The Phoenix Holdings Ltd.

Investor Presentation • Aug 25, 2025

2025 Q2 Results Phoenix Financial

August 25, 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. Certain financial measures presented herein are non-IFRS financial measures, which should not be considered as a substitute for or superior to financial measures calculated in accordance with IFRS.

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

Highlights

Strategy & Targets

Financial Results

Segment Breakdown

Appendix

Phoenix Financial | Company Overview

Figures for H1/2025

Leading financial group

560 NISb (\$165b) AUM

20% AUM 5-year CAGR¹

5% Average Dividend yield⁶

3,500+

Ongoing buybacks Annual program

Platinum Plus ESG ratings² Employees with equity

Distinctive performance

1.5 NISb Comprehensive Income

1.3 NISb Core Income

17.6% ROE 5-year average¹ Earnings quality High cash remittance

Strong capital base

AA Israel ratings⁴

12.2 NISb Shareholders' equity

Insurance P&C, Life & Health

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

892 NISm Core Income 181% Solvency II Ratio³

7.3 NISb Shareholders' Equity

A- / Baa1 Israel ratings4

International ratings⁴

AAA

Asset Management

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

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

426 NISm Core Income

761 NISm EBITDA⁵

2.8 NISb Revenues

4

Figures for H1 2025

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)

2018 2019 2020 2021 2022 2023 2024 6/25 '25F '26F LTM

Inflation ⁵

Percent

Long-Term Savings AUM ⁴ NIS Trillion

Unemployment ⁷ Percent

¹Israel Securities Authority; ²Israel Central Bureau of Statistics, LTM not-annualized; 2025-6 forecast from Bank of Israel (real GDP growth, seasonally adjusted annual rate); ³Current USD, as of 2024, not PPP adjusted, World Bank; ⁴ Bank of Israel; includes funds managed by institutional investors; 2022 decline due to yields; ⁵ Israel Central Bureau of Statistics, 2025-6 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

2025 Q2 & H1 | Key Figures

2025 Q2 & H1 | Key Takeaways

Strong Business Performance

Continued growth in quality earnings, generating core income of 1,318 NISm (692 in Q2) with strong performance across activities

Strong investment performance and decreased sensitivity of insurance liabilities to interest rates led to positive non-operating effects of 178 NISm (236 NISm in Q2)

Continued Strategic Growth

2025 run-rate already within 2027 target range (including published potential upside) and well-positioned to capture market opportunities, targets to be updated during Q4

Transaction to increase holdings in attractive Brokers & Advisors activity from 78% to 95% signed in July Inclusion in MSCI Israel index expected in August, with potential for inclusion in additional global indices Ongoing support and contribution to society, reflected in Platinum Plus Maala ESG rating

Increased Quality, Cashflows & Dividends

Quality earnings and cashflows with lower volatility due to decreased macro exposures

Quarterly dividend of 400 NISm (43% of Q2 income), totaling 630 NISm for 2025 H1; strong cash remittance supports regular, quarterly dividends

7

Increasing annual buyback plan from 100 to 200 NISm, in addition to acquisitions

1

2

H1 2025 | Continued Growth & Quality in Core Activities

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 * H1/24 originally reported in IFRS 4 with a total of 667 NISm including Core Asset Management 275, Core Insurance 594, Non-Operating Effects (202)

8

Investments | Core Capabilities

Returns – Insurance Nostro / Corporate Account

Percent (nominal)

free rate

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

Asset Allocation - Corporate Account (Nostro)

Percent (June 30, 2025)

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

** 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 & Buybacks | Quarterly Payout & Track Record

Dividend: 400 NISm quarterly dividend announced; policy at least 40% from annual income

Buybacks: Annual plan extended from 100 NISm to 200 NISm; 31 NISm executed during quarter totaling in 52 NISm in H1; Phoenix Agencies announced transaction utilization of shares acquired as part of 2021 buyback plan

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

Quality Earnings Drives Group Cash Remittance

Group Cash Remittance from Subsidiaries

Announced dividends from income, by business, NISm

Value Creation | Global Outreach

Global activities upgrade know-how and best practices, culture, opportunities, and differentiation

Highlights

Strategy & Targets

Financial Results

Segment Breakdown

Appendix

Israeli Financial Services | Value Creation Opportunity

Financial assets held by public¹ NIStr

3.0

Financial services sector market cap² NISb

Financial services value mix³ Share of market cap by sector, %

Transition examples in Israel:

• Brokerage accounts
• Money market funds
• Alternative investments
• Insurance wrappers
• Credit

Asset management & insurance generate high ROE and growth rates 4

¹Financial assets held by public include households and business financial assets managed directly or via institutional investors as of December 2024. Source: BOI report

²Financial services sector market cap include public banks, credit card companies, insurance groups, investment houses and non-bank credit providers; market cap comparison as of Dec. 2014 to Dec. 2024; data from TASE ³Asset managers & Insurance market cap: Israel data taken from TASE as of December 2024. US data taken from disfold.com, and includes American top 100 financial companies by market cap as of Dec. 2024; Asset

Management service providers were included in Asset & Insurance Management category

⁴Israeli major banks ROE ranges 16-18% and reported growth rates of 5-11% (YoY, reported in Q2.2025 financial statements)

Core Income Growth | Targets to be Updated During 2025

Core Income

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

Phoenix Financial

2025 H1 run-rate is already within 2027 guidance

Targets to be updated during Q4

Asset Management

Notes: Investment Policies reported under Insurance (Life Segment) through 2024, starting 2025 reported under Asset Management in step with IFRS-17 implementation; previous group targets do not yet reflect Brokers & Advisors updates released in July 2024, which will be reflected in updated group targets later this year

Group Strategy | Value Drivers to Capture Opportunity

Value Creation | Runway Beyond 2027

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

2027 Target 1.6-1.8 NISb

Growth Engines | Continued EBITDA Growth

Growth engines include Asset Management, Brokers & Advisors & Financing

Significant FRE (Fee-Related Earnings)

• EBITDA from non-insurance businesses
• Mostly low-risk 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

679 NISm adjusted EBITDA not including minority interest in H1/25 (2024: 1,002)

Adjusted EBITDA for Asset Management

NISm, consolidated including minorities

2.1

1.2

Asset Management

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

AUM NISb

Revenues

NISb

1.1

2021 2022 2023 2024 H1/25

1.6 1.4

Core Income, net NISm, before non-operating effects

Targets to be updated in Q4 2025

Adjusted EBITDA

NISm, consolidated including minorities

350-450

Brokers & Advisors | Phoenix 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

Phoenix Increasing holdings from 78% to 95% transaction signed in July

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

NISm, net of tax & minorities, before non-operating effects

Targets updated following transaction in 7.25

Core Income - Comprehensive Income assuming RF + 2.25% nominal yield, net of minorities and tax, investments performance above/below RF + 2.25% nominal yield, interest rate effects & special items; adjusted EBITDA - see Glossary for definition. ¹Based on share of commission out of total commissions published by MoF for 2023

2027 target

2026

Financing | 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

Financing Portfolio

Revenues NISm

NISb, including mergers

Core Income, net

NISm, before non-operating effects

Targets to be updated in Q4 2025

Adjusted EBITDA

NISm, consolidated

Insurance | Strong Performance

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

Core Income, net

NISm, before non-operating effects

Insurance Financial Optimization | Reducing Volatility

Shift in activity mix 1

Group strategy focuses on accelerated growth in capital efficient activities (P&C, Investment Policies, Asset Management, selected short-duration Life & Health), shifting the mix away from capital-intensive products

IFRS-17 implementation 2

CSM creates more stable income for more capital intensive products (Life & Health; CSM does not include more capital efficient activities, e.g., P&C, Investment Politics, Asset Management), with 35-45% of CSM expected to be recognized over next 5 years

Investment Policies are included in analysis of new business and release as it is strategic to the company and resembles long-term, predictable business although without CSM and capital needs¹

Reduced insurance liability exposure to interest rates facilitates lower volatility and optimization of investment portfolio for risk adjusted returns. As of June 30, 2025, accounting sensitivity of Phoenix Insurance subsidiary to a negative / positive change of 1% across the interest rate curve was +380 / -321 NISm respectively, reduced since December due to optimization of fixed income & durations in corporate account

Capital management 3

Decreasing cost of capital with scale, domestic & international ratings for Phoenix Financial and subsidiaries, liquidity, backbook efficiency

Investments management 4

Managing exposures and providing high risk-adjusted returns

Evolution of CSM and other future income in H1 2025

NISm

Highlights

Strategy & Targets

Financial Results

Segment Breakdown

Appendix

H1 2025 | Income by Source

Core Income Breakdown (Comprehensive)

H1 2025, NISm

Breakdown Before Tax – By Segment

NISm	H1/25	H1/24	Difference
P&C	506	430	76
Health	487	439	48
Life	239	219	20
Other Equity Returns	116	86	30
Core Insurance	1,348	1,174	174
Retirement	73	56	17
Wealth & Investments	249	179	70
Brokers & Advisors	211	156	55
Financing	98	76	22
Other	43	14	29
Core Asset Management	674	481	193
Investment Income (*)	482	(698)	1,180
P&C	30	2	28
Health	(86)	(78)	(8)
Life	24	(395)	419
Other Equity Returns	535	(217)	752
Financing	(18)	0	(18)
Retirement	6	(9)	15
Brokers & Advisors	(9)	(1)	(8)
Interest	(134)	465	(599)
P&C	(11)	33	(44)
Health	(11)	25	(36)
Life	(112)	407	(519)
Special Items	25	(53)	78
P&C	2	(3)	5
Health	0	0	0
Life	76	(47)	123
Other Equity Returns	(7)	10	(17)
Retirement	0	0	0
& Wealth Investments	(62)	(8)	(54)
Brokers & Advisors	7	0	7
Financing	0	(5)	5
Other	9	0	9
Non-operating income	373	(286)	659

Q2 2025 | Income by Source

Core Income Breakdown (Comprehensive)

Q2 2025, NISm

Breakdown Before Tax – By Segment

NISm	Q2-25	Q2-24	Difference
P&C	291	240	51
Health	250	225	25
Life	133	92	41
Other Equity Returns	43	22	21
Core Insurance	717	579	138
Retirement	31	26	5
Wealth & Investments	125	88	37
Brokers & Advisors	109	82	27
Financing	47	40	7
Other	31	4	27
Core Asset Management	343	240	103
Investment Income (*)	804	(743)	1,547
P&C	54	(24)	78
Health	(54)	(62)	8
Life	172	(364)	536
Other Equity Returns	646	(284)	930
Financing	(18)	0	(18)
Retirement	9	(10)	19
Brokers & Advisors	(5)	1	(6)
Interest	(360)	519	(879)
P&C	(45)	25	(70)
Health	(26)	106	(132)
Life	(289)	388	(677)
Special Items	35	(16)	51
P&C	(2)	(3)	1
Health	0	1	(1)
Life	106	(12)	118
Other Equity Returns	(15)	0	(15)
Retirement	0	0	0
Wealth & Investments	(46)	(2)	(44)
Brokers & Advisors	(8)	0	(8)
Financing	0	0	0
Other	0	0	0
Non-operating income	479	(240)	719

(*) 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

H1 2025 | Income by Segment

Segment Income Breakdown (Comprehensive)

H1 2025, NISm

Q2 2025 | Income by Segment

Segment Income Breakdown (Comprehensive)

Q2 2025, NISm

Balance Sheet | Strong Liquidity & Low Leverage

Balance Sheet (Solo)				Financial Assets
		IFRS 17
Solo NISm Phoenix Financial	31/12/2024	30/06/2024	30/06/2025	H1/24-H1/25
Cash and cash equivalents	65	34	189	154
of Investment in Restricted Tier 1 capital Phoenix Insurance	1 248 ,	1 223 ,	1 275 ,	51
Receivables and debit balances	45	22	45	23
Investments in investees	10 201 ,	9 642 ,	11 ,556	1 914 ,
Dividend receivable from Phoenix Insurance	574	0	0	0
Loans and capital investees notes to	1 126 ,	1 209 ,	774	)435(
Other financial investments measured fair value at	86	135	198	63
Other financial investments measured at depreciated cost	42	7	110	103
Other financial assets	-	-	592	592
Other Assets	15	21	617	596
Total Assets	13,402	12,293	14,764	2,471
Financial liabilities	1 892 ,	1 894 ,	2 ,537	643
Payables and credit balances	20	29	30	1
Other Liabilities	-	-	13	13
Total equity	11 490 ,	10 370 ,	12 184 ,	1 814 ,
Total equity and liabilities	13,402	12,293	14,764	2,471

Net financial debt exposure includes financial assets & only some of the financial liabilities (see H1/25 Financial Statements – Section 6.7.2 in the BOD Report); 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; * For more details, see H1/25 Financial Reports (Note 5) ¹Phoenix Financial, Insurance, and Gama rated by 2 rating companies (Maalot & Midrug)

Group Leverage Highlights

Financial Liabilities

2,364	Entity	Rating1	Comments
	Phoenix Financial	AA	2-5% LTV
	Phoenix Insurance	AAA	181% Solvency (with transitional measures)
	Phoenix Investment House	A+	>10x EBITDA / financing expenses
	Phoenix Gama	AA	>10% Risk / Capital
	Phoenix Agencies	Not rated	<1x Debt / EBITDA

	Bonds and Loans
		30/06/2025			31/12/2024
		Floating	Fixed
	CPI linked	interest	interest	Total	Total
Financial Solo	1,155	430	953	2,537	1,892
Insurance
Tier 1 capital	380	-	-	380	374
Tier 2 capital	792	199	2,849	3,840	3,824
Tier 3 capital	-	-	-	-	-
Insurance Total	1,172	199	2,849	4,221	4,198
Retirement	-	500	-	500	626
Financing	-	1,573	87	1,660	1,447
& Brokers Advisors	-	436	-	436	364
Wealth & Investments	-	244	-	244	236
AM&C Total	-	2,753	87	2,840	2,673
Total bonds and loans	2,327	3,382	3,889	9,598	8,745
Exposure Ratio	24%	35%	41%	100%	100%
(Nostro)* Derivatives, Repo & Other				8,000	4,508
Derivatives, Repo & Other (Unit	linked)*			744	2,018
Credit cards liabilities (Gama)				1,542	1,902
Total				19,883	17,189

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

181% with transitional measures estimated as of March 31, 2025 (including 460 NISm dividend distributed from Phoenix Insurance & dividend in-kind approved on December 31, 2024 not yet distributed, expected to reduce solvency ratio by ~6%)

Insurance Company BOD dividend threshold raised to 123% without transitionals as of June 30, 2025

Cashflow and Liquidity (Phoenix Financial Company)

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

Asset management generate significant cash from fee-based earnings

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

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

Accounting Income

IFRS 17 & IFRS 9 reducing volatility

Dynamic management of market exposures

Highlights

Strategy & Targets

Financial Results

Segment Breakdown

Appendix

Continued growth and profitability despite competitive market

Improved claims management

Optimized use of machine learning for motor underwriting

Core Income (Before Tax)	Q2/24	Q2/25	H1/24	H1/25
Compulsory Motor	60	52	92	76
Motor Property	60	101	143	184
Other	120	138	195	246
Total	240	291	430	506
Combined Loss Ratio (in retention)	76.6%	73.4%	79.1%	76.7%

Comprehensive Income Before Tax

Non-Operating
H1/24	430	2	33	(3)	462
Difference	76	28	(44)	5	65
Q2/25	291	54	(45)	(2)	298
Q2/24	240	(24)	25	(3)	238
Difference	51	78	(70)	1	60

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

* Combined Loss Ratio for motor (compulsory & property) is 81.0% & 84.0% for Q2 & H1 respectively

Health

Continued improvement in core

income from underwriting profit

Focusing growth on high-ROE, capitalefficient products

Negative impact of investments & interest rates

Core Income (Before Tax)	Q2/24	Q2/25	H1/24	H1/25
Critical & Short Health Term	64	77	129	156
Long-Term Care	42	66	105	121
Medical Expenses	119	107	205	210
Total	225	250	439	487

Comprehensive Income Before Tax

NISm

Life & Savings

Increased core income from underwriting profit

Negative non-operating effects mainly due to interest rate effects, partially offset by investment performance

Special items include onerous contracts results

Core Income (Before Tax)	Q2/24	Q2/25	H1/24	H1/25
Risk	69	89	130	139
Saving Non-Participating	10	26	38	61
Saving Participating	13	18	51	39
Total	92	133	219	239

Comprehensive Income Before Tax

NISm

Non-Operating
H1/24	219	(395)	407	(47)	184
Difference	20	419	(519)	123	43
Q2/25	133	172	(289)	106	122
Q2/24	92	(364)	388	(12)	104
Difference	41	536	(677)	118	18

Other Equity Returns (Insurance)

Strong contribution from corporate account investment performance

Comprehensive Income Before Tax

NISm

H1/24	86	(217)	10	(121)
Difference	30	752	(17)	765
Q2/25	43	646	(15)	674
Q2/24	22	(284)	-	(262)
Difference	21	930	(15)	936

Asset Management

Wealth & Investments

Higher income across subsegments

Strong growth in Mutual Funds & ETFs

Continued growth in brokerage platform including new client acquisition and in alternative / wealth business

Special Items include several (unrelated) one-time costs & adjustments, including assuming control in alternative / wealth business

Retirement (Pension & Provident)

Continued organic growth

Focus on profitability

including higher margin / efficient activities driving higher core income

46 79 27 6 Core Income Investments Special items H1/25 73 0 Non-Operating Pension Provident

H1/24	56	(9)	-	47
Difference	17	15	-	32
Q2/25	31	9	-	40
Q2/24	26	(10)	-	16
Difference	5	19	-	24

Comprehensive Income Before Tax

NISm

Brokers & Advisors (Agencies)

Strong growth in core income

Continued organic and inorganic growth including small acquisitions leading to higher core income

Transaction to increase holdings from 78% to 95% signed in July

Updated targets and plan in place to accelerate growth

NISm

H1/24	156	(1)	-	155
Difference	55	(8)	7	54
Q2/25	109	(5)	(8)	96
Q2/24	82	1	-	83
Difference	27	(6)	(8)	13

Financing | Phoenix Gama

NISm Continued growth across segments

Significant fee-related revenues and income, including credit card solutions and some financing activities

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

Strong balance sheet with 26% Equity-to-Assets ratio*

Approved credit lines of 2.0 NISb

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

Key Financials (NISm)	H1/24	H1/25	Turnover	Credit portfolio
Net Finance Income							(18)
Credit card solutions	72	107	20,330	-		98
SME solutions**	49	41	-	2,496
Construction Finance	27	46	-	1,454		Core Income (Operations)	Investments
Consumer Credit	-	1	-	89	H1/24	76	-
					Difference	22	(18)
G&A, Marketing & Other	(72)	(97)	-	-	Q2/25	47	(18)
					Q2/24	40	-
Total	76	98	20,330	4,039	Difference	7	(18)

Comprehensive Income Before Tax

Other

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

Restructured to improve capital & investments efficiency

Comprehensive Income Before Tax

NISm

H1/24	14	-	-	-	14
Difference	27	2	-	9	38
Q2/25	29	2	-	-	31
Q2/24	4	-	-	-	4
Difference	25	2	-	-	27

Highlights

Strategy & Targets

Financial Results

Segment Breakdown

Appendix

Israel Economy | Long-term Fundamentals

Households Savings ²

Percent of free income

Debt to GDP ³

Percent

Foreign Reserves ⁴

Percent of GDP

Stock Market Performance⁵

5-years comparison (2020-6/2025)

R&D Investments ⁶

Business expenditures as percent of GDP

1 MarcroTrends, Eurostat, UK Office on National Satistics (2023) 2 OECD, CEIC (2022) 3 CEIC, World Economics, Trading Economics as of 2024

4 CEIC, BOI 2024

5 Market Analysis 2025

6 OECD Data 2023

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 is performing in 2025 run rate above 2027 guidance, and plans to update targets during 2025. The group is currently investing in technology and capabilities to drive additional value creation from data, client focus, and automation during 2028-31.

4

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.

Consolidated Balance Sheet | Strong Financial Position

Phoenix Financial Balance Sheet
NISm		IFRS 17
Phoenix Financial NISm	31/12/2024	30/06/2024	30/06/2025	H1/24-H1/25
Cash	2 742 ,	2 660 ,	3 938 ,	1 278 ,
Intangible Assets	5 298 ,	5 190 ,	5 697 ,	507
Insurance contract assets	5 576 ,	5 038 ,	5 663 ,	625
Investments in associates	2 002 ,	1 997 ,	1 993 ,	)4(
Investment property - other	1 323 ,	1 268 ,	1 377 ,	110
Credit for of purchase securities	5 992 ,	5 198 ,	6 141 ,	943
Other Assets	2 872 ,	2 418 ,	3 194 ,	776
Other Financial Investments	33 350 ,	31 612 ,	35 208 ,	3 596 ,
for Assets yield-dependent contracts	114 264 ,	104 901 ,	121 734 ,	16 832 ,
Total Assets	173 421 ,	160 282 ,	184 945 ,	24 664 ,
Financial liabilities	17 189 ,	14 949 ,	19 883 ,	4 934 ,
of Liabilities in respect investments contracts	33 853 ,	28 412 ,	39 936 ,	11 524 ,
Liabilities in respect of insurance contracts	107 152 ,	103 481 ,	108 853 ,	5 372 ,
Other Liabilities	3 404 ,	2 727 ,	3 719 ,	991
Total equity	11 823 ,	10 712 ,	12 554 ,	1 842 ,
Total equity and liabilities	173 421 ,	160 282 ,	184 945 ,	24 664 ,

	Bonds and Loans
		30/06/2025			31/12/2024
		Floating	Fixed
	CPI linked	interest	interest	Total	Total
Financial Solo	1,155	430	953	2,537	1,892
Insurance
Tier 1 capital	380	-	-	380	374
Tier 2 capital	792	199	2,849	3,840	3,824
Tier 3 capital	-	-	-	-	-
Insurance Total	1,172	199	2,849	4,221	4,198
Retirement	-	500	-	500	626
Financing	-	1,573	87	1,660	1,447
Brokers & Advisors	-	436	-	436	364
Wealth & Investments	-	244	-	244	236
AM&C Total	-	2,753	87	2,840	2,673
Total bonds and loans	2,327	3,382	3,889	9,598	8,745
Exposure Ratio	24%	35%	41%	100%	100%
Derivatives, Repo & Other (Nostro)*				8,000	4,508
Derivatives, Repo & Other (Unit linked)*				744	2,018
Credit cards liabilities (Gama)		1,542	1,902
Total				19,883	17,189

Net financial debt exposure includes financial assets & only some of the financial liabilities (see H1/25 Financial Statements Section – Section 6.7.3 in the BOD Report)

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 * For more details, see H1/25 Financial Reports (Note 5)

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