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FORMULA SYSTEMS (1985) LTD (FORTY) reported record results for the second quarter and first half of 2026, with strong growth across all key metrics. Second-quarter revenues rose 29.8% year over year to a record $782.4 million, and operating income increased 41.3% to $71.6 million.
Net income from continued operations attributable to shareholders for the quarter grew 163.7% to $23.3 million, or $1.47 per diluted share. For the first half, revenues rose 24.4% to a record $1.52 billion, and operating income reached $153.7 million, including a $16.6 million capital gain from dilution of Formula’s stake in affiliate TSG IT Advanced Systems Ltd., whose ownership fell from 37.33% to 32.87%.
Excluding this gain, first-half operating income still increased 36.7% to $137.0 million, and net income from continued operations attributable to shareholders more than doubled. As of June 30, 2026, consolidated cash and short-term deposits totaled $864.5 million and equity was $1.66 billion, with all debenture covenants comfortably met. The board approved a cash dividend of $1.63 per share, about $25.0 million in total, payable October 6, 2026.
Menora Mivtachim Holdings Ltd. and its subsidiary Menora Mivtachim Pensions and Gemel Ltd. report beneficial ownership of American Depositary Shares of Formula Systems (1985) Ltd.
As of June 30, 2026, Menora Mivtachim Holdings Ltd. is deemed to beneficially own 1,359,061 ordinary shares, representing 8.86% of Formula Systems’ ordinary shares based on 15,334,667 ordinary shares outstanding as of July 19, 2026. Menora Mivtachim Pensions and Gemel Ltd. separately beneficially owns 1,203,241 ordinary shares, or 7.85% of the class. Voting and dispositive power over these shares is reported on a shared basis among group entities, with economic interests largely held for insurance policy holders, portfolio account owners, and members of provident and pension funds. Menora Mivtachim Holdings Ltd. and its subsidiaries expressly disclaim beneficial ownership beyond their pecuniary interest.
Harel Insurance Investments & Financial Services Ltd. filed an amended ownership report for Formula Systems (1985) Ltd., stating beneficial ownership of 748,111 Ordinary Shares, equal to 4.9% of the class, based on 15,334,667 Ordinary Shares outstanding as of June 1, 2026.
Of these shares, 741,299 are held for public investors through funds and insurance products managed by Harel subsidiaries, 6,338 are held in third-party client accounts managed by a subsidiary as portfolio manager, and 474 shares are held for Harel’s own account. Harel reports no sole voting or dispositive power; voting and investment powers are shared and largely exercised by independently managed subsidiaries. Harel states this filing should not be construed as an admission that it is the beneficial owner of more than 474 shares.
Formula Systems (1985) Ltd. reported that it held its 2026 annual general meeting of shareholders on July 20, 2026 at its offices on Yahadut Canada Street in Or Yehuda, Israel. Shareholders, including holders of ordinary shares represented by American Depositary Shares, were present in person or by proxy, establishing a quorum.
Eight proposals, described as Proposals 1 through 8 in the company’s June 15, 2026 notice and proxy statement, were presented for shareholder vote in accordance with the Israeli Companies Law, 5759-1999, with outcomes determined based on the requisite majorities for each proposal.
Formula Systems (1985) Ltd. has called its 2026 annual general meeting of shareholders for 2:00 p.m. (Israel time) on July 20, 2026 at its offices in Or Yehuda, Israel. Holders of ordinary shares, including those represented by ADSs, at the June 17, 2026 record date may vote.
Shareholders will vote on re-electing five non-external directors and on re-appointing Ziv Haft Certified Public Accountants, a member firm of BDO International Limited, as independent auditors for the year ending December 31, 2026 and until the next annual meeting, with their compensation set by the board and audit committee.
The audited consolidated financial statements for the year ended December 31, 2025 will be presented for discussion only. As of June 1, 2026, Formula Systems had 15,334,667 ordinary shares outstanding, with significant holdings including Asseco Poland S.A. at 3,958,154 shares, or 25.8% of the company.
Meitav Investment House Ltd reports beneficial ownership of 760,367 ordinary shares of Formula Systems (1985) Ltd, equal to 4.96% of the class as of June 04, 2026. The filing states total shares outstanding were 15,334,667 as of that date. The interests are held across subsidiaries and client accounts; the filing discloses per-subsidiary holdings of 264,872, 335,935, and 159,560 shares and notes that subsidiaries operate under independent management.
Formula Systems (1985) Ltd. reported a strong first quarter of 2026, with revenue rising 19.2% year over year to $738.3 million, a first‑quarter record. Net income attributable to shareholders jumped 84.5% to $35.6 million, driving basic earnings per share up to 2.33 from 1.26.
Operating income increased to $82.0 million, helped by higher gross profit and $16.8 million of other income, while financial expenses declined. As of March 31, 2026, total assets were $3.64 billion, equity was $1.82 billion, and the company remained in compliance with all debenture covenants.
Key subsidiaries also showed momentum. Matrix’s first quarter revenues reached approximately NIS 2.13 billion with improved operating margin, Michpal Technologies grew revenue and nearly doubled adjusted net income, and TSG delivered record quarterly revenues of NIS 120.7 million and completed additional capital raises and acquisitions.
Formula Systems (1985) Ltd. is distributing a one-time special cash dividend of $13.045 per share, totaling approximately $200 million, based on its 2025 results and the completion of Advent’s acquisition of Sapiens. The board approved this after reviewing the company’s liquidity and capital needs.
The dividend will be paid on June 4, 2026 to shareholders of record at the close of trading on May 25, 2026 on Nasdaq or the Tel-Aviv Stock Exchange. It will be paid in U.S. dollars for both ordinary shares and American Depositary Receipts. Under Israeli law, the dividend is subject to withholding tax of 30% for holders of 10% or more of the share capital and 25% for other shareholders, subject to exemptions.
Formula Systems (1985) Ltd. files its annual Form 20-F, outlining major structural changes and extensive acquisition activity. During 2025, subsidiary Sapiens was sold to Advent for cash, with Formula retaining an indirect 18.68% minority stake; Sapiens’ 2023–2025 results are now shown as discontinued operations. The report also describes a February 2026 all‑stock merger of Matrix and Magic Software, treated as a business combination under common control using pooling of interests, affecting future Matrix reporting but not Formula’s 2025 consolidated figures.
Management details an aggressive M&A strategy across Magic Software, Matrix, Michpal, TSG Systems and Formula Infrastructure, with numerous majority-stake deals in Israel, the U.S. and other markets. The filing emphasizes risks from integration complexity, long and uncertain sales and development cycles, macroeconomic and FX pressures, intense competition, rapid technology shifts including AI and cloud, reliance on key customers, and tightening global privacy and cybersecurity regulations such as GDPR, CCPA and new Israeli data and cyber laws.
Harel Insurance Investments & Financial Services Ltd. filed an Amendment No. 7 to a Schedule 13G/A reporting beneficial ownership in Formula Systems (1985) Ltd. The Reporting Person states beneficial ownership of 919,456 Ordinary Shares (American Depositary Shares), representing 6.0% of the class based on 15,332,667 Ordinary Shares issued and outstanding as of June 30, 2025. The filing discloses shared voting power of 913,042 and that 912,598 shares are held for public clients managed by subsidiaries.