DELEK GROUP (DLEKG) Q3 2025 earnings summary

Executive summary

• Net income for Q3 2025 was ₪2.96 billion, including a one-time gain from Ithaca remeasurement and a one-time loss from Isracard acquisition; adjusted net income was ₪405 million, nearly flat year-over-year.

• Net income for the first nine months of 2025 was NIS 3,149 million, including a one-time gain of NIS 2,678 million from Ithaca deconsolidation and a NIS 120 million one-off loss from Isracard; adjusted net income was NIS 896 million, down year-over-year.

• Revenues grew to ₪4.3 billion in Q3 2025, up from ₪2.6 billion in Q3 2024; nine-month revenues reached NIS 11,621 million, up from NIS 8,070 million, driven by Isracard consolidation and North Sea production.

• EBITDAX rose to ₪1.9 billion in Q3 2025 (Q3 2024: ₪1.66 billion); nine-month EBITDAX was NIS 7.2 billion, up from NIS 5.1 billion.

• The Group completed the acquisition of a controlling interest in Isracard, now holding ~40% and consolidating its results from Q3 2025.

Financial highlights

• Net financial debt stood at ₪3.8 billion as of September 30, 2025.

• Equity exceeded ₪10 billion at quarter-end; group equity was NIS 10,603 million, equity-to-assets ratio 66%.

• Dividend yield over the last 12 months was 9.06%, the highest in the TA-35 index.

• Total unencumbered assets amounted to ₪17.2 billion.

• Cash and short-term investments totaled ₪2.4 billion; NIS 1.8 billion as of September 30, 2025.

Outlook and guidance

• Management reaffirmed full-year 2025 guidance for Ithaca: production of 119–125 kboe/d, net operating costs of $790–840 million, and net producing asset capex of $630–670 million.

• Ithaca’s production exit rate for Q4 2025 is expected to reach 145 kboe/d, with increased system capacity for 2026.

• The Group continues to focus on core energy assets, financial services expansion, and value creation through M&A and operational efficiency.

• Future results may differ materially from forward-looking statements due to market and operational uncertainties.