G. Willi-Food (NASDAQ: WILC) posts Q1 2026 growth with higher sales and cash
Rhea-AI Filing Summary
G. Willi-Food International Ltd. reported modestly higher results for the first quarter of 2026. Sales rose 8.3% to NIS 156.9 million, helped by better product availability and stronger demand. Gross profit increased 9.7% to NIS 49.0 million, lifting the gross margin to 31.2%.
Selling expenses grew 22.0% mainly due to higher advertising, while general and administrative costs rose 6.4%, keeping operating profit broadly flat at NIS 20.0 million. Net profit edged up to NIS 20.1 million, or NIS 1.44 per share, compared with NIS 19.5 million, or NIS 1.41 per share, a year earlier.
The stronger New Israeli Shekel against the U.S. dollar and Euro supported import costs and pricing. The company ended the quarter with NIS 274.1 million in cash and securities and generated NIS 22.4 million in operating cash flow. Management noted that construction of a new refrigerated logistics center continues but, due to the ongoing war situation, is now expected to be completed and begin operating in the fourth quarter of 2026.
Positive
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Insights
Solid top-line growth and strong cash, with margins steady but not expanding.
G. Willi-Food delivered 8.3% sales growth to NIS 156.9 million, with gross profit up 9.7% and gross margin at 31.2%. The stronger shekel lowered import costs and a more profitable product mix supported margins.
However, operating profit was essentially unchanged at NIS 20.0 million as selling expenses rose 22.0%, mainly from higher advertising, and general and administrative costs also increased. Net profit inched up to NIS 20.1 million, so most of the growth was absorbed by higher operating spending.
The balance sheet remains a key strength, with NIS 274.1 million in cash and securities and operating cash flow of NIS 22.4 million for the quarter. Management highlighted construction of a new refrigerated logistics center, now anticipated to start operating in the fourth quarter of 2026 due to war-related delays, which they expect to support future growth and efficiency.
Key Figures
Key Terms
International Financial Reporting Standards financial
forward-looking statements regulatory
financial assets at fair value through profit or loss financial
lease liabilities financial
convenience translation financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of May 2026
G. Willi-Food International Ltd.
(Translation of registrant’s name into English)
4 Nahal Harif St., Yavne, Israel 81106
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K
On May 26, 2026, G. Willi-Food International Ltd. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2026. A copy of the press release is filed herewith as Exhibit 99.1.
This Report on Form 6-K is hereby incorporated by reference into the Company's Registration Statements on Form S-8 (File Nos. 333-289474 and 333-266312).
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| G. Willi-Food International Ltd. | |
| By: /s/ Yitschak Barabi | |
| Name: Yitschak Barabi | |
| Title: Chief Financial Officer | |
| Date: May 26, 2026 |
 |
 |
FOR IMMEDIATE RELEASE
G. Willi-Food international Reports the results of first quarter 2026
gross profit increased by 9.7% over comparable period in 2025
YAVNE, Israel – May 26, 2026 - G. Willi-Food International Ltd. (NASDAQ: WILC) (the “Company” or “Willi-Food”), a global company that specializes in the development, marketing and international distribution of kosher foods, today announced its unaudited financial results for the first quarter ended March 31, 2026.
First Quarter Fiscal Year 2026
| · | Sales increased by 8.3% to NIS 157.0 million (US$ 49.6 million) from NIS 144.8 million (US$ 45.8 million) in the first quarter of 2025. |
| · | Gross profit increased by 9.7% year-over-year to NIS 49.0 million (US$ 15.5 million). |
| · | Operating profit for the first quarter of 2026 is NIS 20.0 million (US$ 6.3 million). |
| · | Net profit increased by 3.0% year-over-year to NIS 20.1 million (US$ 6.3 million). |
| · | Basic earnings per share of NIS 1.44 (US$ 0.5). |
| · | Cash and cash equivalents balance of NIS 274.1 million (US$ 86.6 million) as of March 31, 2026. |
Management Comment
Zwi Williger Chairman and Joseph Williger CEO, commented: “We are pleased to begin 2026 with a strong first quarter, reflecting continued growth in both sales and profitability, driven by the consistent execution of our strategic plan.
During the quarter, we remained focused on a more profitable product mix, while ensuring high product availability to support growing demand and further strengthen our relationships with customers and suppliers. In addition, the appreciation of the NIS against the U.S. dollar and the Euro supported our cost structure as an importer, enabling us to offer competitive pricing and deliver strong value to consumers.
We continue to advance the construction of our new refrigerated logistics center. However, due to delays resulting from the ongoing war situation, the expected completion and commencement of operations of the facility is currently anticipated during the fourth quarter of 2026. We believe the new logistics center will support the Company’s future growth and improve its operational efficiency.
Looking ahead, we remain optimistic and confident in our ability to continue generating sustainable growth and long-term value for our shareholders.
First Quarter Fiscal 2026 Summary
Sales for the first quarter of 2026 increased by 8.3% to NIS 157.0 million (US$ 49.6 million) from NIS 144.8 million (US$ 45.8 million) recorded in the first quarter of 2025. The increase in sales was attributed to improved product availability for customers and growing demand for the company's products.
Gross profit for the first quarter of 2026 increased by 9.7% to NIS 49.0 million (US$ 15.5 million), or 31.2% of revenues, from NIS 44.6 million (US$ 14.1 million), or 30.8% of revenues recorded in the first quarter of 2025. The increase in gross profit and gross profit margin was primarily attributable to the increase in sales, improved purchase prices of the Company’s products, resulting in part from the strengthening of the NIS against the U.S. dollar and the Euro, and the Company’s focus on selling a more profitable product portfolio.
Selling expenses for the first quarter of 2026 increased by 22.0% to NIS 20.9 million (US$ 6.6 million), or 13.3% of revenues, compared to NIS 17.1 million (US$ 5.4 million), or 11.8% of revenues, recorded in the first quarter of 2025. The increase was mainly due to an increase in advertising.
General and administrative expenses for the first quarter of 2026 increased by 6.4% to NIS 8.0 million (US$ 2.5 million), or 5.1% of revenues, from NIS 7.6 million (US$ 2.4 million), or 5.2% of revenues, recorded in the first quarter of 2025. The increase was primarily driven by higher payroll expenses.
Operating profit for the first quarter of 2026 was NIS 20.0 million (US$ 6.3 million), or 12.8% of revenues, remaining at the same level as in the first quarter of 2025.
Financial income, net increased to NIS 5.7 million (US$ 1.8 million) recorded in the first quarter of 2026 compared to NIS 5.2 million (US$ 1.6 million) in the first quarter of 2025. Financial income, net for the first quarter of 2026 comprised mainly of income from revaluation of the Company’s portfolio of securities to a fair value in an amount of NIS 2.9 million (US$ 0.9 million) and interest and dividend income from the Company’s portfolio of securities in an amount of NIS 2.8 million (US$ 0.9 million).
Income before taxes in the first quarter of 2026 was NIS 25.7 million (US$ 8.1 million) compared to NIS 25.1 million (US$ 7.9 million) in the first quarter of 2025.
Net profit in the first quarter of 2026 was NIS 20.1 million (US$ 6.3 million), or NIS 1.44 (US$ 0.5) per share, compared to NIS 19.5 million (US$ 6.2 million), or NIS 1.41 (US$ 0.5) per share, recorded in the first quarter of 2025.
Willi-Food ended the first quarter of 2026 with NIS 274.1 million (US$ 86.6 million) in cash and securities. Net cash from operating activities for the first quarter of 2026 was NIS 22.4 million (US$ 7.1 million).
Willi-Food’s shareholders’ equity at the end of March 2026 was NIS 653.8 million (US$ 206.6 million).
NOTE A: NIS to US$ exchange rate used for convenience only
The convenience translation of New Israeli Shekels (NIS) into U.S. dollars was made at the rate of exchange prevailing on March 31, 2026, with U.S. $1.00 equal to NIS 3.165 The translation was made solely for the convenience of the reader.
NOTE B: IFRS
The Company’s consolidated financial results for the three-month period ended March 31, 2026, are presented in accordance with International Financial Reporting Standards (“IFRS”).
About G. Willi-Food International Ltd.
G. Willi-Food International Ltd. (http://www.willi-food.com) is an Israeli-based company specializing in high-quality, great-tasting kosher food products. Willi-Food is engaged directly and through its subsidiaries in the design, import, marketing and distribution of over 650 food products worldwide. As one of Israel’s leading food importers, Willi-Food markets and sells its food products to over 1,500 customers and 3,000 selling points in Israel and around the world, including large retail and private supermarket chains, wholesalers and institutional consumers. The Company’s operating divisions include Willi-Food in Israel and Euro European Dairies, a wholly owned subsidiary that designs, develops and distributes branded kosher, dairy-food products.
FORWARD LOOKING STATEMENT
This press release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance, such as statements regarding trends, demand for our products, expected sales, operating results, and earnings. Forward-looking statements include statements regarding the commercial terms with customers and suppliers and timing of construction of the Company’s new logistics center and its expected benefits. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied in those forward-looking statements. These risks and other factors include but are not limited to: the inability to improve commercial terms with customers and suppliers: delays in the construction of the Company’s new logistics center and the risk that its expected benefits will not be materialized, inability to sustain improvements and growth in the future; monetary risks including changes in marketable securities or changes in currency exchange rates- especially the NIS/U.S. Dollar exchange rate, payment default by any of our major clients, the loss of one of more of our key personnel, changes in laws and regulations, including those relating to the food distribution industry, and inability to meet and maintain regulatory qualifications and approvals for our products, termination of arrangements with our suppliers, loss of one or more of our principal clients, increase or decrease in global purchase prices of food products, increasing levels of competition in Israel and other markets in which we do business, changes in political, economic and military conditions in Israel, particularly the recent war in Israel. Economic conditions in the Company's core markets, delays and price increases due to the attacks on global shipping routes in the Red Sea, our inability to accurately predict consumption of our products and changes in consumer preferences, our inability to protect our intellectual property rights, our inability to successfully integrate our recent acquisitions, insurance coverage not sufficient enough to cover losses of product liability claims, risks associated with product liability claims and risks associated with the start of credit extension activity. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading "Risk Factors" in the Company's Annual Report on Form 20-F for the year ended December 31, 2025, filed with the Securities and Exchange Commission on March 24, 2026. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. We do not assume any obligation to update the forward-looking information contained in this press release.
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
| March 31, | December 31 | March 31, | December 31 | |||||||||||||||||||||
| 2 0 2 6 | 2 0 2 5 | 2025 | 2 0 2 6 | 2 0 2 5 | 2025 | |||||||||||||||||||
| NIS | US dollars (*) | |||||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||
| Current assets | ||||||||||||||||||||||||
| Cash and cash equivalents | 145,483 | 116,870 | 124,158 | 45,966 | 36,926 | 39,228 | ||||||||||||||||||
| Financial assets at fair value through profit or loss | 128,636 | 117,120 | 124,591 | 40,643 | 37,005 | 39,365 | ||||||||||||||||||
| Trade receivables, Net | 181,738 | 172,919 | 181,762 | 57,421 | 54,635 | 57,429 | ||||||||||||||||||
| Other receivables and prepaid expenses | 3,967 | 7,287 | 2,244 | 1,253 | 2,302 | 709 | ||||||||||||||||||
| Inventories, Net | 92,313 | 123,152 | 94,074 | 29,167 | 38,911 | 29,723 | ||||||||||||||||||
| Current tax assets | 1,823 | - | 1,585 | 576 | - | 501 | ||||||||||||||||||
| Total current assets | 553,960 | 537,348 | 528,414 | 175,026 | 169,779 | 166,955 | ||||||||||||||||||
| Non-current assets | ||||||||||||||||||||||||
| Property, plant and equipment | 212,426 | 179,515 | 201,692 | 67,117 | 56,719 | 63,726 | ||||||||||||||||||
| Less -Accumulated depreciation | 65,009 | 59,679 | 63,468 | 20,540 | 18,856 | 20,053 | ||||||||||||||||||
| 147,417 | 119,836 | 138,224 | 46,577 | 37,863 | 43,673 | |||||||||||||||||||
| Right of use asset | 3,914 | 4,838 | 4,562 | 1,237 | 1,529 | 1,441 | ||||||||||||||||||
| Financial assets at fair value through profit or loss | 42,084 | 50,332 | 49,067 | 13,297 | 15,903 | 15,503 | ||||||||||||||||||
| Goodwill | 36 | 36 | 36 | 11 | 11 | 11 | ||||||||||||||||||
| Total non-current assets | 193,451 | 175,042 | 191,889 | 61,122 | 55,306 | 60,628 | ||||||||||||||||||
| 747,411 | 712,390 | 720,303 | 236,148 | 225,085 | 227,583 | |||||||||||||||||||
| EQUITY AND LIABILITIES | ||||||||||||||||||||||||
| Current liabilities | ||||||||||||||||||||||||
| Current maturities of lease liabilities | 2,123 | 1,939 | 2,191 | 671 | 613 | 692 | ||||||||||||||||||
| Short-term credit from banks | 4,121 | - | - | 1,302 | - | - | ||||||||||||||||||
| Trade payables | 25,364 | 35,047 | 23,291 | 8,014 | 11,073 | 7,359 | ||||||||||||||||||
| Employees Benefits | 6,974 | 5,904 | 4,861 | 2,204 | 1,865 | 1,536 | ||||||||||||||||||
| Other payables and accrued expenses | 39,594 | 52,916 | 17,438 | 12,510 | 16,719 | 5,510 | ||||||||||||||||||
| Total current liabilities | 78,176 | 95,806 | 47,781 | 24,701 | 30,270 | 15,097 | ||||||||||||||||||
| Non-current liabilities | ||||||||||||||||||||||||
| Lease liabilities | 2,210 | 2,730 | 2,739 | 698 | 863 | 865 | ||||||||||||||||||
| Deferred taxes | 11,864 | 9,706 | 13,331 | 3,748 | 3,067 | 4,212 | ||||||||||||||||||
| Retirement benefit obligation | 1,361 | 1,102 | 1,361 | 430 | 349 | 430 | ||||||||||||||||||
| Total non-current liabilities | 15,435 | 13,538 | 17,431 | 4,876 | 4,279 | 5,507 | ||||||||||||||||||
| Shareholders' equity | ||||||||||||||||||||||||
| Share capital | 1,492 | 1,491 | 1,492 | 471 | 471 | 471 | ||||||||||||||||||
| Additional paid in capital | 175,288 | 173,614 | 174,700 | 55,383 | 54,854 | 55,197 | ||||||||||||||||||
| Remeasurement of the net liability in respect of defined benefit | (256 | ) | (256 | ) | (256 | ) | (81 | ) | (81 | ) | (81 | ) | ||||||||||||
| Capital fund | 247 | 247 | 247 | 78 | 78 | 78 | ||||||||||||||||||
| Retained earnings | 477,657 | 428,578 | 479,536 | 150,918 | 135,412 | 151,512 | ||||||||||||||||||
| Treasury shares | (628 | ) | (628 | ) | (628 | ) | (198 | ) | (198 | ) | (198 | ) | ||||||||||||
| Equity attributable to owners of the Company | 653,800 | 603,046 | 655,091 | 206,571 | 190,536 | 206,979 | ||||||||||||||||||
| 747,411 | 712,390 | 720,303 | 236,148 | 225,085 | 227,583 | |||||||||||||||||||
(*) Convenience translation into U.S. dollars.
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| Three months | Three months | |||||||||||||||
| ended | ended | |||||||||||||||
| March 31, | March 31, | |||||||||||||||
| 2 0 2 6 | 2 0 2 5 | 2 0 2 6 | 2 0 2 5 | |||||||||||||
| NIS | US dollars (*) | |||||||||||||||
| In thousands (except per share and share data) | ||||||||||||||||
| Sales | 156,891 | 144,843 | 49,571 | 45,764 | ||||||||||||
| Cost of sales | 107,939 | 100,215 | 34,104 | 31,664 | ||||||||||||
| Gross profit | 48,952 | 44,628 | 15,467 | 14,100 | ||||||||||||
| Operating costs and expenses: | ||||||||||||||||
| Selling expenses | 20,884 | 17,111 | 6,598 | 5,406 | ||||||||||||
| General and administrative expenses | 8,043 | 7,558 | 2,541 | 2,388 | ||||||||||||
| Operating profit | 20,025 | 19,959 | 6,328 | 6,306 | ||||||||||||
| Financial income | 6,114 | 5,491 | 1,932 | 1,735 | ||||||||||||
| Financial expense | (395 | ) | (320 | ) | (125 | ) | (101 | ) | ||||||||
| Total financial income | 5,719 | 5,171 | 1,807 | 1,634 | ||||||||||||
| Income before taxes on income | 25,744 | 25,130 | 8,135 | 7,940 | ||||||||||||
| Taxes on income | (5,661 | ) | (5,625 | ) | (1,789 | ) | (1,777 | ) | ||||||||
| Profit for the period | 20,083 | 19,505 | 6,346 | 6,163 | ||||||||||||
| Earnings per share: | ||||||||||||||||
| Basic earnings per share | 1.44 | 1.41 | 0.46 | 0.44 | ||||||||||||
| Diluted earnings per share | 1.44 | 1.39 | 0.46 | 0.44 | ||||||||||||
| Shares used in computation of basic EPS | 13,906,412 | 13,877,447 | 13,906,412 | 13,877,447 | ||||||||||||
| Shares used in computation of diluted EPS | 13,913,507 | 13,988,885 | 13,913,507 | 13,988,885 | ||||||||||||
| Actual number of shares | 13,906,412 | 13,877,447 | 13,906,412 | 13,877,447 | ||||||||||||
(*) Convenience translation into U.S. dollars.
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three months ended | Three months ended | |||||||||||||||
| March 31, | March 31, | |||||||||||||||
| 2 0 2 6 | 2 0 2 5 | 2 0 2 6 | 2 0 2 5 | |||||||||||||
| NIS | US dollars (*) | |||||||||||||||
| In thousands (except per share and share data) | ||||||||||||||||
| CASH FLOWS - OPERATING ACTIVITIES | ||||||||||||||||
| Profit from continuing operations | 20,083 | 19,505 | 6,346 | 6,163 | ||||||||||||
| Adjustments to reconcile net profit to net cash from continuing operating activities (Appendix A) | 2,311 | (19,194 | ) | 730 | (6,064 | ) | ||||||||||
| Net cash from continuing operating activities | 22,394 | 311 | 7,076 | 99 | ||||||||||||
| CASH FLOWS - INVESTING ACTIVITIES | ||||||||||||||||
| Acquisition of property plant and equipment | (1,049 | ) | (529 | ) | (331 | ) | (167 | ) | ||||||||
| Acquisition of property plant and equipment under construction | (9,685 | ) | (10,769 | ) | (3,060 | ) | (3,403 | ) | ||||||||
| Proceeds from sale of marketable securities, net | 6,072 | 5,140 | 1,918 | 1,624 | ||||||||||||
| Net cash used in continuing investing activities | (4,662 | ) | (6,158 | ) | (1,473 | ) | (1,946 | ) | ||||||||
| CASH FLOWS - FINANCING ACTIVITIES | ||||||||||||||||
| Lease liability payments | (597 | ) | (580 | ) | (189 | ) | (183 | ) | ||||||||
| Short term credit from banks | 4,121 | - | 1,302 | - | ||||||||||||
| Net cash from (used in) continuing financing activities | 3,524 | (580 | ) | 1,113 | (183 | ) | ||||||||||
| Increase (decrease) in cash and cash equivalents | 21,256 | (6,427 | ) | 6,716 | (2,031 | ) | ||||||||||
| Cash and cash equivalents at the beginning of the year | 124,158 | 122,938 | 39,228 | 38,843 | ||||||||||||
| Exchange gains on cash and cash equivalents | 69 | 359 | 22 | 113 | ||||||||||||
| Cash and cash equivalents at the end of the year | 145,483 | 116,870 | 45,966 | 36,925 | ||||||||||||
(*) Convenience Translation into U.S. Dollars.
G. WILLI-FOOD INTERNATIONAL LTD.
APPENDIX TO CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
CASH FLOWS – OPERATING ACTIVITIES:
| A. | Adjustments to reconcile net profit to net cash from continuing operating activities: |
| Three months | Three months | |||||||||||||||
| ended | ended | |||||||||||||||
| March 31, | March 31, | |||||||||||||||
| 2 0 2 6 | 2 0 2 5 | 2 0 2 6 | 2 0 2 5 | |||||||||||||
| NIS | US dollars (*) | |||||||||||||||
| (in thousands) | ||||||||||||||||
| Decrease in deferred income taxes | (1,467 | ) | (182 | ) | (464 | ) | (58 | ) | ||||||||
| Unrealized gains on marketable securities | (3,133 | ) | (1,561 | ) | (990 | ) | (493 | ) | ||||||||
| Depreciation and amortization | 1,541 | (**) 1,330 | 487 | (**) 421 | ||||||||||||
| Depreciation expense on right-to-use assets | 648 | (**) 525 | 205 | (**) 165 | ||||||||||||
| Stock based payment | 588 | 552 | 186 | 174 | ||||||||||||
| Exchange gains on cash and cash equivalents | (69 | ) | (359 | ) | (22 | ) | (113 | ) | ||||||||
| Changes in assets and liabilities: | ||||||||||||||||
| Increase in trade receivables and other receivables | 1,914 | 1,469 | 605 | 464 | ||||||||||||
| Decrease (Increase) in inventories | 1,761 | (24,918 | ) | 556 | (7,873 | ) | ||||||||||
| Increase in trade payables, other payables and other current liabilities | 4,380 | 6,166 | 1,384 | 1,949 | ||||||||||||
| Cash generated from (used in) operations | 6,163 | (16,978 | ) | 1,947 | (5,364 | ) | ||||||||||
| Income tax paid | (3,852 | ) | (2,216 | ) | (1,217 | ) | (700 | ) | ||||||||
| Net cash flows from (used in) operating activities | 2,311 | (19,194 | ) | 730 | (6,064 | ) | ||||||||||
(*) Convenience Translation into U.S. Dollars.
(**) Reclassified
This information is intended to be reviewed in conjunction with the Company’s filings with the Securities and Exchange Commission.
Company Contact:
G. Willi - Food International Ltd.
Yitschak Barabi, Chief Financial Officer
(+972) 8-932-1000
itsik.b@willi-food.co.il
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