Menora Mivtachim Holdings Ltd

Investor Presentation • Nov 30, 2025

Analyst Presentation — Q3/2025

General Clarifications

This presentation includes only partial information regarding the Group's results for the period ended September 30, 2025 and was prepared solely for the sake of brevity and convenience. The presentation does not include the full information needed by an investor to make a decision on investing in the Company's securities and is not intended to serve as a substitute for the need to review the full reports (both periodic and immediate) published by the Company on the MAGNA System, which include the full information regarding the Company.

This presentation does not constitute an offer to acquire securities of the Company, or an invitation to receive such offers, nor does it constitute a recommendation or an opinion regarding investment in the Company's securities, and is intended for the provision of information only, as part of providing explanations about the Company.

Forecasts, assessments, estimates, and data with respect to future events whose materialization is uncertain and/or which are not under the Group's control and/or any other information which constitutes forward-looking information (as the term is defined in the Securities Law, 1968), which are included, if any, in this presentation, are based on subjective assessments of the Group's management, at its discretion, according to past experience and professional knowledge it has gained, based on facts and data known as of this date with respect to the Company's current position and regarding the other Group companies and business analysis by area of activity, market conditions, macroeconomic forecasts and economic developments in Israel and around the world, as well as the Company's plans. Naturally, any forecasts, assessments, estimates and forward-looking information involve uncertainty and their materialization depends on various factors, including factors which are outside the control of the Company and other Group companies – each of which, or a combination thereof, as well as materialization of any of the risk factors characterizing the activities of the Company and other Group companies may cause the forecasts, assessments, estimates and forward-looking information not to materialize or to materialize differently, even in a materially different manner than expected.

Menora Mivtachim Group

01 Operating Results Highlights

02 Details of Changes in Income by Segment

03 Key Points - Menora Mivtachim Group

Attributable to shareholders | in NIS million

Attributable to shareholders | in NIS million

[3]

Based on post-tax comprehensive income

[2] [2]

[3]

Based on post-tax adjusted profit

^[1] Both 2024 data and 2025 data are presented according to IFRS 17.

^[2] See the Explanation Appendix at the end of the presentation.

^[3] The return on equity is calculated based on the comprehensive income for the period, after tax, adjusted for a period of one year, divided by equity as of the beginning of the year.

Attributable to shareholders | in NIS million Attributable to shareholders | in NIS million

[3]

Based on post-tax comprehensive income

[2]

[2]

Based on post-tax adjusted profit

[3]

^[1] Both 2024 data and 2025 data are presented according to IFRS 17.

^[2] See the Explanation Appendix at the end of the presentation.

^[3] The return on equity is calculated based on the comprehensive income for the period, after tax, adjusted for a period of one year, divided by equity as of the beginning of the year.

[2]

[2]

Attributable to the shareholders

[1]

^[1] Menora Insurance - without applying the Provisions for the Transitional Period, including equity transactions occurring subsequent to the calculation date (June 30, 2025). The solvency ratio including the Transitional Period is 180.2%

^[2] Gross premiums and contributions towards benefits include the contributions towards benefits deposited with pension funds and provident funds (excluding guaranteed return provident funds tracks) as well as proceeds in respect of investment contracts which are recognized directly in insurance liabilities, and not recognized as premiums in the financial statements. Excluding premiums for collective HMO LTC

^[1] Equity capital attributable to the Company's shareholders as of the beginning of the year

^[1] Equity capital attributable to the Company's shareholders as of the beginning of the year

^[2] The return on equity is calculated based on the comprehensive income for the period, after tax, adjusted for a period of one year, divided by equity as of the beginning of the year.

^[1] Equity capital attributable to the Company's shareholders as of the beginning of the year

^[2] The return on equity is calculated based on the comprehensive income for the period, after tax, adjusted for a period of one year, divided by equity as of the beginning of the year.

[1] Equity capital attributable to the Company's shareholders as of the beginning of the year

[2] The return on equity is calculated based on the comprehensive income for the period, after tax, adjusted for a period of one year, divided by equity as of the beginning of the year.

Menora Holdings

For the 1-9 period | NIS million

The adjusted profit mix (before tax) by operating segment and breakdown into Subsequent products and Run-Off products

Adjusted profit mix (before tax) by operating segment

Adjusted profit (before tax) breakdown into Subsequent products and Run-Off products

Menora Holdings

For the 7-9 quarter | NIS million

The adjusted profit mix (before tax) by operating segment and breakdown into Subsequent products and Run-Off products

108

[15%]

Adjusted profit mix (before tax) by operating segment

Adjusted profit (before tax) breakdown into Subsequent products and Run-Off products

NIS million

Consistent Growth in Adjusted Profit Before Tax

1,790

NIS million 1-9/2024

1,997

NIS million 1-9/2025

Comprehensive Income before Tax

For the 1-9 period | NIS million

Comprehensive income before tax for the 1-9/2025 period

compared to the corresponding period last year

Comprehensive Income before Tax

MENORA MIVTACHIM

For the 7-9 quarter | NIS million

Comprehensive income before tax for the 7-9/2025 quarter

compared to the corresponding quarter last year

[1]

[1]

[1] Gross premiums and contributions towards benefits include the contributions towards benefits deposited with pension funds and provident funds (excluding guaranteed return provident funds tracks) as well as proceeds in respect of investment contracts which are recognized directly in insurance liabilities, and not recognized as premiums in the financial statements. Excluding premiums for collective HMO LTC

NIS billion

• Operating Results Highlights
• 02 Details of Changes in Income by Segment
• 03 Key Points Menora Mivtachim Group

P&C Insurance

For the 1-9 period | NIS million

Change in Comprehensive income before tax

for the 1-9/2025 period compared to the corresponding period last year

1-9/2025	601	(4)	78	(25)
1-9/2024	602	(70)	89	0

P&C Insurance

For the 7-9 quarter | NIS million

Change in Comprehensive income before tax

for the 7-9/2025 quarter compared to the corresponding quarter last year

7-9/2025	205	(11)	22
7-9/2024	209	6	11

Long-Term Savings For the 1-9 period | NIS million

Life Insurance Pension Provident

[70.7%]

[71.0%]

Change in Comprehensive income before tax

for the 1-9/2025 period compared to the corresponding period last year

Long-Term Savings For the 7-9 quarter | NIS million

Composition of adjusted profit (before tax) by segment

Composition of premiums and contributions towards benefits by segment

Change in Comprehensive income before tax

for the 7-9/2025 quarter compared to the corresponding quarter last year

Pension and Provident

In NIS million

Consistent improvement in pre-tax profit

Development of pre-tax profit for 9 month periods in 2023-2025

Increase in collection of management fees alongside a moderate increase in expenses

Explanation for the change in profit before tax

For the 1-9/2025 period compared to the corresponding period last year

Health

For the 1-9 period | NIS million

Change in Comprehensive income before tax

for the 1-9/2025 period compared to the corresponding period last year

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Health

For the 7-9 quarter | NIS million

Change in Comprehensive income before tax

for the 7-9/2025 quarter compared to the corresponding quarter last year

• Operating Results Highlights
• 02 Details of Changes in Income by Segment
• 03 Key Points Menora Mivtachim Group

Stable ownership and management structure over time

Excess Capital, Solvency and Dividend

Leaders in Pension

The Largest and Most Profitable Pension Company

The P&C insurance activity generates significant profitability,

which is not included in the store of future earnings

Diversified revenue mix and structure

Extensive activity in insurance-related areas, which have low sensitivity to the capital market

Pension, Financing and Credit (ERN, Ampa and Yesodot) and Insurance Agencies

The Group's customers

Consistently High Return on Equity

• •••

[3] In April 2025, the Company distributed a dividend of approx. NIS 150 million. In September 2025, [4] Including equity transactions occurring subsequent to the calculation date Companies A-D refer to the other four major insurance groups

^[1] Including a dividend in kind.

^[2] Including a share buyback plan

the Company distributed a dividend of approx. NIS 450 million

Equity Capital

Shareholders' equity Attributable to the shareholders

^]1[ Excess capital refers to the insurance companies and to the consolidated management companies

^]2[ Excess capital of the insurance companies calculated as of June 30, 2025

of the adjusted profit before tax arises from subsequent products [1]

The Largest and Most Profitable Pension Company

מנורה חברה ב חברה א חברה ג חברה ד

10.0% 27.0% 6.0% 41.0% 71.0%

YESODOT ]1[

Menora Mivtachim Credit - An Emerging Growth Engine

Development of the credit portfolio | NIS million

^[1] The credit portfolio as of September 30, 2025 includes Yesodot [2] Includes Ampa Capital (an associate).

Consumer credit Business credit

Menora Mivtachim Credit - An Emerging Growth Engine

Credit portfolio mix | Profit before tax in NIS million

3.4 million customers

The robust distribution channels working concurrently

Over 80,000 Active businesses

• Small, medium and large businesses

Thank you for your attention

Appendix - Defined Terms

Adjusted profit includes:

• Imputation of a normative real return of 4% (annualized) plus index of 2.5% (annualized) in respect of the balance of investment assets at the beginning of the period, plus the actual return on Hetz bonds, adjusted to an annualized index of 2.5%.
• Neutralizes the effects of the change in the interest rate curve on insurance liabilities and assets (including Hetz bonds) and adjusts the effects of the CPI according to a 2.5% rate.
• In respect of deposits of the Accountant General in the guaranteed return provident funds, the actual return is imputed.

Financial activity (revenues from investments and interest) includes:

The difference between the actual return and the abovementioned normative return plus the differences in respect of the adjustment of the CPI, as well as the effects of changes in the risk-free interest rate curve adapted to the illiquid nature of the insurance liabilities (including Hetz bonds).

Special effects include significant events outside the ordinary course of business, at management's discretion.