Leon Recanati controls 6.04% of Kamada (NASDAQ: KMDA) in amended 13G/A

Rhea-AI Filing Summary

KAMADA LTD filed an amended Schedule 13G/A reporting beneficial ownership positions as of 12/31/2025. The filing shows Gov Financial Holdings Ltd. holds 1,455,458 ordinary shares (2.52%), Insight Capital Ltd. holds 1,346,334 shares (2.33%), and Leon Recanati beneficially owns 3,481,937 shares (6.04%).

The summary states Mr. Recanati directly holds 631,145 shares and options exercisable for 49,000 shares within 60 days of 12/31/2025. The filing uses 57,686,056 ordinary shares as the base for percentage calculations. The amendment is signed by Mr. Recanati on 03/16/2026.

Insights

Corporate Governance Specialist

Disclosure clarifies ownership by related entities and aggregated ownership for the reporting person.

The amendment lists beneficial ownership by Gov Financial Holdings Ltd. and Insight Capital Ltd., both stated as wholly owned by Leon Recanati, and aggregates those holdings to report Mr. Recanati's total 6.04% stake based on 57,686,056 shares outstanding as of 12/31/2025.

Because the filing attributes shared voting and dispositive power through those entities, governance watchers should note the consolidated ownership picture and the presence of exercisable options (49,000) when assessing control dynamics in subsequent disclosures.

Equity Capital Markets Analyst

Position sizes and percent-of-class are explicitly reported; dilution from exercisable options is small relative to the total share count.

The filing quantifies holdings: 3,481,937 shares for Mr. Recanati (including entity holdings) representing 6.04% of the stated outstanding base. Options exercisable within 60 days total 49,000, a de minimis amount versus the 57,686,056 share base.

Cash‑flow treatment or any planned sales are not stated; future transactional activity would appear in separate Form 4/13D filings if reportable changes occur.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 9)

KAMADA LTD

(Name of Issuer)

Ordinary Shares, par value NIS 1.0 per share

(Title of Class of Securities)

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP No.

1

Names of Reporting Persons

Gov Financial Holdings Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ISRAEL

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,455,458.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,455,458.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,455,458.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.5 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: * Gov Financial Holdings Ltd. ("Gov") is wholly-owned by Mr. Leon Recanati, who exercises sole voting and investment power over the shares held by Gov. ** Calculated based on 57,686,056 ordinary shares of the Issuer outstanding as of December 31, 2025.

SCHEDULE 13G

CUSIP No.

1

Names of Reporting Persons

Insight Capital Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ISRAEL

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,346,334.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,346,334.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,346,334.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.3 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: * Insight Capital Ltd. ("Insight") is wholly-owned by Mr. Leon Recanati, who exercises sole voting and investment power over the shares held by Insight. ** Calculated based on 57,686,056 ordinary shares of the Issuer outstanding as of December 31, 2025.

SCHEDULE 13G

CUSIP No.

1

Names of Reporting Persons

RECANATI LEON

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ISRAEL

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 680,145.00
6	Shared Voting Power 2,801,792.00
7	Sole Dispositive Power 680,145.00
8	Shared Dispositive Power 2,801,792.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,481,937.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.0 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: * Mr. Recanati directly holds 631,145 ordinary shares of the Issuer and options to purchase 49,000 ordinary shares of the Issuer currently exercisable or exercisable within 60 days of December 31, 2025. In addition, as of such date, Mr. Recanati beneficially owns 1,455,458 ordinary shares of the Issuer through Gov and 1,346,334 ordinary shares of the Issuer through Insight, both of which are wholly-owned by Mr. Leon Recanati. ** Calculated based on 57,686,056 ordinary shares of the Issuer outstanding as of December 31, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: KAMADA LTD
(b)	Address of issuer's principal executive offices: 2 HOLTZMAN ST., SCIENCE PARK, P.O. Box 4081, REHOVOT, ISRAEL, 7670402.
Item 2.
(a)	Name of person filing: Gov Financial Holdings Ltd. Insight Capital Ltd. Leon Recanati
(b)	Address or principal business office or, if none, residence: 27 Yoav St. Tel Aviv 69081, Israel
(c)	Citizenship: Israel
(d)	Title of class of securities: Ordinary Shares, par value NIS 1.0 per share
(e)	CUSIP No.:
Item 4.	Ownership
(a)	Amount beneficially owned: Gov Financial Holdings Ltd. 1,455,458 Ordinary Shares Insight Capital Ltd. 1,346,334 Leon Recanati 3,481,937 Ordinary Shares
(b)	Percent of class: Gov Financial Holdings Ltd. 2.52%* Insight Capital Ltd. 2.33%* Leon Recanati 6.04%* * Calculated based on 57,686,056 Ordinary Shares of the Issuer outstanding as of December 31, 2025.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Item 5 of each cover page.
	(ii) Shared power to vote or to direct the vote: See Item 6 of each cover page.
	(iii) Sole power to dispose or to direct the disposition of: See Item 7 of each cover page.
	(iv) Shared power to dispose or to direct the disposition of: See Item 8 of each cover page. * Calculations are based on 57,686,056 Ordinary Shares of the Issuer outstanding as of December 31, 2025.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Gov Financial Holdings Ltd.

Signature:	/s/ Leon Recanati
Name/Title:	Leon Recanati/Chairman and CEO
Date:	03/16/2026

Insight Capital Ltd.

Signature:	/s/ Leon Recanati
Name/Title:	Leon Recanati/Chairman and CEO
Date:	03/16/2026

RECANATI LEON

Signature:	/s/ Leon Recanati
Name/Title:	Leon Recanati
Date:	03/16/2026

Exhibit Information

Exhibit 99.1 Joint Filing Agreement, dated March 16, 2026

FAQ

What stake does Leon Recanati report in KAMADA (KMDA)?

Mr. Leon Recanati is reported to beneficially own 3,481,937 ordinary shares, equal to 6.04% of the Class, using a 57,686,056 share outstanding base as of 12/31/2025.

How many shares do Gov Financial Holdings and Insight Capital hold in KMDA?

Gov Financial Holdings Ltd. holds 1,455,458 shares (2.52%) and Insight Capital Ltd. holds 1,346,334 shares (2.33%), based on the filing's stated outstanding share count.

Does the filing report any options or exercisable derivatives for KMDA insiders?

Yes; the filing discloses Mr. Recanati holds options exercisable or exercisable within 60 days totaling 49,000 ordinary shares as of 12/31/2025.

What share count did the filing use to calculate percentages for KMDA?

Percentages are calculated using a stated outstanding share base of 57,686,056 ordinary shares as of 12/31/2025, per the Schedule 13G/A amendment.

When was the amended Schedule 13G/A for KMDA signed?

The amendment is signed by Leon Recanati on 03/16/2026, and includes a Joint Filing Agreement as Exhibit 99.1 dated the same day.