This is the summary of Monday, 17 August 2026 earnings. It covers the Israeli morning reporters and will be updated after the US market closes.
Errors or inaccuracies are possible. Spotted something that looks wrong? Write to me and I will correct it.
Mizrahi Tefahot, and the Fifth Bank Completes the Picture
Five banks have reported on the quarter, and at all of them net interest income fell or froze. At Mizrahi it fell 2.6%, to NIS 3,012 million.
But it did something the others did not: credit to the public grew 12.5% to NIS 423.7 billion, and the balance sheet 12.3%. That is, the bank absorbed a lower spread on a much larger base - and net profit fell only 1.7%.
The efficiency ratio actually improved to 33.9% from 34.9%, and operating expenses fell 2.7%. And against that, the credit loss expense jumped 61%. We wrote about the report at length.
The Other Three Large Ones
| The quarter | The central point | |
|---|---|---|
| Paz Energy | Revenue 5,714m · net profit 321m | A 24.3% gross margin and leverage of only 3.1 |
| Migdal Insurance | Net profit 575m | A NIS 256.3 billion balance sheet against equity of 10.9 |
| Meitav | Revenue 615m · net profit 152m | A 36.6% operating margin and a 32.4% effective tax rate |
Each of the three has its own piece, and each tells a different story: Paz on the margin ladder in a commodity industry, Migdal on the structure of an insurer, and Meitav on a tax rate nine percentage points above the statutory one.
And the Rest
| Q2 2026, NIS millions | Revenue | Net profit | Per share |
|---|---|---|---|
| Oron Group | 965.7 | 19.5 | 0.27 |
| Hilan | 784.7 | 66.4 | 2.85 |
| Danel | 761.5 | 35.3 | 5.62 |
| Retailors | 594.4 | 11.2 | 0.22 |
| Albaad | 427.2 | 20.8 | 1.06 |
| Shuv Energy | 182.8 | loss 114.9 | -0.12 |
| Arad | 110.5 | 11.2 | 0.45 |
| Telsys | 60.5 | 16.2 | 1.76 |
| Powergen Sol E | 52.5 | loss 28.5 | not reported |
| Zephyrus | 33.4 | loss 32.8 | -0.50 |
| Solarom Holdings | 26.9 | 2.2 | 0.05 |
| Econergy | 10.2 | loss 28.1 | -0.34 |
| Alben | 10.1 | 3.3 | not reported |
| Ramot Ba'ir | 8.1 | loss 3.5 | not reported |
| Avu Residences | 6.4 | 2.6 | 0.05 |
| Airangi Tech | 4.2 | 13.8 | 0.50 |
Hilan is the largest of them, and the only one that also reports the year-earlier quarter: revenue of NIS 784.7 million against 705.8, a rise of 11.2%, and net profit of NIS 66.4 million against 60.6 - up 9.7%. Operating profit grew faster than revenue, at 12.2%, meaning the margin widened slightly.
And Retailors is the interesting case in the table. Its gross margin is 51.8% - NIS 307.7 million of gross profit on NIS 594.4 million of revenue. But operating profit is only NIS 30.8 million, which is 5.2%. Between the two sit about NIS 277 million of expenses in a single quarter: stores, rent, staff and marketing. That is the structure of fashion retail - a high margin on the product, and an expensive network that eats it.
And three companies in the table tell exactly the same story, and it sits below the operating line.
| NIS millions | Operating profit | Pre-tax profit |
|---|---|---|
| Powergen Sol E | +39.8 | -14.4 |
| Zephyrus | +14.8 | -34.9 |
| Shuv Energy | -0.3 | -111.8 |
All three earn on the activity itself, or come close to breakeven, and turn to a deep loss after financing. At Shuv Energy the gap is about NIS 111 million in a single quarter.
And what they have in common: all are energy infrastructure. It is an industry in which the asset is built on long-dated debt, so financing expense is not a side item but part of the model. A balance sheet of NIS 5.68 billion against equity of NIS 1.91 billion, as at Shuv Energy, is a structure that carries such a charge every quarter.
And four companies in the table show operating profit higher than gross profit - Alben, Avu Residences, Airangi Tech and Ramot Ba'ir. This is the same phenomenon we saw this week at Amot, Afi Properties and Melisron: investment property is measured at fair value, and the uplift is booked above the operating line.
And Max It and Jerusalem are not in the table - their filings carry no numerical data.
And Tower is not a reporter today. What it filed this morning is the formal financial report for the second quarter, which we wrote about on 4 August - the statutory filing that follows the release, not a new report. The quarter's numbers were published a fortnight ago, and have not been counted twice here.
What Else Is Ahead This Week
This is a big week in Tel Aviv: 51 publications are scheduled between 17 and 23 August, from 50 companies.
Tomorrow, 18 August, reporters include Alony Hetz, Big, Mivne, Matrix and Evogene. And also Eltek, which will publish its second quarter results before the US market opens and hold a conference call at 15:30 Israel time.
On Wednesday - Azrieli, Ashdod Refinery, Castro and Israir. And on Thursday - G City, Nofar Energy, Electra Real Estate and IBI.
Wall Street
A scan of filings after the close found 24 companies that filed today. A Monday in mid-August, and the list is made up entirely of small companies - there is no first-tier name in it.
And two of them are Israeli: Freightos, which runs a digital marketplace for booking international freight, and InspireMD, which develops carotid artery stents. We did not open a separate piece for either - both are small, and neither sits on a thesis we cover. They are listed here so that the list is complete.
And one large reporter arrived after the close: Fabrinet published its fourth quarter and full fiscal year 2026. Revenue of $1,315.8 million in the quarter, up 44.6% and above the $1.25-1.29 billion range it guided to in May - the fourth consecutive quarter in which it has passed the top of its own guidance. The full year: $4.64 billion, growth of 36%.
And two lines worth attaching to that headline: the gross margin fell to 12.0% from 12.2%, and free cash flow for the year was just $4.2 million against $207.3 million a year earlier - capital expenditure more than doubled. We wrote about the report at length.
