This is the summary of Wednesday, 12 August 2026 earnings. It covers the morning reporters, and will be updated with the US after-close reporters.
Errors or inaccuracies are possible. Spotted something that looks wrong? Write to me and I will correct it.
The Banking Trio Is Complete, and That Is the Week's Finding
Three banks reported in three days, and for the first time this year they can be set side by side.
| Quarterly profit | Interest income | The bank's answer | |
|---|---|---|---|
| Hapoalim | -2.1% | Margin eroded from 2.90% to 2.70% | Expenses |
| Leumi | +8.5% | +0.7% - frozen | Non-interest income |
| FIBI | -8.5% | -7.6% - fell | Credit volume |
All three absorbed exactly the same erosion. All three answered it differently. And the results are completely different.
Hapoalim offset on expenses - its efficiency ratio improved from 32.8% to 30.6% in a single quarter, an impressive move. And its profit still fell.
Leumi offset on other income - non-interest income jumped 39.4% and contributed NIS 570 million, against just NIS 32 million contributed by interest income. Its profit rose.
And FIBI offset on volume - credit to the public grew 20.1%, the fastest of the three, and interest income still fell 7.6%.
The conclusion I take from it: cutting costs is a good defence but a bounded one, volume is the weakest of the three, and alternative income is the only one without a ceiling.
Bazan: From Loss to Profit
Bazan swung from a net loss of $37 million to a net profit of $263 million, with revenue rising to $2,701 million from $1,469 million.
But two notes from the report itself demand caution. The company attributes the rise in volumes sold mainly to the missile attacks in the comparable quarter a year ago - meaning the comparison base is damaged. And the price of the refining product basket almost doubled, from $657 to $1,114 per tonne.
And the number that normalises: adjusted EBITDA stood at $317 million against $76 million - $64 million below the reported figure, because it removes inventory gains.
Strauss: Sold Less and Earned Far More
Strauss posted a 1.7% fall in sales and a 231.2% rise in profit attributable to shareholders.
And the entire explanation sits in the gross margin, which jumped from 31.1% to 39.4% - because cost of sales fell 8.8% while sales fell just 1.7%.
And the cleaner figure, which the company itself publishes: managed profit attributable to shareholders rose 113.3%, not 231.2%.
OPC Energy: A Jump That Is Mostly Accounting
OPC reported revenue of $379 million against $195 million, and net profit of $15 million against $2 million.
But a single event explains most of it: the company began consolidating the Shore and Basin Ranch power plants. And in parallel, the share in associates' profits collapsed from $21 million to $4 million - precisely the line that emptied.
Two Reporters Who Were Not on the Calendar
Meitav Trade Investments and Manif Financial Services filed this morning, and neither appeared on the earnings calendar in advance.
| Q2 2026, NIS millions | Meitav Trade | Manif |
|---|---|---|
| Revenue | 157 | 129 |
| Pre-tax profit | 59 | 67 |
| Net profit | 40 | 51 |
| Attributable to shareholders | 38 | 51 |
| Basic EPS, NIS | 0.82 | 0.83 |
| Total assets | 352 | 3,935 |
| Equity | 193 | 731 |
And Afi Properties, Which Was Also Not on the Calendar
| Q2 2026, NIS thousands | Afi Properties |
|---|---|
| Revenue | 379,156 |
| Gross profit | 266,865 |
| Operating profit | 335,659 |
| Pre-tax profit | 269,998 |
| Net profit | 208,305 |
| Attributable to shareholders | 207,978 |
| Basic earnings per share | NIS 5.02 |
| Total assets | 23,668,459 |
| Equity | 7,885,759 |
Note the line that stands out: operating profit of NIS 335.7 million is larger than gross profit of NIS 266.9 million.
And this is exactly the phenomenon we saw at Amot yesterday: investment property is measured at fair value, and the increase in property values is booked to operating profit - which is why it exceeds gross profit by NIS 68.8 million. A substantial part of the profit comes from revaluation, not from rent.
And this is already the fifth time this week a company has reported without previously appearing on the calendar. The Israeli calendar is announcements only: a company that has not yet announced a date simply is not there. Which is why we scan the actual filings, not only the calendar.
What Is Still Ahead This Evening
Nebius has already reported - before the market opened, rather than after the close as we expected. Revenue jumped 454% to $582.3 million and adjusted EBITDA swung to a profit of $236.2 million. And in that same quarter the company spent $5,657 million - 9.7 times its revenue.
The After-Close Reporters Have Arrived
Cisco closed its fiscal year with quarterly revenue of $17.3 billion, up 18%, and GAAP earnings per share up 52%. And the line worth pausing on: product orders rose 35%, and 25% excluding hyperscalers. Meaning the growth is broad rather than resting on a handful of very large customers. Revenue guidance for 2027 is $72.2 to $73.4 billion - a faster pace than the year just ended.
Coherent reported revenue of $2,046 million, up 33.8%, and a GAAP operating margin that rose from 0.4% to 12.4%. The annual margin improved too, not only the quarterly one. The CEO explicitly cites data centre architectures transitioning from copper to optical connectivity.
Pan American Silver has not yet filed - its most recent SEC filing is an announcement of the release date.
The Israeli Companies That Filed in the Evening
A wave of Israeli reporters arrived after the close: Kornit Digital, Allot, SimilarWeb, Nexxen, Valens Semiconductor, Ituran, Kamada, Brainsway, RADCOM, Protalix, PolyPid and BioHarvest.
In total, 127 companies filed with the SEC today.
הזווית שלי
דעה אישית של אילן אברמוב - לא ייעוץ ולא המלצה
If there is one lesson from this week, it is in the banking trio - and it is a lesson that is hard to get from three separate reports.
All three large banks absorbed exactly the same problem: margin erosion in a falling rate environment. None of them escaped it. And the difference between them is not the size of the blow - it is the answer.
And when the three answers are set side by side, a clear ranking emerges.
Volume is the weakest answer. FIBI grew credit 20.1% - the fastest of all - and its interest income still fell 7.6%. When the margin erodes, volume merely multiplies a smaller number. And there is an accompanying cost: all four of the bank's capital and liquidity ratios fell together, because credit grew at twice the pace of deposits.
Expenses are a good answer but a bounded one. Hapoalim executed a genuinely impressive efficiency move, from 32.8% to 30.6%, and its profit still fell. There is only so much you can save.
And alternative income is the only answer without a ceiling. Leumi was the only one whose profit rose, and it happened thanks to a single line that jumped 39.4%.
And what I do put an asterisk on across all three is the quality of that income. Non-interest income mixes fees, which are recurring and stable, with investment gains, which are not. The difference between the two is the difference between an engine and an event - and that is precisely the breakdown absent from the headline of all three reports.
And beyond the banks, the two most instructive reports today are in fact mirror images. Bazan showed what happens when prices rise - from loss to profit, without management doing anything particular. And Strauss showed what happens when costs fall - a margin opening eight percentage points, while sales actually declined.
In both cases profit jumped, and in both cases the cause sits outside the company. Which is a reminder of something simple: an excellent quarter is not necessarily a business that improved.
