjustment and amortization of DAC and special items Distribution (Brokers (Agencies)) - IFRS 16 adjustment and special items Finance (Credit) - IFRS 16 adjustment, financing expenses, Finance (Credit) provisions, and special items
Asset Management
Assets Under Management; the total market value of all the investments that are managed by the Company
Basis Points; 1 basis points is .01%
Cost Generating Unit
Comprehensive Income
Combined Loss Ratio
Corporate, Other and Consolidation
Income from operations not including investment yields & variable fees above/below 3% real yields, interest rate effects, and special items
Core income as a percent of total equity
Consumer Price Index; measures the average change of prices in an agreed upon basket of consumer goods and services over time
Contractual Service Margin
Directors and Officers Liability Insurance
Deferred Acquisition Cost
Employee Stock Ownership Plan; workplace benefit program, that provides the employees with ownership interest in the company.
Exchange Traded Fund; an open end, tradable basket of securities that tracks an underling index, sector, or security type
A government issued bond for which the interest income payment is agreed upon and does not change
Foreign Exchange Currency
Financial services and Finance (Credit) company owned by the Phoenix Group
Israeli Electric Company (IEC)
Or Liquidity Premium; premium demanded by investors when any given security cannot be easily converted into cash for its fair market value.
International Monetary Fund
Core Income from insurance activities
A government issued bond for which the interest income payment is related (or linked) to the CPI
Liability Adequacy Test
See Illiquidity Premium
Line of Business
Long Term Care insurance; typically helps pay for costs associated with long term care

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 rating agency
MSCI	Morgan Stanley Capital International Emerging Markets Index; measures the performance in equity markets, specifically in global emerging markets
Mutual Fund	Open end, non-tradable basket of securities that tracks the performance of an undelaying index, sector, or security type
Net Inflows	The net amount of new cash, excluding the impact of investment market value; calculated by subtracting withdrawals from new deposits
NIS	New Israeli Shekel
Non-Marketable Securities	Asset group that is considered to be difficult to buy or sell due to the fact they are not traded on any major exchange; could include government issued debt securities, limited partnerships, real estate investments and more
Non-Operating Income	Impact on income of investment yields & variable fees above/below 3% real yields, interest rate effects, and special items
Nostro	The account in which a financial institution manages its own funds
OPEX	Operational Expenses
P&C	Property and Casualty insurance
PF	Phoenix Financial
PHI	Permanent Health Insurance
PI	Phoenix insurance
PLI	Professional Liability insurance
Reinsurance	A balancing risk strategy; one or more insurers that share the liability
Revenue	All encompassing streams of income; including, but not limited to: premium, management fees, benefit contributions
RFR	Risk Free Rates
ROE	Return On Equity; calculated by dividing net income over total equity
Services Core Income	Core Income from Services activities including asset management, distribution, and Finance (Credit)
SME60	"The Rest Index"; tracks the performance of the 60 largest market value companies that are excluded from the Tel Aviv Stock Exchange
Special Items	Changes in profit or loss that are not part of the usual business of the Company, including changes in actuarial research, actuarial model changes, other structural changes and strategic acquisition costs in AM segment
Tel Bond 20	Index that tracks the performance of the 20 largest Index Linked Corporate Bonds in terms of market value
Tel Bond 40	Index that tracks the performance of the 40 largest Index Linked Corporate Bonds in terms of market value
Tel Bond 60	Index that tracks the performance of the 60 largest Index linked Corporate Bonds in terms of market value
TLV 125	An index that tracks the performance of the 125 largest market value companies in the Tel-Aviv Stock Exchange
TLV 35	An index that tracks the performance of the 35 largest market value companies in the TLV Stock Exchange
TLV 90	An index that tracks the performance of the 90 largest market value companies in the TLV stock Exchange
TMTP	Transitional Measures on Technical Provisions
Workers' Compensation Insurance	Insurance coverage for employees' injuries or sickness
Yield Curve	A line that plots interest rates of bonds with equal Finance (Credit) risk with different maturity dates in the future