1 Phoenix Financial Ltd.

Rating Action ו December 2025

This credit rating report is a translation of a report that was written in Hebrew for a debt issued in Israel. The binding version is the Hebrew.

Contacts:

Michal Badinter

Senior Analyst, Primary Rating Assessor [email protected]

Amit Federman

Senior Team Leader, Secondary Rating Assessor [email protected]

Moty Citrin, VP

Head of Financial Institutions, Structured Finance and Additional Services [email protected]

¹ Formerly The Phoenix Holdings Ltd.

Phoenix Financial Ltd.

Issuer Rating	Aa2.il	Outlook: Stable
Series Rating	Aa2.il	Outlook: Stable

Midroog affirms the Aa2.il rating for debentures, Series 7 to be issued by Phoenix Financial Ltd. (hereinafter "the Company"), in the amount of up to NIS 400 million par value. Rating outlook is stable. The proceeds of the issuance are expected to be used for the Company's general corporate purposes.

Debentures/Loans outstanding which are rated by Midroog:

Series	Security ID	Rating	Outlook	Final Maturity
PHOENIX B4	7670250	Aa2.il	Stable	31/07/2028
PHOENIX B5	7670284	Aa2.il	Stable	01/05/2030
PHOENIX B6	7670334	Aa2.il	Stable	31/12/2032

For information about rating considerations, please refer to rating action report dated February 2025² .

Rating History

² The reports are published on the Midroog website.

Related Reports

Phoenix Financial Ltd. - Related Reports

The Phoenix Insurance Company Ltd. - Related Reports

Rating of Holding Companies - Methodology Report, January 2021

Rating of Life, Health and P&C Insurance Companies - Methodology Report, May 2022

Guidelines for examining Environmental, social and Governance Risks in Credit Ratings – Methodology Report, February 2022

Table of Affinities and Holdings

Midroog Rating Scales and Definitions

The reports are published on the Midroog website at www.midroog.co.il

General Information

Date of rating report: December 23, 2025

Date of last revision of the rating: July 17, 2025

Date of first publication of the rating: October 28, 2010

Rating commissioned by: Phoenix Financial Ltd.

Rating paid for by: Phoenix Financial Ltd.

Information from the Issuer

Midroog relies in its ratings, inter alia, on information received from competent personnel at the issuer.

Long-Term Rating Scale

Aaa.il	Issuers or issues rated Aaa.il are those that, in Midroog's judgment, have highest creditworthiness
	relative to other local issuers.
Aa.il	Issuers or issues rated Aa.il are those that, in Midroog's judgment, have very strong creditworthiness relative to other local issuers.
A.il	Issuers or issues rated A.il are those that, in Midroog's judgment, have high creditworthiness relative to other local issuers.
Baa.il	Issuers or issues rated Baa.il are those that, in Midroog's judgment, have moderate creditworthiness relative to other local issuers, and could involve certain speculative characteristics.
Ba.il	Issuers or issues rated Ba.il are those that, in Midroog's judgment, have weak creditworthiness relative to other local issuers, and involve speculative characteristics.
B.il	Issuers or issues rated B.il are those that, in Midroog'sjudgment, have very weak creditworthiness relative to other local issuers, and involve significant speculative characteristics.
Caa.il	Issuers or issues rated Caa.il are those that, in Midroog's judgment, have extremely weak creditworthiness relative to other local issuers, and involve very significant speculative characteristics.
Ca.il	Issuers or issues rated Ca.il are those that, in Midroog's judgment, have extremely weak creditworthiness ability and are likely very near default, with some prospect of recovery of principal and interest.
C.il	Issuers or issues rated C are those that, in Midroog'sjudgment, have the weakest creditworthiness and are usually in a situation of default, with little prospect of recovery of principal and interest.

Note: Midroog appends numeric modifiers 1, 2, and 3 to each rating category from Aa.il to Caa.il. The modifier '1' indicates that the obligation ranks in the higher end of its rating category, which is denoted by letters. The modifier '2' indicates that it ranks in the middle of its rating category and the modifier '3' indicates that the obligation ranks in the lower end of that category, denoted by letters.

CREDIT RATINGS ISSUED BY MIDROOG ARE MIDROOG'S SUBJECTIVE OPINIONS ABOUT THE RELATIVE FUTURE CREDITWORTHINESSOF ENTITIES, CREDIT OBLIGATIONS, DEBTS AND/OR DEBT-LIKE FINANCIAL INSTRUMENTS, WHICH APPLY ON THE DATE OF THEIR PUBLICATION OR OTHER MEANS OF PROVISION, AND AS LONG AS MIDROOG HAS NOT CHANGED THE RATING OR WITHDRAWN IT AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED OR OTHERWISE MADE AVAILABLE BY MIDROOG (COLLECTVELY, "MATERIALS") MAY INCLUDE SUCH OPINIONS. MIDROOG DEFINES CREDITWORTHINESS AS THE ISSUER'S ABILITY TO MEET ITS CONTRACTUAL OBLIGATIONS AND LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT . MIDROOG'S CREDIT RATINGS DO NOT ADDRESS ANY OTHER FACTOR, INCLUDING BUT NOT LIMITED TO RISKS RELATING TO LIQUIDITY, MARKET VALUE, CHANGE IN INTEREST RATES, PRICE VOLATILITY, OR ANY OTHER NON-CREDITWORTHINESS ELEMENT. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND OTHER OPINIONS INCLUDED IN MIDROOG'S MATERIALS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MIDROOG'S MATERIALS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDITWORTHINESS, AS WELL AS RELATED OPINIONS OR COMMENTARY. MIDROOG'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND MATERIALS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MIDROOG'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND MATERIALS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MIDROOG'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND MATERIALS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MIDROOG ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES OR OTHERWISE PROVIDES ITS MATERIALS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE. EVERY INVESTOR SHOULD OBTAIN PROFESSIONAL ADVICE IN RESPECT TO THEIR INVESTMENTS, TO THE APPLICABLE LAW, AND/OR TO ANY OTHER PROFESSIONAL ISSUE.

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AI Terminal

The Phoenix Holdings Ltd.

6983_rns_2025-12-23_b69e18ca-111a-41fa-b203-80d356ae3ab7.pdf