Expanded into AI-resilient growth channels through enhanced mobile in-app capabilities and the release of Nexxen's industry-first programmatic Smart TV home screen ad activation solution, which is now integrated with V (formerly VIDAA) and The Trade Desk's Ventura Ecosystem
Launched expanded V partnership, strengthening Nexxen's competitive advantages and differentiation while enhancing the Company's long-term CTV and data revenue opportunities
Guides to 2026 Contribution ex-TAC and programmatic revenue growth of approximately 8% and 10% at the midpoint; Q1 2026 Contribution ex-TAC and programmatic revenue to date have exceeded management's initial expectations
NEW YORK, March 04, 2026 (GLOBE NEWSWIRE) -- Nexxen International Ltd. (NASDAQ: NEXN) ("Nexxen" or the "Company"), a global, flexible advertising technology platform with deep expertise in data and advanced TV, announced today its financial results for the three and twelve months ended December 31, 2025.
Q4 2025 Financial Highlights
-- Contribution ex-TAC of $97.8 million, down 7% year-over-year (-1%
excluding political)
-- Programmatic revenue of $94.3 million, down 4% year-over-year (+2%
excluding political)
-- CTV revenue of $30.1 million, down 19% year-over-year (-12% excluding
political)
-- CTV revenue reflected 32% of programmatic revenue, compared to 38% in Q4
2024
-- Programmatic revenue increased to 94% of revenue, from 88% in Q4 2024
-- Adjusted EBITDA of $33.9 million, down 23% year-over-year, representing a
35% Adjusted EBITDA Margin on a Contribution ex-TAC basis (34% on a
revenue basis), compared to 42% on a Contribution ex-TAC basis (39% on a
revenue basis) in Q4 2024
-- Video revenue represented 72% of programmatic revenue, compared to 75% in
Q4 2024
-- $133.3 million in cash and cash equivalents, no long-term debt and $50
million available under the Company's undrawn revolving credit facility
as of December 31, 2025
Full Year 2025 Financial Highlights
-- Record Contribution ex-TAC of $353.1 million, up 3% year-over-year (+6%
excluding political)
-- Record programmatic revenue of $340.6 million, up 5% year-over-year (+8%
excluding political)
-- CTV revenue of $109.4 million, down 4% year-over-year (relatively flat
excluding political)
-- CTV revenue reflected 32% of programmatic revenue, compared to 35% in
2024
-- Programmatic revenue increased to 93% of revenue, from 89% in 2024
-- Adjusted EBITDA of $115.1 million, up 1% year-over-year, representing a
33% Adjusted EBITDA Margin on a Contribution ex-TAC basis (32% on a
revenue basis), compared to 33% on a Contribution ex-TAC basis (31% on a
revenue basis) in 2024
-- Video revenue represented 71% of programmatic revenue, compared to 72% in
2024
-- Contribution ex-TAC retention rate of 92%, compared to 102% in 2024
-- Contribution ex-TAC per active customer increased to approximately
$563,000, from approximately $526,000 in 2024
"We met our updated 2025 guidance and are off to a strong start in 2026, with Contribution ex-TAC and programmatic revenue exceeding our initial expectations to this point in Q1, driven by broad-based strength across our programmatic business lines," said Ofer Druker, Chief Executive Officer of Nexxen.
Mr. Druker added, "Looking ahead, we believe we are well-positioned for success in 2026 and beyond. Our increased focus on our enterprise DSP and supporting product ecosystem, V partnership, growing adoption of our industry-first programmatic Smart TV home screen solution and our expansion into mobile in-app are strengthening the Company's long-term growth opportunities while creating a more durable and diverse revenue base resilient to AI disruption. Nexxen's Smart TV home screen solution represents a powerful differentiator that is expected to drive meaningful value for both sides of the ecosystem and has been adopted by strategic partners including V and The Trade Desk, with others expected to follow. We believe our additional nexAI launches and sales initiatives in 2026 will help accelerate enterprise adoption, and we are ready to capitalize on the vast opportunities ahead."
Financial Guidance
-- Nexxen provides the following financial guidance for full year 2026:
-- Contribution ex-TAC in the range of $375 - $390 million
(approximately 8% year-over-year growth at the midpoint)
-- Programmatic revenue in the range of $367 - $381 million
(approximately 10% year-over-year growth at the midpoint)
-- Adjusted EBITDA in the range of $122 - $132 million (approximately
10% year-over-year growth at the midpoint, representing a 33%
Adjusted EBITDA Margin at the midpoint of Contribution ex-TAC and
Adjusted EBITDA guidance)
-- Contribution ex-TAC impact from reduced spending by one DSP customer, as
noted in Q3 2025 earnings, is expected to remain isolated to Q4 2025 and
not affect 2026 performance. The customer has increased its
year-over-year spend with Nexxen to date in Q1 2026.
-- Contribution ex-TAC and programmatic revenue to date in Q1 2026 have
exceeded management's initial expectations, driven by broad-based
strength across Nexxen's programmatic business lines.
-- Management expects growth in CTV, self-service and data products revenue
in 2026, supported by the Company's traditional sales efforts, its
exclusive TV data and media partnership with V and growing adoption of
its programmatic Smart TV home screen solution.
-- In 2026, management intends to continue shifting sales, product and
commercial resources toward Nexxen's DSP and data platform, while
increasing nexAI investments. These initiatives are expected to drive
deeper enterprise adoption, expand end-to-end revenue opportunities and
reduce reliance on third-party DSP partners.
-- Management also expects to continue driving adoption of Nexxen's
programmatic Smart TV home screen solution and to pursue new and expanded
scaled mobile in-app partnerships in 2026 to strengthen resilience to
AI-driven industry disruption and support long-term growth.
-- The Company will continue evaluating strategic options for its non-core,
non-programmatic business lines, following weakness in Q4 2025 that has
persisted in Q1 2026.
-- Operating expenses are expected to decrease modestly as a percentage of
Contribution ex-TAC in 2026 compared to 2025. Research and development
expenses are expected to remain relatively consistent as a percentage of
Contribution ex-TAC, depreciation and amortization and sales and
marketing expenses are expected to decrease slightly as percentages of
Contribution ex-TAC and general and administrative expenses are expected
to increase as a percentage of Contribution ex-TAC. Stock-based
compensation expenses are expected to rise modestly in 2026 compared to
2025.
Q4 2025 Operational Highlights and Recent Developments
-- Launched extended and expanded partnership with V, granting Nexxen
exclusive third-party video and native display monetization rights across
V's North American CTV media, along with exclusive global access to V's
automatic content recognition ("ACR") data through at least 2029. This
collaboration is attracting significant interest across both sides of the
advertising ecosystem and is expected to strengthen Nexxen's TV data and
media differentiation, supporting long-term growth across its enterprise,
data and CTV revenue streams.
-- Increased adoption of Nexxen's industry-first solution for programmatic
Smart TV home screen ad activation, which initially provided direct
access to scaled native inventory across Hisense and other V-powered CTV
OEM brands via the Nexxen DSP and SSP. V adopted the solution as Nexxen's
first CTV operating system partner and it is now integrated across
V-powered devices globally, generating positive early results.
-- Partnered with The Trade Desk and V in Q1 2026 to bring programmatic
access to scaled native inventory from V-powered CTV OEM brands within
The Trade Desk's Ventura Ecosystem, leveraging Nexxen's programmatic
Smart TV home screen ad activation solution.
-- Entered data licensing agreement with Yahoo DSP in Q4 2025, making
Nexxen's ACR audience segments available for targeting on its platform in
the U.S., U.K. and Germany, expanding the Company's TV data partnerships
with major DSPs, which includes other leading platforms like The Trade
Desk and StackAdapt.
-- Introduced Nexxen Sports in Q4 2025, a solution suite combining premium
live sports inventory with data-driven audience insights, targeting,
retargeting and dynamic creative. The offering is designed to help brands
drive stronger engagement and performance during marquee live sports
events and year-round live sports programming, while enabling advertisers
to reach consumers beyond the live window. It also positions Nexxen to
capitalize on what is expected to be the biggest live sports advertising
year on record, featuring major events like the 2026 FIFA World Cup.
-- Announced the general availability of Curated Marketplace in Q4 2025,
enabling customers to package, activate and monetize premium data-driven
private marketplace ("PMP") deals. The solution is expected to improve
advertiser outcomes and drive incremental publisher demand on Nexxen's
platform.
-- Introduced measurement and optimization capabilities to Nexxen Health in
Q4 2025, including the first-to-market "Auto Allocate" feature in the
Nexxen DSP powered by PurpleLab, enabling health and pharmaceutical
advertisers to optimize spend in real-time using real-world health
signals and verified outcome data, improving targeting accuracy and
full-funnel campaign performance. The innovation is expected to further
solidify Nexxen as a leading health and pharmaceutical DSP.
Share Repurchase Program and Capital Allocation Updates
-- Nexxen repurchased 1,440,000 shares during Q4 2025 at an average price of
$7.47, investing approximately $10.8 million.
-- From March 1, 2022, when the Company launched a series of share
repurchase programs, through December 31, 2025, Nexxen repurchased
29,794,967 shares, or approximately 38.5% of shares outstanding,
investing approximately $258.2 million.
-- As of February 28, 2026, the Company had approximately $2.0 million
remaining under its current $20 million repurchase authorization and has
received approval to launch a new repurchase program for up to $40
million, scheduled to begin upon completion of the current program.
-- After deploying $20 million of its previously announced additional $35
million investment in V during Q3 2025, the Company is expected to invest
the remaining $15 million in Q3 2026. Upon full deployment, the Company
will have invested a total of $60 million, representing an approximately
6% equity ownership stake in V.
-- Nexxen is continuing to explore strategic opportunities focused on
accelerating programmatic revenue growth and enhancing and expanding its
data, CTV and mobile in-app capabilities.
Financial Highlights for the Three and Twelve Months Ended December 31, 2025 ($ in millions, except per share amounts)
Three months ended Twelve months ended
December 31 December 31
2025 2024 % 2025 2024 %
------ ------ ------ ------- ------ ------
IFRS Highlights
Revenue 100.7 112.3 (10%) 364.8 365.5 0%
Programmatic
revenue 94.3 98.7 (4%) 340.6 324.5 5%
Operating profit 13.0 24.8 (47%) 32.4 40.8 (21%)
Net income margin
on a gross profit
basis 15% 30% 10% 14%
Total comprehensive
income 10.4 23.3 (55%) 27.9 35.4 (21%)
Diluted earnings
per share 0.18 0.37 (50%) 0.41 0.51 (19%)
Non-IFRS Highlights
Contribution ex-TAC 97.8 105.2 (7%) 353.1 343.5 3%
Adjusted EBITDA 33.9 44.3 (23%) 115.1 114.6 1%
Adjusted EBITDA
Margin on a
Contribution
ex-TAC basis 35% 42% 33% 33%
Non-IFRS net income 19.0 32.4 (41%) 59.9 65.2 (8%)
Non-IFRS diluted
earnings per
share 0.33 0.48 (31%) 0.98 0.93 5%
Fourth Quarter 2025 Financial Results Webcast and Conference Call Details
-- When: March 4, 2026, at 9:00 AM ET
-- Webcast: A live and archived webcast can be accessed from the Events and
Presentations section of Nexxen's Investor Relations website at
https://investors.nexxen.com/
-- Participant Dial-In Numbers:
-- U.S. / Canada Toll-Free Dial-In Number: (888) 596-4144
-- U.K. Toll-Free Dial-In Number: +44 800 260 6470
-- International Dial-In Number: +1 (646) 968-2525
-- Conference ID: 2738966
About Nexxen
Nexxen empowers advertisers, agencies, publishers and broadcasters around the world to utilize data and advanced TV in the ways that are most meaningful to them. Our flexible and unified technology stack comprises a demand-side platform ("DSP") and supply-side platform ("SSP"), with the Nexxen Data Platform at its core. With streaming in our DNA, Nexxen's robust capabilities span discovery, planning, activation, monetization, measurement and optimization -- available individually or in combination -- all designed to enable our partners to achieve their goals, no matter how far-reaching or hyper niche they may be.
Nexxen is headquartered in Israel, maintains offices throughout the United States, Canada, Europe and Asia-Pacific, and is traded on Nasdaq (NEXN). For more information, visit www.nexxen.com.
For further information please contact:
Billy Eckert, Vice President of Investor Relations
ir@nexxen.com
Caroline Smith, Vice President of Communications
csmith@nexxen.com
Forward Looking Statements
This press release contains forward-looking statements, including forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are identified by words such as "anticipates, " "believes," "expects," "intends," "may," "can," "will," "estimates," and other similar expressions. However, these words are not the only way Nexxen identifies forward-looking statements. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding anticipated financial results for Q1 and full year 2026 and beyond; anticipated benefits of Nexxen's strategic transactions and commercial partnerships; anticipated features and benefits of Nexxen's products and service offerings, including anticipated benefits relating to nexAI; anticipated industry adoption of Nexxen's programmatic Smart TV home screen ad activation solution; Nexxen's positioning for accelerated growth and continued future growth; Nexxen's medium- to long-term prospects; management's belief that Nexxen is well-positioned to benefit from future industry growth trends and Company-specific catalysts; the Company's plans with respect to its cash reserves as well as ongoing and future share repurchase programs and further investment in V (formerly VIDAA); the Company's plans to pursue strategic opportunities; anticipated benefits from the renewed and expanded strategic partnership with V, as well as any other statements related to Nexxen's future financial results and operating performance. These statements are neither promises nor guarantees but involve known and unknown risks, uncertainties and other important factors that may cause Nexxen's actual results, performance or achievements to be materially different from its expectations expressed or implied by the forward-looking statements, including, but not limited to, the following: negative global economic conditions, including risks related to tariff impacts or policy shifts (including trade negotiations or enforcement actions) that could materially affect market sentiment, consumer behavior and advertising demand; global conflicts and war, including the war between the United States, Israel and Iran, and the war and hostilities between Israel and Hamas, Hezbollah and the Houthis in Yemen, and how those conditions may adversely impact Nexxen's business, customers and the markets in which Nexxen competes; changes in industry trends; and other negative developments in Nexxen's business or unfavorable legislative or regulatory developments. Nexxen cautions you not to place undue reliance on these forward-looking statements. For a more detailed discussion of these factors, and other factors that could cause actual results to vary materially, interested parties should review the risk factors listed in the Company's most recent Annual Report filed with the U.S. Securities and Exchange Commission (www.sec.gov) on Form 20-F. Any forward-looking statements made by Nexxen in this press release speak only as of the date of this press release, and Nexxen does not intend to update these forward-looking statements after the date of this press release, except as required by law.
Nexxen, and the Nexxen logo are trademarks of Nexxen International Ltd. in the United States and other countries. All other trademarks are the property of their respective owners. The use of the word "partner" or "partnership" in this press release does not mean a legal partner or legal partnership.
Use of Non-IFRS Financial Information
In addition to our IFRS results, we review certain non-IFRS financial measures to help us evaluate our business, measure our performance, identify trends affecting our business, establish budgets, measure the effectiveness of investments in technology and development and sales and marketing, and assess our operational efficiencies. These non-IFRS measures include Contribution ex-TAC, Adjusted EBITDA, Adjusted EBITDA Margin, Non-IFRS Net Income and Non-IFRS Earnings per Share, each of which is discussed below.
These non-IFRS financial measures are not intended to be considered in isolation from, as substitutes for, or as superior to the corresponding financial measures prepared in accordance with IFRS. You are encouraged to evaluate these adjustments and review the reconciliation of these non-IFRS financial measures to their most comparable IFRS measures and the reasons we consider them appropriate. It is important to note that the particular items we exclude from, or include in, our non-IFRS financial measures may differ from the items excluded from, or included in, similar non-IFRS financial measures used by other companies. See "Reconciliation of Revenue to Contribution ex-TAC," "Reconciliation of Total Comprehensive Income to Adjusted EBITDA," and "Reconciliation of Net Income to Non-IFRS Net Income," included as part of this press release.
-- Contribution ex-TAC: Contribution ex-TAC for Nexxen is defined as gross
profit plus depreciation and amortization attributable to cost of revenue
and cost of revenue (exclusive of depreciation and amortization) minus
Performance (non-programmatic) media costs ("traffic acquisition costs"
or "TAC"). Performance (non-programmatic) media costs represent the costs
of purchases of impressions from publishers on a cost-per-thousand
impression basis in our non-core, non-programmatic Performance
activities. Contribution ex-TAC is a supplemental measure of our
financial performance that is not required by or presented in accordance
with IFRS. Contribution ex-TAC should not be considered as an alternative
to gross profit as a measure of financial performance. Contribution
ex-TAC is a non-IFRS financial measure and should not be viewed in
isolation. We believe Contribution ex-TAC is a useful measure in
assessing the performance of Nexxen because it facilitates a consistent
comparison against our core business without considering the impact of
traffic acquisition costs related to revenue reported on a gross basis.
-- Adjusted EBITDA: We define Adjusted EBITDA for Nexxen as total
comprehensive income for the period adjusted for foreign currency
translation differences for foreign operations, tax expenses (benefit),
financial expenses (income), net, depreciation and amortization,
stock-based compensation expenses, other expenses, net, and delisting
related one-time costs. Adjusted EBITDA is included in the press release
because it is a key metric used by management and our Board of Directors
to assess our financial performance. Adjusted EBITDA is frequently used
by analysts, investors and other interested parties to evaluate companies
in our industry. Management believes that Adjusted EBITDA is an
appropriate measure of operating performance because it eliminates the
impact of expenses that do not relate directly to the performance of the
underlying business.
-- Adjusted EBITDA Margin: We define Adjusted EBITDA Margin as Adjusted
EBITDA as a percentage of Contribution ex-TAC.
-- Non-IFRS Net Income and Non-IFRS Earnings per Share: We define non-IFRS
earnings per share as non-IFRS net income divided by non-IFRS
weighted-average shares outstanding. Non-IFRS net income is equal to net
income excluding amortization of acquired intangibles, delisting related
one-time costs, stock-based compensation expenses, and other expenses,
net, and also considers the tax effects of non-IFRS adjustments. In
periods in which we have non-IFRS net income, non-IFRS weighted-average
shares outstanding used to calculate non-IFRS earnings per share include
the impact of potentially dilutive shares. Potentially dilutive shares
consist of stock options, restricted stock awards, restricted stock units
and performance stock units, each computed using the treasury stock
method. We believe non-IFRS earnings per share is useful to investors for
evaluating our ongoing operational performance and trends on a per share
basis and also facilitates comparison of our financial results on a per
share basis with other companies, many of which present a similar
non-IFRS measure. However, a potential limitation of our use of non-IFRS
earnings per share is that other companies may define non-IFRS earnings
per share differently, which may make comparison difficult. This measure
may also exclude expenses that may have a material impact on our reported
financial results. Non-IFRS earnings per share is a performance measure
and should not be used as a measure of liquidity. Because of these
limitations, we also consider the comparable IFRS measure of net income.
We do not provide a reconciliation of forward-looking non-IFRS financial metrics because reconciling information is not available without an unreasonable effort, such as attempting to make assumptions that cannot reasonably be made on a forward-looking basis to determine the corresponding IFRS metric.
Reconciliation of Total Comprehensive Income to Adjusted EBITDA
Three months ended Twelve months ended
December 31 December 31
---------------------- -----------------------
2025 2024 % 2025 2024 %
------- ------ ----- ------- ------- -----
($ in thousands)
Total comprehensive
income 10,411 23,279 (55%) 27,867 35,402 (21%)
Foreign currency
translation
differences for
foreign
operations 125 1,575 (2,824) 35
Tax expenses
(benefit) 3,448 (533) 12,216 3,095
Financial
expenses
(income), net (961) 435 (4,810) 2,289
Depreciation and
amortization 16,256 14,621 63,124 58,676
Stock-based
compensation
expenses 4,595 2,782 18,048 11,460
Other expenses,
net - 16 - 1,504
Delisting related
one-time costs - 2,094 1,520 2,094
Adjusted EBITDA 33,874 44,269 (23%) 115,141 114,555 1%
Reconciliation of Revenue to Contribution ex-TAC
Three months ended Twelve months ended
December 31 December 31
------------------------- ----------------------
2025 2024 % 2025 2024 %
-------- -------- ----- -------- --------
($ in thousands)
Revenue 100,711 112,284 (10%) 364,780 365,477 0%
Cost of
revenue
(exclusive of
depreciation
and
amortization) (15,461) (17,068) (54,979) (61,020)
Depreciation
and
amortization
attributable
to cost of
revenue (13,143) (12,139) (50,912) (47,372)
Gross profit
(IFRS) 72,107 83,077 (13%) 258,889 257,085 1%
Depreciation
and
amortization
attributable
to cost of
revenue 13,143 12,139 50,912 47,372
Cost of
revenue
(exclusive of
depreciation
and
amortization) 15,461 17,068 54,979 61,020
Performance
media cost (2,939) (7,122) (11,651) (21,976)
Contribution
ex-TAC
(Non-IFRS) 97,772 105,162 (7%) 353,129 343,501 3%
Reconciliation of Net Income to Non-IFRS Net Income
Three months ended Twelve months ended
December 31 December 31
----------------------- -----------------------
2025 2024 % 2025 2024 %
------- ------- ----- ------- ------- -----
($ in thousands)
Net income 10,536 24,854 (58%) 25,043 35,437 (29%)
Amortization of
acquired
intangibles 5,914 5,409 23,616 23,359
Delisting related
one-time costs - 2,094 1,520 2,094
Stock-based
compensation
expenses 4,595 2,782 18,048 11,460
Other expenses,
net - 16 - 1,504
Tax effect of
Non-IFRS
adjustments (1) (2,054) (2,800) (8,375) (8,630)
Non-IFRS net income 18,991 32,355 (41%) 59,852 65,224 (8%)
Weighted average
shares
outstanding--diluted
(in millions) (2) 57.5 67.8 61.1 70.1
Non-IFRS diluted
earnings per share
(in USD) 0.33 0.48 (31%) 0.98 0.93 5%
(1) Non-IFRS net income includes the estimated tax impact from the expense items reconciling between net income and non-IFRS net income
(2) Non-IFRS earnings per share is computed using the same weighted-average number of shares that are used to compute IFRS earnings per share
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Audited)
December 31
----------------
2025 2024
------- -------
Note USD thousands
---- ----------------
ASSETS:
Cash and cash equivalents 10 133,308 187,068
Trade receivables, net 8 196,101 217,960
Other receivables 8 6,116 4,579
Current tax assets 1,809 3,373
------- -------
TOTAL CURRENT ASSETS 337,334 412,980
------- -------
Fixed assets, net 5 18,033 15,727
Right-of-use assets 6 27,005 31,500
Intangible assets, net 7 318,376 336,768
Deferred tax assets 4 9,407 17,800
Investment in shares 18 45,000 25,000
Other long-term assets 918 738
------- -------
TOTAL NON-CURRENT ASSETS 418,739 427,533
------- -------
TOTAL ASSETS 756,073 840,513
======= =======
Liabilities and shareholders' equity
LIABILITIES:
Current maturities of lease liabilities 6 13,287 14,340
Trade payables 9 207,020 228,514
Other payables 9 41,282 38,526
Current tax liabilities 441 4,677
------- -------
TOTAL CURRENT LIABILITIES 262,030 286,057
------- -------
Employee benefits 213 300
Long-term lease liabilities 6 18,644 22,857
Deferred tax liabilities 4 515 445
TOTAL NON-CURRENT LIABILITIES 19,372 23,602
------- -------
TOTAL LIABILITIES 281,402 309,659
------- -------
SHAREHOLDERS' EQUITY: 15
Share capital 324 377
Share premium 278,510 362,507
Accumulated comprehensive income (loss) 348 (2,476)
Retained earnings 195,489 170,446
------- -------
TOTAL SHAREHOLDERS' EQUITY 474,671 530,854
------- -------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 756,073 840,513
======= =======
CONSOLIDATED STATEMENTS OF OPERATION AND OTHER COMPREHENSIVE
INCOME (LOSS)
(Audited)
Year ended
December 31
--------------------------
2025 2024 2023
Note USD thousands
---- --------------------------
Revenue 12 364,780 365,477 331,993
Cost of Revenue (Exclusive of
depreciation and amortization shown
separately below) 13 54,979 61,020 62,270
Research and development expenses 58,059 49,992 49,684
Selling and marketing expenses 122,975 112,227 105,914
General and administrative expenses 14 33,194 41,237 51,051
Depreciation and amortization 63,124 58,676 78,285
Other expenses, net - 1,504 1,765
------- ------- --------
Total operating costs 277,352 263,636 286,699
------- ------- --------
Operating Profit (loss) 32,449 40,821 (16,976)
------- ------- --------
Financing income (7,010) (6,657) (8,192)
Financing expenses 2,200 8,946 10,200
------- ------- --------
Financing expenses (income), net (4,810) 2,289 2,008
------- ------- --------
Profit (loss) before taxes on income 37,259 38,532 (18,984)
Tax expenses 4 12,216 3,095 2,503
------- ------- --------
Profit (loss) for the year 25,043 35,437 (21,487)
======= ======= ========
Other comprehensive income (loss)
items:
Foreign currency translation
differences for foreign operations 2,824 (35) 2,126
Foreign currency translation for
subsidiary sold reclassified to
profit and loss - - 1,234
------- ------- --------
Total other comprehensive income
(loss) for the year 2,824 (35) 3,360
------- ------- --------
Total comprehensive income (loss) for
the year 27,867 35,402 (18,127)
======= ======= ========
Earnings per share
Basic earnings (loss) per share (in
USD) 16 0.42 0.51 (0.30)
Diluted earnings (loss) per share (in
USD) 16 0.41 0.51 (0.30)
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Audited)
Accumulated
comprehensive
Share Share income Retained
capital premium (loss) Earnings Total
------- ------- ------------- -------- --------
USD thousands
---------------------------------------------------
Balance as of
January 1, 2023 413 400,507 (5,801) 156,496 551,615
Total
comprehensive
income (loss) for
the year
Loss for the
year - - - (21,487) (21,487)
Other
comprehensive
income:
Foreign
currency
translation - - 2,126 - 2,126
Foreign
currency
translation
for
subsidiary
sold - - 1,234 - 1,234
------- ------- ------------- -------- --------
Total
comprehensive
income (loss) for
the year - - 3,360 (21,487) (18,127)
------- ------- ------------- -------- --------
Transactions with
owners, recognized
directly in
equity
Own shares
acquired (8) (9,306) - - (9,314)
Share based
compensation - 19,141 - - 19,141
Exercise of
share
options 12 221 - - 233
------- ------- ------------- -------- --------
Balance as of
December 31,
2023 417 410,563 (2,441) 135,009 543,548
======= ======= ============= ======== ========
Accumulated
comprehensive
Share Share income Retained
capital premium (loss) Earnings Total
------- -------- ------------- -------- --------
USD thousands
----------------------------------------------------
Balance as of
January 1, 2024 417 410,563 (2,441) 135,009 543,548
Total
comprehensive
income (loss) for
the year
Profit for the
year - - - 35,437 35,437
Other
comprehensive
loss:
Foreign
currency
translation - - (35) - (35)
Total
comprehensive
income (loss) for
the year - - (35) 35,437 35,402
------- -------- ------------- -------- --------
Transactions with
owners, recognized
directly in
equity
Own shares
acquired (49) (61,690) - - (61,739)
Share based
compensation - 12,510 - - 12,510
Exercise of
share
options 9 1,124 - - 1,133
Balance as of
December 31,
2024 377 362,507 (2,476) 170,446 530,854
======= ======== ============= ======== ========
Accumulated
comprehensive
Share Share income Retained
capital premium (loss) Earnings Total
------- --------- ------------- -------- ---------
USD thousands
------------------------------------------------------
Balance as of
January 1, 2025 377 362,507 (2,476) 170,446 530,854
Total
comprehensive
income for the
year
Profit for the
year - - - 25,043 25,043
Other
comprehensive
income:
Foreign
currency
translation - - 2,824 - 2,824
Total
comprehensive
income for the
year - - 2,824 25,043 27,867
------- --------- ------------- -------- ---------
Transactions with
owners, recognized
directly in
equity
Own shares
acquired (62) (100,784) - - (100,846)
Share based
compensation - 16,353 - - 16,353
Exercise of
share
options 9 434 - - 443
Balance as of
December 31,
2025 324 278,510 348 195,489 474,671
======= ========= ============= ======== =========
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Audited)
Year ended
December 31
------------------------------
2025 2024 2023
--------- --------- --------
USD thousands
------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Profit (loss) for the year 25,043 35,437 (21,487)
Adjustments for:
Depreciation and amortization 63,124 58,676 78,285
Net financing expense (income) (5,082) 1,965 1,699
Loss from disposals of fixed and
intangible assets - - 2
Loss (income) on leases
modification (151) 10 119
Loss and revaluation on sale of
business unit - 16 1,765
Remeasurement of net investment in
a finance lease 195 1,488 -
Share-based compensation and
restricted shares 18,048 11,460 19,169
Tax expense 12,216 3,095 2,503
Change in trade and other
receivables 21,931 (14,458) 30,603
Change in trade and other payables (21,311) 57,671 (43,077)
Change in employee benefits (103) 63 (1)
Income taxes received 5,225 704 352
Income taxes paid (11,417) (5,512) (8,721)
Interest received 4,416 6,595 8,016
Interest paid (2,025) (6,375) (8,486)
--------- --------- --------
Net cash provided by operating
activities 110,109 150,835 60,741
--------- --------- --------
CASH FLOWS FROM INVESTING ACTIVITIES
Change in pledged deposits, net (276) 390 1,498
Payments on finance lease receivable 1,246 1,824 1,112
Repayment of debt investment 103 95 51
Acquisition of fixed assets (12,118) (7,742) (4,495)
Acquisition and capitalization of
intangible assets (17,577) (15,779) (15,126)
Investment in shares (20,000) - -
Net cash used in investing activities (48,622) (21,212) (16,960)
--------- --------- --------
CASH FLOWS FROM FINANCING ACTIVITIES
Acquisition of own shares (101,702) (60,735) (9,518)
Proceeds from exercise of share
options 443 1,133 233
Leases repayment (16,265) (15,142) (17,262)
Repayment of long-term debt - (100,000) -
Net cash used in financing activities (117,524) (174,744) (26,547)
--------- --------- --------
Net increase (decrease) in cash and
cash equivalents (56,037) (45,121) 17,234
--------- --------- --------
CASH AND CASH EQUIVALENTS AS OF THE
BEGINNING OF YEAR 187,068 234,308 217,500
EFFECT OF EXCHANGE RATE FLUCTUATIONS ON
CASH AND CASH EQUIVALENTS 2,277 (2,119) (426)
--------- --------- --------
CASH AND CASH EQUIVALENTS AS OF THE END
OF YEAR 133,308 187,068 234,308
========= ========= ========
(END) Dow Jones Newswires
March 04, 2026 07:30 ET (12:30 GMT)