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Phoenix Gamma ended 2025 with real growth in its direct credit book and comfortable capital headroom, but the 2026 test has shifted from activity volume to whether that growth rests on stable funding and recurring core earnings.
Phoenix Gamma's 2025 profit looks strong, but the recurring earnings base without the associate line is materially lower than the NIS 183.6 million headline. The core business improved, yet the repeatable base looks closer to about NIS 123.5 million on a simple net lens or about…
Early 2026 turned Phoenix Gamma's funding setup from an immediate pressure point into a managed one: a NIS 350 million bank refinancing, a P-1.il rating for up to NIS 500 million of extra commercial paper, and a reaffirmed Aa2.il rating created real room, but that comfort rests…
