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Bezeq Group Q3-2025 Investor Presentation

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Forward-Looking Information and Statement (Disclaimer)

This presentation contains general data and information as well as forward looking statements about Bezeq - The Israeli Telecommunications Corp., Ltd. ("Bezeq"). Such statements, along with explanations and clarifications presented by Bezeq's representatives, include expressions of management's expectations about new and existing programs, opportunities, technology and market conditions. Although Bezeq believes its expectations are based on reasonable assumptions, these statements are subject to numerous risks and uncertainties. These statements should not be regarded as a representation that anticipated events will occur or that expected aspirations will be achieved. In addition, the realization and/or otherwise of the forward looking information will be affected by factors that cannot be assessed in advance, and which are not within the control of Bezeq, including the risk factors that are characteristic of its operations, developments in the general environment, external factors, and the regulation that affects Bezeq's operations.

This presentation contains partial information from the public reports of Bezeq under the Israeli Securities Law 5728-1968 (the "Securities Law"), which can be accessed on the Israeli Securities Authority's website, www.magna.isa.gov.il. A review of this presentation is not a substitute for a review of the detailed reports of Bezeq under the Securities Law and is not meant to replace or qualify them; rather, the presentation is prepared merely for the convenience of the reader, with the understanding that the detailed reports are being reviewed simultaneously. No representation is made as to the accuracy or completeness of the information contained herein.

The information included in this presentation is based on information included in Bezeq's public filings. However, some of the information may be presented in a different manner and/or breakdown and/or is differently edited. In any event of inconsistency between Bezeq's public filings and the information contained in this presentation, the information included in the public filings shall prevail.

The information contained in this presentation or which will be provided orally during the presentation thereof, does not constitute or form part of any invitation or offer to sell, or any solicitation of any invitation or offer to purchase or subscribe for, any securities of Bezeq or any other entity, nor shall the information or any part of it or the fact of its distribution form the basis of, or be relied on in connection with or relating to any action, contract, commitment or to the securities of Bezeq. The presentation does not constitute a recommendation or opinion or substitute for the discretion of any investor.

Glossary

Q3-2025 and 9M-2025 results in this earnings release are presented in comparison to Q3-2024 and 9M-2024 results, respectively, unless otherwise stated
Adjusted EBITDA and Adjusted Net Profit After adjusting for other operating expenses/income, net, one-time losses/gains from impairment/increase in value of assets and stock-based compensation
Free cash flow Cash flow from operating activities less net payments for investments and leases
Group Core Revenues Group revenues excluding Bezeq Fixed-Line telephony revenues, Pelephone interconnect fees, Bezeq International consumer revenues and Bezeq Online revenues
Bezeq Fixed-Line Core Revenues Total fixed-line revenues excluding telephony revenues
Pelephone revenues and ARPU in this presentation are excluding interconnect fees, unless stated otherwise
yes ARPU includes all yes revenues, excluding revenues from content sales to external broadcasting entities and revenues from the sale of end-user equipment
IP subscribers the number of yes subscribers viewing IP broadcasting through the yes+ and STINGTV services. This includes subscribers that use satellite services as well
yes financial data in this presentation are proforma numbers

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Bezeq Group | Q3-2025 Summary

1.7% growth in core revenues to NIS 2 billion, due to continued growth in strategic drivers

Adj. EBITDA grew 13.8% and Adj. Net Profit rose 56%, mainly due to yes' higher valuation

26% increase in fiber subscribers, 4% in retail broadband ARPU, 13% in 5G subscriber plans and 4% in mobile ARPU

Regulatory developments – further progress in the process for the removal of the structural separation, in light of the call for public comments published by the Ministry of Communications

1.9% growth in Bezeq Group retail broadband subscribers(1) with fiber infrastructure take-up at 34%(2)

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Bezeq's Compass | Technological & Business Roadmap

Strategic investments in infrastructure continue to provide a solid foundation for growth

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Bezeq Group | Q3-2025 Summary

Core Revenues

NIS 2.0 billion

~93% of Group Revenues

1.7%

Adj. EBITDA

NIS 1.04 million

Adjusted EBITDA margin of 48.5%

13.8%

Adj. Net Profit

NIS 482 million

Excluding impact of change in yes valuation: Excluding impact of change in yes valuation:

Free Cash Flow

NIS 331 million

9.3%

Decrease in Net Debt

NIS 77 million

1.6%

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Bezeq Group | Q3-2025 Summary (cont'd)

Fiber Net Adds

47k(2)

(retail and wholesale)

Fiber Subscribers 969k(1) (retail and wholesale) Retail Broadband ARPU

NIS 136

Homes Passed

2.88 million(1)

Take Up rate

34%(1)

Cellular subscribers

2.66 million

5G subscriber plans

1.36 million(1)

59% of postpaid subscribers(1)

111k 5GMAX subscribers(1)

16k

Net postpaid subscriber adds(2) Cellular ARPU

NIS 48

Cellular Service Revenues

NIS 381 million

Revenues

NIS 321 million

TV subscribers

565k

86% IP subscribers(1)

~111k TV + fiber bundle subscribers(1)

yes ARPU

NIS 189

(1) As of reporting date

(2) Compared to Q2-2025

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Bezeq Group | Q3-2025 Key Financial Highlights | NIS million

Q3-2024 Q4-2024 Q1-2025 Q2-2025 Q3-2025

Higher core revenuesacross all key group segments
Adj. EBITDA and Adj. Net Profit were positively impacted by yes' higher valuation. After excluding the impact of yes' valuation, Adj. EBITDA increased 3.9% and Adj. Net Profit increased 0.1%
Free cash flow was impacted by timing differences in working capital

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Bezeq Group | 9M-2025 Key Financial Highlights | NIS million

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Bezeq Group | Operating Expenses | NIS million

Depreciation & Amortization

Operating Expenses

Other Expenses (Income)

Lower salary expenses due to the sale of Bezeq Online and its deconsolidation as of Q2-2025
Lower operating expenses and depreciation mainly due to the change in yes' valuation
Other expenses was impacted by higher provisions for legal claims and employee retirement at Bezeq Fixed-Line

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Bezeq Group | Key Quarterly Operational Metrics

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Bezeq Group | Financial Debt

Financial Debt (NIS billion)

The Group maintains its high credit rating, within the AA group

Decrease in net debt

• Decrease of NIS 77 million, or 1.6%, to NIS 4.6 billion

Net debt/Adjusted EBITDA ratio – 1.3 times

Debt ratings

Rating Agency	Rating	Outlook
S&P Global Maalot	ilAA	Stable
Midroog	Aa2.il	Stable

(1) The decrease in Net Debt/Adjusted EBITDA ratio is due to an increase in EBITDA due to a higher valuation of yes. Excluding the impact of yes's valuation, the ratio was similar to the corresponding quarter

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Bezeq Group | 2025 Outlook (Unchanged)

	Original OutlookMarch 12, 2025	Outlook as ofMay 11, 2025	Outlook)1(RevisedJuly 30, 2025
Adj. EBITDA (1)	NIS 3.7billion	NIS 3.75billion	NIS 3.85billion
Adj. net profit (1)	1.2NISbillion	1.32NISbillion	1.45NISbillion
CapEx	1.75NISbillion	Unchanged	Unchanged
Fiber deployment	2.9million households	Unchanged	Unchanged
Financial stability	Maintain high creditrating, within the AAgroup	Unchanged	Unchanged

(1) The Company will report, as required, deviations of more/less than 10% of the financial amounts stated in the revised outlook (Adjusted net profit, Adjusted EBITDA and CapEx)

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Bezeq Fixed-Line | Q3-2025 Summary

Fixed-Line core revenues increased 2.2% to NIS 991 million, driven by higher revenues from transmission and data communications, broadband and cloud & digital services

Adj. EBITDA increased 0.5% to NIS 641 million

Adj. Net Profit decreased 10.5% to NIS 214 million, due to higher depreciation and financing expenses

Expansion of IRU agreement with Gilat Telecom

Retail fiber customers reached 616k as of today, with 3.8% growth in retail broadband ARPU reaching NIS 136

Fiber network homes passed reached 2.88m with 969k takeup (34%)(1) representing ~65% of total broadband subscribers

MOC publication of call for public comments regarding removal of structural separation

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Bezeq Fixed-Line | Q3-2025 Key Financial Highlights | NIS million

% - Capex/Sales

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Bezeq Fixed-Line | Continued Fiber Deployment and Take-Up Focus

Total Fiber Take-Up (thousands, Retail and Wholesale)

**~ 970k active subscribers on Bezeq's fiber network**

Homes Passed (thousands)

Reaching deployment target of 2.9 million homes passed

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Bezeq Fixed-Line | Fiber Take-Up – Retail and Wholesale

25% y-o-y increase in wholesale take-up

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Bezeq Fixed-Line | Q3-2025 Revenues | NIS million

Q3-2024 Q4-2024 Q1-2025 Q2-2025 Q3-2025

Higher revenues from broadband services driven by growth in ARPU and fiber subscribers
Continued growth in revenues from transmission and data communications, partially offset by lower revenues from ISP companies
Increased revenues from cloud & digital due to higher revenues from virtual exchanges and cloud services

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Pelephone | Q3-2025 Summary

Highest service revenues in a decade, driven by continued growth in postpaid subscribers, including 5G subscriber plans as well as higher roaming revenues

Highest Adj. EBITDA in two years, reaching NIS 202 million, an increase of 5.8%

Highest ARPU in 6 years reaching NIS 48, up 4.3%, a Y-o-Y increase of NIS 2

5G postpaid subscriber plans grew by 33k reaching 1.36 million (59% of postpaid subscribers)(1)

Continued growth in 5GMAX subscribers, reaching 115k (1)

(1) As of reporting date

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Pelephone | Q3-2025 Key Financial Highlights | NIS million

5.8%

Highest service revenues in the last decade, driven by continued growth in postpaid subscribers, including 5G subscriber plans as well as higher roaming revenues
Increase in Adj. EBITDA driven by higher revenues
Free cash flow was impacted by an increase in CapEx

% - Capex/Sales

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Pelephone | Growth in Service Revenues and 5G Plans

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Pelephone | Q3-2025 Key Operational Metrics

• Continued growth in postpaid subscribers, including 5G subscriber plans

• APRU rose NIS 2 year-over-year

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yes | Q3-2025 Summary

Revenues increased 1.3% to NIS 321 million, due to higher revenues from the TV + fiber bundle

Adj. EBITDA rose 69% to NIS 59 million, driven by an improvement in yes operations (including growth in subscribers and revenues and a reduction in expenses), and the completion of transactions and strategic initiatives

ARPU increased NIS 2 year-overyear to NIS 189, due to higher revenues from the TV + fiber bundle

TV subscribers increased by 3k sequentially, reaching 565k, and representing the highest quarterly increase since Q4-2022

Continued growth in fiber subscribers reaching over 111k (1) , 23% of total IP subscribers

Continued migration from satellite to IP with 488k customers (1) watching TV through IP broadcasting (86% of total subscribers)(1)

(1) As of reporting date

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yes | Q3-2025 Key Financial Highlights | NIS Million

Adjusted Net Loss

Revenues rose due to higher revenues from the TV + fiber bundle
Adj. EBITDA and Adj. Net Profit growth due to higher revenues and streamlining of expenses
Free cash flow was impacted by timing differences in working capital

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yes | Q3-2025 Key Operational Metrics

IP Subscribers (Thousands)

Fiber Subscribers (Thousands)

Second consecutive quarter with Q-o-Q increase in total subscribers. Highest quarterly increase since Q4-2022
ARPU rose NIS 2 y-o-y, due to higher revenues from fiber plans
Continued growth in IP subscribers to 86% of yes subscribers(2)
Continued growth in fiber subscribers

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Bezeq International | Q3-2025 Summary

Continued transition from consumer ISP focus to development of ICT business activity: communications, data centers, integration, public cloud and cyber