This is a structural review of a quarterly report filed today. It is not investment advice, a recommendation to act, or investment marketing. Every figure was taken from the structured filing submitted to MAYA (report 1765412, second quarter 2026, in shekels), and the ratios were computed directly from it.
The figures as filed
| Line | Amount | Of revenue |
|---|---|---|
| Revenue | 366.6 ILS million | 100.0% |
| Gross profit | 55.1 ILS million | 15.0% |
| Operating profit | 11.8 ILS million | 3.2% |
| Pre-tax | 1.8 ILS million | 0.5% |
| Net profit | 1.2 ILS million | 0.3% |
A quarter that is profitable and loss-making at the same time
Fix Solutions' net profit for the quarter stands at ILS 1.2 million - positive. The amount attributable to shareholders stands at negative ILS 179 thousand - negative.
Both numbers are correct, and they describe different things. Net profit belongs to the group as a whole, including companies the parent consolidates in its statements while owning only part of them. The attributable figure is the share belonging to whoever holds the parent's own stock.
When the partners' share exceeds the entire profit, shareholders end up on the other side of zero. Earnings per share in the report reflect exactly that: negative ILS 0.004.
And how the quarter reached such a thin profit in the first place
The path descends in three steps, and each absorbs almost everything:
From revenue to gross: ILS 366.6 million becomes ILS 55.1 million - a gross margin of 15.0%, characteristic of retail with a thin margin on large turnover.
From gross to operating: a further ILS 43.2 million is absorbed, leaving operating profit of ILS 11.8 million - 3.2% of revenue.
Below the operating line: a further ILS 10.1 million, which is 85.2% of operating profit, leaving only ILS 1.8 million before tax.
The balance sheet that explains the last step
The total balance sheet stands at ILS 987.4 million against equity of ILS 190.4 million - a ratio of 5.19 to one, with equity representing only 19.3% of the balance sheet.
This is the combination that turns a positive operating quarter into one that is barely profitable: a 3.2% operating margin against a balance sheet structure that requires debt service. When the margin is that thin, not much is needed below the line to erase it.
What this report does not say
The structured filing submitted to MAYA does not include the comparable quarter a year earlier, so everything written here is a cross-section of a single quarter - not a trend. From these figures alone it is impossible to say whether an improvement or an erosion continues, and no run-rate can be derived from them. Those answers live only in the full report and its notes.
And a note that applies to every review here: the structure described is neither "good" nor "bad." It is a shape, and a shape behaves differently in every industry. The review describes what is happening - it does not evaluate and does not recommend.
