This is the summary of Tuesday, 18 August 2026 earnings.
Errors or inaccuracies are possible. Spotted something that looks wrong? Write to me and I will correct it.
Six That Got a Piece of Their Own
It was a busy day, and six of the filers justified separate treatment:
| The quarter | The central point | |
|---|---|---|
| Matrix | 2,119.4m · net 135.4m | An 18.3% gross margin, about 52% of it surviving to operating |
| Mekorot | 1,425.4m · net 242.2m | A gross loss, a net profit - and regulatory deferral accounts |
| Alony Hetz | 785.6m · loss 107.8m | The loss to shareholders is larger than the total loss |
| Big | 714.7m · net 428.4m | Operating profit at 119.5% of revenue |
| Mivne | 324.9m · net 123.9m | Financing is 3.3 times the revaluation |
| Urbanica | 278.9m · net 30.6m | A 20.5% operating margin against 5.2% at Retailors |
And alongside them Mehadrin, with a gross loss and a net profit, and Polyram, whose 78.5% gross margin narrows to 5.6% at the bottom line.
And the Rest
| Q2 2026, NIS millions | Revenue | Net profit | Per share |
|---|---|---|---|
| Michlol Finance | 62.5 | 17.5 | 0.36 |
| ETGI | 218.1 | 12.0 | 0.55 |
| Opal Balance | 28.8 | 10.1 | 0.10 |
| Rotem Shani | 48.1 | 0.8 | 0.05 |
| Airangi Tech | 4.2 | 13.8 | 0.50 |
| Razor | 16.2 | loss 10.6 | -0.27 |
| Cando Drones | 7.8 | loss 3.5 | -2.22 |
| Blue Wave | not reported | loss 1.1 | -0.20 |
And three rows in that table deserve flagging, because they concern the balance sheet rather than profit.
| Equity | |
|---|---|
| Razor | negative, NIS 12.9 million |
| Cando Drones | negative, NIS 5.9 million |
| Blue Wave | negative, NIS 0.65 million |
Negative equity means liabilities exceed assets in the books. It does not mean the company is insolvent - a company can operate that way if it has funding sources - but it is a line to look at before any other.
And Blue Wave is the extreme case: its total balance sheet stands at NIS 1.9 million in all.
And Airangi Tech is an outlier in the opposite direction: revenue of NIS 4.2 million and net profit of NIS 13.8 million - that is, profit 3.3 times revenue. At a company of that size this is almost always a one-off item below the operating line, and the structured filing does not set it out.
And What Happened Outside the Reports
Aran Research and Development reported this morning the sale of its product development and manufacturing activity to Ondas, at a valuation of NIS 100 million.
And the detail that makes it interesting: the entire consideration will be paid in newly issued Ondas shares, with the share count set by the average over five trading days before allocation. There is not a single shekel of cash in the deal.
A Note on Eltek
Eltek announced on 11 August that it would publish its second quarter results on 18 August, before the US market opens, and hold a conference call at 15:30 Israel time.
As at the close of this piece, no new filing of its own was found with the US Securities and Exchange Commission. Its most recent filing is from 11 August - the date announcement itself.
We do not know the reason, and will not speculate. We will update when it publishes.
And What Is Ahead
Tomorrow, 19 August, reporters include Azrieli, Delek Group, Ashdod Refinery, Clal Insurance, Carasso Motors and Castro.
And on Thursday - G City, Nofar Energy, Electra Real Estate and IBI.
