DELEK GROUP (DLEKG) Q4 2025 earnings summary

Executive summary

• Achieved record net income of ₪3,256M in 2025, driven by a one-time gain from deconsolidation of Ithaca, but normalized net income was ₪1,003M, down from 2024 due to lower energy prices and operational disruptions.

• Completed acquisition of a controlling stake in Isracard, consolidating its results from Q3 2025, and expanded into financial services.

• Continued focus on core upstream energy assets in the East Med and North Sea, with strategic expansion into financial services and agriculture.

Financial highlights

• Total revenues grew to ₪16,131M in 2025 from ₪11,961M in 2024, mainly due to Isracard consolidation and higher North Sea output.

• Net income includes a ₪2,678M gain from remeasurement of Ithaca following loss of control; normalized net income was ₪1,003M.

• EBITDAX from oil and gas operations reached $2,726M (100% basis), up from $2,219M in 2024.

• Dividends of ₪1,035M were distributed in 2025.

• Cash and short-term investments at year-end: ₪2.2B; net financial debt (holding and HQ companies): ₪3.8B.

Outlook and guidance

• Ongoing expansion of Leviathan gas field with FID for Phase 1B, targeting 21 BCM/year by 2029.

• Isracard to drive growth in financial services, with plans to acquire a digital bank and invest in fintech.

• Continued focus on value creation from core energy assets and disciplined capital allocation.