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Bezeq The Israel Telecommunication
Bezeq The Israel Telecommunication (BEZQ) investor relations material
Bezeq The Israel Telecommunication Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary5 Aug, 2026
Executive summary
Core revenues grew 4% year-over-year to over NIS 2 billion, with growth across all key segments including fiber, 5G, and TV.
Comparable EBITDA increased 6.2% to NIS 978 million and comparable net profit surged 38% to NIS 315 million, driven by higher revenues and lower operating and financing costs (adjusted for Yes valuation changes).
Dividend of NIS 415 million and new NIS 100 million share buyback announced as part of an NIS 800 million multi-year program.
Fiber network deployment surpassed 3 million homes, with a 17% increase in fiber subscribers and a 12% rise in 5G plans; retail broadband ARPU up 4.4% to NIS 142.
Strategic focus on digital infrastructure, including submarine cable projects, international expansion, and M&A to reinforce market position.
Financial highlights
Q2 2026 revenues reached NIS 2.165 billion, with core revenues at NIS 2.03 billion (94% of group revenues).
Comparable EBITDA margin improved to 45.2% for Q2 2026.
Free cash flow for H1 2026 totaled NIS 610 million, up from NIS 492 million year-over-year; Q2 free cash flow was NIS 155 million.
Net debt increased to NIS 5.22 billion, with a net debt to Comparable EBITDA ratio of 1.6x.
Dividend payout ratio at 80% of H1 2026 net profit.
Outlook and guidance
2026 outlook unchanged: Comparable EBITDA NIS 3.7–3.8 billion, Comparable Net Profit NIS 1.0–1.1 billion, CapEx NIS 1.6 billion.
2029 targets: Core revenues NIS 8.7–8.9 billion, Comparable EBITDA NIS 4.2–4.4 billion, CapEx NIS 1.5–1.6 billion, Comparable Net Profit NIS 1.3–1.4 billion, FCF after leases NIS 1.3–1.4 billion.
Operational targets for 2029 include 3.5 million homes passed with fiber, 43% fiber take-up, and 85% of postpaid subscribers on 5G plans.
Confident in achieving guidance, with no expected softness in H2; will update market if deviation exceeds 10%.
Subsea cable projects, structural separation, and M&A are not included in 2029 forecast, representing potential upside.
Strategic rationale for the Wecom acquisition
Execution of the 14% FTE reduction by 2029
Impact of Partner transaction on yes ARPU
Explain Pelephone's negative Q2 2026 cash flow
Identify drivers of yes's Q2 2026 revenue growth
State the purpose of Bezeq's submarine cable
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Latest events from Bezeq The Israel Telecommunication
- Net profit up 59% and fiber deployment at 2.9m homes, driving strong Q3 results.BEZQ
Q3 20258 Jul 2026 - Fiber and 5G growth continued despite lower profits; NIS 407m dividend recommended.BEZQQ2 20248 Jul 2026
- Core revenues up 2.1% with strong fiber/5G growth; profits fell, but net debt improved.BEZQQ3 202429 May 2026
- Core revenues up 2.6% and free cash flow surged 74%, driven by fiber and 5G growth.BEZQQ1 202619 May 2026
- Core revenues up 3% to NIS 7.96B, with strong fiber, 5G growth, and NIS 700–975m shareholder returns.BEZQQ4 20259 Mar 2026
- Targeting strong ARPU and subscriber growth by 2029 through digital and operational excellence.BEZQInvestor presentation9 Mar 2026
- Core revenues rose 1.3% as fiber and 5G growth drove higher ARPU and dividend payout.BEZQQ4 20247 Jan 2026
- Core revenues and adjusted net profit rose, with 2025 outlook upgraded on strong subscriber growth.BEZQQ1 20256 Jan 2026
- Net profit up 46–48%, 2025 outlook raised, and strong fiber/5G growth with a yes valuation gain.BEZQQ2 20256 Jan 2026
Next Bezeq The Israel Telecommunication earnings date
Q3 202610 Nov, 2026
Bezeq The Israel Telecommunication
Next Bezeq The Israel Telecommunication earnings date
Q3 202610 Nov, 2026
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