Israel Corp. Reports Results for Fourth Quarter and Annual 2025

Rhea-AI Summary

Israel Corporation (TASE:NOAP) reported full-year 2025 results and key corporate actions on March 25, 2026. Net profit to shareholders was $87m in 2025, down from $190m in 2024. ILCO reported net cash $73m and total assets, net $3,520m.

The company completed a ~$118m investment in Prodalim in 2025; Prodalim completed a TASE IPO in Feb 2026, diluting ILCO's holding to ~23.26%. The board approved a dividend of approx. $13m (record April 14, 2026; pay April 27, 2026). ILCO will report in English only going forward.

Positive

• Completed Prodalim investment of approximately $118m
• Prodalim IPO completed Feb 24, 2026, raising ~NIS 370m
• Net cash of $73m at ILCO headquarters as of Dec 31, 2025
• Total assets, net of $3,520m as of Dec 31, 2025
• Board-approved dividend of approx. $13m (record Apr 14, 2026; pay Apr 27, 2026)

Negative

• Net profit to shareholders declined to $87m in 2025 from $190m in 2024
• ILCO share in ICL profit fell to $99m in 2025 from $179m in 2024
• Q4 2025 reported net loss of $37m versus Q4 2024 profit of $31m
• ILCO stake in Prodalim diluted from ~27.5% to ~23.26% after IPO

Key Figures

Net profit 2025: $87m Net profit Q4 2025: -$37m Net cash 31/12/2025: $73m +5 more

8 metrics

Net profit 2025 $87m Net profit to company's shareholders in 2025 vs $190m in 2024

Net profit Q4 2025 -$37m Net profit to company's shareholders in Q4 2025 vs $31m in Q4 2024

Net cash 31/12/2025 $73m ILCO headquarters net cash as of December 31, 2025 vs $45m on Sept 30, 2025

Financial liabilities $679m Total financial liabilities at ILCO headquarters as of December 31, 2025

Liquid assets $721m Investments in liquid assets at ILCO headquarters as of December 31, 2025

Total assets, net $3,520m ILCO total assets, net as of December 31, 2025

Prodalim IPO proceeds NIS 370m Capital raised in Prodalim IPO on TASE at ~NIS 2.1b valuation

Dividend amount $13m Dividend declared by ILCO Board on March 25, 2026 per dividend policy

Market Reality Check

normal vol

Market Pulse Summary

This announcement outlined ILCO’s fourth quarter and 2025 results, highlighting a drop in net profit...

Analysis

This announcement outlined ILCO’s fourth quarter and 2025 results, highlighting a drop in net profit to $87m, improved headquarters net cash of $73m, and total assets, net of $3,520m. It also detailed Prodalim’s IPO and a declared dividend of approximately $13m. Investors may focus on the balance between reduced earnings, strengthened liquidity, portfolio company developments, and the sustainability of the stated dividend policy and capital structure.

Key Terms

ipo, fully diluted basis

2 terms

ipo financial

"On February 24, 2026, Prodalim completed its IPO in the TASE, raising..."

An initial public offering (IPO) is the process by which a private company sells its shares to the public for the first time, making its ownership available on the stock market. This allows the company to raise money from a wide range of investors to fund growth or other goals. For investors, an IPO offers a chance to buy into a company early in its public journey, potentially benefiting if the company grows in value.

fully diluted basis financial

"holdings in Prodalim were diluted from approximately 27.5% to approximately 23.26% on a fully diluted basis."

A fully diluted basis counts every share that could exist if all outstanding options, warrants, convertible securities and other rights were exercised or converted into common stock, showing the maximum number of shares outstanding. For investors this matters because it spreads ownership and earnings across that larger share count, like slicing a pie into every possible piece before deciding how big each investor’s slice will be, which affects per-share value and ownership percentage.

AI-generated analysis. Not financial advice.

TEL AVIV, Israel, March 25, 2026 /PRNewswire/ -- Israel Corporation Ltd. (TASE: ILCO) ("ILCO") announced today its fourth quarter and annual results for the period ending December 31, 2025.

Selected Financial Figures for the Fourth Quarter and Annual 2025:
$m	Q4/25	Q4/24	2025	2024
ILCO share in ICL profit	(32)	31	99	179
ILCO share in Prodalim net profit (loss)	(1)	-	2	-
Amortization of excess cost in held companies	(2)	(1)	(8)	(4)
Financing, G&A and other at ILCO headquarter level	(3)	2	(9)	-
Tax income (expense) of ILCO headquarters	-	(1)	3	15
Net profit to company's shareholders	(37)	31	87	190

Liquidity at the ILCO Headquarters Level^[1]

As of December 31, 2025, total financial liabilities were $679 million, and investments in liquid assets amounted to $721 million.

Net cash^[1] as of December 31, 2025, totaled $73 million. The net cash includes the fair value of derivatives transactions, which decreases the economic value of the financial liabilities by $31 million. As of September 30, 2025, the net cash was $45 million.

 

ILCO Total Assets, Net
$m	31/12/2025
Assets
ICL (~567m shares, market value)	3,253
Prodalim Investments (cost)[2]	118
AKVA Group (~6.6m shares, market value)	58
Other (market value)[3]	18
Total Assets	3,447
ILCO's Net Cash	73
Total Assets, net	3,520

 

Recent News

On March 5, 2025, ILCO completed the investment agreement with Prodalim Investments Ltd. ("Prodalim") for a total investment of ~$118m.

On February 24, 2026, Prodalim completed its IPO in the TASE, raising approximately NIS 370 million at a valuation of approximately NIS 2.1 billion. Following the IPO, the Company's holdings in Prodalim were diluted from approximately 27.5% to approximately 23.26% on a fully diluted basis.

On March 25, 2026, ILCO Board of Directors decided on distribution of dividend at the amount of approx. $13m, this in accordance with the company's dividend policy. The record date will be April 14, 2026 and the payment date will be April 27, 2026.

Following a decision of it Board of Directors, ILCO is transitioning to reporting in the English language only^[4]. Accordingly, commencing from the date of this report, the Company's periodic and immediate reports will be published in the English language only.

About ILCO

For further information on ILCO, see ILCO's publicly available filings, which can be found on the Tel Aviv Stock Exchange website at http://maya.tase.co.il.

Please also see ILCO company website http://www.israelcorp.com for additional information.

Forward Looking Statements

This press release may contain forward-looking statements, which may not materialize and are subject to risks and uncertainties that are not under the control of ILCO, which may cause actual results to differ materially from those contained in the disclosures.

Investor Relations Contacts
Idan Hizki
Vice President, Business Development
Tel: +972 3 684 4500
idanh@israelcorp.com

^[1] Israel Corp and its wholly owned and controlled headquarter companies.
^[2] As of February 26, 2026, Prodalim is a public company. As of March 25, 2026, the value of ILCO holdings in Prodalim was ~$155m.
^[3] Includes 1.983m shares in Nordic Aqua Partners (OB:NOAP).
^[4] For details, including the considerations and reasons for this, see ILCO's report dated November 19, 2025

 

View original content:https://www.prnewswire.com/news-releases/israel-corp-reports-results-for-fourth-quarter-and-annual-2025-302725266.html

SOURCE Israel Corporation Ltd.

FAQ

What did NOAP report for net profit in 2025 and how does it compare to 2024?

NOAP reported $87m net profit for 2025, down from $190m in 2024. According to the company, the decline reflects lower share-of-profit contributions and higher amortization at held companies, changing year-over-year profitability dynamics.

How much net cash did NOAP have at headquarters on December 31, 2025?

NOAP reported $73m net cash at its headquarters as of December 31, 2025. According to the company, this figure includes the fair value of derivatives that reduce the economic value of financial liabilities by $31m.

What were the details of NOAP's investment and stake change in Prodalim (NOAP)?

NOAP completed a ~$118m investment in Prodalim and later saw its stake diluted to ~23.26%. According to the company, Prodalim's Feb 24, 2026 IPO raised ~NIS 370m, reducing NOAP's percentage on a fully diluted basis.

What dividend did NOAP declare and what are the record and payment dates?

The board approved a ~$13m dividend, with record date April 14, 2026 and payment date April 27, 2026. According to the company, the distribution follows its established dividend policy.

How did NOAP's Q4 2025 results compare to Q4 2024 for shareholders?

NOAP reported a $37m net loss in Q4 2025 versus a $31m profit in Q4 2024. According to the company, quarterly results reflected negative share-of-profit from ICL and other nonrecurring items at the headquarters level.

Will NOAP change its reporting language after the 2025 report?

Yes. NOAP will transition to publishing periodic and immediate reports in English only commencing with this report. According to the company, the Board decided the change to streamline external reporting.