The Phoenix Holdings Ltd.

Investor Presentation • Mar 13, 2025

1

2024 Results Phoenix Financial

March, 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

Glossary

Phoenix Financial | Company Overview

Leading financial group

525 NISb (\$144b) AUM¹

20% AUM 5-year CAGR²

Distinctive performance

2,087 NISm Comprehensive Income

16.9% ROE 5-year average²

1,760 NISm Core Income

Significant payout (buyouts + 40% dividends)

Strong capital base

AA Israel ratings⁴

11.9 NISb Shareholders' equity¹

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

Insurance P&C, Life & Health

1,175 NISm Core Income 189% Solvency II Ratio³

7.2 NISb Shareholders' Equity⁵

AAA Israel ratings⁴

A- / Baa1 International ratings⁴

Asset Management

Investment House & Wealth, Retirement, Agencies & Credit

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

585 NISm Core Income

1,145 NISm Core EBITDA⁶

4.2 NISb Revenues

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

³Solvency with transitional measures estimated as of September 30, 2024 (adjusted for Phoenix Insurance dividend in kind 565 NISm distributed to date out of 1.4 NISb announced, additional -6% impact estimated from full distribution) 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 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 2023-24 headwinds (war, political uncertainty, inflation, rates)

Equity market rebound in 2024

GDP Growth ² Percent 4.3% 3.8% 9.8% 6.3% 1.9% 1.0%

2019 2025 Forecast 2018 2020 2021 2022 2023 2024 -1.8%

5.3%

GDP per Capita ³ USD '000

4.0%

War

Long-Term Yields (10Y) ⁶ Percent 1.0 0.9 1.3 3.6 3.9

Long-Term Savings AUM ⁴ NIS Trillion

Unemployment ⁷

Percent

4.5

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, annual inflation, last twelve months; 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

5

2024 | Financial Highlights

Continued growth in core income to 1,760 NISm (15.9% core ROE) with strong performance across activities

Positive non-operating effects of 327 NISm from investment performance & actuarial studies (net), partially offset by interest rate effects

Resilience in face of headwinds, maintaining strong Solvency position and credit profile

Leading international investors

acquired shares from former control shareholders with company transitioning to dispersed ownership during Q3

2027 strategic targets & roadmaps

published in September, with potential income above targets (e.g., from IFRS-17 implementation)

2024 | Continued Growth in Core Activities

Core Income and Core ROE do not include Non-Operating Income: investment yields and variable management fees above or below 3% real yields, interest rate effects, and special items. For the convenience of the presentation, 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

7

Investments | Core Capabilities

Returns – Insurance Nostro / Corporate Account

Percent (nominal)

Asset Allocation - Corporate Account (Nostro)

Percent (December 31, 2024)

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

Dividend Track Record | Commitment to Attractive Payout

Dividend: 565 NISm to be paid in March 2025, increasing total dividend from 2024 income to 835 NISm (together with 270 NISm paid in September); policy at least 40% from annual income, semi-annual

Buybacks: 182 NISm executed from 2024 program; 100 NISm program approved for 2025

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 (including paid in following calendar year)

Payout (Dividends + Buyback, from annual income)	-	30%	35%	39%	49%
Shareholders' Equity	7,970	9,653	10,145	10,580	11,927
During calendar year
Dividends	-	580	581	297	535
Dividends per share (NIS)	-	2.3	2.3	1.2	2.1
Dividend Yield*	-	7.1%	5.9%	3.1%	4.6%

Highlights

Strategy & Targets

Financial Results

Segment Breakdown

Appendix

Glossary

Group Income | Growth Towards 2027 Targets

Targets before IFRS-17 and upside, to be updated during 2025

	11
--	----	--

Group Strategy | Value Drivers to Capture Opportunity

Value Creation | Runway Beyond 2027

Value creation over time

Significant opportunities & strong trends

Global trends of convergence between asset management and insurance, AI, growth in private markets

Israel trends of rapid wealth accumulation, growing client demand & sophistication, broad digitization

Phoenix is positioned to capture Israel market opportunity

Built businesses to capture opportunities & trends

Multiple waves of value creation

Compounding AUMs | Continued Growth

Significant growth in high-margin activities Synergetic acquisition of 22 NISb Psagot funds

Growth Engines | Continued EBITDA Growth

Growth engines include Asset Management, Agencies & Credit

Significant FRE (Fee-Related Earnings)

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

Strategy focused on accelerated

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

1,002 NISm adjusted EBITDA not

including minority interest in 2024

Asset Management Agencies & Credit

Asset Management

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

Strategy:

Positioned to capture market opportunity

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

Focus on efficiency in retirement

Revenues

NISb

Core Income, net NISm, before non-operating effects

Adjusted EBITDA NISm, consolidated including minorities

Core Income - Comprehensive Income assuming 3% real yield, not including minorities and tax, investments performance above/below 3%, 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, Credit includes finance expense & provisions); EBITDA for Asset Management includes retirement activities, which were not included in some previous versions

Assessing opportunities to unlock & create value

Distribution | Agencies

Description:

Benefit administration, retirement planning, & insurance (life, health, P&C, specialties) Independent 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

Core Income, net NISm, before non-operating effects

600-700 381 324 332 261 Adjusted EBITDA NISb, consolidated including minorities

Core Income - Comprehensive Income assuming 3% real yield, not including minorities and tax, investments performance above/below 3%, 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

Credit | Primarily Phoenix Gama

Description:

Credit card clearing & financing 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

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

Credit Portfolio

NISb, including mergers

Core Income, net

NISm, before non-operating effects

2021 2022

Adjusted EBITDA

Note: Core Income - Comprehensive Income assuming 3% real yield, not including minorities and tax, investments performance above/below 3%, 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

2023

2024

* Distribution from Insurance Company announced December 31, 2024, subject to completion, to be included in 2025

250-300

Insurance

Insurance | Strong Performance

Targets to be updated during 2025 based on IFRS-17 and performance

Activities:

P&C (motor, property, liabilities) Life (risks, unit-linked savings) Investment Policies (to be reported in Asset Management as of 1/2025) 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, financial & operational efficiency, reduced volatility

Insurance Gross Premiums NISb, not including contributions

Insurance | Competitive Advantage & Optimization

Competitive advantage

P&C growth focusing on competitive advantages: Accelerate profitable growth driven by ML-based accurate pricing, hybrid distribution, selfservice, claims & operational efficiency

Optimization

Life & Health focusing on optimization: Financial & capital efficiency (IFRS-17, solvency, de-risk backbook)

Operational efficiency driven by digitization & automation

Digital Self-Service % of service interactions

G&A Expense Ratios

	P&C	Health	Life
2020	5.08%	5.82%	0.49%
2021	4.40%	5.50%	0.41%
2022	3.53%	5.00%	0.40%
2023	3.46%	5.13%	0.39%
2024	2.96%	6.26%2	0.36%
2027 target	2.5-2.9%	5.4-5.8%	0.2-0.3%

Technology | In Step with Business Strategy

Goals	Focus Areas & Examples
Strategy execution Long-term value creation	Competitive Advantage	Data analytics & ML for pricing & underwriting, cross-sell, personalization Consumer Credit distinctive digital platform (data, underwriting, service)
Group synergies
Business resilience	Client Experience	Digitization & transparency (e.g., group app) Self-service (Gen AI) Agent sales & production (digital interface)
	Business Optimization	Productivity & efficiency by processes automation, Gen AI Streamlined business systems Claims management, fraud detection (AI/ML)
	Group Resilience	Cyber security Core infrastructure Backup

Sustainability | Ensuring Value Creation

Insurance		Asset Management
1. Business Value Creation	a. Business opportunities & risks from disruption	b. Investment stewardship
	Electric vehicles Strategic growing market with 30% of new sales, specific brand strategies	Corporate governance Appointment of directors, conflict of interest, compensation, etc.
	268 NISm premiums & revenues from selected products in 2024	30 portfolio companies with meaningful engagements in 2024
	Environment	Governance
2. Corporate Responsibility	Community: Nonprofit ventures for social resilience (VC model)
Environment: Reducing carbon footprint, measurement across group Clients: Innovation and simplicity (e.g., digitization) to improve service

23

Highlights

Strategy & Targets

Financial Results

Segment Breakdown

Appendix

Glossary

Q4 2024 | Income by Source

Core Income Breakdown (Comprehensive)

Q4 2024, NISm

Breakdown Before Tax – By Segment

NISm

Before IFRS-17 implementation

	Q4-24	Q4-23	Difference
P&C	253	328	(75)
Health	51	21	30
Life & Savings	65	50	15
Other Equity Returns	33	(5)	38
Core Insurance	402	394	8
Retirement (Pension & Provident)	31	17	14
Investment House & Wealth	81	68	13
Distribution (Agencies)	86	69	17
Credit	36	19	17
Other	(2)	1	(3)
Core Asset Management & Credit	232	174	58
Investment Income (*)	797	232	565
P&C	78	20	58
Health	11	(25)	36
Life	288	(10)	298
Other Equity Returns	423	248	175
Retirement (Pension & Provident)	5	(5)	10
Distribution (Agencies)	(8)	4	(12)
Interest	(221)	204	(425)
P&C	86	108	(22)
Health	(215)	71	(286)
Life	(92)	25	(117)
Special Items	47	(98)	145
P&C	(6)	(13)	7
Health	120	(14)	134
Life	(2)	(19)	17
Other Equity Returns	(17)	(22)	5
Retirement (Pension & Provident)	(15)	(3)	(12)
Investment House & Wealth	(21)	(3)	(18)
Distribution (Agencies)	(4)	(7)	3
Credit	(8)	(5)	(3)
Other	0	(12)	12
Non-operating income	623	338	285

Core Income Breakdown (Comprehensive)

2024, NISm

Before IFRS-17 implementation

Breakdown Before Tax – By Segment

NISm

	2024	2023	Difference
P&C	884	638	246
Health	348	165	183
Life & Savings	245	217	28
Other Equity Returns	283	294	(11)
Core Insurance	1,760	1,314	446
(Pension Provident) Retirement &	118	89	29
Investment House & Wealth	333	259	74
Distribution (Agencies)	331	290	41
Credit	150	103	47
Other	7	(10)	17
Core Credit Asset Management &	939	731	208
Income (*) Investment	333	(765)	1,098
P&C	41	(56)	97
Health	(12)	(15)	3
Life	(101)	(303)	202
Other Equity Returns	436	(406)	842
Retirement (Pension & Provident)	(10)	(9)	(1)
Distribution (Agencies)	(21)	24	(45)
Interest	220	379	(159)
P&C	179	143	36
Health	(136)	147	(283)
Life	177	89	88
Special Items	(40)	(46)	6
P&C	(15)	(22)	7
Health	90	51	39
Life	(40)	6	(46)
Other Equity Returns	(7)	(41)	34
Retirement (Pension & Provident)	(15)	(7)	(8)
Investment House & Wealth	(30)	(18)	(12)
Distribution (Agencies)	(10)	(7)	(3)
Credit	(13)	(12)	(1)
Other	0	4	(4)
Non-operating Income	513	(432)	945

Q4 2024 | Income by Segment

Segment Income Breakdown (Comprehensive)

Q4 2024, NISm

Segment Income Breakdown (Comprehensive)

2024, NISm

IFRS 17 & 9 | Positive Impact on H1 2024 Income

Comprehensive Income & Core Income

H1 2024 (after tax), NISm

Highlights

Positive impact

Increase of over 200 NISm on H1 2024 income

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 based on investment yields of nominal riskfree rate plus 2.25%

Compared to IFRS 4 core income based on 3% real yields

Rationale: adjustment needed to reflect normalized core income with low volatility under new accounting standard

Continued prudent approach

Pre-tax Income Breakdown

H1 2024 (before tax), NISm

	IFRS 4	IFRS 17&9	Difference
P&C	437	429	(8)
Health	198	441	243
Life & Savings	87	209	122
Other Equity Returns	150	137	(13)
Core Insurance	872	1,216	344
Retirement& investments policies	76	76	0
Investment House & Wealth*	159	159	0
Distribution (Agencies)	157	157	0
Credit	76	76	0
Other	(1)	(1)	0
Core Asset Management & Credit	466	466	0
Investment Income	(556)	(733)	(177)
P&C	(26)	(0)	26
Health	2	(80)	(82)
Life	(241)	(373)	(132)
Other Equity Returns	(281)	(270)	11
Retirement& investments policies	(9)	(9)	0
Distribution (Agencies)	(1)	(1)	0
Interest	485	447	(38)
P&C	102	33	(69)
Health	79	26	(53)
Life	304	388	84
Special Items	(241)	(48)	193
P&C	(6)	0	6
Health	(20)	0	20
Life	(212)	(46)	166
Other Equity Returns	10	11	1
Retirement& investments policies	0	0	0
Investment House & Wealth	(8)	(8)	0
Distribution (Agencies)	0	0	0
Credit	(5)	(5)	0
Other	0	0	0
Non-operating Income	(312)	(334)	(22)

Balance Sheet | Strong & Liquid

	IFRS	4		IFRS 17&9
NISm Phoenix Financial	31/12/2024	31/12/2023	Difference	31/12/2023	Difference
Cash	2,742	3,053	)311(	3,053	-
Intangible Assets***	3,832	3,598	235	3,598	-
Deferred acquisition costs	2,848	2,686	162	1,281	)1 ,405(	(1)
Investments in associates	2,002	1,652	350	1,652	-
Investment - other property	1,022	1,239	)217(	1,239	-
Credit for purchase of securities	4,970	3,700	1,270	3,700	-
Other Assets	9,084	8,326	758	8,242	)84(
Other Financial Investments	31,805	30,771	1,034	32,224	1,452	(2)
Assets for yield-dependent contracts	114,264	104,770	9,495	104,770	-
Total Assets	172,570	159,795	12,776	159,758	)36(
Financial liabilities	17,189	15,576	1,613	15,576	-
of Liabilities in non-yield-dependent respect					)746(
insurance and investments contracts contracts	26,209	25,597	611	24,851
Liabilities in of yield-dependent respect insurance and investments contracts contracts					3,758
Other Liabilities	111,484 5,779	102,973 4,754	8,511 1,025	106,731 2,341	)2 ,414(	(3)
Total equity	11,909	10,895	1,014	10,260	)635(
Total equity and liabilities	172,570	159,795	12,775	159,758	)36(

IFRS-17 Implementation: no material change in equity; higher ratio of tangible assets; higher profitability due to CSM release (1) Deferred acquisition costs attributed to long-term products in life and health segments were reduced to equity at the transition date. Starting in 2024, will be measured and presented as part of the liabilities/assets for insurance contracts. (2) The main change is due to the revaluation of designated bonds to fair value instead of measurement at amortized cost. (3) Deposits for reinsurance companies were classified to the reinsurance assets (other assets)

Financial Liabilities (NISm)

	Bonds and Loans
	31/12/2024 31/12/2023
	CPI	Floating	Fixed
	linked	interest	interest	Total	Total
Solo* Financial	950	397	527	1,875	1,896
Insurance
Tier 1 capital	374	-	-	374	218
Tier 2 capital	777	199	2,848	3,824	4,067
Tier 3 capital	-	-	-	-	399
Insurance Total	1,151	199	2,848	4,198	4,684
Retirement	-	626	-	626	-
Credit	-	1,296	151	1,447	1,438
Agencies Investment House & Wealth	-	364 236	-	364 236	379 263
AM&C Total	-		- 151
	-	2,522		2,673	2,080
Total bonds and loans	2,101	3,118	3,526	8,745	8,661
Exposure Ratio	24%	36%	40%	100%	100%
(Nostro)** Other Derivatives, Repo &		4,525	2,921
Derivatives, Repo & Other (Unit		2,018	2,240
Credit (Gama) cards liabilities	1,902	1,755
Total				17,189	15,576

Net financial debt exposure includes financial assets & only some of the financial liabilities (see 2024 Financial Statements Section – Section 6.7.2 in the BOD Report)

Phoenix Financial has limited solo net debt with 1% 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 credit portfolio and improved capital structure

* Mainly offset against Insurance Tier 1 capital

** For more details, see 2024 Financial Reports (Note 27)

Includes CSM of 9.7 NISb (35-45% to be recognized over 5 years) & RA (Risk Adjustment) of 1.9 NISb as of transition date

Capital Management | Solvency

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

189% with transitional measures estimated as of September 2024 (after 565 NISm dividend in kind distributed through publication date out of total 1.4 NISb announced; additional -6% impact estimated from full distribution)

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

Cashflow and Liquidity (Phoenix Financial Company)

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

AM&C generate significant cash from fee-based earnings (e.g., asset management, agencies)

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

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

Accounting Income

IFRS 17 & IFRS 9 implementation in 2025, expected to reduce volatility, see IFRS17 road map slide 29

Dynamic management of market exposures

Highlights

Strategy & Targets

Financial Results

Segment Breakdown

Appendix

Glossary

Continued growth and profitability despite competitive market & high theft frequency

Optimized use of machine learning for motor underwriting

Positive impact of investments & interest rates

Core Income (Before Tax)	2023	Q1/24	Q2/24	Q3/24	Q4/24	2024
Compulsory Motor	234	15	65	35	96	211
Motor Property	31	85	58	67	51	261
Loss Ratio (MP)	79%	65%	71%	70%	63%	67%
Property & Other	114	62	37	55	34	188
Liability	259	12	103	37	72	224
Total	638	174	263	194	253	884

Comprehensive Income Before Tax

NISm

884 179 1,089 Core Income Interest (Underwriting) Investments 2024 41 (15) Special items Non-Operating 2023 638 (56) 143 (22) 703 Difference 246 97 36 7 386 Q4/24 253 78 86 (6) 411 Q4/23 328 20 108 (13) 443 Difference (75) 58 (22) 7 (32)

Health

Improvement in underwriting profit

Negative impact from LAT reserves mainly due to decrease in interest rates

Positive impact from actuary research

Maccabi HMO collective LTC agreement ended December 2023

Health insurance reform implemented during 2024

Core Income (Before Tax)	2023	Q1/24	Q2/24	Q3/24	Q4/24	2024
LTC Individual	18	7	12	6	5	30
LTC group	-44	1	11	14	1	27
Other long-term	178	26	140	74	42	282
Other short-term	13	1	-	5	3	9
Total	165	35	163	99	51	348

Comprehensive Income Before Tax

NISm

Life & Savings

Improvement in underwriting profit

Positive non-operating effects mainly due to interest rate effects, partially offset by investment profit below 3%.

Continued inflows from investment policies

Initiated re-collection of variable management fee in beginning of fourth quarter (105 NISm during Q4)

Core Income (Before Tax)	2023	Q1/24	Q2/24	Q3/24	Q4/24	2024
Until 1990	-7	-3	4	21	15	37
Until 2003	55	24	21	13	35	93
Since 2004	37	53	6	20	5	84
Individual	50	-20	6	8	2	-4
Group	32	5	11	11	8	35
Total	167	59	48	73	65	245

Comprehensive Income Before Tax

NISm

Other Equity Returns (Insurance)

Positive capital market effects (above 3% real yields) compared to negative effects in 2023

2023	294	(406)	(41)	(153)
Difference	(11)	842	34	865
Q4/24	33	423	(17)	439
Q4/23	(5)	248	(22)	221
Difference	38	175	5	218

Investment House & Wealth (Financial Services)

Performance improvement from continued strategic execution

Growth in brokerage business

continued new client acquisition, average revenues & higher spreads in margin credit

Synergies from acquisitions completed in 2023-24 achieved

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

Continued growth in alternative / wealth business, including structural changes to optimize platform and strengthen for future scale

Comprehensive Income Before Tax

NISm

(*) Brokerage includes private and institutional brokerage as well as market making (market making was previously reported under Investment Management)

Includes (1) Phoenix Investment House (formerly "Excellence") – active & passive mutual funds, ETFs, discretionary portfolios, private & institutional brokerage, & employee stock option administration; and (2)

Phoenix Advanced Investments – alternative investment wealth platform focused on private client distribution of best-in-class managers

Retirement (Pension & Provident)

Continued organic growth

Focus on profitability

including higher margin / efficient activities

Negative Special Items due to increase of legal provisions

Comprehensive Income Before Tax

NISm

Non-Operating

2023	89	(9)	(7)	73
Difference	29	(1)	(8)	20
Q4/24	31	5	(15)	21
Q4/23	19	(7)	(3)	9
Difference	12	12	(12)	12

Distribution (Agencies, Planning, Benefits)

17% growth in core income year on year

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

Assessing opportunities to unlock & create value going forward

Lower net investment income due to recapitalization / dividend distribution to Phoenix Financial

Comprehensive Income Before Tax

NISm

39

Credit (Primarily Phoenix Gama)

Synergetic merger of Phoenix Construction

Finance in January 2024, following successful takeprivate tender offer for Gama in 2023

Limited growth in SME increase of credit card turnover

Continued improvement in pre-tax income

Strong balance sheet with 27% Equity-to-Assets ratio*

Consumer credit activity

launched in H1 2024 included in Credit Segment results (moved under Gama**)

Approved credit lines 1.5 NISb

(NISm)	2023	2024	Turnover	credit portfolio			(13)	137
Net Finance Income						150
Credit card	142	151	40,252	-
SME***	89	83	-	2,237		Core Income	Special items	2024
Constriction finance****	-	72	-	1,188		(Operations)
GA, Marketing & Other	(128)	(156)	-	-	2023	103	(12)	91
Total	103	150	40,252	3,425	Difference	47	(1)	46
					Q4/24	36	(8)	28
					Q4/23	19	(5)	14
					Difference	17	(3)	14

Comprehensive Income Before Tax NISm

* Not including credit card & short-term transactions; 17% Equity-to-Assets including these transactions

*** Segment business 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

2023	13	(2)	(21)	4	(6)
Difference	19	2	(4)	(4)	13
Q4/24	5	-	(7)	-	(2)
Q4/23	2	-	(1)	(12)	(11)
Difference	3	-	(6)	12	9

Highlights

Strategy & Targets

Financial Results

Segment Breakdown

Appendix

Glossary

IFRS 17 & 9 | Pro-Forma H1/2024 by Segment

Pro-Forma H1/2024

Not normalized for core income versus nonoperating effects

Pro-forma under new accounting standards IFRS 17 & 9:

* Income from investment policies is classified pro-forma in Asset Management rather than Life Insurance

** Figures are presented net of reinsurance; Other income (loss) includes primarily unallocated G&A expenses and Other Equity Returns segment; for normalized Core Income see Slide 29

Investment Returns | Explanation

Reconciliation of investment returns above / below 3% real returns with financial statements NISm

	2024	2023
from Financial P&L Items Statements
Investment income	16 570 ,	9 910 ,
Share in profits of equity-accouted investees	103	42
Total of other comprehensive income components net	281	306
Tax effect	171	147
Subtotal	17,125	10,404
Less:
(losses) relating yield-dependent policies Investment gains to	13 996 ,	8 531 ,
gains (losses) relating investment services & credit Investment to	461	349
Subtotal	14,457	8,881
Corporate (Nostro) total investment income account	2,668	1,526
Corporate (Nostro) 3% real account investment income assuming returns	2 335 ,	2 291 ,
Corporate (Nostro) investment income above (below) 3% real account returns	333	(765)

Best in Class ROE

Return on Equity

45

Positioned to Capture Opportunities

Insurance penetration - OECD data 2022 Insurance - Data taken from EY BI Insuretool based on financial reports for 9M/2024; Total AUM – Phoenix analysis of Q3/2024 financial reports, total market incl. AUM managed by Institutional investors & Mutual funds, data from BOI as of 30/9/24; Distribution - Data taken from Ministry of Finance report, 2024; SME credit estimations based on Ministry of Economy reports (2022, and 2023/Q1), SME relates to businesses of up to 100 NISm of revenues

Growth & Value Drivers

2

Strong market position with distinctive growth & performance

Phoenix Financial is the premier financial group in Israel with \$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 regularly covered by leading international and Israeli investment banks 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, credit origination, and 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 grow to 2 NISb comprehensive income and 16-18% ROE by 2027, with additional 400-600 NISm upside beyond plans, and targets to be updated during 2025. Phoenix is currently investing in technology and capabilities to drive additional value creation from data, client focus, and automation during 2028-31.

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 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.

3

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.

47

Highlights

Strategy & Targets

Financial Results

Segment Breakdown

48

Appendix

Glossary

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

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 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 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 credit risk with different maturity dates in the future