Cellcom Israel Ltd. — Interim / Quarterly Report 2026

May 20, 2026

This is an unofficial AI generated translation of the official Hebrew version and has no binding force. The only binding version is the official Hebrew version. For more information, please review the legal disclaimer.

Cellcom Israel Ltd.

CELLCOM ISRAEL LTD

Company number in the register: 511930125

To: Israel Securities Authority
www.isa.gov.il

To: Tel Aviv Stock Exchange Ltd.
www.tase.co.il

T930 (Public)

Filed via Magna: 20/05/2026

Reference: 2026-01-046795

Report on the financial position

Is this a report of a Periodic report/Quarterly report of an insuring corporation? No

Explanation: As of the financial statements for the first quarter of 2017, a corporation that is an insurer (i.e., reported in the past within Form T932) shall report within this form and shall mark "Yes" in this field, the other corporations may proceed to the following sections.

☐ Periodic report according to Chapter B of the Securities Regulations (Periodic and Immediate Reports), 5730 - 1970
☐ Quarterly report according to Chapter D of the Securities Regulations (Periodic and Immediate Reports), 5730 - 1970
☐ Semi-annual report according to Regulation 5D of the Securities Regulations (Periodic and Immediate Reports), 5730 - 1970

Small corporation

During the reporting period the corporation meets the definition of a "small corporation" No

Explanation: According to the definition of "small corporation" as stated in Regulation 5C of the Securities Regulations (Periodic and Immediate Reports), 5730-1970

(1) As of the determining date, the following conditions apply to the corporation: ____

(2) The corporation chose to implement the reliefs on the following matters:

☐ Reporting on a semi-annual basis
☐ Attachment of highly material valuation reports
☐ Attachment of financial statements of an equity-accounted investee
☐ Reporting regarding the effectiveness of internal control
☐ The corporation did not adopt any relief

I Periodic report

1. Hereby attached is a Periodic report for the year _ which was signed on _.
2. Date of the meeting – insofar as a shareholders' meeting was convened at which the financial statements will be presented: ____.
3. Details of the signatories of the Periodic report:

Name of signatory	Position of signatory
_____	_____

II Financial statements

1. Attached herewith:

☐ Periodic report for the year ____
☐ Quarterly report for the period ended on 31/03/2026.

Signed on 20/05/2026.

Do the attached financial statements include correction of an error by way of restatement of comparative figures as a "restatement due to an immaterial adjustment of comparative figures": No

Do the attached financial statements include correction of a material error by way of "restatement" of comparative figures: No

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This is an unofficial AI generated translation of the official Hebrew version and has no binding force. The only binding version is the official Hebrew version. For more information, please review the legal disclaimer.

1. Attached is Review report of the independent auditor

Date of signing of the independent auditor on the opinion/review: 20/05/2026.

1. Name of the independent auditor's firm

1 Kost, Forer, Gabbay & Kasierer, Certified Public Accountants

Name of the signing independent auditor on the opinion:

License number of the independent auditor:

1. a. The opinion is provided in an unqualified form

b. The review report is provided in an unqualified form Yes

c. There is an emphasis of matter in the financial statements No

Emphasis of matter

Quotation of the text of the emphasis of matter:

d. Type of modification or addition to the standard wording:

Explanation: If "No" was marked in Section 7(a) or 7(b), it is mandatory to mark one of the following fields.

Qualification
Adverse opinion
Disclaimer of opinion

Quotation of the paragraphs that are not required in the standard wording:

Explanation: If the auditors' opinion or the review report is not in the standard wording or includes additions to the standard wording, specify the modification and present from the auditors' opinion or review report additional paragraphs that are not required in the standard wording (emphasis of matter, qualification, etc.).

1. Date of approval of the financial statements: 20/05/2026

2. Details of the signatories of the financial statements:

Name of signatory	Position of signatory
Yuval Cohen	Chairman of the Board of Directors
Eli Adadi	CEO
Gadi Atias	Chief Financial Officer

1. Details of material equity-accounted investees whose financial statements are attached:

1 Company name
Do the attached financial statements include correction of an error by way of restatement of comparative figures as a "restatement due to an immaterial adjustment of comparative figures":
Do the attached financial statements include correction of a material error by way of "restatement" of comparative figures:

1. Details of guaranteeing companies whose financial statements are attached:

1 Company name
Do the attached financial statements include correction of an error by way of restatement of comparative figures as a "restatement due to an immaterial adjustment of comparative figures":
Do the attached financial statements include correction of a material error by way of "restatement" of comparative figures:

1. Has the corporation performed an early application of an accounting standard No

Explanation: If "Yes" is selected, please specify which accounting standard is involved

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This is an unofficial AI generated translation of the official Hebrew version and has no binding force. The only binding version is the official Hebrew version. For more information, please review the legal disclaimer.

III Directors' Report - presentation

1. a. Attached herewith is the Directors' Report signed on 20/05/2026.

b. Details of the signatories of the Directors' Report:

Name of signatory	Position of signatory
Yuval Cohen	Chairman of the Board of Directors
Eli Adadi	CEO

c. Does the corporation have obligations that require disclosure pursuant to Regulations 9D and 38E of the Securities Regulations (Periodic and Immediate Reports), 5730 - 1970: Yes

Regarding how to fill in this section and the exemption given to companies from parallel reporting in Form 126, see Q&A number 105.37 at the following link: Link

d. Does the company publish separate financial statements ("solo" financial statements):

Yes
No

(1). Cash and cash equivalents, marketable securities held for trading and short-term deposits based on data from the separate financial statements of the corporation ("solo" financial statements) (in thousands of NIS): 17,000
(2). Cash and cash equivalents, marketable securities held for trading and short-term deposits based on data from the consolidated financial statements of the corporation (in thousands of NIS): 149,000

Explanation: The data will include only balances that are not pledged.

e. Disclosure regarding projected cash flows pursuant to Regulation 10(b)(14)(a) of the Securities Regulations (Periodic and Immediate Reports), 5730 - 1970 (Note: this subsection is not relevant to an insuring corporation):

1. Has the corporation issued debentures that are held by the public as of the report signing date? Yes
2. Does one or more of the warning signs set forth in the regulation apply to the company? No

3a. Mark all warning signs applicable to the company:

Deficit in equity.
Emphasis of matter relating to the company's financial condition, excluding an emphasis of matter regarding significant doubts as to the company's ability to continue as a going concern.

Deficit in working capital or in working capital for a twelve-month period together with a continuous negative cash flow from operating activities (in the consolidated statements and also in the separate financial statements according to Regulation 9G or Regulation 38D, as applicable).

Deficit in working capital or in working capital for a twelve-month period or a continuous negative cash flow from operating activities, and the company's Board of Directors has not determined that this does not indicate a liquidity problem in the company.

Emphasis of matter regarding significant doubts as to the company's ability to continue as a going concern.

3b. Complete one or more of the following options according to the consolidated financial statements:

The company has a deficit in working capital or in working capital for a twelve-month period.
The company has a continuous negative cash flow from operating activities.
The company does not have a deficit in working capital or in working capital for a twelve-month period and does not have a continuous negative cash flow from operating activities.

3c. Complete one or more of the following options according to separate financial information (Regulation 9G or 38D, as applicable):

The company has a deficit in working capital or in working capital for a twelve-month period.
The company has a continuous negative cash flow from operating activities.
The company does not have a deficit in working capital or in working capital for a twelve-month period and does not have a continuous negative cash flow from operating activities.
The company is not required to publish separate financial information according to Regulation 9G or 38D, as applicable.

1. Mark the clause relevant to the company:

The company included in the Directors' Report a disclosure regarding projected cash flows due to the existence of a warning sign.

At the end of one of the periods included in the disclosure regarding projected cash flows, is a negative cash balance expected?

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This is an unofficial AI generated translation of the official Hebrew version and has no binding force. The only binding version is the official Hebrew version. For more information, please review the legal disclaimer.

The company's Board of Directors determined that the existence of a deficit in working capital or a deficit in working capital for a twelve-month period or a continuous negative cash flow from operating activities does not indicate a liquidity problem in the company.

f. Compliance with financial covenants for debentures:

1. Does the corporation comply with all financial covenants stipulated in the deeds of trust? Yes
2. Does non-compliance with the financial covenants give rise to grounds for immediate repayment of the debentures?

g. Details regarding the corporation's independent auditor:

1. Total fees paid to the independent auditor __ for:
2. Audit services
3. Non-audit services

Note: Total fees paid to the auditor for audit services, services related to the audit, including tax services related to the audit.

Details regarding the independent auditor of material consolidated entities:

The data must be entered separately for each CPA firm.

1. Total fees paid to the independent auditor __ of material consolidated entities of the corporation for:
2. Audit services
3. Non-audit services

ISOX IV Report on internal control

1. Is the company exempt from implementing internal control? No

Explanation: If "Yes" is selected, please specify the reason for the exemption from implementing internal control

a. A management report on internal control, in the wording set forth in the Regulations, updated to the date of the statements (according to the Ninth Schedule – Periodic report – Regulation 9B; Quarterly report – Regulation 38(c)) has been attached Yes

If it is not in the wording set forth in the Regulations, specify the content of the change

b. Internal control as of the date of this report was found to be: Effective

c. Has the conclusion of the Board of Directors regarding the effectiveness of control changed compared to the last submitted report (i.e., from effective control to ineffective and vice versa)? No

d. Management statements

1. Has the CEO's statement been attached in the standard wording set forth in the Regulations (Periodic report – Regulation 9B(d)(1); Quarterly report pursuant to Regulation 38C(d)(1)), with emphasis on Sections 1, 4(a) and 5(a)? Yes
2. Has the statement of the senior officer in the finance field been attached, in the standard wording set forth in the Regulations – Annual report 9B(d)(2); Quarterly report Regulation 38C(d)(2)? Yes
3. Has the wording in Section 4 of the management statements been adapted according to the provisions of the Regulations – Annual report 9B(d)(1)(2); Quarterly report pursuant to Regulation 38C(d)(1)(2), in a case where there is a financial statements committee that is not an audit committee? No
4. Are the management statements signed as required (name of the officer and his signing date as of the date of signing the financial statements)? Yes

V Attached files

1. a. Periodic report in IXBRL format: __

Regarding attaching Periodic reports in iXBRL format see the ISA's position here

Periodic report in PDF format: Cellcom_Quarterly_Report_1_2026_20052026_isa.pdf The quarterly report

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This is an unofficial AI generated translation of the official Hebrew version and has no binding force. The only binding version is the official Hebrew version. For more information, please review the legal disclaimer.

b. Below is the file of highly material valuation reports whose attachment is required pursuant to Regulation 8B or Regulation 49 of the Securities Regulations (Periodic and Immediate Reports), 5730 - 1970, as applicable __

c. _Explanation regarding the information attached in the file: _

Are the attached PDF files in a textual format that allows searching? Yes

Do the financial statements include all comparative periods required by accounting rules and the Securities Regulations? Yes

VI Financial data (excluding earnings per share) in: MillionsILS (Israel, New Shekels)

Representative exchange rate of the reporting currency against the NIS as of the end of the reporting period: __

1. Data from the consolidated statement of financial position

The amounts of assets and liabilities shall be recorded as positive amounts, i.e., with a “+” sign, and amounts that appear in the company's balance sheets in parentheses (such as deficit in equity) shall be recorded as negative amounts, i.e., with a “-” sign.

Assets
1. Total current assets	1,420
2. Total non-current assets	4,779
3. Total assets	6,199
Liabilities
4. Total current liabilities	2,165
5. Total non-current liabilities	1,321
6. Total liabilities	3,486
Equity
7. Total equity attributable to owners of the parent company	2,713
8. Non-controlling interests	0
9. Total equity	2,713
10. Total equity and liabilities	6,199

1. The presentation method of the statement of profit or loss is:

☐ Presentation by function of expense
☐ Presentation by nature of expense

1. Data from the consolidated statement of profit or loss: For the period of three months ended on the balance sheet date

In quarterly reports, the data in the statement of profit or loss for a period of 3 months and not for the cumulative period shall be filled in. In a semi-annual report, the data in the statement of profit or loss for a period of six months shall be filled in. Negative totals (such as loss from ordinary activities) shall be recorded as negative amounts, i.e., with a “-” sign. If the item does not appear in the company's financial statements, select the appropriate checkbox.

1. Revenue	1,013
2. Gross profit ☐ Not applicable	373
3. Profit (loss) from operating activities ☐ Not applicable	118
4. Profit (loss) before tax	97
5. Profit (loss)	72
6. Profit (loss) attributable to:
6.1 Profit (loss) attributable to owners of the parent company	72
6.2 Profit (loss) attributable to non-controlling interests	0

1. Earnings per share

7.1 Total basic earnings (loss) per share 0.43

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This is an unofficial AI generated translation of the official Hebrew version and has no binding force. The only binding version is the official Hebrew version. For more information, please review the legal disclaimer.

7.2 Total diluted earnings (loss) per share 0.42
8. Total comprehensive income 72
8.1. Comprehensive income attributable to owners of the parent company 72
8.2. Comprehensive income attributable to non-controlling interests 0

1. Data from the statement of cash flows: For the period of three months ended on the balance sheet date

Cash flows used for activities shall be recorded as negative amounts, i.e., with a "-" sign

(1) Net cash flows from (used in) operating activities 333
(2) Net cash flows from (used in) investing activities -150
(3) Net cash flows from (used in) financing activities -359
(4) Effect of changes in foreign exchange rates on cash and cash equivalents 0
(5) Additional effects not reflected in items (1)-(4) above 0

Increase (decrease), net in cash and cash equivalents during the period -176

Cash and cash equivalents at beginning of period 476

Cash and cash equivalents at end of period 300

1. a. As of the financial statements date, is the company a shell company as defined in the TASE Regulations? No

b. As of the publication date of the financial statements, is the company a shell company as defined in the TASE Regulations?

We hereby declare that we have completed the form in accordance with the data in the full financial statements.

Details of the authorized signatories on behalf of the corporation:

Name of signatory	Position
Gadi Atias	Chief Financial Officer

Explanation: According to Regulation 5 of the Securities Regulations (Periodic and Immediate Reports) (5730 - 1970), a report submitted pursuant to these Regulations shall be signed by the persons authorized to sign on behalf of the corporation. Staff position on the matter can be found on the ISA website: Click here.

Reference numbers of previous documents on the subject (the reference does not constitute inclusion by way of reference):

Securities of the corporation are listed for trading on the Tel-Aviv Stock Exchange Form structure update date: 09/12/2025

Short name:

Address: HaGavish10, Netanya4250708 Telephone: 052-9989595, Fax: 09-8607986

Email: cellcom_sec@cellcom.co.il

Previous names of the reporting entity:

Name of electronic reporter: Atias GadiPosition: Chief Financial OfficerName of employing company:

Address: HaGavish10, Netanya4250708Telephone: 052-9989735Fax: 052-9989700Email: gadiat@cellcom.co.il