Highlights
Comprehensive income growth – Comprehensive income for the first quarter of 2026 was NIS 702 million, 24% higher than the corresponding period last year.
Return on equity (ROE) remained strong – Return on equity for the first quarter of 2026 was 24.1%.
Core income growth continued above expected – Core income for the first quarter of 2026 was NIS 709 million, an increase of more than 13% compared with the corresponding period last year and above expectations.
Asset management delivered accelerated growth, Core income from asset management activities for the first quarter of 2026 was NIS 251 million, up approximately 23% compared to the corresponding period last year; total assets under management were NIS 623 billion at the end of Q1 compared to NIS 610 billion at the end of 2025.
Phoenix is building out its full financial services platform and continues to disrupt the Israeli financial sector – During the quarter, Phoenix completed the acquisition of digital platform BUYME and wealth manager Fidelis, grew the user base of the group's app, and advanced the implementation of AI-based capabilities across sales, service, advisory, underwriting, and claims.
Stable growth and higher payout – Group businesses have stable and continuous growth in income, cashflow, and ROE; Phoenix declared a quarterly dividend of NIS 320 million (NIS 1.3 per share) and executed NIS 85 million in share repurchases during the quarter, for a total capital payout of NIS 405 million, representing 57% of Q1 2026 income.
Accelerated strategic organic growth
Phoenix reports comprehensive income of NIS 702 million in the first quarter of 2026 (NIS 2.8 per share), an increase of 24% compared to NIS 568 million in the corresponding period last year.
Core income in the first quarter of 2026 totaled NIS 709 million, an increase of 13% compared to NIS 626 million in the corresponding period last year (core income excluding non-operating capital market effects above and below risk-free interest rates plus 2.5%, interest rate effects, and special items); the growth rate is above expectations
Return on equity (ROE) was 24.1% in the first quarter of 2026, while Core ROE was 24.4%.
Accelerated growth in Asset Management, compounding scalable fee-based revenue streams across wealth, retirement, and financing; improving earnings mix with transition to fee-based businesses, Core income from Asset Management (including Wealth & Investments, Retirement, Brokers & Advisors, Payments & Financing) totaled NIS 251 million in the first quarter, an increase of 23% compared to NIS 204 million in the corresponding period last year. Adjusted EBITDA (on a consolidated basis including minority interests) rose to NIS 442 million in the first quarter from NIS 377 million in the corresponding period last year, driven by accelerated organic growth, efficiency, and realization of competitive advantages.
Growth in AUMs and credit portfolio – As of March 31, 2026, ...
