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8 Bezeq Group Q2-2026 Investor Presentation
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22 Forward-Looking Information and Statement (Disclaimer) 2 This presentation contains general data and information about Bezeq - The Israeli Telecommunications Corp., Ltd. (“Bezeq”) including forecasts as well as targets for the year 2029, which were detailed in the 2025 Periodic Report. Such statements, along with explanations and clarifications presented by Bezeq’s representatives, include expressions of management’s expectations about new and existing programs, opportunities, technology and market conditions. Although Bezeq believes its expectations are based on reasonable assumptions, these statements are subject to numerous risks and uncertainties. These statements should not be regarded as a representation that anticipated events will occur or that expected aspirations will be achieved. In addition, the realization and/or otherwise of the forward looking information will be affected by factors that cannot be assessed in advance, and which are not within the control of Bezeq, including the risk factors that are characteristic of its operations, developments in the general environment, external factors, and the regulation that affects Bezeq’s operations. This presentation contains partial information from the public reports of Bezeq under the Israeli Securities Law 5728-1968 (the "Securities Law"), which can be accessed on the Israeli Securities Authority's website, www.magna.isa.gov.il. A review of this presentation is not a substitute for a review of the detailed reports of Bezeq under the Securities Law and is not meant to replace or qualify them; rather, the presentation is prepared merely for the convenience of the reader, with the understanding that the detailed reports are being reviewed simultaneously. No representation is made as to the accuracy or completeness of the information contained herein. The information included in this presentation is based on information included in Bezeq’s public filings. However, some of the information may be presented in a different manner and/or breakdown and/or is differently edited. In any event of inconsistency between Bezeq’s public filings and the information contained in this presentation, the information included in the public filings shall prevail. The information contained in this presentation or which will be provided orally during the presentation thereof, does not constitute or form part of any invitation or offer to sell, or any solicitation of any invitation or offer to purchase or subscribe for, any securities of Bezeq or any other entity, nor shall the information or any part of it or the fact of its distribution form the basis of, or be relied on in connection with or relating to any action, contract, commitment or to the securities of Bezeq. The presentation does not constitute a recommendation or opinion or substitute for the discretion of any investor. Glossary • Q2-2026 and H1-2026 results in this presentation are shown in comparison to Q2-2025 and H1-2025, unless otherwise stated • Comp EBITDA and Comp Net Profit - After adjusting for other operating expenses/income, net, the overall impact of losses/gains from impairment/increase in value of assets and stock-based compensation • Free cash flow - Cash flow from operating activities less net payments for investments and leases • Group Core Revenues - Group revenues excluding Bezeq Fixed-Line telephony revenues, Pelephone interconnect fees, Bezeq International consumer revenues and Bezeq Online revenues • Bezeq Fixed-Line Core Revenues - Total fixed-line revenues excluding telephony revenues • Pelephone revenues and ARPU in this presentation are excluding interconnect fees, unless stated otherwise • yes ARPU - includes all yes revenues, excluding revenues from content sales to external broadcasting entities and revenues from the sale of end-user equipment • IP subscribers - the number of yes subscribers viewing IP broadcasting through the yes+ and STINGTV services. This includes subscribers that use satellite services as well • yes financial data in this presentation are proforma numbers, until and including Q4-2025
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3 Bezeq Group Q2-2026 Summary 33 Growth in core revenues Core revenues grew 4% to over NIS 2 billion, with growth across all key group segments Increase in Comp EBITDA and Comp Net Profit Comp EBITDA increased 6.2% and Comp Net Profit grew 38%. The increase in Comp Net Profit was driven by higher revenues and lower operating expenses (after adjusting for the change in yes’ valuation in Q2-2025) as well as lower financing expenses Shareholder Remuneration • Board recommends dividend distribution of NIS 415m, NIS 0.15 per share • Buyback of NIS 100m, as part of a multi-year program of NIS 800m, following completion of previous buyback of NIS 150m Subscriber and ARPU growth • 17% increase in fiber subscribers and 12% growth in 5G subscriber plans • 4.4% increase in retail broadband ARPU and 8% in yes ARPU Increase in retail broadband subscribers 1% increase in Group retail broadband subscribers,(1) reaching 35% take-up in fiber infrastructure New synergistic investment opportunities • Pelephone signs MOU to acquire Wecom • Continued development and growth of digital infrastructure activities, with an emphasis on international subsea cables (1) Bezeq Fixed-Line retail broadband + yes fiber bundle subscribers
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4 Technological & Business Roadmap 4 Migration to fiber Transition to 5G Migration to IP 2020 Launch of fiber project 5G Tender Award Satellite to IP migration Today ✚ 3.03m homes passed ✚ 1.06m subscriber take-up (retail + wholesale), 72% of total broadband subs ✚ 35% take-up rate ✚ 39% increase in broadband ARPU(1) to NIS 142 ✚ 1.49m postpaid subscribers (63% of postpaid subscribers) ✚ 217k 5GMAX subs ✚ 5G sites ~50% of total network ✚ ARPU – NIS 45 ✚ 508k IP subscribers (90%) ✚ ~ 149k fiber bundle subs ✚ ARPU – NIS 204 2029 Targets ✚ Retail ARPU ~NIS 150 ✚ ~43% take-up rate (retail + wholesale) ✚ ARPU ~NIS 50 ✚ ~85% 5G subscriber plans ✚ ~450k 5GMAX subscribers ✚ 5G sites ~90% of total network ✚ ARPU ~NIS 215 ✚ TV + fiber bundle subs - ~50% of total subs ✚ Completion of the migration to IP 4 Strategic infrastructure investments continue to provide a solid foundation for growth (1) Compared to Q4-2020
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5 Q2-2026 Summary Core Revenues 2.03 NIS billion ~94% of Group Revenues 4.0% Comp EBITDA 978 NIS million Comp EBITDA margin of 45% 6.2% Comp Net Profit 315 NIS million 38% Free Cash Flow 155 NIS million 33% Increase in Net Debt 5.2 NIS billion 6.2% Bezeq Group
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6 5 Q2-2026 Summary (Cont’d) Fiber net adds(1) 32k (retail and wholesale) Fiber subscribers 1.06 million (retail and wholesale) Retail Broadband ARPU NIS 142 4.4% Homes Passed 3.03 million Take-up rate 35% Cellular subscribers 2.71 million 2.3% 5G subscriber plans 1.49 million(2) 63% of postpaid subscribers(2) | 217k 5GMAX subscribers(2) Postpaid subscriber net adds(1) 21k Cellular ARPU NIS 45 (3) %2.2 Cellular Service Revenues NIS 363 million (3) 0.6% Revenues NIS 348 million 8.7% TV subscribers 563k 0.2% Bezeq Group TV subscribers 90% IP subscribers(2) TV + fiber bundle subscriber net adds(1) 12k yes ARPU NIS 204 (1) Compared to Q1-2026 (2) As of reporting date (3) Impacted by decrease in roaming revenues due to the war with Iran 7.9%
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7 Q2-2026 Key Financial Highlights | NIS million Revenues 1,947 1,995 2,043 2,030 2,025 189 150 143 139 140 2,136 2,145 2,186 2,169 2,165 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 Fixed-line telephony, Pelephone interconnect and Bezeq Intl consumer Core revenues Comp EBITDA Comp Net Profit CapEx Free Cash Flow 2.0% % - Comp EBITDA margin 19% 20% 19% Bezeq Group 4.0% (1) % - CapEx/Sales margin ✚ Growth in core revenues across all key group segments ✚ Comp Net Profit growth, primarily due to higher revenues and lower operating expenses (after adjusting for the change in yes’ valuation in Q2-2025) as well as lower financing expenses ✚ Free cash flow was impacted by changes in working capital. Free cash flow in H1-2026 was NIS 610m, compared to NIS 492m in the corresponding period 38% 33% 6.2% (1) % change in core revenues 431 422 406 432 404 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 20% 20% 20%19% 19% %6.3 921 939 963 928 978 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 43% 44% 44% 43% 45% 230 331 310 455 155 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 229 258 311 300 315 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026
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8 H1-2026 Key Financial Highlights | NIS million Revenues 3,925 4,055 446 279 4,371 4,334 H1-2025 H1-2026 Fixed-line telephony, Pelephone interconnect, Bezeq Intl consumer and Bezeq Online revenues Core revenues Comp EBITDA Comp Net Profit CapEx Free Cash Flow 2.0% % - Comp EBITDA margin 19% 20% 19% Bezeq Group 3.3% (1) % - CapEx/Sales margin ✚ Growth in core revenues across all key group segments ✚ Comp Net Profit growth, primarily due to lower financing expenses ✚ Free cash flow was positively impacted by changes in working capital 19% 24% 3.7% (1) % change in core revenues 20% 20% 20%19% 19% %1.6 1,838 1,906 H1-2025 H1-2026 492 610 H1-2025 H1-2026 42% 44% 850 836 H1-2025 H1-2026 19% 19% 517 615 H1-2025 H1-2026
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9 Q2-2026 Operating Expenses | NIS million Salaries Operating Expenses Depreciation & Amortization Other Expenses (Income) 9 ✚ Operating and depreciation expenses were impacted by changes in yes’ valuation in Q2-2025. After excluding the impact of the changes in valuation, operating expenses decreased ~NIS 35m and depreciation expenses increased ~NIS 15m ✚ Other expenses were impacted by the cancellation of provisions for legal claims in Q2-2025 %0.9 8.4% %31 Bezeq Group 451 449 463 477 455 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 383 380 468 487 502 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 679 661 691 768 736 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 (8) 39 235 112 (1) Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026
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10 Key Quarterly Operational Metrics 10 פחת והפחתות 14.4 % Subscribers (end of period, in thousands) ARPU (NIS) Bezeq Group Wholesale broadband yes ARPURetail broadbandTelephonyCellular yes TV 562 565 565 565 563 477 483 493 504 516 999 990 980 968 956 1,351 1,339 1,329 1,312 1,294 2,645 2,661 2,677 2,699 2,707 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 30 30 29 29 29 46 48 47 44 45 136 136 138 139 142 189 189 200 202 204 172 168 166 165 163 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026
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11 Financial Debt 11 פחת והפחתות 14.4 % Financial Debt (NIS billion) ✚ The Group maintains its high credit rating, within the AA group Net debt/ Comp EBITDA AL ratio 1.6x Increase in Net Debt Increase of NIS 303 million, or 6.2%, to NIS 5.2 billion Debt ratings Outlook: Stable Rating: ilAA Outlook: Stable Rating: Aa2.il Cash and short-term investment Net Debt/Comp EBITDA ALNet Debt Bezeq Group 4.9 4.6 5.0 4.6 5.2 2.6 2.9 2.8 3.3 1.9 7.5 7.5 7.8 7.8 7.1 1.5 1.4 1.5 1.4 1.6 0.0 5.0 10.0 15.0 20.0 25.0 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026
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12 Shareholder Remuneration ✚ Board of directors recommended a dividend distribution of NIS 415 million (NIS 0.15 per share), representing 80% of H1-2026 net profit ✚ In addition, the Company will launch a new share repurchase plan of NIS 100 million, as part of its multi-year program of NIS 800 million 534 638 781 975 1,214* 0% 50% 60% 70% 80% 80% 0.2 0.23 0.29 0.35 0.35 -5% 5% 15% 25% 35% 45% 55% 65% 75% 85% 0 200 400 600 800 1000 1200 1400 1600 2021 2022 2023 2024 2025 2026 Shareholder distributions (NIS m) Payout Ratio DPS Bezeq Group 12 *Including Dividends and Share Repurchase (Dividend of NIS 415m, pending shareholder approval)
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13 2026 Outlook (Unchanged) Performance 2025 2026 Outlook(1) Comp EBITDA NIS 3.74 billion NIS 3.7 – 3.8 billion Comp Net Profit NIS 1.09 billion NIS 1.0 – 1.1 billion CapEx NIS 1.68 billion NIS 1.6 billion 13 פחת והפחתות 14.4 % Bezeq Group (1) The Company will report, as required, deviations of more/less than 10% of the midpoint of the Outlook range, where a range exists
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14 Financial targets 2029 Performance 2025 2029 Targets Core Revenues NIS 8.0 billion NIS 8.9 – 8.7 billion Comp EBITDA (1) NIS 3.7 billion NIS 4.2 – 4.4 billion Gross CapEx NIS 1.7 billion NIS 1.6 – 1.5 billion Comp EBITDA (1) – CapEx NIS 2.1 billion NIS 2.85 – 2.65 billion Comp Net Profit (1) NIS 1.1 billion CAGR of >8% FCF (After leases) NIS 1.1 billion CAGR of >10% Financial stability AA Credit Rating Maintain high credit rating within the AA group Shareholder remuneration NIS 975 million(2) Strive to increase shareholder remuneration (1) After adjusting for other operating expenses/income, net, the overall impact of losses/gains from impairment/increase in value of assets and stoc k-based compensation (2) Total dividend paid in 2025 Bezeq Group 14
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15 Operational targets 2029 Bezeq Group Performance 2025 2029 Targets Full-time equivalents 8,354 Decrease of ~14% Fiber deployment ~2.9 homes passed ~3.5 homes passed Fiber take-up ~34% (retail + wholesale) ~43% (retail + wholesale) Broadband retail ARPU ~NIS 136 ~NIS 150 % fiber subs with speeds above 1 Gbps ~13% ~50% Pelephone ARPU ~NIS 46 ~NIS 50 5G subscriber plans ~59% of postpaid subscribers ~85% of postpaid subscribers Subscriber plans MAX 5G ~140k ~450k 5G sites ~50% of total network ~90% of total network ARPU yes ~NIS 192 ~NIS 215 yes TV + fiber subscribers ~21% of total subscribers ~50% of total subscribers 15
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16 Q2-2026 Summary Core revenue growth Core revenues grew 1.9% to NIS 998 million, driven by higher revenues from transmission and data communications, cloud & digital services and infrastructure projects Higher Comp EBITDA and Comp Net Profit Comp EBITDA increased 6.1% to NIS 682m, Comp Net Profit grew 20%, mainly driven by higher revenues and lower operating and financing expenses Fiber subscriber growth Retail fiber subscribers totaled 655k with 4.4% growth in retail broadband ARPU to NIS 142 Continued fiber deployment Fiber deployment reached 3.03m homes passed with total fiber subscribers (retail and wholesale) of 1.06 million, or 72% of total broadband subscribers; Take-up reached 35% 16 Bezeq
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17 Q2-2026 Key Financial Highlights | NIS million Revenues 979 991 997 997 998 123 120 117 113 116 1,102 1,111 1,114 1,110 1,114 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 Core Revenues Telephony Comp EBITDA Comp Net Profit CapEx Free Cash Flow 6.1% % - Comp EBITDA margin %10 1.9% (1) % - CapEx/Sales margin Bezeq Fixed Line ✚ Core revenue growth driven by higher revenues from transmission and data communications, cloud & digital services and infrastructure projects ✚ Higher Comp EBITDA and Comp Net Profit driven by higher revenues and lower operating and financing expenses ✚ Free cash flow in H1-2026 was NIS 624m, compared to NIS 450m in the corresponding quarter (1) % change in core revenues 27% 24% 25% 23% 24% 59% 58% 58% 60% 59% 20% 643 641 667 658 682 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 230 250 269 404 220 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 58% 58% 60% 59% 61% 4.3% 216 214 260 265 259 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 266 280 257 270 239 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 24% 25% 23% 24% 22%
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18 Continued Fiber Deployment and Take-Up Focus 18 Bezeq Fixed Line Homes Passed (thousands) 2,774 2,859 2,913 2,974 3,028 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 Total Fiber Take-Up (thousands, Retail and Wholesale) Retail Broadband ARPU 907 954 993 1,029 1,061 33% 33% 34% 35% 35% -70.0% -50.0% -30.0% -10.0% 10. 0% 30. 0% 50. 0% 0 200 400 600 800 100 0 120 0 140 0 160 0 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 Home connected ✚ Homes passed of over 3 million ✚ Over 1 million active subscribers on Bezeq’s fiber network ✚ Continued growth in broadband ARPU 9.2% 17% 4.4% 136 136 138 139 142 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026
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19 Fiber Take-Up – Retail and Wholesale Retail vs. Wholesale (Thousands) 999 990 980 968 956 477 483 493 504 516 1,476 1,473 1,473 1,472 1,472 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 Retail Wholesale Fiber vs. Copper (Thousands) 569 519 480 443 411 907 954 993 1,029 1,061 1,476 1,473 1,473 1,472 1,472 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 Copper Fiber ✚ Fiber subscribers represent 69% of total retail subscribers Total Retail Fiber Take-Up (Thousands) 583 609 628 643 655 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 Total Wholesale Fiber Take-Up (Thousands) 230 239 247 254 262 94 106 118 132 144 324 345 365 386 406 0 50 100 150 200 250 300 350 400 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 Other yes 19 ✚ 25% growth in wholesale fiber subscribers year- over-year Bezeq Fixed Line
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20 Q2-2026 Revenues | NIS million Cloud & DigitalTransmission & DataBroadband Revenues Telephony Other 3.3% ✚ Broadband revenues were impacted by the MOC decrease in wholesale tariffs in Q2-2026 ✚ Transmission & data growth driven by higher revenues from metro transmission services ✚ Cloud & digital growth driven by higher revenues from virtual exchanges and cloud services ✚ Telephony revenues were impacted by the cancellation of interconnect fees in June 2025 ✚ Other income was positively impacted by higher revenues from infrastructure projects Bezeq Fixed Line %2.6 %19 508 508 511 513 502 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 123 120 117 113 116 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 309 310 290 313 317 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 72 81 100 77 86 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 90 92 96 94 93 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 %1.2 %5.7
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21 Q2-2026 Operating Expenses | NIS million Salaries Operating Expenses Depreciation & Amortization Other Expenses (Income) 21 ✚ Decrease in operating expenses due to lower expenses for fiber installation and materials, among others ✚ Other expenses were impacted by the cancellation of provisions for legal claims in the corresponding quarter %2.2 18% 3.8% Bezeq Fixed Line 270 270 282 288 276 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 192 203 167 166 158 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 261 269 272 267 271 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 (7) 41 249 27 1 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026
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22 Pelephone Q2-2026 Summary Limited impact of war on key financial metrics Growth in revenues, Comp EBITDA and Comp Net Profit despite the impact of the war with Iran on roaming revenues Increase in subscribers • Postpaid subscribers grew by 21k • 5G postpaid subscriber plans grew by 48k reaching 1.49m(1) (63% (1) of postpaid subscribers) • 5G MAX subscriber plans continued to grow reaching 217k(1) Pelephone expects to reach ~300k 5GMAX subscribers by the end of 2026 Decrease in ARPU due to impact of war ARPU in Q2-2026 was NIS 45, a Y-o-Y decrease of 2.2%, or NIS 1 Continued streamlining Employee agreement to retire 150 employees in next three years Mergers and acquisitions MOU signed for the acquisition of Wecom 22 (1) As of reporting date
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23 Q2-2026 Key Financial Highlights | NIS million Revenues 361 381 373 356 363 135 136 181 162 148 496 517 554 518 511 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 Services Equipment Comp EBITDA 35%37% 38% 39% 38% Comp Net Profit CapEx Free Cash Flow 2.2% % - Comp EBITDA margin %6.33.0% % - CapEx/Sales margin Pelephone %8.8 3% ✚ Revenues, Comp EBITDA and Comp Net Profit grew despite the impact of the war with Iran on roaming revenues ✚ Free cash flow was impacted by changes in working capital, mainly from payments to employees due to the signing of a new collective agreement and the timing of end- user equipment procurement 15% 18%17%17% 16% 38%35% 39% 38% 34% 186 202 208 178 190 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 39%38% 38% 34% 37% 43 64 41 15 (49) Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 32 37 61 22 34 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 91 88 91 92 99 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 17% 19%16%17% 18%
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24 Growth in Cellular Subscribers and 5G Plans Postpaid Subscribers on 5G Plans (Thousands) 1,315 1,348 1,375 1,425 1,473 1,489 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 As of reporting date ✚ 5G postpaid subscriber plans were 63% of postpaid subscribers today Subscribers (Thousands) 2.3% %12 Pelephone ✚ Continued growth in postpaid subscribers, including 5G 2,279 2,295 2,315 2,349 2,370 366 366 362 350 337 2,645 2,661 2,677 2,699 2,707 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 Postpaid Prepaid
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25 25 Service Revenues and ARPU Comparison of Service Revenues in Q2 (Millions) ✚ Increase in service revenues despite lower roaming revenues due to the war with Iran ARPU (NIS) %2.2 Pelephone 276 299 341 350 348 361 363 Q2-2020 Q2-2021 Q2-2022 Q2-2023 Q2-2024 Q2-2025 Q2-2026 %0.6 46 48 47 44 45 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026
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26 Q2-2026 Summary Revenue growth Revenues grew 8.7% to NIS 348m, recording the highest quarterly revenues since Q4-2018, driven by higher revenues from the TV + Bezeq fiber bundle as well as revenues from the Partner transaction Comp EBITDA and Comp net profit growth • Second consecutive quarter of Comp net profit • Q2-2026 is the first quarter to reflect the full impact of the migration from satellite broadcasting • Record quarterly Comp EBITDA and Comp net profit since Q2-2023 Record ARPU ARPU grew NIS 15 year-over-year to NIS 204 driven by an increase in TV + fiber subscribers and revenues from the Partner transaction Subscriber growth ✚ Continued growth in fiber subscribers reaching 149k(1), 29%(1) of total IP subscribers ✚ TV subscribers were 563k, an increase of 1k year- over-year ✚ Continued migration from satellite to IP with 508k(1) IP customers (90% of total subscribers)(1) 26 (1) As of reporting date
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27 Q2-2026 Key Financial Highlights | NIS million Revenues Comp EBITDA Comp Net Profit (Loss) CapEx Free Cash Flow 27% % - Comp EBITDA margin 8.7% % - CapEx/Sales margin 14% ✚ Record quarterly revenues since Q4-2018, driven by higher revenues from the TV + Bezeq fiber bundle as well as revenues from the Partner transaction ✚ Record Comp EBITDA and Comp Net Profit since Q2-2023, driven by higher revenues and lower expenses ✚ Free cash flow was impacted by higher profits and changes in working capital 11% 18% 14% 13% 18% 15% 18% 18% 16% 16% 320 321 340 343 348 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 57 44 44 61 49 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 18% 14% 13% 18% 14% (38) 4 - 21 1 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 56 59 54 56 71 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 18% 18% 16% 16% 20% (22) (1) (14) 4 12 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026
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28 Key Operational Metrics Subscribers (Thousands) ARPU (NIS) 172 168 166 165 163 189 189 200 202 204 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 TV ARPU ARPU IP Subscribers (Thousands) Fiber Subscribers (Thousands) 7.9%(1) 0.2% 5.4% %53 ✚ 1k increase in TV subscribers year-over-year ✚ NIS 15 growth in ARPU driven by increase in TV + fiber subscribers and revenues from the Partner transaction ✚ Continued growth in IP subscribers to 90% of yes subscribers (2) ✚ Fiber subscribers grew 50k year- over-year, representing the highest subscriber growth since yes began offering TV+ fiber bundles (1) % change in yes ARPU (2) As of reporting date 562 565 565 565 563 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 480 486 492 499 506 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 94 106 118 132 144 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026
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29 29 Q2-2026 Summary 29 Revenue growth Revenues from business customers grew 9% to NIS 252m, due to higher revenues from sales of equipment and cloud activities Growth in Comp EBITDA and Comp Net Profit Comp EBITDA grew 5.4% to NIS 39m and Comp Net Profit totaled NIS 11m compared to NIS 3m in the corresponding quarter. Growth in both metrics was primarily due higher revenues Revenues Comp EBITDA 14%17% % - Comp EBITDA margin 16% 14%17% (1) % change in revenues from business customers 9.1%(1) 13% 14% 14%14%14% 5.4% 231 251 237 263 252 32 30 26 26 24 263 281 263 289 276 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 Business Consumers 37 40 37 40 39 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 14% 14% 14%14%14%
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