DELEK GROUP (DLEKG) Q1 2026 earnings summary

Executive summary

• Achieved 22% year-over-year revenue growth in Q1 2026, with net income rising to 45 million ₪ compared to 10 million ₪ in Q1 2025, despite significant non-recurring items.

• Q1 2026 revenues reached 4.712 billion ₪, driven by higher revenues in oil & gas and financial segments.

• The group operates in upstream oil & gas (Israel, North Sea), financial services (credit cards), agriculture, and real estate.

• Net financial debt decreased to 3.7 billion ₪, and equity increased to 9.4 billion ₪ as of March 31, 2026.

• Dividend of 250 million ₪ distributed in Q1 2026, with a yield of 8%.

Financial highlights

• EBITDAX for oil & gas segments was $675 million in Q1 2026, down from $861 million in Q1 2025.

• Oil & gas revenues in Israel dropped 43% year-over-year due to a temporary halt in Leviathan gas production and lower Brent prices.

• Ithaca Energy (North Sea) reported Q1 2026 adjusted EBITDAX of $571 million, with net profit of $67 million.

• Financial segment (Isracard) contributed ₪24 million to net profit in Q1 2026.

• Group net cash from operating activities for Q1 2026 was ₪554 million.

Outlook and guidance

• Management reaffirms 2026 production guidance for Ithaca Energy at 120–130 kboe/d and expects FY 2026 dividend to exceed $500 million.

• Leviathan gas field revenues expected to grow by $330 million in 2026, reaching $2.88 billion.

• Rosebank project on track for first oil in 2026/27; Cambo project progressing toward FID.

• Isracard expects continued growth in credit card issuance and maintains robust capital and liquidity positions.