The Phoenix Holdings Ltd.

Investor Presentation • Nov 26, 2025

2025 Q3 Results

Phoenix Financial

November 26, 2025

Disclaimer

This presentation includes information regarding the Company's financial statements results and strategic plan & targets. Accordingly, the presentation includes forward-looking information as defined in section 32A of the Securities Law 1968.

The information regarding the strategic plan & targets update includes, among other things, forecasts, goals, assessments, and various estimates, including information presented by way of illustrations and/or graphs and/or tables relating to future events or matters, the realization of which is uncertain and not under the control of the Company or the companies in the Phoenix group, including, among other things, regarding revenues and profitability from new initiatives and the implementation of various plans, profit forecasts, EBITDA, and other future financial data. The Company's management has carried out a process of updating its strategic goals, based on the Company's data, market data, raw or processed internal information collected, and comparative information, and based on certain working assumptions regarding the Company's activities and relevant markets.

Such information is based on the subjective assessment of the Company and its advisors, and among other things, relies on past experience, the professional knowledge accumulated by the Company, existing information, and current expectations and assessments, including future developments as known to the Company today.

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 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.

This presentation should not be seen as an offer to purchase or sell the Company's securities, or an invitation to receive such offers The presentation was prepared for convenient and concise presentation only, and does not purport to cover all the data about the Company and its activities and/or all the information that may be relevant for making any decision regarding investment in the Company's securities in general In any case of contradiction and/or inconsistency between the information presented in this presentation and the information in the Company's financial reports and/or its public reports, the information in the financial and other reports shall prevail. This presentation also includes information that the Company has gathered from third parties, where the Company has not independently verified the data. For the avoidance of doubt, the Company does not undertake to update or change the information included in this presentation.

Highlights

Strategy & Guidance

Financial Results

Segment Breakdown

Appendix

Glossary

Phoenix Financial | Company Overview

Figures for 9M 2025

Leading financial group

585 NISb (~\$180b) 20%

AUM AUM 5-year CAGR¹

Ongoing buybacks Annual program 5% Average Dividend yield⁶

Platinum Plus ESG ratings² 3,500+ Employees with equity

Distinctive performance

2.3 NISb Comprehensive Income 2 NISb Core Income

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

Strong capital base

12.1 NISb Shareholders' equity AA Israel ratings⁴

Insurance

P&C, Life & Health

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

1,303 NISm Core Income 182% Solvency II Ratio³

7.3 NISb Shareholders' Equity AAA Israel ratings4

A- / Baa1 International ratings⁴

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

682 NISm Core Income

1,188 NISm EBITDA⁵

4.2 NISb Revenues

Figures for 9M 2025

Israel Economy | Resilience & Growth

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

Resilience in face of 2023-25 headwinds (war, political uncertainty), including TA-35 ~40% returns YTD & CDS returning to levels near 10/23; strong economic growth in Q3¹

2025 Q3 & 9M | Key Figures

26.8% 182% ROE 9M/25 Q3/25 12.1NISb 585NISb 2,299NISm Comprehensive Income 9.0NIS 29.2% ROE 803NISm Comprehensive Income 3.2NIS Comp. Income per Share Comp. Income per Share

Shareholders Equity AUM

Solvency¹

2025 Q3 & 9M | Key Takeaways

Strong Performance

1

Strong business performance across activities with core income of 1,985 NISm in 9M (667 in Q3), run-rate is within guidance for 2027

Investment performance led to positive non-operating effects of 314 NISm in 9M (136 NISm in Q3)

Corporate responsibility and support of Israeli social resilience reflected in S&P Global ESG ratings, ranked #2 in Israeli market & in 85th percentile globally

2

Continued Strategic Growth & Profitability

Company is positioned to disrupt and capture market opportunities originated from structural growth trends, wealth accumulation and shifting value in financial sector

Shifting to high-multiple, capital-light activities with 43% growth in Asset Management core income compared to 2024 Increased holdings in Phoenix Agencies from 78% to 95%, accelerating value creation

Increased Earnings Quality, Cashflows & Dividends

3

Quality earnings and cashflows with lower volatility

Quarterly dividend of 320 NISm (40% of Q3 income), totaling 950 NISm for 2025 9M; strong cash remittance supports regular, quarterly dividends, enabled by high liquidity, solvency and low leverage

188 NISm buybacks executed during first 9 months of year out of 300 NISm annual plan

Core Income | Continued Growth

Investments | Core Capabilities

Returns – Corporate Account ("Nostro")

Percent (nominal)

Asset Allocation - Corporate Account ("Nostro")

Percent (September 30, 2025)

Mark to market reporting transparency (reporting volatility)⁴

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

Group plans based on normalized returns³

Investing in capabilities including international investments and technology platforms

Investment performance & track record Responsible allocation & risk management

Proactive and proprietary dealflow and sourcing

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

Balanced asset allocation

Responsible asset and liability management

¹ Annualized 9M inflation was 4.0%

² Five-year period (2020-24), based on known CPI LTM change as of end of period

³ Core Income does not include Non-Operating Effects: Investment yields & variable fees above or below normalization (3% real yields under IFRS 4 / nominal risk-free rate + 2.25% under IFRS 17, to be updated starting Q4/2025 to nominal risk-free rate + 2.50%), interest rate effects, and special items

⁴ Debt assets presented based on fair value determined by external evaluator appointed by the regulator

Dividends & Buybacks | Quarterly Payout & Track Record

Dividends & Buybacks

Dividends demonstrate that growth is profitable and generating higher cash-flows

Dividend: 320 NISm quarterly dividend announced, totaling 950 NISm for 9M (3.8 NIS/share); policy at least 40% from annual income paid quarterly

Buybacks: 136 NISm executed during quarter totaling in 188 NISm in 9M; annual plan increased from 200 NISm to 300 NISm

2028 payout guidance: over 50% combined dividends & buybacks facilitated by diverse cash flows & remittance, strong financial position including Solvency II, ratings, liquidity

Paid during calendar year

announced today

Not including 320 NISm

^* Dividend yield calculated based on total dividends distributed in calendar year divided by average market cap at beginning and end of year; figures before 2025 based on IFRS-4 income

Quality Earnings | Drive Group Cash Remittance

Group Cash Remittance from Subsidiaries

Announced dividends from income, by business, NISm

11

Highlights

Strategy & Guidance

Financial Results

Segment Breakdown

Appendix

Glossary

Value Creation | New Medium-Term Guidance

	Previous guidance		Updated guidance	Comments
Publication date Target timeframe	9/24	3/25 2027	11/25 2028
Core Income (NISb)	2.0	2.4-2.6	3.3-3.5
Insurance	1.1-1.3	1.4-1.7	1.9-2.1
Asset Management	0.7-0.9	0.8-1.1	1.3-1.5
ROE	16-18%		>25%	(95%) developments
Adjusted EBITDA (NISb)	1.6-1.8		2.4-2.6
Total AUM (NISb)	600-650		700-800
Payouts (Dividend + Buyback)	>50%		>50%

Providing new medium-term (3 year) guidance for 2028, because 2025 run-rate is already achieving previous guidance for 2027

Accelerated growth compared to previous guidance due to materializing market opportunities, improved performance without capital needs, increased Phoenix share of Agencies (95%)

Potential upside beyond guidance includes investment performance (difference between 4.0% historic average above risk-free rate versus 2.5% normalization represents roughly 300 NISm), broader M&A, technology / AI implementation, regional developments

IFRS-17 impact already taken into consideration in previous guidance

Value Creation | Highlights

Significant market opportunity 1

Long-term positive structural trends including demographics, productivity, innovation, wealth accumulation Accelerated sector value creation with growth in financial services and shift toward asset managers and insurers, driven client wealth & demand for investments and services

Strong position & platforms 2

Premier financial group with \$182 billion AUM (11/25), 20% compounding, large client base

Broad platforms across asset management & insurance with ability to disrupt sector

Differentiated capabilities including people, scale, brand, investments, technology, international partnerships; aligned and committed managers & partners

Strong financial position with high levels of capital, Solvency, liquidity, low leverage, cashflows, dividends & ratings

Proven value creation strategy 3

Disrupting Israeli financial services with innovative business models, solutions, and best practices

Value drivers include accelerated growth in high-multiple capital-light businesses; innovation for competitive advantage & efficiency; active management of people, structure, & M&As; and capital & investment management to maximize performance

Shifting to high-multiple & fee-related earnings with strong cashflow remittance (away from liabilities with uncertain outcomes), dividends & capital returns highlight profitable growth

Executing growth roadmaps 4

Strong growth in asset management across platforms (wealth, investments, retirement, brokers, financing)

Smart growth in Insurance high-multiples activities while optimizing mix and models including shift to P&C & technology rollout (digitization, automation)

Building group capabilities for competitive advantage including data & analytics, client focus (journeys, segmentation, personalization), global best practices, M&As

Market Opportunity | Strong Growth & Disruption

Israel population (Millions)¹

Surge in value of financial services Value shifting to asset management Client sophistication

Financial services market cap (NISb) 4

Growing population Improved productivity Wealth accumulation

GDP per capita (USDk) 2

Israel

Financial services market cap (Percent)⁵

Financial assets held by public (NISt) 3

From… …to

Savings Protection Deposits Real estate Investments Compounding Brokerage Alternatives

Driven by generational shift, financial education, access, globalization of knowledge, capital markets, wealth

Potential for disruption

Note: 2025 figures based on actual data or estimations based on most recent published data

¹ National Bureau of Statistics (2025)

² Current USD, as of 2024, not PPP adjusted, World Bank

³ Include households and business financial assets managed directly or via institutional investors as of May 2025. Source: BOI report 4 Include public banks, credit card companies, insurance groups, investment houses and non-bank credit providers; data from TASE

⁵ Israel data taken from TASE as of Sept. 2025. 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

Medium-Term Guidance | Core Income Growth

Core Income

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

Growth, shifting mix, and capital return

Potential upside beyond guidance includes investment performance (difference between 4.0% historic average above riskfree rate versus 2.5% normalization represents roughly 300 NISm), broader M&A, technology / AI implementation, regional developments

^* Core Income and Core ROE do not include Non-Operating Effects: Investment yields & variable fees above or below normalization (3% real yields under IFRS 4 / nominal risk-free rate + 2.25% under IFRS 17, to be updated starting Q4/2025 to nominal risk-free rate + 2.50%), interest rate effects, and special items

Medium-Term Guidance | Strategic Roadmaps

Phoenix Financial – Group Level

Lead value creation, risk management, & people across the group, including:

• Strategic development (e.g., focus areas, organic / inorganic growth, capturing group synergies, implementing best practices)
• Branding, marketing, and client experience
• Capital deployment, financial resilience, and optimization
• Investment at scale in advanced capabilities for competitive advantage (e.g, data & analytics, digital channels, client focus)

Insurance

Growth in high-multiple activities while optimizing mix and models by (a) shifting to capital efficient activities (away from longer liabilities with less certain outcomes) and (b) deploying technology for service & efficiency:

• P&C: Accelerate profitable growth in P&C focusing on competitive advantages (pricing & underwriting, hybrid distribution, digitization & automation, operations and claim management)
• Life & Health: focusing on optimization & CSM management, with selected growth in capital-light, limited-risk products (e.g, Critical Illness)

Asset Management

Accelerate growth across high-multiple platforms at scale to capture significant market opportunity:

• Investments, Wealth & Retirement: Growth focused on wealth & affluent clients (wealth management & brokerage, alternatives, stock option administration, investment policies, fund & portfolio management)
• Brokers & Advisors: Organic and inorganic growth focused on financial solutions and synergetic activities, scale corporate & tech capabilities
• Financing: Growth in data-driven and fee-related earnings (credit card solutions, specific financing solutions)

Asset Management | Compounding AUMs

Asset Management | Growth Engines

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

1,123 NISm adjusted EBITDA not including minority interest in 9M/25 (2024: 1,002)

Wealth Investments & Retirement

Description:

Investment House (Funds & ETFs, Brokerage, Portfolios, ESOP, W), with current brokerage client base of ~82k accounts 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 significant 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

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

812

Financing | Phoenix Gama

Description:

Fee-related Earnings (FRE) including Credit card solutions, SME payments facilitation and clearing account for >50% of total revenues with growing client pool of >18k (14% 5-year CAGR) and transaction volume of ~43 NISb (9% 5-year CAGR) in 2024 and El Al Frequent Flyer Program (minority)

Fee-related and spread-based earnings including SME lending of mostly collateral backed loan, strong cross-sell to existing merchant clients, Construction Finance (merged 2024) and Consumer Credit (launched 2024)

Strategy:

Accelerated growth across segments, focused on fee-based services and low-risk financing based on capabilities, customer relationship, organizational infrastructure, scale, synergies Broadening Credit solutions & financing value propositions across client segments Improved capital management & infrastructure Responsible risk management aligned with banking practices

Financing Portfolio NISb, including mergers

Net Revenues

NISm

Core Income, net

NISm, before non-operating effects

Adjusted EBITDA

NISm, consolidated

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

Insurance | P&C Growth, Optimization

Drive growth in P&C (motor, property, liabilities)

Strategic growth

Includes motor property which is cyclical but contributes only ~30-35% of P&C income

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

Shifting Mix of Insurance Gross Written Premiums

NISb, not including contributions to savings & investment policies

Optimize Life / Health businesses (unitlinked, life & disability, medical expenses, critical illness, travel)

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

Careful management of long-term liabilities with less certain outcomes, reducing overall cost of equity

Evolution of CSM and other future income in 9M 2025 NISm

Runway for Growth | Long-Term Value Creation

Significant opportunity

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

Strategy for growth and value creation

Phoenix is positioned to capture Israel market opportunity

Built businesses to capture opportunities & trends

Multiple waves of value creation

Highlights

Strategy & guidance

Financial Results

Segment Breakdown

Appendix

Glossary

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Income by Source | Q3 2025

Core Income Breakdown (Comprehensive)

Q3 2025, NISm

Q3-24	587	280	279	1,146	(360)	(27)	759
Difference	41	119	(68)	92	(35)	(13)	44

Breakdown Before Tax – By Segment

213 232 (19) P&C Health 257 234 23 Life 108 94 14 50 27 23 Other Equity Returns Core Insurance 628 587 41 Retirement 42 31 11 Wealth & Investments 155 108 47 Brokers & Advisors 124 89 35 Financing 57 38 19 21 14 7 Other Core Asset Management 399 280 119 Investment Income (*) 244 512 (268) P&C 11 38 (27) Health (9) (25) 16 Life 18 150 (132) Other Equity Returns 234 367 (133) Retirement 1 (6) 7 Brokers & Advisors (7) (12) 5 Financing (4) 0 (4) Interest (11) (196) 185 P&C (36) (56) 20 Health 68 38 30 Life (43) (178) 135 Special Items (22) (37) 15 P&C (2) 0 (2) Health 0 0 0 Life (3) (30) 27 Other Equity Returns 0 0 0 Retirement 0 0 0 Wealth & Investments (3) (1) (2) Brokers & Advisors (14) (6) (8) Financing 0 0 0 Other 0 0 0 Non-operating income 211 279 (68)	NISm	Q3-25	Q3-24	Difference

Income by Source | 9M 2025

Core Income Breakdown (Comprehensive)

9M/24	1,761	761	(7)	2,515	(777)	(89)	1,649
Difference	215	312	591	1,118	(446)	(22)	650

Breakdown Before Tax – By Segment

NISm	9M/25	9M/24	Difference
P&C	719	662	57
Health	744	673	71
Life	347	313	34
Other Equity Returns	166	113	53
Core Insurance	1,976	1,761	215
Retirement	115	87	28
Wealth & Investments	404	287	117
Brokers & Advisors	335	245	90
Financing	155	114	41
Other	64	28	36
Core Asset Management	1,073	761	312
Investment Income (*)	726	(186)	912
P&C	41	40	1
Health	(95)	(103)	8
Life	42	(245)	287
Other Equity Returns	769	150	619
Retirement	7	(15)	22
Brokers & Advisors	(16)	(13)	(3)
Financing	(22)	0	(22)
Interest	(145)	269	(414)
P&C	(47)	(23)	(24)
Health	57	63	(6)
Life	(155)	229	(384)
Special Items	3	(90)	93
P&C	0	(3)	3
Health	0	0	0
Life	73	(77)	150
Other Equity Returns	(7)	10	(17)
Retirement	0	0	0
Wealth & Investments	(65)	(9)	(56)
Brokers & Advisors	(7)	(6)	(1)
Financing	0	(5)	5
Other	9	0	9
Non-operating income	584	(7)	591

Income by Segment | Q3 2025

Segment Income Breakdown (Comprehensive)

Q2 2025, NISm

28

Income by Segment | 9M 2025

Segment Income Breakdown (Comprehensive)

H1 2025, NISm

Balance Sheet | Strong Liquidity & Low Leverage

2,478

Balance Sheet (Solo) Financial Assets

		IFRS 17
Phoenix Financial Solo NISm	31/12/2024	30/09/2024	30/09/2025	9M/24-H1/25
Cash and cash equivalents	65	95	104	8
of Investment in Restricted Tier 1 capital Phoenix Insurance	1,248	1,246	1,296	49
Receivables and debit balances	45	23	40	17
Investments in investees	10,201	10,019	11,772	1,753
Dividend receivable from Phoenix Insurance	574	64	0	)64(
Loans and capital investees notes to	1,126	1,130	743	)387(
Other financial investments measured fair value at	86	109	344	235
Other financial investments measured depreciated at cost	42	12	114	102
Other financial assets	-	-	620	620
Other Assets	15	20	30	10
Total Assets	13,402	12,718	15,063	2,345
Financial liabilities	1,892	1,913	2,945	1,032
Payables and credit balances	20	20	43	23
Other Liabilities	-	-	10	10
Total equity	11,490	10,785	12,065	1,280
Total equity and liabilities	13,402	12,718	15,063	2,345

Group Leverage Highlights

Financial Liabilities

Entity	Rating1	Actual highlights
Phoenix Financial	AA	1%-5% LTV
Phoenix Insurance	AAA	182% Solvency (with transitional measures)
Phoenix Investment House	A+	>10x EBITDA / financing expenses
Phoenix Gama	AA	>10% Risk / Capital
Phoenix Agencies	AA+	<1x Debt / EBITDA
Phoenix Pension & Provident	AA-	<5x Debt / EBITDA

		Bonds	and Loans
		30/09/2025			31/12/2024
		Floating	Fixed
	CPI linked	interest	interest	Total	Total
Financial Solo	1,293	313	1,339	2,945	1,892
Insurance2
Tier 1 capital	386	-	-	386	374
Tier 2 capital	792	199	2,849	3,840	3,824
Tier 3 capital	-	-	-	-	-
Insurance Total	1,178	199	2,849	4,226	4,198
Retirement2	-	501	-	501	626
Financing		1,489	87	1,576	1,447
Brokers & Advisors	- -	493	-	493	364
Wealth & Investments	-	2	-	2	236
AM&C Total	-	2,484	87	2,571	2,673
Total bonds and loans	2,470	2,997	4,275	9,742	8,745
Exposure Ratio	25%	31%	44%	100%	100%
Other Derivatives, Repo &	(Nostro)*			7,034	4,508
Other (Unit Derivatives, Repo &	linked)*			379	2,018
Credit (Gama) cards liabilities				1,842	1,902

Total 18,997 17,189

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)

²After report date, Phoenix Insurance and Phoenix Pension & Provident completed raise of tier-1 capital of 500 NISm and 200 NISm respectively

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

182% with transitional measures as of June 30, 2025 (Including 320 NISm dividend distributed with the financial statements, additional distribution of the dividend in-kind approved on December 31, 2024, and not yet distributed, is expected to reduce the solvency ratio by approximately 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

AM&C generate significant cash from fee-based 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) & 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

Dynamic management of market exposures

Sensitivity to -1%/+1% change in interest rate curve is +368/-320 NISm

Highlights

Strategy & guidance

Financial Results

Segment Breakdown

Appendix

Glossary

P&C

Continued strong profitability despite competitive market

Improved claims management

Optimized use of machine learning for motor underwriting

Core (Before Tax) Income	Q3/24	Q3/25	9M/24	9M/25
Compulsory Motor	33	50	125	126
Motor Property	66	84	209	268
Property & Liabilities*	133	79	328	325
Total	232	213	662	719
Combined Loss Ratio** (in retention)	79.8%	82.0%	78.6%	78.6%

Comprehensive Income Before Tax

NISm

			Non-Operating
9M/24	662	40	(23)	(3)	676
Difference	57	1	(24)	3	37
Q3/25	213	11	(36)	(2)	186
Q3/24	232	38	(56)	-	214
Difference	(19)	(27)	20	(2)	(28)

Note: Core Income 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) to be updated from Q4/2025 to nominal risk free rate +2.5%, interest rate effects, and special items; 2024 figures based on IFRS-17 pro forma

^* Other activities include property insurance (home, business), liabilities and other specialties.

^** Combined Loss Ratio for motor (compulsory & property) is 84.8% & 84.3% for Q3 & 9M/25 respectively

Health

Continued improvement in core income from underwriting profit

Focusing growth on high-ROE, capitalefficient products

Negative non-operating impact

Core Income (Before Tax)	Q3/24	Q3/25	9M/24	9M/25
Critical & Health Short Term	73	62	202	218
Long-Term Care	47	76	152	197
Medical Expenses	114	119	319	329
Total	234	257	673	744

Comprehensive Income Before Tax

Non-Operating

9M/24	673	(103)	63	-	633
Difference	71	8	(6)	-	73
Q3/25	257	(9)	68	-	316
Q3/24	234	(25)	38	-	247
Difference	23	16	30	-	69

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

Growth in Investment Policies, reported under Asset Management

Core Income (Before Tax)	Q3/24	Q3/25	9M/24	9M/25
Risk	80	40	210	179
Saving Non-Participating	10	28	48	89
Saving Participating	4	40	55	79
Total	94	108	313	347

Comprehensive Income Before Tax

NISm

9M/24	313	(245)	229	(77)	220
Difference	34	287	(384)	150	87
Q3/25	108	18	(43)	(3)	80
Q3/24	94	150	(178)	(30)	36
Difference	14	(132)	135	27	44

35

Other Equity Returns (Insurance)

Strong contribution from corporate account investment performance

Comprehensive Income Before Tax

9M/24	113	150	10	273
Difference	53	619	(17)	655
Q3/25	50	234	-	284
Q3/24	27	367	-	394
Difference	23	(133)	-	(110)

Wealth & Investments

Higher income across subsegments

Strong growth in Mutual Funds & ETFs

Continued growth in brokerage platform reaching 82k accounts including new client acquisition

Growth in alternative / wealth business

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

Retirement | Pension & Provident

Continued organic growth

Focus on profitability

including higher margin / efficient activities driving higher core income

Comprehensive Income Before Tax

9M/24	87	(15)	-	72
Difference	28	22	-	50
Q3/25	42	1	-	43
Q3/24	31	(6)	-	25
Difference	11	7	-	18

Brokers & Advisors | Phoenix 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 guidance and plan in place to accelerate growth including appointed new CEO

Comprehensive Income Before Tax

9M/24	245	(13)	(6)	226
Difference	90	(3)	(1)	86
Q3/25	124	(7)	(14)	103
Q3/24	89	(12)	(6)	71

Financing | Phoenix Gama

Continued growth across segments

Significant fee-related revenues and income, including credit card solutions and selected financing activities with minimal capital requirements

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

Strong balance sheet with 28% Equity-to-Assets ratio*

Approved off-balance sheet credit lines of 2.1 NISb

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

Key Financials (NISm)	9M/24	9M/25	Turnover (9M)	Credit portfolio 30/09/2025
Net Finance Income
Credit card solutions	118	160	32,200	-
SME solutions**	68	63	-	2,484
Construction Finance	48	72	-	1,313
Consumer Credit	-	1	-	167
G&A, Marketing & Other	(120)	(141)	-	-
Total	114	155	32,200	3,964
Credit lines				2,100
Total				6,064

Comprehensive Income Before Tax

9M/24	114	-	(5)	109
Difference	41	(22)	5	24
Q3/25	57	(22)	-	35
Q3/24	38	-	-	38
Difference	19	(22)	-	(3)

^* Not including Finance (Credit) card & short-term transactions; 19% Equity-to-Assets including these transactions

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

^*** Mainly impact of FX on Frequent Flyer activity

Other

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

Restructured to improve capital & investments efficiency

Raising Tier-1 capital in favorable terms to improve capital efficiency

Comprehensive Income Before Tax

9M/24	27	-	1	-	28
Difference	34	3	(1)	9	45
Q3/25	20	1	-	-	21
Q3/24	13	-	1	-	14
Difference	7	1	(1)	-	7

Highlights

Strategy & guidance

Financial Results

Segment Breakdown

Appendix

Glossary

Value Creation | Proven Strategy

Accelerated Growth

in profitable & capital-efficient activities

Innovation & Efficiency

to increase competitive advantages

Active Management

of people, culture & structure

Capital & Investments Management

to maximize performance

Value Catalysts

Income growth Shifting mix

Competitive advantage Margin expansion

Unlocking value M&A

High risk-adjusted yields Dividend distributions

Value Creation | Achieving Global Excellence

Driving competitive disruption, consolidation, and massive value creation in Israeli financial services

Strategic Roadmaps | Technology

Technology aligned with strategy

Distinctive Capabilites

Data analytics & ML for pricing & underwriting, cross-sell, personalization Group app & digital platforms (e.g Consumer Credit) for sales and service

Client Experience

Improved journeys (digitized, simple, transparent)

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

Group Resilience

Cyber security Core infrastructure Backup

Value Creation | Global Outreach

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

Shareholders

30-40% leading international funds & institutional investors

Investments

40-50% global investments including fixed-income, PE, real-estate, infrastructure

Partners

Partnerships with leading global alternative / asset managers

Board

Executives with broad relevant international experience

Analysts

BUY recommendations

Indices

Part of MSCI Israel index

Ratings

International insurance ratings

Baa1 A-

Reporting

English reporting including financials, presentations, immediate reports, press

Israeli Economy | Long-Term Structural Trends

R&D Investments ⁶

Business expenditures as percent of GDP

⁴ CEIC, BOI 2024 5 Market Analysis 2025 6 OECD Data 2023

Consolidated Balance Sheet | Strong Financial Position

Phoenix Financial Balance Sheet
NISm		IFRS 17
Phoenix Financial NISm	31/12/2024	30/09/2024	30/09/2025	9M/24-9M/25
Cash	2 742	2 387	2 355	)32(
Intangible Assets	, 5 298	, 5 225	, 5 780	555
Insurance contract assets	, 5 576	, 5 278	, 5 933	655
Investments in associates	, 2 002 ,	, 1 940 ,	, 1 477 ,	)463(
Investment - other property	1 323 ,	1 291 ,	1 896 ,	605
Credit for purchase of securities	5 992 ,	5 667 ,	6 575 ,	909
Other Assets	)56 284( ,	)54 602( ,	)60 071( ,	)5 470( ,
Other Financial Investments	33 350 ,	32 814 ,	36 055 ,	3 241 ,
Assets for yield-dependent contracts	173 421 ,	166 552 ,	190 100 ,	23 548 ,
Total Assets	173 421 ,	166 552 ,	190 100 ,	23 548 ,
Financial liabilities	17 189 ,	16 526 ,	18 997 ,	2 471 ,
Liabilities in of investments respect contracts	33 853 ,	30 966 ,	43 854 ,	12 888 ,
Liabilities in of insurance respect contracts	107 152 ,	104 900 ,	111 167 ,	6 267 ,
Other Liabilities	3 404 ,	3 058 ,	3 723 ,	665
Total equity	11 823 ,	11 102 ,	12 359 ,	1 257 ,
Total equity and liabilities	173 421 ,	166 552 ,	190 100 ,	23 548 ,

	Bonds and Loans
		30/09/2025			31/12/2024
		Floating	Fixed
	CPI linked	interest	interest	Total	Total
Solo Financial	1,293	313	1,339	2,945	1,892
Insurance2
Tier capital 1	386	-	-	386	374
Tier 2 capital	792	199	2 849 ,	3 840 ,	3 824 ,
Tier 3 capital	-	-	-	-	-
Insurance Total	1,178	199	2,849	4,226	4,198
Retirement2	-	501	-	501	626
Financing	-	1 489 ,	87	1 576 ,	1 447 ,
Brokers & Advisors	-	493	-	493	364
Wealth & Investments	-	2	-	2	236
AM&C Total	-	2,484	87	2,571	2,673
Total bonds and loans	2,470	2,997	4,275	9,742	8,745
Exposure Ratio	25%	31%	44%	100%	100%
(Nostro)* Derivatives Repo & Other ,				034 7 ,	4 508 ,
Derivatives Repo & Other (Unit ,	linked)*			379	2 018 ,
Credit cards liabilities (Gama)				1 842 ,	1 902 ,
Total				18,997	17,189

Highlights

Strategy & guidance

Financial Results

Segment Breakdown

Appendix

Glossary

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 (Brokers (Agencies)) - IFRS 16 adjustment and special items Finance (Credit) - IFRS 16 adjustment, financing expenses, Finance (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 Finance (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

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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 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