Highlights
Strong growth in comprehensive income, Annual comprehensive income reached NIS 3,186 million in 2025 and NIS 887 million in the fourth quarter of 2025, an increase of 34% and 23% respectively, compared to the corresponding periods last year.
Increase in return on equity, Phoenix achieved ROE of 26.6% in 2025 and 28.9% in the fourth quarter of 2025.
Strong growth in core income, reaching NIS 2,650 million in 2025 and NIS 665 million in the fourth quarter of 2025, an increase of 16% and 9% respectively, compared to the corresponding periods last year. The growth rate exceeds the rate required to achieve the Company's 2028 guidance of NIS 3.3–3.5 billion.
Accelerated growth in asset management activities with NIS 895 million in core income, an increase of approximately 42% compared to 2024. Total AUM reached NIS 610 billion (roughly $200 billion), an increase of approximately 16% compared to the end of 2024.
Growing dividend – Phoenix generates strong cash flows and profitable growth and today announced a quarterly dividend of NIS 360 million, or approximately NIS 1.6 per share, with respect to its fourth quarter 2025 results. Total dividends for 2025 amount to NIS 1,310 million, or approximately roughly NIS 6.0 per share, and are in addition to share buybacks of approximately NIS 300 million. Phoenix has updated its dividend policy from a minimum of 40% to a minimum of 45% of comprehensive income and is guiding for combined dividends and buybacks of at least 55% in 2026.
Business performance and strategic growth
Phoenix reports comprehensive income of NIS 3,186 million (NIS 12.6 per share) for 2025 and NIS 887 million (NIS 3.5 per share) for the fourth quarter of 2025, compared to NIS 2,374 million and NIS 721 million respectively in the corresponding periods last year.
Core income for 2025 amounted to NIS 2,650 million and NIS 665 million for the fourth quarter of 2025 compared to NIS 2,296 million and NIS 645 million respectively in the corresponding periods last year (core income excluding capital market, interest rate, and special effects). The current growth rate exceeds the rate required to meet the Company's 2028 guidance of NIS 3.3–3.5 billion.
The return on equity from group activity stood at 26.6% in 2025 and 28.9% in the fourth quarter of 2025. Core return on equity stood at 22.6% in 2025 and 21.9% in the fourth quarter of 2025.
Accelerated growth in asset management activity and shift in mix toward high-multiple growth engines with low capital requirements, Core income from Asset Management activities (including Wealth & Investments, Retirement, Brokers & Advisors, and Payments & Financing) amounted to NIS 895 million in 2025 and NIS 213 million in the fourth quarter of 2025, compared to NIS 630 million and NIS 155 million respectively in the corresponding periods last year. Adjusted EBITDA on a consolidated basis including minority interest grew to NIS 1,567 million in 2025 and NIS 379 million in the fourth quarter, compared to NIS 1,185 million and NIS 325 million in the corresponding periods last year due to accelerated growth, efficiency, and the realization of competitive advantages.
Increase in asset and credit portfolios ...
